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Activity ID Z0600034 Offering Memorandum ELIZABETH CITY LAND OFFERING
US HIGHWAY 17 BYPASS & HALSTED BLVD, ELIZABETH CITY, NC 27909 (174 ACRES)
ELIZABETH CITYLAND OFFERING
ELIZABETH CITY LAND OFFERINGElizabeth City, NC
PRESENTED BY________
ALTAY UZUNTeam Lead
Hampton Roads OfficeTel (757) 777-3737
[email protected] License VA 0225214405
JUSTIN FERGUSONAssociate
Hampton Roads OfficeTel (202) 536-3707
[email protected] License VA 0225225369
NICHOLAS BALOGAssociate
Hampton Roads OfficeTel (804) 205-5008
[email protected] License VA 0225226429
CHANDLER MORTAgent Candidate
Hampton Roads OfficeTel (202) 536-3758
[email protected] License VA 0225235752
JAMES DAVISAssociate Director
Greensboro OfficeTel (336) 554-9021
[email protected] License: NC: #187177, SC: #81764
NATE MCDANIELSenior Associate
Charlotte OfficeTel (704) 831-4638
[email protected] License: NC: #LC539, SC: #96405
NON-ENDORSEMENT& DISCLAIMER NOTICECONFIDENTIALITY & 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 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 pre-pared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The informa-tion 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, Mar-cus & Millichap has not verified, and will not verify, any of the information con-tained 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.
NON-ENDORSEMENT NOTICE
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any com-mercial 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 affili-ates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee infor-mation about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
ELIZABETH CITY LAND OFFERINGElizabeth City, NC
TABLE OF CONTENTS________
EXECUTIVE SUMMARYSection 1
Investment Overview ... 8Investment Summary ... 9
Investment Highlights ... 10Location Overiview ... 12
Property Images ... 16
LOCATION OVERVIEWSection 2
Local Map ... 20Regional Map ... 21
Location Highlights ... 22Local Attractions ... 24
SALES COMPARABLESSection 3
Sales Comparables ... 30Rent Comparables ... 32
MARKET OVERVIEWSection 4
City Overview ... 36Economic Overview ... 37
Demographic Analysis ... 38
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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services of Florida, Inc. © 2018 Marcus & Millichap ACT ID Y0600073
EXECUTIVE SUMMARYELIZABETH CITY LAND OFFERING 1
ELIZABETH CITY LAND OFFERING | EXECUTIVE SUMMARY ELIZABETH CITY LAND OFFERING | EXECUTIVE SUMMARY
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I N V E S T M E N T S U M M A R Y
Property Address HWY 17 & HALSTEAD BLVD
Price $7,500,000
Lot Size 174 Acres
Price/Acre $43,103
Price/SF $.99
Number of Lots 2
Price/Lot $3,750,000
Frontage 2,500 Linear Feet Along NC Bypass 17
Zoning General Business District / Commercial
Property Zoning Regulation154 Acres Zoned to Pasquotank County Regulation
20 Acres Zoned to Elizabeth City Regulation
GBD Zoning Regulation
Permitted UsesAgriculture, Construction, Manufactor, Retail, Business,
Professional, Office, Wholesale, and Multifamily
Minimum Lot WidthMinimum Lot Depth
Minimum Lot SizeBuilding Requirements
Distance Per BuildingMinimum Height of StructureMinimum Front Yard Setback
Minimum Front Yard DepthMinimum Sidewalk Setback Minimum Driveway Width
Multifamily Restrictions
75 ft120 ft15,000 sq ftOne Principal Use Per Building 20 ft 35 ft30 ft60 ft15 ft30 ft10-12 Dwelling Units per Gross Acre
I N V E S T M E N T O V E R V I E WMarcus and Millichap is pleased to present the Offering Memorandum of The Elizabeth City Land Offering. The 174 Acre property is one of few re-maining parcels of its size in the booming corridor of Elizabeth City, NC.
SUBJECT PROPERTYThe Elizabeth City Land Offering provides an investor the opportunity to acquire a unique asset with tremendous upside potential. Situated at the intersection NC Bypass 17 and Halstead Avenue, the asset is posi-tioned in an advantageous location gaining access to visitors through-out southern Virginia to central Florida. The Subject Property is favorably zoned “General Business” offering an array of investment opportunities to accommodate any buyer. The highest and best use for this assem-blage is expected to be a mixed-use development that capitalizes on the strategic location of the property on the Elizabeth City major thorough-fare. The current demand for retail options available for the vacation community, seasonal short term housing, and long term residential housing makes this a rare and valuable opportunity for a prospective purchaser.
LOCATIONBest known for its tourism, Elizabeth City offers miles of waterfront, a variety of recreational activities, diverse shopping locations, and local restaurants that keep the area busy year round. Though much of the econ-omy is anchored to the tourism industry, the city is much more than just a short-term destination, even named as one of the best places to live on the East Coast by Money Magazine.
DEVELOPMENTRecently, Elizabeth City has played host to many development and redevelopment projects, with over $415 million in new private/public investments. Major projects include expansion of Elizabeth Street Bridge, renovation of the former Coast Guard Housing facility, completion of Stockbridge at Tanglewood Phase I, construction of Stockbridge at Tanglewood Phase II, development of Camden Towne Center, restoration of the Historic Southern Hotel, implementation of the Amazon Wind Farm, and the addition of the regions first Brewhub's. Elizabeth City’s new commercial focus is estimated to result in an annual increase in income of 1.5% for the next thirty years.
SUMMARYThe Elizabeth City Land Offering is available for the price of $7,500,000 ($43,103/Acre).
Conceptual Site Plan
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► 174 Acres Along a Major Interstate
► Zoning District with a Wide Range Of Investment Options
► Centrally Located Between Norfolk, VA and Outer Banks, NC
► Prime Location in a Booming City
► Close to all Tourist Attractions
► Direct Access to the Intercoastal Waterway and Atlantic Ocean
► Water and Sewer Included
► Named One of Money Magizine’s “Best Places to Live on the East Coast”
INVESTMENT HIGHLIGHTS
U.S .ROUTE
SEVENTEEN"THE COASTAL HIGHWAY"
This north-south thoroughfare extends from southern Virginia to central Florida. The
twelve thousand mile corridor yields sixteen thousand vehicles per day on average along Cameron Drive in Elizabeth City, alone. With the merger of Interstate 495, Raleigh’s first
direct free-flow northern interstate and direct connection to Interstate 17 and 64,
the surrounding mid-Atlantic is conveniently linked providing a substantial boost in
tourism, , a staple in the local economy for the entire region. For the past three years, corresponding states such as Virginia, the Carolinas, and Florida, have maintained a
steady increase in tourism, , with anticipated growth exceeding twenty percent in the
upcoming . years.
HOSPITALITYKnown as the “Harbor of Hospitality” Elizabeth City offers the perks of both a lively metro and the regional intimacy of a small town. The Subject Property’s prime location enjoys an array of recreationalopportunities, maritime activities, outdoor attractions, a historical culture, diverse shopping and dining experiences, and charming local communities to residents and visitors, alike.
ELIZABETH CITY LAND OFFERING | EXECUTIVE SUMMARY ELIZABETH CITY LAND OFFERING | EXECUTIVE SUMMARY16 17
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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services of Florida, Inc. © 2018 Marcus & Millichap ACT ID Y0600073
LOCATION SUMMARYELIZABETH CITY LAND OFFERING 2
LOCAL MAP
REGIONAL MAP
ELIZABETH CITY LAND OFFERING | LOCATION SUMMARY ELIZABETH CITY LAND OFFERING | LOCATION SUMMARY
TANGLEWOOD PAVILION SHOPPING CENTER
LOT SIZE: 146,000 SFOCCUPANCY: 96%RENT: $19-$28/SF
4.5 MILES FOM ELIZABETH CITY
DOWNTOWN
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STOCKBRIDGE AT TANGLEWOOD SUBDIVISION
PHASE I:116 HOMES - COMPLETEDPHASE I I: 129 HOMES - CONSTRUCTION
HOME PRICES RANGE FROM $215,000-$270,000 +
TANGLEWOOD LAKE APARTMENTS
1 BEDROOM: (36) $9202 BEDROOM: (114) $1,120-$1,140
3 BEDROOM: (30) $1,275
ELIZABETH CITY LAND OFFERING | LOCATION SUMMARY ELIZABETH CITY LAND OFFERING | LOCATION SUMMARY24 25
TANGLEWOOD PAVILION
HALSTEAD BOULEVARD
ELIZABETH CITYLAND OFFERING
LO C A L AT T R AC T I O N S
► HIstoric Downtown Elizabeth City
► Downtown Waterfront Market
► Museum of the Albemarle
► The Center
► Mariner’s Wharf
► Charles Creek
► Enfield Recreation Center
► Knobbs Creek Park
► Elizabeth City State University
► Sentara Albemarle Medical Center
► College of Albemarle
► Mid-Atlantic Christian University
► United States Coast Guard
► DRS Technologies, Inc.
► Hoffler Flow Controls
► TCOM, LP
E V E N T S & L E I S U R E
PA R K S & R E C R E AT I O N
CO M M U N I T Y
J O B M A R K E T
R E N D E R I N G S A R E N OT P R O D U C T O F T H E S P E C I F I C P R O J E C T
COA S T G UA R D H O U S I N G
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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services of Florida, Inc. © 2018 Marcus & Millichap ACT ID Y0600073
SALES COMPARABLESELIZABETH CITY LAND OFFERING 3
ELIZABETH CITY LAND OFFERING | SALES COMPARABLES ELIZABETH CITY LAND OFFERING | SALES COMPARABLES
MARKET AVERAGES CLOSE OF ESCROW SALE PRICE PRICE/ACRE PRICE/SF
0 Halstead Boulevard, Elizabeth City, NC 27909 12/01/2017 $99,000 $62,737 $1.44
137 Jordan Plaza, Elizabeth City, NC 27909 10/19/2017 $55,000 $55,000 $1.26
104 Tidewater Way, Elizabeth City, NC 27909 01/03/2018 $57,500 $57,748 $1.33
1522 N Road Street, Elizabeth City, NC 27909 05/04/2018 $175,000 $48,611 $1.12
S A L E S CO M PA R A B L E S
4
1
3
2
Lot Size 1.58 Acres
Zoning Commercial
Lot Size 1.3 Acres
Zoning Commercial/Retail
Lot Size 1 Acre
Zoning Commercial
Lot Size 3.6 Acres
Zoning GBD
LOCATION US HWY 17 & HALSTEAD BLVD
Sale Price $7,500,000
Lot Size 174 Acres
Price/Acre $43,103
Price/SF $.99
Zoning General Business District
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2
3
4
30 31
Avg. $1.29
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00
105Tanglewood
Pkwy S
HalsteadBlvd
JordanPlaza
104Tidewater
Way
1522N Road St
Average Price Per Square Foot
ELIZABETH CITY LAND OFFERING | SALES COMPARABLES ELIZABETH CITY LAND OFFERING | SALES COMPARABLES
MARKET AVERAGES TOTAL UNITS 1 BEDROOM 2 BEDROOM 3 BEDROOM
Tanglewood Lake - 3895 Waterside Drive 180 36 114 30
Emerald Lake - 1500 Emerald Lake Circle 132 0 0 132
R E N T CO M PA R A B L E S
1 2
1
2
32 33
UNIT T YPE SQFT RENT RENT/SF
1 Bedroom 849 $920 $1.08
2 Bedroom 1,183 $1,130 $.96
3 Bedroom 1,364 $1,275 $.93
Year Built 2009 Occupancy 97.8%
UNIT T YPE SQFT RENT RENT/SF
1 Bedroom 0 0 0
2 Bedroom 0 0 0
3 Bedroom 1,200 $1,020 $.85
Year Built 1999 Occupancy 96%
ELIZABETH CITY LAND OFFERING MARKET SUMMARY4This 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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate
Investment Services of Florida, Inc. © 2018 Marcus & Millichap ACT ID Y0600073
ELIZABETH CITY LAND OFFERING | MARKET SUMMARY ELIZABETH CITY LAND OFFERING | MARKET SUMMARY
► Located along U.S. Route 17, the Subject Property hasaccess to varying demographics throughout Virginia, theCarolina’s, and Florida.
► Elizabeth City economy is best known for its defense,advanced manufacturing, maritime and logistics, and pri-vate sector growth.
► Notable employment drivers for the area include Sen-tara Albemarle Medical Center, Elizabeth City State Uni-versity, College of Albemarle, United States Coast Guard,vectorCSP, DRS Technologies, Inc., Hoffer Flow Controls,and TCOM, LP.
► In May 2016, Iberdrola Renewables, the world’s leadingproducer of wind power, constructed North Carolina’sfirst large scale wind project near Elizabeth City. The 300megawatt wind farm will supply enough power for 55,000to 70,000 homes and generate 400 construction jobs tothe local area.
E CO N O M YC I T Y O V E R V I E WLike most coastal cities, the framework for the city relied on a water-based shipping industry, but with the emergence of the 21st century a drastic shift in redevelopment and repositioning of the city has created a booming business district. Elizabeth City is recognized for its miles of waterfronts, industrial and private sector strength, harbors, shipyards, and a dependable military presence. The area still offers untapped potential for varying commercial acquisition projects and redevelopment initiatives, though, demand has been growing exponentially. Recent projects such as Coast Guard Housing Renovation, Camden Towne Center, and implementation of new breweries; Ghost Harbor Brewing and Elizabeth City Brewing authenticate the area as more than just a harbor of hospitality.
METRO HIGHLIGHTS
MILITARY CONCENTRATIONElizabeth City is home to several major competitors in the manufacturing and defense industry, including Avangrid, DRS Technologies, vectorCSP, TCOM, and Hoffer Flow. Elizabeth City is also the 17th city recognized for it’s Coast Guard presence and acclaimed support for the men and women who serve in the area.
HOSPITALITY AND TOURISMVisitors are drawn to the harbor and the multiple outdoor attractions in the area that have activities for everyone.
SKILLED LABOR POOLTechnical knowledge learned in the military helps to provide a highly educated and skilled labor force.
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ELIZABETH CITY LAND OFFERING | MARKET SUMMARY ELIZABETH CITY LAND OFFERING | MARKET SUMMARY
D E M O G R A P H I C S H I G H L I G H T S
1,410,467
$77,140
$173,447
ELIZABETH CITY TRADE AREA POPULATION
AVERAGE HOUSEHOLD INCOME
HOUSING VALUE
38 39
POPULATION PROFILE 5 Miles 25 Miles 50 Miles§ Population by Age
0 to 4 Years 6.28% 5.26% 6.44%5 to 14 Years 12.39% 12.29% 12.32%15 to 17 Years 3.22% 3.71% 3.66%18 to 19 Years 3.60% 2.78% 2.54%20 to 24 Years 8.38% 6.48% 8.48%25 to 29 Years 7.57% 6.30% 8.31%30 to 34 Years 6.84% 6.08% 7.36%35 to 39 Years 5.82% 5.87% 6.30%40 to 49 Years 11.29% 12.62% 12.01%50 to 59 Years 13.37% 15.41% 13.71%60 to 64 Years 5.69% 6.45% 5.61%65 to 69 Years 5.02% 5.69% 4.58%70 to 74 Years 3.92% 4.47% 3.26%75 to 79 Years 2.65% 2.91% 2.23%80 to 84 Years 1.86% 1.85% 1.56%Age 85+ 2.10% 1.82% 1.64%Median Age 36.42 41.03 35.67
POPULATION PROFILE 5 Miles 25 Miles 50 Miles§ Population 25+ by Education Level
2017 Estimate Population Age 25+ 20,768 76,597 938,787Elementary (0-8) 4.00% 3.54% 2.39%Some High School (9-11) 10.96% 10.59% 7.97%High School Graduate (12) 25.98% 31.17% 26.74%Some College (13-15) 25.86% 25.39% 25.69%Associate Degree Only 10.78% 9.78% 9.12%Bachelors Degree Only 13.60% 12.54% 17.32%Graduate Degree 7.51% 5.94% 9.72%
HOUSEHOLDS BY INCOME 5 Miles 25 Miles 50 Miles§ 2017 Estimate
$250,000 or More 0.90% 1.70% 2.28%$200,000 - $249,999 0.51% 0.93% 1.46%$150,000 - $199,999 2.74% 4.01% 4.75%$125,000 - $149,999 2.46% 3.95% 5.22%$100,000 - $124,999 6.31% 8.25% 9.13%$75,000 - $99,999 12.18% 13.54% 14.47%$50,000 - $74,999 19.68% 19.13% 19.67%$35,000 - $49,999 14.50% 13.73% 13.51%$25,000 - $34,999 11.37% 11.19% 9.57%$15,000 - $24,999 14.27% 11.42% 9.29%Under $15,000 15.10% 12.14% 10.64%
Average Household Income $56,914 $68,234 $77,140Median Household Income $45,001 $51,676 $58,264Per Capita Income $22,173 $25,897 $29,435
POPULATION 5 Miles 25 Miles 50 Miles§ 2022 Projection
Total Population 32,855 117,557 1,454,182§ 2017 Estimate
Total Population 31,403 110,243 1,410,467§ 2010 Census
Total Population 31,954 107,593 1,354,687§ 2000 Census
Total Population 26,678 89,517 1,266,192§ Daytime Population
2017 Estimate 33,365 89,072 1,431,039HOUSEHOLDS 5 Miles 25 Miles 50 Miles§ 2022 Projection
Total Households 12,501 43,970 548,197§ 2017 Estimate
Total Households 11,731 40,789 526,629Average (Mean) Household Size 2.48 2.57 2.56
§ 2010 CensusTotal Households 11,668 39,499 505,262
§ 2000 CensusTotal Households 10,127 33,031 466,719
ELIZABETH CITY LAND OFFERINGElizabeth City, NC
PRESENTED BY________
ALTAY UZUNTeam Lead
Hampton Roads OfficeTel (757) 777-3737
[email protected] License VA 0225214405
JUSTIN FERGUSONAssociate
Hampton Roads OfficeTel (202) 536-3707
[email protected] License VA 0225225369
NICHOLAS BALOGAssociate
Hampton Roads OfficeTel (804) 205-5008
[email protected] License VA 0225226429
CHANDLER MORTAgent Candidate
Hampton Roads OfficeTel (202) 536-3758
[email protected] License VA 0225235752
JAMES DAVISAssociate Director
Greensboro OfficeTel (336) 554-9021
[email protected] License: NC: #187177, SC: #81764
NATE MCDANIELSenior Associate
Charlotte OfficeTel (704) 831-4638
[email protected] License: NC: #LC539, SC: #96405
PRESENTED BY