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Market Feasibility Analysis Town Center Apartments Hampton, Virginia

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Market Feasibility Analysis Town Center Apartments Hampton, Virginia Market Feasibility Analysis Town Center Apartments Hampton, Virginia Prepared for: Lake View Apartments, L.P. Project #18-5730 Site Inspection: February 14, 2018 Effective Date: February 14, 2018 Town Center Apartments | Table of Contents TABLE OF CONTENTS EXECUTIVE SUMMARY.........................................................................................................VII 1. INTRODUCTION .............................................................................................................. 1 A. Overview of Subject..................................................................................................................................1 B. Purpose ....................................................................................................................................................1 C. Format of Report ......................................................................................................................................2 D. Client, Intended User, and Intended Use ...................................................................................................2 E. Applicable Requirements ..........................................................................................................................2 F. Scope of Work ..........................................................................................................................................2 G. Report Limitations ....................................................................................................................................2 2. PROJECT DESCRIPTION ................................................................................................... 3 A. Project Overview.......................................................................................................................................3 B. Project Type and Target Market................................................................................................................3 C. Building Types and Placement...................................................................................................................3 D. Detailed Project Description......................................................................................................................3 1. Project Description ...........................................................................................................................3 3. SITE AND NEIGHBORHOOD ANALYSIS ............................................................................ 5 A. Site Analysis..............................................................................................................................................5 1. Site Location.....................................................................................................................................5 2. Size, Shape, and Topography.............................................................................................................5 3. Existing and Proposed Uses...............................................................................................................5 4. General Description of Land Uses Surrounding the Subject Site.........................................................5 5. Specific Identification of Land Uses Surrounding the Subject Site.......................................................8 B. Neighborhood Analysis ...........................................................................................................................10 1. Neighborhood Investment and Planning Activities...........................................................................10 2. Public Safety...................................................................................................................................10 C. Site Visibility and Accessibility.................................................................................................................11 1. Visibility..........................................................................................................................................11 2. Vehicular Access .............................................................................................................................11 3. Availability of Public Transit ............................................................................................................12 4. Pedestrian Access ...........................................................................................................................12 5. Accessibility Improvements under Construction and Planned..........................................................12 D. Residential Support Network...................................................................................................................12 1. Key Facilities and Services near the Subject Sites.............................................................................12 1. Essential Services............................................................................................................................14 2. Commercial Goods and Services......................................................................................................16 3. Other Facilities and Features...........................................................................................................17 4. ECONOMIC CONTEXT.................................................................................................... 18 A. Introduction............................................................................................................................................18 B. Labor Force, Resident Employment, and Unemployment.........................................................................18 C. Commutation Patterns............................................................................................................................18 D. County At-Place Employment..................................................................................................................19 1. Trends in Total At-Place Employment..............................................................................................19 2. At-Place Employment by Industry Sector.........................................................................................20 3. Major Employers.............................................................................................................................22 4. Wage Trends...................................................................................................................................22 5. HOUSING MARKET AREA .............................................................................................. 24 A. Introduction............................................................................................................................................24 Page ii Town Center Apartments | Table of Contents B. Delineation of Market Area.....................................................................................................................24 6. DEMOGRAPHIC ANALYSIS............................................................................................. 27 A. Introduction and Methodology ...............................................................................................................27 B. Trends in Population and Households......................................................................................................27 1. Recent Past Trends .........................................................................................................................27 2. Estimated and Projected Trends......................................................................................................27 3. Building Permit Trends....................................................................................................................28 C. Demographic Characteristics...................................................................................................................29 1. Age Distribution and Household Type..............................................................................................29 2. Renter Household Characteristics....................................................................................................30 3. Income Characteristics....................................................................................................................32 4. Cost-Burdened Renter Households..................................................................................................33 7. COMPETITIVE HOUSING ANALYSIS ............................................................................... 35 A. Introduction and Sources of Information.................................................................................................35 B. Market Area Housing Stock.....................................................................................................................35 1. Overview of Housing Stock..............................................................................................................35 C. Survey of General Occupancy Rental Communities..................................................................................36 1. Introduction to the Rental Housing Survey......................................................................................36 2. Location..........................................................................................................................................37
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