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Transcript of Offering Memorandum - images4.loopnet.comimages4.loopnet.com/d2/GzDNkLUx.../document.pdf · The...
RETAIL STRIP CENTER2400 Florin Rd • Sacramento, CA 95822
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 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. © 2017
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.
RETAIL STRIP CENTER
Sacramento, CA
ACT ID Z0010060
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Location Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Tenant Summary
Lease Expiration Chart
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03Sales Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
RETAIL STRIP CENTER
3
RETAIL STRIP CENTER
4
INVESTMENT
OVERVIEW
RETAIL STRIP CENTER
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Uc Davis Medical Center 10,620
Kaiser Permanente South 3,600
Department of Ane 3,575
Medical Centre 3,575
Sacramento Municpl Utility Dst 3,000
Sacramento Bee 2,502
Justice California Department 2,197
Criminal Justice Info Div 2,000
West Sacramento Post Office 1,650
Fire Department 1,622
CVS Health Corporation 1,520
Countywide Services Agency 1,200
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 23,795 166,932 350,397
2017 Census Pop 21,746 154,287 324,462
2017 Estimate HH 6,972 54,323 120,022
2017 Census HH 6,587 51,309 113,064
Median HH Income $35,114 $42,952 $48,385
Per Capita Income $14,263 $20,137 $23,641
Average HH Income $47,916 $61,429 $68,613
VITAL DATA
YEAR 1 YEAR 2
Price $2,595,000 CAP Rate 6.27% 6.41%
Down Payment 40% / $1,038,000Net Operating Income
$162,639 $166,320
Loan Amount $1,557,000Net Cash Flow After Debt Service
5.51% / $57,190 6.33% / $65,748
Loan Type Proposed New Total Return 8.76% / $90,952 9.74% / $101,114
Interest Rate / Amortization 4.65% / 25 Years
Gross Leasable Area (GLA) 7,360 SF
Price/SF $352.58
Current Occupancy 100.0%
Year Built / Renovated 2006 / 0
Lot Size 0.87 acre(s)
5
RETAIL STRIP CENTER
OFFERING SUMMARY
▪ 100 Percent Leased to Six Tenants Providing Excellent Tenant Mix
▪ Corner Location at Signalized Intersection
▪ Over 49 Percent of the Property Leased to Corporate Tenants
▪ Attractive Building Design
INVESTMENT HIGHLIGHTS
The subject property is an attractive multi-tenant retail strip center located at the signalized corner of Florin Road & 24th Street in Sacramento, California.
The sellers, who acquired the property from the original developer when it was newly constructed in 2006 have not had a vacancy for the last 11 years. The anchor tenant
is Subway occupying approximately 19 percent of the center on a 10 year corporate lease. Subway has 44,000 locations across the world operated by more than 21,000
franchisees. Allied Cash Advance, who occupies approximately 15 percent of the center is also on a corporate lease. Allied Cash Advance is headquartered in Cincinnati,
Ohio with locations nationwide. Their only Sacramento location is at the subject property. Premier Insurance Services who occupies 15 percent of the property is on a
corporate lease with 30 locations in California.
The daily traffic count reported at this location is in excess of 46,000, with business generators such as a Walgreen's located directly across the street and the County of
Sacramento Department of Human Services office located next door.
Sacramento, the state Capital has a reported city population exceeding 485,000 making it the sixth largest city in California. It's reported that approximately 160,469 people
live within a three mile radius of the subject property with an Average Household Income of $61,429 within the same three mile radius.
The existing tenant leases are triple net, with five of the six leases call for annual rent increases which will increase the property owner’s cash flow during the coming years
of ownership.
INVESTMENT OVERVIEW
6
LOCATION OVERVIEW
CLOSE PROXIMITY TO:
2400 Florin Rd, Sacramento, CA 95822
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMERETAIL STRIP CENTER
PRICING AND VALUATION MATRIX
PROPERTY NAMERETAIL STRIP CENTER
LOCATION OVERVIEW
7
REGIONAL MAP
RETAIL STRIP CENTER
8
LOCAL MAP
RETAIL STRIP CENTER
9
AERIAL PHOTO
RETAIL STRIP CENTER
10
PROPERTY PHOTOS
RETAIL STRIP CENTER
11
12
SITE PLAN
RETAIL STRIP CENTER
*Not to scale
RETAIL STRIP CENTER
13
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
RETAIL STRIP CENTER
14
TENANT SUMMARY
12
TENANT SUMMARYFINANCIAL ANALYSIS
RETAIL STRIP CENTER
15
FINANCIAL ANALYSIS
RETAIL STRIP CENTER
OPERATING STATEMENT
16
FINANCIAL ANALYSIS
RETAIL STRIP CENTER
PRICING DETAIL
17
RETAIL STRIP CENTER
18
MARKET
COMPARABLES
RETAIL STRIP CENTER
SALES COMPARABLES MAP
19
RETAIL STRIP CENTER
(SUBJECT)
5363 - 5379 H St
1310 Howe Ave
Vista Crossings
1229 Howe Ave
5044 Madison Ave
Harbor Pointe Place
SALES COMPARABLES
ON MARKET COMPARABLES
1
2
3
4
5
6
20
PROPERTY NAMERETAIL STRIP CENTER
SALES COMPARABLES
Avg. 6.16%
Avg. 5.68%
0.0
0.7
1.4
2.1
2.8
3.5
4.2
4.9
5.6
6.3
7.0
Retail
Strip
Center
5363 - 5379
H St
1310
Howe Ave
Vista
Crossings
1229
Howe Ave
5044
Madison Ave
Harbor
Pointe
Place
Average Cap Rate
Avg. $280.28
Avg. $561.51
$0.00
$70.00
$140.00
$210.00
$280.00
$350.00
$420.00
$490.00
$560.00
$630.00
$700.00
Retail
Strip
Center
5363 - 5379
H St
1310
Howe Ave
Vista
Crossings
1229
Howe Ave
5044
Madison Ave
Harbor
Pointe
Place
Average Price Per Square Foot
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
PROPERTY NAME
MARKETING TEAM
RETAIL STRIP CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
21
SALES COMPARABLES ON MARKET COMPARABLES
Annual Per SF
Income $212,006 $28.81
Expenses $49,367 $6.71
Vacancy Fee 5%
NOI $162,639 $22.10
Occupancy 100.0%
Asking Price: $2,595,000
Price/SF: $352.58
CAP Rate: 6.27%
Year Built: 2006
RETAIL STRIP CENTER2400 Florin Rd, Sacramento, CA, 95822
1
NOTES
100% leased to seven tenants.
Close Of Escrow: 9/19/2017
Sales Price: $1,737,500
Price/SF: $329.70
CAP Rate: 6.11%
Year Built: 1985
5363 - 5379 H ST5363 H St, Sacramento, CA, 95819
2
NOTES
100% leased to four tenants.
Close Of Escrow: 6/6/2017
Sales Price: $1,650,000
Price/SF: $275.00
CAP Rate: 6.50%
Year Built: 1978
1310 HOWE AVE1310 Howe Ave, Sacramento, CA, 95825
PROPERTY NAME
MARKETING TEAM
RETAIL STRIP CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
22
SALES COMPARABLES ON MARKET COMPARABLES
3
NOTES
Two tenant property with AutoZone occupying 78% of space on a
10 year lease. The other space has a one year seller rent
guaranty.
Close Of Escrow: 7/27/2017
Sales Price: $2,330,000
Price/SF: $236.14
CAP Rate: 5.88%
Year Built: 1989
VISTA CROSSINGS779 E Monte Vista Ave, Vacaville, CA, 95688
4
NOTES
100% leased to three tenants.
On Market
List Price: $5,084,800
Price/SF: $638.63
CAP Rate: 6.00%
Year Built: 2017
1229 HOWE AVE1229 Howe Ave, Sacramento, CA, 95825
5
NOTES
100% leased to three tenants. The CAP rate reflects a 5%
vacancy fee.
On Market
List Price: $3,625,000
Price/SF: $465.04
CAP Rate: 6.14%
Year Built: 1976
5044 MADISON AVE5044 Madison Ave, Sacramento, CA, 95841
PROPERTY NAME
MARKETING TEAM
RETAIL STRIP CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
23
SALES COMPARABLES ON MARKET COMPARABLES
6
NOTES
100% leased to three tenants, anchored by Starbucks occupying
33.5% of the space.
On Market
List Price: $2,690,000
Price/SF: $580.87
CAP Rate: 4.90%
Year Built: 2003
HARBOR POINTE PLACE715 Harbor Pointe Pl, West Sacramento, CA, 95605
RETAIL STRIP CENTER
24
MARKET
OVERVIEW
MARKET OVERVIEW
SACRAMENTOOVERVIEW
The Sacramento-Roseville-Arden-Arcade metro is composed of four
counties: Sacramento, El Dorado, Placer and Yolo, located in the
middle of the 400-mile-long Central Valley of California. Unlike the
nearby San Francisco Bay Area, Sacramento is seismically quiet. The
area contains nearly 2.3 million people. Sacramento, the state capital,
is the most populous city, with approximately 500,000 residents,
followed by Elk Grove and Roseville with 162,000 and 128,400,
respectively. During the next five years, a more affordable cost of
living and infill redevelopment projects will help draw businesses and
residents to the area.
MARKET OVERVIEW
METRO HIGHLIGHTS
SOLID JOB CREATION
Lower costs than nearby metros attract businesses
and drive job creation above the U.S. level. Many
commuters into the Bay Area also reside in the area.
POPULATION GROWTH
Employment opportunities and redevelopment
efforts will contribute to pushing Sacramento’s
population growth above the national average.
LOW COST OF LIVING
Sacramento’s median home price is more
affordable than many other California metros.
RETAIL STRIP CENTER
25
MARKET OVERVIEW
ECONOMY▪ Sacramento serves as the state capital, making the government sector important to the
region’s economy, though less so than in the past as the economy diversifies.
▪ Sacramento’s seismic stability and low business costs compared with the region attract
major corporations seeking to establish operations. Among these are Intel Corp., Apple
Computer and Siemens Transportation Systems.
▪ DHL and United Parcel Service use the former Mather Air Force Base to ship freight. The
former McClellan Air Force Base is now an industrial park and includes tenants such as
Northrop Grumman and J.C. Penney.
SHARE OF 2016 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
California State University Sacramento
Sutter Health
Kaiser Permanente
Raley’s Inc.
Intel Corp.
Catholic Healthcare West
University of California Davis
UC Davis Health System
Hewlett-Packard Co.
Target Corp.* Forecast
MANUFACTURING
4%GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
3%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
16%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
13%
6%
25% 10% 6%
16%
RETAIL STRIP CENTER
26
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 160,000 people through 2021, resulting in the
formation of nearly 60,000 households.
▪ A median home price well above the national median has produced a
homeownership rate of 59 percent, compared with the national rate of 64 percent.
▪ Among residents age 25 and older, 30 percent hold bachelor’s degrees and 10
percent also have a graduate or professional degree.
Residents and visitors to Sacramento can enjoy many recreational activities. The region is
home to professional sports teams such as the Kings (NBA), Sirens (IWFL) and the River
Cats. A short drive from the city leads to some of the world’s finest wine-producing
regions: the Napa, Sonoma and Alexander valleys. The area offers various cultural
opportunities including the ballet, opera, museums, a zoo and music festivals. In addition
to four community colleges, there are two universities located in the region: California State
University, Sacramento and University of California, Davis. Housing is relatively affordable
in the Sacramento region compared with the nearby San Francisco Bay Area, drawing
many residents.
36.9
2016MEDIAN AGE:
U.S. Median:
37.7
$59,700
2016 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$54,500
2.3M
2016POPULATION:
Growth2016-2021*:
7.1%
830K
2016HOUSEHOLDS:
7.1%
Growth2016-2021*:
QUALITY OF LIFE
2016 Population by Age
0-4 YEARS
6%5-19 YEARS
20%20-24 YEARS
7%25-44 YEARS
27%45-64 YEARS
26%65+ YEARS
14%
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
RETAIL STRIP CENTER
27
MARKET OVERVIEW
28
Broad employment base powers retail improvement. Boosted by a diverse scope
of industries, both public and private, the Sacramento metro has generated a virtuous
cycle of rising demand as new positions are rapidly added in healthcare and
education fields. Meanwhile, the state government and related services remain
substantial drivers of regional demand, encouraging an unemployment rate that has
fallen below 5 percent this year. Retail performance has followed suit, with the
vacancy rate dropping to the lowest level since 2008. However, rent levels have yet
to recover to the same extent, which has slowed development this cycle, generating
significant improvement in well-located centers and net-leased concepts.
Construction reaches a cycle high as Delta Shores deliveries begin to hit the
market. After barely exceeding 600,000 square feet for most of the recovery,
completions will rise to nearly 1 million square feet this year, driven largely by the
beginning parcels of the Delta Shores project. At 1.3 million square feet of
commercial space and over 4,900 residential units, the 800-acre site will transform
the infill location with convenient access from Interstate 5. The resulting marketplace
will post a moderate decline in vacancy, while rent growth will remain marginal.
• Drawn by cap rates that can begin in the mid-5 to mid-7 percent range, Bay
Area investors have been flocking to the region as low unemployment and
improving retail operations drive significant opportunities. Upward pressure
on pricing remains in place amid these factors.
• Deal flow and dollar volume are rising as more investors enter the
marketplace. Well-located neighborhood centers with freeway access in
Roseville and Rocklin are generating significant interest, with cap rates as
low as 5.5 percent. Infill properties in the core will exchange ownership near
the same first-year return range.
• Many investors are seeking value-add opportunities, driven by rents that are
still below the pre-recession peak. Properties with above-average vacancy or
opportunities to redevelop and update spaces are in high demand,
particularly those near major interstates and thoroughfares.
Retail 2017 OutlookTightening Marketplace Spurs
Yield-Seeking Investors to Retail Assets
SACRAMENTO METRO AREA
960,000 sq. ft.
will be completed
0.5% increase
in asking rents
70 basis point
decrease in vacancy
Construction:
The average asking rent will rise to $17.02
per square foot this year as newer spaces
are brought to market.
Robust net absorption will outpace deliveries
this year, trimming vacancy to 7.6 percent.
* Cap rates trailing 12 months through 2Q17; 10-year Treasury rate through Aug.
Sources: CoStar Group, Inc.; Real Capital Analytics
The volume of space brought to market this
year will far exceed 2016 levels.
Vacancy:
Rents:
Investment Trends
RETAIL STRIP CENTER
MARKET OVERVIEW
29
• During the past year,
Sacramento employers added
13,300 positions, expanding local
payrolls by 1.4 percent. The
education and healthcare sector
created the most jobs, adding
6,030 workers over this time
frame.
• Labor market strength has
translated into a considerably
tight unemployment rate,
reaching 4.6 percent by the end
of the second quarter.
EMPLOYMENT
• The pace of completions slowed
over the last four quarters, falling
from 523,000 square feet to
380,000 square feet. Projects
inside Sacramento County made
up the majority of delivered
space.
• The first completions at Delta
Shores, the 800-acre master-
planned, mixed-use
development, will come online in
the second part of 2017.
CONSTRUCTION
• Elevated net absorption
triggered a 90-basis-point
contraction in the metro vacancy
rate to 7.7 percent by the end of
the second quarter.
• Vacancy remains lowest in Yolo
County yet rose 110 basis points
to 4.5 percent as net absorption
was unable to surpass meager
supply increases. Sacramento
County vacancy was 8.7
percent.
VACANCY
• The average asking rent rose
marginally to $16.09 per square
foot, reflecting widespread
dispersion in rent changes over
the last year.
• El Dorado County led the metro,
with the average asking rent
soaring 27.3 percent to $25.38
per square foot, the highest rate
in the metro. Meanwhile, Yolo
County pricing contracted 11.2
percent to $14.01 per square
foot.
RENTS
SACRAMENTO METRO AREA
increase in the
average asking rent
Y-O-Y
0.1%basis point decrease
in vacancy Y-O-Y90square feet
completed Y-O-
Y
380,000increase in total
employment Y-O-Y1.4%
* Forecast
2Q17 - 12-MONTH TREND
RETAIL STRIP CENTER
MARKET OVERVIEW
30
Broad Appreciation Spurs Investor Allocations;
Cap Rates Remain Supportive of Capital Inflows
Outlook: Locations along major freeways
in first-tier suburbs will receive significant
investor interest, particularly grocery-
anchored properties.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketAsking
Rent
Y-O-Y%
Change
Submarket Trends
Lowest Vacancy Rates 2Q17
Sales Trends
SACRAMENTO METRO AREA
• Multi-Tenant: Strong net absorption and improving operations powered an 8.1 percent
rise in prices per square foot to more than $235, buoyed by properties in the urban
core.
• Single-Tenant: Net-leased concepts posted price increases in the double digits, with
appreciation of 10.5 percent to more than $355 per square foot for quality offerings,
particularly quick-service restaurants.
* Trailing 12 months through 2Q17
Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Yolo County 4.5% 110 $14.01 -11.2%
El Dorado County 5.2% -130 $25.38 27.3%
Placer County 5.7% -90 $15.84 -6.6%
Sacramento County 8.7% -100 $15.43 -0.4%
Overall Metro 7.7% -90 $16.09 0.1%
RETAIL STRIP CENTER
Demographic Highlights
2017 JOB
GROWTH*
FIVE-YEAR
POPULATION
GROWTH**
116,800 or 1.0%
FIVE-YEAR
HOUSEHOLD
GROWTH*
2Q17 MEDIAN
HOUSEHOLD
INCOME
RETAIL SALES
FORECAST**
Metro 18.2%U.S. 21.1%
$3,295 Per Household
$1,210 Per Person
2017 RETAIL SALES PER MONTH
* Forecast **2017-2022
Metro 2.1%
U.S. Average 1.4%
Metro $67,341U.S. Average $58,672
U.S. $3,785
U.S. $1,454
Annual GrowthU.S. 0.7% Annual Growth
64,000 or 1.5%Annual GrowthU.S. 1.1% Annual Growth
MARKET OVERVIEW
31
• Monetary policy in transition. Despite the Fed raising its benchmark short-term rate three
times in seven months and signaling another rise before the end of the year, long-term rates
have remained stable. The yield on the 10-year U.S. Treasury bond remained in the low- to
mid-2 percent range throughout the second quarter of 2017. The Federal Reserve wants to
normalize monetary policy and, in addition to rate hikes, will likely start paring its balance
sheet.
• Sound economy a balancing act for Fed. With unemployment hovering in the low-4 percent
range, the lowest level since 2007, the Federal Reserve will remain vigilant regarding a
possible rapid increase in inflation if wage growth takes off. Additionally, business confidence
and job openings are near all-time highs. Businesses finally have the assurance to expand
their footprints after years of tepid growth following the Great Recession. The Fed, however,
must now balance economic growth and job creation against wage growth and inflationary
pressures.
• Underwriting discipline persists; ample debt capital remains. Overall, leverage on
acquisition loans has continued to reflect disciplined underwriting, with LTVs typically ranging
from 60 percent to 70 percent for most retail properties. At the end of 2016, the combination of
increasing rates, conservative lender underwriting and fiscal policy uncertainty encouraged
some investor caution that slowed deal flow, a trend that has extended into 2017. A potential
easing of regulations on financial institutions, though, could liberate additional lending capacity
and nominally higher interest rates may also encourage additional lenders to participate.
* Forecast
Sources: CoStar Group, Inc.; Real Capital Analytics
SACRAMENTO METRO AREA
Capital Markets
RETAIL STRIP CENTER
PROPERTY NAME
MARKETING TEAM
RETAIL STRIP CENTER
DEMOGRAPHICS
Source: © 2017 Experian
Created on February 2018
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Population 22,857 163,590 348,145
▪ 2017 Estimate
Total Population 23,795 166,932 350,397
▪ 2010 Census
Total Population 21,746 154,287 324,462
▪ 2000 Census
Total Population 21,985 154,281 318,341
▪ Current Daytime Population
2017 Estimate 18,317 120,882 296,339
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Households 7,111 55,382 123,187
▪ 2017 Estimate
Total Households 6,972 54,323 120,022
Average (Mean) Household Size 3.22 2.91 2.80
▪ 2010 Census
Total Households 6,587 51,309 113,064
▪ 2000 Census
Total Households 6,515 51,162 110,740
▪ Occupied Units
2022 Projection 7,111 55,382 123,187
2017 Estimate 7,194 56,675 124,630
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2017 Estimate
$150,000 or More 2.36% 6.00% 7.67%
$100,000 - $149,000 6.54% 9.48% 11.46%
$75,000 - $99,999 9.41% 10.34% 11.81%
$50,000 - $74,999 16.23% 17.64% 17.75%
$35,000 - $49,999 15.60% 14.53% 13.56%
Under $35,000 49.86% 42.02% 37.75%
Average Household Income $47,916 $61,429 $68,613
Median Household Income $35,114 $42,952 $48,385
Per Capita Income $14,263 $20,137 $23,641
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
Total Average Household Retail Expenditure
$54,027 $61,484 $66,747
▪ Consumer Expenditure Top 10 Categories
Housing $16,555 $18,419 $19,766
Shelter $11,093 $12,226 $13,139
Transportation $8,326 $9,702 $10,421
Food $5,684 $6,364 $6,835
Personal Insurance and Pensions $4,194 $5,256 $6,026
Health Care $3,017 $3,396 $3,591
Utilities $2,726 $2,998 $3,133
Entertainment $1,969 $2,353 $2,563
Apparel $1,549 $1,861 $2,131
Household Operations $1,152 $1,357 $1,476
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2017 Estimate Total Population 23,795 166,932 350,397
Under 20 31.27% 29.34% 27.76%
20 to 34 Years 22.06% 22.81% 22.86%
35 to 39 Years 5.84% 6.04% 6.45%
40 to 49 Years 10.82% 11.04% 11.80%
50 to 64 Years 16.17% 17.19% 17.98%
Age 65+ 13.84% 13.60% 13.14%
Median Age 32.43 33.43 34.57
▪ Population 25+ by Education Level
2017 Estimate Population Age 25+ 14,556 105,642 228,126
Elementary (0-8) 10.76% 8.50% 6.98%
Some High School (9-11) 13.20% 10.99% 9.47%
High School Graduate (12) 28.20% 25.81% 23.21%
Some College (13-15) 23.68% 22.09% 23.14%
Associate Degree Only 6.52% 7.61% 8.29%
Bachelors Degree Only 8.91% 12.86% 15.67%
Graduate Degree 2.64% 6.19% 8.10%
32
Income
In 2017, the median household income for your selected geography is
$35,114, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 18.83%
since 2000. It is estimated that the median household income in your
area will be $39,081 five years from now, which represents a change
of 11.30% from the current year.
The current year per capita income in your area is $14,263, compare
this to the US average, which is $30,982. The current year average
household income in your area is $47,916, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 23,795. The
population has changed by 8.23% since 2000. It is estimated that the
population in your area will be 22,857.00 five years from now, which
represents a change of -3.94% from the current year. The current
population is 48.52% male and 51.48% female. The median age of
the population in your area is 32.43, compare this to the US average
which is 37.83. The population density in your area is 7,565.68 people
per square mile.
Households
There are currently 6,972 households in your selected geography. The
number of households has changed by 7.01% since 2000. It is
estimated that the number of households in your area will be 7,111
five years from now, which represents a change of 1.99% from the
current year. The average household size in your area is 3.22 persons.
Employment
In 2017, there are 4,204 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
50.34% of employees are employed in white-collar occupations in
this geography, and 49.82% are employed in blue-collar occupations.
In 2017, unemployment in this area is 9.81%. In 2000, the average
time traveled to work was 27.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
24.30% White, 22.92% Black, 4.00% Native American and 20.46%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 37.05% of the current year
population in your selected area. Compare this to the US average of
17.88%.
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Housing
The median housing value in your area was $171,555 in 2017,
compare this to the US average of $193,953. In 2000, there were
3,869 owner occupied housing units in your area and there were
2,646 renter occupied housing units in your area. The median rent at
the time was $512.
Source: © 2017 Experian
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