Kevin Leor Massachi Professor Ramcharan PPD 362? 12 December 2017 University Park Extra Credit The University park neighborhood is a 1.17-square-mile in district in South Los Angeles area of Los Angeles, California. It remains the prideful home of the University of Southern California (USC). This bustling residential area happened to be founded near USC. In 1880, many citizens came to the area and it had large lots and suburban ambiance. In that process, people migrated south from Bunker Hill into this area. They bolstered the expansion of streetcar routes from Downtown Los Angeles in 1981 Residences started being built between 1885 and 1920’s. University park was the perfect property to select because the area is rapidly developing. Furthermore, USC has contributed to economic growth in the area through redevelopment. Also, USC Village was a major 700 million dollar project. What is mind-boggling in that the amount of student residents as well as the added protection (DPS) in the area makes it a unique area in Los Angeles. The USC Village has supplied University park with a bolster in growth due to the tremendous new business opportunities that opened in the area. Many new shops quick-service restaurants such as Cava, Trejo’s Taco, and Wahlburgers have opened there and this will have a butterfly effect on the area because it will cause further growth and expansion in the area. Furthermore, new stores such as Target and Trader Joes have been implemented into the Village, further adding the economy. We see this neighborhood going through an even more vast transformation period in the future. The security in the village is also improved; they have on-duty security that guard and closely monitor the area starting each day at 9pm. When it comes to the location’s demographic, it has a population of 25,181. Furthermore, it’s a very diverse demographic. There appears to be high percentages of Asian and African American residents for the county. Also, the majority of people are the ages of 19-30, with an average age of 23. Around 20,000 people per square mile which is high for the county. Median per capita individual income $27,749. The percentage of individuals making below the median income is high for the county. As it’s already present, the average income in the area is signicantly below the average. The medium income that’s under the aid of 25 happens to be $10,673. The median income from the ages of 25 to 44 are $25,978. The median income front pages 45 to 64 aren’t $32,829. And the median income for ages that are over 65 happened to be $21,573. As you can see the the chart is a healthy bell-curve shape which shows the distribution is equal. Was also really interesting is that the average household income during the time was $32,164. Also the median income of each household was $21,180. Furthermore, the percent increase and decrease in the income since your 2000 was at around 18%. Also the percent increase and decrease in income sincerely 2010 was at 0%. The average household net worth was $274,387, and comedians home sale price of $325,000 dollars. It’s also that the sale taxes we’re at a rate of 9%. Lastly, the average household total expenditure was at $33,146. All in all it’s very interesting how the average net income per home was lower than national average which points to a strong potential in the area as the properties in our perspective undervalued given the fact that they’re in a great location with the boosting entertainment and commercial structure. it’s also interesting healthy average consumer spending in the University Park Los Angeles area is significantly lower than the national average. What’s shocked me was that the tobacco ventures were significantly higher than the other categories because of that drug infused location. On the other hand, gets in contribution to the lowest among every of the category battalion to get to the area is not doing well in income as stated above this is a higher crime rates lower spending situations. As you can see, that area has a strong crime rate percentage compared to The national average. What shocked me was that murder risk was rated higher that every other category significantly. Coming in second was the personal crime risk was way above the national average and the robberies. All of these situations are closely related to the lower income area and the extra purchases and tobacco sales among with the automotive theft risk associated to the area. The education in the area was perplexing how 23.7% of residents 25 and older have a four-year degree. The average for the county was that many people without a High School Diploma Elementary schools. There are schools such as the USC Early Childhood Program, New Designs Charter School, Star Christian School, and Child Care Center. The USC Early Childhood Program provides a great place for young children to excel because of the connection with the university. With these as the education expense. It is critical for education to be I am absolute best as it is depend on how well community drives. The most important metric for socioeconomical location is that how proceed is the schools are and how well the school of doing their standardized test scores. There’s a high correlation between school to do better on tests and the overall neighborhood because of the Coumadin resources an overall performance. The property we chose was 3665 S Normandie Ave. Some unique facts about it is that it was built in 1925. It has a 3,800 Rentable SF Multifamily low rise. It also has an asking price of $729,000. Also, it was originally sold in 2016 for $550,000. With its strong historical 100% occupancy and 4 parking spaces in the back Manager lives on site, we see this site to have super high potential. There is high demand near USC. We could see this place being used as as a living space for Students. Also, there is USC patrol 24/7 Proximity to downtown, parks, shopping centers, the coliseum, and other attractions. The area happens to have an ROS rent control of 3%. The LTV will be 75% with a 30 Year Amortization Period. It will also have a 4% Annual interest rate. The IRR will be 9.75%percent. The and Pete V Will be $12,919.50. We will also have 4% interest. With an IRR sensitivity set to a five year horizon , we’ll have an exit cap rate 7.40 %. And with a ten year horizon of an IRR sensitivity, the exit 9.75%. All in all, we see this as a bet that takes on a deal of rick, but hope with the neighborhood’s extensive growth, that our properties value will grow. Work Cited Herstik, Lauren. “U.S.C. Expands in a ‘Neglected’ Neighborhood, Promising Jobs and More.” The New York Times, The New York Times, 15 Aug. 2017, www.nytimes.com/2017/08/15/realestate/commercial/usc-village-los-angeles-campus.html. “Point2 Homes.” Demographics & Statistics – Employment, Education, Income Averages, Crime in University Park – Point2 Homes, www.point2homes.com/US/Neighborhood/CA/Los-Angeles-County/Los-Angeles/University-Park-Demographics.html. “University Park.” Los Angeles Times, Los Angeles Times, maps.latimes.com/neighborhoods/neighborhood/university-park/. “University Park.” University Park | Office of Historic Resources, City of Los Angeles, preservation.lacity.org/hpoz/la/university-park. undefined undefined undefined undefined
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