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16 <br /> SECTION V <br />RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />Table 5: Existing Bedroom Counts <br />Property Address Property Name <br />Unit Count Unit Size <br />Studios <br />Units <br />1-Bdrm <br />Units <br />2-Bdrm <br />Units <br />3-Bdrm <br />Units Total Studio <br />Units SF <br />1-Bdrm <br />Units SF <br />2-Bdrm <br />Units SF <br />3-Bdrm <br />Units SF <br />Average <br />Size <br />400 Enclave Cir The Enclave at South Coast 0 459 431 0 890 0 726 1,031 0 874 <br />3400 Avenue of the Arts 3400 Avenue of the Arts Apts 85.008 349 336 0 770.008 539 756 1,228 0 938 <br />1601 W Macarthur Blvd The Aspens South Coast 0 388 254 0 642 0 756 1,112 0 897 <br />655 Baker St South Pointe 0 232 192 16 440 0 577 862 1,120 721 <br />3700 Plaza Dr Versailles On The Lake Apts 179.998 60 76 48 363.998 568 789 1,185 1,300 830 <br />15 MacArthur Pl Essex Skyline at MacArthur Place 0 44 305 1 350 0 1,161 1,598 2,834 1,547 <br />3124 S Main St Reserve at South Coast 1.0121 152 196 0 349.0121 420 672 844 0 768 <br />100 E MacArthur Blvd The Marke 0 158 128 14 300 0 749 1,132 1,374 942 <br />1000 S Coast Dr The Cape Apartments 0 160 120 16 296 0 593 890 1,056 738 <br />3400 S Main St 3400 South Main 0 176 112 0 288 0 850 1,150 0 967 <br />550 Paularino Ave Park Mesa Villas 0 216 60 0 276 0 625 890 0 683 <br />635 W Baker St Newport Village 124.0068 108 44 0 276.0068 520 710 920 0 658 <br />555 Paularino Ave Eaves South Coast 0 172 86 0 258 0 682 1,050 0 805 <br />1101 W Stevens Ave South Coast Racquet Club 0 160 96 0 256 0 702 981 0 807 <br />31 E MacArthur Crescent Dr Pinnacle at MacArthur Place 0 108 145 0 253 0 729 1,305 0 1,059 <br />580 Anton Blvd 580 Anton 5 165 80 0 250 506 745 1,144 0 868 <br />1142 Buckingham Dr Wimbledon Glen 49.9956 102 92 0 243.9956 505 942 1,146 0 929 <br />805 W Stevens Ave Park Plaza Apartments 0 0 132 111 243 0 0 884 1,041 956 <br />125 Baker St E Baker Block 31.008 108 93 8 240.008 623 789 1,124 1,452 919 <br />651 Sunflower Ave Bloom 39.0076 112 75 0 226.0076 607 685 1,106 0 811 <br />3600 Aspen Village Way Aspen Village 0 76 124 0 200 0 807 1,126 0 1,005 <br />Average/Total 515 3,505 3,177 214 7,411 551 728 1,113 1,152 893 <br />We conclude that despite current market dynamics resulting from existing Federal Reserve Bank policies, IPP cap rates in the City have moved less <br />than those nationwide. <br />Another significant conclusion that may be made from the information above is that the current multifamily vacancy rate in the City is low. The <br />result of this low vacancy rate puts upward pressure on rental rates since landlords have the flexibility to increase rates with less concern about <br />tenant’s turnover. <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 539 9/17/2024