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HomeMy WebLinkAbout19- Development Department �� .,' VELOPMENT DEPARTML _� T OF THE CITY OF SAN BERNARDINO REQUEST FOR COMMISSION/COUNCIL ACTION FROM: KENNETH J. HENDERSON SUBJECT: CALIFORNIA INN (SRO) Executive Director DATE: December 16, 1993 --------------------------------------------------------------------------------------------------------------------------------------------- . vnopsis of Previous Commis_alon/Council/Committee Actionlc)• The Community Development Commission and Redevelopment Committee, on September 20 and October 7, 1993 considered the technical default status of the California Inn DDA. The Committee developed these recommendations for Community Development Commission consideration. On October 21, 1993 the Community Development Commission authorized staff to retain a professional consultant to prepare a Comprehensive Market Analysis on the proposed California Inn Single Room Occupancy (SRO) project. --------------------------------------------------------------------------------------------------------------------------------------------- Recommended Motion(s): (Community Development Commisslonl MOTION: That the Community Development Commission receive and file the attached Comprehensive Market Analysis prepared by Keyser Marsten Associates in connection with the California Inn project and the take action to terminate the Disposition and Development Agreement between the Agency and Larcon Development Company. l Administrator KENNE H J. HE DERSON Executive Director ------------------------------------------------------------ Contact Person(s): Kenneth J Henderson/David R Edgar Phone: 5081 Project Area(s): Central Citv North ICCN) Ward(s): One (11 Supporting Data Attached: Staff Report: Market Analysis FUNDING REQUIREMENTS: Amount: $ N/A Source: N/A Budget Authority: N/A --------------------------------------------------------------------------------------------------------------------------------------------- Commission/Council Not ---------------------------------------------------------------------------------------------------------------- KJH:DRE:paw:califsro.cdc COMMISSION MEETING AGENDA MEETING DATE: 12/20/1993 Agenda Item Number: �_ DE ELOPMENT DEPARTNT STAFF REPORT California Inn (SRO) On Thursday, October 7, 1993, the Redevelopment Committee conducted discussions regarding the current status of the proposed California Inn Single Room Occupancy (SRO) project. The primary focus of these discussions surrounded Larcon Development's technical default of the established project Schedule of Performance, as set forth in the recorded Disposition and Development Agreement (DDA). During the Redevelopment Committee meeting, Larcon Development surfaced several important issues, all of which potentially affect the successful completion of this project, including: • Larcon Development had now initiated dialogue with the San Bernardino County Housing Authority to utilize $1,000,000 in potentially available Housing Authority monies towards the California Inn project. • Staff recommended (to which the developer and Committee agreed) a Comprehensive Market Feasibility Study on the proposed SRO to precisely determine the economic viability of this project. Staff recommended (to which the developer and Committee agreed) a revised Schedule of Performance which is necessary to cure the technical default status of the recorded Disposition and Development Agreement. On October 21, 1993, the Community Development Commission directed Agency staff to meet with the County Housing Authority regarding both the potential availability of Housing Authority resources, if any, and the criteria by which potentially "eligible" projects will ultimately be selected for assistance. Follow-up meetings between the Developer, Agency staff and the County Housing Authority concluded that there are currently not available financial resources, in any amount, from the Housing Authority. Furthermore, the County Housing Authority indicated that it is not currently participating in any privately sponsored housing projects, and had no future plans to initiate such participation. Based on direction from the Redevelopment Committee, on November 1, 1993, Keyser Marsten Associates was authorized to conduct a Comprehensive Market Analysis of the proposed SRO development. Since a formal market analysis was not completed by the developer prior to execution of the development agreement, serious questions have arisen regarding the potential market for a single room occupancy facility within this community. -------------------------------------------------------------------------------------------------------------------------- KJH:DRE:paw:califsro.cdc COMMISSION MEETING AGENDA MEETING DATE: 12/20/1993 Agenda Item Number: DEVELOPMENT DEP. _:TMENT STAFF REPORT 0 CALIFORNIA INN (SRO) December 15, 1993 Page Number - 2 - ---------------------------------------------------------------------------------------------------------------- It is extremely important to note that the developer, the Redevelopment Committee and staff all concurred that the results of the Market Feasibility study would, and should, dictate future development (if any) of the proposed SRO project. Based on Keyser Marsten's initial research, it was determined that the San Bernardino Housing Market does not currently offer any traditional SRO hotel facilities. The focus of the Keyser Marsten's market survey, therefore, shifted to an evaluation of existing housing options available to "SRO type" tenants. Keyser Marsten's evaluation included motels offering long- term rentals, senior apartments and private studio and one (1) bedroom rentals. Keyser Marsten surveyed thirteen (13) representative projects in the central San Bernardino area, including five (5) senior citizen/subsidized housing projects; five market rate apartment complexes offering studio or one (1) bedroom units; and three low-cost motels offering weekly rentals. Keyser Marsten Associates concluded that a range of affordable housing options is presently available to the low-income individual in San Bernardino; that the current rental housing market is oversupplied relative to demand; and that existing subsidized projects appear to adequately address the demand for senior oriented housing. In Keyser Marsten's experience, SRO hotel development has only been successful in urban areas with high housing costs and concentrated low-wage employment. In addition, SRO projects have traditionally been characterized by high density, minimal parking, and relatively high rents per square footage. Few if any of these conditions are present in San Bernardino. The local housing market is one of the most affordable in Southern California, and the current recession has produced a tenant's market. In order to gain market acceptance, an SRO development will probably have to offer over-sized rooms, private baths and kitchens, generous parking, and competitively low rents. In conclusion, the Keyser Marsten' market study indicated that virtually none of the conditions that warrant potential SRO facility development are currently present within the San Bernardino community. Furthermore, the potential demand for SRO units in San Bernardino is extremely thin and SRO hotels are not the most appropriate housing product for downtown San Bernardino. If, however, the Agency wishes to continue with development of high density/affordable housing facility in the downtown area, Keyser Marsten Associates recommends development of an alternative product type such as studio apartments. -------------------------------------------------------------------------------------------------------------------------- KJH:DRE:paw:cahfsro.cdc COMMISSION MEETING AGENDA MEETING DATE: 12/20/1993 Agenda Item Number: _ DEVELOPMENT DER .TMENT STAFF REPORT 0 CALIFORNIA INN (SRO) December 15, 1993 Page Number - 3 - ---------------------------------------------------------------------------------------------------------------- Based upon the independent/comprehensive market analysis results, and the lack of readily identifiable additional private financial resources necessary to further this development, staff recommends adoption of the form motion. 440) KENNETH J. H NDERSON, Executive Director Development Department i �I -------------------------------------------------------------------------------------------------------------------------- KJH:DRE:paw:cahfsro.cdc COMMISSION MEETING AGENDA MEETING DATE: 12/20/1993 Agenda Item Number: K E Y S E R M A R S T O N A S S O C I A T E S I N C. ADVISORSIN. REAL ESTATE 12555 HIGH BLUFF DRIVE,SUITE 160 REDEVELOPMENT SAN DIEGO,CALIFORNIA 92130 ECONOMIC DEVELOPMENT 619/792-7577FAx619/792-7635 FISCAL POLICY SAN DIEGO GERALD M.TRIMBLE ROBERT J.WETMORE Los ANGELES RICHARD L.BOTTI CALVIN E.HOLLIS,II KATHLEEN H.HEAD SANFRANCISCO A. JERRY KEYSER MEMORANDUM TIMOTHY C.KELLY KATE EARLE FUNK DENISE E.CONLEY TO: City of San Bernardino Economic Development Agency Attn. : Mr. Adam Eliason FROM: KEYSER MARSTON ASSOCIATES, INC. DATE: December 15, 1993 SUBJECT: Single-Room Occupancy (SRO) Market Study City of San Bernardino I. INTRODUCTION In accordance with our October 27, 1993 proposal, Keyser Marston Associates, Inc. (KMA) has undertaken a market study of single- room occupancy (SRO) hotel opportunities in the City of San Bernardino. The City of San Bernardino is currently considering a developer proposal -- and request for public assistance -- for an SRO project in the downtown area. The City requested that KMA conduct an independent market study of SRO housing opportunities. For this reason, KMA has not reviewed the developer's plans and proposed scope of development. Nor have we discussed the specific attributes of the proposed SRO project with Agency staff or any other party. The objectives of KMA' s study were twofold: • To evaluate the level and type of demand for SRO units; and • To identify appropriate product characteristics and potential market performance for new SRO developments. In order to accomplish these objectives, KMA undertook the following research steps: (1) A survey of competitive housing market conditions and profiles of specific developments; I� 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 2 (2) Interviews with local government officials and housing professionals; (3) Review of demographic trends for the City and downtown area; and 8 (4) Surveys of major local employers of minimum wage workers. By way of background, SRO hotels typically provide a small furnished room, perhaps 120 to 250 square feet (SF) , with either a private or community bathroom and some type of kitchen facilities, for a rent that is significantly below the market rent for a one-bedroom or studio apartment. Although single- person occupancy is most typical, a small proportion of SRO units are leased for double occupancy. While a traditional garden- style apartment complex may have a density of 20 to 30 units per acre, it is not uncommon to find SRO hotel projects constructed at densities of 500 units or more per acre. In addition, many SRO projects provide little or no parking. It is precisely these factors -- high density, small rooms, and minimal parking -- that have allowed SRO developments to be built economically. Within California, new construction and rehabilitation of SRO hotels have been concentrated in the downtown areas of San Diego, Los Angeles, and San Francisco. Based on initial research, it was determined that the San Bernardino housing market currently does not offer any traditional SRO hotels. The focus of KMA,s market study therefore shifted to an evaluation of the existing housing options available to SRO-type tenants. KMA' s surveys included motels offering long-term rentals, senior apartments, and private studio and one-bedroom rentals. This report has been organized as follows: • Following this introduction, Section II presents a brief summary of findings. • Section III details KMA' s analysis of competitive housing supply, including a detailed survey of comparable projects. • In Section IV, KMA evaluates potential SRO demand based on demographic trends, minimum-wage employment, and the level of pent-up demand at surveyed comparable projects. • Finally, Section V outlines KMA's conclusions regarding market rents, tenant profile, product type, and absorption potential. 10 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 3 II. SUMMARY OF FINDINGS KMA surveyed 13 representative projects in San Bernardino, including five senior or subsidized housing projects; five market-rate apartment complexes offering studio or one-bedroom units; and three low-cost motels offering weekly rentals. KMA concluded that a range of affordable housing options is available to the low-income individual in San Bernardino; the current rental housing market is oversupplied relative to demand; and existing subsidized projects appear to adequately address the demand for senior housing. High vacancies at existing private market apartments have resulted in rent discounts and other incentives to attract tenants. Studio/one-bedroom unit rents start around $300-$350 and two-bedroom units are available for as little as $450, or about $225 per person based on double occupancy. Vacancies are more common in one-bedroom units than two-bedroom units. Long-term motel room rentals are available at monthly housing costs ranging from $440 to $600 (based on single occupancy) . However, KMA found that such motel rentals are few in number; vacancies are quite high; and only a portion consists of single- or double-person households (as opposed to low-income families) . KMA prepared an assessment of market demand based on demographic and employment trends and interviews with local housing professionals, with the following principal observations: • New household formations in San Bernardino have slowed considerably. I • Household size is increasing, suggesting demand for larger, rather than smaller, units. • Rents in both the central San Bernardino area and the City overall do not appear inconsistent with income levels. Only a small proportion of an estimated total 3, 400 minimum- wage workers in central San Bernardino can be considered prospects for SRO living. (Refer to the analysis on pages 13-14 for the source of this estimate. ) KMA projects that as few as 5%, or 170 persons, are likely to consider an SRO hotel as a viable housing alternative. • Interviews with local housing experts did not indicate any additional demand for SRO housing. . n 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 4 In KMA's experience, SRO hotel development has been successful in urban areas with high housing costs and concentrated low-wage employment. Projects have been characterized by fairly high density, minimal parking, and relatively high rents per SF. Few if any of these conditions are present in San Bernardino. The local housing market is one of the most affordable in Southern California, and the current recession has produced a tenant's market. In KMA's view, the potential near-term demand for SRO units in San Bernardino is extremely thin. In order to gain market acceptance, an SRO development will most probably have to offer over-sized rooms, private baths and kitchens, generous parking, and competitively low rents. In our experience, such a project is likely to require a sizeable public subsidy. Notwithstanding these conclusions, Section V of this report details KMA' s recommended program for a downtown SRO hotel in terms of appropriate product type and unit features, achievable market rents, and probable target market. III. COMPETITIVE SUPPLY ANALYSIS A. Survey of Comparable Projects KMA's survey of comparable housing projects focused on the central San Bernardino area. The purpose of the KMA survey was to identify and evaluate competitive developments that currently provide housing for the types of tenants that can be expected to consider an SRO housing alternative. Based on KMA' s experience with SRO housing developments in other Southern California cities, the tenant profile for potential SRO units was assumed to consist of low-income single adults, including minimum wage workers, part-time workers, and senior citizens. The KMA survey relied on a number of information sources, including field research, rental guides, newspaper advertisements, subsidized housing referral agencies, transient occupancy tax records, and telephone directories. In addition, KMA interviewed City and County planning and housing officials. Based on preliminary evaluation, KMA was unable to identify any existing SRO hotels in the central San Bernardino area. The rental housing survey therefore focused on the following housing types: • Senior and subsidized apartments complexes; �a San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 5 • Market-rate projects offering lower-rent or smaller apartments, i.e. , "bachelor" units; and • Motels offering weekly or monthly rentals. KMA surveyed 13 representative projects in the central San Bernardino area. The survey consisted of five senior or subsidized housing projects; five market-rate apartment complexes offering studio or one-bedroom units; and three low-cost motels offering weekly rentals. Eleven of the surveyed projects are located within close proximity to downtown San Bernardino, i.e. , not more than two miles from City Hall. Two additional projects -- a market-rate apartment building and a low-cost motel -- were selected despite their locations three to four miles north of downtown. Figure 1, attached, identifies locations for the 13 surveyed projects. For each project, KMA investigated characteristics such as inventory and occupancy, current rents, unit size, utility costs, tenant profile, building condition, and project and unit features, including kitchens, bathrooms, and parking. KMA's detailed housing survey is presented in Table 1; photographs of surveyed projects are provided in Table 2 . KMA' s survey indicated that a range of affordable housing options is available to the low-income individual in San Bernardino; the current rental housing market is oversupplied relative to demand; and subsidized projects appear to adequately address the demand for senior housing. Due to their distinct characteristics, each housing product is reviewed separately below. B. senior and subsidized Units i Central San Bernardino has an ample supply of well-maintained senior apartment projects. As KMA has found in other communities, the subsidized senior housing complexes are generally 100% occupied and maintain waiting lists. KMA identified five senior housing developments in the downtown area of San Bernardino. These projects range in size from 72 to 250 units. Each of the surveyed projects provides social programs, games, outings, and entertainment especially designed for their residents. In accordance with U.S. Department of Housing and Urban Development (HUD) guidelines, rent levels at the subsidized projects are set at 30% of a tenant's income. Inasmuch as residents typically have a maximum income of $600/month (Social MW Security) , the average rent per unit is $150 per month. (Tenants pay their own utilities. ) These rents translate to about $0. 25 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 6 to $0. 33 per SF per month. In addition, utilities are paid by the tenant. One-bedroom units are generally sized 550 to 600 SF and include kitchens with stoves and refrigerators; few have dishwashers. All surveyed projects provide adequate parking. Since rents do not vary among the subsidized projects, the competitive standing of the surveyed complexes is indicated only by the length of their waiting lists. Saint Bernardino, a high- rise in the downtown area, has the longest waiting list, about one full year. Nearby Pioneer Park Plaza has a four- to five- month waiting list, while the Beautiful Light Inn, which is located north of downtown, has a two- to four-month waiting list. Only Meadow Brook, which is located west of downtown in an area poorly served by shopping and neighborhood services, has immediate openings. This project combines a senior tower with a series of garden apartments that are marketed as Section 8 family units. The senior tower offers both one-bedroom and studio units. Currently, there are vacancies only in the studio units. As noted by the property manager, since rent limits for studio and one-bedroom units are effectively the same, each time a one- bedroom unit becomes available, an existing studio tenant seeks to upgrade. Surveyed apartment managers at these projects noted that their waiting lists had decreased to the lowest levels ever. Some expressed concerns that their projects would soon experience vacancy if the regional economy did not improve. Many prospective residents of senior housing projects must first sell their long-time family homes. According to property managers, these homes often suffer from substantial deferred maintenance. Such properties are faring poorly in the current buyers' housing market. The only non-subsidized senior project in KMA's survey, Golden Park, is experiencing a persistent vacancy rate of about 25%. Golden Park targets affluent seniors seeking meal service; current rents are approximately $900 per month, where $600 is allocated for unit rental (including basic utilities) and $300 is allocated for meals. Based on an it average unit of a SF the rental 400 al payment alone translates to about $1. 50 per SF per month. Units include full kitchen, living room, and bedroom. The project also offers community dining rooms, recreation areas, and lounges. The current owner acquired the property from a lender after its initial financial default. The experience of this property raises questions about the demand for unsubsidized senior housing. in 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 7 In summary, low-income seniors enjoy a number of attractive housing options in downtown San Bernardino. These developments provide: special amenities for the senior lifestyle; extremely inexpensive housing; large units with full kitchen and bath; and sufficient parking. In addition, property managers indicate that unit availability is at an all-time high, i.e. , waiting lists are relatively short. Based on these findings, KMA concludes that low-income seniors do not represent a viable target market for SRO housing in downtown San Bernardino. C. Market-Rate Studios/One-Bedrooms KMA surveyed five market-rate apartment complexes offering studio and one-bedroom units. KMA' s survey included four smaller properties in the central San Bernardino area as well as the Kendall Towers Apartments in the northern sector of the City. Studio units ranged in size from 365 to 450 SF, while one-bedroom units ranged from 460 to 740 SF. All of these properties are unfurnished. Property managers reported relatively high vacancy (W rates, ranging from 6% to 50%; the San Bernardino County Housing Authority estimates the current apartment market vacancy to be about 20%. These figures indicate that attracting and retaining tenants has become fairly competitive. At higher-rent properties, landlords often reduce deposit requirements or offer one month's free rent as inducements to new tenants. Although KMA' s survey focused on studio and one-bedroom units, two-bedroom units are an attractive alternative in the San Bernardino market, especially for two-person households. KMA's field interviews indicated that monthly rents for two-bedroom units tend to average only about $100 more than one-bedroom units. Within the central San Bernardino area, surveyed projects tended to be 40- to 50-year old buildings that provide minimal amenities. These properties typically offer studio or one- bedroom units for $350 or less. Rent per SF per month ranged from $0. 55 to $0. 86. Tenants are generally responsible for utility costs. Three of the four projects offer off-street parking, in some cases covered or secure. Central area property managers cited persistent problems with vacancy. The owner of Casa Real recently upgraded his building in an attempt to command higher rents and reduce vacancy. After three months of marketing the renovated units, he reported five units (25%) still available. In the case of Sun Point Apartments, the manager cited a consistent vacancy in one-bedroom units. Oftentimes, when two-bedroom units became available in � a 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 8 the 72-unit complex, existing one-bedroom tenants upgraded to these units. Newer garden-style apartment complexes have been developed in the past ten years in the northern sector of the City. These developments generally include pools, security gates, and parking. Rental housing in this area does not appear to be more expensive than surveyed projects in the central area: a one- bedroom apartment, with a full complement of kitchen appliances and off-street parking, is generally available from $300 to $350 per month, excluding utilities. Managers of several apartment properties in the northern sector of the City cited vacancies in the 5% to 10% range. KMA prepared a detailed survey for Kendall Towers Apartments on Kendall Drive near California State University - San Bernardino. One-bedroom rents are currently $348 to $398 per month, or about $0.73 per SF. Tenants are responsible for utilities. The project's current vacancy is estimated at 6%, with vacancies in one-bedroom units more common than two-bedroom units. In summary, KMA's survey of market-rate studio and one-bedroom units suggests that a wide array of affordable rentals are available to single-person households in San Bernardino. The private apartment market offers relatively large units, full kitchen and bathrooms, and, in most cases, ample parking. High vacancies at existing projects have resulted in rent discounts and other incentives to attract tenants. Studio/one-bedroom unit rents start around $300-$350 and two-bedroom units are available for as little as $450, or about $225 per person based on double occupancy. In KMA' s view, an SRO hotel in downtown San Bernardino would have to offer a competitive product at lower rents in order to attract tenants. D. Low-Cost Motels KMA surveyed three low-cost cost motels in the central San Bernardino area that provide representative information on this housing alternative. Surveyed projects were identified with the assistance of City of San Bernardino staff responsible for hotel tax collection. These staff were familiar with the number, types, and operational characteristics of hotels and motels throughout the City, and recommended several motels known to rent units on a long-term basis. KMA expanded on this initial data source through field inspection and interviews with property managers. In general, lodging facilities in San Bernardino that are located close to the 215 and 10 Freeways cater to the traditional, i.e. , 16 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 9 transient, hotel/motel visitor. Properties in less freeway-close locations tend to offer long-term rentals for both families and singles. Surveyed motels offer furnished rentals for $110-$150 per week, pre-paid, for single occupancy; managers reportedly negotiate supplemental payments for additional persons. Although tenants were described as a mix of single adults and low-income families, no specific breakdown was available. Based on an estimated average unit size of 200 SF, the base rents translate to a fairly substantial $2 . 70-$3 . 17 per SF per month. These rents include basic utilities. All three motels in KMA's survey are experiencing excessive vacancies, which KMA generally attributed to location and/or physical condition. Specific profiles of each property are summarized as follows: • Penguin Motel -- This motel is located in a difficult-to- find location north of the 30 Freeway and due east of Shandin Hills. It is surrounded by a 1950s-era single- family neighborhood. Long-term rentals with kitchenettes are available; however, the property is in extremely poor and unkept condition. Although the manager estimated a current vacancy of 10%, KMA suspects that this figure is closer to 50%. • Phoenix Motel -- This motel is located north of downtown along an economically depressed corridor. Its current owner purchased the property from the bank and is painting and re- carpeting the units. Although the swimming pool is empty, the grounds are well-kept and the motel recently re-painted. The owner offers rooms for $110 to $130 per week; no kitchen appliances are available. At the time of KMA's survey, 18 of the 43 units were operational; the manager reported typical nightly occupancy of only five units, i.e. , a ± 75% vacancy rate. The owner attributed his difficulties to the pervasive drug and gang problem in the immediate area. • Astro Motel -- This motel is located just south of downtown, at the intersection of two major commercial arteries, with good access to the 215 Freeway. The property is in good physical condition and has recently been re-painted. The manager reported that approximately one-third of the units are rented on a weekly basis and that the property is experiencing an overall occupancy of 65% (35% vacancy) . While no kitchen equipment is available, some tenants have their own refrigerators or microwaves. Of the three roduct types ypes evaluated in KMA's survey, the long- term motel room rentals most closely resemble SRO hotel rooms. � n ' 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 10 "Low-cost motel" is actually a misnomer, since monthly housing costs at surveyed projects range from $440 to $600 (based on single occupancy) . The fact that tenants are willing to pay high rents for small rooms with few or no amenities might suggest potential demand for an SRO hotel in the downtown area. However, KMA' s survey also found that the number of long-term motel rentals in San Bernardino is extremely small; vacancies are quite high; and only a portion of this market consists of single- or double-person households (as opposed to low-income families) . E. Proposed Projects According to the City planning department, there are currently no active proposals for multi-family housing development in the central San Bernardino area. IV. EVALUATION OF DEMAND KMA evaluated the potential demand for SRO units in central San Bernardino based on housing and population trends, service sector employment levels, and other demand factors. These assessments of market demand are briefly reviewed below. For the analysis of selected demographic trends, KMA defined a Study Area consisting of the area bounded by the 30 Freeway on the north, Tippecanoe Avenue on the east, Mill Street on the south, and Mt. Vernon Avenue on the west. This Study Area, which is shown in the map in Figure 2 , forms a rectangle measuring approximately three by three-and-one-half miles. Eleven of the 13 comparable projects identified in KMA' s rental housing survey (Section III.A above) are located within this Study Area. A. Population and Households I San Bernardino has experienced relatively steady population growth since 1980. As shown in Table 3 , the City's population increased at an average annual rate of 3 .40% during 1980-1990, and at a slightly lower rate of 3 . 32% since 1990. Household formations, however, have slowed considerably since 1990, due in large part to the significant economic recession that has characterized this period. While the number of households grew at an average annual rate of 2 .75% during 1980-1990, new formations have occurred at a rate of only 0. 81% since 1990. As a result average household old size has risen substantially. from 2 .719 persons in 1990 to 3 . 031 persons in 1993 . According to the 1990 Census, about 23% of the households in the City of San Bernardino consisted of one person. For the Study 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 11 Area, about 5, 432 of the estimated 20, 315 households, or about 27%, consisted of one person. Table 3 also presents data on housing supply and vacancy in San Bernardino. New housing units were added during the 1980s at a fairly strong average annual rate of 2 . 51%. This rate of growth declined to 1. 55% during 1990-1993 , indicative of the impact of the recession on the Southern California home building industry. At the same time, after declining substantially during the 1980s, housing vacancy has risen rapidly in the 1990s: from an estimated 5. 63% of all units in 1990 to 7 . 67% in 1993 . Finally, Table 3 demonstrates that most new housing growth in San Bernardino has taken the form of multi-family units. About 55% of all new housing units during 1980-1993 have been multi-family units; these increased in number from 11, 606 in 1980 to 20,498 in 1993 . Single-family housing stock increased from 32 , 381 units in 1980 to 37, 860 units in 1993 ; this increase represents about 34% of all new housing units during this period. (The remaining growth in housing supply took the form of mobile homes. ) Nevertheless, in 1993 , single-family homes remained the preferred housing type in San Bernardino, accounting for 60% of all housing stock. In summary, the analysis of demographic trends indicates that: New household formations in San Bernardino have slowed considerably; • Household size is increasing, suggesting demand for larger, rather than smaller, units; • Current housing vacancies are high; and • Despite a decade-plus of extensive additions to multi-family housing stock, San Bernardino remains a predominantly single-family residential community. B. Household Income KMA reviewed 1980-1990 household income trends for the City of San Bernardino and compared 1990 Citywide and Study Area household income distribution. As shown in Table 4 , about 19.4% of San Bernardino households had annual earnings in 1989 of less than $10, 000 (per the 1990 U.S. Census) . An additional 10. 5% of Citywide households earned $10, 000-$14,999 in 1989 . In total, nearly 30% of San Bernardino households had annual incomes below $15, 000. Assuming a 30% allocation of income to rent, these households can afford to pay a maximum monthly rent of $375. San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 12 The proportion of households earning less than $15, 000 decreased substantially from ten years before, when approximately 52. 5% of San Bernardino households reported annual earnings below $15, 000. The proportion of households with annual incomes $15, 000 and over increased at an average annual rate of 6.47% during 1980-1990, more than twice the overall rate of new household formations of 2 .41%. During this period, median household income increased from $14, 095 in 1980 to $25, 533 in 1990, representing an average annual gain of 6. 12%. According to the 1990 Census, household incomes in the Study Area are lower than Citywide figures. Median household income in 1989 was $20, 301, or about 80% of the Citywide median. About 27.9% of Study Area households had annual earnings below $10, 000. An estimated 8, 958 households -- approximately 41% of Study Area households -- reported 1989 incomes below $15, 000. Inasmuch as Study Area household incomes are lower than City averages, it is not surprising that housing rents in the Study Area tend to be lower than Citywide figures. According to the 1990 Census, the median contract rent for renter-occupied units in the City of San Bernardino was an estimated $485 per month. The corresponding median rent for the Study Area was reported to be $392 per month, or about 81% of the Citywide median. Rents below $200 per month characterized just 6. 8% of Citywide rental units, but 10. 4% of rental units in the Study Area. While 13 . 4% of Citywide rental units commanded less than $300 per month, 21. 0% of the Study Area rental units were in this category. In summary, KMA's analysis of income and rents indicates that: • Household income in San Bernardino have been rising; • The Study Area is less affluent than the City as a whole; and I • Rents in both the Study Area and the City overall do not appear inconsistent with income levels. C. service sector Employment Trends In KMA's experience, SRO housing demand is closely tied to employment levels in the local retail trade and service sectors. Many residents of downtown SRO housing in San Diego, Los Angeles, and San Francisco are employed in low-paying jobs in the local visitor industry or service sector, including hotels, retail stores, and meeting facilities. The current Federally mandated minimum wage is $4 .25 per hour. Based on an assumed work year of 2, 080 hours, i.e. , 52 weeks times 40 hours, a full-time minimum- �n 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 13 wage worker receives gross annual earnings of $8,840. Assuming a 30o allocation of income to rental expenses, this income would afford a maximum monthly rental payment of about $220. In order to evaluate the potential SRO demand generated by service sector employment in San Bernardino, KMA conducted two telephone surveys, as follows: (1) Surveys of SRO projects in San Diego and Los Angeles regarding their tenant base; and (2) Interviews with major local employers in central San Bernardino regarding their level of minimum-wage employment. First, KMA contacted managers and developers of selected SRO housing projects in downtown San Diego and downtown Los Angeles to gain a better understanding of their tenant make-up. KMA's survey is summarized in Table 5. While survey respondents indicated that their tenant profiles varied widely, tenants were most commonly described as low-income single adults; minimum-wage or part-time workers; individuals receiving public assistance (General Relief or Social Security) ; persons undergoing transitions (job, housing, and/or city) ; retired singles; and/or foreign tourists. Overall, residents of San Diego SROs are most likely to be single men. Secondly, KMA prepared an assessment of minimum-wage employment by major employers in the central San Bernardino area. KMA interviewed the managers of the major hotels and retail centers in the central area regarding their employment levels, and specifically the number of minimum-wage workers. As shown in Table 6, KMA obtained minimum-wage employment estimates for two major hotels (Hilton and Radisson) and two regional shopping centers (Carousel Mall and Inland Center) . In addition, KMA estimated total square footage and employment for other non- regional retail space in downtown and the Mill Street/Inland Center Drive area. These estimates were based on the National Research Board' s 1993 Shopping Center Directory, field inspection, and employment ratios reported for the regional retail space. Based on this survey, KMA estimated total retail/service sector employment in the central San Bernardino area of about 7, 000 employees. Total minimum-wage employment is estimated to be about 3 , 400 employees. Of course, since KMA's survey is not all- inclusive -- it does not include smaller employers -- the actual number of minimum-wage service sector jobs in the central area of San Bernardino is probably higher. 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 14 Only a small proportion of these 3 , 400 minimum-wage workers are viable candidates for SRO living in downtown San Bernardino. This conclusion is based on the following considerations: • Many minimum-wage workers are part of a larger family and may actually represent the second or third income in their household. • Many workers will choose to live outside San Bernardino. - Single workers who choose to live in San Bernardino have access to a wide array of housing options if they are willing to double up with roommates. Given the above factors, KMA estimates that as few as 5% of minimum-wage workers in central San Bernardino are likely to consider an SRO hotel as a suitable housing alternative. This translates to a maximum market potential of about 170 persons, indicating extremely limited market demand for this type of product. D. Other Demand Factors KMA's surveys of comparable projects (Section III) provided little or no indication of "pent-up" demand. In fact, vacancies are relatively high at private apartment projects, forcing landlords to offer incentives, discounts, and other favorable lease terms. The surveyed senior projects reported that waiting lists are at an all-time low. In addition, KMA's survey revealed that availability of relatively affordable two-bedroom units has contributed to increased vacancy in smaller units. KMA supplemented these findings through interviews with the San Bernardino Housing Authority. Staff housing professionals at this County agency made the following observations: • There presently exists a glut of one-bedroom and efficiency units in the San Bernardino market. • A number of private landlords have increased or initiated their participation in the Section 8 subsidized housing program in order to fill up vacant units. • Rents in San Bernardino are among the lowest in the Inland Empire. • Even in cases where rents are out of reach of the working poor, a variety of public rent subsidy programs are readily available through the Housing Authority. .n Also — - 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 15 • The most pressing affordable housing need in San Bernardino is to serve families, as opposed to singles. KMA also interviewed officials of the San Bernardino County Homeless Coalition regarding the housing needs of the area' s homeless. The Coalition regularly studies the social, economic, and demographic conditions of the San Bernardino area homeless population in an effort to identify the need for housing and support services. According to the most recent Coalition survey (November 1992) , homeless persons and families in the area receive income from a number of public resources, including unemployment benefits, veterans benefits, Social Security, general welfare, and disability pensions. Such benefits might yield a total household income ranging from $0 to $600 per month. Assuming a median income of $300 monthly, KMA estimates that the typical homeless household in San Bernardino can afford no more than $100 per month in housing expenditures. According to the Coalition, unemployment is the principal cause of homelessness in San Bernardino. The average age of homeless persons is 28 years old; about 800 of homeless households are single persons. Coalition officials indicated that provision of low-cost housing is not sufficient to meet the needs of this population; support services such as employment training and job placement are also required. In sum, KMA's supplemental interviews did not identify other sources of demand for SRO housing in San Bernardino. V. CONCLUSIONS A. General In KMA's experience, SRO hotel development has worked most successfully where several of the following conditions were present: • Urban area with relatively high cost of housing; • Concentrations of low-wage employment in the visitor industry and service sectors; • Fairly high density of development, i.e, minimum 350 rooms per acre; • Substantial relaxation of parking requirements, i.e. , 0. 2 spaces per unit or fewer; 0 San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 16 Relatively high achievable rents per SF, i.e. , $1. 20-$2 . 50; and One or more layers of public subsidy. As documented in the preceding pages, virtually none of these conditions apply to the San Bernardino market. The San Bernardino housing market is one of the most affordable in Southern California, and the current recession has yielded a variety of attractive rental options. The visitor industry is fairly small, and there are no indications of major expansion plans in the near-term It is difficult to see how an SRO hotel can compete with some of the major features offered by the competition: larger, fully-equipped units; project amenities; plentiful parking; and/or the "senior lifestyle" service factor. In conclusion, the potential demand for SRO units in San Bernardino in the near-term is extremely thin. In KMA' s view, SRO hotels are not the most appropriate housing product for downtown San Bernardino. In order to gain market acceptance in this location, an SRO development will most probably have to offer over-sized rooms, private baths and kitchens, generous parking, and competitively low rents. Although we have not prepared a financial pro forma for any specific development proposal, it is our experience that such a project will require a sizeable public subsidy. Notwithstanding these conclusions, the sections below describe KMA's recommendations of the optimal market and product characteristics for a potential SRO hotel in downtown San Bernardino. B. Recommended Product Type and Unit Features • Project should be built and marketed as a studio apartment building. • Unit sizes: 250 SF for single occupancy 350 SF for double occupancy • Pullman kitchen with standard-size appliances Full private bathroom Large closet Basic furnishings • Parking of minimum 0.5 spaces/unit, preferably secure. • Recreation room/lounge with vending machines Coin-operated laundry room. Q San Bernardino Economic Development Agency December 15, 1993 SRO Market Study Page 17 C. Supportable Rent Ranges • Single occupancy $175 - $200/unit 250 SF • Double occupancy $275 - $300/unit 350 SF • Lease terms: Little or no deposit. • Utilit"ies: All utilities paid by landlord, except telephone and cable TV. D. Target Market • Minimum-wage and part-time workers, especially in retail or service sectors. Singles and couples generally 20-40 years old. • Single-person households with annual income of $7, 500- $10, 000. • Two-person households with annual income of $10, 000- $12 , 500. Seniors unlikely. attachments 9"00 In • dtlOYMAA \�' V, � I 9IAIF"+M4RSITY 11 L \, .^.• O { D rOWllsf tl�9� ♦ � �E,YJ'E GE 'LrL^a9'4�� 55 2 y C! Q \ �i 3 yr' � ♦� is Se m,' � G G I < if �i 1 .� C- /,Y" 1 R /.d yk , ♦R afF to \ �/d' fAaK �BLVD °usre uR^*t• ssM fr„S^M Lf� lyv� '! l�� /a �I YK� AG Ebvf b d t ,y V•8 si � Oq Qy�3n NORTH �� w.SCN. 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R ENMS n 6 r l AIR FORCE - ii FFV'LN^ Isc M. 4i BASE $dal < w SlA S WY 4 -k2'1���.W.�15iii\\� •OAK Y"RR � � �" x.91142 111 Y 000 sTNDr sT: r}t,L r I \ 1l 1 m yty 1 MILL �.Iwr _ G sT Mttl 55� 1T \ 'C" MHl rp i RSTu ° o r M P pi GrtTO uIFE rHUFF IT " ni` nA.• f _ t.f r .-_- ESPFR E'^ 1. F AµRnrl `R N w u SNl `JACINTO ST y-A MMW[rwR+ot . w SA $FE A i IAIM,\ I�. .5 E�EANMn/ G 5El G GGM Figure 1 F /�1`�YN , �,� " =---- .I L 'l•_ ( AYF 4i/N(ANp CHANGE / • "'d1AKE DR I(T11M]EF .r ff E 17 ocation Map � , I I �W�` ;A FDWAY T R x ---i'` ` �� f ~M � wxrolnn i � �i w goENC sr� gf ..ental Housing Survey E - E , CENrER giv a -- MT w < FAwI ..- SRO/Studio/One-Bedroom Units a - ° t, t, City of San Bernardino I :r7G i 3`K 'ST .(• ' RD S< ST Source: Keyser Marston Associates, Inc. J`C,' E yam, ? Fj `` C U N.0 < A9E G T �Lyy I '�� COOIEY AV TABLE 1 RENTAL HOUSING SURVEY SRO/STUDIO/ONE BEDROOM UNITS CITY OF SAN BERNARDINO EAIIC?R ANl3 SfJBSfDIZED UNITS .. :.;::... :... COMPARABLE NUMBER/MAP KEY 1 ::::•::.::::::::::•.:•::;::;•:;> COMPLEX NAME/ADDRESS 2 3 Beautiful Light Inn Saint Bernardino Plaza Pioneer Park Plaza 1365 Waterman Blvd 550 W.5th Slr 560"F"Str VACANCY RATE 0% (2-4 Mth Wait List o AVERAGE MTHLY RENT/SO FT ) 0% (1-Yr Wait List) 0% (4-5 Mth Wait List) RENT $0.25 $0.28 $0.31 SRO/Motel Room Studio/Efficiency Ono Bedroom Avg$150; Avg$150; Avg$154 30%of Income 30%of Income Seniors 30%of Income- DEPOSIT POLICY Avg$177 None LEASE STRUCTURE Avg$150 i YR Lease 1 YR Lease 1 YR Lease UTILITIES PAID BY Tenant Tenant Tenant TOTAL NUMBER OF UNITS 99 150 SRO/Motel Room 160 Studio/Efficiency One Bedroom 99 150 160 UNIT SIZE SRO/Motel Room Studio/Efficiency One Bedroom 600 sf 540 sf 500 sf KITCHENS/APPLIANCES or Stove Yes Yes Refrigerators Yes Yes Heater Yes Yes Yes Air Conditioning Yes Yes Yes Yes Dishwasher No No Yes Kitchen Sink No Yes Yes Yes FURNISHINGS Closet Space Yes Storage Some Yes Yes Unfurnished Some No Bed Unfrunishcd Unfrunished Unfurnished Dresser Table/Desk Television PARKING Open Lot Secure/Gated LAUNDRY Coin Operated erated Secure/Gated SECURITY N Coin Operated Coin Operated No No TENANT PROFILE Low Income Seniors Low Income Seniors Low Income Seniors PROPERTY CONDITION Excellent Excellent Excellent OTHER 3-Story Stucco; Downtown Highrise 3-Story Garden Apts NE Central San Bernardino near shopping and near shopping and near shopping&medical pp g transportation transportation services Keiser Martin" TARLP. I /PA('-T' 1 IQ 5 TABLE 1 RENTAL HOUSING SURVEY SRO/STUDIO/ONE BEDROOM UNITS CITY OF SAN BERNARDINO ANCkSUL3tDl ::.:; : :::.:.:.....::.......:...:...,...:.:::< .:....Y.: ::•x :. :::........................ ....:.:...:::::..:::.:::.....•. • <v.... :.;..v..:.5:.} :,,: ,. :::::.:.::.......:.....:•......::::::::::::::5::::::;::.::::......... :.::....:.. .kzz............ .........................:..::is i:i;•:i}:iii}ii:v'+:•:::::.::::::::?:i•}n.....:n:.v::::.:vk•:r.•::::}:..:.::....::::?::::i}::ii}iii}}::.v:::...:::::::i:}i+.f:5•:::i}::•.^.v;:v ry}Y{+.55:"::•:5:.:55.}:54'v: ••......................:•.vn•}::,v.:•.>.vxvv,:.vi:•ux.L}::}::;ii}iiiii:iiiii:i 4}}:5•Xi:i}:4::::::<:i::i::i:u}<i: :t i;;Y:}�r+ri;•+,;:vji�::::iiiiiii: COMPARABLE NUMBER/MAP KEY 4 5 COMPLEX NAME/ADDRESS Meadow Brook Park Golden Park 191 W.2nd Sir 363 E.Gilbert Sir VACANCY RATE 10% 25% (18 1 BD Units) AVERAGE MTHLY RENT/SQ FT $0.33 $1.50 RENT SRO/Moto)Room Studio/Efficiency Seniors:Avg$150-170 One Bedroom Program 236:Avg$189-228 $900;$600 rent+ Seniors 30%of Income-Studio& $300 food service DEPOSIT POLICY $0-$150 security $250 security LEASE STRUCTURE 1 YR Lease Mth-to-Mth UTILITIES PAID BY Tenant Landlord TOTAL NUMBER OF UNITS 250 72 SRO/Motel Room Studio/Efficiency 94 One Bedroom 156 72 UNIT SIZE SRO/Moto)Room Studio/Efficiency 450 sf One Bedroom 630 sf 400 sf(cst) KITCHENS/APPLIANCES Stove Yes Yes Refrigerators Yes Yes Heater Yes Yes Air Conditioning Yes Yes Dishwasher No No Kitchen Sink Yes Yes FURNISHINGS Closet Space Yes Yes Storage No No Unfurnished Unfurnished Bed Unfurnished Dresser Table/Desk Television Cable Free PARKING Gated/Open Gated/Open LAUNDRY Coin Operated Coin Operated SECURITY No 24 hr Personel TENANT PROFILE Low Income Seniors Healthy Seniors Low Income Families Avg age 80-85 PROPERTY CONDITION Excellent Excellent OTHER Downtown Hi hrise 9 4-Story Stucco; near park and Offers Food Service ,,$300/mth; transportation; Van Service;Social Programs Selection of 1 BR units Light Housekeeping; in tower and garden NE Central San Bernardino style buildings; near shopping&medical Studios in tower only services Keyser Marston Associates-.Inc. rPART.R 1 /TW-,T? 9 Iq TABLE 1 RENTAL HOUSING SURVEY SRO/STUDIO/ONE BEDROOM UNITS CITY OF SAN BERNARDINO MUM. :::;::::;;r<>:>:::.:::::::.;:::.::.:::.:::.:.::..::.:..:::.::.::::.::.:::.:..:.::••:.:.::::.::::::::::::::::..::::. :.:::::.:::::....................... C ARABLE NUMBER/MAP KEY 6 :::::...:::::::.p:::.::;:::;:;:•::;;:•: COMPLEX NAME/ADDRESS Kendal Towers Apartments Sun Point Apartments 8 P Casa Real Apartments 1200-1250 Kendall Drive 474 E.Wabash Ave 901 N.Arrowhead VACANCY RATE 6% 13% (9 1-BD Units) AVERAGE MTHLY RENT/SQ FT $0.73 25% $0.55 RENT $0.78 (Est) SRO/Motel Room Studio/Efficiency One Bedroom .,3 $350 48-$398 $410 DEPOSIT POLICY One Mth's Rent $225 LEASE STRUCTURE $350 1 YR Lease 6 MTH Lease Mth-to-Mth/1 YR Lease UTILITIES PAID BY Tenant Tenant Landlord TOTAL NUMBER OF UNITS N/A N/A SRO/Motel Room 20 Studio/Eff iciency One Bedroom 20 UNIT SIZE SRO/Motel Room Studio/Efficiency Ono Bedroom 450 sf(Est) 460-558 sf 740 sf KITCHENS/APPLIANCES Stove Yes Refrigerators Yes Yes Hooter Yes Yes Yes Yes Air Conditioning Yes Yes ) Dishwasher Yes No Yes Yes Kitchen Sink Yew Yes No Yes Yes FURNISHINGS Closet Space Yes Storage Yes Yes Yes Unfurnished Unfurnished Yes No Bad Unfurnished Unfurnished Dresser Table/Desk Television PARKING Cove red/Securi Gate LAUNDRY t Covered/Security Gate Street Coin Operated SECURITY Coin Operated Coin Operated Gated Entry Gated Entry No TENANT PROFILE Single g Single Adults Single Adults Families Adults PROPERTY CONDITION Average Quality Excellent Newly Remodeled OTHER 3-Story Stucco; 2-Story Stucco; 2•Story Stucco; Garden Style/Some with Garden Style/Some with Spanish Style Bldg; Balconys; Balconys;Ceiling Fan Area North of Shopping Nearby;Close Shopping Nearby; Downtown-Limited Retail to State University; Pool;Weight Rm; Pool g Services in Walking 6 Years Old Distance;50 YR old Bldg 1 /l TABLE 1 RENTAL HOUSING SURVEY SRO/STUDIO/ONE BEDROOM UNITS CITY OF SAN BERNARDINO :::; : ::; >:::>:ti::{:;:;: :::;: :::: ';::' `::`::i:::;:;:i:::i:::tii::r;::5::......:.;;:e>:2: COMPARABLE NUMBER/MAP KEY g .....::::::::::::: COMPLEX NAME/ADDRESS 10 Un-Named Un-Named 567 Mountain View 246 W.51h Sir VACANCY RATE 50% (8 1 BD Units) 8% (2-Studios) AVERAGE MTHLY RENT/SO FT $0.69(Est) Studio-$.86-/-1 BD-$.67 RENT SRO/Motel Room Studio/EHicioncy $315 One Bedroom $380 $325 DEPOSIT POLICY $380 $250 LEASE STRUCTURE Mth-to-Mth Mth-to-Mth UTILITIES PAID BY Tenant Tenant TOTAL NUMBER OF UNITS 16 27 SRO/Motel Room Studio/Efficiency 12 One Bedroom 16 15 UNIT SIZE SRO/Motel Room Studio/EHicioncy 365 sf One Bedroom 550 sf(Est) 485 sf KITCHENS/APPLIANCES Stove Yes Yes Refrigerators Yes Yes Heater Yes Yes Air Conditioning Yes No Dishwasher No No Kitchen Sink Yes Yes FURNISHINGS Closet Space Yes Storage No Yes Unfurnished No Bed Unfurnished Unfurnished Dresser Table/Desk Television PARKING Some Covered/Open Lot Covered @$30/Mth;Open Lot LAUNDRY No SECURITY Yes Gated Entry(inoperative) None TENANT PROFILE Single Adults Single Adults Low Income Families Low Income Families PROPERTY CONDITION Poor Up-Keep Good OTHER 2-Story Stucco; 2-Story Stucco; Downtown Area Downtown Area Near County Offices; Near County Offices; 0 30-40 YR old Bldg 30-40 YR old Bldg �[ i TABLE 1 RENTAL HOUSING SURVEY SRO/STUDIO/ONE BEDROOM UNITS CITY OF SAN BERNARDINO YY'C M. TEL 3`i '>`:>;<';<<;<`; ;<»< :;>'•>?:<:>< >:>:'>:: «>::z<:<:»'`2?::?>"<:?'•, ,.;>:,%.,,':.,,.;...:>::::;i? ::< :`:'r?:t>;^::::>:::;; >:;;;:;::«>;:::::>'5:.....>;:;;:;:2`:s»»"::Y•:>:::5;:?::.........:.:.::. ::::;:. ::.::::...:.: ::.: . ::::...::::. ::.:::::...... COMPARABLE NUMBER/MAP KEY 11 12 COMPLEX NAME/ADDRESS Penguin Motel Phoenix Motel Astro Motel 3701 N."D"Sir 1363 N."E"Sir 111 S."E"Sir VACANCY RATE 50%Estimated (') 75% 45% AVERAGE MTHLY RENT/SQ FT $3.17/mth (Avg Est) $2.70/mth (Avg Est) $2.93/mth (Est) RENT SRO/Motel Room $132-$150 Weekly(**) $1104130 Weekly (**j $130 Weekly ('") Studio/Efficiency One Bedroom DEPOSIT POLICY Rent Paid in Advance Rent Paid in Advance Rent Paid in Advance LEASE STRUCTURE Weekly Rental Weekly Rental Weely Rental UTILITIES PAID BY Landlord Landlord Landlord TOTAL NUMBER OF UNITS SRO/Motel Room 20 18 of 43 In Operation Rents 12 of 31 Units Weekly Studio/Efficiency One Bedroom UNIT SIZE SRO/Motel Room 200 sf 200 sf(Est) 200 sf(Est) Studio/Efficiency One Bedroom KITCHENS/APPLIANCES Stove Some No No Refrigerators Some No Some Heater Yes Yes Yes Air Conditioning Yes Yes Yes Dishwasher No No No Kitchen Sink Some No No FURNISHINGS Closet Space Limited Limited Limited Storage No No No Unfurnished Furnished Furnished Furnished Bed Yes Yes Yes Dresser Yes Yes Yes Table/Desk Some Yes Yes Television Yes Yes Yes PARKING Open Lot LAUNDRY p Open Lot Open Lot Yes No No SECURITY None None None TENANT PROFILE Single Adults Single Adults Single Adults Low Income Families Low Income Families Low Income Families PROPERTY CONDITION Poor/Un-Kept Renovating Units Average 9 OTHER 1-Story Stucco; 2-Story Stucco; 2-Story Stucco; North Area North of Downtown South of Downtown Residential Neighborhood; Near Downtown Near Downtown No Services Nearby Shopping&Services Shopping &Services Notes Pool-Empty&Di rt Y Pool-Empty&Clean (') Owner reported 10%vacant,but field inspection noted approximaely 50%vacant. 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Hospitality Ln Meeting Space Radisson Hotel 231 Guest Rooms and 150 Total 120 296 North "E" St 19,000 Sq Ft of Meeting Space Inland Center Mall 1,300,000 Sq Ft GLA 1,200 Estimated Total 720 (Regional Shopping Anchors: Broadway, Mall Employees Center) May Co, Sears 500 Inland Center Dr Carousel Mall 1,000,000 Sq Ft GLA 1,800 Estimated Total 1,080 (Regional Shopping Anchors: Harris, JC Mall Employees Center) Penney, Montgomery 295 Carousel Mall- Ward, Woolworths 2nd & "E" St Estimated Non 2,200,000 Sq Ft Non- 2,900 Estimated Non 1,700 Regional Mall Retail Mall Retail Area Mall Retail Employment (See Note 3) Employment (See Note 2) (See Note 1) Estimated Retail 550,000 Sq Ft "Big Box 700 Estimated Big Box 400 Employment: Big Retailers" (See Note 4) Retailer Employment (See Note 3) Box Retailers (See Note 2) Sub-Totals : Hotels 478 Hotel Rooms with 370 Employees 248 Minimum Wage 29,000 Sq Ft of Employees meeting space Regional Malls 2,300,000 Sq Ft of 3,000 Employees 1,080 Minimum Wage Regional Mall Space Employees Non Regional Mall 2,750,000 Non 3,600 Employees 2,100 Minimum Wage Retail and Big Box Regional Mall Space Employees Retail Area Total Estimated 6,970 Employees 3,428 Minimum Retail and Hotel W Service Sector age Employees Keyser Marston Associates, Inc. ( 1 TABLE 6 (CON7D) MINIMUM WAGE EMPLOYMENT RETAIL AND HOSPITALITY SECTORS SAN BERNARDINO, CA Notes: (1) Non Regional Mall Statistics taken from 1993 Shopping Center Directory, published by the National Research Board. (2) Number of employees based on employee to square foot ratio of San Bernardino regional shopping centers at 766 square feet per employee. (3) Number of Minimum Wage Employees based on the average percentage of minimum wage employees reported at San Bernardino regional shopping centers at 60% of total employees. (4) Estimated at 25% of Non Regional Mall Retail Area Keyser Marston Associates, Inc. /�