DG - Jacksonville FL - Packageissenbergbritti.com/commercial_real_estate/images/... ·...

OFFERING MEMORANDUM

JACKSONVILLE, FL

CONFIDENTIALITY AND DISCLAIMER

The 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 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.

JACKSONVILLE, FL

NON-ENDORSEMENT NOTICE

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) 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 M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, 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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NET LEASED DISCLAIMER

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

JACKSONVILLE, FL

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 MARKET OVERVIEW

Section 4 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

JACKSONVILLE, FL

PRICING AND FINANCIAL ANALYSIS

Annualized Operating Data

12375 Yellow Bluff Road

Jacksonville, FL 32226

Price $2,054,320

Down Payment 100% / $2,054,320

Rentable Square Feet 9,014

Price/SF $227.90

CAP Rate 6.25%

Year Built 2010

Lot Size 1.01 Acres

Type of Ownership Fee Simple

Location

Rent Increases Annual Rent Monthly Rent

Year One Through Fifteen $128,394.60 $10,699.55

Option One $150,522.00 $12,543.50

Option Two $165,575.04 $13,797.92

Option Three $170,892.00 $14,241.00

Option Four $187,861.68 $15,655.14

1

Base Rent ($14.24/SF) $128,395

Net Operating Income $128,395

Total Return 6.25% / $128,395


Tenant Trade Name Dollar General

Ownership Public

Tenant Corporate Store

Lease Guarantor Corporate Guarantee

Lease Type Absolute Net

Roof and Structure Tenant Responsible

Lease Term 15 Years

Lease Commencement Date February 9, 2010

Rent Commencement Date March 1, 2010

Lease Expiration Date February 28, 2025

Term Remaining on Lease 10 Years

Increases 17% in option

Options Four (5 Year) Options

Dollar General NNN LeaseJACKSONVILLE, FL

Tenant Summary

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida © 2015 Marcus &Millichap. All rights reserved.

FINANCIAL OVERVIEW

2



Property Name Dollar General NNN Lease

Property Address 12375 Yellow Bluff Road

Jacksonville, FL 32226

Property Type Net Leased Discount

Rentable Square Feet 9,014

Tenant Trade Name Dollar General

Ownership Public

Tenant Corporate Store

Sales Volume 14.8 Billion

Net Worth 4.67 Billion

Lease Guarantor Corporate Guarantee

Credit Rating BBB-

Rating Agency Standard & Poor's

Stock Symbol DG

Board NYSE

Rank 183 on Fortune 500

Lease Commencement Date February 9, 2010

Rent Commencement Date March 1, 2010

Lease Expiration Date February 28, 2025

Term Remaining on Lease 10 Years

Lease Type Absolute Net

Roof and Structure Tenant Responsible

Lease Term 15 Years

Net Operating Income $128,394.60

Increases 17% in option

Options to Renew Four (5 Year) Options

No. of Locations 10,000+

Headquartered Goodlettsville, TN

Web Site www.dollargeneral.com


Dollar General is the largest discount retailer in the United States by number of stores with over 10,000 neighborhood stores in 40 states. Dollar

General helps shoppers Save time. Save money. Every day!(R) by offering quality private and national branded items that are frequently used and

replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, house wares and seasonal items at everyday low

prices in convenient neighborhood stores. Dollar General is among the largest retailers of top-quality products made by America's most trusted

manufacturers such as Procter & Gamble, Kimberly Clark, Unilever, Kellogg's, General Mills, Nabisco, PepsiCo and Coca-Cola.

Source: http://investor.shareholder.com/dollar/index.cfm

TENANT OVERVIEW

JACKSONVILLE, FL

PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present this Absolute NNN Dollar General located in Jacksonville, Florida. An investor will realize a 6.25% return for the next 10 years and a 7.32% return if the tenant exercises its first option due to a unique 17% increase in rent. This Class A Construction Dollar General is located next to a Walgreens and sits just north of Olde Oaks, an affluent single family home gated subdivision of Jacksonville.

Dollar General is a growing Fortune 500 company (#183), with over $14.8 Billion in revenue, and 37 percent growth since the Great Recession began. Dollar General's credit rating was recently upgraded to Investment Grade (BBB-) by Standard & Poors, and it is publicly traded on the New York Stock Exchange under the ticker symbol, "DG". This chain commands over 10,000+ locations nationwide and has a net worth in excess of $4 billion.

Dollar General Corporation is a United States chain of variety stores headquartered in Goodlettsville, Tennessee. In recent years, the chain has started constructing more stand-alone stores, typically in areas not served by another general merchandise retailera. In some cases, stores are within a few city blocks of each other. Dollar General offers a variety of merchandise including off-brand goods and closeouts of name-brand items,in the same store, often on the same shelf. Although it has the word "dollar" in the name, Dollar General is not a dollar store. Most of its products are priced at more than $1.00. However, goods are usually sold at set price points of penny items and up to the range of 50 to 60 dollars, not counting phone cards and loadable store gift cards.

Dollar General often serves communities that are too small for Walmarts (although many locations are in relatively close driving distance to a Wal-Mart store). It competes in the dollar store format with national chains Family Dollar and Dollar Tree, regional chains such as Fred's in the southeast, and numerous independently owned stores.

Investment Highlights

■ Absolute Triple Net Lease - Zero Landlord Responsibility

■ 10 Years Remaining on Lease Term

■ 17% Increase in rent in First Option Period increasing returnto 7.32% Cap Rate

■ Located adjacent to Old Oaks, an affluent single family homegated subdivision and surrounded by two other single familyhome communities

■ Market Area Experiences an Average Household Income ofOver $76,000 in a One Mile Radius

4




INVESTMENT OVERVIEW

5




PROPERTY PHOTOS

Local Map Regional Map

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AREA MAPS

7




SITE PLAN

AERIAL


8


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age areapproximate. 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 of Florida © 2015 Marcus &Millichap. All rights reserved.

AERIAL


9


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age areapproximate. 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 of Florida © 2015 Marcus &Millichap. All rights reserved.

JACKSONVILLE, FL

MARKET OVERVIEW

11

MARKET OVERVIEW


Market Highlights

Attractive to businesses

■ The low cost of doing business draws

relocating and expanding companies.

Strong population growth

■ Population growth in the region continues to

outpace the nation.

Low cost of living

■ Housing costs in Jacksonville are well below

the U.S. average.


Geography

Jacksonville is located in the northeastern corner of Florida along the St. Johns River and the Atlantic Ocean. The

Jacksonville metro comprises five counties, covering a total of 2,636 square miles south of the Georgia border. The

area has a humid subtropical climate with mild winters and hot summers.

JACKSONVILLE

Jacksonville Metro

12

MARKET OVERVIEW

Metro

The Jacksonville metro consists of Duval, Clay, St.

Johns, Nassau, and Baker counties. With approximately

835,900 residents, Jacksonville is the largest city in the

metro followed by Lakeside and Fruit Cove. The

metro’s population is projected to grow 1.6 percent

annually over the next five years.


Largest Cities in Metro by Population

Airports

■ Jacksonville International, JacksonvilleExecutive, Herlong and Cecil

Major Roadways

■ Interstates 10, 95 and 295

■ U.S. Highways 1, 17, 90 and 301

Rail

■ Freight - Florida East Coast, CSX, NorfolkSouthern

■ Passenger - Amtrak

Port

■ JAXPORT

The Jacksonville Metro is:

■ 325 miles from Fort Lauderdale

■ 345 miles from Atlanta

■ 350 miles from Miami

■ 545 miles from New Orleans


Infrastructure

Jacksonville’s access to road, rail, sea and air

transportation has made it an intermodal hub for the

Southeast. Along with several U.S. highways, three

interstates serve Jacksonville: I-95 runs north and

south, I-10 runs east and west, and I-295 acts as a

beltway around the city. Jacksonville International

Airport is located 18 miles from downtown and

accommodates roughly 5.2 million passengers annually.

Jacksonville’s deepwater port JAXPORT is the largest

in the Southeast and has terminals equipped to handle

break bulk, container, bulk, automotive and

refrigerated cargo. The port also contains a terminal for

cruise ships and offers local ferry service.

Rail transport along the coast is provided by Florida

East Coast Railroad, with connecting service available

through CSX and Norfolk Southern.

Sources: Marcus & Millichap Research Services, Experian

JACKSONVILLE

Jacksonville 835,900

Lakeside 31,000

Fruit Cove 31,000

Fleming Island 27,500

Jacksonville Beach 21,600

Oakleaf Plantation 21,300

13

MARKET OVERVIEW


JAXPORT Quick Facts


Economy

Once rooted in its military bases, the commercial port

and paper mills, the Jacksonville economy has begun to

diversify. The metro is home to three Fortune 500

companies: Fidelity National Information Services,

Fidelity National Financial, and Winn-Dixie.

The city has developed a large financial services sector,

led by Bank of America, Fidelity National and

Citibank. The professional and business services sector

has also risen in importance, accounting for 16 percent

of total employment. In addition, Jacksonville has an

emerging industrial base in medical products research

and manufacturing.

JAXPORT provides a $19 billion annual economic

impact to the Jacksonville metro. More than 8 million

tons of cargo pass through the port each year and the

development of cruise ship service will promote further

expansion. Facilities at the port are being expanded to

handle the larger ships that will pass through the

widened Panama Canal.

The military remains a large part of the economy, with

two naval facilities and more than 25,000 people

employed locally. Many of the naval personnel who

retire from the military stay in the area because of its

affordable housing and career opportunities.

Sources: Marcus & Millichap Research Services, Jacksonville Port Authority

JACKSONVILLE

Cargo, cruise and ferry facilities

Supports more than 65,000 jobs

$19 billion annual economic impact

Three cargo terminals

8.2 million tons of cargo annually

185,400 embarking cruise passengers

Ferry service across St. John's River

14

MARKET OVERVIEW



Labor

Jacksonville has a large and well-trained employment base of 627,000 people, bolstered by strong educational

institutions and highly skilled military retirees. Employment is projected to grow 1.7 percent annually over the

next five years, exceeding the national rate. During this time, all employment sectors except for manufacturing are

forecast to expand.

The largest job segment is trade, transportation and utilities, which employs 21 percent of the work force. Many of

these workers are employed at Jacksonville International Airport, JAXPORT and at retailers. This segment is

expected to post 1.0 percent annual growth over the coming five years. The next largest sectors are professional

and business services and education and health services, accounting for 16 percent and 15 percent of employment,

respectively. Education and health services jobs are projected to rise approximately 2.8 percent annually over the

next five years as more services are needed to fill the needs of the growing population. Professional and business

services will expand 0.9 annually during this time.

The small construction sector, which faced major declines during the recent recession, is forecast to jump 5.5

percent annually throughout 2018. The expansion of the construction industry will pave the way for future

growth in the metro.

JACKSONVILLE

15

MARKET OVERVIEW


Employers

Many Jacksonville-area residents are connected to the

Navy, either through employment or as a member of a

Navy family. The area’s bases are a major force in the

local economy, with more than 25,000 on payroll. A

large share of personnel exiting the Navy chooses to

remain in the region, providing local companies with a

steady stream of skilled workers, especially in

electronics, technical maintenance and management.

Jacksonville is growing as a regional center for financial

and business services. Bank of America and Citibank

each employ over thousands of local residents. The low

cost of doing business in the metro attracts companies

seeking an affordable locale to house back-office

operations.

JAXPORT, railways and highways help make

Jacksonville a premier center for transportation and

trade services. In addition to trade, cruise service is

provided by Carnival Cruise Lines.

Many of the major employers are in healthcare,

including St. Vincent’s Medical Center and the Baptist

Health System. The Mayo Clinic has a large presence

in the area and UF Health Jacksonville, which is

affiliated with the University of Florida Health Science

Center, is a teaching hospital that has one of the few

particle beam facilities in the state for cancer treatment.


Major Employers

JACKSONVILLE

Jacksonville Naval Air Station

St. Vincent’s Medical Center

Mayport Naval Station

Blue Cross Blue Shield of Florida

CSX

Baptist Health System

Citibank

Fidelity National Financial

Winn-Dixie

Bank of America Corp.

16

MARKET OVERVIEW


Demographics

Population growth in the Jacksonville metro continues

to outperform the nation. Since 2000, the population

has expanded by 2.4 percent to approximately 1.4

million residents. Over the next five years, population

growth is expected to continue at an average pace of 1.6

percent annually. A substantial portion of these new

residents will arrive in Jacksonville via in-migration.

At 37.8 years old, the median age in the metro is

slightly above the U.S. median. The median household

income of $53,200 per year is above the national

median, as roughly 18.5 percent of households have an

annual income greater than $100,000. In the next five

years, the median household income is expected to rise

to $58,500 per year.

Income trends in the metro will support an increase in

consumer expenditures. The metro remains a

competitive alternative to South Florida’s escalating

cost of living. The median home price, at $159,500, is

well below those in South Florida markets, allowing

more than 66 percent of area residents to own a home.

During the next five years, incomes are expected to rise

faster than home prices, increasing the metro’s

affordability.

Education levels in the Jacksonville area are rising.

Currently, about 27 percent of residents have earned at

least a bachelor’s degree, compared with just 23 percent

in 2000.


JACKSONVILLE

17

MARKET OVERVIEW


Quality Of Life

In addition to warm weather and sunshine, the

Jacksonville area offers many recreational events and

cultural opportunities. Jacksonville’s beach

communities consist of Atlantic Beach, Neptune Beach

and Jacksonville Beach along 50 miles of shoreline.

These beaches also offer sport fishing, boating and

water sport activities.

The area is home to the Professional Golfers

Association, the World Golf Village and the World

Golf Hall of Fame. The Association of Tennis

Professionals is also based in the area. Sports teams

include the Jacksonville Suns, a minor league baseball

team, and the Jacksonville Jaguars of the NFL.

Everbank Field hosts the TaxSlayer.com Gator Bowl,

and the annual matchup between Florida and Georgia.

Cultural opportunities include the Museum of Science

& History, Cummer Museum of Art, Mandarin

Museum & Historical Society, and the Museum of

Contemporary Art Jacksonville. The symphony,

theater, ballet and numerous arts festivals, such as the

Annual Jazz Festival, anchor a packed social and

cultural calendar.

Other sites of interest include the Jacksonville Zoo and

the Jacksonville Landings, a mix of retail and

restaurants along the St. Johns River downtown.


The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.

JACKSONVILLE

18

MARKET OVERVIEW


Late Recovery in Jacksonville Providing Opportunities

for Buyers Seeking Distressed Assets

Jacksonville retail owners will record stronger operations this year as retailers lease space to make up for lost time.

Vacancy peaked in the area in mid-2012, more than two years after the national recovery began. As a result, the

upside potential in operations is significant, and much of the improvement could be realized over the next two

years. Retail sales in the metro are anticipated to grow more than 6 percent in 2014, lifting consumer spending to

nearly 18 percent above the pre-recession peak. The rise in retail sales should help operators overcome the shortfall

in occupied stock. Although space demand is 3.5 percent above the rate at the beginning of the recession, the

supply overhang jumps to nearly 2.5 million square feet when considering population growth. Nearly 500,000

square feet will be absorbed this year, and developers remain cautious when considering construction, which is

limiting supply growth to less than 100,000 square feet. As conditions tighten, rent growth will resume for the first

time since 2008.

Investors seeking value-add plays will increasingly turn to Jacksonville as the pace of operational improvement

hastens at a time when nearby metros provide fewer upside opportunities. Conditions in South Florida have

tightened considerably over the past few years, limiting the number of available distressed properties. In

Jacksonville, however, a late recovery is providing listings that offer higher returns for buyers with a penchant for

filling dark space. In the single-tenant arena, plenty of buyers are available for assets occupied by national credits

secured under long leases. A stronger housing market in the Northeast and Midwest is aiding migration trends as

baby boomers retire to Florida. Many of these investors will exchange out of their management-intensive

properties and purchase net-leased assets near their retirement communities.


JACKSONVILLE

* Forecast ** EstimateSources: CoStar Group, Inc., Real Capital Analytics

19

MARKET OVERVIEW


2014 Market Outlook

■ 2014 NRI Rank: 41, No Change. High vacancy prevented Jacksonville from improving in the NRI.

■ Employment Forecast: Payrolls will rise 2 percent as 12,300 workers are hired in 2014. Last year, 8,600 spots

were created.

■ Construction Forecast: Only 80,000 square feet of new space will come online this year, following 211,000

square feet in 2013.

■ Vacancy Forecast: The marketwide vacancy rate will decline 70 basis points to 8 percent this year, following a

100-basis point drop in 2013.

■ Rent Forecast: After a 2.6 percent decline in 2013, asking rents will rise 1.7 percent to $12.72 per square foot.

■ Investment Forecast: Drugstores and other highly sought-after single-tenant deals trade at cap rates close to 6

percent. First-year returns for multi-tenant assets are approximately 150 basis points above that level.


* Forecast ** EstimateSources: CoStar Group, Inc., Real Capital Analytics

JACKSONVILLE

JACKSONVILLE, FL

DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 1,633 10,086 21,179

2010 Population 3,312 21,007 35,540

2013 Population 3,607 22,230 37,794

2018 Population 4,243 26,250 43,424

2000 Households 555 3,576 7,626

2010 Households 1,109 7,087 12,703

2013 Households 1,207 7,501 13,519

2018 Households 1,422 8,860 15,574

2013 Average Household Size 2.76 2.80 2.74

2013 Daytime Population 927 5,088 14,872

2000 Owner Occupied Housing Units 77.20% 79.14% 76.58%

2000 Renter Occupied Housing Units 13.92% 14.34% 17.16%

2000 Vacant 8.88% 6.52% 6.25%



2013 Vacant 5.84% 7.55% 7.90%



2018 Vacant 5.55% 7.73% 8.16%

$ 0 - $14,999 10.6% 9.8% 10.6%

$ 15,000 - $24,999 8.1% 8.2% 9.4%

$ 25,000 - $34,999 8.0% 9.8% 10.8%

$ 35,000 - $49,999 13.5% 15.8% 16.1%

$ 50,000 - $74,999 20.2% 20.7% 19.7%

$ 75,000 - $99,999 14.2% 15.2% 14.5%

$100,000 - $124,999 10.3% 9.3% 9.0%

$125,000 - $149,999 5.8% 4.5% 4.1%

$150,000 - $199,999 7.4% 4.6% 3.9%

$200,000 - $249,999 0.8% 1.1% 0.9%

$250,000 + 1.2% 1.1% 1.1%

2013 Median Household Income $62,350 $57,222 $53,628

2013 Per Capita Income $25,707 $24,109 $24,304

2013 Average Household Income $76,627 $71,168 $67,622

Demographic data © 2012 by Experian.

21




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 37,793. The population has changed by 78.44% since 2000. It is estimated

that the population in your area will be 43,423 five years from now, which represents a change of 14.89% from the current year. The

current population is 48.61% male and 51.38% female. The median age of the population in your area is 36.6, compare this to the

Entire US average which is 37.3. The population density in your area is 481.49 people per square mile.

Households

There are currently 13,518 households in your selected geography. The number of households has changed by 77.27% since 2000.

It is estimated that the number of households in your area will be 15,574 five years from now, which represents a change of 15.20%

from the current year. The average household size in your area is 2.74 persons.

Income

In 2014, the median household income for your selected geography is $53,627, compare this to the $Entire US average which is

currently $51,972. The median household income for your area has changed by 27.48% since 2000. It is estimated that the median

household income in your area will be $61,800 five years from now, which represents a change of 15.24% from the current year.

The current year per capita income in your area is $24,304, compare this to the $Entire US average, which is $28,599. The current

year average household income in your area is $67,621, compare this to the $Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 69.21% White, 22.40% Black, 0.06% Native American and 3.51%

Asian/Pacific Islander. Compare these to Entire US% averages which are: 71.60% White, 12.70% Black, 0.18% Native American

and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 6.61% of the current year

population in your selected area. Compare this to the Entire US% average of 17.13%.

Housing

In 2000, there were 6,229 owner occupied housing units in your area and there were 1,396 renter occupied housing units in your

area. The median rent at the time was $432.

Employment

In 2014, there are 14,872 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 50.58% of employees are employed in white-collar occupations in this geography, and 49.34% are employed in blue-collar

occupations. In 2014, unemployment in this area is 4.74%. In 2000, the average time traveled to work was 28.1 minutes.


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SUMMARY REPORT

Average income of all the people 15 years and older occupying a

single housing unit.


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AVERAGE HOUSEHOLD INCOME

JACKSONVILLE, FL

OFFERING MEMORANDUM

Offices Nationwide

www.MarcusMillichap.com

Ronnie Issenberg

Vice President Investments

Miami Office

Office: (786) 522‐7013

[email protected]

Gabriel Britti

Associate Vice President Investments

Miami Office

Office: (786) 522‐7017

[email protected]

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