OFFERING MEMORANDUM LITTLE BAY APARTMENTS - 846 Little Bay Ave Norfolk, VA 23503 - LoopNet
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OFFERING MEMORANDUM
LITTLE BAY APARTMENTS
846 Little Bay Ave • Norfolk, VA 23503
1
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 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.
LITTLE BAY APARTMENTS
Norfolk, VA
ACT ID Z0600038
2
LITTLE BAY APARTMENTS
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01
Offering Summary
Regional Map
Local Map
Aerial Photo
MARKET COMPARABLES 02
Sales Comparables
Rent Comparables
FINANCIAL ANALYSIS 03
Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Acquisition Financing
Growth Rate Projections
Cash Flow
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
3
LITTLE BAY APARTMENTS
INVESTMENT
OVERVIEW
4
LITTLE BAY APARTMENTS
OFFERING SUMMARY
EXECUTIVE SUMMARY
VITAL DATA
Price $690,000 CURRENT YEAR 1
Down Payment 25% / $172,500 CAP Rate 7.08% 7.80%
MAJOR EMPLOYERS
Loan Amount $517,500 GRM 7.41 7,19
Net Operating
Loan Type Proposed New $48,830 $53,836 EMPLOYER # OF EMPLOYEES
Income
Net Cash Flow United States Dept of Navy 4,446
Interest Rate / Amortization 4.75% / 30 Years 14.06% / $24,248 16.96% / $29,255
After Debt Service
Price/Unit $69,000 Total Return 14.06% / $24,248 21.59% / $37,240 USS Wasp Lhd 1 1,500
Price/SF $81.18 Naval Aviation Engrg Svcs 1,100
Number of Units 10 Veterans Affairs Medical Ctr 1,060
Rentable Square Feet 8,500
Commander Atlantic Division 1,000
Year Built 1985
Swells Point Branch Med Clinic 924
Lot Size 0.26 acre(s)
US Atlantic Fleet 700
US Army Future Center 628
US Navy Fleet Training Center 609
UNIT MIX Helicpter Mine Countermeasures 600
NUMBER APPROX. Navy Exchange 600
UNIT TYPE
OF UNITS SQUARE FEET
Walmart 577
2 One Bedroom, One Bathroom 850
8 Two Bedroom, One Bathroom 850
DEMOGRAPHICS
10 Total 8,500
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 4,323 31,912 98,223
2017 Census Pop 4,312 31,631 96,811
2017 Estimate HH 1,960 12,380 39,767
2017 Census HH 1,965 12,327 39,370
Median HH Income $45,788 $48,872 $48,780
Per Capita Income $33,665 $24,598 $27,441
Average HH Income $60,433 $60,656 $66,183
#5
LITTLE BAY APARTMENTS
OFFERING SUMMARY
INVESTMENT OVERVIEW
The Little Bay Apartments offers potential buyers the opportunity to purchase a well-maintained asset with tremendous upside potential. As is, the property offers potential
investors a 14.06 percent cash on cash return and an equally lucrative IRR. By maintaining current operating efficiency’s, controlling vacancy rates, and building on the
rents a purchaser can acquire a long term upside in appreciation.
The Subject Property is serviced by four dynamic corridors in the Hampton Roads area; Hampton Roads Beltway, Tidewater Drive, Granby Street, and E Ocean View
Avenue allowing residents access to Norfolk's top employment drivers including the US Department of Defense, Sentara Healthcare Centers, Old Dominion University,
BAE systems, Norfolk State University and more. Tenants with school-age children have access to public schools a mile away. The Norfolk International Airport, which
serves the entire Hampton Roads, is located only 7.5 miles from the property.
The Hampton Roads economy is supported by manufacturing, maritime and logistics, cybersecurity, biomedical technology, and a dependable military presence. The US
Department of Defense, a major employer for the area, houses eight military installations and the second largest concentration of military personnel in the United States.
Naval Station Norfolk (5.5 miles), the worlds largest naval base employs upwards of 67,000 people and yields 6,200 acres of the Hampton Roads commercial acquisition.
With the inauguration of republican leadership, military funding and employee benefits are expected to grow in salary increases, branch wide budget expansion, and more.
Investors are moving out of major metro areas into secondary and tertiary markets, such as the Hampton Roads/ Tidewater area, in search of higher rates of return.
Although a few distressed assets are still available at cap rates above eight percent, more investors are targeting stabilized properties with higher cash cows. Apartments
near large employers, military bases and institutions of higher learning, such as Old Dominion University, provide a steady renter base with cap rates for Class A/B assets
typically in the seven percent area.
INVESTMENT HIGHLIGHTS
• Turn-Key Asset with Value-Add Potential
• Pristine Chesapeake Bay Beaches within Walking Distance
• 5.5 Miles from Naval Station Norfolk
• 3,500 New Jobs Within Ten Miles Entering Market
• 10 Yr. Levered IRR of 22.63%
6
LITTLE BAY APARTMENTS
OFFERING SUMMARY
PROPERTY OVERVIEW
Marcus & Millichap is pleased to present the exclusive offering memorandum for Little Bay Apartments located in
the Willoughby Split neighborhood of Norfolk, VA. The Subject Property consists of 10 market-rate units built in
1985, and situated on .26 Acres. Little Bay Apartments neighbors Interstate 64; a prominent traffic artery through
the South Hampton Roads region, and a dominant route through The City of Norfolk.
846 Little Bay Avenue consists of (2) one-bedroom, one-bathroom units and (8) two-bedroom, one-bathroom
flats. Located along the beach front, the Subject Property offers an array of ample maritime activities, outdoor
attractions, and a charming waterfront community. Due to a shortage in larger housing for rent and a convenient
location near primary roadways, major military installations, and Downtown Norfolk, this unit mix caters well to
the demographic composition of the sub-market. The Norfolk Premium Outlets is located 9 miles away and
provides tenants with access to the area's premier shopping and dining options.
Chuck Rigney, Director of the Economic Development Department states, “Recently, the City of Norfolk has
played host to many development and redevelopment projects, with over $1 billion in new private/public Common Area Amenities
investments and the addition of close to 6,000 new jobs in 2017.” Downtown Norfolk recently renovated; the
Waterside District ($50 Million), Hilton Main Hotel ($150 Million), The ICON Luxury Apartments ($100 Million), and • Centrally Located Between Banger Pier and
ADP ($32.5 Million). Automatic Data Processing (ADP) is expected to bring an estimated 2,000 jobs to the area East Ocean View Pier
and is anticipated to produce annual regional earnings of about $158 million as the overall economic impact • Water Front Accessibility
climbs to almost $465 million, alone. The Norfolk Premium Outlets, a 332,000 sq. ft outlet mall located 9 miles • 9 Miles from Norfolk Premium Outlets
away, opened June 2017 and has 50 retail and restaurant locations for residents and tourists to experience high-
end shopping. The completion of the outlets adds an additional 500 new full-time jobs to the local sub-market.
Norfolk’s oceanfront, a huge tenant driver to the area, recently completed, “The Nourishment Plan” which Unit Amenities
expanded and heightened the beach along Willoughby Spit. Internationally owned brand, Ikea Furniture Store,
broke ground for construction late last year with completion expected to conclude in mid-2019. This $75 million • HVAC In All Units
investment will provide the area with 500 additional mid-to-low level jobs and authenticate Virginia as a • Ample Off-Street Parking
successful commercial corridor for further international companies to come. • Spacious Floor Plans
• Full Functioning Kitchen
#7
LITTLE BAY APARTMENTS
OFFERING SUMMARY
PROPERTY SUMMARY
THE OFFERING PROPOSED FINANCING
Property Little Bay Apartments First Trust Deed
Price $690,000 Loan Amount $517,500
Property Address 846 Little Bay Avenue, Norfolk, VA Loan Type Proposed New
Assessors Parcel Number 1531380534 Interest Rate 4.75%
Zoning R-12 Amortization 30 Years
SITE DESCRIPTION Loan Term 10 Years
Number of Units 10 Loan to Value 75%
Number of Buildings 1 Debt Coverage Ratio 1.99
Number of Stories 2
Year Built/Renovated 1985
Rentable Square Feet 8,500
Lot Size .26 acre(s)
Type of Ownership Leased Fee/Ground Fee
Parking Off-Street
Parking Ratio 1:1
Landscaping Flat
UTILITIES
Water/Sewer Tenant Paid
Electric/Gas Tenant Paid
CONSTRUCTION
Foundation Concrete Slab
Exterior Wood Joist/Brick
Parking Surface Asphalt
Roof Flat
MECHANICAL
HVAC Electric
Fire Protection City Code
8
LITTLE BAY APARTMENTS
LOCATION SUMMARY
BANGER
PIER
EAST OCEAN VIEW
FISHING PIER
L I T T L E B AY
APARTMENTS
CHESAPEAKE BAY
BEACHES
NAVAL STATION
NORFOLK JOINT BASE
LITTLE CREEK – FORT STORY
NORFOLK
PREMIUM OUTLETS
MACARTHUR CENTER
SHOPPING MALL
DOWNTOWN
NORFOLK
DOWNTOWN
NORFOLK
9
LITTLE BAY APARTMENTS
REGIONAL MAP
10LITTLE BAY APARTMENTS
LOCAL MAP
11LITTLE BAY APARTMENTS
AERIAL PHOTO
12LITTLE BAY APARTMENTS
MARKET
COMPARABLES
13LITTLE BAY APARTMENTS
SALES COMPARABLES MAP
LITTLE BAY APARTMENTS
(SUBJECT)
1 Fish Tails
810 West Ocean View
2
Avenue
3 Castaways
4 Blue Marlin
5 Beach House
6 Neptune's Water
7 Fish Heads
8 Havana Beach
9 Tradewinds
SALES COMPARABLES
14PROPERTY
LITTLE BAY APARTMENTS
NAME
SALES COMPARABLES
SALES COMPARABLES SALES COMPS AVG
Average Price Per Unit
$80,000
Avg. $73,095
$72,000
$64,000
$56,000
$48,000
$40,000
$32,000
$24,000
$16,000
$8,000
$0
Little Bay Fish Tails 810 West Castaways Blue Marlin Beach House Neptune's Fish Heads Havana Tradewinds
Apartments Ocean View Water Beach
Avenue
15PROPERTY
LITTLE BAY APARTMENTS
NAME
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
FISH TAILS 810 WEST OCEAN VIEW AVENUE
LITTLE BAY APARTMENTS 9627-9631 Leclair St (Part of Multi-Property Sale), Norfolk, VA, 810 W Ocean View Ave, Norfolk, VA, 23503
846 Little Bay Ave, Norfolk, VA, 23503 23503
1 2
Units Unit Type Units Unit Type Units Unit Type
Offering Price: $690,000 2 One Bdr, One Bath Close Of Escrow: 3/30/2018 12 1 Bdr 1 Bath Close Of Escrow: 11/3/2017 12 2 Bdr 2 Bath
Price/Unit: $69,000 8 Two Bdr, One Bath Sales Price: $1,311,429 6 2 Bdr 1 Bath Sales Price: $1,050,000 2 3 Bdr 3.5 Bath
Price/SF: $81.18 Price/Unit: $72,857 Price/Unit: $75,000
CAP Rate: 7.08% Price/SF: $115.16 Price/SF: $95.63
GRM: 7.41 Total No. of Units: 18 CAP Rate: 6.63%
Total No. of Units: 10 Year Built: 1972 Total No. of Units: 14
Year Built: 1985 Year Built: 2000
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
Underwriting Criteria
Income $86,870 Expenses $38,041
NOI $48,830 Vacancy ($7,411)
NOTES NOTES
Fully-renovated apartments featuring hardwood flooring, custom ceramic The owners have spent over $170,000 in renovation including new roofs,
tile floors in baths, custom wood-trim throughout, upgraded appliances and widows, HVAC units, kitchen/bath upgrades and other. Highlights include;
refrigerators. Dishwashers included. Portfolio sale of nine (9) multi-family Well Maintained Waterfront Property, High Historical Occupancy, Solid
complexes totaling 104 units on Ocean View Avenue in Norfolk, Virginia. Construction, Close Proximity to NAB/Norfolk Naval Station, Recently
This portfolio sale closed on 3/30/2018 for $7,650,000. Brick Lane Renovated, Clean Well Maintained Beach. An individual acquired a 14 unit
purchased as an investment sale with a cap rate 7.50%. apartment on November 3rd, 2017 for $1.05M or $75,000 per unit.
16PROPERTY
LITTLE BAY APARTMENTS
NAME
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
CASTAWAYS BLUE MARLIN BEACH HOUSE
2007 E Ocean View Ave, Norfolk, VA, 23503 1411 W Ocean View Ave, Norfolk, VA, 23503 1212 W Ocean View Ave, Norfolk, VA, 23503
3 4 5
Units Unit Type Units Unit Type Units Unit Type
Close Of Escrow: 3/30/2018 6 1 Bdr 1 Bath Close Of Escrow: 3/30/2018 14 2 Bdr 1 Bath Close Of Escrow: 3/30/2018 1 Studio 1 Bath
Sales Price: $437,143 Sales Price: $1,020,000 Sales Price: $1,238,571 16 1 Bdr 1 Bath
Price/Unit: $72,857 Price/Unit: $72,857 Price/Unit: $72,857
Price/SF: $145.71 Price/SF: $183.98 Price/SF: $111.06
Total No. of Units: 6 Total No. of Units: 14 Total No. of Units: 17
Year Built: 1961 Year Built: 1973 Year Built: 1971
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
NOTES NOTES NOTES
Castaways has extra large units with hardwood floors. The property has Fully-renovated apartments featuring hardwood flooring, custom ceramic Fully-renovated apartments featuring hardwood flooring, custom ceramic
extensive landscaping, a courtyard and semi-private decks. Oversized tile floors in baths, custom wood-trim throughout, upgraded appliances and tile floors in baths, custom wood-trim throughout, upgraded appliances and
windows offer plenty of natural light. Portfolio sale of nine (9) multi-family refrigerators. Dishwashers included. Portfolio sale of nine (9) multi-family refrigerators. Dishwashers included. Portfolio sale of nine (9) multi-family
complexes totaling 104 units on Ocean View Avenue in Norfolk, Virginia. complexes totaling 104 units on Ocean View Avenue in Norfolk, Virginia. complexes totaling 104 units on Ocean View Avenue in Norfolk, Virginia.
This portfolio sale closed on 3/30/2018 for $7,650,000. Brick Lane This portfolio sale closed on 3/30/2018 for $7,650,000. Brick Lane This portfolio sale closed on 3/30/2018 for $7,650,000. Brick Lane
purchased as an investment sale from Boardwalk Realty & Development purchased as an investment sale with a cap rate 7.50%. purchased as an investment sale with a cap rate 7.50%.
with a cap rate 7.50%. The seller wanted cash to pursue other real estate
ventures. All information was verified by the seller.
17PROPERTY
LITTLE BAY APARTMENTS
NAME
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
NEPTUNE'S WATER FISH HEADS HAVANA BEACH
1443-1447 W Ocean View Ave (Part of Multi-Property Sale), 1265 W Ocean View Ave, Norfolk, VA, 23503 1721 E Ocean View Ave, Norfolk, VA, 23503
Norfolk, VA, 23503
6 7 8
Units Unit Type Units Unit Type Units Unit Type
Close Of Escrow: 3/30/2018 8 2 Bdr 1 Bath Close Of Escrow: 3/30/2018 14 2 Bdr 1 Bath Close Of Escrow: 3/30/2018 14 1 Bdr 1 Bath
Sales Price: $582,857 Sales Price: $1,020,000 Sales Price: $1,020,000
Price/Unit: $72,857 Price/Unit: $72,857 Price/Unit: $72,857
Price/SF: $161.10 Price/SF: $84.02 Price/SF: $91.07
Total No. of Units: 8 Total No. of Units: 14 Total No. of Units: 14
Year Built: 1953 Year Built: 1973 Year Built: 1965
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
NOTES NOTES NOTES
Portfolio sale of nine (9) multi-family complexes totaling 104 units on Ocean Fully-renovated apartments featuring hardwood flooring, custom ceramic Fully-renovated apartments featuring hardwood flooring, custom ceramic
View Avenue in Norfolk, Virginia. This portfolio sale closed on 3/30/2018 for tile floors in baths, custom wood-trim throughout, upgraded appliances and tile floors in baths, custom wood-trim throughout, upgraded appliances and
$7,650,000. Brick Lane purchased as an investment sale from Boardwalk refrigerators. Dishwashers included. Portfolio sale of nine (9) multi-family refrigerators. Dishwashers included. Portfolio sale of nine (9) multi-family
Realty & Development with a cap rate 7.50%. The seller wanted cash to complexes totaling 104 units on Ocean View Avenue in Norfolk, Virginia. complexes totaling 104 units on Ocean View Avenue in Norfolk, Virginia.
pursue other real estate ventures. All information was verified by the seller. This portfolio sale closed on 3/30/2018 for $7,650,000. Brick Lane This portfolio sale closed on 3/30/2018 for $7,650,000. Brick Lane
purchased as an investment sale with a cap rate 7.50%. purchased as an investment sale with a cap rate 7.50%.
18PROPERTY
LITTLE BAY APARTMENTS
NAME
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
TRADEWINDS
1252 W Ocean View Ave, Norfolk, VA, 23503
9
rentpropertyname1 rentpropertyname1
Units Unit Type
Close Of Escrow: 3/30/2018 6 2 Bdr 1.5 Bath
Sales Price: $437,143
Price/Unit: $72,857
Price/SF: $66.23
Total No. of Units: 6
Year Built: 1981
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
NOTES
Beautifully appointed units with stone-surround fireplaces, washer/dryer
hook-up, bedroom decks, large kitchens, serving counter and dining room.
Portfolio sale of nine (9) multi-family complexes totaling 104 units on Ocean
View Avenue in Norfolk, Virginia. This portfolio sale closed on 3/30/2018 for
$7,650,000. Brick Lane purchased as an investment sale from Boardwalk
Realty & Development with a cap rate 7.50%.
19LITTLE BAY APARTMENTS
8 RENT COMPARABLES MAP
LITTLE BAY APARTMENTS
(SUBJECT)
1 Surf Rider
2 Blue Marlin
3 Fish Heads
4 Beach House
5 Havana Beach
6 Castaways
7 Casa Playa
8
9
10
11
12
13
14
15
16
17
18
20
20PROPERTY
LITTLE BAY APARTMENTS
NAME
RENT COMPARABLES
AVERAGE RENT - MULTIFAMILY
1 Bedroom 2 Bedroom
$900 $2,000
Avg. $828
$810 $1,800
$720 $1,600
$630 $1,400
$540 $1,200 Avg. $1,092
$450 $1,000
$360 $800
$270 $600
$180 $400
$90 $200
$0 $0
Little Bay Surf Rider Blue Marlin Fish Heads Beach House Havana Castaways Casa Playa Little Bay Surf Rider Blue Marlin Fish Heads Beach House Havana Castaways Casa Playa
Apartments Beach Apartments Beach
21PROPERTY
LITTLE BAY APARTMENTS
NAME
RENT COMPARABLES
MARKETING TEAM
SURF RIDER BLUE MARLIN
LITTLE BAY APARTMENTS
rentpropertyname1 1240 W Ocean View Ave, Norfolk, VA, 23503 1411 W Ocean View Ave, Norfolk, VA, 23503
846 Little Bay Ave, Norfolk, VA, 23503
rentpropertyaddress1
1 2
rentpropertyname1 rentpropertyname1
Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF
One Bdr, One $825- $975-
2 850 $688 $0.81 1 Bdr 12 849 $1.06 2 Bdr 14 800 $1.36
Bath $975 $1,200
Two Bdr, One $1,000- Total/Avg. 14 800 $1,088 $1.36
8 850 $798 $0.94 2 Bdr 20 950 $1.24
Bath $1,350
Total/Avg. 10 850 $776 $0.91 Total/Avg. 32 912 $1,072 $1.18
YEAR BUILT: 1985 OCCUPANCY: 94% | YEAR BUILT: 1964 OCCUPANCY: 93% | YEAR BUILT: 1973
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
22PROPERTY
LITTLE BAY APARTMENTS
NAME
RENT COMPARABLES
MARKETING TEAM
FISH HEADS BEACH HOUSE HAVANA BEACH
1265 W Ocean View Ave, Norfolk, VA, 23503 1212 W Ocean View Ave, Norfolk, VA, 23503 1721 E Ocean View Ave, Norfolk, VA, 23503
3 4 5
rentpropertyname1 rentpropertyname1 rentpropertyname1
Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF
$950- Studio 1 $750 1 Bdr 1 Bath 12 800 $850 $1.06
2 Bdr 14 900 $1.13
$1,075
$775- Total/Avg. 12 800 $850 $1.06
Total/Avg. 14 900 $1,013 $1.13 1 Bdr 1 Bath 16 800 $1.05
$900
Total/Avg. 17 800 $832 $1.05
OCCUPANCY: 100% | YEAR BUILT: 1973 YEAR BUILT: 1971 OCCUPANCY: 92% | YEAR BUILT: 1965
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
23PROPERTY
LITTLE BAY APARTMENTS
NAME
RENT COMPARABLES
MARKETING TEAM
CASTAWAYS CASA PLAYA
2007 E Ocean View Ave, Norfolk, VA, 23503 1033 Little Bay Ave, Norfolk, VA, 23503
6 7
rentpropertyname1 rentpropertyname1 rentpropertyname1
Unit Type Units SF Rent Rent/SF Unit Type Units SF Rent Rent/SF
$750- 1 Bdr 1 Bath 4 700 $750 $1.07
1 Bdr 1 Bath 6 800 $1.00
$850
Total/Avg. 6 800 $800 $1.00 4 Bdr 2 Bath 1 1,800 $1,500 $0.83
Total/Avg. 5 920 $900 $0.98
OCCUPANCY: 95% | YEAR BUILT: 1961 YEAR BUILT: 1969
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
24LITTLE BAY APARTMENTS
FINANCIAL
ANALYSIS
25LITTLE BAY APARTMENTS
FINANCIAL ANALYSIS
RENT ROLL SUMMARY
26LITTLE BAY APARTMENTS
FINANCIAL ANALYSIS
OPERATING STATEMENT
27LITTLE BAY APARTMENTS
FINANCIAL ANALYSIS
NOTES
28LITTLE BAY APARTMENTS
FINANCIAL ANALYSIS
PRICING DETAIL
29LITTLE BAY APARTMENTS
ACQUISITION FINANCING
MARCUS & MILLICHAP CAPITAL CORPORATION WHY MMCC?
CAPABILITIES Optimum financing solutions to
enhance value
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and Our ability to enhance buyer
terms. pool by expanding finance
options
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of Our ability to enhance
financing options. seller control
• Through buyer
Our dedicated, knowledgeable experts understand the challenges of financing
qualification support
and work tirelessly to resolve all potential issues to the benefit of our clients.
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender progress,
insuring timely,
predictable closings
• By relying on a world class
Closed 1,707 National platform $5.63 billion Access to more
set of debt/equity sources
debt and equity operating total national capital sources
financings within the firm’s volume in 2017 than any other and presenting a tightly
in 2017 brokerage offices firm in the underwritten credit file
industry
30LITTLE BAY APARTMENTS
FINANCIAL ANALYSIS
GROWTH RATE PROJECTIONS
31LITTLE BAY APARTMENTS
FINANCIAL ANALYSIS
CASH FLOW
32LITTLE BAY APARTMENTS
MARKET
OVERVIEW
33LITTLE BAY APARTMENTS
MARKET OVERVIEW
HAMPTON ROADS
OVERVIEW
Norfolk is the cultural heart of the Hampton Roads, and quickly
becoming the prominent business district for the surrounding area.
Hampton Roads is recognized for its miles of waterfronts and beaches,
industrial and private sector strength, harbors, shipyards and coal piers,
and a dependable military presence. In 2017, the Hampton Road’s
invested nearly $3 billion in development and redevelopment projects
with growth continuing to rise exponentially through local, national, and
international investment. New projects such as Wegmans Grocery
Store, Norfolk Premier Outlets, The “Wave” Surf Park, and
internationally owned Ikea Furniture Store foreshadow a shift of
successful economic strength.
METRO HIGHLIGHTS
MILITARY CONCENTRATION
The Hampton Roads is home to several Fortune 500
Companies including Dollar Tree, Huntington Ingalls
Industries, and Norfolk Southern. Hampton Roads
also has the second-largest concentration of military
personnel in the U.S. with eight military installations
in the market providing a large portion of jobs.
HOSPITALITY AND TOURISM
Visitors are drawn to Williamsburg and the multiple
beaches and resorts in the area that have activities for
everyone.
SKILLED LABOR POOL
Technical knowledge learned in the military helps to
provide a highly educated and skilled labor force.
341LITTLE BAY APARTMENTS
MARKET OVERVIEW
ECONOMY
§ The local economy is best known for tourism and defense, but advanced manufacturing,
maritime and logistics, cybersecurity and biomedical technology are growing sectors.
§ Top employment drivers for the area include Sentara Healthcare, GEICO General Insurance
Co., Nasa Langley Research University and more. Local companies; Norfolk Southern, Dollar
Tree and Huntington Ingalls Industries, ranked top 380 in the 2017 Fortune 500 List. Other
internationally owned companies headquartered within the Hampton Roads include Gold Key
PHR, Amerigroup, Anthem and Stihl.
§ The only high speed transatlantic data cable put in place by Microsoft, Facebook, and Telxius
now runs 4,000 miles from Spain to Virginia Beach sending record speeds of 160 terabits of
data per second. This is expected to lead to strong IT industry growth in Hampton Roads for
years to come.
MAJOR AREA EMPLOYERS
Huntington Ingalls Industries Inc.
Sentara Healthcare
Naval Medical Center Portsmouth
Norfolk Naval Shipyard
Riverside Health System
The Colonial Williamsburg Foundation
Joint Expeditionary Base Little Creek-Ft. Story
GEICO General Insurance Co.
Naval Air Station Oceana-Dam Neck
* Forecast
Nasa Langley Research University
SHARE OF 2017 TOTAL EMPLOYMENT
7%
MANUFACTURING
14%
PROFESSIONAL AND
21%
GOVERNMENT
11%
LEISURE AND HOSPITALITY
5%
FINANCIAL ACTIVITIES
BUSINESS SERVICES
17% 5% + 15% 1% 35 5%
TRADE, TRANSPORTATION CONSTRUCTION EDUCATION AND INFORMATION OTHER SERVICES
AND UTILITIES HEALTH SERVICES
2
40LITTLE BAY APARTMENTS
MARKET OVERVIEW
DEMOGRAPHICS
§ The metro is projected to expand by 58,200 people through 2022, resulting in the
formation of 28,200 households during this period. SPORTS
§ Median home prices that are above the U.S. level contribute to a homeownership rate
of 61 percent, which is slightly below the national rate of 64 percent.
§ Approximately 29 percent of residents age 25 and older hold a bachelor’s degree; of
those residents, 11 percent also have earned a graduate or professional degree.
2017 Population by Age
6% 19% 9% 28% 25% 13%
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:
1.8M 658K 35.5 $60,500
Growth Growth U.S. Median: U.S. Median:
2017-2022*: 2017-2022*:
3.3% 4.3% 37.8 $56,300
QUALITY OF LIFE
Known for its beaches and water recreation, the region has much to offer by way of outdoor
activities and entertainment. Busch Gardens Williamsburg, Colonial Williamsburg, the USS
Wisconsin and the Virginia Aquarium are prominent attractions that draw tourist and locals ARTS & ENTERTAINMENT
alike. Cultural activities are available at the Virginia Museum of Contemporary Art, Virginia
Aquarium & Marine Science Center and Virginia Beach Amphitheater. Sports teams play at
the Virginia Beach Sportsplex, Harbor Park and Scope Arena, while the Kingsmill
Championship is held here as a part of the LPGA Tour. Universities include the College of
William & Mary, Old Dominion University, Virginia Wesleyan College, Hampton University
and Norfolk State University.
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
3LITTLE BAY APARTMENTS
MARKET OVERVIEW
2018 PRICING & VALUATION TRENDS
Yield Range Offers Compelling Options for Investors; Most Metros Demonstrate Strong Appreciation Rates
* 2007-2017 Average annualized appreciations in price per unit
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics
37LITTLE BAY APARTMENTS
MARKET OVERVIEW
AVERAGE PRICE PER UNIT RANGE**
(Alphabetical order within each segment)
** Price per unit for apartment properties $1 million and greater
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics
38LITTLE BAY APARTMENTS
MARKET OVERVIEW
2018 NATIONAL MULTIFAMILY INDEX
U.S. Multifamily Index
Coastal Markets Top National Multifamily Index;
Several Unique Markets Climb Ranks
Trading places. Seattle-Tacoma leads this year’s Index after moving up one notch, driven by robust
employment in the tech sector and soaring home prices that keep rental demand ahead of elevated deliveries.
The metro outperforms last year’s leader, Los Angeles (#2), which slid one spot. Midwest metro Minneapolis-
St. Paul (#3) rose one notch as its diverse economy generates steady job growth and robust rental demand,
maintaining one of the lowest vacancy rates among larger U.S. markets. San Diego (#4) jumped five spots as
deliveries slump while household formation proliferates, resulting in sizable rent growth. Portland (#5) inches up
a slot to round out the top five markets. East Coast markets fill the next two positions: Boston (#6) moves down
three slots as rent growth slows while vacancy ticks up, and New York City (#7) rises three places as stout
renter demand holds vacancy tight.
Index reshuffles with big moves. Sacramento (#8) posted the largest increase in the Index, vaulting 12
positions to lead a string of California markets that fill the next five slots. Robust rent growth and low vacancy
pushed the market up in the ranking. Other double-digit movers were Orlando (#17) and Detroit (#28), which
each leaped 10 places. Employment gains and in-migration are generating the need for apartments in Orlando,
maintaining ample rent advancement. In Detroit, steady employment and a slow construction pipeline keep
demand above supply, allowing rents to flourish. The most significant declines were registered in Austin,
Nashville and Baltimore. Austin (#31) tumbled nine spaces as elevated deliveries overwhelm demand slowing
rent growth. Nashville (#35) and Baltimore (#45) each moved down six steps as demand has yet to absorb
multiple years of elevated inventory gains. Although Kansas City (#46) retains the bottom slot, there is greater
change in the lower half of the NMI as more Midwest markets rise.
39LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. ECONOMY
Growth Cycle Invigorated by Confidence;
Tax Laws Could Transform Housing
Tight labor market restrains hiring as confidence surges. The steady economic tailwind benefiting
apartment performance is poised to carry through 2018 as a range of positive factors align to support growth.
Consumer confidence recently reached its highest point since 2000 while small-business sentiment attained a
31-year record level, both reinforcing indications that consumption and hiring will be strong. The total number of
job openings has hovered in the low-6 million range through much of 2017, illustrating that companies have
considerable staffing needs, but with unemployment entrenched near 4 percent, companies will continue to face
challenges in filling available positions. These tight labor conditions should place additional upward pressure on
wages, potentially boosting inflationary pressure in the coming year. The strong employment market, rising
wages and elevated confidence levels could unlock accelerated household formation, particularly by young
adults. Last year, the number of young adults living with their parents ticked lower for the first time since the
recession, signaling that these late bloomers may finally be considering a more independent lifestyle.
Housing preferences may change under new tax laws. The new tax laws could play a significant role in
shaping both the economy and housing demand in 2018. Reduced taxes will be a windfall for corporations,
potentially sparking invigorated investment into infrastructure. The rise in CEO confidence over the last year
already boosted companies’ investment by more than 6 percent, accelerating economic growth. However, the
tax incentive-based stimulus will likely offer only a modest bump to GDP in 2018 because corporate investment
comprises just 12 percent of economic output. One factor that could weigh on economic expansion under the
new tax laws is the housing sector, which added just 3 percent to the economy last year, about two-thirds of
normal levels. The increased standard deduction and restrictions on housing-related deductions will reduce
some of the economic incentive to purchase a home, further sapping the strength of the housing sector.
Nonetheless, the increased standard deduction could benefit apartment investors, encouraging renters to stay
in apartments longer and reducing the loss of tenants to homeownership.
* Forecast
** Through 3Q
40LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. ECONOMY
2018 National Economic Outlook
§ Labor force shortage weighs on job creation. The economy has added jobs every month for more than
seven years, the longest continuous period of job creation on record. The trend will continue in 2018, but the
pace of job additions will moderate, falling below 2 million for the year as the low unemployment rate
restricts the pool of prospective employees.
§ Wage growth poised to accelerate. Average wage growth has been creeping higher in the post-recession
era, with compensation gains in construction, professional services and the hospitality sectors outpacing the
broader trend. The tight labor market will continue to pressure wage growth, potentially sparking inflation in
the process.
§ Tax laws could invigorate apartment demand. Since 2011 household formations have outpaced total
housing construction, a key ingredient in the tightening of apartment vacancies. The new tax laws could
cause homebuilders to reduce construction while shifting a portion of the housing demand from
homeownership to rentals, and a rental housing shortage could ensue. If this behavior change occurs in
conjunction with additional young adults moving out of their own, apartment demand could dramatically
outpace completions.
* Forecast
** Through 3Q
41LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. APARTMENT OVERVIEW
Demand Outlook Sturdy as Pace
Of Construction Begins to Retreat
Investors wary of apartment construction. The wave of apartment completions entering the market in recent
years has permeated the investor psyche, raising concerns of overdevelopment and escalating vacancy rates,
but numerous demand drivers have held this risk in check. Steady job creation, positive demographics, above-
trend household formation and elevated single-family home prices have converged to counterbalance the
addition of 1.37 million apartments over the last five years, at least on a macro level. Though a small number of
markets have faced oversupply risk, the affected areas tend to be concentrated pockets, with upper-echelon
units facing the greatest competition. For traditional workforce housing, Class B and C apartments, the risks
stemming from overdevelopment have been nominal, and in most metros, even the Class A tranche has
demonstrated sturdy performance. In the coming year, rising development costs, tighter construction financing
and mounting caution levels will curb the pace of additions from the 380,000 units delivered in 2017 to
approximately 335,000 apartments. However, the list of markets facing risk from new completions will stretch
beyond the dozen metros that builders have concentrated on thus far. This will heighten competition, requiring
investors to maintain an increasingly tactical perspective integrating vigilant market scrutiny and strong property
management.
Competitive nuances increasingly granular. Although the pace of apartment completions will moderate in
2018, additions will still likely outpace absorption. This imbalance will most substantively affect areas where
development has been focused, such as the urban core where vacancy rates have risen above suburban rates
for the first time on record. Nationally, Class A vacancy rates have advanced to 6.3 percent in 2017 and will
continue their climb to the 6.8 percent range over the next year. Vacancy rates for Class B and C assets will
rise less significantly in 2018, pushing to 5.0 percent and 4.7 percent, respectively. Although vacancy levels are
rising, three-fourths of the major metros have rates below their 15-year average. Still, the magnitude of new
completions coming to market and the high asking rents these new units command will spark increased
competition for tenants, generating a more liberal use of concessions in 2018 as landlords attempt to entice
move-up tenants.
* Forecast
42LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. APARTMENT OVERVIEW
2018 National Apartment Outlook
§ Rent growth tapers as concession use edges higher. Average rent growth will taper to 3.1 percent in
2018 as concessions become more prevalent, particularly in Class A properties. Rent gains in the Class C
space, which were particularly strong last year, will face greater challenges as affordability restrains
demand. Although job growth has been steady for seven years, wage growth has been relatively weak,
particularly for low-skilled labor.
§ Congress may nudge apartment demand. The new tax laws could reinforce apartment living as the larger
standard deduction reduces the economic incentive of homeownership. Previous tax rules encouraged
homeownership with itemized deductions for property taxes and mortgage interest that often surpassed the
standard deduction. These advantages have largely been eliminated, particularly for first-time buyers.
§ Are millennials finally moving out on their own? The 80 million-strong millennial age cohort, now
pushing into their late 20s, may finally be showing independence. Since the recession, the percentage of
young adults living with their parents increased dramatically, but last year that trend reversed. Should the
share of young adults living with family recede toward the long-term average, an additional 3 million young
adults would need housing.
** Estimate
43LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. CAPITAL MARKETS
Fed Normalization Portends Rising Interest Rates;
Capital Availability for Apartments Elevated
Fed cautiously pursues tighter policies. Investors have largely adapted to the modestly higher interest rate
environment, and most anticipate additional increases in 2018 as the Federal Reserve normalizes both its
policies and its balance sheet. The Fed is widely expected to continue raising its overnight rate through 2018 as
it tries to restrain potential inflation risk and create some dry powder to combat future recessions. The Fed will,
however, be cautious about pushing short-term rates into the long-term rates, which would create an inverted
yield curve. The spread between the two-year Treasury rate and the 10-year Treasury rate has tightened
significantly, and if the Fed is too aggressive in its policies, the short-term interest rates could climb above long-
term rates. This inversion is a commonly watched leading indicator of an impending recession. The new
chairman of the Fed, Jerome Powell, will likely make few changes to the trajectory of Fed policies, and he is
widely expected to continue the reduction of the Fed balance sheet. Powell may consider accelerating the
balance sheet reduction to ensure long-term rates move higher. That said, Powell is widely perceived to be a
dovish leader who will advance rates cautiously.
Readily available debt backed by sound underwriting. Debt availability for apartment assets remains
abundant, with a wide range of lenders catering to the sector. Apartment construction financing has
experienced some tightening, a generally favorable trend for most investors. Fannie Mae and Freddie Mac will
continue to serve a significant portion of the multifamily financing, with local and regional banks targeting
smaller transactions and insurance companies handling larger deals with low-leverage needs. In general,
lenders have been loosening credit standards on commercial real estate lending, but underwriting standards
remain conservative with loan-to-value ratios for apartments in the relatively conservative 66 percent range. An
important consideration going forward, however, will be investors’ appetite for acquisitions as the yield spread
between interest rates and cap rates tightens.
* Through December 12
** Through December 6
44LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. CAPITAL MARKETS
2018 Capital Markets Outlook
§ Yield spread tightens amid rising interest rates. Average apartment cap rates have remained relatively
stable in the low-5 percent range for the last 18 months, with a yield spread above the 10-year Treasury of
about 280 basis points. Many investors believe cap rates will rise in tandem with interest rates, but this has
not been the case historically. Given the strong performance of the apartment sector, it’s more likely the
yield spread will compress, reducing the positive leverage investors have enjoyed in the post-recession era.
§ Inflation restrained but could emerge. Inflation has been nominal throughout the current growth cycle, but
pressure could mount as the tight labor market spurs rising wages. Elevated wages and accelerating
household wealth could boost consumption, creating additional economic growth and inflation. The Fed has
become increasingly proactive in its efforts to head off inflationary pressure, but the stimulative effects of tax
cuts could overpower the Fed’s efforts.
§ Policies likely to strengthen dollar and could pose new risks. One wild card that could create an
economic disruption is the strengthening dollar. The economic stimulus created by tax cuts together with
tightening Fed monetary policy place upward pressure on the value of the dollar relative to foreign
currencies. This could restrain foreign investment in U.S. commercial real estate, but it could also weaken
exports and make it more difficult for other countries to pay their dollar-denominated debt, which in turn
weakens global economic growth.
* Through December 12
Estimate
45LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. INVESTMENT OUTLOOK
Apartment Investors Recalibrate Strategies;
Broaden Criteria to Capture Upside Opportunities
Appreciation flattens as buyers recalibrate expectations. The maturing apartment investment climate has
continued its migration from aggressive growth to a more stable but still positive trend. Investors have reaped
strong returns in the post-recession era through significant gains in fundamentals and pricing, but the growth
trajectory has flattened as the market has normalized. The pace of apartment rental income growth has moved
back toward its mid-3 percent long-term average and investor caution has flattened cap rates, moderating
appreciation. With much of the gains created by the post-recession recovery absorbed and most of the value-
add opportunity already extracted, it has been increasingly difficult for investors to find opportunities with
substantive upside potential. At the same time, apartment construction has finally brought macro-level housing
supply and demand back toward equilibrium, restraining upside potential in markets with sizable deliveries.
These challenges have been compounded by a widened bid/ask gap, with many would-be apartment sellers
retaining a highly optimistic perception of their asset’s value. It will take time for investor expectations to realign,
but buyers and sellers are discovering a flattening appreciation trajectory. Still, a range of opportunities remain.
Investors broaden criteria as they search for yield upside. Investors are recalibrating strategies, broadening
their search and sharpening their efforts to find investment options with upside potential. They have expanded
criteria to include a variety of Class B and Class C assets, outer-ring suburban locations, and properties in
secondary or tertiary markets. The yield premium offered by these types of assets has drawn an increasing
amount of multifamily capital. In the last year, nearly half of the dollar volume invested in apartment properties
over $1 million went to secondary and tertiary markets, up from 42 percent of the capital in 2010. This influx of
activity has caused cap rates in tertiary markets to fall from the high-8 percent range in 2010 to their current
average near 6 percent. During the same period, national cap rates of Class B/C apartment properties have
fallen by 200 basis points to the mid-5 percent range. Considering the low cost of capital, these yields have
remained attractive to investors with longer-term hold plans.
* Through 3Q
** Trailing 12 months through 3Q
46LITTLE BAY APARTMENTS
MARKET OVERVIEW
U.S. INVESTMENT OUTLOOK
2018 Investment Outlook
§ New tax laws could shift investor behavior. Additional clarity on taxes should alleviate some of the
uncertainty that held back investor activity over the last year while helping to mitigate the expectation gap
between buyers and sellers. Reduced tax rates on pass-through entities could spark some repositioning
efforts, bringing additional assets to market and supporting market liquidity.
§ Tighter monetary policy could narrow yield spreads. Prospects of a rising interest rate environment
could weigh on buyer activity as the yield spread tightens. Cap rates have held relatively stable over the last
two years, and the sturdy outlook for apartment fundamentals is unlikely to change substantively in the
coming year. As a result, investors’ pursuit of yield will likely push activity toward assets and markets that
have traditionally offered higher cap rates.
§ Transaction activity retreats from peak levels. Apartment sales continued to migrate toward more normal
levels last year as investors’ search for upside and value-add opportunities delivered fewer candidates.
Markets with a limited construction pipeline but with respectable employment and household formation
growth will see accelerated activity, while markets facing an influx of development could see moderating
investor interest.
* Through 3Q
** Trailing 12 months through 3Q
47LITTLE BAY APARTMENTS
MARKET OVERVIEW
REVENUE TRENDS
Five-Year Apartment Income Growth by Metro FIVE-YEAR TREND:
Percent Change 2013-2018* Outperforming Through
Development Cycle
2013-2018*
§ U.S. creates 11.8 million jobs over five years
§ Developers add 1.5 million new apartments
§ Absorption totals 1.4 million apartments
§ U.S. vacancy rate to match 2013 at 5.0 percent
§ U.S. average rent rises 23.2 percent
* Forecast
48LITTLE BAY APARTMENTS
MARKET OVERVIEW
2018 NATIONAL INVENTORY TREND
Five-Year Development Wave Transforms Rental Landscape
Inventory Growth 2013-2018
Inventory Change by Market
2013 to 2018
Sources: Marcus & Millichap Research Services; MPF Research
49LITTLE BAY APARTMENTS
MARKET OVERVIEW
2018 NATIONAL INVENTORY TREND
Top 10 Markets by Inventory Change
Largest Growth Five-Year Inventory Change Five-Year Rent Growth
Austin 23.6% 22%
Charlotte 22.9% 30%
Nashville 21.7% 31%
Salt Lake City 20.9% 31%
Raleigh 19.5% 27%
San Antonio 18.7% 20%
Denver 17.9% 41%
Seattle-Tacoma 15.9% 41%
Orlando 15.3% 35%
Dallas/Fort Worth 15.3% 30%
U.S. 9.8% 23%
Smallest Growth Five-Year Inventory Change Five-Year Rent Growth
Cincinnati 6.6% 24%
Chicago 6.2% 21%
Oakland 5.8% 40%
Riverside-San Bernardino 5.6% 36%
St. Louis 5.5% 14%
Los Angeles 5.4% 31%
New York City 4.6% 15%
Cleveland 4.6% 15%
Sacramento 3.8% 48%
Detroit 2.9% 25%
Sources: Marcus & Millichap Research Services; MPF Research
50PROPERTY
LITTLE BAY APARTMENTS
NAME
DEMOGRAPHICS
MARKETING TEAM
Created on May 2018
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
§ 2022 Projection § 2017 Estimate
Total Population 4,185 31,861 97,541 $200,000 or More 0.97% 1.61% 2.84%
§ 2017 Estimate $150,000 - $199,000 4.07% 2.54% 3.22%
Total Population 4,323 31,912 98,223 $100,000 - $149,000 9.13% 8.43% 9.77%
§ 2010 Census $75,000 - $99,999 11.71% 12.17% 11.23%
Total Population 4,312 31,631 96,811 $50,000 - $74,999 20.99% 24.11% 21.60%
§ 2000 Census $35,000 - $49,999 20.99% 18.19% 16.46%
Total Population 9,706 46,931 111,391 $25,000 - $34,999 9.84% 12.15% 11.70%
§ Daytime Population $15,000 - $24,999 11.57% 10.52% 10.87%
2017 Estimate 15,564 61,803 121,444 Under $15,000 10.72% 10.28% 12.30%
HOUSEHOLDS 1 Miles 3 Miles 5 Miles Average Household Income $60,433 $60,656 $66,183
§ 2022 Projection Median Household Income $45,788 $48,872 $48,780
Total Households 1,891 12,413 39,823 Per Capita Income $33,665 $24,598 $27,441
§ 2017 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Total Households 1,960 12,380 39,767 § Population By Age
Average (Mean) Household Size 2.18 2.30 2.37 2017 Estimate Total Population 4,323 31,912 98,223
§ 2010 Census Under 20 19.59% 24.44% 24.34%
Total Households 1,965 12,327 39,370 20 to 34 Years 40.75% 35.68% 30.98%
§ 2000 Census 35 to 39 Years 5.75% 6.43% 6.31%
Total Households 2,712 13,084 39,362 40 to 49 Years 9.40% 9.93% 10.30%
Growth 2015-2020 -3.52% 0.27% 0.14% 50 to 64 Years 17.65% 15.87% 17.25%
HOUSING UNITS 1 Miles 3 Miles 5 Miles Age 65+ 6.85% 7.63% 10.82%
§ Occupied Units Median Age 29.14 29.30 31.60
2022 Projection 1,891 12,413 39,823 § Population 25+ by Education Level
2017 Estimate 2,403 13,816 43,690 2017 Estimate Population Age 25+ 2,677 19,494 63,029
Owner Occupied 434 4,716 16,904 Elementary (0-8) 0.83% 1.16% 1.92%
Renter Occupied 1,526 7,664 22,863 Some High School (9-11) 8.81% 7.15% 8.29%
Vacant 443 1,436 3,922 High School Graduate (12) 23.15% 30.61% 28.85%
§ Persons In Units Some College (13-15) 33.37% 29.23% 27.10%
2017 Estimate Total Occupied Units 1,960 12,380 39,767 Associate Degree Only 12.32% 10.65% 8.67%
1 Person Units 35.00% 32.48% 31.35% Bachelors Degree Only 13.28% 13.83% 15.39%
2 Person Units 34.34% 33.23% 32.44% Graduate Degree 8.04% 6.64% 8.87%
3 Person Units 16.33% 16.85% 16.84% § Population by Gender
4 Person Units 8.93% 10.75% 11.38% 2017 Estimate Total Population 4,323 31,912 98,223
5 Person Units 3.88% 4.32% 5.10% Male Population 58.22% 53.21% 50.91%
6+ Person Units 1.48% 2.37% 2.88% Female Population 41.78% 46.79% 49.09%
Source: © 2017 Experian
51PROPERTY
LITTLE BAY APARTMENTS
NAME
DEMOGRAPHICS
MARKETING TEAM
Population Race and Ethnicity
In 2017, the population in your selected geography is 4,323. The The current year racial makeup of your selected area is as follows:
population has changed by -55.46% since 2000. It is estimated that 70.34% White, 18.48% Black, 0.17% Native American and 2.35%
the population in your area will be 4,185.00 five years from now, which Asian/Pacific Islander. Compare these to US averages which are:
represents a change of -3.19% from the current year. The current 70.42% White, 12.85% Black, 0.19% Native American and 5.53%
population is 58.22% male and 41.78% female. The median age of the Asian/Pacific Islander. People of Hispanic origin are counted
population in your area is 29.14, compare this to the US average independently of race.
which is 37.83. The population density in your area is 1,375.03 people
per square mile. People of Hispanic origin make up 10.10% of the current year
population in your selected area. Compare this to the US average of
17.88%.
Households Housing
There are currently 1,960 households in your selected geography. The The median housing value in your area was $299,304 in 2017,
number of households has changed by -27.73% since 2000. It is compare this to the US average of $193,953. In 2000, there were 585
estimated that the number of households in your area will be 1,891 owner occupied housing units in your area and there were 2,127
five years from now, which represents a change of -3.52% from the renter occupied housing units in your area. The median rent at the
current year. The average household size in your area is 2.18 time was $448.
persons.
Income Employment
In 2017, the median household income for your selected geography is In 2017, there are 1,183 employees in your selected area, this is also
$45,788, compare this to the US average which is currently $56,286. known as the daytime population. The 2000 Census revealed that
The median household income for your area has changed by 35.60% 59.13% of employees are employed in white-collar occupations in this
since 2000. It is estimated that the median household income in your geography, and 42.00% are employed in blue-collar occupations. In
area will be $60,434 five years from now, which represents a change 2017, unemployment in this area is 2.91%. In 2000, the average time
of 31.99% from the current year. traveled to work was 24.00 minutes.
The current year per capita income in your area is $33,665, compare
this to the US average, which is $30,982. The current year average
household income in your area is $60,433, compare this to the US
average which is $81,217.
Source: © 2017 Experian
52LITTLE BAY APARTMENTS
8 DEMOGRAPHICS
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