OFFERING MEMORANDUM - LoopNet · 2017-06-27 · between Hilton Head and Savannah, ... Visitors can...

DAUFUSKIE ISLAND HOTEL DEVELOPMENT SITE AT BLOODY POINT 56 Fuskie Ln • Daufuskie Island, SC 29915

OFFERING MEMORANDUM

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 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017

Marcus & Millichap. All rights reserved.

Non-Endorsement Notice Marcus & 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.

DAUFUSKIE ISLAND HOTEL DEVELOPMENT SITE AT BLOODY POINT

Daufuskie Island, SC

ACT ID Y0230497

TABLE OF CONTENTS

SECTION


INVESTMENT OVERVIEW 01 Offering Summary

Regional Map

Local Map

Aerial Photo

Site Plan

Parcel Map

FINANCIAL ANALYSIS 02 Executive Summary

Current Financials

5 Year Pro Forma

Acquisition Financing

MARKET OVERVIEW 04 Demographic Analysis


4

INVESTMENT

OVERVIEW


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

5

VITAL DATA

PURCHASE PRICE Request for Offers

Est. Development Cost $12,000,000

Ownership Type Fee Simple

Lot Size (Approx.) 180 acres(s)

Number of Rooms Approved 60

PRO FORMA

Occupancy 68%

ADR $250.00

RevPAR $170.00

MAJOR EMPLOYERS

EMPLOYER # OF

EMPLOYEES

Gulfstream Aerospace 7,500

Backus Chld Hosp Otpatient Ctr 5,000

SAVANNAH-CHATHAM BOARD OF EDUC

4,781

Gulfstream Aerospace Corp 4,182

Gulfstream Aerospace Corp GA 4,000

Memorial Hlth Univ Med Ctr Inc 3,571

Walmart 3,151

Sullivan Group 3,000

United States Marine Corps 2,744

City of Savannah 1,948

Liberty County Board Education 1,800

St Jsphs/Candler Hlth Sys Inc 1,707

DEMOGRAPHICS

10-Miles 30-Miles 50-Miles

2016 Estimate Pop

45,144 526,282 676,500

2010 Census Pop 42,923 481,299 622,947

2016 Estimate HH 19,842 202,285 256,443

2010 Census HH 18,883 185,888 236,822

Median HH Income

$70,069 $52,624 $50,484

Per Capita Income $45,261 $29,401 $27,538

Average HH Income

$102,844 $75,227 $71,514


#

OFFERING SUMMARY

Island Opportunity for Full-Service Hotel Development

Approved to Build 60-Room Hotel on Beach-Side Real Estate

Additional Development Approvals for 125 Dwelling Units on a Maximum of

75 Building Sites

Excellent Hideaway Location Between Savannah, GA and Hilton Head, SC

Currently Operating 18 Hole Golf Course, Restaurant, Seven Room Inn and

Westin Savannah Harbor Beach Club

Additional Development Options include Sea-Side Restaurant Area,

Ocean-Front Meeting, Conference and Function Space, Destination

Wedding Locale and Spa

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to exclusively offer the opportunity to acquire Bloody Point Golf Club & Beach Resort. Bloody Point is approximately 180

acres of land on the southernmost tip of Daufuskie Island in South Carolina, United States. This is a great island opportunity for an investor or buyer to

develop a full-service resort at an excellent and unique hideaway location between Savannah, GA and Hilton Head Island, SC.

After a successful rezoning application in 2016, the site is now approved for the construction of a 60-unit hotel, up to 125 dwelling units on a maximum of

75 building sites and 25,000 square feet of commercial space. With its unique location between Savannah, GA and Hilton Head, SC, and the lack of beach

access in Savannah, this site lends itself perfectly to be an extension of a mainland hotel that affords beach access and golf or, a standalone boutique

hotel capable of hosting beach weddings along with family and corporate getaways. At current, there is no venue on the island that meets the demand for

these functions.

Bloody Point Golf Club & Resort currently operates several revenue generating business segments, that, as part of a new development plan, could

continue to operate as current, be improved upon or be repurposed to a different use. Current ownership bought the property out of bankruptcy in 2011

and began extensive renovations to the golf course, a conversion of the existing spa to the seven room Osprey Cottage and a revamp and remodel of the

clubhouse and Eagles Nest Restaurant & Bar in 2012. Additionally, current ownership solved the transportation issue to the south part of the island by

constructing a floating dock structure and reaching an agreement with the Westin Savannah Harbor to be the mainland embarkation center from

Savannah.

INVESTMENT OVERVIEW

6


#

OFFERING SUMMARY

The Bloody Point site benefits from a unique beachfront location between Savannah, GA and Hilton Head Island, SC. Daufuskie Island is comprised of

approximately 5,000 acres and boasts nearly miles of ocean and Intracoastal Waterway frontage. It is accessible only by boat or passenger ferry and golf

carts serve as the main mode of transportation on the island. The unique location and lack of bridge access have allowed the island to serve as an alternative

to more developed destinations nearby. Additionally, there are several other locational benefits to consider:

Beach Access from Savannah – Although Savannah is considered a coastal location, there is no direct beach access. For residents and visitors, the closest

beach access from downtown is 20 miles to the east at Tybee Island. In partnership with the Westin Savannah Harbor, Bloody Point offers the only access to

Daufuskie Island from Savannah by passenger ferry, providing access to less crowded and less commercialized beaches for Westin Guests and others at the

Beach Club.

Ferry Access from Hilton Head – Until recently, there was limited public ferry access to Daufuskie Island from Hilton Head Island. In June of 2016 this

improved with a new public ferry service provider offering service from Hilton Head Island to Daufuskie Island. This has created much more traffic to the

island and should prove to make the island’s businesses viable for the long term.

Local Tourism – Savannah hosts more than 13 million annual visitors accounting for more than $2.5 billion in annual spending. Hilton Head Island hosts more

than 2.5 million annual visitors who spend more than $1 billion each year. With Daufuskie Island being sandwiched in between these two already visible tourist

destinations, Bloody Point is well positioned to capture significant attention with adequate marketing.

LOCATION OVERVIEW

7


#

OFFERING SUMMARY

Daufuskie Island is one of a series of Atlantic Sea Islands along the eastern seaboard of the United States. It is bordered by the Atlantic Ocean on one side

and Mungen River on the other. The Island, comprising of a total of approximately 5,000 acres is located in Beaufort County, South Carolina. The Island is

endowed with nearly miles of ocean, sound and Intracoastal Waterway frontage. Beaufort County and Daufuskie Island are located within The

Gullah/Geechee Cultural Heritage Corridor, adding cultural richness to the Island. The unique location of Daufuskie in this historic corridor, its position

between Hilton Head and Savannah, and the lack of a bridge have all been factors in the preservation of its historic and rural qualities. These qualities have

allowed the Island to serve as an alternative to the more developed destinations nearby.

Daufuskie Island is accessible only by boat or passenger ferry from Hilton Head Island or Savannah, and golf carts are the main mode of island transportation.

Visitors can explore the island’s different views with a guided kayak or paddleboard tour. With the development on the island, it will become a destination for

vacation. The island will be a place to discover historic sites, walk through neighborhoods that feature beautiful open spaces and to discover the stunning

South Carolina Coastline. Boutique hotel with fantastic amenities will complement permanent residences and vacation homes for everyone to enjoy.

The subject property is in Beaufort County in South Carolina, United States. It is one of the South’s fastest-growing counties because of development of the

Broad River clustered along the US Highway 278 corridor. Nestled between Charleston, South Carolina and Savannah, Georgia - Beaufort County is rich with

history, culture and outdoor beauty. Beaufort County is composed of hundreds of barrier and Sea Islands and its warm climate, pristine beaches, vibrant

Gullah traditions and true southern hospitality welcome visitors from all over the world throughout the year. Beaufort County is home to the famous Parris

Island Marine Corps Recruit Depot and the internationally known luxury resort of Hilton Head Island.

MARKET OVERVIEW

8


#

OFFERING SUMMARY

PROPERTY OVERVIEW

Bloody Point Golf Club & Resort in Daufuskie Island is currently operated as an existing eighteen-hole

championship golf course with a fully stocked Pro Shop, clubhouse, cart barn, the seven room Osprey

Inn Bed-and-Breakfast, boat dock and ferry landing, Westin Savannah Harbor Beach Club and other

supporting facilities to nearby businesses. It also features Eagles Nest Restaurant & Bar, a General

Store, golf cart rentals and sales, two Har-Tru tennis courts, beachfront pool and a beach club. The

land under planned unit development is proposed for hospitality, commercial, single family attached

and detached and recreational uses.

Located at the heart of the Bloody Point Golf Club & Resort, the completely renovated Osprey Cottage

is a seven room inn that boasts spacious accommodations and spectacular views of the 18th hole.

The Osprey Cottage is situated steps from miles of pristine beach, the oceanfront pool, tennis courts,

world‐class golf, and The Eagle's Nest Restaurant.

Each guest room has its own entrance from the wrap‐around Carolina porch. Guests also have access

to a common Activity Room, complete with lounge seating, a 55” high definition flat‐screen TV and

Blu‐Ray/DVD Player, a billiard table, a selection of books, board games, and more. Rates include daily

cleaning service and morning pastries or bagels and coffee. Nightly rates range from a low of $195 to

$450 in high season. Other room amenities daily housekeeping service, keurig single-cup coffee

maker, free wireless internet access, satellite TV and access to beachfront pool and Har-Tru Tennis

Courts.

9

Fully Stocked Pro Shop

General Store

Bloody Point Water Taxi

Free Wi-Fi

Bloody Point Golf Club

Eagle’s Nest Restaurant

Beachfront Swimming Pool

Common Area Amenities

Har-Tru Tennis Court

Beach Club

Golf Cart rentals and Sales


#

OFFERING SUMMARY

PROPERTY OVERVIEW

Eagle’s Nest Restaurant & Bar is open for lunch and dinner seven

days a week most of the year. It operates more limited hours during

the winter offseason. The restaurant presents culinary creations that

include fresh regional seafood, comfort food and southern‐style

cuisine. It also boasts an extensive wine and beer selection.

Specialty nights like Monday Pizza night and Thursday night fresh

catch are a staple for island residents and visitors alike. With

screened-in dining space outdoors and a full-service bar inside, The

Eagle’s Nest Restaurant offers the perfect dining experience for

everyone.

Bloody Point Golf Club is an 18‐Hole championship golf course that

underwent a complete renovation in 2012 under the supervision of

Love Golf Design and Davis Love III. The course features spectacular

waterfront views of Savannah, Georgia and sunset vistas unlike

anywhere else on the island. Marshland and lagoon views round out

this visually stunning course while preserving much of the natural

environment of the island. Bloody Point Golf Club also has a

full‐service Practice Facility. The range at Bloody Point is over 300

yards long and 150 yards wide. The Practice Facility also offers over

an acre dedicated to the short game, including a sand bunker.

The Westin Savannah Harbor Golf Resort & Spa is in partnership

with Bloody Point Golf Club. The Westin offer their guests maritime

transportation from their on-site marina to the beaches of Daufuskie

Island. Guests can enjoy the magnificent beauty of the Savannah

River on their 30 minute boat ride to the island. In addition to beach

access, Westin guests have access to Bloody Point amenities

including Eagle’s Nest Restaurant and Golf Courses.

10


#

OFFERING SUMMARY

A proposed hotel is approved for 60 rooms in addition to the 7

rooms in the Osprey Cottage and up to 25,000 square feet of

commercial real estate, open spaces with linear park, leisure

trails, boardwalk, fishing docks with overlook, a ferry landing,

nature center and local food production farm and a vineyard.

Timeshare units are not allowed. This plan proposes a relaxed

village‐like setting drawing from Daufuskie Island’s unique

qualities and characteristics while offering an alternative to

conventional golf oriented amenity communities and resorts

across the region. This plan supports the development of a

viable and successful community with an emphasis on creating

an alternative destination that builds on active, nature based

recreation and protection and sustainment of the property’s

cultural and natural resources.

The developer/investor may develop up to a 3 story distinctive

boutique hotel on an island with traditional architectural styles

and interiors. It can be a premier hideaway for those seeking

privacy and classic luxury. Guests can enjoy their stay in

secluded, inviting and grand guestrooms which would offer

spectacular ocean views and other lush green areas. The

adjacent golf course can be upgraded to enhance the value of

the entire island, making it a golfer’s paradise. Other open

parcels can also be used for developing sea side dining

restaurant area, ocean front meeting, conference and function

space and destination wedding spot. The development could

resemble existing resorts of the Golden Isles of Georgia including

The Cloister, Sea Island; The Lodge at Sea Island Golf Club and

The King and Prince Beach and Golf Resort.

DEVELOPMENT OVERVIEW

11

The Cloister, Sea Island

The King and Prince Beach & Golf Resort

The Lodge at Sea Island Golf Club


#

OFFERING SUMMARY

DEVELOPMENT OVERVIEW

12

As depicted in the Site Plan preceding, the complete or partial redevelopment of the golf course is allowed. While the proposed 60‐unit hotel would not require

the use of any land that is currently golf course, building the additional 125 dwelling units as the plan allows would. Current ownership has not explored the

possibility of scraping part of that density to the “Inn District” and leaving the golf course in tact. Further, the possibility of creating a rental pool out of the

additional dwelling units, much like the cottages at The Cloister, has not been explored but is not expressly prohibited. The only excluded property type in the

plan is timeshare.


#

OFFERING SUMMARY HOTEL DEVELOPMENT OPTIONS

13

REGIONAL MAP


14

LOCAL MAP


15

AERIAL PHOTO


18

Marcus & Millichap closes

more transactions than any

other brokerage firm.

12


19

PROPERTY PHOTO

SITE MAP


20

PARCEL MAP


21


22

FINANCIAL

ANALYSIS

23

OVERVIW

EXECUTIVE SUMMARY


58 Fuskie lane

Daufuskie Island, SC 29915

OFFERING SUMMARY

PURCHASE PRICE Request for Offers

Est. Development Cost $12,000,000

Ownership Type Fee Simple

Lot Size (Approx.) 180 acres(s)

PRO FORMA

Occupancy 68%

ADR $250.00

RevPAR $170.00

Rooms Sold 14,892

Available Rentable Rooms 21,9000

ESTIMATED DEVELOPMENT COST

Cost of Development $12,000,000

Cost Per Room $200,000

Number of Rooms Approved 60

ANNUALIZED OPERATING DATA

INCOME Est. 2017 % OF GR

Room Revenue $196,776 17.0%

Other Revenue $960,072 83.0%

Gross Revenue $1,633,352 100.0%

Total Expenses $1,441,234 72.7%

Net Operating Income -$284.386 -24.6%


FINANCIAL ANALYSIS


CURRENT

24

Est. 2017 % of GR

Number of Rooms (Current/Approved) 7 / 60

Available Rentable Rooms (Pro Forma) 21,900

Rooms Sold (Pro Forma) 17,892

Occupancy (Pro Forma) 68.0%

ADR (Pro Forma) $250.00

RevPAR (Pro Forma) $170.00

INCOME

Room Revenue $196,776 17.0%

Food & Beverage $339,781 29.4%

Merchandise $212,843 18.4%

Admissions $190,931 16.5%

Services $216,517 18.7%

GROSS REVENUE $1,156,848 100.0%

Note: All the income and expenses are current financials from January to May2017 based on all the services and facilities available at Bloody Point, Daufuskie Island.

25

OVERVIW

FINANCIAL OVERVIEW

EXPENSES

Est. 2017 % of GR

Departmental Expenses

Rooms $607,816 52.5%

Food & Beverage $189,535 16.4%

Other Operated Departments & Rentals $100,284 7.7%

TOTAL DEPARTMENTAL EXPENSES $886,294 76.6%

Undistributed Expenses

Administrative & General $218,190 18.9%

Sales & Marketing $1,842 0.2%

Property Operations & Maintenance $153,658 13.3%

Utilities $85,585 7.4%

TOTAL UNDISTRIBUTED EXPENSES $459,275 39.7%

Fixed Expenses

Property Taxes $45,000 3.9%

Insurance $50,664 4.4%

TOTAL FIXED EXPENSES $95,664 8.3%

TOTAL EXPENSES $1,441,234 124.6%

NET OPERATING INCOME -$284,386 -24.6%


Note: All the income and expenses are current financials from January to May 2017 based on all the services and facilities available at Bloody Point, Daufuskie Island.

FINANCIAL ANALYSIS


5 YEAR PRO FORMA

29

FINANCIAL INFORMATION

Bloody Point Cottage/Room Rentals

ProForma Year 1 ProForma Year 2 ProForma Year 3 ProForma Year 4 ProForma Year 5

Number of Rooms 60 70 80 90 100

Occupancy 65.0% 68.0% 70.0% 72.0% 74.0%

Average Daily Rate $250.00 $255.00 $258.00 $260.00 $262.00

Revenue Per Available Room $162.50 $173.40 $180.60 $187.20 $193.88

Rooms Available 21,900 25,550 29,200 32,850 36,500

Rooms Sold 14,235 17,374 20,440 23,652 27,010

REVENUE

Rooms $3,558,750 85.5% $4,430,370 85.5% $5,273,520 85.5% $6,149,520 85.5% $7,076,620 85.5%

Food and Beverage $533,813 12.8% $664,556 12.8% $791,028 12.8% $922,428 12.8% $1,061,493 12.8%

Other Operating Depts $71,175 1.7% $88,607 1.7% $105,470 1.7% $122,990 1.7% $141,532 1.7%

Total Revenue $4,163,738 100.0% $5,183,533 100.0% $6,170,018 100.0% $7,194,938 100.0% $8,279,645 100.0%

DEPARTMENTAL EXPENSES

Rooms $889,688 25.0% $1,107,593 25.0% $1,318,380 25.0% $1,537,380 25.0% $1,769,155 25.0%

Food and Beverage $373,669 70.0% $465,189 70.0% $553,720 70.0% $645,700 70.0% $743,045 70.0%

Other Operating Depts $39,146 55.0% $48,734 55.0% $58,009 55.0% $67,645 55.0% $77,843 55.0%

Total Departmental Expenses $1,302,503 31.3% $1,621,515 31.3% $1,930,108 31.3% $2,250,724 31.3% $2,590,043 31.3%

Departmental Profit $2,861,235 68.7% $3,562,017 68.7% $4,239,910 68.7% $4,944,214 68.7% $5,689,602 68.7%

UNDISTRIBUTED OPERATING EXPENSES

Administration & General $249,824 6.0% $311,012 6.0% $370,201 6.0% $431,696 6.0% $496,779 6.0%

Sales & Marketing $142,350 3.4% $177,215 3.4% $210,941 3.4% $245,981 3.4% $283,065 3.4%

Franchise Fees (if applicable)

Utilities $284,700 6.8% $354,430 6.8% $421,882 6.8% $491,962 6.8% $566,130 6.8%

Repairs & Maintenance $106,763 2.6% $132,911 2.6% $158,206 2.6% $184,486 2.6% $212,299 2.6%

Total Undistributed Expenses $783,637 18.8% $975,567 18.8% $1,161,229 18.8% $1,354,124 18.8% $1,558,272 18.8%

Gross Operating Profit $2,077,598 49.9% $2,586,450 49.9% $3,078,681 49.9% $3,590,090 49.9% $4,131,331 49.9%

FIXED EXPENSES

Management Fee $106,763 2.6% $132,911 2.6% $158,206 2.6% $184,486 2.6% $212,299 2.6%

Real Estate Taxes $150,000 3.6% $150,000 2.9% $150,000 2.4% $150,000 2.1% $150,000 1.8%

Insurance $55,000 1.3% $55,000 1.1% $55,000 0.9% $55,000 0.8% $55,000 0.7%

Reserves $106,763 2.6% $132,911 2.6% $158,206 2.6% $184,486 2.6% $212,299 2.6%

Total Fixed Expenses $418,525 10.1% $470,822 9.1% $521,411 8.5% $573,971 8.0% $629,597 7.6%

NET OPERATING INCOME $1,659,073 39.8% $2,115,628 40.8% $2,557,270 41.4% $3,016,119 41.9% $3,501,734 42.3%

Note: Above projections are based on development of a 60 room full-service hotel as proposed and approved.


31

MARKET

OVERVIEW

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2016 Experian

Created on June 2017

POPULATION 10 Miles 30 Miles 50 Miles

2021 Projection

Total Population 47,463 568,783 728,344

2016 Estimate


2010 Census


2000 Census


Daytime Population

2016 Estimate 45,537 576,354 696,747

HOUSEHOLDS 10 Miles 30 Miles 50 Miles

2021 Projection

Total Households 21,067 221,004 278,936

2016 Estimate


Average (Mean) Household Size 2.25 2.48 2.52

2010 Census


2000 Census


HOUSING UNITS 10 Miles 30 Miles 50 Miles

Occupied Units

2021 Projection 21,067 221,004 278,936

2016 Estimate 32,639 239,713 306,276

HOUSEHOLDS BY INCOME 10 Miles 30 Miles 50 Miles

2016 Estimate

$200,000 or More 8.84% 4.47% 3.89%

$150,000 - $199,000 7.20% 4.12% 3.73%

$100,000 - $149,000 16.92% 12.40% 11.69%

$75,000 - $99,999 13.73% 12.38% 12.22%

$50,000 - $74,999 18.62% 18.85% 18.89%

$35,000 - $49,999 12.65% 14.11% 14.43%

$25,000 - $34,999 7.79% 10.35% 10.79%

$15,000 - $24,999 7.24% 10.57% 10.97%

Under $15,000 7.00% 12.74% 13.38%

Average Household Income $102,844 $75,227 $71,514

Median Household Income $70,069 $52,624 $50,484

Per Capita Income $45,261 $29,401 $27,538

POPULATION PROFILE 10 Miles 30 Miles 50 Miles

Population 25+ by Education Level

2016 Estimate Population Age 25+ 34,504 352,567 447,012

Elementary (0-8) 1.15% 2.47% 2.68%

Some High School (9-11) 3.59% 7.64% 8.20%

High School Graduate (12) 19.06% 26.94% 28.67%

Some College (13-15) 20.48% 22.49% 22.62%

Associate Degree Only 7.72% 7.17% 7.36%

Bachelors Degree Only 31.32% 20.27% 18.62%

Graduate Degree 16.22% 12.15% 10.99%

32

Income

In 2016, the median household income for your selected geography is

$70,069, compare this to the US average which is currently $54,505.

The median household income for your area has changed by 18.82%

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

area will be $80,122 five years from now, which represents a change

of 14.35% from the current year.

The current year per capita income in your area is $45,261, compare

this to the US average, which is $29,962. The current year average

household income in your area is $102,844, compare this to the US

average which is $78,425.

Population

In 2016, the population in your selected geography is 45,144. The

population has changed by 4.58% since 2000. It is estimated that the

population in your area will be 47,463.00 five years from now, which

represents a change of 5.14% from the current year. The current

population is 48.80% male and 51.20% female. The median age of

the population in your area is 47.66, compare this to the US average

which is 37.68. The population density in your area is 143.74 people

per square mile.

Households

There are currently 19,842 households in your selected geography.

The number of households has changed by 11.38% since 2000. It is

estimated that the number of households in your area will be 21,067

five years from now, which represents a change of 6.17% from the

current year. The average household size in your area is 2.25 persons.

Employment

In 2016, there are 17,054 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

69.16% of employees are employed in white-collar occupations in

this geography, and 30.94% are employed in blue-collar occupations.

In 2016, unemployment in this area is 2.43%. In 2000, the average

time traveled to work was 23.00 minutes.

Race and Ethnicity

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

88.32% White, 5.11% Black, 0.03% Native American and 2.73%

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

70.77% White, 12.80% Black, 0.19% Native American and 5.36%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 6.35% of the current year

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

17.65%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $322,866 in 2016,

compare this to the US average of $187,181. In 2000, there were

13,316 owner occupied housing units in your area and there were

4,499 renter occupied housing units in your area. The median rent at

the time was $698.

Source: © 2016 Experian

DEMOGRAPHICS

33

www.MarcusMillichap.com

Helen Zaver

First Vice President Investments

Senior Director - National Hospitality Group

Atlanta Office

Tel: (678) 808-2700

Fax: (678) 808-2710

[email protected]

License: GA 285486

Matthew Putnam

Senior Associate

Tampa Office

Tel: (813) 387-4847

Fax: (813) 387-4710

[email protected]

License: FL SL3199957

P R E S E N T E D B Y

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