Market Positioning and Pricing Analysis LEO STREET 2500 Leo Street Norfolk, VA 23504

Transcription

1 Market Positioning and Pricing Analysis 2500 LEO STREET 2500 Leo Street Norfolk, VA

2 NON- ENDORSEMENT AND DISCLAIMER NOTICE 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 Marcus & Millichap. All rights reserved LEO STREET Norfolk, VA ACT ID Y

3 PRESENTED BY Altay Uzun Senior Associate Associate Director - National Multi Housing Group Hampton Roads Office Tel: (757) Fax: (757) altay.uzun@marcusmillichap.com License: VA Justin Ferguson Associate Associate Member - National Multi Housing Group Hampton Roads Office Tel: (804) Fax: (757) justin.ferguson@marcusmillichap.com License: VA

4 INVESTMENT OVERVIEW 4

5 EXECUTIVE SUMMARY NUMBER OF UNITS UNIT TYPE VITAL DATA Price $1,550,000 CURRENT YEAR 1 Loan Amount $1,162,500 CAP Rate 7.21% 7.89% Loan Type Proposed New GRM Interest Rate / Amortization 4.75% / 30 Years Net Operating Income $111,685 $122,369 Price/Unit $64,583 Net Cash Flow After Debt Service 14.57% / $56, % / $67,150 Price/SF $86.11 Total Return 14.57% / $56, % / $67,150 Number of Units 24 Rentable Square Feet 18,000 Year Built 1969 Lot Size 0.93 acre(s) UNIT MIX 24 2 Bedroom 1 Bath 750 APPROX. SQUARE FEET OFFERING SUMMARY MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES Newport News Shipbuilding 18,001 United States Dept of Navy 14,113 Huntington Ingalls Inc 12,241 City of Virginia Beach 8,186 Riverside Healthcare Svcs Inc 8,000 Norfolk Public Schools 6,736 Walmart 6,137 City of Newport News 5,673 Old Dominion University 5,192 Wolseley Real Estate Inc 5,015 Boone Clinic 5,000 Smithfield Farmland Corp 4,678 DEMOGRAPHICS 24 Total 18, Miles 20-Miles 30-Miles 2017 Estimate Pop 741,107 1,388,568 1,580, Census Pop 708,191 1,330,410 1,516, Estimate HH 276, , , Census HH 263, , ,763 Median HH Income $56,276 $59,587 $59,790 Per Capita Income $28,183 $30,031 $30,006 Average HH Income $73,221 $78,628 $78,604 # 5

6 INVESTMENT OVERVIEW OFFERING SUMMARY 2500 Leo Street offers potential buyers the opportunity to purchase a well-maintained asset with tremendous upside potential. As is, the property offers potential investors a 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. The Subject Property is serviced by Granby Street, a historic and dominant commercial corridor in the heart of the city, is accessible in just under a mile of the property providing tenants access to Norfolk's major commercial corridors (I-64) and top employment drivers including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE systems, Norfolk State University and more. Nestled in the heart of the city the property offers an array of ample maritime activities, outdoor attractions, and easy accessibility to the various Norfolk communities such as Historic Ghent, Norfolk Central Business District, Norfolk Neon District, Old Dominion University, and the Ocean View strand. Tenants with school-age children have access to public schools a mile away. The Norfolk International Airport, which serves the entire Hampton Roads, is located only 5 miles from the property. The Hampton Roads economy is supported by manufacturing, maritime and logistics, cybersecurity, biomedical technology, and a dependable military presence. The US Department of Defense, a major employer for the area, housing eight military installations and the second- largest concentration of military personnel in the U.S. Naval Station Norfolk (7 miles), the worlds largest naval base employs upwards of 67,000 people and yields 6,200 acres of the Hampton Roads commercial acquisition. With the inauguration of republican leadership, military funding and employee benefits are expected to grow in salary increases, branch wide budget expansion, and more. Investors are moving out of major metro areas into secondary and tertiary markets, such as the Hampton Roads/ Tidewater area, in search of higher rates of return. Although a few distressed assets are still available at cap rates above eight percent, more investors are targeting stabilized properties with higher cash cows. Apartments near large employers, military bases and institutions of higher learning, such as Old Dominion University, provide a steady renter base with cap rates for Class A/B assets typically in the seven percent area. INVESTMENT HIGHLIGHTS 24 Market Rate Units 2 Miles from Downtown Norfolk 7 Miles from Naval Station Norfolk 10 Yr. Levered IRR of 21.20% Only Four Section 8 Tenants 6

7 PROPERTY OVERVIEW OFFERING SUMMARY Marcus & Millichap is pleased to present the Pricing and Financial Analysis of 2500 Leo Street located in the Lindenwood neighborhood of Norfolk, VA. The property consists of 24 market rate units built in 1969, and situated on 0.93 Acres. The subject property neighbors Interstate 64, known as Hampton Roads Beltway, a primary traffic artery connecting Virginia Beach and Norfolk with the balance of the Hampton Roads sub-market Leo Street consists of (24) two-bedroom, one-bathroom flats. Due to area's shortage in two bedroom units, its location to the community center and major roads, this unit mix caters well to the demographic composition of the sub-market. Each tenant is responsible for paying their own electric, while water/sewer and trash collection are included in rents Leo Street is located two blocks from Church Street, which is a primary traffic artery through southwest Norfolk, connecting both Virginia Beach Boulevard and Granby Street. Residents are 4 miles from I-64, the primary commercial corridor providing access to downtown Norfolk and employment drivers including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University, BAE Systems, Norfolk State University and more. The Virginia Zoo is 1 mile away and the MacArthur Center is located 2 miles away and provides tenants with access to the area's premier shopping and dining options. Chuck Rigney, Director of the Economic Development Department states, "Recently, the City of Norfolk has played host to many development and redevelopment projects, with over $1 billion in new private/public investments and the addition of close to 6,000 new jobs in 2017." Downtown Norfolk recently renovated; the Waterside District ($50 Million), Hilton Main Hotel ($150 Million), The ICON Luxury Apartments ($100 Million), and ADP ($32.5 Million). Automatic Data Processing (ADP) is expected to bring an estimated 2,000 jobs to the area and is anticipated to produce annual regional earnings of about $158 million as the overall economic impact climbs to almost $465 million, alone. This commercial focus continues its progress into 2018 with multiple projects underway such as the construction of Ikea Furniture Store aimed to extend commercial acquisition. Internationally owned brand, Ikea, broke ground for construction late last year with completion expected to conclude in mid This $75 million investment will provide the area with 500 additional mid-to-low level jobs and authenticate Virginia as a successful commercial corridor for further international companies to come. Common Area Amenities Ample Off-Street Parking Walking Distance from HRT Bus Route 2 Miles from Redeveloped Downtown Norfolk 5.5 Miles from Hampton Roads First Ikea Furniture Store 7 Miles from Norfolk Naval Shipyard Unit Amenities Water/Sewer Included HVAC in All Units Hardwood Floors Available # 7

8 OFFERING SUMMARY PROPERTY SUMMARY THE OFFERING Property 2500 Leo Street Price $1,550,000 Property Address 2500 Leo Street, Norfolk, VA Assessors Parcel Number Zoning SF-T SITE DESCRIPTION Number of Units 24 Number of Buildings 3 Number of Stories 2 Year Built/Renovated 1969 Rentable Square Feet Lot Size 0.93 acre(s) Type of Ownership Fee Simple Parking Off-Street Parking Ratio 1:1 Landscaping Flat UTILITIES Water Owner Paid Electric Tenant Paid CONSTRUCTION Foundation Concrete Slab Framing Wood Exterior Brick Parking Surface Asphalt Roof 7 Yrs / Pitched MECHANICAL HVAC Complete HVAC Fire Protection City Code Wiring Aluminum PROPOSED FINANCING First Trust Deed Loan Amount $1,162,500 Loan Type Proposed New Interest Rate 4.75% Amortization 30 Years Loan Term 10 Years Loan to Value 75% Debt Coverage Ratio

9 REGIONAL MAP 9

10 LOCAL MAP 10

11 AERIAL PHOTO 11

12 PROPERTY PHOTO 12

13 PROPERTY PHOTO 13

14 LOCATION SUMMARY Chesapeake Bay Beaches Naval Station Norfolk 2500 Leo Street 14

15 LOCATION SUMMARY Naval Station Norfolk I-64 Tidewater Drive 2500 Leo Street MacArthur Center Shopping Mall 15 15

16 MARKET COMPARABLES 16

17 SALES COMPARABLES MAP 2500 LEO STREET (SUBJECT) Southern Park Apartments The Grand at West Ghent Holland House Apartments Leache Wood Apartments SALES COMPARABLES 17

18 PROPERTY 2500 LEO STREET NAME SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES Average Price Per Unit $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 Avg. $86,871 $80,000 $60,000 $40,000 $20,000 $ Leo Street Southern Park Apartments The Grand at West Ghent Holland House Apartments Leache Wood Apartments 18

19 PROPERTY 2500 LEO STREET NAME SALES MARKETING COMPARABLES TEAM SALES COMPARABLES 2500 LEO STREET 2500 Leo Street, Norfolk, VA, SOUTHERN PARK APARTMENTS 7922 Old Ocean View Rd, Norfolk, VA, THE GRAND AT WEST GHENT 1000 Westover Ave, Norfolk, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Offering Price: $1,550, Bdr 1 Bath Price/Unit: $64,583 Price/SF: $86.11 CAP Rate: 7.21% GRM: 7.18 Total No. of Units: 24 Year Built: 1969 Units Unit Type Close Of Escrow: 11/14/ Bdr 1 Bath Sales Price: $6,450, Bdr 1 Bath Price/Unit: $62, Bdr 1.5 Bath Price/SF: $67.44 CAP Rate: 6.29% Total No. of Units: 104 Year Built: 1964 Units Unit Type Close Of Escrow: 4/27/ Bdr Bath Sales Price: $2,000, Bdr Bath Price/Unit: $111, Bdr Bath Price/SF: $86.47 CAP Rate: 8.62% Total No. of Units: 18 Year Built: 1914 rentpropertyaddress1 Underwriting Criteria Income $200,880 Expenses $89,195 NOI $111,685 Vacancy ($15,120) rentpropertyaddress1 Underwriting Criteria NOI $405,970 NOTES On November 14th, 2017 The Uzun Group of Marcus & Millichap sold the Southern Park Apartments consisting of 104 units for $6,450,000. ($62,019/unit) rentpropertyaddress1 Underwriting Criteria Expenses $15,990 NOTES 1000 Westover Avenue, Norfolk, Virginia, is located in Norfolk s West Ghent section, one of the strongest rental markets in the Hampton Roads region. On April 27, 2017 the 23,130 square-foot Multi-Family Building at 1000 Westover Ave in Norfolk, VA sold for $2 million. The building was constructed in 1914 and renovated in The NOI for this property averages at $159,564.60, this traded with a 6.43% cap rate. 19

20 PROPERTY 2500 LEO STREET NAME SALES MARKETING COMPARABLES TEAM SALES COMPARABLES HOLLAND HOUSE APARTMENTS 200 Drummond Pl, Norfolk, VA, LEACHE WOOD APARTMENTS 407 Fairfax Ave, Norfolk, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Close Of Escrow: 12/15/ Bdr Bath Sales Price: $2,347, Bdr Bath Price/Unit: $97,792 Price/SF: $66.07 Total No. of Units: 24 Year Built: 1904 Units Unit Type Close Of Escrow: 9/22/ Studio Bath Sales Price: $1,225, Bdr Bath Price/Unit: $76, Bdr Bath Price/SF: $ Bdr Bath Total No. of Units: 16 Year Built: 1901 rentpropertyaddress1 Underwriting Criteria Expenses $27,022 rentpropertyaddress1 Underwriting Criteria Expenses $11,907 rentpropertyaddress1 NOTES Ripley Heatwole Co., Inc. acquired The Holland House Apartments from The Lawson Companies on December 15th, The former paid $2,347,000 or $97,792 per unit, this was an off market deal. The sale price and size were confirmed by source(s) deemed reliable. NOTES Historic 16 unit apt bldg & large parking lot. 16 unit bldg - 2 2BD/2BA BD/BA - 3 2BD/1BA - 1 studio. Walking distance to EVMS, Harrison Opera, Chrysler Museum, the Tide, downtown restaurants and shopping. Excellent cash flow - Call LA to show. 20

21 8 RENT COMPARABLES MAP 2500 LEO STREET (SUBJECT) River Oaks Oakmont North Mission College Larchmont Brittany Place

22 PROPERTY 2500 LEO STREET NAME AVERAGE OCCUPANCY RENT COMPARABLES 100 Avg % Leo Street River Oaks Oakmont North Mission College Larchmont Brittany Place 22

23 PROPERTY 2500 LEO STREET NAME RENT COMPARABLES AVERAGE RENT - MULTIFAMILY 2 Bedroom $1,000 $900 Avg. $820 $800 $700 $600 $500 $400 $300 $200 $100 $ Leo Street River Oaks Oakmont North Mission College Larchmont Brittany Place 23

24 PROPERTY 2500 LEO STREET NAME RENT MARKETING COMPARABLES TEAM 2500 rentpropertyname1 LEO STREET 2500 Leo Street, Norfolk, VA, rentpropertyaddress1 RIVER OAKS 1464 Gabriel Dr, Norfolk, VA, OAKMONT NORTH 1324 Johnstons Rd, Norfolk, VA, rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 2 Bdr 1 Bath $750 $1.00 Total/Avg $750 $1.00 Unit Type Units SF Rent Rent/SF 2 Bdr 1 Bath $750 $0.86 Total/Avg $750 $0.86 Unit Type Units SF Rent Rent/SF 2 Bdr 1 Bath $780 $ Bdr 1 Bath $895 $1.09 Total/Avg $800 $1.14 YEAR BUILT: 1969 OCCUPANCY: 97% YEAR BUILT: 1975 OCCUPANCY: 96% YEAR BUILT: 1968 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 24

25 PROPERTY 2500 LEO STREET NAME RENT MARKETING COMPARABLES TEAM MISSION COLLEGE 1300 Lead St, Norfolk, VA, LARCHMONT 5504 Monroe Pl, Norfolk, VA, BRITTANY PLACE 6143 Edward St, Norfolk, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $626 $ Bdr 1 Bath 168 1,050 $797 $ Bdr 2 Bath 36 1,200 $965 $ Bdr 1.5 Bath 20 1,350 $1,090 $0.81 Total/Avg ,066 $819 $0.77 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $751 $ Bdr 1 Bath 97 1,000 $911 $0.91 Total/Avg $841 $0.99 Unit Type Units SF Rent Rent/SF 2 Bdr 2 Bath $863 $0.91 Total/Avg $863 $0.91 OCCUPANCY: 98% YEAR BUILT: 1989 OCCUPANCY: 100% YEAR BUILT: 1938 OCCUPANCY: 97% YEAR BUILT: 1983 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 25

26 FINANCIAL ANALYSIS 26

27 RENT ROLL SUMMARY FINANCIAL ANALYSIS 27

28 OPERATING STATEMENT FINANCIAL ANALYSIS 28

29 NOTES FINANCIAL ANALYSIS 29

30 PRICING DETAIL FINANCIAL ANALYSIS 30

31 ACQUISITION FINANCING MARCUS & MILLICHAP CAPITAL CORPORATION CAPABILITIES MMCC 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 financing and work tirelessly to resolve all potential issues to the benefit of our clients. Closed 1,651 debt and equity financings in 2016 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 WHY MMCC? Optimum financing solutions to enhance value Our ability to enhance buyer pool by expanding finance options Our ability to enhance seller control Through buyer qualification support Our ability to manage buyers finance expectations Ability to monitor and manage buyer/lender progress, insuring timely, predictable closings By relying on a world class set of debt/equity sources and presenting a tightly underwritten credit file 31

32 GROWTH RATE PROJECTIONS FINANCIAL ANALYSIS 32

33 CASH FLOW FINANCIAL ANALYSIS 33

34 MARKET OVERVIEW 34

35 Hampton Roads OVERVIEW MARKET OVERVIEW Norfolk is the cultural heart of the Hampton Roads, and quickly becoming the prominent business district. Hampton Roads is recognized for its miles of waterfronts and beaches, industrial and private sector strength, harbors, shipyards and coal piers, and a dependable military presence. In 2017, the Hampton Road s invested nearly $3 billion in development and redevelopment projects with growth continuing to rise exponentially through local, national, and international investment. New projects such as Wegmans Grocery Store, Norfolk Premier Outlets, The Wave Surf Park, and internationally owned Ikea Furniture Store foreshadow a shift of successful economic strength. METRO HIGHLIGHTS PRIVATE SECTOR GROWTH The Hampton Roads is home to several Fortune 500 Companies including Dollar Tree, Huntington Ingalls Industries, and Norfolk Southern. Hampton Roads also 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 TOURISM Visitors are drawn to the Hampton Roads and the multiple beaches and resorts in the area that have activities for everyone. SKILLED LABOR POOL Technical knowledge learned in the military helps to provide a highly educated and skilled labor force. 351

36 MARKET OVERVIEW ECONOMY The local economy is best known for tourism and defense, but advanced manufacturing, maritime and logistics, cybersecurity and biomedical technology are growing sectors. Local companies, Norfolk Southern, Dollar Tree and Huntington Ingalls Industries, ranked top 380 in the 2017 Fortune 500 List. Other internationally owned companies headquartered within the Hampton Roads include Gold Key PHR, Amerigroup, Anthem and Stihl. The only high speed transatlantic data cable put in place by Microsoft, Facebook, and Telxius now runs 4,000 miles from Spain to Virginia Beach sending record speeds of 160 terabits of data per second. This is expected to lead to strong IT industry growth in Hampton Roads for years to come. 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 SHARE OF 2016 TOTAL EMPLOYMENT 7% MANUFACTURING 14% PROFESSIONAL AND BUSINESS SERVICES 20% 12% 5% GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES 17% TRADE, TRANSPORTATION AND UTILITIES 5% CONSTRUCTION + 15% EDUCATION AND HEALTH SERVICES 1% INFORMATION 4% OTHER SERVICES 362

37 PROPERTY 2500 LEO STREET NAME Created on March 2018 POPULATION 10 Miles 20 Miles 30 Miles 2022 Projection Total Population 754,750 1,425,690 1,623, Estimate Total Population 741,107 1,388,568 1,580, Census Total Population 708,191 1,330,410 1,516, Census Total Population 680,008 1,271,107 1,446,656 Daytime Population 2017 Estimate 835,661 1,465,512 1,641,925 HOUSEHOLDS 10 Miles 20 Miles 30 Miles 2022 Projection Total Households 284, , , Estimate Total Households 276, , ,666 Average (Mean) Household Size Census Total Households 263, , , Census Total Households 250, , ,736 Growth % 3.62% 3.71% HOUSING UNITS 10 Miles 20 Miles 30 Miles Occupied Units 2022 Projection 284, , , Estimate 296, , ,718 Owner Occupied 154, , ,056 Renter Occupied 122, , ,610 Vacant 19,347 39,387 46,053 Persons In Units 2017 Estimate Total Occupied Units 276, , ,666 1 Person Units 26.57% 25.17% 24.79% 2 Person Units 32.48% 32.77% 33.02% 3 Person Units 18.33% 18.53% 18.60% 4 Person Units 13.11% 13.93% 14.01% 5 Person Units 5.85% 6.05% 6.08% 6+ Person Units 3.67% 3.55% 3.50% MARKETING DEMOGRAPHICS TEAM HOUSEHOLDS BY INCOME 10 Miles 20 Miles 30 Miles 2017 Estimate $200,000 or More 3.11% 3.89% 3.83% $150,000 - $199, % 5.01% 5.04% $100,000 - $149, % 14.68% 14.82% $75,000 - $99, % 14.57% 14.62% $50,000 - $74, % 20.07% 20.14% $35,000 - $49, % 13.44% 13.44% $25,000 - $34, % 9.35% 9.32% $15,000 - $24, % 8.96% 8.92% Under $15, % 10.04% 9.88% Average Household Income $73,221 $78,628 $78,604 Median Household Income $56,276 $59,587 $59,790 Per Capita Income $28,183 $30,031 $30,006 POPULATION PROFILE 10 Miles 20 Miles 30 Miles Population By Age 2017 Estimate Total Population 741,107 1,388,568 1,580,031 Under % 25.29% 25.37% 20 to 34 Years 27.65% 25.43% 24.98% 35 to 39 Years 6.57% 6.36% 6.34% 40 to 49 Years 11.10% 11.81% 11.83% 50 to 64 Years 17.64% 18.71% 18.87% Age % 12.41% 12.61% Median Age Population 25+ by Education Level 2017 Estimate Population Age , ,272 1,039,961 Elementary (0-8) 2.08% 1.94% 1.95% Some High School (9-11) 8.09% 7.11% 7.01% High School Graduate (12) 26.41% 25.55% 25.81% Some College (13-15) 26.30% 26.34% 26.36% Associate Degree Only 8.91% 9.21% 9.29% Bachelors Degree Only 17.24% 18.22% 17.98% Graduate Degree 9.98% 10.65% 10.61% Population by Gender 2017 Estimate Total Population 741,107 1,388,568 1,580,031 Male Population 49.59% 49.39% 49.37% Female Population 50.41% 50.61% 50.63% Source: 2017 Experian 37

38 PROPERTY 2500 LEO STREET NAME MARKETING DEMOGRAPHICS TEAM Population In 2017, the population in your selected geography is 18,110. The population has changed by 9.31% since It is estimated that the population in your area will be 18, five years from now, which represents a change of -0.07% from the current year. The current population is 48.15% male and 51.85% female. The median age of the population in your area is 33.40, compare this to the US average which is The population density in your area is 5, people per square mile. Race and Ethnicity The current year racial makeup of your selected area is as follows: 25.60% White, 68.93% Black, 0.04% Native American and 0.90% 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 counted independently of race. People of Hispanic origin make up 4.49% of the current year population in your selected area. Compare this to the US average of 17.88%. Households There are currently 6,684 households in your selected geography. The number of households has changed by 8.97% since It is estimated that the number of households in your area will be 6,775 five years from now, which represents a change of 1.36% from the current year. The average household size in your area is 2.58 persons. Housing The median housing value in your area was $181,047 in 2017, compare this to the US average of $193,953. In 2000, there were 2,709 owner occupied housing units in your area and there were 3,425 renter occupied housing units in your area. The median rent at the time was $385. Income In 2017, the median household income for your selected geography is $40,043, compare this to the US average which is currently $56,286. The median household income for your area has changed by 53.44% since It is estimated that the median household income in your area will be $49,749 five years from now, which represents a change of 24.24% from the current year. Employment In 2017, there are 6,070 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 48.10% of employees are employed in white-collar occupations in this geography, and 52.26% are employed in blue-collar occupations. In 2017, unemployment in this area is 7.41%. In 2000, the average time traveled to work was minutes. The current year per capita income in your area is $21,166, compare this to the US average, which is $30,982. The current year average household income in your area is $56,679, compare this to the US average which is $81,217. Source: 2017 Experian 38

39 8 DEMOGRAPHICS 39

40 PRESENTED BY Altay Uzun Senior Associate Associate Director - National Multi Housing Group Hampton Roads Office Tel: (757) Fax: (757) altay.uzun@marcusmillichap.com License: VA Justin Ferguson Associate Associate Member - National Multi Housing Group Hampton Roads Office Tel: (804) Fax: (757) justin.ferguson@marcusmillichap.com License: VA