Offering Memorandum. PEACH STREET TOWNHOMES 2700 Peach St Portsmouth, VA 23704

Transcription

1 Offering Memorandum 2700 Peach St Portsmouth, 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. Â 2017 Marcus & Millichap. All rights reserved. Portsmouth, VA ACT ID Y

3 TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map Aerial Photo MARKET COMPARABLES 02 Sales Comparables Rent Comparables FINANCIAL ANALYSIS 03 Rent Roll Summary Rent Roll Detail Operating Statement Notes Pricing Detail Acquisition Financing MARKET OVERVIEW 04 Demographic Analysis 3

4 INVESTMENT OVERVIEW 4

5 LOCATION SUMMARY Peach Street Townhomes Norfolk Naval Shipyard 5

6 LOCATION SUMMARY Portsmouth City Park I-264 Brighton Elementary School Norfolk Naval Shipyard Peach Street Townhomes 6

7 EXECUTIVE SUMMARY NUMBER OF UNITS UNIT TYPE VITAL DATA Price $2,100,000 CURRENT YEAR 1 Down Payment 25% / $525,000 CAP Rate 5.78% 6.88% Loan Amount $1,575,000 GRM 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, % / $72,120 Price/Unit $84,000 Total Return 9.31% / $48, % / $72,120 Price/SF $80.28 Number of Units 25 Rentable Square Feet 26,160 Year Built 1986 Lot Size 0.3 acre(s) UNIT MIX 24 Townhome 1,040 1 Single Family Home 1,200 APPROX. SQUARE FEET 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 25 Total 26,160 1-Miles 3-Miles 5-Miles 2017 Estimate Pop 10,999 88, , Census Pop 10,759 85, , Estimate HH 4,022 33,932 89, 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 # 7

8 INVESTMENT OVERVIEW OFFERING SUMMARY 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 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 HIGHLIGHTS 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 8

9 PROPERTY OVERVIEW PROPERTY 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. PROPERTY OVERVIEW (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

10 PROPERTY SUMMARY THE OFFERING Property Peach Street Townhomes Price $2,100,000 Property Address 2700 Peach Street, Portsmouth, VA Assessors Parcel Number Zoning URH SITE DESCRIPTION Number of Units 25 Number of Buildings 25 Number of Stories 2 Year Built/Renovated 1986 Rentable Square Feet 26,160 Lot Size 0.3 acre(s) Type of Ownership Leased Fee/Ground Fee Parking Off-Street Parking Ratio 1:1 Landscaping Flat UTILITIES Water Tenant Paid Electric Tenant Paid CONSTRUCTION Foundation Concrete Slab Exterior Vinyl Siding Parking Surface Asphalt Roof Gable MECHANICAL HVAC Central Fire Protection City Code OFFERING SUMMARY PROPOSED FINANCING First Trust Deed Loan Amount $1,575,000 Loan Type Proposed New Interest Rate 4.60% Amortization 30 Years Loan Term 10 Years Loan to Value 75% Debt Coverage Ratio 1.67

11 REGIONAL MAP 11

12 LOCAL MAP 12

13 AERIAL PHOTO 13

14 PROPERTY PHOTO 14

15 PROPERTY PHOTO 15

16 PROPERTY PHOTO 16

17 MARKET COMPARABLES 17

18 SALES COMPARABLES MAP (SUBJECT) Century Plaza Apartments North St Pepperwood Townhomes Ashton Village Montgomery Square SALES COMPARABLES 18

19 PROPERTY PEACH STREET NAME TOWNHOMES SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES Average Price Per Unit $100,000 $90,000 Avg. $90,043 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $0 Peach Street Townhomes Century Plaza Apartments North St Pepperwood Townhomes Ashton Village Montgomery Square 19

20 PROPERTY PEACH STREET NAME TOWNHOMES SALES MARKETING COMPARABLES TEAM SALES COMPARABLES 2700 Peach St, Portsmouth, VA, CENTURY PLAZA APARTMENTS 930 Providence Rd, Chesapeake, VA, NORTH ST North St, Portsmouth, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Offering Price: $2,100, 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 Units Unit Type Close Of Escrow: 2/23/ Studio Bath Sales Price: $2,200,000 Price/Unit: $91,667 Price/SF: $69.29 Total No. of Units: 24 Year Built: 1973 Units Unit Type Close Of Escrow: 8/8/ Bdr Bath Sales Price: $930,000 Price/Unit: $84,545 Price/SF: $93.00 CAP Rate: 8.34% Total No. of Units: 11 Year Built: 1965 rentpropertyaddress1 Underwriting Criteria Income $222,672 Expenses $101,364 NOI $121,308 Vacancy ($19,728) NOTES rentpropertyaddress1 Terms: Sold on 2/23/2009 for $2,200,000 ($69.9/SF; $91,667.00/Unit). rentpropertyaddress1 Underwriting Criteria Expenses $33,953 NOTES Terms: Sold on 8/08/2013 for $930,000 ($93.00/SF; $84,545.00/Unit). 20

21 PROPERTY PEACH STREET NAME TOWNHOMES SALES MARKETING COMPARABLES TEAM SALES COMPARABLES PEPPERWOOD TOWNHOMES 3790 Pepperwood Ct, Portsmouth, VA, ASHTON VILLAGE 200 Chowan Dr, Portsmouth, VA, MONTGOMERY SQUARE 714 King St, Portsmouth, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Close Of Escrow: 4/10/ Bdr Bath Sales Price: $11,875, Bdr Bath Price/Unit: $84, Bdr Bath Price/SF: $77.92 Total No. of Units: 141 Year Built: 1984 Units Unit Type Close Of Escrow: 10/30/ Bdr Bath Sales Price: $10,947, Bdr 1.5 Bath Price/Unit: $91, Bdr Bath Price/SF: $ CAP Rate: 6.80% Total No. of Units: 120 Year Built: 1986 Units Unit Type Close Of Escrow: 7/2/ Studio Bath Sales Price: $6,800, Bdr 1 Bath Price/Unit: $98, Bdr 1 Bath Price/SF: $ Bdr 2 Bath Total No. of Units: Bdr 3 Bath Year Built: 1938 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 NOTES There were no conditions that affected the sale price, it was a direct deal, and the deal had a 30 day escrow period. NOTES This 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, 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. NOTES Terms: Sold on 7/02/2015 for $6,800,000 ($35.93/SF; $98,551.00/Unit). 21

22 8 RENT COMPARABLES MAP (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

23 PROPERTY PEACH STREET NAME TOWNHOMES RENT COMPARABLES AVERAGE RENT - MULTIFAMILY 2 Bedroom 4 Bedroom $900 $810 $720 $630 $540 $450 $360 $270 $180 $90 $0 Peach Taylor Waverton Lake Portside Edison Independence Willow Avg. $ $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Peach Taylor Waverton Lake Portside Edison Independence Willow Avg. $1,

24 PROPERTY PEACH STREET NAME TOWNHOMES RENT MARKETING COMPARABLES TEAM PEACH rentpropertyname1 STREET TOWNHOMES 2700 Peach St, Portsmouth, VA, rentpropertyaddress1 TAYLOR POINTE APARTMENTS 3245 Meadows Way, Chesapeake, VA, WAVERTON CHESAPEAKE 3000 Waverton Pkwy, Chesapeake, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF Four Bdr, One Bath - Home 1 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 Unit Type Units SF Rent Rent/SF 1 Bdr $753 $ Bdr $895 $ Bdr 36 1,025 $1,042 $1.02 Total/Avg $925 $1.03 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $674 $ Bdr 1 Bath $790 $ Bdr 1.5 Bath 116 1,131-1,162 $895 $0.78 Total/Avg ,006 $824 $0.82 YEAR BUILT: 1986 OCCUPANCY: 90% YEAR BUILT: 1995 YEAR BUILT: 2001 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 24

25 PROPERTY PEACH STREET NAME TOWNHOMES RENT MARKETING COMPARABLES TEAM LAKE VILLAGE APARTMENTS 908 Lake Village Dr, Chesapeake, VA, PORTSIDE MANOR 545 Edwards St, Portsmouth, VA, EDISON APARTMENTS 219 Edison Ave, Portsmouth, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 2 Bdr $819 $ Bdr 32 1,020 $929 $0.91 Total/Avg $838 $0.89 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $600 $ Bdr 1 Bath $700 $ Bdr 1 Bath $800 $0.98 Total/Avg $700 $0.98 Unit Type Units SF Rent Rent/SF 2 Bdr 1 Bath $775 $ Bdr 1.5 Bath 10 1,145 $825 $ Bdr 1 Bath 4 1,000 $900 $0.90 Total/Avg. 16 1,084 $838 $0.77 OCCUPANCY: 95% YEAR BUILT: 1971 OCCUPANCY: 92% YEAR BUILT: 1966 OCCUPANCY: 100% YEAR BUILT: 1967 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 25

26 PROPERTY PEACH STREET NAME TOWNHOMES RENT MARKETING COMPARABLES TEAM INDEPENDENCE SQUARE 5120 George Washington Hwy, Portsmouth, VA, MAPLE AVE 1819 Maple Ave, Portsmouth, VA, WILLOW BREEZE CT 5 Willow Breeze Ct, Portsmouth, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $716 $ Bdr 1 Bath $817 $ Bdr 1 Bath $991 $1.09 Total/Avg $810 $1.04 Unit Type Units SF Rent Rent/SF 4 Bdr 2 Bath 1 1,500 $1,000 $0.67 Total/Avg. 1 1,500 $1,000 $0.67 Unit Type Units SF Rent Rent/SF 4 Bdr 2 Bath 1 1,581 $1,495 $0.95 Total/Avg. 1 1,581 $1,495 $0.95 YEAR BUILT: 1986 YEAR BUILT: 1990 YEAR BUILT: 1992 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 26

27 PROPERTY PEACH STREET NAME TOWNHOMES RENT MARKETING COMPARABLES TEAM 1209 ROSE AVE 1209 Rose Ave, Portsmouth, VA, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 4 Bdr 1 Bath 1 1,038 $800 $0.77 Total/Avg. 1 1,038 $800 $0.77 YEAR BUILT: 1953 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 27

28 FINANCIAL ANALYSIS 28

29 RENT ROLL SUMMARY FINANCIAL ANALYSIS 29

30 OPERATING STATEMENT FINANCIAL ANALYSIS 30

31 NOTES FINANCIAL ANALYSIS 31

32 PRICING DETAIL FINANCIAL ANALYSIS 32

33 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 33

34 GROWTH RATE PROJECTIONS FINANCIAL ANALYSIS 34

35 CASH FLOW FINANCIAL ANALYSIS 35

36 MARKET OVERVIEW 36

37 Hampton Roads OVERVIEW MARKET OVERVIEW Hampton Roads, also known as the Virginia Beach-Norfolk-Newport News metropolitan area, is recognized for its miles of waterfronts and beaches, 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, and Gates and Currituck counties in North Carolina, as well as the cities of Virginia Beach, Williamsburg, Chesapeake, Norfolk, Newport News, Hampton, Poquoson, Portsmouth and Suffolk. Approximately 1.7 million people reside in the metro, roughly 460,000 of whom are in Virginia Beach, the market s most populous city. METRO HIGHLIGHTS Low Unemployment It 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 Williamsburg 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. 1

38 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 Ingalls Industries. Other companies headquartered locally include Gold Key PHR, Amerigroup, Anthem and Stihl. The large military presence includes Naval Station Norfolk, Joint Expeditionary Base Little Creek-Fort Story, Naval Air Station Oceana Dam Neck Annex, Joint Base Langley-Eustis Naval Shipyard and Coast Guard Base-Portsmouth. 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 2

39 DEMOGRAPHICS The metro is projected to expand by 50,000 people through 2021, resulting in the formation of 20,000 households during this period. Median home prices that are above the U.S. level contribute to a homeownership rate of 62 percent, which is slightly below the national rate of 64 percent, indicating a strong multifamily demand. Nearly 29 percent of residents age 25 and older hold a bachelor s degree; of those residents, 11 percent also have earned a graduate or professional degree Population by Age SPORTS 6% 0-4 YEARS 19% 5-19 YEARS 9% YEARS 27% YEARS 25% YEARS 13% 65+ YEARS EDUCATION 2016 POPULATION: 1.7M Growth *: 2.9% 2016 HOUSEHOLDS: 654K Growth *: 3.6% 2016 MEDIAN AGE: 35.3 U.S. Median: MEDIAN HOUSEHOLD INCOME: $58,900 U.S. Median: $57,200 QUALITY OF LIFE Known for its beaches and water recreation, the region has much to offer by way of outdoor activities and entertainment. Oceanfront Virginia Beach, Downtown Norfolk, Busch Gardens Williamsburg, Colonial Williamsburg, the USS Wisconsin and the Virginia Aquarium are prominent attractions that draw tourist and locals alike. Cultural activities are available at the Virginia Museum of Contemporary Art, Virginia Aquarium & Marine Science Center and Virginia Beach Amphitheater. Sports teams play at the Virginia Beach Sportsplex, Harbor Park and Scope Arena, while the Kingsmille Championship is held here as a part of the LPGA Tour. Universities include the College of William & Mary, Old Dominion University, Virginia Wesleyan College, Hampton University and Norfolk State University. ARTS & ENTERTAINMENT * Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody s Analytics; U.S. Census Bureau 3

40 PROPERTY PEACH STREET NAME TOWNHOMES Created on January 2018 POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection Total Population 10,755 87, , Estimate Total Population 10,999 88, , Census Total Population 10,759 85, , Census Total Population 10,997 86, ,242 Daytime Population 2017 Estimate 25, , ,862 HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection Total Households 4,002 34,284 91, Estimate Total Households 4,022 33,932 89,774 Average (Mean) Household Size Census Total Households 3,902 32,596 86, Census Total Households 4,033 32,594 85,125 Growth % 1.04% 1.42% HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units 2022 Projection 4,002 34,284 91, 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% MARKETING DEMOGRAPHICS TEAM HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate $200,000 or More 0.74% 2.04% 2.21% $150,000 - $199, % 2.53% 2.77% $100,000 - $149, % 7.08% 9.43% $75,000 - $99, % 9.29% 11.07% $50,000 - $74, % 19.17% 19.52% $35,000 - $49, % 14.43% 14.69% $25,000 - $34, % 11.76% 10.75% $15,000 - $24, % 13.32% 12.32% Under $15, % 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, ,063 Under % 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 % 11.95% 11.75% Median Age Population 25+ by Education Level 2017 Estimate Population Age 25+ 6,545 57, ,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, ,063 Male Population 45.64% 48.37% 50.90% Female Population 54.36% 51.63% 49.10% Source: 2017 Experian 40

41 PROPERTY PEACH STREET NAME TOWNHOMES MARKETING DEMOGRAPHICS TEAM Population In 2017, the population in your selected geography is 10,999. The population has changed by 0.02% since It is estimated that the population in your area will be 10, five years from now, which represents a change of -2.22% from the current year. The current population is 45.64% male and 54.36% female. The median age of the population in your area is 30.92, compare this to the US average which is The population density in your area is 3, people per square mile. Race and Ethnicity The 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 counted independently of race. People of Hispanic origin make up 2.36% of the current year population in your selected area. Compare this to the US average of 17.88%. Households There are currently 4,022 households in your selected geography. The number of households has changed by -0.27% since It is estimated that the number of households in your area will be 4,002 five years from now, which represents a change of -0.50% from the current year. The average household size in your area is 2.67 persons. Housing The median housing value in your area was $140,821 in 2017, compare this to the US average of $193,953. In 2000, there were 1,704 owner occupied housing units in your area and there were 2,329 renter occupied housing units in your area. The median rent at the time was $343. Income In 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 It is estimated that the median household income in your area will be $28,912 five years from now, which represents a change of 12.84% from the current year. Employment In 2017, there are 10,642 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 43.16% of employees are employed in white-collar occupations in this geography, and 58.06% are employed in blue-collar occupations. In 2017, unemployment in this area is 12.16%. In 2000, the average time traveled to work was minutes. The current year per capita income in your area is $14,270, compare this to the US average, which is $30,982. The current year average household income in your area is $38,212, compare this to the US average which is $81,217. Source: 2017 Experian 41

42 8 DEMOGRAPHICS 42

43 PRESENTED BY Altay Uzun Senior Associate Hampton Roads Office Tel: (757) Fax: (757) License: VA Justin Ferguson Associate Hampton Roads Office Tel: (804) Fax: (757) License: VA