hold thyssen - loopnet
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
HISTORIC MELBOURNE INTERCOASTAL STOREFRONT559-569 W. Eau Gallie Blvd. | Melbourne, FL 32935
Offering Memorandum
301 S. New York Avenue | Suite 200 | Winter Park, FL 32789 | Ph: 407-691-0505 | Fx: 407-691-0506 | www.holdthyssen.com
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CONTENTS
This summary has been prepared by Hold-Thyssen, Inc. for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Seller, Hold-Thyssen, and designated sources and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and therefore are subject to variation. No representation is made by Seller or Hold-Thyssen as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller, Hold-Thyssen and its employees, disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence in verifying all such information. The bearer of this property summary agrees that neither Hold-Thyssen, Inc. nor the Seller shall have any liability for any reason to any Potential Purchaser or Related Parties resulting from the use of this property summary.
I. Investment Overview
Executive Summary 5
Listing Details 6
Aerials 7
Location Map 9
Photographs 10
II. Financial Analysis
Tenant Summary 13
Operating Statement 14
Pricing Detail 15
III. Market Information Melbourne Overview 17
Brevard County Overview 19
Area Demographics 22
Sale Comparables 24
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CONFIDENTIALITY AND LIMITING CONDITIONS
The information contained in this offering material (“Offering Memorandum”) is proprietary, confidential, and furnished solely for the purpose of a review by a prospective purchaser of the Historic Melbourne Intercoastal Storefront (the “Property”) and is not to be used for any other purpose or made available to any other person or entity without the express written authorization of Hold Thyssen, Inc. (“H-T”).
This Offering Memorandum has been provided subject to the terms of a Confidentiality Agreement and has been prepared to provide summary, unverified information to prospective purchasers, and to establish a preliminary level of interest in the Property. The information contained in this Offering Memorandum has been obtained from sources believed to be reliable, however, H-T has not verified and will not verify, any of the information contained herein; nor has H-T conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Potential buyers must take appropriate measures to verify all of the information set forth herein.
The information contained in this Offering Memorandum is not a substitute for a thorough due diligence investigation. H-T 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 such as PCB's or asbestos, the property’s compliance or otherwise 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.
Owner and H-T expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice, or to reprice the offering or withdraw the property from the market for any reason.
Owner shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. H-T is not authorized to make any representations or agreements on behalf of Owner.
This Offering Memorandum is the property of H-T and may be used only be parties approved by H-T and Owner. The Property is privately offered and, by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it to H-T immediately upon request of H-T or Owner and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or stored in any physical or digital storage device.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY AND UNDER NO CIRCUMSTANCES MAY ANY TENANT BE DISTURBED. PLEASE CONSULT THE LISTING AGENT FOR AN APPOINTMENT OR FOR MORE DETAILS.
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INVESTMENT OVERVIEWExecutive Summary
Listing Details
Aerials
Location Map
Photographs
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
INVESTMENT OVERVIEW
EXECUTIVE SUMMARY
Hold Thyssen is proud to present Historic Melbourne Intercoastal Storefront, centrally located 1,000 feet East of US Hwy 1 along the westbound lane of Eau Gallie Boulevard in the heart of historic Downtown Eau Gallie, along with Starbucks, West Marine, Clevens Medical Center and various main street community businesses. Within the Eau Gallie Arts District (EGAD) Main Street, cultural features include the Foosaner Museum of Art, Museum School of Florida Institute of Technology, administrative offices of the Brevard Symphony Orchestra, Historic Rossetter House Museum and Gardens, Eau Gallie Public Library, Eau Gallie Civic Center, two public parks, a band shell and newly rebuilt fishing pier. Eau Gallie Boulevard is a major East-West artery and Interstate Interchange linking Melbourne to Interstate 95 and the beaches. US Hwy 1 travels the entire East Coast of the United States. Current tenancy include a Lush & Beauty Browtique, Blue Moon Tatoo, and a number of art studios.
The retail building is ±7,550 square feet constructed of masonry, stucco, and thermal glass built in 1946 and has a wood truss roof with a BU-TG membrane. The land size is .20 acres with on-street parking on both Highland Avenue and Eau Gallie Boulevard. Property has City of Melbourne water and sewer. Property has City of Melbourne - C3 - Commercial zoning which allows the highest building height, the maximum density with no setbacks, and a wide range of uses including retail, office or residential.
INVESTMENT HIGHLIGHTS
TROPHY REAL ESTATE
• Historic Storefront Landmark - built in 1946 on the Melbourne Indian River Intercoastal right before the causeway
• ±7,550 square feet located on hard signalized corner of Eau Gallie Blvd and Highland Ave in the heart of Downtown Eau Gallie
• Within the Eau Gallie Arts District (EGAD) Main Street, cultural features include the Foosaner Museum of Art, Museum School of Florida Institute of Technology, administrative offices of the Brevard Symphony Orchestra, Historic Rossetter House Museum and Gardens, Eau Gallie Public Library, Eau Gallie Civic Center, two public parks, a band shell and newly rebuilt fishing pier
STRATEGIC OWNERSHIP
• Five local tenants with brand new five-year NNN leases with rent increases
• City of Melbourne - C3 - Commercial zoning which allows the highest building height, the maximum density with no setbacks, and a wide range of uses including retail, office or residential
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
INVESTMENT OVERVIEW
Property Name: Historic Melbourne Intercoastal Storefront
Property Address: 559 W Eau Gallie Blvd. Melbourne, FL
APN/Parcel ID: 27-37-16-25-23-7
Zoning: C-3 Commercial Zoning
Occupancy Year 1: 100%
Gross Leasable Area: 7,550 SF
Lot Size: .20 AC
Year Built/Renovated: 1968
Parking: City Parking
Net Operating Income: $109,981
Cap Rate: 8.15%
Asking Price: $1,350,000
Price/SF: $178.80
LISTING DETAILS
Major Tenants
Tenant GLA Lease Expiration Lease TypeLush & Beauty Browtique 950 SF 12/31/2021 NNNStandard Collective 2,000 SF 8/31/2021 NNNStandard Collective Studio 1,000 SF 3/31/2021 NNNBlue Moon Tatoo 1,000 SF 8/31/2021 NNNMarcie Hascall Clark 2,250 SF 4/30/2021 NNN
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
INVESTMENT OVERVIEW
PROPERTY AERIAL
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
DRONE VIDEO
INVESTMENT OVERVIEW
PLAY
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
INVESTMENT OVERVIEW
LOCATION
INTERSTATE
95
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
INVESTMENT OVERVIEW
PHOTOGRAPHS
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HOLDTHYSSENR E A L E S T A T E S E R V I C E S
INVESTMENT OVERVIEW
PHOTOGRAPHS
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FINANCIAL ANALYSISTenant Summary
Operating Statement
Pricing Detail
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FINANCIAL ANALYSIS
TENANT SUMMARY
Tenant Name SuiteSquare
Feet% Bldg Share
Annual Rent/SF
Total Rent/Month
Total Rent/Year Lease Type
Renewal Options and Option Year
Rental InformationComm. Exp.
Lush & Beauty Browtique
1424 950 12.6% 1/1/17 12/31/21 $10.74 $850 $10,200 NNN6% Yearly Increase Base Rent
Downs Investment Properties
1428 350 4.6% M-T-M M-T-M $13.71 $400 $4,800 NNN
Standard Collective (Anthony Soland)
559 2,000 26.5% 9/1/16 8/31/21 $16.06 $2,677 $32,127 NNNOne-2 Year Option, 3% Yearly Rent Increase
Traditional Cuts, Shaves and Brews
563 1,000 13.2% 3/1/17 3/31/21 $17.14 $1,429 $17,142 NNN
Blue Moon Tatoo 567 1,000 13.2% 9/1/16 8/31/21 $14.40 $1,200 $14,400 NNNThree-1 Year Options
Marcie Hascall Clark 569 2,250 29.8% 5/1/16 4/30/21 $13.92 $2,609 $31,212.00 NNN3% Yearly Rent Increase
Total 7,550 $14.57 $9,165 $109,981
Lease Dates
Notes: Suite 1428 will most likely be vacant year 1 since current owner uses suite as office space
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FINANCIAL ANALYSIS
OPERATING STATEMENT
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Income Current Year 1 Year 2 Per SFScheduled Base Rental Income 109,981 109,981 112,930 14.96Expense Reimbursement Income
0 8,703 8,703 1.1515,313 13,284 13,284 1.76
8,863 7,689 7,689 1.02Total Reimbursement Income $29,676 100.0% $29,676 100.0% $29,676 100.0% $3.93
Effective Gross Revenue $139,657 $139,657 $142,606 $18.89
Operating Expenses Current Year 1 Year 2 Per SFInsurance 15,313 15,313 15,313 2.03Real Estate Taxes 8,863 8,863 8,863 1.17Management Fee 5,500 5,500 5,500 0.73
Total Expenses $29,676 $29,676 $29,676 $3.93Expenses as % of EGR 21.2% 21.2% 20.8%Net Operating Income $109,981 $109,981 $112,930 $14.96
InsuranceCAM
Real estate Taxes
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FINANCIAL ANALYSIS
PRICING DETAIL
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Operating Data
Year 1 Year 2Scheduled Base Rental Income $109,981 $112,930Total Reimbursement Income 27.0% $29,676 26.3% $29,676Other Income $0 $0Potential Gross Revenue $139,657 $142,606Effective Gross Revenue $139,657 $142,606Less: Operating Expenses 21.2% ($29,676) 20.8% ($29,676)Net Operating Income $109,981 $112,930Tenant Improvements $0 $0Leasing Commissions $0 $0Capital Expenditures $0 $0Cash Flow $109,981 $112,930Debt Service ($65,633) ($65,633)Net Cash Flow After Debt Service 10.95% $44,348 11.70% $47,297Principal Reduction $21,233 $22,297Total Return 16.19% $65,581 17.18% $69,594
Year 1 Year 2CAM (Utilities & Op Ex - Combined) $0 $0Insurance $15,313 $15,313Real Estate Taxes $8,863 $8,863Management Fee $5,500 $5,500Total Expenses $29,676 $29,676
Expenses/Suite $4,946 $4,946Expenses/SF $3.93 $3.93
Operating Expenses
Income
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Returns Year 1 Year 2CAP Rate 8.15% 8.37%Cash-on-Cash 10.95% 11.70%Debt Coverage Ratio 1.56 1.60
Financing 1st LoanLoan Amount $945,000Loan Type NewInterest Rate 4.90%Amortization 25 YearsYear Due 2043
Loan information is subject to change
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Returns Year 1 Year 2CAP Rate 8.15% 8.37%Cash-on-Cash 10.95% 11.70%Debt Coverage Ratio 1.56 1.60
Financing 1st LoanLoan Amount $945,000Loan Type NewInterest Rate 4.90%Amortization 25 YearsYear Due 2043
Loan information is subject to change
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Returns Year 1 Year 2CAP Rate 8.15% 8.37%Cash-on-Cash 10.95% 11.70%Debt Coverage Ratio 1.56 1.60
Financing 1st LoanLoan Amount $945,000Loan Type NewInterest Rate 4.90%Amortization 25 YearsYear Due 2043
Loan information is subject to change
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Price $1,350,000Down Payment $405,000 30%Number of Suites 6Price Per SqFt $178.80Gross Leasable Area (GLA) 7,550 SFLot Size (SqFt) 7,550 SFYear Built/Renovated 1968
Summary
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Price $1,350,000Down Payment $405,000 30%Number of Suites 6Price Per SqFt $178.80Gross Leasable Area (GLA) 7,550 SFLot Size (SqFt) 7,550 SFYear Built/Renovated 1968
Summary
NOTICE:Thisisadraftandnotintendedforclientdistribution.
Price $1,350,000Down Payment $405,000 30%Number of Suites 6Price Per SqFt $178.80Gross Leasable Area (GLA) 7,550 SFLot Size (SqFt) 7,550 SFYear Built/Renovated 1968
Summary
MELBOURNE, FLMELBOURNE STOREFRONT
MARKET INFORMATIONMelbourne Overview
Brevard County Overview
Demographics
Sale Comparables
Primary data sources utilized for this analysis include CoStar Property and national published data sources.
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MARKET INFORMATION
MELBOURNE OVERVIEW
Melbourne is located on Florida’s Space Coast in southern Brevard County and is the principal city of the Palm Bay-Titusville, Florida Metropolitan Statistical Area (MSA). Forbes has ranked the Melbourne area 18th out of 100 MSAs and first out of eight metros in Florida for affordable housing and short commute times, amongothers. The Melbourne area has true Florida appeal.
The Melbourne Coast consists of 33 miles of unspoiled beaches, which are among the most beautiful in the world and make the area the ideal destination for outdoor recreational activities such as golf, fishing, boating, swimming, surfing, camping and more. Along with the tranquil beaches and breathtaking scenery, numerous annual events attract hundreds of thousands of visitors to the area each year.
Melbourne has two downtown business districts: Downtown Eau Gallie Arts District and Historic Downtown Melbourne, which is known for its hundreds of retail outlets and restaurants. Other local major attractions include Kennedy Space Center Visitor Complex featuring the Space Shuttle Atlantis, the highly acclaimed Brevard Zoo and Space Coast Stadium, which is home to the minor league baseball team, the Brevard County Manatees, and where the Major League Baseball team, the Washington Nationals, hold their spring training.
The current population of Brevard County is more than 560,000 with the median age of 46. Brevard County’s median household income is $46,554, and the average household net worth is $386,237.
• Embraer executive jet assembly and sales facility, representing $43 million in new investment and 200 new jobs was completed in 2011
• Florida Institute of Technology and Melbourne International Airport commenced development of a 78 acre FIT Research Park
• Sonata at Melbourne 170,000 sf of residential assisted living facility represents $25 million in new investment completed in 2011
• The NASA Boulevard and Ellis Road Realignment representing over$10 million in transportation improvements was completed in 2011
• The Babcock Street Realignment Project was completed in 2011, providing for $900,000 in transportation capacity improvements
• AAR Airlift Group located flight operations facilities at Melbourne International Airport in 2011, the location and investment in these facilities brought 80 high wage jobs
• Midair USA began temporary operations at Melbourne International Airport in 2011, and are currently constructing a 200,00 sf permanent aircraft renovation and hanger facility representing$25 million in new capital investment
• Grant Street Water Reclamation Facility represents $5.2 million of upgraded re-use water system improvements was completed in 2011
RECENT/PLANNED ACTIVITY
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MARKET INFORMATION
MELBOURNE OVERVIEW
• Brevard county’s share of STEM employment was ranked 1st in Florida by the Brookings Institution
• Milken Institute ranked Brevard County ranks 1st in Florida with most concentrated high-tech economy and 6th in the US
• According to the Brookings Institution Brevard county ranks 1st in Florida with 11 patents for every 10,000 workers, and 53rd in the US. According to the Tech America Foundation, Brevard county has the 5th most concentrated high-tech workforce in the US
• Brevard county ranked 7th highest advanced industry share of total employment in the US by the Brookings Institution
• Palm Bay, Florida ranks 11th on Forbes’ first-ever ranking of America’s Most Innovative Cities
• Palm Bay-Melbourne-Titusville is among the top 3 (of 360) metropolitan areas in the United States for concentration of Electrical Engineers and Technicians
• Florida ranks 4th in the nation in terms of high-tech employment and 3rd for its number of high-tech business locations
• Florida ranks in 8th place on the Kauffman Index of Entrepreneurial Activity
• Florida ranked 5th on the Small Business & Entrepreneurship Council’s “Small Business Policy Index 2013: Ranking the States on Policy Measures and Costs Impacting Small Business and Entrepreneurship”
• The Palm Bay-Melbourne-Titusville MSA took the 18th spot on Forbes Magazine’s Best-Bang-For-The-Buck Cities annual list in 2009
• Florida ranks 2nd best on Chief Executive’s annual survey of best and worst states for business
• Florida ranks 5th best business tax climate in the United States, better than any state in the entire Northeast and Southeast according to the Tax Foundation’s 2013 State Business Tax Climate Index
• CNBC ranked Florida 3rd in the nation for it’s Workforce in the annual America’s Top States for Business rankings
• The U.S. Chamber of Commerce and the National Chamber Foundation have ranked Florida 1st for infrastructure and 2nd for workforce development & training
HIGH-TECH, INNOVATION AND ENTREPRENEURIALISM
BUSINESS STRUCTURE AND TAXES
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MARKET INFORMATION
BREVARD COUNTY OVERVIEW
• Business Xpansion Journal and BizMiner have ranked Florida 3rd in the nation for both Medical Devices Startups and New Branches. Florida also ranks 7th for Medical Devices Employment
• Florida ranks 1st for aerospace start-ups and new branches and 8th for aerospace employment according to BizMiner in the August issue of Business Xpansion Journal
• According to the U.S. Department of Labor, Bureau of Labor Statistics, just under one- third of all aerospace employees in Florida work in Brevard County
• Brevard County ranks 2nd highest concentration of high-tech manufacturing jobs in the U.S. according to the Brookings Institution
• Brookings Institution ranks Brevard County 10th highest average manufacturing wage in the US
• Brevard ranked 2nd top Industry Clusters, in Computer Equipment Manufacturing in Angelou Economics Industry Hotspots Report
• Brevard ranked 5th top Industry Clusters, in Communication Equipment Manufacturing in Angelou Economics Industry Hotspots Report
• Brevard Public schools ranked 1st in best school quality of all large public school districts in the US, according to the Brookings Institution
• According to Newsweek, Florida schools account for 1 out of every 12 of the best high schools in the nation
• Florida public schools ranked 8th overall in Education Week magazine’s annual QualityCounts
• Brevard Public Schools ranked third in the state with 98% of schools receiving a grade of A or B
INDUSTRY
EDUCATION
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MARKET INFORMATION
BREVARD COUNTY OVERVIEW
• Hard-Wired for Technology - Florida’s Space Coast is the birthplace of space exploration and has grown to be the home of several rapidly expanding industries. Our economy features cutting-edge communications, electronics, aerospace and aviation, homeland security and defense, emerging technologies, high-tech manufacturing and more.
• Applied High-Tech Ready Workforce - Florida’s Space Coast boasts 48 engineers per 1,000 workers, more than any other Florida metro, or indeed any of the 25 most populated metros in the country.
• World’s Only Quintamodal Transportation Hub | ROAD | RAIL | AIR | SEA | SPACE - With our unique aerospace history, we have a special appreciation for transporting people and goods in the most efficient, cost-effective and innovative ways. Our central location on the Atlantic seaboard of Florida situates us in the middle of major space, air, sea, highway and rail corridors. In addition, many of our transportation hubs are part of Foreign Trade Zone 136, which enables qualified businesses to defer or eliminate U.S. Customs’ duties on imported goods
• Innovators Properly Positioned - Our high-tech workforce fuels innovation, attracting 13 patents for every 10,000 workers – more than double the national average of 6.4 patents per 10,000 workers. Milken Institute named Brevard County’s economy the No. 1 most concentrated high-tech economy in all of Florida in 2013, while the Brookings Institute found in 2013 that we boast the largest share of STEM-related jobs in the state.
• Good Company - Just to name a few, Florida’s Space Coast is home to Bertram Yacht, Boeing, DRS, Embraer Executive Jets, General Electric, Knight Armaments, L3, Lockheed Martin, Northrop Grumman, Raytheon, Rockwell Collins – and the world headquarters of Harris Corporation.
• Attractive Tax and Wage Climate - Florida’s attractive tax code includes: No state personal income tax, no state level property tax, no business inventory tax, no corporate income tax on Limited Partnerships and S-Corporations. Florida was ranked 5th best state in the nation in the 2014 State Business Tax Climate Index.
TOP REASONS WHY YOU SHOULD CHOOSE FLORIDA’S SPACE COAST FOR YOUR RELOCATION AND/OR EXPANSION PROJECT:
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MARKET INFORMATION
BREVARD COUNTY OVERVIEW
• Business-Friendly Government - The EDC acts as a liaison between legislators, key business sector associations and companies developing incentives and policies to strengthen Brevard County’s business environment. This, coupled with our work uniting local and state government entities to create Performance-Based Incentive Packages, offers a competitive environment in which our businesses can thrive.
• Education Leader - Brevard Public Schools is a model of innovation and excellence and is one of Florida’s finest districts. Ranked third in the state with 98% of Brevard schools receiving a grade of A or B and recipient of a district-wide overall A-rating for 10 straight years, the district prepares young people for success. Brevard County is also home to several colleges and universities, including the renowned Florida Institute of Technology. Our universities are joined by such technical institutions as Embry-Riddle Aeronautical University and satellite campuses of the burgeoning University of Central Florida.
• Top Quality of Life - Drawing more than 2.5 million tourists annually and boasting 72 miles of pristine beaches and an average temperature of 73 degrees, Florida’s Space Coast is a place to work and play. Offering symphonies, one of the nation’s top-rated zoos, museums and art galleries and a thriving retail and restaurant scene, you will find plenty to do away from the office.
• Transportation - Melbourne is located on Central Florida’s East Coast in Brevard County. Truly quadramodal, the area benefits from the extensive transportation network that has sprung up around NASA’s Kennedy Space Center. Connecting the city to the rest of Florida and beyond is a modern, uncongested system of road and rail connections. Interstate 95, US 1, US 192 and the Florida East Coast Railway are all excellent methods for land transportation in the immediate area. Commercial air transportation is provided by Melbourne International Airport – home also to a 1,200 acre industrial park. General aviation facilities are available at Space Coast Regional Airport, located just five minutes from Kennedy Space Center. On the Atlantic Ocean sits Port Canaveral, a major deepwater port serving cargo, tanker and cruise markets. Port Canaveral has shown tremendous growth of late, registering 4.5 million short tons of cargo and 3.1 million total cruise passengers in FY 2011. Port Canaveral, Melbourne International Airport and Space Coast Regional Airport all lie within Foreign Trade Zone 136, enabling qualified businesses to defer or eliminate U.S. Customs’ duties on imported goods.
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MARKET INFORMATION
AREA DEMOGRAPHICS
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MARKET INFORMATION
AREA DEMOGRAPHICS
In 2016, the population in your selected geography is 4,409. The population has changed by -0.59% since 2000. It is estimated that the population in your area will be 4,448.00 five years from now, which represents a change of 0.88% from the current year. The current population is 50.76% male and 49.24% female. The median age of the population in your area is 44.00, compare this to the US average which is 37.68. The population density in your area is 1,404.94 people per square mile.
There are currently 2,038 households in your selected geography. The number of households has changed by -4.90% since 2000. It is estimated that the number of households in your area will be 2,041 five years from now, which represents a change of 0.15% from the current year. The average household size in your area is 2.21 persons.
In 2016, the median household income for your selected geography is $33,571, compare this to the US average which is currently $54,505. The median household income for your area has changed by 1.65% since 2000. It is estimated that the median household income in your area will be $38,733 five years from now, which represents a change of 15.38% from the current year. The current year per capita income in your area is $23,454, compare this to the US average, which is $29,962. The current year average household income in your area is $50,734, compare this to the US average which is $78,425.
The current year racial makeup of your selected area is as follows: 79.07% White, 11.27% Black, 0.17% Native American and 1.83% 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 10.21% of the current year population in your selected area. Compare this to the US average of 17.65%.
The median housing value in your area was $120,707 in 2016, compare this to the US average of $187,181. In 2000, there were 1,296 owner occupied housing units in your area and there were 847 renter occupied housing units in your area. The median rent at the time was $427.
In 2016, there are 3,196 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 54.50% of employees are employed in white-collar occupations in this geography, and 44.77% are employed in blue-collar occupations. In 2016, unemployment in this area is 5.43%. In 2000, the average time traveled to work was 20.00 minutes.
POPULATION
HOUSEHOLDS
INCOME
RACE AND ETHNICITY
HOUSING
EMPLOYMENT
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MARKET INFORMATION
SALE COMPARABLES
Historic Melbourne Intercoastal Storefront - 559 W. Eau Gallie Blvd., Melbourne, FL 32935
Asking Price: $1,450,000Price/SF: $192.05Cap Rate: 7.58%Year Built: 1946
NNN Tenants:Lush & Beauty BrowtiqueStandard CollectiveStandard Collective StudioBlue Moon TatooMarcie Hascall Clark
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MARKET INFORMATION
SALE COMPARABLES
Eau Gallie River Crab House - 1120 N. Harbor City Blvd., Melbourne, FL 329354
Sale Date: 06/06/2016Sale Price: $825,000Price/SF: $211.54Year Built: 1980
Auto Repair Building - 1612 N. Harbor City Blvd., Melbourne, FL 32935
Former Lazy Dog Saloon - 642 W. Eau Gallie Blvd., Melbourne, FL 32935
Auto Dealership Building - 1600 N. Harbor City Blvd., Melbourne, FL 32935
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Sale Date: 01/05/2017Sale Price: $399,000Price/SF: $309.78Year Built: 1962
Sale Date: 08/02/2016Sale Price: $963,284Price/SF: $344.03Year Built: 1952
Sale Date: 08/04/2016Sale Price: $130,900Price/SF: $247.92Year Built: 1955