swc of club gardens dr & sunny brook ln · property overview property aerial the property has...

CBRE

AUCTION – 3.91 AC SWC OF CLUB GARDENS DR & SUNNY BROOK LN

IDEAL MULTI-FAMILY DEVELOPMENT SITE

PALM BAY (BREVARD COUNTY), FLORIDA

DEVELOPMENT OPPORTUNITY

www.cbremarketplace.com/pbland

CBRE | Investment Properties | National MHRV Group

CBRE 1

This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of 3.91 AC of land at the southwest corner of Club Gardens Drive and Sunny Brook Lane in Palm Bay, FL (“Property”). This Memorandum contains selected Information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All data, information, and text are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor CBRE, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE. Interested parties are expected to review all data, information, text, and other referenced documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE: CBRE | Manufactured Housing Group 3280 Peachtree Road, NE Terminus 100, Suite 1400 Atlanta , GA 30305 ATTN: Mike Nissley

Confidentiality and Conditions

© 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

CBRE ::

Table of Contents TABLE OF CONTENTS

SECTION PAGES CONTENT 01 3 - 7 PROPERTY OVERVIEW 02 8 - 10 LOCAL AREA OVERVIEW 03 11 - 13 CURRENT RESIDENTIAL MARKET AND DEMOGRAPHICS 04 14 - 15 WEBSITES

Michael Nissley Senior Vice President T +1 404 504 5970 [email protected]

::


Jason Spalding Associate T +1 954 331 1719 [email protected]

::

CBRE, Inc. | Licensed Real Estate Broker 3280 Peachtree Rd, Suite 1400 Atlanta, GA 30305 T +1 404 504 7900

200 East Las Olas Blvd, Suite 1620 Ft Lauderdale, FL 33301 T +1 954 462 5655

EXCLUSIVELY MARKETED BY:

CBRE 3

PROPERTY OVERVIEW PROPERTY DETAILS The property consists of one parcel of land totaling 3.91 AC located at the southwest corner of Club Gardens Drive and Sunny Brook Lane in the City of Palm Bay, FL (Brevard County). It is surrounded by a number of existing single-family home and multi-family developments, and was previously proposed for a 60 unit apartment development. PCN AREA (AC) 28-37-28-00-00009.0-0000.0 3.91 ASKING PRICE SELLING AT AUCTION VISIT WWW.JOHNDIXON.COM FOR COMPLETE DETAILS CURRENT FLU AND ZONING Under the City of Palm Bay’s comprehensive land use plan, the property has a future land use of MFR (Multiple Family Residential Use). The property is currently zoned as RM-15 (Single, Two, Multiple-Family Residential District). POTENTIAL DEVELOPMENT Per the existing MFR (Multiple Family Residential Use) Future Land Use designation, the site may potentially be developed with a maximum density of 20 units per acre and with permitted uses of: single- family homes, duplexes, multi-family units, congregate living units, recreational uses, and institutional uses such as schools, churches, and utilities. Per the existing permitted and conditional uses allowed under the property’s RM-15 (Single, Two, Multiple- Family Residential District) zoning, the site may be developed with a maximum density of 15 units per gross residential acre and with permitted / conditional uses of: single- family homes, duplexes, multi-family units, congregate living units, recreational uses, and institutional uses such as schools, churches, and utilities.

For more information on this offering,

visit our website at: www.cbremarketplace.com/pbland

CBRE 4

PROPERTY OVERVIEW PROPERTY AERIAL The property has easy access to I-95 as it is only 3.14 miles from the I-95 / Palm Bay Road exit. In addition, there are convenient shopping options as both the Palm Bay Shopping Center and Sabal Palm Square are located 0.60 miles to the north at the intersection of Palm Bay Road and Babcock Street.



3.91 AC Site

Site

Palm Garden Club

Country Gardens – Phase II

Pinewood Town Homes Country Gardens – Phase I

Port Malabar Country Club

CBRE 5

PROPERTY OVERVIEW EXISTING PERMITTED / CONDITIONAL USES AND FUTURE LAND USE DEVELOPMENT ACTIVITIES FUTURE LAND USE DEVELOPMENT ACTIVITIES - Multiple Family Residential Use (MFR) Per the existing MFR (Multiple Family Residential Use) Future Land Use designation, the site may potentially be developed with a maximum density of 20 units per acre and with permitted uses of: • Single-family homes • Duplexes • Multi-family units • Congregate living units • Recreational uses • Institutional uses (schools, churches and utilities) FUTURE LAND USE MAP



CBRE 6

PROPERTY OVERVIEW EXISTING PERMITTED / CONDITIONAL USES AND DESIGN STANDARDS ZONING DESIGNATION - Single, Two, Multiple-Family Residential District (RM-15)


Single-Family Lot and Structure Requirements Minimum Lot Size (Area - SF) 6,000 Minimum Lot Size (Width) 60' Minimum Lot Size (Depth) 100’ Minimum Yard Requirements Front – 25’ Side Interior – 8’ Side Corner – 25’ Rear – 25’ Maximum Building Height 25' Maximum Building Coverage 40% Minimum Living Area 800 square feet Two-Family Lot and Structure Requirements Minimum Lot Size (Area - SF) 8,000 Minimum Lot Size (Width) 80' Minimum Lot Size (Depth) 100’ Minimum Yard Requirements Front – 25’ Side Interior – 8’ Side Corner – 25’ Rear – 25’ Maximum Building Height 25' Maximum Building Coverage 40% Minimum Living Area 800 square feet per dwelling unit Multiple-Family Lot and Structure Requirements Minimum Lot Size (Area - SF) 10,000 Minimum Lot Size (Width) 100' Minimum Lot Size (Depth) 100’ Minimum Yard Requirements Front – 25’ plus 1’ for each 1’ in height over 25’ Side Interior – 10’ plus 1’ for each 1’ in height over 25’ Side Corner – 25’ plus 1’ for each 1’ in height over 25’ Rear – 25’ plus 1’ for each 1’ in height over 25’ Maximum Building Height 25' Maximum Building Coverage 40% Minimum Living Area Efficiency units: 350 square feet

One bedroom units: 550 square feet Two bedroom units: 700 square feet More than two bedrooms: 800 square feet


visit our website at:

CBRE 7

PROPERTY OVERVIEW EXISTING PERMITTED / CONDITIONAL USES AND DESIGN STANDARDS PERMITTED USES - Single, Two, Multiple-Family Residential District (RM-15)

• Single-family dwellings • Two-family dwellings • Multiple-family dwellings provided that in no case shall there be more than 15 dwelling units per gross

residential acre • Public parks, playgrounds or other public recreational facilities • Public utility equipment and facilities located within a utility easement or right-of-way • Congregate living facilities • Public uses

CONDITIONAL USES

• Public or private schools • Churches • Public utility equipment and facilities, except communication towers, not located within a utility easement

or right-of-way • Private golf courses, tennis complexes or other private recreational facilities not accessory to 1or more

principal uses • Permitted uses or uses permissible by special exception exceeding 25 feet in height, but not to 40 feet in

height • Planned residential development of two-family or multi-family uses of 100 units or more ZONING MAP




CBRE 8

LOCAL AREA OVERVIEW FLORIDA’S SPACE COAST The City of Palm Bay is the largest city in Brevard County and second largest city in Central Florida. Although it still has a small town flavor, there is an existing cultural diversity and a down-to-earth hard working mentality. The local workforce is rich in education, talent and tech and Forbes Magazine ranked Palm Bay as "America's 15th Fastest-Growing City in 2014.“ The Space Coast anchors the eastern end of Florida’s High Tech Corridor, yet the economy itself is driven by a variety of clusters keeping the area healthy and balanced. Aerospace, Advanced Security, Communications, Electronics, and Emerging Technologies strengthen and sustain the overall quality of life. In addition, NASA's Kennedy Space Center, a major tourist attraction, draws more than 1.5 million guests per year. Businesses on the Space Coast enjoy a stable tax structure, access to local and state incentives, a large skilled labor force, and a robust transportation infrastructure. Combining our entrepreneurial spirit with the beauty and climate of the area and you've got a first class atmosphere for business. Sources: www.spacecoastedc.org and www.visitflorida.com .



BREVARD COUNTY Brevard County is comprised of a 1,557 square mile area bordered by the Atlantic Ocean to the east and adjacent to Volusia, Seminole, Orange, Osceola, and Indian River counties (north to south).The combination of beaches, parks, rivers, an ideal year-round climate, and the waterfront lifestyle creates a desirable location for young families, tourists, and retirees. NEARBY RECREATIONAL AMMENITIES The Arnold Palmer designed Majors Golf Club at Bayside Lakes is 7 miles from the property. The Majors Golf Club was designed through and around lakes, creeks, preservation areas and natural wetlands to create one of the most unspoiled golf courses in Brevard County. Pelican Harbor Marina is approximately 4 miles from the site. Pelican Harbor is a full-service marina offering a large selection of both used and new boats, as well as short and long-term rentals.

Source: www.palmbayflorida.org

http://www.spacecoastedc.org/





http://www.visitflorida.com/





http://www.palmbayflorida.org/

CBRE 9

LOCAL AREA OVERVIEW OTHER AREA ATTRACTIONS THE KENNEDY SPACE CENTER The Kennedy Space Center Visitor Complex is the only place in the world where you can walk under the largest rocket ever made, touch an actual moon rock, meet a veteran NASA astronaut, experience the International Space Station and stand face-to-face with Atlantis – all in the same day. Sources: www.kennedyspacecenter.com PORT CANAVERAL Port Canaveral offers cruise lines, cargo lines and shippers, businesses and vacationers the capabilities of a first-class deep water port with the benefits of an uncongested setting and relaxed attitude. Carnival Cruise Lines, Disney Cruise Line and Royal Caribbean International all homeport ships here, with itineraries and amenities to appeal to a wide range of vacation tastes. Sources: www.portcanaveral.com TOURISM The second half of 2013 saw steady gains in hospitality employment in Brevard County as a record year for Florida tourism helped fuel a surge on the Space Coast, as well. Leisure and hospitality employment surpassed 2012 each month of the year. The last few months of 2013 were also particularly strong in hotel occupancy, average daily room rate and revenue per available room. Elsewhere, Melbourne International Airport and Port Canaveral both saw increases in the number of passengers, in contrast to an overall decline at Orlando International Airport. And finally, in a sign of the broader economy gaining strength, median home prices and taxable sales improved over their year-ago figures. Source: www.spacecoastedc.org



PUBLIC SCHOOL LOCATIONS Riviera Elementary School 351 Riviera Drive Palm Bay, FL 32905 2.3 miles northwest of the property http://www.riviera.brevard.k12.fl.us Stone Middle School 1101 E University Blvd Melbourne, FL 32901 4.3 miles northeast of the property http://stone.ms.brevard.k12.fl.us Palm Bay High School 101 Pirate Lane Melbourne, FL 32901 2.4 miles north of the property http://palmbay.sp.brevardschools.org

http://www.kennedyspacecenter.com/

http://www.portcanaveral.com/






http://www.riviera.brevard.k12.fl.us/

http://www.riviera.brevard.k12.fl.us/

http://stone.ms.brevard.k12.fl.us/

http://stone.ms.brevard.k12.fl.us/

http://palmbay.sp.brevardschools.org/

http://palmbay.sp.brevardschools.org/

CBRE 10

LOCAL AREA OVERVIEW LOCAL AREA RETAIL AND SERVICES There are a number of local dining, shopping and service options located within a 3 mile radius of the property, making it a fairly convenient and desirable location.



7-ELEVEN GNC MATTRESS FIRM SHOE CARNIVAL

BEALL'S HAIR CUTTERY MICHAELS STAPLES

BIG LOTS HHGREGG OFFICE DEPOT SUPERCUTS

BJ'S WHOLESALE CLUB HOME DEPOT PAYLESS T J MAXX

CVS PHARMACY K MART PETCO TARGET

DOLLAR GENERAL KOHL'S RADIO SHACK ULTA BEAUTY

DOLLAR TREE LESLIE'S SWIMMING RENT-A-CENTER WALGREEN'S

FAMILY DOLLAR LOWE'S ROSS STORES WAL-MART

GAMESTOP MARSHALLS

CBRE 11

CURRENT RESIDENTIAL MARKET SOUTH BREVARD COUNTY - SINGLE FAMILY HOUSING MARKET




Map # Subdivision

Name Lot Size Asking Prices Occupied

Homes Existing

Inventory

Vacant Developable

Lots Future Lots

Total Lots

9 Cypress Landing Future Dev TBD 0 0 0 89 89

10 Manchester Lakes 50' $165,000 - $253,000 248 39 54 122 463

14 Eber Cove Future Dev TBD 0 0 0 56 56

15 Green Point Future Dev TBD 0 0 0 12 12

18 Pinewood Estates 76’ $150,000 - $186,000 42 0 17 0 59

20 Captiva Future Dev TBD 0 0 0 98 98

23 Country Club Lake Estates

Future Dev' TBD 0 0 0 306 306

27 Alamanda Key 40’ $160,000 - $170,000 26 1 90 0 117

29 Lucca Village Future Dev TBD 0 0 0 75 75

32 Brookhaven 75’ $200,000- $260,000 48 0 13 0 61

33 Thistle Creek 50’ $120,000 - $150,000 5 1 10 0 16

TOTAL 369 41 184 758 1,352

CBRE 12

CURRENT RESIDENTIAL MARKET SOUTH BREVARD COUNTY – TOWN HOUSE MARKET


Map # Subdivision Name Lot Size Asking Prices Occupied

TH

Vacant Developable

Lots Future Lots

Total Lots

8 Cypress Landing (TH) Future Dev TBD 0 0 110 110

19 Forest Lake (TH) Future Dev TBD 0 0 335 335

31 Brentmoor (TH) Future Dev TBD 0 0 90 90

34 Pinewood Drive (TH) Future Dev TBD 0 0 48 48

TOTAL 0 0 583 583



CBRE 13

CURRENT RESIDENTIAL MARKET DEMOGRAPHIC SUMMARY


1-mile radius 3-mile Radius 5-mile Radius

Popu

latio

n

2013 Estimated Population 6,715 59,980 124,627 2018 Projected Population 6,862 61,670 129,534 2010 Census Population 6,669 59,302 122,239 2000 Census Population 6,240 51,943 101,097 Growth 2010-2013 0.68% 1.14% 1.95% Growth 2013-2018 2.20% 2.82% 3.94% 2013 Estimated Median Age 45.11 44.17 43.32 2013 Estimated Average Age 44.03 43.26 42.44

Hous

ehol

ds

2013 Estimated Households 2,947 26,004 51,793 2018 Projected Households 3,047 26,863 53,943 2010 Census Households 2,887 25,586 50,676 2000 Census Households 2,688 21,935 41,401 Growth 2010-2013 2.07% 1.63% 2.20% Growth 2013-2018 3.38% 3.30% 4.15% 2013 Est. Average Household Size 2.25 2.27 2.36

Inco

me

2013 Est. Median Household Income $37,871 $39,943 $41,213

2018 Prj. Median Household Income $38,854 $40,784 $42,145

2000 Cen. Median Household Income $32,029 $32,728 $34,247

2013 Est. Average Household Income $49,062 $51,554 $53,865

2013 Estimated Per Capita Income $21,533 $22,351 $22,385

Hous

ing

2013 Estimated Housing Units 3,477 30,434 60,407 2013 Estimated Occupied Units 2,947 26,004 51,793 2013 Estimated Vacant Units 530 4,430 8,614 2013 Est. Owner Occupied Units 2,020 17,207 35,853 2013 Est. Renter Occupied Units 927 8,797 15,940 2013 Est. Median Housing Value $110,210 $107,155 $113,797 2013 Est. Average Housing Value $123,235 $126,546 $139,741



CBRE 14

WEBSITES LOCAL WEBSITES City of Palm Bay http://www.palmbayflorida.org Brevard County http://www.brevardcounty.us Brevard County Schools http://www.brevardschools.org Brevard County Economic Development http://www.brevardcounty.us/CountyManager/EconomicDev Kennedy Space Center https://www.kennedyspacecenter.com Port Canaveral http://www.portcanaveral.com




http://www.palmbayflorida.org/

http://www.brevardcounty.us/

http://www.brevardschools.org/

http://www.brevardcounty.us/CountyManager/EconomicDev

http://www.brevardcounty.us/CountyManager/EconomicDev

https://www.kennedyspacecenter.com/

http://www.portcanaveral.com/

CBRE 15

WEBSITES LOCAL PARKS 1 Coconut Point Park – 3535 S Highway A1A - Melbourne Beach, FL 32951 5.52 miles east of the property http://www.brevardcounty.us/ParksRecreation/South/CoconutPoint/Home 2 Spessard Holland South Beach Park – 2545 Highway A1A - Melbourne Beach, FL 32951 5.04 miles northeast of the property http://www.brevardcounty.us/ParksRecreation/South/SpessardHollandSouth 3 Canova Beach Park – 3299 Highway A1A - Melbourne, FL 32901 8.3 miles northeast of the property http://www.brevardcounty.us/ParksRecreation/South/Canova/Home 4 Erna Nixon Park – 1200 Evans Road - Melbourne, FL 32904 4.90 miles northwest of the property http://www.brevardcounty.us/ParksRecreation/South/ErnaNixon/Home 5 Palm Bay Regional Park – 1951 Malabar Road NW - Palm Bay, FL 32907

6.46 miles west of the property http://www.brevardcounty.us/ParksRecreation/South/PalmBayRegional/Home




http://www.brevardcounty.us/ParksRecreation/South/CoconutPoint/Home

http://www.brevardcounty.us/ParksRecreation/South/SpessardHollandSouth

http://www.brevardcounty.us/ParksRecreation/South/Canova/Home

http://www.brevardcounty.us/ParksRecreation/South/ErnaNixon/Home

http://www.brevardcounty.us/ParksRecreation/South/ErnaNixon/Home

http://www.brevardcounty.us/ParksRecreation/South/PalmBayRegional/Home

http://www.brevardcounty.us/ParksRecreation/South/PalmBayRegional/Home

CBRE 16

CB

RE

| Investment P

roperties | National M

HR

V G

roup

For more information on this offering, please contact:


Michael Nissley Senior Vice President T +1 404 504 5970 [email protected]

:: Jason Spalding Associate T +1 954 331 1719 [email protected]

::

CBRE Inc. | Licensed Real Estate Broker 3280 Peachtree Rd, Suite 1400 Atlanta, GA 30305 T +1 404 504 7900

200 East Las Olas Blvd, Suite 1620 Ft Lauderdale, FL 33301 T +1 954 462 5655

swc of club gardens dr & sunny brook ln · property overview property aerial the property has...

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