Sanmina-SCI Corporation's Fiscal 2009 First Quarter Earnings
OFFERING MEMORANDUM · or lessee identified in this marketing package. The presence of any...
39
The Flats at Harding Avenue 6882 Harding Avenue & 300 69 th Street • Miami Beach, FL 33141 16 UNIT MULTI-FAMILY PROPERTY OFFERING MEMORANDUM
Transcript of OFFERING MEMORANDUM · or lessee identified in this marketing package. The presence of any...
The Flats at Harding Avenue6882 Harding Avenue & 300 69th Street • Miami Beach, FL 33141
16 UNIT MULTI-FAMILY PROPERTY
OFFERING MEMORANDUM
Non-EndorsementsMarcus & Millichap Real Estate InvestmentServices of Florida, Inc. ("Marcus &Millichap") is not affiliated with, sponsoredby, or endorsed by any commercial tenantor lessee identified in this marketingpackage. The presence of anycorporation's logo or name is not intendedto indicate or imply affiliation with, orsponsorship or endorsement by, saidcorporation of Marcus & Millichap, itsaffiliates or subsidiaries, or any agent,product, service, or commercial listing ofMarcus & Millichap, and is solely includedfor the purpose of providing tenant lesseeinformation about this listing toprospective customers.
ALL PROPERTY SHOWINGS ARE BYAPPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS &MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION ORCOMPARATIVE MARKET ANALYSIS OFVALUE AND SHOULD NOT BECONSIDERED AN APPRAISAL. Thisinformation has been secured fromsources we believe to be reliable, but wemake no representations or warranties,express or implied, as to the accuracy ofthe information. References to squarefootage or age are approximate. Buyermust verify the information and bears allrisk for any inaccuracies. Marcus &Millichap is a service mark of Marcus &Millichap Real Estate Investment Services,Inc. © 2016 Marcus & Millichap. All rightsreserved.
T H E F L A T S A T H A R D I N G A V E N U E
ACT ID ZAA0390243
SECTION
T H E F L A T S A T H A R D I N G A V E N U E
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Operating Statement
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03Sales Comparables
Rent Comparables
MARKET OVERVIEW 04Market Analysis
Demographic Analysis
T H E F L A T S A T H A R D I N G A V E N U E
Javier A. UbedaAssociateAssociate Member - National Multi Housing GroupMiami OfficeTel: (786) 522-7039Fax: (786) [email protected]: FL SL3358462
David M. CohenSenior AssociateMember - National Multi Housing GroupMiami OfficeTel: (786) 522-7075Fax: (786) [email protected]: FL SL3282943
Arthur D. PorosoffSenior Vice President InvestmentsSenior Director - National Multi Housing GroupMiami OfficeTel: (786) 522-7000Fax: (786) [email protected]: FL SL3160379
INVESTMENT OVERVIEWMiami Beach
T H E F L A T S A T H A R D I N G A V E N U E
The Flats at Harding Avenue69th St
Rare Opportunity to Acquire 16 Units in North Beach
Value-add Opportunity Through the Complete Renovation of All Units
Favorable Unit Mix of 2 & 1 Bedroom Units
On-Site Laundry Facility
12,500 Sq Ft Lot Zoned RM-1
Strong Rental Market with Historically High Occupancy Levels
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to offer for sale The Flats at Harding Avenue, a 16-unit apartment building locatedin the North Beach neighborhood of Miami Beach, Florida. The Flats at Harding Avenue was constructed in 1949and consists of a two eight unit buildings on a 12,500 square foot lot.
The Flats at Harding Avenue consists of six two bedroom units and ten one bedroom/one bathroom units.Although there has been partial renovations to the property, the asset presents an excellent value addopportunity through the complete renovation of all units to market standards.
North Beach is in the process of major regentrification with the recent addition of the Miami Beach Town CenterDistrict that spans from 69th Street to 72nd Street and from Collins Avenue to Dickens Avenue. This area allowsfor much denser development than the surrounding area, which has attracted major investment in the immediatearea and will further enhance the neighborhood. There are several other major developments in the area includingTerra Groups Eighty-Seven Park and the Ocean Terrace property which has been in planning and approvalstages for over a year. The Atlantic Ocean is a block to the east as well as the restaurants and shops on Hardingand Collins Avenue. Surfside and the Bal Harbour Shops are less than one mile to the north and South Beach isjust a few minutes drive to the south.
INVESTMENT OVERVIEW
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T H E F L A T S A T H A R D I N G A V E N U E
EXECUTIVE SUMMARY
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T H E F L A T S A T H A R D I N G A V E N U E
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
Fontainebleau Miami Beach 2,500
Mount Sinai Med Ctr Fla Inc 2,370
Barry University Inc 1,218
St Marys Properties 1,152
Miami Beach Convention Center 1,000
Simkins Industries Inc 950
Loews Miami Beach 914
Miami Jewish Hlth Systems Inc 903
Raltron Electronics Corp 600
Starwood Htels Rsrts Worldwide 600
Elite Healthcare MGT LLC 525
Ritz Carlton South Beach The 520
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2018 Estimate Pop 24,129 69,418 204,998
2010 Census Pop 21,932 63,383 187,301
2018 Estimate HH 12,166 33,075 90,942
2010 Census HH 10,991 30,039 82,931
Median HH Income $37,115 $51,054 $45,310
Per Capita Income $34,657 $46,274 $37,533
Average HH Income $68,708 $97,025 $83,977
UNIT MIX
NUMBEROF UNITS UNIT TYPE APPROX.
SQUARE FEET
10 1 Bedroom/1 Bathroom 670
6 2 Bedroom/1 Bathroom 850
16 Total 12,480
VITAL DATA
Price $3,200,000 CURRENT YEAR 1
Price/Unit $200,000 CAP Rate 3.70% 4.84%
Price/SF $256.41 GRM 14.00 11.37
Number of Units 16 Net Operating Income $118,306 $154,966
Rentable Square Feet 12,480
Year Built 1949
Lot Size 0.29 acre(s)
THE OFFERING
Property 300 69th St & 6882 Harding Ave
Price $3,200,000
Property Address 300 69th St & 6882 Harding Ave, Miami Beach, FL
SITE DESCRIPTION
Number of Units 16
Year Built/Renovated 1949
Rentable Square Feet 12,480
Lot Size 0.29 acre(s)
Type of Ownership Fee Simple
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E
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T H E F L A T S A T H A R D I N G A V E N U E I N T E R I O R S
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T H E F L A T S A T H A R D I N G A V E N U E
FINANCIAL ANALYSISMIAMI BEACH
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T H E F L A T S A T H A R D I N G A V E N U E
RENT ROLL SUMMARY
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T H E F L A T S A T H A R D I N G A V E N U E
RENT ROLL DETAIL
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T H E F L A T S A T H A R D I N G A V E N U E
OPERATING STATEMENT
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T H E F L A T S A T H A R D I N G A V E N U E
PRICING DETAIL
0
0
MARKET COMPARABLES
MIAMI BEACH
300 69TH ST & 6882 HARDING AVE(SUBJECT)
7125 Carlyle Ave
The 331 Apartments
Aqua
Sunshine Apartments
Terrace House
SALES COMPARABLES
1
2
3
4
5
SALES COMPARABLES MAP
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T H E F L A T S A T H A R D I N G A V E N U E
SALES COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
Avg. $337.08
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
$350.00
$400.00
$450.00
$500.00
300 69thSt & 6882
Harding Ave
7125Carlyle Ave
The 331Apartments
Aqua SunshineApartments
TerraceHouse
Avg. $220,567
$0
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000
$270,000
$300,000
300 69thSt & 6882
Harding Ave
7125Carlyle Ave
The 331Apartments
Aqua SunshineApartments
TerraceHouse
SALES COMPARABLES
25
T H E F L A T S A T H A R D I N G A V E N U E
SALES COMPARABLES
1
Units Unit Type
Close Of Escrow: 2/26/2019 12 Studio 1 Bath
Sales Price: $2,800,000
Price/Unit: $233,333
Price/SF: $401.38
Total No. of Units: 12
Year Built: 1940
NOTES
- Zoning: RM-1
7125 CARLYLE AVE7125 Carlyle Ave, Miami Beach, FL, 33141
Units Unit Type
Close Of Escrow: 6/13/2018 26 1 Bdr 1 Bath
Sales Price: $5,600,000
Price/Unit: $224,000
Price/SF: $294.67
Total No. of Units: 25
Year Built: 1945
2
NOTES
- Zoning- RM-1
THE 331 APARTMENTS 331 85th St, Miami Beach, FL, 33141
Units Unit Type
Close Of Escrow: 5/24/2018 12 Studio Bath
Sales Price: $3,137,500 4 1 Bdr 1 Bath
Price/Unit: $209,167
Price/SF: $363.39
Total No. of Units: 15
Year Built: 1953
3
NOTES
- Zoning: RM-1
AQUA610 74th St, Miami Beach, FL, 33141
SALES COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
4
Units Unit Type
Close Of Escrow: 1/24/2018 3 Studio Bath
Sales Price: $2,500,000 8 1 Bdr 1 Bath
Price/Unit: $208,333 1 3 Bdr 2 Bath
Price/SF: $302.55
Total No. of Units: 12
Year Built: 1950
NOTES- Zoning: RM-1
SUNSHINE APARTMENTS 7130-7134 Carlyle Ave, Miami Beach, FL, 33141
Units Unit Type
Close Of Escrow: 1/23/2018 10 1 Bdr 1 Bath
Sales Price: $2,280,000
Price/Unit: $228,000
Price/SF: $323.40
Total No. of Units: 10
Year Built: 1962
5
NOTES
- Zoning: RM-1
TERRACE HOUSE 600 72nd St, Miami Beach, FL, 33141
300 69TH ST & 6882 HARDING AVE(SUBJECT)
6805 Abbott Ave
6901 Indian Creek Drive
Riviera Terrace Apartments
6920 Byron Ave
6931 Indian Creek Dr
7301 Carlyle Ave
7400 Harding Ave
7530 Dickens Ave
421 77th St
7609 Carlyle Ave
7451 Harding Ave
4
7
8
9
11
12
13
10
4
7
8
9
11
10
1
2
3
5
6
RENT COMPARABLES MAP
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T H E F L A T S A T H A R D I N G A V E N U E
RENT COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
300 69thSt & 6882
Harding Ave
7301Carlyle Ave
7400Harding Ave
7530Dickens Ave
421 77th St 7609Carlyle Ave
7451Harding Ave
2 Bedroom
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
300 69thSt & 6882
Harding Ave
6805Abbott Ave
6901 IndianCreek Drive
RivieraTerrace
Apartments
6920Byron Ave
6931 IndianCreek Dr
1 Bedroom
Avg. $1,290Avg. $1,583
RENT COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
YEAR BUILT: 1949
rentpropertyname1rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 12 670 $1,113 $1.66
2 Bdr 2 Bath 4 850 $1,425 $1.68
Total/Avg. 16 715 $1,191 $1.67
300 69TH ST & 6882 HARDING AVE300 69th St & 6882 Harding Ave, Miami Beach, FL, 33141
YEAR BUILT: 1948
1
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 773-773 $1,300-$1,300 $1.68
Total/Avg. 1 773 $1,300 $1.68
6805 ABBOTT AVE 6805 Abbott Ave, Miami Beach, FL, 33141
2
YEAR BUILT: 1951
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 700-700 $1,350-$1,350 $1.93
Total/Avg. 1 700 $1,350 $1.93
6901 INDIAN CREEK DRIVE6901 Indian Creek Dr, Miami Beach, FL, 33141
RENT COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
YEAR BUILT: 1957
3
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 690-690 $1,250-$1,250 $1.81
Total/Avg. 1 690 $1,250 $1.81
RIVIERA TERRACE APARTMENTS6890 Abbott Ave, Miami Beach, FL, 33141
YEAR BUILT: 1951
4
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 583-583 $1,250-$1,250 $2.14
Total/Avg. 1 583 $1,250 $2.14
6920 BYRON AVE6920 Byron Ave, Miami Beach, FL, 33141
5
YEAR BUILT: 1947
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 1 609-609 $1,300-$1,300 $2.13
Total/Avg. 1 609 $1,300 $2.13
6931 INDIAN CREEK DR6931 Indian Creek Dr, Miami Beach, FL, 33141
RENT COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
YEAR BUILT: 1954
6
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 750-750 $1,500-$1,500 $2.00
Total/Avg. 1 750 $1,500 $2.00
7301 CARLYLE AVE7301 Carlyle Ave, Miami Beach, FL, 33141
YEAR BUILT: 1948
7
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 630-630 $1,450-$1,450 $2.30
Total/Avg. 1 630 $1,450 $2.30
7400 HARDING AVE 7400 Harding Ave, Miami Beach, FL, 33141
8
YEAR BUILT: 1955
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 890-890 $1,550-$1,550 $1.74
Total/Avg. 1 890 $1,550 $1.74
7530 DICKENS AVE7530 Dickens Ave, Miami Beach, FL, 33141
RENT COMPARABLES
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T H E F L A T S A T H A R D I N G A V E N U E
YEAR BUILT: 1949
9
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 650-650 $1,600-$1,600 $2.46
Total/Avg. 1 650 $1,600 $2.46
421 77TH ST 421 77th St, Miami Beach, FL, 33141
YEAR BUILT: 1951
10
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 1 900-900 $1,700-$1,700 $1.89
Total/Avg. 1 900 $1,700 $1.89
7609 CARLYLE AVE7609 Carlyle Ave, Miami Beach, FL, 33141
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YEAR BUILT: 1947
Unit Type Units SF Rent Rent/SF
2 Bdr 2 Bath 1 1,000-1,000 $1,700-$1,700 $1.70
Total/Avg. 1 1,000 $1,700 $1.70
7451 HARDING AVE7451 Harding Ave, Miami Beach, FL, 33141
MARKET OVERVIEWESPANOLA WAY
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MARKET OVERVIEW
MIAMI-DADEOVERVIEW
Miami-Dade County is a gateway to South American and Caribbeanmarkets and a tourist destination. The 2,400-square-mile countyextends from the Florida Everglades east to the Atlantic Ocean. It isbordered to the north by Broward County and to the south by theFlorida Keys. The main portion of the city of Miami lies on the shoresof Biscayne Bay and is separated from the Atlantic Ocean by barrierislands, the largest of which holds the city of Miami Beach. The metro,with a population of roughly 2.7 million, is located entirely withinMiami-Dade County. Miami is the most populous city, with slightlymore than 440,700 residents, followed by Hialeah and Miami Gardens,each with more than 100,000 people.
METRO HIGHLIGHTS
BUSINESS-FRIENDLY ENVIRONMENTThe metro has no local business or personal income taxes, which attracts businesses and residents to the area.
INTERNATIONAL GATEWAYMiami is a gateway for international trading activities, tourism and immigration, connecting to airports and ports around the world.
MEDICAL COMMUNITY The county contains the largest concentration of medical facilities in Florida, drawing residents needing services throughout the state.
47
MARKET OVERVIEW
ECONOMY Various industries provide a diverse economy. Trade, international finance, healthcare and
entertainment have become major segments in the local business community. A strong tourism industry has developed with ties to Latin America and the Caribbean. Tourism and trade depend on a large transportation sector. PortMiami and Miami
International Airport are both major contributors to employment and the economy. The Miami metro gross metropolitan product (GMP) expansion is expected to outpace the
U.S. GDP in 2018 and retail sales for the county are also rising.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Baptist Health South Florida
University of Miami
American Airlines
Miami Children’s Hospital
Publix Supermarkets
Winn-Dixie Stores
Florida Power & Light Co.
Carnival Cruise Lines
AT&T
Mount Sinai Medical Center* Forecast
MANUFACTURING4%
GOVERNMENT
HEALTH SERVICESEDUCATION AND
+OTHER SERVICES
5%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
25%AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL ANDBUSINESS SERVICES
2%INFORMATION
14%
4%
12% 12% 7%
16%
47
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
ARTS & ENTERTAINMENT
The metro is expected to add nearly 117,400 people over the next five years. During the same period, approximately 64,000 households will be formed, generating demand for housing.
The homeownership rate of 53 percent is below the national rate of 64 percent, maintaining a strong rental market.
The cohort of 20- to 34-year-olds composes 21 percent of the population.
Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant
business and cultural community. The metro has an abundance of popular attractions.
Miami hosts the Capital One Orange Bowl and is home to several professional sports
teams, including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county
has a broad array of cultural attractions, historic sites and parks. These include the
Adrienne Arsht Center for the Performing Arts, Zoo Miami and Everglades National Park.
The region is home to a vibrant and diverse culture, family-friendly neighborhoods, a
plethora of shops and restaurants, and beautiful weather and beaches. It also offers easy
access to Latin America and the Caribbean.
QUALITY OF LIFE
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
17%20-24 YEARS
7%25-44 YEARS
28%45-64 YEARS
27%65+ YEARS
16%
* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
39.72017
MEDIAN AGE:
U.S. Median:
37.8
$44,300 2017 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:
$56,300
2.7M2017
POPULATION:
Growth2017-2022*
4.3%
940K2017
HOUSEHOLDS:
6.7%
Growth2017-2022*:
DEMOGRAPHICS
Source: © 2018 Experian
37
POPULATION 1 Miles 3 Miles 5 Miles 2023 Projection
Total Population 20,057 99,676 298,316
2018 Estimate
Total Population 19,094 96,549 292,587
2010 Census
Total Population 17,619 87,503 266,493
2000 Census
Total Population 19,434 87,605 265,812
Daytime Population
2018 Estimate 14,428 85,244 294,586
HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2023 Projection
Total Households 9,207 46,926 127,274
2018 Estimate
Total Households 8,628 44,938 121,907
Average (Mean) Household Size 2.17 2.13 2.34
2010 Census
Total Households 7,922 40,586 110,952
2000 Census
Total Households 8,246 39,747 108,779
Growth 2015-2020 6.71% 4.42% 4.40%
HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units
2023 Projection 9,207 46,926 127,274
2018 Estimate 9,869 59,522 147,419
Owner Occupied 3,083 21,003 49,547
Renter Occupied 5,545 23,935 72,360
Vacant 1,241 14,584 25,512
Persons In Units
2018 Estimate Total Occupied Units 8,628 44,938 121,907
1 Person Units 35.94% 38.33% 37.10%
2 Person Units 33.41% 33.48% 29.90%
3 Person Units 15.55% 13.70% 13.91%
4 Person Units 9.67% 8.93% 9.46%
5 Person Units 3.91% 3.69% 5.04%
6+ Person Units 1.51% 1.86% 4.59%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2018 Estimate
$200,000 or More 5.98% 10.07% 6.52%
$150,000 - $199,000 3.82% 5.32% 4.01%
$100,000 - $149,000 8.07% 10.34% 8.86%
$75,000 - $99,999 10.56% 9.85% 9.25%
$50,000 - $74,999 14.25% 14.61% 14.66%
$35,000 - $49,999 14.78% 12.47% 13.47%
$25,000 - $34,999 11.32% 10.23% 11.00%
$15,000 - $24,999 14.41% 12.40% 13.43%
Under $15,000 16.82% 14.71% 18.80%
Average Household Income $72,012 $94,192 $75,623
Median Household Income $42,026 $50,258 $42,075
Per Capita Income $32,571 $43,879 $31,781
POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age
2018 Estimate Total Population 19,094 96,549 292,587
Under 20 18.17% 18.45% 20.48%
20 to 34 Years 20.76% 18.12% 22.77%
35 to 39 Years 8.87% 7.79% 7.54%
40 to 49 Years 17.17% 15.83% 14.27%
50 to 64 Years 21.06% 21.43% 20.08%
Age 65+ 13.98% 18.39% 14.85%
Median Age 41.23 43.49 39.46
Population 25+ by Education Level
2018 Estimate Population Age 25+ 14,688 74,597 214,462
Elementary (0-8) 6.36% 4.84% 7.50%
Some High School (9-11) 5.96% 5.89% 9.10%
High School Graduate (12) 24.10% 21.24% 24.40%
Some College (13-15) 17.26% 17.00% 17.19%
Associate Degree Only 10.41% 8.55% 8.21%
Bachelors Degree Only 20.06% 23.48% 18.53%
Graduate Degree 13.89% 17.72% 12.85%
Population by Gender
2018 Estimate Total Population 19,094 96,549 292,587
Male Population 49.67% 49.14% 49.85%
Female Population 50.33% 50.86% 50.15%
DEMOGRAPHICS
Source: © 2018 Experian
38
IncomeIn 2018, the median household income for your selected geography is$42,026, compare this to the US average which is currently $58,754.The median household income for your area has changed by 54.58%since 2000. It is estimated that the median household income in yourarea will be $49,018 five years from now, which represents a changeof 16.64% from the current year.
The current year per capita income in your area is $32,571, comparethis to the US average, which is $32,356. The current year averagehousehold income in your area is $72,012, compare this to the USaverage which is $84,609.
PopulationIn 2018, the population in your selected geography is 19,094. Thepopulation has changed by -1.75% since 2000. It is estimated thatthe population in your area will be 20,057.00 five years from now,which represents a change of 5.04% from the current year. Thecurrent population is 49.67% male and 50.33% female. The medianage of the population in your area is 41.23, compare this to the USaverage which is 37.95. The population density in your area is6,087.10 people per square mile.
HouseholdsThere are currently 8,628 households in your selected geography. Thenumber of households has changed by 4.63% since 2000. It isestimated that the number of households in your area will be 9,207five years from now, which represents a change of 6.71% from thecurrent year. The average household size in your area is 2.17 persons.
EmploymentIn 2018, there are 5,340 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that59.05% of employees are employed in white-collar occupations inthis geography, and 41.13% are employed in blue-collar occupations.In 2018, unemployment in this area is 3.33%. In 2000, the averagetime traveled to work was 34.00 minutes.
Race and EthnicityThe current year racial makeup of your selected area is as follows:85.93% White, 4.93% Black, 0.06% Native American and 1.66%Asian/Pacific Islander. Compare these to US averages which are:70.20% White, 12.89% Black, 0.19% Native American and 5.59%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.
People of Hispanic origin make up 69.75% of the current yearpopulation in your selected area. Compare this to the US average of18.01%.
HousingThe median housing value in your area was $293,884 in 2018,compare this to the US average of $201,842. In 2000, there were2,824 owner occupied housing units in your area and there were5,422 renter occupied housing units in your area. The median rent atthe time was $583.
www.MarcusMillichap.com
Javier A. UbedaAssociateAssociate Member - National Multi Housing GroupMiami OfficeTel: (786) 522-7039
Fax: (786) 522-7010
License: FL SL3358462
David M. CohenSenior Associate
Member - National Multi Housing GroupMiami OfficeTel: (786) 522-7075
Fax: (786) 522-7010
License: FL SL3282943
Arthur D. PorosoffSenior Vice President Investments
Senior Director - National Multi Housing GroupMiami OfficeTel: (786) 522-7000
Fax: (786) 522-7010
License: FL SL3160379
P R E S E N T E D B Y
