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Market Feasibility Analysis 925 Apartments Virginia Beach, Virginia

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Market Feasibility Analysis 925 Apartments Virginia Beach, Virginia Market Feasibility Analysis 925 Apartments Virginia Beach, Virginia Prepared for: 925 Apts. I, L.P. Effective Date: February 25, 2021 Site Inspection: February 25, 2021 925 Apartments | Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .......................................................................................................... 1 TABLES, FIGURES AND MAPS .............................................................................................. 4 EXECUTIVE SUMMARY ....................................................................................................... 6 I. INTRODUCTION ......................................................................................................... 12 A. Overview of Subject.......................................................................................................................................12 B. Purpose ..........................................................................................................................................................12 C. Format of Report ...........................................................................................................................................12 D. Client, Intended User, and Intended Use ......................................................................................................12 E. Applicable Requirements ..............................................................................................................................12 F. Scope of Work ...............................................................................................................................................13 G. Report Limitations .........................................................................................................................................14 H. Other Pertinent Remarks ...............................................................................................................................14 II. PROJECT DESCRIPTION .............................................................................................. 15 A. Project Overview ...........................................................................................................................................15 B. Project Type and Target Market ....................................................................................................................15 C. Building Types and Placement .......................................................................................................................15 D. Detailed Project Description ..........................................................................................................................16 1. Project Description................................................................................................................................16 2. Other Proposed Uses ............................................................................................................................18 3. Zoning and Government Review ...........................................................................................................18 4. Proposed Timing of Development ........................................................................................................18 III. SITE AND NEIGHBORHOOD ANALYSIS .................................................................... 19 A. Site Analysis ...................................................................................................................................................19 1. Site Location ..........................................................................................................................................19 2. Size, Shape and Topography. ................................................................................................................19 3. Existing Uses .........................................................................................................................................19 4. General Description of Land Uses Near the Subject Site ......................................................................21 5. Specific Identification of Land Uses Surrounding the Subject Site .......................................................21 B. Neighborhood Analysis ..................................................................................................................................23 1. Visibility .................................................................................................................................................23 2. Vehicular Access....................................................................................................................................23 3. Availability of Public Transit ..................................................................................................................24 4. Availability of Inter Regional Transit .....................................................................................................24 5. Pedestrian Access .................................................................................................................................24 6. Accessibility Improvements Under Construction and Planned .............................................................24 C. Public Safety ..................................................................................................................................................25 D. Residential Support Network ........................................................................................................................26 1. Key Facilities and Services near the Subject Site ..................................................................................26 2. Essential Services ..................................................................................................................................28 3. Shopping ...............................................................................................................................................30 4. Recreational and Other Community Amenities ....................................................................................30 E. Overall Site Conclusions ................................................................................................................................30 IV. ECONOMIC CONTEXT ............................................................................................. 31 A. Introduction ...................................................................................................................................................31 Page 1 925 Apartments | Table of Contents B. Resident Unemployment ...............................................................................................................................31 1. Trends in Annual Average Labor Force and Unemployment Data ........................................................31 2. Trends in Monthly Labor Force and Unemployment Data ...................................................................32 C. Commuting Patterns......................................................................................................................................32 D. At-Place Employment ....................................................................................................................................33 1. Trends in Total At-Place Employment ...................................................................................................33 2. At-Place Employment by Industry Sector .............................................................................................34 3. Major Private Employers .......................................................................................................................37 E. Wage Trends ..................................................................................................................................................37 F. Economic Conclusions and Projections .........................................................................................................38 V. HOUSING MARKET AREA ........................................................................................... 39 A. Introduction ...................................................................................................................................................39 B. Delineation of Market Area ...........................................................................................................................39 VI. DEMOGRAPHIC ANALYSIS ...................................................................................... 41 A. Introduction and Methodology .....................................................................................................................41 B. Trends in Population and Households ...........................................................................................................41 1. Recent Past Trends ...............................................................................................................................41 2. Projected Trends ...................................................................................................................................41 3. Building Permit Trends ..........................................................................................................................42 C. Demographic Characteristics .........................................................................................................................43
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