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33 <br /> SECTION VII <br />HOSPITALITY <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br /> Communal dining; Calendar of social activities; <br /> Full-time nursing; Education programs; <br /> Assistance with medication; Fitness and wellness center; <br /> Emergency response system; Salon and spa; <br /> Assistance with dressing; Transportation; <br /> Assistance with bath and showers; Concierge services; <br /> On-site physical therapy; Resident group activities; and <br /> Laundry services; Access to community amenities. <br />Since the Specific Plan does not specify the type of congregate care facility that will be constructed, we <br />chose a facility providing similar serves to others in the neighborhood, including facilities near Hoag <br />Hospital in Newport Beach. We chose the Hoag Hospital area since we believe those living in the Hoag <br />Hospital area would find the Urban Village a representative alternative. As with other products included <br />in the Specific Plan, the Specific Plan discusses the concept of congregate care but does go into detail <br />describing a specific program. Therefore, we envisioned a product line with several floor plans ranging <br />from studio apartments up to two-bedroom units. The program would also include many of the amenities <br />listed above. <br />We reviewed data provided by CoStar, but due to the absence of a detailed congregate care facility <br />description in the Specific Plan, we made some broad assumptions of future intents for the facility. <br />According to Senior Housing Net website, the costs of living in California in a congregate care community <br />throughout the state are: <br />Assisted Living: $5,250 <br />Independent Living: $3,413 <br />Memory Care: $6,563 <br />Nursing Home Care: $9,794 <br />Based upon reviewing CoStar and the estimates from Senior Housing Net, we estimated an average <br />monthly rent of $7,500. For our calculations, we chose a vacancy rate of 5%. We also estimated that the <br />average room size would be 800 SF, allowing for a combination of studio, one-bedroom, and two-bedroom <br />units. <br />In addition to basic rent, a typical congregate care offers services and amenities to its tenants for an <br />additional fee. These include food and beverage services, salon and spa services, transportation, etc. <br />Based upon our estimates, we determined NOI and then an NAV for this asset class shown below <br />Table 16: Congregate Care NAV <br />Description Per Room <br />per Month Total Per Month Annual <br />Revenues from Rooms $7,500 $1,500,000 $18,000,000 <br />Vacancy ($375) ($75,000) ($900,000) <br />Revenues After Vacancy $7,125 $1,425,000 $17,100,000 <br />Revenues From Services $3,420 $684,000 $8,208,000 <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 556 9/17/2024