The assignment is to reconstruction the proforma for this property to evaluate it with alternative investment assumptions

Your Name: Unit Mix Summary Totals Units Type 7 3 10 1 bd/1 ba 2 bd/1 ba Acquisition Operations 14.50 Rental Increase 1.15% Vacancy 2% Property Mgmt $10,000 Laundry Inc. 14% Op. Exp. Incr. Gross Income Multiplier Prop. Tax Rate Prop Tax Incr. Acquisition Costs Discount Rate Year 0 1 Rental Income Laundry GROSS SCHEDULED INCOME Turnover Vacancy GROSS OPERATING INCOME Expenses Property Management Fee Building Insurance Grounds Maintenance Maintenance Pest Control Reserves Taxes - Real Estate Trash Removal Utilities - Gas & Electric Utilities - Water & Sewer TOTAL OPERATING EXPENSES NET OPERATING INCOME Annual Debt Service Cash Flows Before Taxes - Operations Purchase Price Loan Amount Acquisition Costs Loan Points Initial Equity $ $ $ $ $ 2,195.00 1,560.00 2,500.00 600.00 1,700.00 $ $ $ 1,000.00 2,500.00 5,000.00 Equity Cash Flows Before Taxes IRR PV of Cash Flows Initial Investment Net Present Value Cash on Cash Loan to Value Ratio Unit Mix Summary Approx. SF Avg. Contact 600 800 Total Monthly Market Rents $1,462 $1,785 Operations $1,500 $1,850 Financing Disposition 3% Interest Rate 2% Term 5% Debt Cov. Ratio $15 Points 2.50% 2 3 3.625% Exit Cap Rate 30 Costs of Sale 1.25 Broker Comm. 1.00 4 Sale Price Costs of Sale Broker Comm. Loan Balance Net Sale Proceeds 5 Total Monthly Market Rents Disposition 4.75% 1% 5% 6 Homework 3 Finance 331 - Fall 2016 This assignment is due December 8, 2016 at 7pm. Review the attached listing information on 4474 Winona Avenue, San Diego, CA 92115. Your assignment is to reconstruction the proforma for this property to evaluate it with alternative investment assumptions. You are to complete an Excel Spreadsheet to measure the potential investment performance of this property. Your score will be reduced by 2 points out of 10 if you do not use Excel formulas to make calculations. Rents: Our review of market conditions indicate that market rents for the one-bedroom units is $1,500 per month and two-bedroom units will rent for $1,850 per month. We expect market rents to increase by 3% per year. Use market rents to determine rental income for year 1. Other income: There is an on-site laundry that will produce $15/unit per month. Vacancy and credit losses will be 2% per year. Property taxes will be 1.15% of the purchase price for the first year and increase by 2% per year. Property Management will cost 5% of Gross Operating Income. We agree with the broker's estimates for the other operating costs. However, we believe they will increase by 2.5% per year. Our offer will be determined by a Gross Income Multiplier of 14.5 of Gross Scheduled Income. Acquisition costs will be $10,000 plus 1 point on the loan. Financing: Interest rate of 3.625% amortized over 30 years. The rate will be fixed for 5 years. Debt Coverage Ratio of 1.25 will be used to determine the loan amount. Disposition: We plan to hold the property for 5 years. At the end of year 5, the sale price is estimated using an \"Exit Cap Rate\" of 4.5% based on the NOI for year 6. We will pay a brokerage commission of 5% of the sale price plus other closing costs of 1% of the sale price end of year 5. Based on these assumptions, is this a good deal? Your tasks are to: Create an operating proforma for 6 years, with the sale at the end of year 5. Calculate the offer price. Calculate the loan amount, annual debt service and loan balance end of year 5. Calculate the Loan to Value Ratio. Calculate the cash flows before taxes to equity for each year. Calculate the initial equity investment. Calculate the cash on cash [equity dividend rate] for each year. Calculate the IRR for a 5 year holding period. Calculate the NPV to the using a 14% discount rate. Submit your spreadsheet solution online in Blackboard for grading. Please name your spreadsheet file \"HW3 - Last Name, First Name\" 10 Units - Talmadge 4474 Winona Avenue, San Diego, CA 92115 Benn Vogelsang Vice President (619) 794-0381 vogelsang@scc1031.com 01883437 Completely Redesigned and Remodeled Interiors and Exteriors; Low Maintenance Operations Strong Tenant Base and Market Rents Located at the Gates of Talmadge; Mostly Residential Neighborhood Easy Access to Nearby 8 Freeway, El Cajon Blvd, and SDSU 3405 Kenyon St #411 San Diego, CA 92110 (619) 226-6011 (p) (866) 861-7803 (f) www.scc1031.com Table of Contents Real Estate Investment Details ..................................................................................... 3 Property Description .................................................................................................... 4 Property Photos ............................................................................................................. 5 Talmadge........................................................................................................................... 6 Regional Map ................................................................................................................... 7 Location Map ................................................................................................................... 8 Aerial Map......................................................................................................................... 9 Executive Summary ...................................................................................................... 10 Unit Mix Report ............................................................................................................... 11 Internal Rate of Return Analysis .................................................................................. 12 Cash Flow Analysis ...................................................................................................... 13 Cash In Cash Out ........................................................................................................... 14 Loan Analysis ................................................................................................................. 16 Investment Return Analysis .......................................................................................... 17 Pro Forma Summary .................................................................................................... 18 Demographics ................................................................................................................. 19 Demographics ................................................................................................................. 20 Real Estate Investment Details 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Analysis Analysis Date October 2016 Property Property Property Address Year Built 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 1972 Purchase Information Property Type Purchase Price Fair Market Value Units Total Rentable Sq. Ft. Resale Valuation Resale Expenses Financial Information MultiFamily $2,649,900 $2,649,900 10 6,600 3% (annual appreciation) 4.5% Down Payment $950,000 Loans Type Fixed Debt $1,699,900 Term 30 years Amortization 30 years Income & Expenses Gross Operating Income Monthly GOI Total Annual Expenses Monthly Expenses Rate 3.25% Payment $7,398 Contact Information Benn Vogelsang $182,656 $15,221 ($57,604) ($4,800) (619) 794-0381 vogelsang@scc1031.com 01883437 The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions. page 3 of 21 10 Units - Talmadge Property Description 4474 Winona Avenue San Diego, CA 92115 Talmadge The subject property consists of (7) large 1 Bed / 1 Bath units and (3) large 2 Bed / 1 Bath units. The $400,000 +/- renovation was completed in October 2016. Renovations include: New Contemporary Redwood Faade and Fencing, 3-toned Exterior Paint, Dual Paned Windows and Sliding Doors, Exterior Tile Landings, Concrete Walkway Coating, New (Owned) Laundry Equipment, Drought Tolerant Landscaping, Complete Roof Repair, Common Area BBQ, Bike Rack, and New Exterior Lighting. New Interior Improvements include: Kitchens (Stainless Steel GE Appliances: Fridge, Gas Stove, Microwave, Dishwasher), Kitchen Cabinets, Quartz Countertops, SS Under-mount Sinks, Wood Laminate Floors, Baseboards, Window Treatments, Custom Entry Doors, Lighting, Bathrooms with Glass Shower Doors, Slate Tiled Showers, Vanities, Faucets, Toilets, and Designer Paint Throughout. The property is located North of El Cajon Blvd in the desirable Talmadge Neighborhood of San Diego with walkability to eateries, bars, shops, services, and public transportation access. The property is located close proximity to SDSU, easy freeway access, 15 minute drive to the beach. page 4 of 21 10 Units - Talmadge Property Photos 4474 Winona Avenue San Diego, CA 92115 Talmadge page 5 of 21 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 page 6 of 21 10 Units - Talmadge Regional Map 4474 Winona Avenue San Diego, CA 92115 page 7 of 21 10 Units - Talmadge Location Map 4474 Winona Avenue San Diego, CA 92115 page 8 of 21 10 Units - Talmadge Aerial Map 4474 Winona Avenue San Diego, CA 92115 page 9 of 21 10 Units - Talmadge Executive Summary 4474 Winona Avenue San Diego, CA 92115 ACQUISITION COSTS Purchase Price, Points and Closing Costs Investment - Cash First Loan $2,649,900 $950,000 $1,699,900 INVESTMENT INFORMATION Purchase Price Price per Unit Price per Sq. Ft. Income per Unit Expenses per Unit $2,649,900 $264,990 $401.50 $18,827 ($5,760) INCOME, EXPENSES & CASH FLOW Gross Scheduled Income Total Vacancy and Credits Operating Expenses Net Operating Income Debt Service Cash Flow Before Taxes $188,268 ($5,612) ($57,604) $125,052 ($88,777) $36,275 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 3.82% Debt Coverage Ratio Capitalization Rate Gross Rent Multiplier Gross Income / Square Feet Gross Expenses / Square Feet Operating Expense Ratio 1.41 4.72% 14.08 $28.53 ($8.73) 31.54% page 10 of 21 Unit Mix Report 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 UNIT MIXES Units Type 7 3 10 Approx. SqFt Avg. Rents 1 bd / 1 ba 2 bd / 1 ba 600 800 6,600 $1,462 $1,785 UNIT MIX Monthly $10,234 $5,355 $15,589 Mkt Rents Monthly $1,475 $1,795 UNIT MIX SQUARE FEET 1 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba UNIT MIX INCOME UNIT MIX MARKET INCOME 1 bd / 1 ba 2 bd / 1 ba 1 bd / 1 ba 2 bd / 1 ba page 11 of 21 $10,325 $5,385 $15,710 10 Units - Talmadge Internal Rate of Return Analysis 4474 Winona Avenue San Diego, CA 92115 BEFORE TAX IRR Time Future Cash Flows Initial Investment ($950,000) End of Year 1 $36,275 End of Year 2 $41,438 End of Year 3 $46,756 End of Year 4 $52,233 End of Year 5 $57,875 End of Year 6 $63,686 End of Year 7 $69,672 End of Year 8 $75,837 End of Year 9 $82,187 End of Year 10* IRR = 12.58% $2,185,391 * ($88,727 + $2,096,664) AFTER TAX IRR Time Future Cash Flows Initial Investment ($950,000) End of Year 1 $36,275 End of Year 2 $41,438 End of Year 3 $46,756 End of Year 4 $52,233 End of Year 5 $57,875 End of Year 6 $63,686 End of Year 7 $69,672 End of Year 8 $75,837 End of Year 9 $82,187 End of Year 10* IRR = 11.79% $2,006,237 * ($88,727 + $1,917,510) page 12 of 21 Cash Flow Analysis 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Description GROSS SCHEDULED INCOME Turnover Vacancy Total Operating Expenses NET OPERATING INCOME Loan Payment NET CASH FLOW (b/t) Cash On Cash Return b/t Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 $188,268 $193,880 $199,660 $205,614 $211,747 $218,063 $224,569 $231,270 $238,172 $245,281 ($5,612) ($5,780) ($5,954) ($6,132) ($6,316) ($6,506) ($6,701) ($6,902) ($7,109) ($7,322) ($57,604) ($57,885) ($58,174) ($58,472) ($58,778) ($59,094) ($59,419) ($59,755) ($60,100) ($60,455) $125,052 $130,215 $135,533 $141,010 $146,652 $152,463 $158,448 $164,613 $170,963 $177,504 ($88,777) ($88,777) ($88,777) ($88,777) ($88,777) ($88,777) ($88,777) ($88,777) ($88,777) ($88,777) $36,275 $41,438 $46,756 $52,233 $57,875 $63,686 $69,672 $75,837 $82,187 $88,727 3.82% 4.36% 4.92% 5.50% 6.09% 6.70% 7.33% 7.98% 8.65% 9.34% Footnotes: b/t = before taxes;a/t = after taxes page 13 of 21 Cash In Cash Out 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rental Income Laundry $187,068 $192,680 $198,460 $204,414 $210,547 $216,863 $223,369 $230,070 $236,972 $244,081 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 GROSS SCHEDULED INCOME Turnover Vacancy $188,268 $193,880 $199,660 $205,614 $211,747 $218,063 $224,569 $231,270 $238,172 $245,281 ($5,612) ($5,780) ($5,954) ($6,132) ($6,316) ($6,506) ($6,701) ($6,902) ($7,109) ($7,322) GROSS OPERATING INCOME $182,656 $188,100 $193,707 $199,482 $205,430 $211,557 $217,868 $224,368 $231,063 $237,959 ($9,413) ($9,694) ($9,983) ($10,281) ($10,587) ($10,903) ($11,228) ($11,564) ($11,909) ($12,264) ($2,195) ($2,195) ($2,195) ($2,195) ($2,195) ($2,195) ($2,195) ($2,195) ($2,195) ($2,195) ($1,560) ($1,560) ($1,560) ($1,560) ($1,560) ($1,560) ($1,560) ($1,560) ($1,560) ($1,560) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($600) ($600) ($600) ($600) ($600) ($600) ($600) ($600) ($600) ($600) ($1,700) ($1,700) ($1,700) ($1,700) ($1,700) ($1,700) ($1,700) ($1,700) ($1,700) ($1,700) ($31,136) ($31,136) ($31,136) ($31,136) ($31,136) ($31,136) ($31,136) ($31,136) ($31,136) ($31,136) ($1,000) ($1,000) ($1,000) ($1,000) ($1,000) ($1,000) ($1,000) ($1,000) ($1,000) ($1,000) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($2,500) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) TOTAL OPERATING EXPENSES ($57,604) ($57,885) ($58,174) ($58,472) ($58,778) ($59,094) ($59,419) ($59,755) ($60,100) ($60,455) NET OPERATING INCOME $125,052 $130,215 $135,533 $141,010 $146,652 $152,463 $158,448 $164,613 $170,963 $177,504 Expenses Property Management Fee Building Insurance Grounds Maintenance Maintenance Pest Control Reserves Taxes - Real Estate Trash Removal Utilities - Gas & Electric Utilities - Water & Sewer Footnotes: Cash Flow IRR based upon net cash flow and principal payments page 14 of 21 Cash In Cash Out 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Description Debt Service Loan Interest Principal Payments Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 ($54,743) ($53,620) ($52,460) ($51,262) ($50,025) ($48,746) ($47,426) ($46,062) ($44,653) ($43,197) ($34,034) ($35,157) ($36,317) ($37,515) ($38,752) ($40,031) ($41,351) ($42,715) ($44,124) ($45,580) $36,275 $41,438 $46,756 $52,233 $57,875 $63,686 $69,672 $75,837 $82,187 $88,727 N/A N/A N/A N/A N/A N/A N/A N/A N/A 1.02% Projected Property Value Resale Expenses $2,729,397 $2,811,279 $2,895,617 $2,982,486 $3,071,960 $3,164,119 $3,259,043 $3,356,814 $3,457,518 $3,561,244 ($122,823) ($126,508) ($130,303) ($134,212) ($138,238) ($142,385) ($146,657) ($151,057) ($155,588) ($160,256) Proceeds b/f Debt Payoff Loan Principal Balance $2,606,574 $2,684,771 $2,765,314 $2,848,274 $2,933,722 $3,021,734 $3,112,386 $3,205,757 $3,301,930 $3,400,988 NET CASH FLOW (b/t) Cash Flow IRR Net Proceeds From Sale Net Resale IRR ($1,665,866) ($1,630,709) ($1,594,392) ($1,556,878) ($1,518,126) ($1,478,095) ($1,436,744) ($1,394,029) ($1,349,904) ($1,304,324) $940,708 $1,054,062 $1,170,922 $1,291,396 $1,415,597 $1,543,639 $1,675,642 $1,811,729 $1,952,026 $2,096,664 2.84% 9.31% 11.27% 12.08% 12.45% 12.62% 12.67% 12.67% 12.63% 12.58% Footnotes: Cash Flow IRR based upon net cash flow and principal payments page 15 of 21 Loan Analysis 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Description LOAN 1 Debt Service Analysis Principal Payments Interest Payments Total Debt Service Principal Balance Analysis Beginning Principal Balance Principal Reductions Ending Principal Balance Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 $34,034 $35,157 $36,317 $37,515 $38,752 $40,031 $41,351 $42,715 $44,124 $45,580 $54,743 $53,620 $52,460 $51,262 $50,025 $48,746 $47,426 $46,062 $44,653 $43,197 $88,777 $88,777 $88,777 $88,777 $88,777 $88,777 $88,777 $88,777 $88,777 $88,777 $1,699,900 $1,665,866 $1,630,709 $1,594,392 $1,556,878 $1,518,126 $1,478,095 $1,436,744 $1,394,029 $1,349,904 $34,034 $35,157 $36,317 $37,515 $38,752 $40,031 $41,351 $42,715 $44,124 $45,580 $1,665,866 $1,630,709 $1,594,392 $1,556,878 $1,518,126 $1,478,095 $1,436,744 $1,394,029 $1,349,904 $1,304,324 page 16 of 21 Investment Return Analysis 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Cash Flow - To Date $36,275 $77,712 $124,468 $176,701 $234,577 $298,263 $367,934 $443,771 $525,957 $614,684 Net Resale Proceeds $934,229 $1,018,685 $1,117,478 $1,219,886 $1,326,020 $1,435,996 $1,549,933 $1,667,953 $1,790,184 $1,917,510 ($950,000) ($950,000) ($950,000) ($950,000) ($950,000) ($950,000) ($950,000) ($950,000) ($950,000) ($950,000) $20,503 $146,397 $291,946 $446,587 $610,596 $784,259 $967,867 $1,161,724 $1,366,141 $1,582,195 Internal Rate of Return 2.16% 7.56% 9.68% 10.64% 11.15% 11.44% 11.61% 11.71% 11.76% 11.79% Modified IRR 2.16% 7.43% 9.34% 10.11% 10.44% 10.55% 10.56% 10.50% 10.41% 10.30% $26,983 $181,775 $345,390 $518,098 $700,173 $891,902 $1,093,576 $1,305,500 $1,527,983 $1,761,348 $2,731,626 $2,940,038 $3,156,113 $3,380,083 $3,612,183 $3,852,658 $4,101,758 $4,359,743 $4,626,879 $4,903,441 Invested Capital Net Return on Investment NPV (cash flow + reversion) PV (NOI + reversion) Footnotes: a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income Reversion = Amount received from the resale; Net Return on Investment = Cash Flow (a/t To Date) + Net Proceeds from Resale - Invested Capital. page 17 of 21 Pro Forma Summary 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 UNIT MIX & MONTHLY SCHEDULED INCOME Type Units 1 bd / 1 ba 2 bd / 1 ba TOTALS Actual 7 $1,462 3 $1,785 10 Total Market $10,234 $1,475 $5,355 $1,795 $15,589 Total $10,325 $5,385 $15,710 ANNUALIZED INCOME Actual INVESTMENT SUMMARY Price: Year Built: Units: Price/Unit: RSF: $2,649,900 1972 10 $264,990 6,600 Price/RSF: $401.50 Lot Size: 6,926 sf Floors: APN: 471-151-054.72% Market Cap Rate: 4.77% GRM: 14.08 Market GRM: 13.97 FINANCING SUMMARY Down Payment: Loan Type: Interest Rate: Term: Monthly Payment: DCR: Market $187,068 $188,520 ($5,612) $1,200 $182,656 ($57,604) $125,052 ($88,777) $36,275 $34,034 $70,309 ($5,656) $1,200 $184,064 ($57,617) $126,447 ($88,777) $37,671 $34,034 $71,705 2 Cap Rate: Loan Amount: Gross Potential Rent Less: Vacancy Misc. Income Effective Gross Income Less: Expenses Net Operating Income Debt Service Net Cash Flow after Debt Service Principal Reduction Total Return $1,699,900 $950,000 Fixed 3.25% 30 years $7,398 1.41 ANNUALIZED EXPENSES Actual Market Property Management Fee Building Insurance Grounds Maintenance Maintenance Pest Control Reserves Taxes - Real Estate Trash Removal Utilities - Gas & Electric Utilities - Water & Sewer $9,413 $2,195 $1,560 $2,500 $600 $1,700 $31,136 $1,000 $2,500 $5,000 $9,426 $2,195 $1,560 $2,500 $600 $1,700 $31,136 $1,000 $2,500 $5,000 Total Expenses Expenses Per RSF Expenses Per Unit $57,604 $8.73 $5,760 $57,617 $8.73 $5,762 page 18 of 21 Demographics 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 Population Characteristic 1 Mile 3 Mile 5 Mile Household Income AGES 0-4 3,277 16,145 38,882 Median Household Income AGES 5-9 3,759 17,888 43,693 AGES 10-14 3,345 15,110 37,311 AGES 15-19 3,138 13,990 AGES 20-24 3,237 15,327 AGES 25-29 3,353 AGES 30-34 AGES 35-39 1 Mile 3 Mile 5 Mile $33,556 $46,827 $50,870 $200000 440 2,317 6,161 AGES 85+ 740 5,480 14,724 Characteristic Housing 1 Mile 3 Mile 5 Mile Housing Units 16,993 100,040 245,009 Occupied Housing Units 229,150 Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White 17,598 125,660 319,078 15,904 94,254 4,791 23,557 54,849 Owner Occupied Housing Units 4,027 35,650 91,364 71 470 1,099 Renter Occupied Housing Units 11,877 58,604 137,786 1,089 5,786 15,859 Population Black Population Am In/AK Nat Vacant Housing Units page 19 of 21 Demographics 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 POPULATION 1 MILE 3 MILE 5 MILE Male 22,337 (50.36 %) 118,856 (49.27 %) 294,165 (49.70 %) Female 297,684 (49.64 %) 297,684 (50.73 %) 297,684 (50.30 %) Total Population 44,357 241,258 591,849 AGE BREAKDOWN 1 MILE 3 MILE 5 MILE Ages 0-4 3,277 (7.39 %) 16,145 (6.69 %) 38,882 (6.57 %) Ages 5-9 3,759 (8.47 %) 17,888 (7.41 %) 43,693 (7.38 %) Ages 10-14 3,345 (7.54 %) 15,110 (6.26 %) 37,311 (7.38 %) Ages 15-19 3,138 (7.07 %) 13,990 (5.80 %) 35,023 (5.92 %) Ages 20-24 3,237 (7.30 %) 15,327 (6.35 %) 37,355 (6.31 %) Ages 25-29 3,353 (7.56 %) 17,136 (7.10 %) 40,366 (6.82 %) Ages 30-34 3,497 (7.88 %) 18,542 (7.69 %) 42,946 (7.26 %) Ages 35-39 3,677 (8.29 %) 19,676 (8.16 %) 45,519 (7.69 %) Ages 40-44 3,611 (8.14 %) 19,809 (8.21 %) 46,759 (7.90 %) Ages 45-49 3,248 (7.32 %) 18,914 (7.84 %) 45,884 (7.75 %) Ages 50-54 2,767 (6.24 %) 16,859 (6.99 %) 41,549 (7.02 %) Ages 55-59 2,220 (5.00 %) 14,202 (5.89 %) 35,675 (6.03 %) Ages 60-64 1,671 (3.77 %) 11,240 (4.66 %) 28,793 (4.86 %) Ages 65-69 1,191 (2.69 %) 8,298 (3.44 %) 21,908 (3.70 %) Ages 70-74 797 (1.80 %) 5,851 (2.43 %) 16,077 (2.72 %) Ages 75-79 505 (1.14 %) 4,061 (1.68 %) 11,530 (1.95 %) Ages 80-84 324 (0.73 %) 2,730 (1.13 %) 7,855 (1.33 %) Ages 85+ 740 (1.67 %) 5,480 (2.27 %) 14,724 (2.49 %) page 20 of 21 Demographics 10 Units - Talmadge 4474 Winona Avenue San Diego, CA 92115 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE Median Income $33,556 $46,827 $50,870 Less than $10,000 1,305 7,151 14,960 $10,000 -$14,999 1,799 6,357 14,920 $15,000 - $19,999 1,324 6,002 12,408 $20,000 -$24,999 1,399 5,869 13,151 $25,000 - $29,999 1,163 5,194 11,900 $30,000 - $34,999 1,050 5,148 11,638 $35,000 - $39,999 1,074 5,155 12,103 $40,000 - $44,999 789 4,947 11,739 $45,000 - $49,999 517 3,958 9,865 $50,000 - $59,999 1,056 7,726 19,126 $60,000 - $74,999 1,041 8,295 21,557 $75,000 - $99,999 1,160 10,796 28,192 $100,000 - $124,999 673 6,198 16,668 $125,000 - $149,999 443 3,208 9,229 $150,000 - $199,999 265 2,668 7,607 Greater than $200,000 440 2,317 6,161 HOUSING 1 MILE 3 MILE 5 MILE Housing Units 16,993 100,040 245,009 Occupied Units 15,904 94,254 229,150 Owner Occupied Units 4,027 35,650 91,364 Renter Occupied Units 11,877 58,604 137,786 Vacant Units 1,089 5,786 15,859 RACE DEMOGRAPHICS 1 MILE 3 MILE 5 MILE Population Non Hispanic White 17,598 125,660 319,078 Population Black 4,791 23,557 54,849 Population Am In/Ak Nat 71 470 1,099 page 21 of 21