om - 15.59 acres on starratt road 2 - loopnet · 2016 median household income: u.s. median: $57,200...
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New Amazon Fulfillment
Center
JacksonvilleInternational
Airport First CoastHigh School
St PatricksCatholic School
OceanwaySchool
A
B
C
Offering Memorandum
15.59 ACRES ON STARRATT ROAD0 Starratt Road, Jacksonville, FL 32218
River CityMarketplace
15.59 ACRES ON STARRATT ROAD
0 Starratt Road, Jacksonville, FL
ACT ID Y0310600
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") is not affiliated with,
sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of
any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by,
said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial
listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this
listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE
CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we
make no representations or warranties, express or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus &
Millichap. All rights reserved.
2
15.59 ACRES ON STARRATT ROAD
3
INVESTMENT
OVERVIEW
AERIAL PHOTO
15.59 ACRES ON STARRATT ROAD
4
FINANCIAL ANALYSIS
15.59 ACRES ON STARRATT ROAD
5
THE OFFERING
Total Price $2,945,000
Total Lot Size 15.59 Acres
Total Price/SF $4.34
Total Price/Acre $188,887
Parcel “A”
RE # 106940-0715
Price $550,000
Lot Size 0.54 Acre
Price/SF $23.59
Price/Acre $1,027,623
Zoning PUD Commercial
Parcel “B”
RE # 106935-0500
Price $1,900,000
Lot Size 13.11 Acres
Price/SF $3.33
Price/Acre $144,957
Zoning PUD Commercial
Parcel “C”
RE # 106935-0300
Price $495,000
Lot Size 1.95 Acres
Price/SF $5.83
Price/Acre $254,002
Zoning Mixed-Use Commercial
SELLER WILLING TO OFFER PARCELS INDIVIDUALLY OR AT A DISCOUNT AS A
TOTAL PACKAGE DEALPreapproved for rezoning to Multi-Family (see page 7 for proposed layout)
SURVEY MAP
15.59 ACRES ON STARRATT ROAD
6
MULTIFAMILY PARCEL LAYOUT
15.59 ACRES ON STARRATT ROAD
7
Trafalgar Apartments Layout
New Amazon Fulfillment
Center
JacksonvilleInternational
Airport First CoastHigh School
St PatricksCatholic School
OceanwaySchool
A
B
C
NEARBY FACILITY MAP
15.59 ACRES ON STARRATT ROAD
8
River CityMarketplace
NEARBY FACILITY MAP
15.59 ACRES ON STARRATT ROAD
9
UF Health North
First CoastHigh School
OceanwaySchool
St PatricksCatholic School
CVSPharmacy
LOCAL MAP
15.59 ACRES ON STARRATT ROAD
10
REGIONAL MAP
15.59 ACRES ON STARRATT ROAD
15.59 ACRES ON STARRATT ROAD
12
MARKET
COMPARABLES
15.59 ACRES ON STARRATT ROAD
SALES COMPARABLES MAP
13
15.59 ACRES ON STARRATT ROAD
(SUBJECT)
Main Street & Duval Station
Road
Land Parcel Near River City
Marketplace
Westside Corner Parcel
SALES COMPARABLES
ON MARKET COMPARABLES
1
2
3
14
PROPERTY NAME15.59 ACRES ON STARRATT ROAD
SALES COMPARABLESSALES COMPARABLES ON MARKET COMPARABLES
$0.00
$0.60
$1.20
$1.80
$2.40
$3.00
$3.60
$4.20
$4.80
$5.40
$6.00
15.59 Acres on
Starratt Road
Main Street
and Duval
Station Road
Land Parcel Near
River City
Marketplace
Westside
Corner
Parcel
Average Price Per Square Foot
$0
$30,000
$60,000
$90,000
$120,000
$150,000
$180,000
$210,000
$240,000
$270,000
$300,000
15.59 Acres on
Starratt Road
Main Street
and Duval
Station Road
Land Parcel Near
River City
Marketplace
Westside
Corner
Parcel
Average Price Per Acre
Avg. $5.05
Avg. $219,997
PROPERTY NAME
MARKETING TEAM
15.59 ACRES ON STARRATT ROAD
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
15
SALES COMPARABLES ON MARKET COMPARABLES
Asking Price $2,945,000
Zoning PUD/Mixed-Use
Price/SF $4.34
Lot Size (Acres) 15.59
Price/Acre $188,887
15.59 ACRES ON STARRAT ROAD0 Starratt Road, Jacksonville, FL, 32218
1
Close of Escrow 4/21/2016
Sales Price $3,200,000
Zoning RLD-60/PUD
Price/SF $4.73
Lot Size (Acres) 15.53
Price/Acre $206,053
NOTES
Commercial Land
MAIN STREET & DUVAL STATION ROADMain Street & Duval Station Road, Jacksonville, FL, 32218
2
On Market
List Price $2,190,000
Zoning CCG-2
Price/SF $5.45
Lot Size (Acres) 9.23
Price/Acre $237,270
NOTES
Commercial Land
Proposed Use: Apartment Units, Commercial, Office, Race Track,
Restaurant, Retail
LAND PARCEL NEAR RIVER CITY MARKETPLACEN Main Street, Jacksonville, FL, 32218
PROPERTY NAME
MARKETING TEAM
15.59 ACRES ON STARRATT ROAD
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
16
SALES COMPARABLES ON MARKET COMPARABLES
NOTES
Ideal location for retail center, medical development, assisted
living, or similar use.
3
On Market
List Price $1,950,000
Zoning PUD
Price/SF $4.97
Lot Size (Acres) 9.00
Price/Acre $216,667
WESTSIDE CORNER PARCELPritchard Road, Jacksonville, FL, 32219
15.59 ACRES ON STARRATT ROAD
17
MARKET
OVERVIEW
MARKET OVERVIEW
JACKSONVILLEOVERVIEW
The Jacksonville metro comprises five counties, Duval, Clay, St.
Johns, Nassau and Baker, in the northeastern corner of Florida along
the St. Johns River and the Atlantic Ocean. It is just south of the
Georgia border. Jacksonville’s access to road, rail, sea and air
transportation has made it an intermodal hub for the Southeast.
JAXPORT is one of the largest ports in the region and is equipped to
handle cargo as well as cruise ships and the local ferry service. Naval
Air Station Jacksonville and Mayport Naval Station contribute to a
strong military presence in the market. The metro houses nearly 1.5
million people. With approximately 870,000 residents, Jacksonville is
the largest city in the metro. No other city in the market contains more
than 40,000 citizens.
MARKET OVERVIEW
METRO HIGHLIGHTS
BUSINESS ATTRACTION
A lower cost of doing business than other nearby
cities and a large, skilled labor pool help to draw
relocating and expanding companies.
STRONG POPULATION GROWTH
In past decades, the metro’s population growth has
outpaced that of the nation, a trend that is projected
to continue over the next five years.
DEEPWATER PORT
JAXPORT provides a $26.9 billion annual economic
impact to the metro. More than 8 million tons of
cargo pass through the port each year.
15.59 ACRES ON STARRATT ROAD
18
MARKET OVERVIEW
ECONOMY Once rooted in its military bases, a commercial port, tourism and paper mills, the
Jacksonville economy has begun to diversify.
The metro is home to three Fortune 500 companies: Fidelity National Information Services,
Fidelity National Financial and CSX.
The city has developed a large financial services sector, led by Bank of America, Fidelity
National and Citibank.
Jacksonville has an emerging industrial base in medical products research and
manufacturing.
SHARE OF 2016 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Jacksonville Naval Air Station
Mayo Clinic
Mayport Naval Station
Blue Cross Blue Shield of Florida
CSX
Baptist Health System
Citibank
Fidelity National Financial
Winn-Dixie
Bank of America Corp.* Forecast
MANUFACTURING
5%GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
3%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
21%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
1%INFORMATION
16%
6%
11% 13% 10%
15%
15.59 ACRES ON STARRATT ROAD
19
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
The metro is projected to add roughly 110,000 people through 2021, resulting in the
formation of nearly 50,000 households.
A median home price below the national level has produced a homeownership rate
of 65 percent, which is slightly above the national rate of 64 percent.
Roughly 28 percent of people age 25 and older hold a bachelor’s degree; among
those residents, 9 percent also have earned a graduate or professional degree.
The Jacksonville area offers many recreational events and cultural opportunities.
Jacksonville’s beach communities consist of Atlantic Beach, Neptune Beach and
Jacksonville Beach along 50 miles of shoreline, offering sport fishing, boating and water
sport activities. The area is home to the Professional Golfers Association, the World Golf
Village and the World Golf Hall of Fame. The Association of Tennis Professionals is also
based in the area. Sports teams include the Jacksonville Suns, a minor league baseball
team, and the Jacksonville Jaguars of the NFL. Everbank Field hosts the TaxSlayer.com
Gator Bowl, and the annual matchup between Florida and Georgia. Cultural opportunities
and museums abound throughout the metro.
38.1
2016MEDIAN AGE:
U.S. Median:
37.7
$53,500
2016 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$57,200
1.4M
2016POPULATION:
Growth2016-2021*:
7.8%
561K
2016HOUSEHOLDS:
8.3%
Growth2016-2021*:
QUALITY OF LIFE
2016 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
7%25-44 YEARS
27%45-64 YEARS
27%65+ YEARS
14%
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
15.59 ACRES ON STARRATT ROAD
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PROPERTY NAME
MARKETING TEAM
15.59 ACRES ON STARRATT ROAD
DEMOGRAPHICS
Source: © 2016 Experian
Created on November 2017
POPULATION 1 Miles 3 Miles 5 Miles
2021 Projection
Total Population 6,164 35,600 57,269
2016 Estimate
Total Population 5,406 30,673 50,197
2010 Census
Total Population 4,921 27,452 45,455
2000 Census
Total Population 2,887 15,652 29,765
Daytime Population
2016 Estimate 7,669 38,367 53,421
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2021 Projection
Total Households 1,996 12,601 20,793
2016 Estimate
Total Households 1,754 10,838 18,150
Average (Mean) Household Size 2.81 2.76 2.71
2010 Census
Total Households 1,611 9,770 16,560
2000 Census
Total Households 1,005 5,686 10,851
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2016 Estimate
$250,000 or More 1.19% 1.27% 1.24%
$200,000 - $249,999 1.09% 1.21% 1.00%
$150,000 - $199,999 3.41% 3.89% 3.54%
$125,000 - $149,999 5.06% 4.91% 4.44%
$100,000 - $124,999 9.35% 11.16% 10.98%
$75,000 - $99,999 14.14% 15.51% 14.89%
$50,000 - $74,999 24.02% 20.03% 19.57%
$35,000 - $49,999 13.05% 14.34% 13.68%
$25,000 - $34,999 10.28% 10.41% 11.37%
$15,000 - $24,999 9.54% 7.78% 8.73%
Under $15,000 8.86% 9.47% 10.55%
Average Household Income $69,738 $72,539 $69,904
Median Household Income $57,792 $59,230 $56,885
Per Capita Income $22,901 $25,712 $25,415
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PROPERTY NAME
MARKETING TEAM
15.59 ACRES ON STARRATT ROAD
DEMOGRAPHICS
Source: © 2016 Experian
Created on November 2017
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population by Age
0 to 4 Years 7.62% 7.65% 7.54%
5 to 14 Years 14.98% 14.46% 14.44%
15 to 17 Years 4.02% 3.76% 3.90%
18 to 19 Years 2.27% 2.13% 2.29%
20 to 24 Years 5.86% 5.75% 6.12%
25 to 29 Years 6.00% 6.45% 6.64%
30 to 34 Years 7.07% 7.52% 7.18%
35 to 39 Years 7.64% 7.49% 7.02%
40 to 49 Years 15.58% 14.78% 14.29%
50 to 59 Years 13.29% 13.40% 13.98%
60 to 64 Years 4.90% 5.39% 5.56%
65 to 69 Years 4.01% 4.28% 4.25%
70 to 74 Years 2.62% 2.84% 2.74%
75 to 79 Years 1.86% 1.90% 1.81%
80 to 84 Years 1.21% 1.21% 1.19%
Age 85+ 1.06% 0.98% 1.04%
Median Age 36.46 36.52 36.34
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population 25+ by Education Level
2016 Estimate Population Age 25+ 3,527 20,319 32,983
Elementary (0-8) 3.61% 2.96% 2.55%
Some High School (9-11) 10.66% 9.17% 8.28%
High School Graduate (12) 39.17% 35.20% 33.16%
Some College (13-15) 23.81% 25.56% 26.25%
Associate Degree Only 10.01% 9.28% 9.55%
Bachelors Degree Only 7.61% 11.71% 13.69%
Graduate Degree 3.48% 5.34% 5.61%
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Income
In 2016, the median household income for your selected geography is
$57,792, compare this to the US average which is currently $54,505.
The median household income for your area has changed by 59.18%
since 2000. It is estimated that the median household income in your
area will be $66,130 five years from now, which represents a change
of 14.43% from the current year.
The current year per capita income in your area is $22,901, compare
this to the US average, which is $29,962. The current year average
household income in your area is $69,738, compare this to the US
average which is $78,425.
Population
In 2016, the population in your selected geography is 5,406. The
population has changed by 87.25% since 2000. It is estimated that
the population in your area will be 6,164.00 five years from now,
which represents a change of 14.02% from the current year. The
current population is 48.86% male and 51.14% female. The median
age of the population in your area is 36.46, compare this to the US
average which is 37.68. The population density in your area is
1,721.75 people per square mile.
Households
There are currently 1,754 households in your selected geography. The
number of households has changed by 74.53% since 2000. It is
estimated that the number of households in your area will be 1,996
five years from now, which represents a change of 13.80% from the
current year. The average household size in your area is 2.81 persons.
Employment
In 2016, there are 879 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
42.53% of employees are employed in white-collar occupations in
this geography, and 59.59% are employed in blue-collar occupations.
In 2016, unemployment in this area is 5.72%. In 2000, the average
time traveled to work was 26.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
75.08% White, 15.18% Black, 0.07% Native American and 3.40%
Asian/Pacific Islander. Compare these to US averages which are:
70.77% White, 12.80% Black, 0.19% Native American and 5.36%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 7.74% of the current year
population in your selected area. Compare this to the US average of
17.65%.
PROPERTY NAME
MARKETING TEAM
15.59 ACRES ON STARRATT ROAD
Housing
The median housing value in your area was $152,596 in 2016,
compare this to the US average of $187,181. In 2000, there were 817
owner occupied housing units in your area and there were 188 renter
occupied housing units in your area. The median rent at the time was
$385.
Source: © 2016 Experian
DEMOGRAPHICS
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8
15.59 ACRES ON STARRATT ROAD
DEMOGRAPHICS
24
TRAFFIC COUNTYEAR COUNT
2016 114,500
2016 9,300
2016 69,500
MARKETING PLAN
#
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAME15.59 ACRES ON STARRATT ROAD
PRICING AND VALUATION MATRIX
PROPERTY NAME15.59 ACRES ON STARRATT ROAD
25
MARKET OVERVIEW
25
69,500 (2016)
114,500 (2016)
9,300 (2016)