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JACKSONVILLE, FL
OFFERING MEMORANDUM
TRAVELODGE INN & SUITES1153 AIRPORT ROAD
Located at
Jacksonville International Airport
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to
provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
respect to the income or expenses for the subject property, the future projected financial performance of the property,
the size and square footage of the property and improvements, the presence or absence of contaminating substances,
PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements
thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue
its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from
sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
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SECTION ONE...............................................PRICING & FINANCIAL ANALYSIS
SECTION TWO
..................................................PROPERTY DESCRIPTION
SECTION THREE...................................................RECENT SALES
SECTION FOUR.............................COMPETITIVE PROPERTIES
SECTION FIVE................................MARKET OVERVIEW
SECTION SIX......................DEMOGRAPHIC ANALYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
TABLE O
F CON
TENTS
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PRICING
& FIN
AN
CIAL A
NA
LYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PRICING
& FIN
AN
CIAL A
NA
LYSIS
1
Price $6,500,000Price per Room $33,854Down Payment 25.0% $1,625,000
Occupancy - 2006 44.9%Occupancy - Trailing 12 48.0%Occupancy - 2008 Projected 55%
ADR - 2006 $41.48ADR - Trailing 12 $44.94ADR - 2008 Projected $52.00
RevPAR - 2006 $19.86RevPar - Trailing 12 $22.94RevPar - 2008 Projected $28.60
Number of Buildings 5Number of Floors 2Number of Meeting Rooms 1Year Built/Renovated 1973 / 2006Lot Size 5.99Type of Ownership Fee Simple
VITAL DATA
CAP Rate - 2006 7.40%CAP Rate - Trailing 12 9.46%CAP Rate - 2008 Projected 13.24%
RRM - 2006 4.67RRM - Trailing 12 4.04RRM - 2008 Projected 3.18
Net Operating Income - 2006 $480,952Net Operating Income - Trailing 12 $614,716Net Operating Income - 2008 Projected $788,731
Net Cash Flow After Debt Service - 2006 6.68% $108,495Net Cash Flow After Debt Service - Trail 12 14.91% $242,259Net Cash Flow After Debt Service - 2008 Projected 25.6% $416,274
Total Return - 2006 9.99% $162,264Total Return - Trail 12 18.22% $296,028Total return - 2008 Projected 28.93% $470,043
Offering Summary
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PRICING
& FIN
AN
CIAL A
NA
LYSIS
EXISTING FINANCINGLoan Type Other
2
COMMENTSOwner has mortgage to be paid off at Closing. Not assumable.
PROPOSED FINANCING
FIRST TRUST DEED
Loan Amount $4,875,000Loan Type Proposed NewInterest Rate 6.57%Amortization 30 YearsLoan to Value 75%
Financing
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COMMENTS
Flagged Travelodge Inn & Suites March 2007Trailing 12 months to May 2007Projected 2008 based upon recent growth trends & Star Report "Economy" minus 5%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PRICING
& FIN
AN
CIAL A
NA
LYSIS
2006 % 0fGR
PAR TRAIL12
% ofGR
PAR 2008PROJECT
% ofGR
PAR
Occupancy 44.9% 48.0% 55.0%
ADR $41.48 $44.94 $52.00
RevPAR $19.86 $22.94 $28.60
INCOME
Room Revenue $1,364,255 97.9% $7105.49 $1,573,872 97.9% $8,197.25 $2,004,288 98.3% $10,439
Other Revenue 28,566 2.1% 148.78 33,495 2.1% 174.45 35,000 1.7% 182.30
GROSS REVENUE $1,392,821 $7,254.28 $1,607,367 $8,371.7 $2,039,288 $10,621.30
Total Departmental 378,196 27.2 1,969.77 401,500 25.0 2,091.15 483,200 23.8% 2516.16
Total Undistributed 435,476 31.3 2,268.10 492,954 30.7 2,567.47 642,357 30.5% 3345.61
Total Fixed Expenses 98,197 7.1 511.44 98,197 6.1 511.44 145,000 7.0% 755.21
Total Expenses $911,869 65.5% $4749.32 $992,651 61.8 $5,170.06 $1,250,557 61.3% $6616.98
NET OPERATING $480,952 34.5% $2,504.96 $614,716 38.2% $3,201.65 $788,731 38.7% $4107.98
3
Total Number of Rooms 192
Available Rentable Rooms 192
Income & Expense (2006, Trail 12, 2008)
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PRICING
& FIN
AN
CIAL A
NA
LYSIS
4
2006 % ofGR
TRAIL 12 % ofGR
2008 Projected % ofGR
DepartmentalExpenses
Rooms (26.94%) $367,534 26.4% $390,000 24.3% $470,000 23.1%
Telecommunications 10,662 0.8 11,500 0.7 13,200 .65
TOTAL $378,196 $27.20 $401,500 $25.00 $483,200 23.8%
Undistributed
Administrative & $226,193 16.2% $240,000 14.9% $255,000 12.5%
Sales & Marketing 35,151 2.5 40,000 2.5 45,000 2.2%
Franchise Fees 0 0.0 32,954 2.1 122,357 6.0%
Property Operations 56,269 4.0 60,000 3.7 65,000 3.2%
Utilities 117,863 8.5 120,000 7.5 135,000 6.6%
TOTAL $435,476 $31.30 $492,954 $30.70 $642,357 30.5%
Fixed Expenses
Incentive $0 0.0% $0 0.0% 0.0% 0.0%
FF&E Reserve 0 0.0 0 0.0 10,000 .5%
Property Taxes 53,586 3.8 53,586 3.3 87,000 4.2%
Property Insurance 44,611 3.2 44,611 2.8 48,000 2.3%
TOTAL FIXED $98,197 $7.10 $98,197 $6.10 145,000 7.0%
TOTAL EXPENSES $911,869 65.5% $992,651 61.8% $1,250,557 61.3%
NET OPERATING $480,952 34.5% $614,716 38.2% $788,731 38.7%
Expenses (2006, Trail 12, 2008)
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INCOME 2006 % ofGR
Trail 12 % of GR 2008 % of GR
Room Revenue $1,364,255 97.9% $1,573,872 97.9% $2,004,288 98.3%
Other Revenue 28,566 2.1 33,495 2.1 35,000 1.7%Gross Revenue $1,392,821 $1,607,367 $2,039,288
Total Expenses 911,869 65.5% 992,651 61.8% 1,250,557 57.8%
Adjustments 0 0.0 0 0.0 0
Net Operating Income $480,952 34.5% $614,716 38.2% $788,731 38.7%Debt Service 372,457 372,457 372,457
Debt Coverage Ratio 1.29 1.65 2.31
Net Cash Flow After Debt 6.68% $108,495 14.91% $242,259 25.6% $416,274
Principal Reduction 53,769 53,769 53,769
Total Return 9.99% $162,264 18.22% $296,028 28.93% $470,043
FIRST TRUST DEEDLoan Amount $4,875,000Loan Type Proposed NewInterest Rate 6.57%Amortization 30 YearsLoan to Value 75%
LOCATION FINANCING
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PRICING
& FIN
AN
CIAL A
NA
LYSIS
Loan information is time sensitive and subject tochange. Contact your local Marcus & Millichap CapitalCorporation representative.
5
Financial Overview (2006, Trail 12, 2008)
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ANNUALIZED OPERATING DATA
1153 Airport RoadJACKSONVILLE, FL 32218
Price $6,500,000Price Per Room $33,854Down Payment 25.0% $1,625,000Occupancy - 2006 44.9%Occupancy - Trailing 12 48.0%Occupancy - 2008 Projected 52.0%ADR - 2006 $41.48ADR - Trailing 12 $44.94ADR - 2008 Projected $52.00RevPAR -2006 $19.86RevPAR - Trailing 12 $22.94RevPAR - 2008 Projected $28.60Available Rentable Rooms 192Rooms Sold 32,925CAP Rate - 2006 7.40%CAP Rate - Trail 12 9.46%Cap rate - 2008 Projected 13.24%RRM - 2006 4.67RRM - Trail 12 4.04RRM - 2008 Projected 3.18Year Built/Renovated 1973 / 2006Lot Size 5.99Type of Ownership Fee Simple
The Travelodge at Jacksonville International Airport in Jacksonville, Florida, presents an investor with an opportunity to acquire a turnkey hospitality property. The airport is conveniently located just 15 minutes north of the city.
Siituated only a ½ mile from the rapidly expanding Jacksonville International Airport (JAX), the Travelodge is priced well below replacement cost. It possesses immediate upside and has undergone over $1 million in capital improvements and benefits, from a highly visible location. A former independent hotel, this asset has just recently become associated with Travelodge, which will enable a new owner to enjoy increased profitability and property value.
The property is comprised of 192 recently renovated rooms (129 double/double, 41 king, 22 suites). Each room now features new carpeting, furniture, shower/bath, artwork, lighting, etc. Upgrades to the property also include newer roofs (4 years old), as well as approximately 110 newly installed room HVAC units.
Additionally, the possibility is being explored to subdivide approximately two acres of land, located along the northern boundary of the property, for use as airport parking or for other similar use.
The hotel caters to business, leisure and golf travelers. Local attractions include, great beaches and golf courses, topnotch medical facilities, multiple college universities, the Jacksonville Landing, the Jacksonville Zoo, the Jacksonville Jaguars, Amelia Island and fantastic shopping and dining choices.
INVESTMENT HIGHLIGHTS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
7
Turn Key Investment Opportunity
Extensive Capital Improvements
Large Parcel with ExpansionPossibilitiesCurrent Airport Expansion
Current Sea Port Expansion
Grow with Jacksonville!
Investment Overview
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PROPERTY D
ESCRIPTION
THE OFFERINGProperty Travelodge Inn & SuitesProperty Address 1153 Airport Road
Jacksonville, FL 32218Assessor's Parcel Number 0193480020
SITE DESCRIPTIONYear Built/Renovated 1973 / 2006Number of Rooms 192Number of Buildings 5Number of Floors 2Number of Meeting Rooms 1Lot Size 5.99Type of Ownership Fee SimpleParking 230Handicapped Parking 6Truck Parking 6Property Tier Budget/EconomyLocation Type AirportTransient Occupancy Tax Rate 6AAA Diamond Rating Not Rated
ROOM BREAKDOWNDouble 0Double Double 129Queen 0Queen Queen 0King 41King King 0Suites/Kitchenettes 22Total Number of Guest Rooms 192Jacuzzi Units (Included in Total) 1Physically Handicap (Included in Total) 4Smoking (Included in Total) 52Manager’s Unit 0
MEETING ROOMS1st Name Flight Room2nd Name N/A3rd Name N/A4th Name N/A
UTILITIESWater JEAPhone US Lec / AT&TElectric JEAGas TECO
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
8
Property Summary
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PROPERTY D
ESCRIPTION
CONSTRUCTION/MECHANICALFoundation ConcreteFraming Wood StudExterior StuccoParking Surface AsphaltRoof Flat (Less Than 4 Yrs Old)HVAC 110 Units Less Than 1 Yr Old
INTERIOR ROOM DETAILHeating System Individual Room HVACCondition of Heating System 110 Units <1 Year OldCooling System Individual Room HVACCondition of Cooling System 110 Units <1 Year OldType of Bath/Shower Marble/TileCondition of Bath/Shower New Marble/TileCondition of Furniture <1 Year OldCondition of Window Coverings <1 Year OldRoom Floor Coverings CarpetCondition of Floor Coverings <1 Year OldWall Coverings Drywall w/ WallpaperCondition of Wall Coverings 110 Rooms <1 Year OldTelevisions 25"Condition of Televisions <5 Years Old
Phone System Mitel SX200Voice Mail N/AInternet Access High-Speed WiFi
FIRE/LIFE/SAFETYSecurity DVR Recorded Security System
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
9
Property Summary
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PROPERTY D
ESCRIPTION
FRANCHISEFranchise Parent Wyndham Hotel GroupFranchise Affiliation TravelodgeFranchise ID 06503Start Date 4/1/2007Renewal Date 4/1/2010Application Fee $1,000Cancelable $1000 Per Room FeeFranchise Royalty 4.5%Franchise 2.5%Transfer Fee (Paid $5,000
TRANSPORTATIONHighway I-95 (0.25 mi)
I-295 / Route 9A (1.75 mi)
Airports Jacksonville International - JAX (1.5 mi)
FOOD & BEVERAGEName of Outlet Zaxby'sType of Outlet Full Service RestaurantLocation 1372 Airport RoadDistance ~0.5 miCapacityServes American
Name of Outlet Long Horn Steak HouseType of Outlet Full Service RestaurantLocation 1366 Airport RoadDistance ~0.5 miCapacityServes Steak
Name of Outlet Denny'sType of Outlet Full Service RestaurantLocation 14697 Duval RoadDistance ~0.10 miCapacityServes Wide Menu
Name of Outlet Ruby Tuesday'sType of Outlet Full Service RestaurantLocation 1360 Airport RoadDistance ~0.5 miCapacityServes American
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
10
Property Summary
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PROPERTY D
ESCRIPTION
RENOVATIONS & IMPROVEMENTS192 Rooms Recently RenovatedLobby Fully RenovatedMeeting Room Fully RenovatedBreakfast Room Fully RenovatedSurveillance System Newly InstalledPool Fence Replaced Feb. 2007New 12' x 4' Full Color Dbl Sided LED Installed 2007Travelodge Franchise March 2007
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
11
Property Summary
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Recently Renovated & Refurbished
WiFi Internet Access
Microwave
Refrigerator
Coffee Maker
Hairdryer
Iron & Ironing Board
25" Television w/ Cable & HBO
Marble & Tile Bath/Shower
In-Room Safe
Large Outdoor Pool
Fitness Center
Guest Laundry Facility
Complimentary Parking
Ample Bus, Truck, & RV Parking
Breakfast Area
Free High Speed WiFi Internet
Free Continental Breakfast
DVR Security Camera System
Lobby Business Kiosk
Airport Shuttle
Pets Welcome
Guest Laundry
'TripRewards' Rewards Program
PROPERTY D
ESCRIPTION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
12
COMMON AREA FEATURES
ROOM AMENITIES
Features & Amenities
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
13
Property Photos
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
14
Property Photos
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
15
Hotel Floor Plan
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LOCAL MAP
REGIONAL MAP
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
16
Area Maps
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
17
Aerial Photo
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
18
2007 BTN Hotel Rankings
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
19
2007 BTN Hotel Ranking
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
20
2007 BTN Hotel Ranking
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
21
Jax Airport Expansion Plans
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
22
Jax Airport Expansion Plans
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
PROPERTY D
ESCRIPTION
23
Jax Airport Expansion Plans
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1)2)3)4)5)
Subject PropertyJacksonville Plaza Hotel & SuitesComfort SuitesBest WesternWingate InnResidence Inn by Marriott
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
RECENT SA
LES
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Recent Sales Map
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0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Subject JacksonvillePlazaHotel
&Suites
ComfortSuites
BestWestern
WingateInn
ResidenceInnby
Marriott
Avg $56,450
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
RECENT SA
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AVERAGE PRICE/ROOM
Price/Room
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1
2
TRAVELODGE INN & SUITES1153 Airport RoadJacksonville, FL 32218
JACKSONVILLE PLAZA HOTEL & SUITES14585 Duval RoadJacksonville, FL 32218
COMFORT SUITES1180 Airport RoadJacksonville, FL 32218
SUBJECT PROPERTY
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
RECENT SA
LES
27
Close of Escrow: 1/30/07 Sale Price: $3,600,000Total Rooms: 100 Price/Room: $36,000Year Built: 1997 CAP Rate:Occupancy: RRM:ADR: Rack Rate:RevPAR:
Close of Escrow: 9/5/00 Sale Price: $3,000,000Total Rooms: 59 Price/Room: $50,847Year Built: 2000 CAP Rate:Occupancy: RRM:ADR: Rack Rate:RevPAR:
Recent Sales
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Close of Escrow: Sale Price: $6,500,000Total Rooms: 192 Price/Room: $33,854Year Built: 1973/2006 CAP Rate: 7.4%Occupancy: 44.9% RRM: 4.67ADR: $41.48 Rack Rate:RevPAR: $19.86
4
5
BEST WESTERN1170 Airport RoadJacksonville, FL 32218
WINGATE INN1200 Airport RoadJacksonville, FL 32218
RESIDENCE INN BY MARRIOTT1310 Airport RoadJacksonville, FL 32218
3
Close of Escrow: 11/22/05 Sale Price: $5,750,000Total Rooms: 112 Price/Room: $51,339Year Built/Renovated: 1986/1999 CAP Rate:Occupancy: RRM:ADR: Rack Rate:RevPAR:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
RECENT SA
LES
Close of Escrow: 9/16/04 Sale Price: $4,400,000Total Rooms: 81 Price/Room: $54,321Year Built/Renovated: 2000/2005 CAP Rate:Occupancy: RRM:ADR: Rack Rate:RevPAR:
28
Close of Escrow: 11/18/05 Sale Price: $7,000,000Total Rooms: 78 Price/Room: $89,744Year Built: 2000 CAP Rate:Occupancy: RRM:ADR: Rack Rate:RevPAR:
Recent Sales
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
1)2)3)4)5)6)7)8)9)
10)11)
Subject PropertyBest WesternClarion HotelComfort SuitesDays InnFairfield InnHilton Garden InnRodeway InnWingate InnLa Quinta InnRed Roof InnBest Western Executive Inn
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PETITIVE PROPERTIES
30
Competitive Properties Map
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2
BEST WESTERN1170 Airport RoadJacksonville, FL 32218
CLARION HOTEL2101 Dixie Clipper DriveJacksonville, FL 32218
1
TRAVELODGE INN & SUITES1153 Airport RoadJacksonville, FL 32218
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
COM
PETITIVE PROPERTIES
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Competitive Properties
SUBJECT PROPERTY
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Date Surveyed: 6/4/07 Meeting Rooms: 1Total Rooms 192 Year Built 1973/2006
Year Built/Renovated: 1973/2006 Occupancy: 44.9%AAA Rating: N/A ADR: $41.48
Rack Rate: N/A RevPAR: $19.86
Date Surveyed: Meeting Rooms:Total Rooms: 112 Meeting Space:Year Built/Renovated: 1986/1999 Occupancy:AAA Rating: 2 Diamonds ADR:Rack Rate: RevPAR:
Date Surveyed: Meeting Rooms:Total Rooms: 200 Meeting Space:Year Built/Renovated: 1979/1998 Occupancy:AAA Rating: 3 Diamonds ADR:Rack Rate: RevPAR:
5
4
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
COM
PETITIVE PROPERTIES
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Date Surveyed: Meeting Rooms:Total Rooms: 64 Meeting Space:Year Built: 1989 Occupancy:AAA Rating: 2 Diamonds ADR:Rack Rate: RevPAR:
Competitive Properties
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Date Surveyed: Meeting Rooms:Total Rooms: 107 Meeting Space:Year Built: 1999 Occupancy:AAA Rating: 3 Diamonds ADR:Rack Rate: RevPAR:
3 COMFORT SUITES1180 Airport RoadJacksonville, FL 32218Date Surveyed: Meeting Rooms:Total Rooms: 59 Meeting Space:Year Built: 2000 Occupancy:AAA Rating: 3 Diamonds ADR:Rack Rate: RevPAR:
DAYS INN1181Airport RoadJacksonville, FL 32218
FAIRFIELD INN1300 Airport RoadJacksonville, FL 32218
8
RODEWAY INN1351 Airport RoadJacksonville, FL 32229
WINGATE INN1200 Airport RoadJacksonville, FL 32218
7
Date Surveyed: Meeting Rooms:Total Rooms: 118 Meeting Space:Year Built/Renovated: 1970/2004 Occupancy:AAA Rating: 2 Diamonds ADR:Rack Rate: RevPAR:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
COM
PETITIVE PROPERTIES
Date Surveyed: Meeting Rooms:Total Rooms: 81 Meeting Space:Year Built/Renovated: 2000/2005 Occupancy:AAA Rating: 3 Diamonds ADR:Rack Rate: RevPAR:
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6 HILTON GARDEN INN13503 Ranch RoadJacksonville, FL 32218
Competitive Properties
Date Surveyed: Meeting Rooms:Total Rooms: 111 Meeting Space:Year Built: 2001 Occupancy:AAA Rating: 3 Diamonds ADR:Rack Rate: RevPAR:
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RED ROOF INN14701 Duval RoadJacksonville, FL 32218
BEST WESTERN EXECUTIVE INN10888 Harts RoadJacksonville, FL 32218
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Date Surveyed: Meeting Rooms:Total Rooms: 108 Meeting Space:Year Built: Occupancy:AAA Rating: 2 Diamonds ADR:Rack Rate: RevPAR:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
COM
PETITIVE PROPERTIES
Date Surveyed: Meeting Rooms:Total Rooms: 62 Meeting Space:Year Built: 1987 Occupancy:AAA Rating: 2 Diamonds ADR:Rack Rate: RevPAR:
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9 LA QUINTA INN812 Dunn AvenueJacksonville, FL 32218
Competitive Properties
Date Surveyed: Meeting Rooms:Total Rooms: 128 Meeting Space:Year Built: 1986 Occupancy:AAA Rating: 3 Diamonds ADR:Rack Rate: RevPAR:
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
MA
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MARKET HIGHLIGHTS
Attractive to expanding businesses
• The low cost of doing business continues to
lure relocating and expanding companies to
Jacksonville.
Strong population growth
• Population growth in the region averaged
two percent annually from 1990 to 2002.
Low cost of living• Housing costs in Jacksonville remain
inexpensive at 16 percent below the national
average.
GEOGRAPHY
Jacksonville is located in the northeast corner of Florida on the banks of the St. Johns River and adjacent to the
Atlantic Ocean. The Jacksonville MSA is comprised of Baker, Clay, Duval, Nassau and St. Johns counties,
covering a total of 2,636 square miles. Jacksonville is within the area referred to as the First Coast, which is
comprised of the five counties in the MSA plus Putnam County.
Jacksonville
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
MA
RKET OVERVIEW
METRO
Of the five counties that comprise the Jacksonville
MSA, Duval is the largest with a population of 830,000,
followed by Clay with 163,000, St. Johns with 149,000,
Nassau with 63,000 and Baker with 24,000. From 1990
to 2000, St. Johns was the fastest-growing county,
growing at an average annual rate of 4.2 percent, and
it is expected to continue growing rapidly at an annual
rate of 3.8 percent over the next five years.
1990-1999 2000-2004 2005-2010*
0%
2%
4%
6%
Baker Clay Duval Nassau St. Johns
County Growth Patterns
* ForecastSource: AGS
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Largest Cities: Jacksonville MSA
Jacksonville International Airport (JIA)
• More than five million passengers annually
• 160 million pounds of air cargo each year
• 200 daily flights
Port of Jacksonville (JAXPORT)
• Largest deep-water port in the south
Atlantic
• 14th-busiest in the continental United States
Six highways
• I-295, I-95, 1-10
• U.S. 1, U.S. 17, U.S. 90
Jacksonville is:
• 326 miles from Fort Lauderdale
• 350 miles from Miami
• 345 miles from Atlanta
• 383 miles from Charlotte
• 545 miles from New Orleans
Jacksonville 736,000 Fruit Cove 16,000
Lakeside 31,000 Atlantic 13,000
Palm 20,000
Jacksonville
INFRASTRUCTURE
Jacksonville’s central location and access to road, rail,
sea and air transportation have made it the intermodal
hub of the Southeast. Jacksonville recently
implemented a $2.2 billion investment program to
improve the city’s infrastructure, set aside land for
parks and open space, and new public facilities
downtown. Along with several U.S. highways, three
interstates serve Jacksonville, including I-95, which
runs north and south; I-10, which runs east and west;
and I-295, a beltway around the city.
Rail service along the coast is provided by Florida East
Coast Railroad with connecting service available
through CSX and Norfolk Southern.
Jacksonville’s deep-water port is the largest in the
south Atlantic. Containerized shipments are easily
handled and the facility is the leading U.S. port of
entry for foreign automobiles. The port also hosts a
major terminal for cruise ships.
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
MA
RKET OVERVIEW
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ECONOMY
While military bases, the commercial port and paper
mills have historically been the pillars of the region’s
economy, Jacksonville's economy is becoming more
diversified. The city has developed a large financial
services sector with such companies as the Bank of
America locating regional offices and support
operations in the area. The professional and business
services sector has risen in importance as Jacksonville
has become a regional center. In addition, Jacksonville
has an emerging industrial base in medical products
research and manufacturing. Three Fortune 500
companies are based in Jacksonville: Winn-Dixie,
Fidelity National Financial and CSX.
Rail service, JAXPORT and the region’s location will
continue to foster growth in the trade and
transportation sector, which remains the largest sector
of the economy. More than seven million tons of cargo
pass through the port annually, and the development
of cruise ship service will promote further expansion.
The military continues to be a large part of the
economy with two huge naval facilities and 56,000
people employed in the area, along with an annual
payroll of $1.6 billion and an estimated total economic
impact of $6 billion. Of the more than 4,100 naval
personnel who exit the military every year in
Jacksonville, over 80 percent stay because of affordable
housing and career opportunities.
Jacksonville
JAXPORT Annual Economic Impact
• 45,000 jobs
• $1.3 billion in wages
• $240 million in local purchases
• $260 million in customs revenuesSource: Marcus & Millichap Research Services
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
MA
RKET OVERVIEW
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LABOR
Jacksonville has a large and well-qualified work force bolstered by strong educational institutions and well-
trained personnel retiring locally from the military. The labor force grew by an average of 1.9 percent
annually over the past 10 years and now exceeds 1.2 million persons. Growth is expected to continue over the
next five years at an annual rate of 1.3 percent.
The largest employment sector is trade, transportation and utilities, which employs 22 percent of the work
force. The sector added 15,000 jobs over the past decade, growing at an average annual rate of 1.6 percent. The
next largest employment sector is professional and business services with 15 percent of the work force, which
grew at an average 4.8 percent rate over the past decade and added 34,000 jobs, the most of any sector. The
smaller construction sector grew at a 4.5 percent average annual rate over the period, adding a total of 14,000
jobs. Jacksonville has a comparatively large financial services sector now totaling 58,000 workers, which
accounts for 10 percent of employment. The sector grew at an average annual rate of 1.9 percent over the past
10 years.
Over the next five years, job growth is expected to be fastest in the construction industry, which is projected
to grow at five percent annually while adding 11,100 jobs. The larger education and health services sector will
add the most jobs, a total of 11,600 over the period, while growing at a 3.2 percent annual rate. The leisure and
hospitality sector will also grow at a strong rate of 3.1 percent annually, while adding 9,400 jobs. Growth in
the professional and business services sector is expected to slow to two percent per year, while the
transportation, trade and utilities sector will grow at an annual rate of 0.8 percent.
Jacksonville
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EMPLOYERS
It is estimated that 16 out of every 100 Jacksonville
area residents are connected with the Navy, either
through past or present employment or as a member
of a Navy family. Only Norfolk, Va., and San Diego,
Calif., have higher concentrations of navy personnel.
The area’s Navy bases employ more than 56,000 and
have a combined annual payroll of $1.6 billion. A large
share of personnel exiting the Navy each year choose
to remain in the region. This provides a steady stream
of skilled workers as many are trained in electronics,
technical maintenance, repair and management.
Jacksonville is growing as a regional center for
financial and business services. Bank of America
employs 6,000 locally while Citibank employs 3,400 in
its credit card service operation in the region. The low
cost of doing business, at 96 percent of the U.S.
average, is attractive to companies seeking an
affordable locale to house their back-office operations.
Jacksonville’s port, railheads and highways combine to
help make Jacksonville a premier center for
transportation and trade services. In addition to trade,
cruise service recently commenced at JAXPORT. Both
Celebrity Cruises and Carnival Cruise Lines are now
offering service. Cruise service alone is expected to
generate 715 new jobs and pump more than $36
million annually into the local economy by 2005.
Five of the 10 largest Jacksonville employers are in
sectors serving Jacksonville's growing population,
including health care providers, retailers and the
public schools system.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
Top 10 Employers
MA
RKET OVERVIEW
Duvall County Public Schools 15,700
Mayport Naval Station 15,400
Jacksonville Naval Air Station 14,500
Winn-Dixie Stores 8,300
Blue Cross and Blue Shield 7,850
Publix Supermarkets 6,770
Bank of America Corporation 6,000
Baptist Health System 5,725
Mayo Clinic 5,100
CSX Corporation 4,100Source: Marcus & Millichap Research Services
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Share of Total EmploymentMSA Employment: 625,000
Information 2%Other Services 4%Manufacturing 6%Construction 8%Financial Activities 10%Leisure & Hospitality 10%Government 12%
Education & Health Services 12%Professional & Business Services 14%Trade Transportation & Utilities 22%Sources: Bureau of Labor Statistics, Economy.com
Jacksonville
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
MA
RKET OVERVIEW
41
DEMOGRAPHICS
While military bases, the commercial port and paper
mills have historically been the pillars of the region’s
economy, Jacksonville's economy is becoming more
diversified. The city has developed a large financial
services sector with such companies as the Bank of
America locating regional offices and support
operations in the area. The professional and business
services sector has risen in importance as Jacksonville
has become a regional center. In addition, Jacksonville
has an emerging industrial base in medical products
research and manufacturing. Three Fortune 500
companies are based in Jacksonville: Winn-Dixie,
Fidelity National Financial and CSX.
Rail service, JAXPORT and the region’s location will
continue to foster growth in the trade and
transportation sector, which remains the largest sector
of the economy. More than 7 million tons of cargo pass
through the port annually, and the development of
cruise ship service will promote further expansion.
The military continues to be a large part of the
economy with two huge naval facilities and 56,000
people employed in the area, along with an annual
payroll of $1.6 billion and an estimated total economic
impact of $6 billion. Of the more than 4,100 naval
personnel who exit the military every year in
Jacksonville, over 80 percent stay because of affordable
housing and career opportunities.
Jacksonville
O5060020
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
MA
RKET OVERVIEW
QUALITY OF LIFE
Jacksonville offers many recreational events and
cultural opportunities. The area is home to the
Professional Golfers Association, the World Golf
Village and the PGA Hall of Fame. The Association of
Tennis Professionals is also based in the area.
Jacksonville has a minor league baseball team, a
professional hockey team and an Arena Football
League team. The city’s largest sporting attraction is
the Jacksonville Jaguars of the National Football
League.
Jacksonville’s beach communities are comprised of
Atlantic Beach, Neptune Beach and Jacksonville Beach,
and community beaches dot the shoreline for 50 miles.
The symphony, theater, ballet and numerous arts
festivals, such as the Annual Jazz Festival, anchor a
packed social and cultural calendar.
The cost of living in Jacksonville is among the most
affordable in the country and lower than most Florida
markets of comparable size. The area’s cost of living is
7.7 percent below the national average. Neither the
state of Florida nor the city of Jacksonville has a
personal income tax. Housing is very affordable, at 16
percent below the national average.
The Duval County school district is the nation’s 16th
largest with 150 public schools, a student population
of 133,000 and 7,850 teachers. The district has a $1.4
billion budget and is growing by 2,000 students
annually. The area also has 15 colleges and universities
dedicated to serving the educational and training
needs of its residents and business community.
42
Jacksonville
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1 Miles: 3 Miles: 5 Miles:Population
1990 Population 371 9,545 27,2722000 Population 372 11,252 33,4922006 Population 372 12,408 37,2982011 Population 373 13,362 40,421
Households1990 Households 122 3,327 10,0012000 Households 144 3,950 12,2642006 Households 144 4,356 13,6502011 Households 144 4,692 14,8012006 Average Household Size 2.12 2.77 2.67
Employment2006 Daytime Population 814 5,751 14,179
Summary Housing Information
1990 Median Housing Value $73,395 $58,580 $55,9312000 Median Housing Value $110,799 $84,720 $80,246
2000 Owner Occupied Housing Units 82.0% 70.8% 65.8%2000 Renter Occupied Housing Units 12.2% 23.4% 27.2%2000 Vacant 5.81% 5.86% 6.96%
2006 Owner Occupied Housing Units 78.5% 67.6% 63.4%2006 Renter Occupied Housing Units 11.4% 22.2% 25.5%2006 Vacant 10.08% 10.15% 11.12%
2011 Owner Occupied Housing Units 76.1% 65.5% 61.7%2011 Renter Occupied Housing Units 11.0% 21.5% 24.4%2011 Vacant 12.93% 13.07% 13.96%
2006 Households by Income$ 0 - $ 14,999 14.2% 12.7% 13.5%$ 15,000 - $24,999 9.9% 11.5% 11.0%$ 25,000 - $34,999 11.2% 11.9% 12.5%$ 35,000 - $49,999 16.1% 20.1% 19.4%$ 50,000 - $74,999 20.3% 22.6% 22.6%$ 75,000 - $99,999 13.3% 11.2% 10.9%$100,000 - $124,999 8.3% 5.5% 5.5%$125,000 - $149,999 2.9% 2.0% 2.2%$150,000 - $200,000 1.4% 0.9% 1.1%$200,000 to $249,999 0.8% 0.3% 0.3%$250,000 + 1.7% 1.3% 1.1%
2006 IncomeMedian Household Income $48,530 $45,654 $45,063Per Capita Income $20,185 $19,731 $19,572Average Household Income $58,228 $53,840 $52,582
Demographic data © 2006 by Experian/Applied Geographic Solutions.This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
DEM
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Demographic Report
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Geography: 5 Miles
PopulationIn 2006, the population in your selected geography is 37,298. The population has changed by 11.36% since 2000. It isestimated that the population in your area will be 40,421 five years from now, which represents a change of 8.37% fromthe current year. The current population is 48.23% male and 51.77% female. The median age of the population in yourarea is 35.4, compare this to the US average which is 36.5. The population density in your area is 474.89 people persquare mile.
HouseholdsThere are currently 13,650 households in your selected geography. The number of households has changed by 11.30%since 2000. It is estimated that the number of households in your area will be 14,801 five years from now, whichrepresents a change of 8.43% from the current year. The average household size in your area is 2.67 persons.
Income
In 2006, the median household income for your selected geography is $45,063, compare this to the US average which iscurrently $48,271. The median household income for your area has changed by 11.58% since 2000. It is estimated thatthe median household income in your area will be $48,628 five years from now, which represents a change of 7.91%from the current year.
The current year per capita income in your area is $19,572, compare this to the US average, which is $24,529. The
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 57.92% White, 39.49% Black, 0.30% Native Americanand 0.78% Asian/Pacific Islander. Compare these to US averages which are: 75.86% White, 12.07% Black, 0.71% NativeAmerican and 4.51% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 2.38% of the currentyear population in your selected area. Compare this to the US average of 14.94%.
HousingThe median housing value in your area was $80,246 in 2000, compare this to the US average of $115,194 for the sameyear. In 2000, there were 8,679 owner occupied housing units in your area and there were 3,585 renter occupiedhousing units in your area. The median rent at the time was $501.
EmploymentIn 2006, there are 14,179 employees in your selected area, this is also known as the daytime population. The 2000Census revealed that 54.9% of employees are employed in white-collar occupations in this geography, and 45.1% areemployed in blue-collar occupations. In 2006, unemployment in this area is 6.40%. In 2000, the median time traveled towork was 23.6 minutes.
Demographic data © 2003 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
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Summary Report
O5060020
Number of people living in a given area per square mile.
Demographic data © 2006 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
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Theme Low HighHigh 166 or moreAbove Average 105 166Average 66 105Below Average 42 66Low less than 42
Population Density
Population Density
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The number of people employed in a given area per square mile.
Demographic data © 2006 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
DEM
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Theme Low HighHigh 72 or moreAbove Average 45 72Average 29 45Below Average 18 29Low less than 18
Employment Density
Employment Density
O5060020
Average income of all the people 15 years and older occupying a single housing unit.
Demographic data © 2006 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
DEM
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Theme Low HighHigh $127,258 or moreAbove Average $80,168 $127,258Average $50,502 $80,168Below Average $31,815 $50,502Low less than $31,815
Average Household Income
Average Household Income
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Two-way, average daily traffic Traffic Count data © 2006 by GDT. All rights reserved.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark ofMarcus & Millichap Real Estate Investment Services, Inc. © 2007 Marcus & Millichap
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Traffic Counts
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