OM - 15.59 Acres on Starratt Road 2 - LoopNet · 2016 MEDIAN HOUSEHOLD INCOME: U.S. Median: $57,200...

New Amazon Fulfillment

Center

JacksonvilleInternational

Airport First CoastHigh School

St PatricksCatholic School

OceanwaySchool

A

B

C

Offering Memorandum

15.59 ACRES ON STARRATT ROAD0 Starratt Road, Jacksonville, FL 32218

River CityMarketplace

15.59 ACRES ON STARRATT ROAD

0 Starratt Road, Jacksonville, FL

ACT ID Y0310600

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

Non-EndorsementsMarcus & Millichap Real Estate Investment Services of Florida, Inc. ("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.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE

CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we

make no representations or warranties, express 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.

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

Millichap. All rights reserved.

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3

INVESTMENT

OVERVIEW

AERIAL PHOTO


4

FINANCIAL ANALYSIS


5

THE OFFERING

Total Price $2,945,000

Total Lot Size 15.59 Acres

Total Price/SF $4.34

Total Price/Acre $188,887

Parcel “A”

RE # 106940-0715

Price $550,000

Lot Size 0.54 Acre

Price/SF $23.59

Price/Acre $1,027,623

Zoning PUD Commercial

Parcel “B”

RE # 106935-0500

Price $1,900,000

Lot Size 13.11 Acres

Price/SF $3.33

Price/Acre $144,957

Zoning PUD Commercial

Parcel “C”

RE # 106935-0300

Price $495,000

Lot Size 1.95 Acres

Price/SF $5.83

Price/Acre $254,002

Zoning Mixed-Use Commercial

SELLER WILLING TO OFFER PARCELS INDIVIDUALLY OR AT A DISCOUNT AS A

TOTAL PACKAGE DEALPreapproved for rezoning to Multi-Family (see page 7 for proposed layout)

SURVEY MAP


6

MULTIFAMILY PARCEL LAYOUT


7

Trafalgar Apartments Layout

New Amazon Fulfillment

Center

JacksonvilleInternational

Airport First CoastHigh School


OceanwaySchool

A

B

C

NEARBY FACILITY MAP


8

River CityMarketplace

NEARBY FACILITY MAP


9

UF Health North

First CoastHigh School

OceanwaySchool


CVSPharmacy

LOCAL MAP


10

REGIONAL MAP



12

MARKET

COMPARABLES


SALES COMPARABLES MAP

13


(SUBJECT)

Main Street & Duval Station

Road

Land Parcel Near River City

Marketplace

Westside Corner Parcel

SALES COMPARABLES

ON MARKET COMPARABLES

1

2

3

14

PROPERTY NAME15.59 ACRES ON STARRATT ROAD

SALES COMPARABLESSALES COMPARABLES ON MARKET COMPARABLES

$0.00

$0.60

$1.20

$1.80

$2.40

$3.00

$3.60

$4.20

$4.80

$5.40

$6.00

15.59 Acres on

Starratt Road

Main Street

and Duval

Station Road

Land Parcel Near

River City

Marketplace

Westside

Corner

Parcel

Average Price Per Square Foot

$0

$30,000

$60,000

$90,000

$120,000

$150,000

$180,000

$210,000

$240,000

$270,000

$300,000

15.59 Acres on

Starratt Road

Main Street

and Duval

Station Road

Land Parcel Near

River City

Marketplace

Westside

Corner

Parcel

Average Price Per Acre

Avg. $5.05

Avg. $219,997

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


15

SALES COMPARABLES ON MARKET COMPARABLES

Asking Price $2,945,000

Zoning PUD/Mixed-Use

Price/SF $4.34

Lot Size (Acres) 15.59

Price/Acre $188,887

15.59 ACRES ON STARRAT ROAD0 Starratt Road, Jacksonville, FL, 32218

1

Close of Escrow 4/21/2016

Sales Price $3,200,000

Zoning RLD-60/PUD

Price/SF $4.73


Price/Acre $206,053

NOTES

Commercial Land

MAIN STREET & DUVAL STATION ROADMain Street & Duval Station Road, Jacksonville, FL, 32218

2

On Market

List Price $2,190,000

Zoning CCG-2

Price/SF $5.45


Price/Acre $237,270

NOTES

Commercial Land

Proposed Use: Apartment Units, Commercial, Office, Race Track,

Restaurant, Retail

LAND PARCEL NEAR RIVER CITY MARKETPLACEN Main Street, Jacksonville, FL, 32218

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


16

SALES COMPARABLES ON MARKET COMPARABLES

NOTES

Ideal location for retail center, medical development, assisted

living, or similar use.

3

On Market

List Price $1,950,000

Zoning PUD

Price/SF $4.97


Price/Acre $216,667

WESTSIDE CORNER PARCELPritchard Road, Jacksonville, FL, 32219


17

MARKET

OVERVIEW

MARKET OVERVIEW

JACKSONVILLEOVERVIEW

The Jacksonville metro comprises five counties, Duval, Clay, St.

Johns, Nassau and Baker, in the northeastern corner of Florida along

the St. Johns River and the Atlantic Ocean. It is just south of the

Georgia border. Jacksonville’s access to road, rail, sea and air

transportation has made it an intermodal hub for the Southeast.

JAXPORT is one of the largest ports in the region and is equipped to

handle cargo as well as cruise ships and the local ferry service. Naval

Air Station Jacksonville and Mayport Naval Station contribute to a

strong military presence in the market. The metro houses nearly 1.5

million people. With approximately 870,000 residents, Jacksonville is

the largest city in the metro. No other city in the market contains more

than 40,000 citizens.

MARKET OVERVIEW

METRO HIGHLIGHTS

BUSINESS ATTRACTION

A lower cost of doing business than other nearby

cities and a large, skilled labor pool help to draw

relocating and expanding companies.

STRONG POPULATION GROWTH

In past decades, the metro’s population growth has

outpaced that of the nation, a trend that is projected

to continue over the next five years.

DEEPWATER PORT

JAXPORT provides a $26.9 billion annual economic

impact to the metro. More than 8 million tons of

cargo pass through the port each year.


18

MARKET OVERVIEW

ECONOMY Once rooted in its military bases, a commercial port, tourism and paper mills, the

Jacksonville economy has begun to diversify.

The metro is home to three Fortune 500 companies: Fidelity National Information Services,

Fidelity National Financial and CSX.

The city has developed a large financial services sector, led by Bank of America, Fidelity

National and Citibank.

Jacksonville has an emerging industrial base in medical products research and

manufacturing.

SHARE OF 2016 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Jacksonville Naval Air Station

Mayo Clinic

Mayport Naval Station

Blue Cross Blue Shield of Florida

CSX

Baptist Health System

Citibank

Fidelity National Financial

Winn-Dixie

Bank of America Corp.* Forecast

MANUFACTURING

5%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

3%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

21%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

1%INFORMATION

16%

6%

11% 13% 10%

15%


19

MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

The metro is projected to add roughly 110,000 people through 2021, resulting in the

formation of nearly 50,000 households.

A median home price below the national level has produced a homeownership rate

of 65 percent, which is slightly above the national rate of 64 percent.

Roughly 28 percent of people age 25 and older hold a bachelor’s degree; among

those residents, 9 percent also have earned a graduate or professional degree.

The Jacksonville area offers many recreational events and cultural opportunities.

Jacksonville’s beach communities consist of Atlantic Beach, Neptune Beach and

Jacksonville Beach along 50 miles of shoreline, offering sport fishing, boating and water

sport activities. The area is home to the Professional Golfers Association, the World Golf

Village and the World Golf Hall of Fame. The Association of Tennis Professionals is also

based in the area. Sports teams include the Jacksonville Suns, a minor league baseball

team, and the Jacksonville Jaguars of the NFL. Everbank Field hosts the TaxSlayer.com

Gator Bowl, and the annual matchup between Florida and Georgia. Cultural opportunities

and museums abound throughout the metro.

38.1

2016MEDIAN AGE:

U.S. Median:

37.7

$53,500

2016 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$57,200

1.4M

2016POPULATION:

Growth2016-2021*:

7.8%

561K

2016HOUSEHOLDS:

8.3%

Growth2016-2021*:

QUALITY OF LIFE

2016 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

7%25-44 YEARS

27%45-64 YEARS

27%65+ YEARS

14%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau


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PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2016 Experian

Created on November 2017

POPULATION 1 Miles 3 Miles 5 Miles

2021 Projection

Total Population 6,164 35,600 57,269

2016 Estimate


2010 Census


2000 Census


Daytime Population

2016 Estimate 7,669 38,367 53,421

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2021 Projection

Total Households 1,996 12,601 20,793

2016 Estimate


Average (Mean) Household Size 2.81 2.76 2.71

2010 Census


2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2016 Estimate

$250,000 or More 1.19% 1.27% 1.24%

$200,000 - $249,999 1.09% 1.21% 1.00%

$150,000 - $199,999 3.41% 3.89% 3.54%

$125,000 - $149,999 5.06% 4.91% 4.44%

$100,000 - $124,999 9.35% 11.16% 10.98%

$75,000 - $99,999 14.14% 15.51% 14.89%

$50,000 - $74,999 24.02% 20.03% 19.57%

$35,000 - $49,999 13.05% 14.34% 13.68%

$25,000 - $34,999 10.28% 10.41% 11.37%

$15,000 - $24,999 9.54% 7.78% 8.73%

Under $15,000 8.86% 9.47% 10.55%

Average Household Income $69,738 $72,539 $69,904

Median Household Income $57,792 $59,230 $56,885

Per Capita Income $22,901 $25,712 $25,415

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PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS


Created on November 2017

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population by Age

0 to 4 Years 7.62% 7.65% 7.54%

5 to 14 Years 14.98% 14.46% 14.44%

15 to 17 Years 4.02% 3.76% 3.90%

18 to 19 Years 2.27% 2.13% 2.29%

20 to 24 Years 5.86% 5.75% 6.12%

25 to 29 Years 6.00% 6.45% 6.64%

30 to 34 Years 7.07% 7.52% 7.18%

35 to 39 Years 7.64% 7.49% 7.02%

40 to 49 Years 15.58% 14.78% 14.29%

50 to 59 Years 13.29% 13.40% 13.98%

60 to 64 Years 4.90% 5.39% 5.56%

65 to 69 Years 4.01% 4.28% 4.25%

70 to 74 Years 2.62% 2.84% 2.74%

75 to 79 Years 1.86% 1.90% 1.81%

80 to 84 Years 1.21% 1.21% 1.19%

Age 85+ 1.06% 0.98% 1.04%

Median Age 36.46 36.52 36.34

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population 25+ by Education Level

2016 Estimate Population Age 25+ 3,527 20,319 32,983

Elementary (0-8) 3.61% 2.96% 2.55%

Some High School (9-11) 10.66% 9.17% 8.28%

High School Graduate (12) 39.17% 35.20% 33.16%

Some College (13-15) 23.81% 25.56% 26.25%

Associate Degree Only 10.01% 9.28% 9.55%

Bachelors Degree Only 7.61% 11.71% 13.69%

Graduate Degree 3.48% 5.34% 5.61%

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Income

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

$57,792, compare this to the US average which is currently $54,505.

The median household income for your area has changed by 59.18%

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

area will be $66,130 five years from now, which represents a change

of 14.43% from the current year.

The current year per capita income in your area is $22,901, compare

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

household income in your area is $69,738, compare this to the US

average which is $78,425.

Population

In 2016, the population in your selected geography is 5,406. The

population has changed by 87.25% since 2000. It is estimated that

the population in your area will be 6,164.00 five years from now,

which represents a change of 14.02% from the current year. The

current population is 48.86% male and 51.14% female. The median

age of the population in your area is 36.46, compare this to the US

average which is 37.68. The population density in your area is

1,721.75 people per square mile.

Households

There are currently 1,754 households in your selected geography. The

number of households has changed by 74.53% since 2000. It is

estimated that the number of households in your area will be 1,996

five years from now, which represents a change of 13.80% from the

current year. The average household size in your area is 2.81 persons.

Employment

In 2016, there are 879 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

42.53% of employees are employed in white-collar occupations in

this geography, and 59.59% are employed in blue-collar occupations.

In 2016, unemployment in this area is 5.72%. In 2000, the average

time traveled to work was 26.00 minutes.

Race and Ethnicity

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

75.08% White, 15.18% Black, 0.07% Native American and 3.40%

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 7.74% 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 $152,596 in 2016,

compare this to the US average of $187,181. In 2000, there were 817

owner occupied housing units in your area and there were 188 renter

occupied housing units in your area. The median rent at the time was

$385.


DEMOGRAPHICS

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8


DEMOGRAPHICS

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TRAFFIC COUNTYEAR COUNT

2016 114,500

2016 9,300

2016 69,500

MARKETING PLAN

#

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX


PRICING AND VALUATION MATRIX


25

MARKET OVERVIEW

25

69,500 (2016)

114,500 (2016)

9,300 (2016)

OM - 15.59 Acres on Starratt Road 2 - LoopNet · 2016 MEDIAN HOUSEHOLD INCOME: U.S. Median: $57,200...

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Transcript of OM - 15.59 Acres on Starratt Road 2 - LoopNet · 2016 MEDIAN HOUSEHOLD INCOME: U.S. Median: $57,200...