Commercial Trade Area Report - LoopNet...Education completed: 36% with some college or an...

COMMERCIAL TRADE AREA REPORT

Virginia Beach, VA 23453

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Gayle LynchREALTOR®

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Copyright 2018 Realtors Property Resource® LLC. All Rights Reserved. Information is not guaranteed. Equal Housing Opportunity.

7/12/2018

mailto:[email protected]

Criteria Used for AnalysisIncome:Median Household Income

Age:Median Age

Population Stats:Total Population

Segmentation:1st Dominant Segment

$68,410 32.7 37,357 Home Improvement

Consumer SegmentationLife Mode UrbanizationWhat are thepeople like thatlive in this area?

Family LandscapesSuccessful younger families in newerhousing

Where do peoplelike this usuallylive?

Suburban PeripheryAffluence in the suburbs, married couple-families, longercommutes

Top TapestrySegments

HomeImprovement

Bright YoungProfessionals Soccer Moms Metro Fusion Professional Pride

% of Households 3,181 (25.6%) 2,504 (20.2%) 1,668 (13.4%) 1,473 (11.9%) 1,125 (9.1%)

% of Virginia Beach 16,347 (9.4%) 23,240 (13.4%) 15,447 (8.9%) 7,135 (4.1%) 5,118 (2.9%)

Lifestyle Group Family Landscapes Middle Ground Family Landscapes Midtown Singles Affluent Estates

Urbanization Group Suburban Periphery Urban Periphery Suburban Periphery Urban Periphery Suburban Periphery

Residence Type Single Family Multi-Units; SingleFamily

Single Family Multi-Unit Rentals;Single Family

Single Family

Household Type Married Couples Married Couples Married Couples Singles Married Couples

Average Household Size 2.86 2.4 2.96 2.63 3.11

Median Age 37 32.2 36.6 28.8 40.5

Diversity Index 63.4 65.4 48.3 84 41.2

Median Household Income $67,000 $50,000 $84,000 $33,000 $127,000

Median Net Worth $162,000 $28,000 $252,000 $12,000 $540,000

Median Home Value $174,000 – $226,000 – $387,000

Homeownership 80.3 % 44.1 % 85.5 % 25 % 92 %

Average Monthly Rent – $1,000 – $880 –

Employment Professional orServices

Professional orServices

Professional orManagement

Services,Administration orProfessional

Professional orManagement

Education College Degree College Degree College Degree College Degree College Degree

Preferred Activities Eat at Chili's, Chick-fil-A, PaneraBread. Shopwarehouse/club, homeimprovement stores.

Go to bars/clubs;attend concerts. Eat atfast food, familyrestaurants.

Go jogging, biking,target shooting. Visittheme parks, zoos.

Spend money onwhat's hot unlesssaving for somethingspecific. Followfootball, soccer.

Own latest tablets,smartphones andlaptops. Upgradepicture-perfect homes.

Financial Invest conservatively Own U.S. savingsbonds; bank online

Carry high level ofdebt

Shop at discountgrocery stores, Kmart,Walmart

Hold 401(k) and IRAplans/securities

Media Watch DIY Network Rent DVDs fromRedbox or Netflix

Shop, bank online Listen to R&B, rap,Latin, reggae music

Read epicurean,sports, home servicemagazines

Vehicle Own minivan, SUV Own newer cars Own 2+ vehicles(minivans, SUVs)

Owns used vehicles Own 2-3 vehicles


Copyright 2018 Realtors Property Resource® LLC. All Rights Reserved. Information is not guaranteed. Equal Housing Opportunity. 7/12/2018

Who We AreMarried-couple families occupy well overhalf of these suburban households. MostHome Improvement residences aresingle-family homes that are owneroccupied, with only one-fifth of thehouseholds occupied by renters.Education and diversity levels are similarto the U.S. as a whole. These familiesspend a lot of time on the go and thereforetend to eat out regularly. When at home,weekends are consumed with homeimprovement and remodeling projects.

Our NeighborhoodThese are low-density suburbanneighborhoods.Eight of every 10 homes are traditional single-family dwellings, owner occupied.Majority of the homes were built between 1970and 2000.More than half of the households consist ofmarried-couple families; another 12% includesingle-parent families.

Socioeconomic TraitsHigher participation in the labor force andlower unemployment than US levels; mosthouseholds have 2+ workers.Cautious consumers that do their researchbefore buying, they protect their investments.Typically spend 4-7 hours per weekcommuting, and, therefore, spend significantamounts on car maintenance (performed at adepartment store or auto repair chain store).They are paying off student loans and secondmortgages on homes.They spend heavily on eating out, at both fast-food and family restaurants.They like to work from home, when possible.

Market ProfileEnjoy working on home improvement projectsand watching DIY networks.Make frequent trips to warehouse/club andhome improvement stores in their minivan orSUV.Own a giant screen TV with fiber-opticconnection and premium cable; rent DVDsfrom Redbox or Netflix.Very comfortable with new technology;embrace the convenience of completing taskson a mobile device.Enjoy dining at Chili's, Chick-fil-A and PaneraBread.Frequently buy children's clothes and toys.

An overview of who makes up this segment across the United States

The demographic segmentation shown here can help you understand the lifestyles and life stages of consumers in a market. Data provider Esri classifiesU.S. residential neighborhoods into 67 unique market segments based on socioeconomic and demographic characteristics. Data Source: Esri 2017. UpdateFrequency: Annually.

This is the

#1dominant segmentfor this area

In this area

25.6%of households fallinto this segment

In the United States


About this segment

Home Improvement



Who We AreBright Young Professionals is a largemarket, primarily located in urban outskirtsof large metropolitan areas. Thesecommunities are home to young,educated, working professionals. One outof three householders is under the age of35. Slightly more diverse couplesdominate this market, with more rentersthan homeowners. More than two-fifths ofthe households live in single-familyhomes; over a third live in 5+ unitbuildings. Labor force participation is high,generally white-collar work, with a mix offood service and part-time jobs (amongthe college students). Median householdincome, median home value and averagerent are close to the U.S. averages.Residents of this segment are physicallyactive and up on the latest technology.

Our NeighborhoodApproximately 56% of the households rent;44% own their homes.Household type is primarily couples, married(or unmarried), with above averageconcentrations of both single-parent andsingle-person households.Multi-unit buildings or row housing make up55% of the housing stock (row housing,buildings with 5-19 units); 44% built 1980-99.Average rent is slightly higher than the U.S.average.Lower vacancy rate is at 8.9%.

Socioeconomic TraitsEducation completed: 36% with some collegeor an associate's degree, 30% with a bachelor'sdegree or higher. Education in progress is10%.Unemployment rate is lower at 7.1%, and laborforce participation rate of 73% is higher thanthe U.S. rate.These consumers are up on the latesttechnology.They get most of their information from theInternet.Concern about the environment impacts theirpurchasing decisions.

Market ProfileOwn U.S. savings bonds.Own newer computers (desktop, laptop orboth), iPods and 2+ TVs.Go online to do banking, access YouTube orFacebook, visit blogs, and play games.Use cell phones to text, redeem mobilecoupons, listen to music, and check for newsand financial information.Find leisure going to bars/clubs, attendingconcerts, going to the zoo, and renting DVDsfrom Redbox or Netflix.Read sports magazines and participate in avariety of sports, including backpacking,basketball, football, bowling, Pilates, weightlifting and yoga.Eat out often at fast-food and familyrestaurants.



This is the


In this area




About this segment

Bright Young Professionals



Who We AreSoccer Moms is an affluent, family-oriented market with a country flavor.Residents are partial to new housingaway from the bustle of the city but closeenough to commute to professional jobcenters. Life in this suburban wildernessoffsets the hectic pace of two workingparents with growing children. They favortime-saving devices, like banking online orhousekeeping services, and family-oriented pursuits.

Our NeighborhoodSoccer Moms residents prefer the suburbanperiphery of metropolitan areas.Predominantly single family, homes are innewer neighborhoods, 36% built in the 1990s,31% built since 2000.Owner-occupied homes have high rate ofmortgages at 74%, and low rate vacancy at5%.Median home value is $226,000.Most households are married couples withchildren; average household size is 2.96.Most households have 2 or 3 vehicles; longtravel time to work including a disproportionatenumber commuting from a different county

Socioeconomic TraitsEducation: 37.7% college graduates; morethan 70% with some college education.Low unemployment at 5.9%; high labor forceparticipation rate at 72%; 2 out of 3households include 2+ workers.Connected, with a host of wireless devices fromiPods to tablets--anything that enablesconvenience, like banking, paying bills or evenshopping online.Well insured and invested in a range of funds,from savings accounts or bonds to stocks.Carry a higher level of debt, including first andsecond mortgages and auto loans

Market ProfileMost households own at least two vehicles; themost popular types are minivans and SUVs.Family-oriented purchases and activitiesdominate, like 4+ televisions, movie purchasesor rentals, children's apparel and toys, andvisits to theme parks or zoos.Outdoor activities and sports are characteristicof life in the suburban periphery, like bicycling,jogging, golfing, boating, and target shooting.Home maintenance services are frequentlycontracted, but these families also like theirgardens and own the tools for minor upkeep,like riding mowers and tillers.



This is the


In this area




About this segment

Soccer Moms



Who We AreMetro Fusion is a young, diverse market.Many residents do not speak Englishfluently and have moved into their homesrecently. They are highly mobile. More thanthree-quarters of households areoccupied by renters. Many householdshave young children; a quarter are single-parent families. The majority of residentslive in midsize apartment buildings. MetroFusion is a hard-working market withresidents who are dedicated to climbingthe ladders of their professional andsocial lives. This is particularly difficult forthe single parents due to median incomesthat are 35 percent lower than the U.S.average.

Our NeighborhoodOver 60% of the homes are multi-unitstructures located in the urban periphery.Three quarters of residents are renters, andrents are about ten percent less than the U.S.average.The majority of housing units were built before1990.Single-parent and single-person householdsmake up over half of all households.

Socioeconomic TraitsThey're a diverse market with 30% black, 34%Hispanic and 20% foreign born.Younger residents are highly connected, whileolder residents do not have much use for thelatest and greatest technology.They work hard to advance in their professions,including working weekends.They take pride in their appearance, considertheir fashion trendy, and stick with the samefew designer brands.They spend money readily on what's hot unlesssaving for something specific.Social status is very important; they look toimpress with fashion and electronics.

Market ProfileThey enjoy watching MTV, BET, Spanish TVnetworks and pay-per-view.They listen to R&B, rap, Latin and reggaemusic.Football and soccer are popular sports.They shop at discount grocery stores, Kmartand Walmart.They often eat frozen dinners, but when diningout prefer McDonald's, Wendy's and IHOP.



This is the


In this area




About this segment

Metro Fusion



Who We AreProfessional Pride consumers are well-educated career professionals who haveprospered through the Great Recession.To maintain their upscale suburbanlifestyles, these goal-oriented coupleswork, often commuting far and workinglong hours. However, their schedules arefine-tuned to meet the needs of theirschool-age children. They are financiallysavvy; they invest wisely and benefit frominterest and dividend income. So far,these established families haveaccumulated an average of $1.5 million innet worth, and their annual householdincome runs at more than twice the U.S.average. They take pride in their newerhomes and spend valuable time andenergy upgrading. Their homes arefurnished with the latest in home trends,including finished basements equippedwith home gyms and in-home theaters.

Our NeighborhoodTypically owner-occupied, single-family homesare in newer neighborhoods: 59% of units werebuilt in the last 20 years.Neighborhoods are primarily located in thesuburban periphery of large metropolitanareas.Most households own two or three vehicles;long commutes are the norm.Homes are valued at more than twice the U.S.median home value, although three out of fourhomeowners have mortgages to pay off.Families are mostly married couples (almost80% of households), and more than half ofthese families have kids. Their averagehousehold size, 3.11, reflects the presence ofchildren.

Socioeconomic TraitsProfessional Pride consumers are highlyqualified in the science, technology, law orfinance fields; they've worked hard to buildtheir professional reputation or their start-upbusinesses.These consumers are willing to risk theiraccumulated wealth in the stock market.They have a preferred financial institution,regularly read financial news, and use theInternet for banking transactions.These residents are goal oriented and strive forlifelong earning and learning.Life here is well organized; routine is a keyingredient to daily life.

Market ProfileThese frequent travelers take several domestictrips a year, preferring to book their planetickets, accommodations and rental cars via theInternet.Residents take pride in their picture-perfecthomes, which they continually upgrade. Theyshop at Home Depot and Bed Bath & Beyondto tackle the smaller home improvement andremodeling tasks but contract out the largerprojects.To keep up with their busy households, theyhire housekeepers or professional cleaners.Residents are prepared for the ups and downsin life; they maintain life insurance;homeowners and auto insurance; as well asmedical, vision, dental, and prescriptioninsurance through work. They are activelyinvesting for the future; they hold 401(k) andIRA retirement plans, plus securities.Consumers spend on credit but have thedisposable income to avoid a balance on theircredit cards. They spend heavily on Internetshopping; Amazon.com is a favorite website.Consumers find time in their busy schedules forthemselves. They work out in their home gyms,owning at least a treadmill, an elliptical orweightlifting equipment. They also visit thesalon and spa regularly.All family members are avid readers; they readon their smartphones, tablets and e-readers butalso read hard copies of epicurean, homeservice and sports magazines.Residents, both young and old, are tech savvy;they not only own the latest and greatest intablets, smartphones and laptops but actuallyuse the features each has to offer.



This is the


In this area




About this segment

Professional Pride



20172022 (Projected)

Total PopulationThis chart shows the total population inan area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population DensityThis chart shows the number of peopleper square mile in an area, comparedwith other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population Change Since 2010This chart shows the percentage changein area's population from 2010 to 2017,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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Total Daytime PopulationThis chart shows the number of peoplewho are present in an area during normalbusiness hours, including workers, andcompares that population to othergeographies. Daytime population is incontrast to the "resident" populationpresent during evening and nighttimehours.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Virginia Beach, VA 23453: Population Comparison



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Daytime Population DensityThis chart shows the number people whoare present in an area during normalbusiness hours, including workers, persquare mile in an area, compared withother geographies. Daytime population isin contrast to the "resident" populationpresent during evening and nighttimehours.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Average Household SizeThis chart shows the average householdsize in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population Living in FamilyHouseholdsThis chart shows the percentage of anarea’s population that lives in ahousehold with one or more individualsrelated by birth, marriage or adoption,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Women 2017Men 2017Women 2022 (Projected)Men 2022 (Projected)

Female / Male RatioThis chart shows the ratio of females tomales in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually




Median AgeThis chart shows the median age in anarea, compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Population by AgeThis chart breaks down the population ofan area by age group.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Virginia Beach, VA 23453: Age Comparison



MarriedUnmarried

Married / Unmarried AdultsRatioThis chart shows the ratio of married tounmarried adults in an area, comparedwith other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

MarriedThis chart shows the number of people inan area who are married, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Never MarriedThis chart shows the number of people inan area who have never been married,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

WidowedThis chart shows the number of people inan area who are widowed, comparedwith other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

DivorcedThis chart shows the number of people inan area who are divorced, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Virginia Beach, VA 23453: Marital Status Comparison




Average Household IncomeThis chart shows the average householdincome in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Median Household IncomeThis chart shows the median householdincome in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually


Per Capita IncomeThis chart shows per capita income in anarea, compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Average Disposable IncomeThis chart shows the average disposableincome in an area, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Virginia Beach, VA 23453: Economic Comparison



Virginia BeachVirginiaUSA

Unemployment RateThis chart shows the unemploymenttrend in an area, compared with othergeographies.Data Source: Bureau of Labor Statisticsvia 3DLUpdate Frequency: Monthly

Employment Count byIndustryThis chart shows industries in an areaand the number of people employed ineach category.Data Source: Bureau of Labor Statisticsvia Esri, 2017Update Frequency: Annually



Less than 9th GradeThis chart shows the percentage ofpeople in an area who have less than aninth grade education, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Some High SchoolThis chart shows the percentage ofpeople in an area whose highesteducational achievement is some highschool, without graduating or passing ahigh school GED test, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

High School GEDThis chart shows the percentage ofpeople in an area whose highesteducational achievement is passing ahigh school GED test, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

High School GraduateThis chart shows the percentage ofpeople in an area whose highesteducational achievement is high school,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Some CollegeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is somecollege, without receiving a degree,compared with other geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Virginia Beach, VA 23453: Education Comparison



Associate DegreeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is an associatedegree, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Bachelor's DegreeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is a bachelor'sdegree, compared with othergeographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Grad/Professional DegreeThis chart shows the percentage ofpeople in an area whose highesteducational achievement is a graduateor professional degree, compared withother geographies.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually



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Average Commute TimeThis chart shows average commute timesto work, in minutes, by percentage of anarea's population.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

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How People Get to WorkThis chart shows the types oftransportation that residents of the areayou searched use for their commute, bypercentage of an area's population.Data Source: U.S. Census AmericanCommunity Survey via Esri, 2017Update Frequency: Annually

Virginia Beach, VA 23453: Commute Comparison



Median Estimated Home ValueThis chart displays property estimates foran area and a subject property, whereone has been selected. Estimated homevalues are generated by a valuationmodel and are not formal appraisals.Data Source: Valuation calculationsbased on public records and MLS sourceswhere licensedUpdate Frequency: Monthly

12-Month Change in MedianEstimated Home ValueThis chart shows the 12-month change inthe estimated value of all homes in thisarea, the county and the state. Estimatedhome values are generated by avaluation model and are not formalappraisals.Data Source: Valuation calculationsbased on public records and MLS sourceswhere licensedUpdate Frequency: Monthly

Median Listing PriceThis chart displays the median listingprice for homes in this area, the countyand the state.Data Source: On- and off-market listingssourcesUpdate Frequency: Monthly

12-Month Change in MedianListing PriceThis chart displays the 12-month changein the median listing price of homes inthis area, and compares it to the countyand state.Data Source: On- and off-market listingssourcesUpdate Frequency: Monthly

Virginia Beach, VA 23453: Home Value Comparison



Best Retail Businesses: Virginia Beach, VA 23453

This chart shows the types of businesses that consumers are leaving an area to find. The business types represented by blue bars are relatively scarce in the area,so consumers go elsewhere to have their needs met. The beige business types are relatively plentiful in the area, meaning there are existing competitors for thedollars that consumers spend in these categories.Data Source: Retail Marketplace via Esri, 2017Update Frequency: Annually



Commercial Trade Area Report - LoopNet...Education completed: 36% with some college or an...

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