845 SW 4th Street Miami, FL 33130 9-Unit Multifamily ... · 8 1 BEDROOM 1 BATH 518 1 2 BEDROOM 1...

845 SW 4th Street • Miami, FL 33130

9-Unit Multifamily Apartment Building

Offering Memorandum

1

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

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and

strictly confidential. It is intended to be reviewed only by the party receiving it from

Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus &

Millichap") and should not be made available to any other person or entity without the

written consent of Marcus & Millichap. This Marketing Brochure has been prepared to

provide summary, unverified information to prospective purchasers, and to establish

only a preliminary level of interest in the subject property. The information contained

herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap

has not made any investigation, and makes no warranty or representation, with respect

to the income or expenses for the subject property, the future projected financial

performance of the property, the size and square footage of the property and

improvements, the presence or absence of contaminating substances, PCB's or

asbestos, the compliance with State and Federal regulations, the physical condition of

the improvements thereon, or the financial condition or business prospects of any

tenant, or any tenant's plans or intentions to continue its occupancy of the subject

property. The information contained in this Marketing Brochure has been obtained

from sources we believe to be reliable; however, Marcus & Millichap has not verified,

and will not verify, any of the information contained herein, nor has Marcus & Millichap

conducted any investigation regarding these matters and makes no warranty or

representation whatsoever regarding the accuracy or completeness of the information

provided. All potential buyers must take appropriate measures to verify all of the

information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap

Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & 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.

LITTLE HAVANA APARTMENTS

Miami, FL

ACT ID ZAA0390567

2

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02

Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET COMPARABLES 03

Sales Comparables

Rent Comparables

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis


3

INVESTMENT

OVERVIEW


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Cable Wrless Cmmunications Inc 6,156

HIG Surgery Centers LLC 5,100

Burger King Cpitl Holdings LLC 5,008

Royal Caribbean International 4,965

Ibt Group LLC 4,442

Bursars Office 4,418

County Miami Dade AVI Dept 4,000

Miami Dade Transit 4,000

Nephrology Division 4,000

Kimpton Epic Miami 3,724

ROYAL CARIBBEAN 3,400

Keystone Holdings 3,076

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2018 Estimate Pop 67,343 286,368 514,415

2010 Census Pop 60,287 257,055 464,219

2018 Estimate HH 29,014 117,670 212,308

2010 Census HH 25,744 104,791 190,997

Median HH Income $22,884 $32,473 $35,173

Per Capita Income $16,983 $25,087 $27,596

Average HH Income $39,024 $60,402 $66,364

UNIT MIX

NUMBEROF UNITS

UNIT TYPEAPPROX.SQUARE FEET

8 1 BEDROOM 1 BATH 518

1 2 BEDROOM 1 BATH 608

9 Total 4,752

VITAL DATA

Price $1,200,000 CURRENT YEAR 1

Down Payment 30% / $360,000 CAP Rate 5.5% 6.06%

Loan Amount $840,000 GRM 11.90 10.36

Loan Type Proposed NewNet Operating Income

$65,975 $72,762

Interest Rate / Amortization 5% / 25 YearsNet Cash Flow After Debt Service

6.66% / $23,975 8.55% / $30,762

Price/Unit $133,333 Total Return 6.66% / $23,975 8.55% / $30,762

Price/SF $252.53

Number of Units 9

Rentable Square Feet 4,752

Year Built 1930

Lot Size 0.17 acre(s)

4

THE OFFERING

Property Little Havana Apartments

Price $1,200,000

Property Address 845 SW 4th St, Miami, FL

Assessors Parcel Number 01-4138-003-4000

SITE DESCRIPTION

Number of Units 9

Year Built/Renovated 1930

Rentable Square Feet 4,752

Lot Size 0.17 acre(s)

Type of Ownership Fee Simple


OFFERING SUMMARY

▪ Seller Financing Available

▪ 100% Occupied with Significant Upside in Rental Income

▪ 40-Year Re-Certification Completed

▪ On-Site Parking

▪ Hurricane Shutters

▪ 7,500 Sq Ft Lot Zoned T4-R

INVESTMENT HIGHLIGHTS

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 845 SW 4th St in LittleHavana, a 1930 construction, nine unit apartment building. The property consists of eight one-bedroom/ one-bathroom units and one two-bedroom/ one-bathroom unit located in LittleHavana, one of the strongest rental sub-markets in Miami, Florida.

845 SW 4th St is located in the world-renowned Little Havana sub-market, the cultural epicenterof the Miami Latin community with close proximity to major public transportation, MarlinsStadium, Brickell/Downtown Miami, Coral Gables and Coconut Grove. The property is located inthe Eastern section of Little Havana, walking distance to commerce and entertainment corridorsFlagler Street and Calle Ocho.

Area employment is very strong due to the close proximity to the Miami Health District, thesecond largest Health District in the United States, along with Miami's Downtown/BrickellFinancial District and Miami Beach.

INVESTMENT OVERVIEW

5

LOCAL MAP


6

BrickellDowntown

845 SW 4th Street

The Roads

LOCAL MAP


7

PROPERTY PHOTO


8

PROPERTY PHOTO


9

PROPERTY PHOTO


10

PROPERTY PHOTO


11


12

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


RENT ROLL SUMMARY

13

FINANCIAL ANALYSIS


OPERATING STATEMENT

14

FINANCIAL ANALYSIS


NOTES

15

FINANCIAL ANALYSIS


NOTES

16

FINANCIAL ANALYSIS


PRICING DETAIL

17

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.

National platform

operating

within the firm’s

brokerage

offices

$6.24 billion

billion total

national

volume in 2018

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 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

WHY MMCC?

Closed 1,678

debt and equity

financings

in 2018

ACQUISITION FINANCING


18


19

MARKET

COMPARABLES


SALES COMPARABLES MAP

20


(SUBJECT)

335 NW 12th Ave

529 SW 7th Ct

324 SW 19th Ave

SALES COMPARABLES

1

2

3

PROPERTY NAMELITTLE HAVANA APARTMENTS

SALES COMPARABLES

21

SALES COMPARABLES

Avg.

$270.18

$0.00

$40.00

$80.00

$120.00

$160.00

$200.00

$240.00

$280.00

$320.00

$360.00

$400.00

845 SW 4th St 335 NW 12th

Ave

529

SW 7th Ct

324 SW 19th

Ave

Average Price Per Square Foot

Avg.

$138,969

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

845 SW 4th St 335 NW 12th

Ave

529

SW 7th Ct

324 SW 19th

Ave

Average Price Per Unit

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


22

SALES COMPARABLES

Units Unit Type

Offering Price: $1,200,000 8 1 BEDROOM 1 BATH

Price/Unit: $133,333 1 2 BEDROOM 1 BATH

Price/SF: $252.53

CAP Rate: 5.50%

GRM: 11.90

Total No. of Units: 9

Year Built: 1930

Underwriting Criteria

Income $96,768 Expenses $30,793

NOI $65,975 Vacancy ($4,032)

Little Havana Apartments845 SW 4th St, Miami, FL, 33130

1

Units Unit Type

Close Of Escrow: 3/28/2018 9 1 Bdr 1 Bath

Sales Price: $1,260,000

Price/Unit: $140,000

Price/SF: $280.31


Year Built: 1920

335 NW 12TH AVE335 NW 12th Ave, Miami, FL, 33128

Units Unit Type




Price/SF: $200.96


Year Built: 1922

2

529 SW 7TH CT529 SW 7th Ct, Miami, FL, 33130

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


23

SALES COMPARABLES

Units Unit Type




Price/SF: $329.27


Year Built: 1930

3

324 SW 19TH AVE324 SW 19th Ave, Miami, FL, 33135

8


RENT COMPARABLES MAP


(SUBJECT)

946 SW 4th St

Villa La Pinta Apartments

856 SW 6th St

1135 SW 6th St4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

24

PROPERTY NAMELITTLE HAVANA APARTMENTS

RENT COMPARABLES

25

AVERAGE OCCUPANCY

Avg.

100.00%

0

10

20

30

40

50

60

70

80

90

100

845 SW 4th St 946

SW 4th St

Villa La

Pinta

Apartments

856

SW 6th St

1135

SW 6th St

Avg.

$1,183

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

845 SW 4th St 946

SW 4th St

Villa La

Pinta

Apartments

856

SW 6th St

1135

SW 6th St

1 Bedroom

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


26

YEAR BUILT: 1930

rentpropertyname1


Unit Type Units SF Rent Rent/SF

1 BEDROOM 1 BATH

8 518 $938 $1.81

2 BEDROOM 1 BATH

1 608 $900 $1.48

Total/Avg. 9 528 $934 $1.77

Little Havana Apartments845 SW 4th St, Miami, FL, 33130

YEAR BUILT: 1926

1


1 Bdr 1 Bath 24 700 $1,250 $1.79

Total/Avg. 24 700 $1,250 $1.79

946 SW 4TH ST946 SW 4th St, Miami, FL, 33130

2

YEAR BUILT: 1925


1 Bdr 1 Bath 29 553 $1,200 $2.17

Total/Avg. 29 553 $1,200 $2.17

VILLA LA PINTA APARTMENTS501 SW 6th Ct, Miami, FL, 33130

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


27

OCCUPANCY: 100% | YEAR BUILT: 1937

3


1 Bdr 1 Bath 8 665 $1,200 $1.80

Total/Avg. 8 665 $1,200 $1.80


OCCUPANCY: 100% | YEAR BUILT: 1925

4


2 Bdr 1 Bath 8 774 $1,188 $1.53

1 Bdr 1 Bath 4 624 $1,082 $1.73

Total/Avg. 12 724 $1,153 $1.59



28

MARKET

OVERVIEW

MARKET OVERVIEW

MIAMI-DADEOVERVIEW

1

Miami-Dade County is a gateway to South American and Caribbean

markets and a tourist destination. The 2,400-square-mile county

extends from the Florida Everglades east to the Atlantic Ocean. It is

bordered to the north by Broward County and to the south by the

Florida Keys. The main portion of the city of Miami lies on the shores

of Biscayne Bay and is separated from the Atlantic Ocean by barrier

islands, the largest of which holds the city of Miami Beach. The metro,

with a population of roughly 2.7 million, is located entirely within

Miami-Dade County. Miami is the most populous city, with slightly

more than 443,000 residents, followed by Hialeah with roughly

237,000 people.

MARKET OVERVIEW

METRO HIGHLIGHTS

BUSINESS-FRIENDLY ENVIRONMENT

The metro has no local business or personal income

taxes, which attracts businesses and residents to

the area.

INTERNATIONAL GATEWAY

Miami is a gateway for international trading

activities, tourism and immigration, connecting to

airports and ports around the world.

MEDICAL COMMUNITY

The county contains the largest concentration of

medical facilities in Florida, drawing residents

needing services throughout the state.


MARKET OVERVIEW

ECONOMY▪ Various industries provide a diverse economy. Trade, international finance, healthcare and

entertainment have become major segments in the local business community.

▪ A strong tourism industry has developed with ties to Latin America and the Caribbean.

▪ Tourism and trade depend on a large transportation sector. PortMiami and Miami

International Airport are both major contributors to employment and the economy.

▪ The Miami metro gross metropolitan product (GMP) expansion is expected to be on par

with the U.S. GDP in 2019 and retail sales for the county are also rising.

SHARE OF 2018 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Baptist Health South Florida

University of Miami

American Airlines

Miami Children’s Hospital

Publix Supermarkets

Winn-Dixie Stores

Florida Power & Light Co.

Carnival Cruise Lines

AT&T

Mount Sinai Medical Center* Forecast

2

MANUFACTURING4%

GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

25%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

14%

5%

12% 12% 7%

16%


MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 127,000 people over the next five years. During

the same period, approximately 62,000 households will be formed, generating

demand for housing.

▪ The homeownership rate of 53 percent is below the national rate of 64 percent,

maintaining a strong rental market.

▪ The cohort of 20- to 34-year-olds composes 21 percent of the population.

Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant

business and cultural community. The metro has an abundance of popular attractions.

Miami hosts the Capital One Orange Bowl and is home to several professional sports

teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county

has a broad array of cultural attractions, historic sites and parks. These include the

Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park.

The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a

plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy

access to Latin America and the Caribbean.

QUALITY OF LIFE

3

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau


2018 Population by Age

0-4 YEARS

6%5-19 YEARS

17%20-24 YEARS

6%25-44 YEARS

28%45-64 YEARS

27%65+ YEARS

16%

39.9

2018MEDIAN AGE:

U.S. Median:

38.0

$45,300

2018 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$58,800

2.7M

2018POPULATION:

Growth2018-2023*:

4.6%

954K

2018HOUSEHOLDS:

6.5%

Growth2018-2023*:

MARKET OVERVIEW

32


SOUTH FLORIDA

Miami leads construction boom in Southeast Florida. An estimated 7,500 apartmentswill open in the Miami-Dade metro by the end of 2019, the most active year forconstruction since at least 2003. Much of the new development is focused in theDowntown Miami-South Beach area, as developers open high-rise towers withnumerous amenities, ocean views and short walks to entertainment. The record levelof supply additions will lift the vacancy rate close to the 5 percent threshold, yetavailability remains tight in certain parts of the metro amid robust demand forworkforce housing. The elevated level of completions will temper rent growth thisyear as monthly rates are anticipated to advance at a pace more in line with thenational average.

Vacancy improves for most of Southeast Florida as rents align across the region.Construction activity is accelerating year over year in Fort Lauderdale. The bulk of theconstruction pipeline is in the city itself as suburban development slows from 2018.The added deliveries will not deter vacancy compression this year, as greater hiringhelps raise rental demand. Vacancy is also falling in West Palm Beach due to fewerarrivals. Most of the units opening in the market belong to a single completion, theTown Southern in Royal Palm Beach. Declining availability in West Palm Beach andFort Lauderdale is adding upward momentum to rents, which are appreciating athigher rates than in Miami. The differing paces of growth will bring the averageeffective rent for each of the three metros into the same $1,630 to $1,670 per monthrange.

Vacancy and Rent Gains Most Pronounced

Outside Miami Where Supply Wave Approaches

* Cap rate trailing 12-month average through 1Q; Treasury rate as of March 29

Includes sales $1 million and greater for Fort Lauderdale, Miami, and West Palm Beach.

Sources: CoStar Group, Inc.; Real Capital Analytics

Investment Trends

Southeast Florida’s rapid demographic and economic growth since the last

recession has opened the region up to a broader range of investors and fueled

new levels of trading activity. While gains in dollar volume and sales price are

likely to temper going forward, the underlying factors that contributed to this

change, including in-migration and corporate expansions, will continue to benefit

investment.

Fort Lauderdale

• Transaction volume is rising in Hollywood as many buyers pursue assets with

fewer than 20 units in neighborhoods such as Royal Poinciana that have

price points under $2 million. Such buildings provide renters with lower cost

housing options not far from the beach.

Miami

• Miami remains the primary market for sales volume in Southeast Florida as

more investors look downtown and in Miami Gardens. Cap rates here can

exceed the market average by up to 150 basis points.

West Palm Beach

• Institutional investors are active in the market, focusing on acquiring post-

2000-built Class B product in areas such as Royal Palm Beach. These assets

can trade at sale prices up to $200,000 per unit above the metro average,

with initial returns in the mid-4 percent zone.

Multifamily 2019 Forecast

Vacancy

Y-O-Y

BasisPoint

Change

MetroEffective

Rent

Y-O-Y

Change

Fort Lauderdale 4.8% -30 $1,631 3.8%

Miami 4.5% 40 $1,673 3.5%

West Palm Beach 4.4% -80 $1,665 5.1%

MARKET OVERVIEW

33

• Employers expanded staffs by

26,100 personnel over the past

12 months, more than in the

preceding annual period. The

professional and business

services sector led hiring, with

the addition of 8,600 new staff

members.

• The education and health

services sector is also growing at

an accelerated pace, creating

about 4,500 jobs over the past

four quarters, even as the

unemployment rate fell to 3.5

percent.

EMPLOYMENT

• Approximately 300 more

apartments opened in the market

over the past four quarters as

during the previous 12-month

period. The greatest

concentration of arrivals was in

Downtown Miami-South Beach

at 2,600 rentals, more than

double the total from last year.

• Total completions contracted in

other submarkets, including in

West Miami-Doral and

Westchester-Kendall. No units

have been delivered in the latter

submarket since before March

2018.

CONSTRUCTION

• After bottoming out at 2.8

percent in 2015, vacancy in

Miami has widened to 4.0

percent in March as the

construction pipeline has

expanded to meet the housing

needs of more residents.

• An above-national pace of

population growth contributes to

acute apartment demand,

maintaining minimal rental

availability in several submarkets

including Downtown and North

Central Miami despite the

increase in deliveries over the

past few years.

VACANCY

• Declining concession use in

Downtown Miami and South

Dade County led to greater rent

growth year over year in March.

The average effective rate rose

to $1,628 per unit following a 3.7

percent increase last year.

• North Central Miami’s 1.0

percent vacancy rate bolstered

the appreciation of monthly rents

here, especially for Class C

units.

RENTS

SOUTH FLORIDA: MIAMI

increase in effective

rents Y-O-Y6.5%basis point increase in

vacancy Y-O-Y30units completed

Y-O-Y5,300increase in total

employment Y-O-Y2.2%

* Forecast


1Q19 – 12-Month Period

MARKET OVERVIEW

34

Investment Activity for Class C Apartments

Continues Amid Extremely Tight Vacancy Rates

Outlook: The market’s gateway status

continues to draw foreign institutional

investment for stabilized assets. Private

buyers are also finding opportunities with

Class C properties, which are subject to

aggressive rental demand as vacancy

remains under 2 percent.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketEffective

Rent

Y-O-Y%

Change

North Central Miami 1.0% -40 $1,041 4.7%

Homestead/South Dade

County2.3% -60 $1,147 5.9%

Hialeah/Miami Lakes 3.0% 90 $1,432 4.7%

Downtown Miami/South

Beach3.6% -40 $2,067 5.2%

Westchester/Kendall 4.0% -30 $1,545 1.8%

Coral Gables/South

Miami4.8% -20 $1,920 4.5%

Miami Gardens 4.8% 120 $1,275 11.0%

Northeast Miami 5.1% 110 $1,649 1.2%

West Miami/Doral 5.6% 130 $1,886 3.9%

Overall Metro 4.0% 30 $1,628 6.5%

Submarket Trends

Lowest Vacancy Rates 1Q19

Sales Trends

SOUTH FLORIDA: MIAMI

• The average sale price dipped for in March to $164,100 per unit. Fewer trades of

higher-priced assets in areas such as Coral Gables and South Beach contributed to

the price drop.

• Miami’s average cap rate stayed in the high-5 percent band, 30 basis points below

Fort Lauderdale and West Palm Beach.

* Trailing 12 months through 1Q19

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics


* Forecast ** 2018-2023 Miami-Fort Lauderdale-West Palm Beach, FL Metropolitan Statistical Area

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2018 Experian

Created on July 2019

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 70,789 304,553 536,835

▪ 2018 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2018 Estimate 79,207 454,601 834,364

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 31,228 129,179 227,772

▪ 2018 Estimate


Average (Mean) Household Size 2.29 2.35 2.36

▪ 2010 Census


▪ 2000 Census


Growth 2015-2020 7.63% 9.78% 7.28%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

▪ Occupied Units

2023 Projection 31,228 129,179 227,772

2018 Estimate 30,600 130,997 236,928

Owner Occupied 4,268 31,558 67,814

Renter Occupied 24,746 86,112 144,494

Vacant 1,586 13,328 24,620

▪ Persons In Units

2018 Estimate Total Occupied Units 29,014 117,670 212,308

1 Person Units 38.01% 36.02% 36.12%

2 Person Units 28.18% 29.46% 29.39%

3 Person Units 15.26% 15.22% 15.00%

4 Person Units 10.05% 10.07% 10.04%

5 Person Units 5.10% 4.96% 4.99%

6+ Person Units 3.40% 4.27% 4.47%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$200,000 or More 1.47% 4.47% 5.46%

$150,000 - $199,000 1.48% 2.82% 3.23%

$100,000 - $149,000 4.25% 7.38% 7.53%

$75,000 - $99,999 4.33% 7.21% 7.63%

$50,000 - $74,999 10.64% 12.88% 13.47%

$35,000 - $49,999 12.21% 12.67% 12.84%

$25,000 - $34,999 12.35% 11.81% 11.30%

$15,000 - $24,999 18.76% 15.47% 14.54%

Under $15,000 34.50% 25.30% 24.00%

Average Household Income $39,024 $60,402 $66,364

Median Household Income $22,884 $32,473 $35,173

Per Capita Income $16,983 $25,087 $27,596

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2018 Estimate Total Population 67,343 286,368 514,415

Under 20 18.83% 18.25% 18.93%

20 to 34 Years 23.70% 24.41% 23.61%

35 to 39 Years 7.83% 8.10% 7.86%

40 to 49 Years 13.77% 14.37% 14.35%

50 to 64 Years 17.88% 18.07% 18.46%

Age 65+ 18.00% 16.80% 16.77%

Median Age 39.76 39.50 39.74

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 50,969 217,412 386,993

Elementary (0-8) 23.00% 14.91% 12.08%

Some High School (9-11) 10.44% 9.85% 9.73%

High School Graduate (12) 30.91% 29.23% 28.53%

Some College (13-15) 8.82% 10.23% 11.82%

Associate Degree Only 5.71% 6.73% 7.28%

Bachelors Degree Only 11.97% 16.30% 16.80%

Graduate Degree 5.90% 10.36% 11.39%

▪ Population by Gender

2018 Estimate Total Population 67,343 286,368 514,415

Male Population 51.31% 50.88% 50.28%

Female Population 48.69% 49.12% 49.72%

35

Income

In 2018, the median household income for your selected geography is

$22,884, compare this to the US average which is currently $58,754.

The median household income for your area has changed by 48.74%

since 2000. It is estimated that the median household income in your

area will be $25,975 five years from now, which represents a change

of 13.51% from the current year.

The current year per capita income in your area is $16,983, compare

this to the US average, which is $32,356. The current year average

household income in your area is $39,024, compare this to the US

average which is $84,609.

Population

In 2018, the population in your selected geography is 67,343. The

population has changed by 23.71% since 2000. It is estimated that

the population in your area will be 70,789.00 five years from now,

which represents a change of 5.12% from the current year. The

current population is 51.31% male and 48.69% female. The median

age of the population in your area is 39.76, compare this to the US

average which is 37.95. The population density in your area is

21,468.66 people per square mile.

Households

There are currently 29,014 households in your selected geography.

The number of households has changed by 33.20% since 2000. It is

estimated that the number of households in your area will be 31,228

five years from now, which represents a change of 7.63% from the

current year. The average household size in your area is 2.29 persons.

Employment

In 2018, there are 41,642 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

35.33% of employees are employed in white-collar occupations in

this geography, and 65.09% are employed in blue-collar occupations.

In 2018, unemployment in this area is 4.49%. In 2000, the average

time traveled to work was 33.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

79.33% White, 8.14% Black, 0.01% Native American and 0.90%

Asian/Pacific Islander. Compare these to US averages which are:

70.20% White, 12.89% Black, 0.19% Native American and 5.59%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 87.14% of the current year

population in your selected area. Compare this to the US average of

18.01%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $220,019 in 2018,

compare this to the US average of $201,842. In 2000, there were

3,166 owner occupied housing units in your area and there were

18,616 renter occupied housing units in your area. The median rent at

the time was $441.

Source: © 2018 Experian

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