RENTAL SURVEY - Granicus

RENTAL SURVEY

435 Gateway Drive

Pacifica, California 94044

PACIFICA MARKET AREA

SAN MATEO COUNTY

Prepared for CITY OF PACIFICA

MAY 2019

Marymount Gateway Pacifica Market Area

Market Rate Housing 1 April 2019

BACKGROUND The City of Pacifica, is attempting to determine prevailing market rents and vacancies in the City of Pacifica Laurin Associates, a division of Raney Planning and Management, Inc., received authorization from the City of Pacifica to conduct a Rent Survey in Pacifica, California. METHODOLOGY

EXHIBIT 1 - LOCATION OF THE CITY OF PACIFICA

With each complex, a standard questionnaire was used to interview the on-site manager. See Exhibit 3 on page 15 for the interview questionnaire used in the sample survey. In some cases, only certain information was obtained, depending on the cooperation and discretion of the on-site manager.



CONCLUSIONS Based upon Laurin’s survey, the current weighted average market rents in the City of Pacifica are $2,778 for a one-bedroom, $3,317 for a two-bedroom/one bath and $3,483 for a two-bedroom/two bath unit.

EXHIBIT 2 - MAP OF SURVEYED COMPARABLES

Comparable # Comparable Name Address Distance from Site 1 Oceanaire 100 Esplanade Avenue 1.14 miles 2 The Bluffs at Pacifica 380 Esplanade Avenue 0.99 miles 3 Pacifica Park 670 Hickey Boulevard <0.25 miles 4 Horizon West 365 Talbot 1.75 miles 5 SeaPointe 77 Paloma Avenue 1.74 miles 6 Skyline Vista Apartments 2400 Skyline Boulevard 0.65 miles 7 Seacliff 300 Palmetto Avenue 0.87 miles 8 Pacific View Apartments 335 Talbot Avenue 1.75 miles 9 Fairmount Apartments 279 Imperial Drive <0.25 miles 10 Eaves Pacifica 265 Gateway Drive 0.40 miles



MARKET AREA RENTS The survey attempted to ascertain a sample of market rate rentals within the City of Pacifica. The weighted average rents do not take into account differences in project characteristics (e.g., building age, amenities, appliances, unit size, etc.).

TABLE 1 CITY OF PACIFICA AVERAGE RENTS

UNIT TYPE CURRENT WEIGHTED AVERAGE

RENTS MARKET RATE

1BR – 1BA $2,914 2BR – 1BA $3,298 2BR – 2BA $3,761

Source: Laurin Associates, April 2019

TABLE 2 CITY OF PACIFICA MARKET RENTS

UNIT TYPE CURRENT MARKET RATE RENT

RANGES 1BR – 1BA $2,087 - $5,585 2BR – 1BA $2,405 - $7,059 2BR – 2BA $2,755 - $6,789

Source: Laurin Associates, April 2019 COMPETITIVE OFFERINGS The multifamily field survey was conducted in April 2019. The survey attempted to ascertain a sample of the properties most representative of the City of Pacifica. A total of 1,110 apartments were surveyed in ten properties.

TABLE 3 FIELD STUDY SUMMARY –CITY OF PACIFICA UNIT TYPE MARKET PERCENT

Studio 114 10.3% 1BR 553 49.8% 2BR 442 39.8% 3BR 1 0.1%

TOTAL 1,110 100.0% Source: Laurin Associates April 2019



VACANCY According to the April 2019 survey, the overall vacancy rate for multifamily housing is 3.6 percent in the City of Pacifica.

TABLE 4 VACANCY RATE –CITY OF PACIFICA – 2019

UNIT TYPE Market % OF TOTAL Studio 2 1.8%

1BR 10 1.8% 2BR 18 4.1% 3BR 0 0.0%

TOTAL 30 2.7%



RENT COMP. NO. 1 (See Location on Exhibit 4-1) NAME Oceaniare DATE April 15, 2019 ADDRESS 100 Esplanade TOTAL UNITS 260 CITY Pacifica CONDITION Excellent MANAGER Trinity Property Mgmt YEAR BUILT 1980 TELEPHONE 650-355-3400 BLDG. STYLE 2 Story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT Studio 63 $2,640-$2,795 401-424 $6.58-$6.59 2

1BR/1BA 84 $2,585-$2,850 580-632 $4.46-$4.51 2 2BR/2BA 113 $3,765 866 $4.35 1

UNIT AMENITIES PROJECT AMENITIES TENANT PAYS

Central Air/Heat Refrigerator X Community Rm. X On-Site Mgr. X Electricity Blinds X Stove/Oven X Pool Laundry Rm. Heat (G) Carpet X Dishwasher X Spa X Computer Rm. Cooking (G)

Ceiling Fan X Garbage Disposal X Gym X Business Cntr TV (C/S) Skylight Microwave Picnic Area Car Wash Area Water

Storage Closet Washer/Dryer X Playground Sewer Coat Closet W/D Hook-ups Tennis Ct. Gated Trash

Walk-In Closet Parking: Surface,

Carport Basketball Courtesy Patrol

Fireplace X Volleyball Security Camera Patio/Balcony X Elevator

Remarks: They do not use a waitlist, Turnover rate was unknown.



RENT COMP. NO.2 (See Location on Exhibit 4-1) NAME The Bluffs at Pacifica DATE April 15, 2019 ADDRESS 380 Esplanade Ave. TOTAL UNITS 62 CITY Pacifica CONDITION Excellent MANAGER Siniah YEAR BUILT 1963 TELEPHONE 650-557-4116 BLDG. STYLE 3 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT Studio 20 $2,771 -- $4,641 500-590 $5.54 -- $7.87 0

1BR/1BA 14 $2,935-$5,531 725 $4.05 -- $7.63 0 2BR/1BA 14 $3,057 -- $7,059 925-950 $3.30 -- $7.43 4 2BR/2BA 14 $3,675 -- $6,789 1,000 - 1,500 $3.68 -- $4.53 0 3BR/1BA 1 $3,759* 1,400 $2.69 0

*Has not been repriced to reflect current market value UNIT AMENITIES PROJECT AMENITIES TENANT PAYS

Central Air/Heat X Refrigerator X Community Rm. On-Site Mgr. x Electricity x Blinds Stove/Oven X Pool Laundry Rm. Heat (G) x Carpet Dishwasher X Spa Computer Rm. Cooking (G) x

Ceiling Fan Garbage Disposal X Gym X Business Cntr TV (C/S) x Skylight Microwave X Picnic Area Car Wash Area Water x

Storage Closet Washer/Dryer X Playground Sewer x Coat Closet x W/D Hook-ups Tennis Ct. Gated x Trash x

Walk-In Closet x Parking: Surface, Detached Garage, Tuck

Under

Basketball Courtesy Patrol Fireplace Volleyball Security Camera

Patio/Balcony X Elevator Remarks: One-bedroom units are off the market, they do use a waitlist. Turnover rate unknown.



RENT COMP. NO. 3 (See Location on Exhibit 4-1) NAME Pacifica Park DATE April 15, 2019 ADDRESS 670 Hickey Blvd TOTAL UNITS 104 CITY Pacifica CONDITION Excellent MANAGER Siniah YEAR BUILT 1977 TELEPHONE 650-557-4117 BLDG. STYLE Two story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR/1BA 40 $2,685 -- $5,585 756 $3.55 -- $7.39 2 2BR/2BA 61 $3,190 -- $4,972 955 $3.34 -- $5.21 2


Central Air/Heat Refrigerator X Community Rm. On-Site Mgr. X Electricity x Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan Garbage Disposal X Gym X Business Cntr TV (C/S) X Skylight Microwave Picnic Area X Car Wash Area Water X

Storage Closet Washer/Dryer Playground Sewer X Coat Closet W/D Hook-ups Tennis Ct. Gated X Trash x

Walk-In Closet Parking: Surface, Carport, Garage x


Patio/Balcony X Elevator X Remarks: They do not use a waitlist. Turnover rate was reported 2-5 units per month



RENT COMP. NO. 4 (See Location on Exhibit 4-1) NAME Horizon West DATE April 15, 2019 ADDRESS 365 Talbot TOTAL UNITS 78 CITY Pacifica CONDITION Excellent MANAGER Siniah YEAR BUILT 1970 TELEPHONE 650-557-4120 BLDG. STYLE 3 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR/1BA 69 $2,799 - $4,304 624-765 $4.48 - $5.62 1 2BR/1BA 9 $3,450 - $5,827 1,015 $3.40 - $5.74 1


Central Air/Heat X Refrigerator X Community Rm. On-Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan X Garbage Disposal X Gym X Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water

Storage Closet Washer/Dryer Playground Sewer Coat Closet W/D Hook-ups Tennis Ct. Gated X Trash

Walk-In Closet X Parking: Surface, Garage X


Patio/Balcony X Elevator X Remarks: They do use a waitlist. Turnover rate was unavailable.



RENT COMP. NO. 5 (See Location on Exhibit 4-1) NAME SeaPointe DATE April 15, 2019 ADDRESS 77 Paloma Ave. TOTAL UNITS 71 CITY Pacifica CONDITION Very Good MANAGER Melanie YEAR BUILT 1971 TELEPHONE 650-359-5983 BLDG. STYLE 3 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR/1BA 36 $2,670 - $2,685 560 $4.77 -- $4.79 2 2BR/1BA 35 $2,820 810-910 $3.48 -- $3.10 0


Central Air/Heat X Refrigerator X Community Rm. On-Site Mgr. X Electricity X Blinds X Stove/Oven X Pool X Laundry Rm. X Heat (G) X Carpet Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan Garbage Disposal X Gym X Business Cntr TV (C/S) X Skylight Microwave Picnic Area X Car Wash Area Water X

Storage Closet X Washer/Dryer Playground Sewer X Coat Closet X W/D Hook-ups Tennis Ct. Gated X Trash X

Walk-In Closet X Parking: Surface,

Carport X Basketball Courtesy Patrol

Fireplace Volleyball Security Camera Patio/Balcony X Elevator X

Remarks: They do not use a waitlist. The turnover is reported as 15 units per year.



RENT COMP. NO. 6 (See Location on Exhibit 4-1) NAME Skyline Vista Apt. DATE April 15, 2019 ADDRESS 2400 Skyline Blvd. TOTAL UNITS 44 CITY Pacifica CONDITION Excellent MANAGER Natalia YEAR BUILT 1964 TELEPHONE 650-359-5316 BLDG. STYLE 2 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 2BR/2BA 44 $2,995-$3,195 1,000 $3.00-$3.20 0


Central Air/Heat Refrigerator X Community Rm. On-Site Mgr. Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave X Picnic Area X Car Wash Area Water X

Storage Closet Washer/Dryer Playground Sewer X Coat Closet W/D Hook-ups Tennis Ct. Gated Trash X


Carport, Parking Garage X Basketball Courtesy Patrol

Fireplace Volleyball Security Camera Patio/Balcony X Elevator

Remarks: They do not use a waitlist. Turnover is approximately 1-2 units per year.



RENT COMP. NO. 7 (See Location on Exhibit 4-1) NAME Seacliff DATE April 15, 2019 ADDRESS 300 Palmetto Ave. TOTAL UNITS 112 CITY Pacifica CONDITION Excellent MANAGER Erin YEAR BUILT 1971 TELEPHONE 650-355-1049 BLDG. STYLE 2 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR/1BA 56 $2,415 -- $2,665 650 $3.85 -- $3.92 0 2BR/1BA 56 $3,084 -- $3,579 850 $3.69 -- $3.73 5


Central Air/Heat Refrigerator X Community Rm. On-Site Mgr. X Electricity X Blinds X Stove/Oven X Pool X Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan X Garbage Disposal X Gym X Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water X

Storage Closet Washer/Dryer Playground Sewer X Coat Closet X W/D Hook-ups Tennis Ct. Gated Trash X


Carport Basketball Courtesy Patrol X


Remarks: The waitlist is about 3-6 months long. Turnover was reported approx. 40 per year.



RENT COMP. NO. 8 (See Location on Exhibit 4-1) NAME Pacific View Apt. DATE April 15, 2019 ADDRESS 335 Talbot Ave. TOTAL UNITS 61 CITY Pacifica CONDITION Good MANAGER Gina YEAR BUILT Rehab 2012 TELEPHONE 650-359-6010 BLDG. STYLE 2 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT Studio 31 $1,475 300 $4.92 0

1BR/1BA 30 $2,295 800 $2.87 0

UNIT AMENITIES PROJECT AMENITIES TENANT PAYS Central Air/Heat Refrigerator X Community Rm. On-Site Mgr. X Electricity X

Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave X Picnic Area Car Wash Area Water X

Storage Closet Washer/Dryer Playground Sewer Coat Closet W/D Hook-ups Tennis Ct. Gated Trash


Carport, Parking Garage X Basketball Courtesy Patrol

Fireplace Volleyball Security Camera Patio/Balcony X Elevator X

Remarks: Waitlist is for approx. 30-60 days in length. Turnover is unknown.



RENT COMP. NO. 9 (See Location on Exhibit 4-1) NAME Fairmont Atps. DATE April 15, 2019 ADDRESS 279 Imperial Drive TOTAL UNITS 100 CITY Pacifica CONDITION Good MANAGER Barbara Conde YEAR BUILT 1960 TELEPHONE 650-355-1002 BLDG. STYLE 2 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR/1BA 48 $2,087 - $3,217 635-680 $3.38 2 2BR/1BA 8 $2,405 - $2,605 791 $3.20 - $6.10 0

2BR/1.5BA 40 $2,531 - $3,879 861-939 $3.05 - $4.07 2 2BR/2BA 4 $2,755 - $2,955 1,000 $2.88 - $3.08 0


Central Air/Heat Refrigerator X Community Rm. On-Site Mgr. X Electricity X Blinds X Stove/Oven X Pool Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan Garbage Disposal X Gym Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water X

Storage Closet X Washer/Dryer Playground Sewer X Coat Closet X W/D Hook-ups Tennis Ct. Gated Trash X




Remarks: No waitlist is used. Turnover reported as 32 units per year.



RENT COMP. NO. 10 (See Location on Exhibit 4-1) NAME Eaves Pacifica DATE April 15, 2019 ADDRESS 265 Gateway Drive TOTAL UNITS 220 CITY Pacifica CONDITION Good MANAGER Andrew YEAR BUILT 1971 TELEPHONE 650-898-0022 BLDG. STYLE 2 story

BR/BA # UNITS RENT SQ. FT. RENT/SF VACANT 1BR/1BA @ 176 $2,695 - $2,745 750 $3.59 - $3.66 1 2BR/1BA @ 29 $2,855 - $3,015 850 $3.36 - $3.55 2 2BR/2BA @ 15 $3,092 - $3,195 950 $3.25 - $3.36 1


Central Air/Heat X Refrigerator X Community Rm. On-Site Mgr. X Electricity X Blinds X Stove/Oven X Pool X Laundry Rm. X Heat (G) X Carpet X Dishwasher X Spa Computer Rm. Cooking (G) X

Ceiling Fan Garbage Disposal X Gym X Business Cntr TV (C/S) X Skylight Microwave Picnic Area Car Wash Area Water X

Storage Closet Washer/Dryer Playground Sewer X Coat Closet W/D Hook-ups Tennis Ct. Gated Trash X




Remarks: Contacted management: “Unfortunately we do not participate in market studies.” Number of units is proportionate based on number of units at surrounding comparables.



EXHIBIT 3 – SURVEY QUESTIONNAIRE SAMPLE SURVEY OF APARTMENT COMPLEXES

APARTMENTS FORM NAME DATE ADDRESS TOTAL UNITS CITY BLDG. STYLE MANAGER YEAR BUILT TELEPHONE CONDITION

1. Market Rate, Subsidized or Rent-Restricted (What Program?) 2. Move-In Specials 3. Rent Change in recent months or planned? 4. Average vacancy last year? 5. Waiting list? 6. Monthly turnover? 7. Tenant profile (single, families, seniors, disabled, farmworkers)?

BR/BA #UNITS RENT SQ. FT. RENT/SF VACANT


Central Heat/Cool Refrigerator Carport Volleyball Electricity

Blinds Stove/Oven Garage On-Site Mgr. Heat

Carpet Dishwasher Community Rm Laundry Rm. Hot Water

Ceiling Fan Garbage Disposal Swim Pool Computer rm Cooking

Skylight Microwave Spa Business Cntr Cable or Satellite

Storage Closet Washer/Dryer Exercise Rm Car Wash Area Water

Coat Closet Washer/Dryer Hook-ups Picnic Area Gated Sewer

Walk-In Closet Playground Courtesy Patrol Trash

Fireplace Tennis Court Surveillance Camera

Patio/Balcony Basketball Elevator

Other services provided:

Remarks:

Date post:	28-Dec-2021
Category:	Documents
Upload:	others
View:	3 times
Download:	0 times

RENTAL SURVEY - Granicus

Documents