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OFFERING MEMORANDUM

VACANT LAND – 190 UNITS MULTI-FAMILY US 1 / SW 268 Street • , FL 33032 NON- ENDORSEMENT AND DISCLAIMER NOTICE

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 Real Estate Investment Services of Florida, Inc. ("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. © 2018 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.

26710 SW 144 AVE Miami, FL ACT ID ZAA0390151

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INVESTMENT OVERVIEW

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OFFERING SUMMARY INVESTMENT OVERVIEW

Marcus & Millichap is proud to present 190 Unit development opportunity by US 1 (South Dixie Highway) at SW 268 Street (Moody Drive) walking distance to Metro-Dade Transit Busway connecting to downtown Miami via Metro Rail and Miami International Airport (MIA). The Naranja / Homestead community is flourishing with new development of mixed-use multi- family and retail. Major retailers within walking distance include Walmart Grocery, Dollar Store and Dollar Tree, Restaurants & fast food McDonalds and Burger King. Larkin Hospital is to develop a $65,000,000 Medical University Campus on 40+ acres near the Property, stimulating the area for rental and condo development.

INVESTMENT HIGHLIGHTS

§ Easy access to US 1 / Turnpike MIAMI INTERNATIONAL AIRPORT § Miami-Dade Busway Station in walking distance: (Links with Metrorail & ) § Retail, Restaurants & Walmart Grocery in walking distance

§ Southland Mall SUBJECT PROPERTY § Homestead-Miami Speedway § Larkin Hospital future $65,000,000 medical campus within 1 mile

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PRICINGPRICING ANDANDLOCATIONLOCATION VALUATIONVALUATIONTENANT OVERVIEW OVERVIEWSUMMARY MATRIXMATRIX

MIAMI INTERNATIONAL AIRPORT

SOUTHLAND MALL

FUTURE LARKIN MEDICAL CAMPUS SUBJECT PROPERTY

HOMESTEAD BAPTIST HOSPITAL HOMESTEAD-MIAMI SPEEDWAY

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TRAFFIC COUNT PRICINGPRICING ANDANDLOCATION VALUATIONVALUATIONTENANTMARKETINGTRAFFIC OVERVIEW SUMMARY MATRIXMATRIXCOUNT PLAN

ROAD COUNT

US-1 (S DIXIE HWY) 46,000

MOODY DRIVE (SW 268 ST) 12,400

SOURCE: FLORIDA DEPARTMENT OF TRANSPORTATION (AADT)

BUSWAY THE LANDINGS AT CORAL TOWN PARK

-1 (S DIXIE HIGHWAY) SUBJECT US PROPERTY

MOODY DRIVE (SW 268 ST)

Source: © 2018 Experian

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LOCAL MAP

SUBJECT -DADE BUSWAYPROPERTY

MOODY DRIVE (SW 268 ST)

TURNPIKE

1 (S DIXIE HWY) & METRO - EXIT 6 US

Tallahassee Road (S.W. 137th Avenue/Speedway Boulevard)

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SOUTHLAND MALL FUTURE LARKIN MEDICAL CAMPUS HOMESTEAD - BAPTIST HOSPITAL HOMESTEAD-MIAMI SPEEDWAY BUSWAY – SOUTH DADE TRANSITWAY

ECONOMIC GENERATORS

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SOUTHLAND MALL 6 miles / 14 minutes from Subject Property

Southland Mall

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1 / 2 mile from FUTURE LARKIN MEDICAL CAMPUS Subject Property

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FUTURE LARKIN MEDICAL CAMPUS

1 / 2 mile from Subject Property

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HOMESTEAD - BAPTIST HOSPITAL 4.2 miles / 15 minutes From Subject Property

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HOMESTEAD-MIAMI SPEEDWAY

6 miles / 17 minutes From Subject Property

Homestead-Miami Speedway

Home of NASCAR Championships

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BUSWAY - SOUTH DADE TRANSITWAY DRIVING TIME: 2 MINUTES / WALKING TIME: 11 MINUTES

BUSWAY STATION

SUBJECT PROPERTY

BUS STOP

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SOUTHERN PORTION OF MIAMI-DADE COUNTY PROJECTED BUSWAY - SOUTH DADE TRANSITWAY TO HAVE “HIGHEST GROWTH RATE IN THE COUNTY” South Dade Transitway The South Dade Transitway (formerly known as South Link) is a 20-mile exclusive busway that operates local and limited stop Metrobus service between the South Metrorail Station and Florida City. There are currently 30 Metrobus stations and six Park-and-Ride facilities along this corridor. Recent projections indicate that the southern portion of Miami-Dade County will experience approximately 50 percent increase in population and 65 percent increase in employment by 2040, which represents the highest growth rate in the County. Communities in this area are growing, and as a result, will experience an increasing demand for transportation infrastructure and services. In addition to assessing the overall costs and benefits of different service options, passenger amenities will be evaluated as a part of the corridor development process. These potential improvements will help increase the system’s reliability, decrease transit travel time, and enhance the overall ridership experience

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FINANCIAL ANALYSIS

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OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY THE OFFERING Price $2,700,000 Property Address 26710 SW 144 Ave, Miami, FL 33032 Assessors Parcel Number 30-6934-009-0010 and 30-6934-009-0020 Zoning MO (Mixed-Use) Utilities Yes Ingress/Egress US 1 to SW 268 Street / 144 Avenue

OFFERING SUMMARY Price $2,700,000 Terms All Cash Price/SF $30.53 Unit Price $14,210

SITE DESCRIPTION Lot Size (SF) Net 88,427 Lot Size (SF) Gross 145,490 Lot Size (Acres) Net 2.03 acre(s) Lot Size (Acres) Gross 3.34 acre(s) Type of Ownership Fee Simple

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PROPERTY 190 UNITS / 200 PARKING SPACES ARCHITECT’S SITE PLAN

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ARCHITECT’S SITE PLAN

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ARCHITECT’S SITE PLAN

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ARCHITECT’S SITE PLAN

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LEGAL DESCRIPTION & SURVEY

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LEGAL DESCRIPTION & SURVEY

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MARKET LAND SALES COMPARABLE

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LAND SALES COMPARABLE

COMPARABLE LAND SALE #2 (2018) SUBJECT PROPERTY $18,660 / UNIT

COMPARABLE LAND SALE #1 (2017) $17,073 / UNIT

Price per Unit SALES COMPARABLE $20,000 $18,660 $18,000 $17,073 $16,000 $14,210 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $- SUBJECT COMPARABLE COMPARABLE PROPERTY SALE # 1 SALE # 2

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LAND SALESMARKETING COMPARABLE TEAM

SALES COMPARABLES

26511 SW 146 CT 14203 SW 260 ST 14203 SW 260 ST Miami, FL, 33032 VACANT LAND – 190 UNITS MULTI-FAMILY 26511 SW 146 Ct, Miami, FL, 33032 26710 SW 144 Ave, Miami, FL 33032 1 2

rentpropertyname1 rentpropertyname1

Asking Price $2,700,000 Price/SF $30.53 Close of Escrow 10/27/2017 Close of Escrow 03/29/2018 OM 12 MAX HGT Sales Price $700,000 Sales Price $4,180,000 Zoning (90 Units / Gross AC) Down Payment % 100% Down Payment % 100% Lot Size (Acres) RM 4 MAX HGT (31 062 UC CENTER - 2.03 Acres Zoning Net Units / Gross AC) MIXED USE Zoning Lot Size (Acres) Lot Size (Acres) 1.14 CORRIDOR (MC) 6 3.34 Acres Gross Price / Unit $17,073 MAX HT Price / Unit $14,210 Lot Size (Acres) 3.45 Price / Unit $18,660 rentpropertyaddress1 rentpropertyaddress1

ENTITLED: NO | PERMIT READY: NO ENTITLED: NO | PERMIT READY: NO NOTES

PURCHASED BY DEVELOPER. PROPERTY ALLOWS FOR DEVELOPMENT OF 41 UNITS.

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MARKET RENT COMPARABLES

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RENT COMPARABLES

MONTHLY RENT RENT / SQ FT

2 3 1 2 3 Apartment Complex 1 Bedroom Bedroom Bedroom Overall Average Bedroom Bedroom Bedroom Overall Average The Landings at Coral Town Park $1,130.00 $1,290.00 $1,400.00 $1,273.33 $1.68 $1.42 $1.36 $1.46 South Pointe Apartments $1,190.00 $1,340.00 $1,515.00 $1,348.33 $1.61 $1.34 $1.22 $1.36 Alcazar Apartment Villas $1,175.00 $1,375.00 $1,575.00 $1,375.00 $1.79 $1.49 $1.23 $1.44 The Heights at Coral Town Park $1,155.00 $1,315.00 $1,425.00 $1,298.33 $1.72 $1.45 $1.39 $1.50

Average $1,162.50 $1,330.00 $1,478.75 $1,323.75 $1.70 $1.43 $1.30 $1.44 Median $1,165.00 $1,327.50 $1,470.00 $1,320.83 $1.70 $1.44 $1.29 $1.45

SOURCE: AVG. RANGE APARTMENTS.COM SQ FT SQ FT.

1 BEDROOM SQ FT: 686 657 - 740

2 BEDROOM SQ FT: 867 906 - 999 3 BEDROOM SQ FT: 1,144 1,028 -1,283

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RENTMARKETING COMPARABLES TEAM

THE LANDINGS AT CORAL SOUTH POINTE APARTMENTS ALCAZAR APARTMENT THE HEIGHTS AT CORAL TOWN PARK 14361 SW 268th 13720 SW 272nd St, Naranja, VILLAS 14981 SW 283rd St, TOWN PARK 14401 SW St, Homestead, FL 33032 FL 33032 Homestead, FL 33033 268th St, Naranja, FL 33032

1 BR / 1 BA 1 BR / 1 BA 1 BR / 1 BA 1 BR / 1 BA PRICE $1,130 PRICE $1,190 PRICE $1,175 PRICE $1,155 PRICE / SF $1.68 PRICE / SF $1.61 PRICE / SF $1.79 PRICE / SF $1.72 SF 672 SF 740 SF 656 SF 671 2 BR / 2 BA 2 BR / 2 BA 2 BR / 2 BA rentpropertyaddress12 BR / 2 BA PRICE $1,290 PRICE $1,340 PRICE $1,375 PRICE $1,315 PRICE / SF $1.42 PRICE / SF $1.34 PRICE / SF $1.49 PRICE / SF $1.45 SF 908 SF 999 SF 922 SF 906 3 BR / 3 BA 3 BR / 3 BA 3 BR / 3 BA 3 BR / 3 BA PRICE $1,400 PRICE $1,515 PRICE $1,575 PRICE $1,425 PRICE / SF $1.36 PRICE / SF $1.22 PRICE / SF $1.23 PRICE / SF $1.39 SF 1,029 SF 1,237 SF 1,280 SF 1,025

AVG PRICE /SF $1.46 AVG PRICE /SF $1.36 AVG PRICE /SF $1.44 AVG PRICE /SF $1.50

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RENT COMPARABLES

The Landings at The Heights at Coral Town Park Coral Town Park

Subject Property

South Pointe Alcazar Apartment Apartments Villas

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MARKET SELLER DISCLOSURE ALLOWED EXCEPTIONS TO TITLE

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SELLER DISCLOSURE

Seller Disclosure: Seller is an active or inactive licensed real estate Broker Associate in the State of Florida and has a Personal Interest in the Property, as a Trust Beneficiary.

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ALLOWED EXCEPTIONS TO TITLE

Allowed Exceptions to Title: Owner’s Title Insurance Policy (Schedule “B”, Items Number 10, 11, 12, 13)

Allowed Exceptions to Title

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MARKET OVERVIEW

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MARKET OVERVIEW MIAMI-DADE OVERVIEW

Miami-Dade County is a gateway to South American and Caribbean markets and a tourist destination. The 2,400-square-mile county extends from the Florida Everglades east to the Atlantic Ocean. It is bordered to the north by Broward County and to the south by the Florida Keys. The main portion of the city of Miami lies on the shores of Biscayne Bay and is separated from the Atlantic Ocean by barrier islands, the largest of which holds the city of Miami Beach. The metro, with a population of roughly 2.7 million, is located entirely within Miami- Dade County. Miami is the most populous city, with slightly more than 440,700 residents, followed by Hialeah and Miami Gardens, each with more than 100,000 people.

METRO HIGHLIGHTS

BUSINESS-FRIENDLY ENVIRONMENT The metro has no local business or personal income taxes, which attracts businesses and residents to the area.

INTERNATIONAL GATEWAY Miami 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.

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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.

MAJOR AREA EMPLOYERS

Baptist Health American Airlines Miami Children’s Hospital Publix Supermarkets Winn-Dixie Stores Florida Power & Light Co. Carnival Cruise Lines AT&T * Forecast Mount Sinai Medical Center

SHARE OF 2017 TOTAL EMPLOYMENT

4% 14% 12% 12% 7% MANUFACTURING PROFESSIONAL AND GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES BUSINESS SERVICES

25% 4% + 16% 2% 5% TRADE, TRANSPORTATION CONSTRUCTION EDUCATION AND INFORMATION OTHER SERVICES AND UTILITIES HEALTH SERVICES

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MARKET OVERVIEW

DEMOGRAPHICS

§ 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 SPORTS 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. 2017 Population by Age

6% 17% 7% 28% 27% 16% 0-4 YEARS 5-19 YEARS 20-24 YEARS 25-44 YEARS 45-64 YEARS 65+ YEARS EDUCATION

2017 2017 2017 2017 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 2.7M 940K 39.7 $44,300 Growth Growth U.S. Median: U.S. Median: 2017-2022* 2017-2022*: 4.3% 6.7% 37.8 $56,300

QUALITY OF LIFE 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, ARTS & ENTERTAINMENT 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, and . 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.

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

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MARKETINGDEMOGRAPHICS TEAM Created on February 2019

POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles § 2023 Projection § 2018 Estimate Total Population 16,103 92,790 204,202 $250,000 or More 0.48% 0.94% 0.95% § 2018 Estimate $200,000 - $249,999 0.30% 0.77% 0.64% Total Population 14,780 83,650 182,266 $150,000 - $199,999 1.24% 2.42% 2.77% § 2010 Census $125,000 - $149,999 1.94% 2.91% 3.22% Total Population 10,815 67,974 150,572 $100,000 - $124,999 3.76% 6.53% 6.58% § 2000 Census $75,000 - $99,999 7.01% 11.43% 10.63% Total Population 6,691 46,885 99,371 $50,000 - $74,999 17.34% 20.18% 18.44% § Daytime Population $35,000 - $49,999 11.28% 14.01% 15.06% 2018 Estimate 6,604 46,402 124,097 $25,000 - $34,999 13.63% 11.44% 12.38% HOUSEHOLDS 1 Miles 3 Miles 5 Miles $15,000 - $24,999 20.29% 14.36% 14.29% § 2023 Projection Under $15,000 22.74% 15.01% 15.03% Total Households 4,862 26,597 60,543 Average Household Income $43,469 $57,618 $57,689 § 2018 Estimate Median Household Income $29,895 $44,631 $43,041 Total Households 4,440 23,562 53,142 Per Capita Income $13,133 $16,403 $16,962 Average (Mean) Household Size 3.35 3.46 3.34 § 2010 Census Total Households 3,268 19,254 44,157 § 2000 Census Total Households 1,983 13,196 29,227

Source: © 2018 Experian

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MARKETINGDEMOGRAPHICS TEAM Created on February 2019

POPULATION PROFILE 1 Miles 3 Miles 5 Miles POPULATION PROFILE 1 Miles 3 Miles 5 Miles § Population by Age § Population 25+ by Education Level 0 to 4 Years 10.65% 8.50% 8.60% 2018 Estimate Population Age 25+ 8,431 50,598 112,254 5 to 14 Years 18.22% 16.36% 15.97% Elementary (0-8) 12.03% 10.64% 10.82% 15 to 17 Years 4.28% 4.71% 4.32% Some High School (9-11) 14.64% 12.43% 10.99% 18 to 19 Years 2.41% 2.86% 2.55% High School Graduate (12) 32.75% 30.96% 30.90% 20 to 24 Years 7.40% 7.07% 6.97% Some College (13-15) 15.32% 17.90% 17.66% 25 to 29 Years 8.52% 7.23% 7.80% Associate Degree Only 9.57% 9.01% 8.47% 30 to 34 Years 7.80% 7.35% 7.91% Bachelors Degree Only 9.63% 11.32% 12.28% 35 to 39 Years 6.73% 7.13% 7.31% Graduate Degree 2.97% 4.34% 5.03% 40 to 49 Years 12.06% 13.95% 13.86% 50 to 59 Years 10.91% 12.20% 11.81% 60 to 64 Years 3.97% 4.45% 4.31% 65 to 69 Years 2.73% 3.11% 3.07% 70 to 74 Years 1.80% 2.11% 2.14% 75 to 79 Years 1.30% 1.48% 1.53% 80 to 84 Years 0.76% 0.85% 0.97% Age 85+ 0.47% 0.64% 0.87% Median Age 29.12 32.22 32.37

Source: © 2018 Experian

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MARKETINGDEMOGRAPHICS TEAM

Population Race and Ethnicity In 2018, the population in your selected geography is 14,780. The The current year racial makeup of your selected area is as follows: population has changed by 120.89% since 2000. It is estimated that 54.64% White, 34.15% Black, 0.01% Native American and 2.07% the population in your area will be 16,103.00 five years from now, Asian/Pacific Islander. Compare these to US averages which are: which represents a change of 8.95% from the current year. The 70.20% White, 12.89% Black, 0.19% Native American and 5.59% current population is 49.20% male and 50.80% female. The median Asian/Pacific Islander. People of Hispanic origin are counted age of the population in your area is 29.12, compare this to the US independently of race. average which is 37.95. The population density in your area is 4,712.11 people per square mile. People of Hispanic origin make up 56.93% of the current year population in your selected area. Compare this to the US average of 18.01%.

Households Housing There are currently 4,440 households in your selected geography. The The median housing value in your area was $135,274 in 2018, number of households has changed by 123.90% since 2000. It is compare this to the US average of $201,842. In 2000, there were estimated that the number of households in your area will be 4,862 1,116 owner occupied housing units in your area and there were 867 five years from now, which represents a change of 9.50% from the renter occupied housing units in your area. The median rent at the current year. The average household size in your area is 3.35 time was $414. persons.

Income Employment In 2018, the median household income for your selected geography is In 2018, there are 2,703 employees in your selected area, this is also $29,895, compare this to the US average which is currently $58,754. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 14.74% 46.78% of employees are employed in white-collar occupations in this since 2000. It is estimated that the median household income in your geography, and 53.62% are employed in blue-collar occupations. In area will be $34,271 five years from now, which represents a change 2018, unemployment in this area is 7.87%. In 2000, the average time of 14.64% from the current year. traveled to work was 39.00 minutes.

The current year per capita income in your area is $13,133, compare this to the US average, which is $32,356. The current year average household income in your area is $43,469, compare this to the US average which is $84,609.

Source: © 2018 Experian

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