offering memorandum - loopnet · 2018. 5. 29. · norfolk public schools 6,730 boone clinic 5,000...

PEACH STREET TOWNHOMES2700 Peach St • Portsmouth, VA 23704

Offering Memorandum

1

PEACH STREET TOWNHOMES

Portsmouth, VA

ACT ID Y0600057

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-Endorsements

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with,

or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent,

product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant

lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Disclaimer

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE

CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we

make no representations or warranties, express or implied, as to the accuracy of the information. References to square

footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus &

Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All

rights reserved.

2

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

MARKET COMPARABLES 02Sales Comparables

Rent Comparables

FINANCIAL ANALYSIS 03Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET OVERVIEW 04Demographic Analysis


3


4

INVESTMENT

OVERVIEW


LOCATION SUMMARY

5

Peach Street Townhomes

Norfolk Naval

Shipyard


LOCATION SUMMARY

6

Norfolk Naval

ShipyardBrighton Elementary

School

Portsmouth City Park

I-264

Peach Street Townhomes


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

United States Dept of Navy 7,548

Norfolk Public Schools 6,730

Boone Clinic 5,000

Old Dominion University 4,675

Bank of America 3,100

City of Norfolk 2,843

Childrens Hosp of Kngs Dghters 1,905

Alabama Great Southern RR Co 1,805

Eastern Virginia Medical Schl 1,730

Academic Physicians & Surgeons 1,500

Maryview Medical Center 1,300

Norfolk Southern 1,206

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 10,999 88,240 257,063

2017 Census Pop 10,759 85,437 249,134

2017 Estimate HH 4,022 33,932 89,774

2017 Census HH 3,902 32,596 86,474

Median HH Income $25,621 $39,774 $44,737

Per Capita Income $14,270 $21,885 $22,899

Average HH Income $38,212 $55,503 $60,268

UNIT MIX

NUMBEROF UNITS UNIT TYPE APPROX.

SQUARE FEET

24 Townhome 1,040

1 Single Family Home 1,200

25 Total 26,160

VITAL DATAPrice $2,100,000 CURRENT YEAR 1

Down Payment 25% / $525,000 CAP Rate 5.78% 6.88%

Loan Amount $1,575,000 GRM 8.66 8.19

Loan Type Proposed New Net Operating Income $121,308 $144,570

Interest Rate / Amortization 4.60% / 30 Years Net Cash Flow After Debt Service 9.31% / $48,858 13.74% / $72,120

Price/Unit $84,000 Total Return 9.31% / $48,858 13.74% / $72,120

Price/SF $80.28

Number of Units 25

Rentable Square Feet 26,160

Year Built 1986

Lot Size 0.3 acre(s)

7


OFFERING SUMMARY

§ Stabilized Turn-Key with Value Add Potential

§ Opportunity to Sell Individual Townhomes for Retail Value

§ Cash-on-Cash Return of 9.31%

§ Annual Return Increase by +4%

§ 10 Year Levered IRR of 18.30%

§ Walking Distance from Norfolk Naval Shipyard

INVESTMENT HIGHLIGHTS

Peach Street Townhomes offers potential buyers the opportunity to purchase a well-maintained asset with tremendous upside potential. Opportunity to sub-divide the

property allows purchaser to sell each townhome separately at retail value through individually deeded units. As is, the property offers potential investors an 9.31 percent

cash on cash return and an equally lucrative IRR. By maintaining current operating efficiency’s, controlling vacancy rates, and building on the rents a purchaser can acquire

a long term upside in appreciation.

Portsmouth is a historic city located in the middle of Hampton Roads. Their central location allows for easy and convenient access from all parts of Virginia opening up its

economy and allowing the area to thrive. Also given its location on the Elizabeth River and the nearby Chesapeake Bay, Portsmouth and the neighboring areas of Hampton

Roads have established themselves as a large commercial hub. Portsmouth is considered the regions job center and provides a unique employment base because of the

presence of military personnel and college students.

The US Department of Defense, a dominant commercial driver for the area, which houses eight military installations, employs over 90,000 people, and yields nearly 10,000

acres of the Hampton Roads commercial acquisition. The oldest and largest naval facility, Norfolk Naval Shipyard, is located less than a mile away from the property. Under

republican leadership, military funding and employee benefits are expected to grow in salary increases, budget expansion, and more.

The urban outskirts of the Hampton Roads have seen a steady influx of residential owners since 2012, spurring the surrounding areas’ commercial boom. Projects across

Suffolk, Portsmouth, and Chesapeake expect an increase in commercial development and acquisition upwards of 200 acres, economic job growth nearing 5,000 additional

workers, and total investments of roughly $600 million by 2035. These projects such as Harborview Town Center, Portsmouth International Port, Chesapeake 2035 and many

more continue to progress into 2018, many of which predicting completion in a short 10 years.

INVESTMENT OVERVIEW

8


PROPERTY OVERVIEW

PROPERTY OVERVIEWPROPERTY OVERVIEW

Marcus & Millichap is pleased to present the Peach Street Townhomes located in Portsmouth, Virginia. Peach Street Townhomes consists of twenty four (24) separately deeded townhome-style units and one (1) Four Bedroom, 1 Bath Home built in 1986, and situated on 0.3 Acres. Each tenant is responsible for paying all utilities. Due to area's shortage in two bedroom units and the proximity to the community center and major roads, this unit mix caters well to the demographic composition of the sub market.

The property is located .3 miles from the Norfolk Naval Shipyard, often called the Norfolk Navy Yard, a historic and active U.S. Navy facility that is actually located in Portsmouth rather than Norfolk. Home to one of the oldest, largest, and most active bases in the U.S., Norfolk Naval Shipyard, Portsmouth will continue to positively perform as a military hub throughout the coming years. In 2018, military personnel expansion is predicted to yield growth as high as in 8,500 new soldiers, 5,000 new sailors, 5,800 new airmen, 1,000 new marines. The close proximity to the base along with administration of republican extension allows vintage and novel residents to experience a vibrant history, eclectic culture, and long-term stabilization within walking distance.

The property is serviced by U.S. and State Routes 264, 17, 141, and 337 providing intra-city access to the primary commercial and employment drivers of the area including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE systems, and more. Tenants with school-age children have access to public schools less than a mile away. The Norfolk International Airport, which serves the entire Hampton Roads, is located only 13.5 miles from the property. The recent$200 million redevelopment of the waterside district and Hilton Hotel in downtown Norfolk, only 3 miles away, allows tenants to be close to all the major attractions and employers.

§ (24) Two-bedroom, 1.5 bathroom townhomes and (1) Four Bedroom, 1 Bath Home

§ Recent Interior Upgrades

§ .3 Mile from Norfolk Naval Shipyard

§ 3 Miles from Downtown Norfolk

9


PROPERTY SUMMARY

OFFERING SUMMARY

PROPOSED FINANCINGFirst Trust DeedLoan Amount $1,575,000

Loan Type Proposed NewInterest Rate 4.60%Amortization 30 YearsLoan Term 10 Years

Loan to Value 75%Debt Coverage Ratio 1.67

THE OFFERINGProperty Peach Street TownhomesPrice $2,100,000

Property Address 2700 Peach Street, Portsmouth, VAAssessors Parcel Number 00750850Zoning URH

SITE DESCRIPTIONNumber of Units 25Number of Buildings 25Number of Stories 2

Year Built/Renovated 1986Rentable Square Feet 26,160Lot Size 0.3 acre(s)Type of Ownership Leased Fee/Ground Fee

Parking Off-StreetParking Ratio 1:1Landscaping Flat

UTILITIESWater Tenant PaidElectric Tenant Paid

CONSTRUCTIONFoundation Concrete SlabExterior Vinyl Siding

Parking Surface AsphaltRoof Gable

MECHANICALHVAC CentralFire Protection City Code

10

REGIONAL MAP


11

LOCAL MAP


12

AERIAL PHOTO


13

PROPERTY PHOTO


14

PROPERTY PHOTO


15

PROPERTY PHOTO


16


17

MARKET

COMPARABLES


SALES COMPARABLES MAP

18

PEACH STREET TOWNHOMES(SUBJECT)

Century Plaza Apartments

311-315 North St

Pepperwood Townhomes

Ashton Village

Montgomery Square

SALES COMPARABLES

1

2

3

4

5

PROPERTY NAMEPEACH STREET TOWNHOMES

SALES COMPARABLES

19

SALES COMPARABLES

Avg. $90,043

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

PeachStreet

Townhomes

CenturyPlaza

Apartments

311-315North St

PepperwoodTownhomes

AshtonVillage

MontgomerySquare

Average Price Per Unit

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


20

SALES COMPARABLES

Units Unit Type

Offering Price: $2,100,000 24 Townhome

Price/Unit: $84,000 1 Single Family Home

Price/SF: $80.28

CAP Rate: 5.78%

GRM: 8.66

Total No. of Units: 25

Year Built: 1986

Underwriting Criteria

Income $222,672 Expenses $101,364

NOI $121,308 Vacancy ($19,728)

PEACH STREET TOWNHOMES2700 Peach St, Portsmouth, VA, 23704

1

Units Unit Type

Close Of Escrow: 2/23/2009 24 Studio Bath

Sales Price: $2,200,000

Price/Unit: $91,667

Price/SF: $69.29


Year Built: 1973

NOTES

Terms: Sold on 2/23/2009 for $2,200,000 ($69.9/SF; $91,667.00/Unit).

CENTURY PLAZA APARTMENTS930 Providence Rd, Chesapeake, VA, 23325

Units Unit Type

Close Of Escrow: 8/8/2013 11 2 Bdr Bath

Sales Price: $930,000

Price/Unit: $84,545

Price/SF: $93.00

CAP Rate: 8.34%


Year Built: 1965

Underwriting Criteria

Expenses $33,953

2

NOTES

Terms: Sold on 8/08/2013 for $930,000 ($93.00/SF; $84,545.00/Unit).

311-315 NORTH ST311-315 North St, Portsmouth, VA, 23704

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


21

SALES COMPARABLES

Units Unit TypeClose Of Escrow: 4/10/2007 12 1 Bdr Bath

Sales Price: $11,875,000 99 2 Bdr Bath

Price/Unit: $84,220 30 3 Bdr Bath

Price/SF: $77.92


Year Built: 1984

3

NOTESThere were no conditions that affected the sale price, it was a direct deal, and the deal had a 30 day escrow period.

PEPPERWOOD TOWNHOMES3790 Pepperwood Ct, Portsmouth, VA, 23703

4

Units Unit TypeClose Of Escrow: 10/30/2012 23 1 Bdr Bath

Sales Price: $10,947,570 32 2 Bdr 1.5 Bath

Price/Unit: $91,230 65 2 Bdr Bath

Price/SF: $112.85

CAP Rate: 6.80%


Year Built: 1986

NOTESThis transaction represents the sale of three multifamily properties in Newport News and Portsmouth, VA. This portfolio totalling 370 units sold for $26,642,000 on October 24, 2012. The portfolio was about 92 percent occupied at the time of sale and traded at a 6.8 percent trailing cap rate representing NOI $1,811,656. The buyer plans to spend additional capital to improve and reposition the properties. No conditions affected the sale.

ASHTON VILLAGE200 Chowan Dr, Portsmouth, VA, 23701

Units Unit TypeClose Of Escrow: 7/2/2015 21 Studio Bath

Sales Price: $6,800,000 4 1 Bdr 1 Bath

Price/Unit: $98,551 2 2 Bdr 1 Bath

Price/SF: $181.82 41 2 Bdr 2 Bath

Total No. of Units: 69 1 3 Bdr 3 Bath

Year Built: 1938

5

NOTESTerms: Sold on 7/02/2015 for $6,800,000 ($35.93/SF; $98,551.00/Unit).

MONTGOMERY SQUARE714 King St, Portsmouth, VA, 23704

8


RENT COMPARABLES MAP

PEACH STREET TOWNHOMES(SUBJECT)

Taylor Pointe Apartments

Waverton Chesapeake

Lake Village Apartments

Portside Manor

Edison Apartments

Independence Square

1819 Maple Ave

5 Willow Breeze Ct

1209 Rose Ave

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

7

8

9

1

2

3

5

6

22

PROPERTY NAMEPEACH STREET TOWNHOMES

RENT COMPARABLES

23

AVERAGE RENT - MULTIFAMILY

Avg. $1,098

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Pea

ch…

Taylor

…

Wav

erton…

Lake

…

Por

tside…

Ediso

n…

Inde

pend

ence

…

1819

…

5 W

illow…

1209

…

4 Bedroom

Avg. $806

$0

$90

$180

$270

$360

$450

$540

$630

$720

$810

$900

Pea

ch…

Taylor

…

Wav

erton…

Lake

…

Por

tside…

Ediso

n…

Inde

pend

ence

…

1819

…

5 W

illow…

1209

…

2 Bedroom

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


24

YEAR BUILT: 1986

rentpropertyname1


Unit Type Units SF Rent Rent/SF

Four Bdr, One

Bath - Home1 1,200 $1,000 $0.83

Two Bdr, 1.5 Bath 24 1,040 $850 $0.82

Total/Avg. 25 1,046 $856 $0.82


2700 Peach St, Portsmouth, VA, 23704

OCCUPANCY: 90% | YEAR BUILT: 1995

1


1 Bdr 12 643 $753 $1.17

2 Bdr 72 880 $895 $1.02

3 Bdr 36 1,025 $1,042 $1.02

Total/Avg. 120 900 $925 $1.03

TAYLOR POINTE APARTMENTS

3245 Meadows Way, Chesapeake, VA, 23321

2

YEAR BUILT: 2001


1 Bdr 1 Bath 16 782 $674 $0.86

2 Bdr 1 Bath 172 913-950 $790 $0.85

3 Bdr 1.5 Bath 116 1,131-1,162 $895 $0.78

Total/Avg. 304 1,006 $824 $0.82

WAVERTON CHESAPEAKE

3000 Waverton Pkwy, Chesapeake, VA, 23324

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


25


3


2 Bdr 152 925 $819 $0.89

3 Bdr 32 1,020 $929 $0.91

Total/Avg. 184 942 $838 $0.89

LAKE VILLAGE APARTMENTS908 Lake Village Dr, Chesapeake, VA, 23323


4


1 Bdr 1 Bath 8 581 $600 $1.03

2 Bdr 1 Bath 62 716 $700 $0.98

3 Bdr 1 Bath 8 815 $800 $0.98

Total/Avg. 78 712 $700 $0.98

PORTSIDE MANOR545 Edwards St, Portsmouth, VA, 23704

5



2 Bdr 1 Bath 2 950 $775 $0.82

2 Bdr 1.5 Bath 10 1,145 $825 $0.72

3 Bdr 1 Bath 4 1,000 $900 $0.90

Total/Avg. 16 1,084 $838 $0.77

EDISON APARTMENTS219 Edison Ave, Portsmouth, VA, 23702

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


26

YEAR BUILT: 1986

6


1 Bdr 1 Bath 33 614 $716 $1.17

2 Bdr 1 Bath 106 816 $817 $1.00

3 Bdr 1 Bath 13 912 $991 $1.09

Total/Avg. 152 780 $810 $1.04

INDEPENDENCE SQUARE5120 George Washington Hwy, Portsmouth, VA, 23702

YEAR BUILT: 1990

7


4 Bdr 2 Bath 1 1,500 $1,000 $0.67

Total/Avg. 1 1,500 $1,000 $0.67

1819 MAPLE AVE1819 Maple Ave, Portsmouth, VA, 23704

8

YEAR BUILT: 1992


4 Bdr 2 Bath 1 1,581 $1,495 $0.95

Total/Avg. 1 1,581 $1,495 $0.95

5 WILLOW BREEZE CT5 Willow Breeze Ct, Portsmouth, VA, 23703

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


27

YEAR BUILT: 1953

9


4 Bdr 1 Bath 1 1,038 $800 $0.77

Total/Avg. 1 1,038 $800 $0.77

1209 ROSE AVE1209 Rose Ave, Portsmouth, VA, 23704


28

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL SUMMARY

29

FINANCIAL ANALYSIS


OPERATING STATEMENT

30

FINANCIAL ANALYSIS


NOTES

31

FINANCIAL ANALYSIS


PRICING DETAIL

32

MARCUS & MILLICHAP CAPITAL CORPORATION CAPABILITIESMMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms.

We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of financing options.

Our dedicated, knowledgeable experts understand the challenges of financingand work tirelessly to resolve all potential issues to the benefit of our clients.

National platform operating

within the firm’s brokerage offices

$5.1 billion total national

volume in 2016

Access to more capital sources than any other

firm in the industry

Optimum financing solutions to enhance value

Our ability to enhance buyer pool by expanding finance options

Our ability to enhance seller control

• Through buyerqualification support

• Our ability to manage buyersfinance expectations

• Ability to monitor andmanage buyer/lender progress,insuring timely,predictable closings

• By relying on a world classset of debt/equity sourcesand presenting a tightlyunderwritten credit file

WHY MMCC?

Closed 1,651 debt and equity

financings in 2016

ACQUISITION FINANCING


33

FINANCIAL ANALYSIS


GROWTH RATE PROJECTIONS

34

FINANCIAL ANALYSIS


CASH FLOW

35


36

MARKET

OVERVIEW

Hampton RoadsOVERVIEW

1

Hampton Roads, also known as the Virginia Beach-Norfolk-NewportNews metropolitan area, is recognized for its miles of waterfronts andbeaches, stable and growing economy, military presence, harbors,shipyards and coal piers. The metro is composed of James,Gloucester, Mathews, York and Isle of Wright counties in Virginia, andGates and Currituck counties in North Carolina, as well as the cities ofVirginia Beach, Williamsburg, Chesapeake, Norfolk, Newport News,Hampton, Poquoson, Portsmouth and Suffolk. Approximately 1.7 millionpeople reside in the metro, roughly 460,000 of whom are in VirginiaBeach, the market’s most populous city.

MARKET OVERVIEW

METRO HIGHLIGHTS

Low UnemploymentIt has the second-largest concentration of military personnel in the U.S. with eight military installations in the market providing a large portion of jobs.

HOSPITALITY AND TOURISMVisitors are drawn to Williamsburg and the multiple beaches and resorts in the area that have activities for everyone.

SKILLED LABOR POOLTechnical knowledge learned in the military helps to provide a highly educated and skilled labor force.

ECONOMY§ The local economy is best known for tourism and defense, but advanced manufacturing,

maritime and logistics, cybersecurity and biomedical technology are growing sectors.

§ Fortune 500 headquarters include Norfolk Southern, Dollar Tree and Huntington IngallsIndustries. Other companies headquartered locally include Gold Key PHR, Amerigroup,Anthem and Stihl.

§ The large military presence includes Naval Station Norfolk, Joint Expeditionary Base LittleCreek-Fort Story, Naval Air Station Oceana Dam Neck Annex, Joint Base Langley-EustisNaval Shipyard and Coast Guard Base-Portsmouth.

SHARE OF 2016 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Huntington Ingalls Industries Inc.

Sentara Healthcare

Naval Medical Center Portsmouth

Norfolk Naval Shipyard

Riverside Health System

The Colonial Williamsburg Foundation

Joint Expeditionary Base Little Creek-Ft. Story

GEICO General Insurance Co.

Naval Air Station Oceana-Dam Neck

Nasa Langley Research University* Forecast

2

MANUFACTURING

7%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

17%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

1%INFORMATION

14%

5%

20% 12% 5%

15%

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

§ The metro is projected to expand by 50,000 people through 2021, resulting in theformation of 20,000 households during this period.

§ Median home prices that are above the U.S. level contribute to a homeownership rateof 62 percent, which is slightly below the national rate of 64 percent, indicating astrong multifamily demand.

§ Nearly 29 percent of residents age 25 and older hold a bachelor’s degree; of thoseresidents, 11 percent also have earned a graduate or professional degree.

Known for its beaches and water recreation, the region has much to offer by way of outdooractivities and entertainment. Oceanfront Virginia Beach, Downtown Norfolk, Busch GardensWilliamsburg, Colonial Williamsburg, the USS Wisconsin and the Virginia Aquarium areprominent attractions that draw tourist and locals alike. Cultural activities are available at theVirginia Museum of Contemporary Art, Virginia Aquarium & Marine Science Center andVirginia Beach Amphitheater. Sports teams play at the Virginia Beach Sportsplex, HarborPark and Scope Arena, while the Kingsmille Championship is held here as a part of theLPGA Tour. Universities include the College of William & Mary, Old Dominion University,Virginia Wesleyan College, Hampton University and Norfolk State University.

35.32016

MEDIAN AGE:

U.S. Median:

37.7

$58,9002016 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

$57,200

1.7M2016

POPULATION:

Growth2016-2021*:

2.9%

654K2016

HOUSEHOLDS:

3.6%

Growth2016-2021*:

QUALITY OF LIFE

3

2016 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

9%25-44 YEARS

27%45-64 YEARS

25%65+ YEARS

13%

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’sAnalytics; U.S. Census Bureau

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2017 Experian

Created on January 2018

POPULATION 1 Miles 3 Miles 5 Miles

§ 2022 Projection

Total Population 10,755 87,770 257,904

§ 2017 Estimate


§ 2010 Census


§ 2000 Census


§ Daytime Population

2017 Estimate 25,344 146,872 320,862

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

§ 2022 Projection

Total Households 4,002 34,284 91,053

§ 2017 Estimate


Average (Mean) Household Size 2.67 2.47 2.51

§ 2010 Census


§ 2000 Census


Growth 2015-2020 -0.50% 1.04% 1.42%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

§ Occupied Units

2022 Projection 4,002 34,284 91,053

2017 Estimate 4,471 37,541 97,556

Owner Occupied 1,451 14,930 45,529

Renter Occupied 2,570 19,002 44,244

Vacant 450 3,609 7,783

§ Persons In Units

2017 Estimate Total Occupied Units 4,022 33,932 89,774

1 Person Units 29.49% 31.75% 28.99%

2 Person Units 26.06% 29.74% 31.17%

3 Person Units 18.37% 16.92% 17.81%

4 Person Units 12.58% 11.17% 12.03%

5 Person Units 6.94% 5.86% 5.83%

6+ Person Units 6.56% 4.56% 4.17%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

§ 2017 Estimate

$200,000 or More 0.74% 2.04% 2.21%

$150,000 - $199,000 0.82% 2.53% 2.77%

$100,000 - $149,000 4.22% 7.08% 9.43%

$75,000 - $99,999 5.01% 9.29% 11.07%

$50,000 - $74,999 16.21% 19.17% 19.52%

$35,000 - $49,999 11.41% 14.43% 14.69%

$25,000 - $34,999 12.67% 11.76% 10.75%

$15,000 - $24,999 17.93% 13.32% 12.32%

Under $15,000 30.99% 20.40% 17.24%

Average Household Income $38,212 $55,503 $60,268

Median Household Income $25,621 $39,774 $44,737

Per Capita Income $14,270 $21,885 $22,899

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

§ Population By Age

2017 Estimate Total Population 10,999 88,240 257,063

Under 20 32.54% 27.27% 24.93%

20 to 34 Years 22.98% 25.98% 30.79%

35 to 39 Years 5.55% 6.37% 6.21%

40 to 49 Years 9.73% 10.73% 9.97%

50 to 64 Years 18.02% 17.70% 16.33%

Age 65+ 11.19% 11.95% 11.75%

Median Age 30.92 32.94 31.30

§ Population 25+ by Education Level

2017 Estimate Population Age 25+ 6,545 57,034 159,576

Elementary (0-8) 6.67% 4.13% 3.21%

Some High School (9-11) 20.61% 15.07% 11.78%

High School Graduate (12) 32.28% 29.78% 28.70%

Some College (13-15) 23.21% 23.76% 25.25%

Associate Degree Only 5.56% 7.54% 7.39%

Bachelors Degree Only 6.31% 11.32% 13.88%

Graduate Degree 2.93% 6.63% 8.53%

§ Population by Gender

2017 Estimate Total Population 10,999 88,240 257,063

Male Population 45.64% 48.37% 50.90%

Female Population 54.36% 51.63% 49.10%

40

IncomeIn 2017, the median household income for your selected geography is$25,621, compare this to the US average which is currently $56,286.The median household income for your area has changed by 26.22%since 2000. It is estimated that the median household income in yourarea will be $28,912 five years from now, which represents a changeof 12.84% from the current year.

The current year per capita income in your area is $14,270, comparethis to the US average, which is $30,982. The current year averagehousehold income in your area is $38,212, compare this to the USaverage which is $81,217.

PopulationIn 2017, the population in your selected geography is 10,999. Thepopulation has changed by 0.02% since 2000. It is estimated that thepopulation in your area will be 10,755.00 five years from now, whichrepresents a change of -2.22% from the current year. The currentpopulation is 45.64% male and 54.36% female. The median age of thepopulation in your area is 30.92, compare this to the US averagewhich is 37.83. The population density in your area is 3,498.58 peopleper square mile.

HouseholdsThere are currently 4,022 households in your selected geography. Thenumber of households has changed by -0.27% since 2000. It isestimated that the number of households in your area will be 4,002five years from now, which represents a change of -0.50% from thecurrent year. The average household size in your area is 2.67persons.

EmploymentIn 2017, there are 10,642 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that43.16% of employees are employed in white-collar occupations in thisgeography, and 58.06% are employed in blue-collar occupations. In2017, unemployment in this area is 12.16%. In 2000, the average timetraveled to work was 26.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:6.95% White, 89.35% Black, 0.06% Native American and 0.32%Asian/Pacific Islander. Compare these to US averages which are:70.42% White, 12.85% Black, 0.19% Native American and 5.53%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.

People of Hispanic origin make up 2.36% of the current yearpopulation in your selected area. Compare this to the US average of17.88%.

PROPERTY NAME

MARKETING TEAM


HousingThe median housing value in your area was $140,821 in 2017,compare this to the US average of $193,953. In 2000, there were1,704 owner occupied housing units in your area and there were 2,329renter occupied housing units in your area. The median rent at thetime was $343.

Source: © 2017 Experian

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www.MarcusMillichap.com

Altay Uzun

Senior AssociateHampton Roads OfficeTel: (757) 777-3737Fax: (757) [email protected]: VA 0225214405

Justin Ferguson

AssociateHampton Roads OfficeTel: (804) 205-5022Fax: (757) [email protected]: VA 0225225369

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offering memorandum - loopnet · 2018. 5. 29. · norfolk public schools 6,730 boone clinic 5,000...

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