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Sherman Heights80 Sherman Avenue, New Haven, CT 06511

$1,875,000 / 18 Units

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

Confidentiality and DisclaimerThe 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 NoticeMarcus & 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.

SHERMAN HEIGHTS

New Haven, CT

ACT ID Z0350095

2

TABLE OF CONTENTS

SECTION

FINANCIAL ANALYSIS 01Rent Roll Summary

Rent Roll Detail

Operating Statement

Pricing Detail

INVESTMENT OVERVIEW 02

Offering Summary

Local Map

Aerial Photo

Floor Plans

MARKET COMPARABLES 03

Sales Comparables

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis

SHERMAN HEIGHTS

3

SHERMAN HEIGHTS

4

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

SHERMAN HEIGHTS

RENT ROLL SUMMARY

5

FINANCIAL ANALYSIS

SHERMAN HEIGHTS

6

RENT ROLL DETAIL

FINANCIAL ANALYSIS

SHERMAN HEIGHTS

OPERATING STATEMENT

7

FINANCIAL ANALYSIS

SHERMAN HEIGHTS

PRICING DETAIL

8

SHERMAN HEIGHTS

9

INVESTMENT

OVERVIEW

SHERMAN HEIGHTS

#

EXECUTIVE SUMMARY

OFFERING SUMMARY

UNIT MIX

NUMBEROF UNITS

UNIT TYPEAPPROX.SQUARE FEET

9 One Bed / One Bath 459

9 Two Bed / One Bath 768

18 Total 11,040

VITAL DATA

Price $1,875,000 AUG '18 YTD END OF YEAR 1

Price/Unit $104,167 CAP Rate 6.01% 6.65%

Price/SF $142.51 GRM 8.51 7.78

Number of Units 18Net Operating Income

$112,753 $124,597

Rentable Square Feet 11,040

Number of Buildings One

Number of Stories Three

Year Built 1920

Lot Size 0.21 acre(s)

10

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Yale University 5,000 – 9,999+

Yale New Haven Health System 5,000 – 9,999+

Southern Connecticut State University 1,000 – 4,999

Temple Medical Center 1,000 – 4,999

Alexion Pharmaceuticals 1,000 – 4,999

Yale School of Med Psychiatry 500 - 999

American Medical Response 500 – 999

United Illuminating Co. 500 – 999

Knights of Columbus 500 – 999

US Post Office 500 – 999

Assa Abloy Americas 500 – 999

Sargent Manufacturing Co. 500 - 999

Pricewaterhouse Coopers 500 - 999

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 17,586 119,290 252,799

2010 Census Pop 17,537 118,466 250,841

2017 Estimate HH 6,184 45,507 97,748

2010 Census HH 6,217 45,407 97,547

SHERMAN HEIGHTS

OFFERING SUMMARY

Blocks From Yale New Haven Hospital Saint Raphael's Campus (511 beds): part of Yale New Haven Health

System - a 1541-bed hospital complex with almost 13,000 employees that is the largest hospital in the state

and the fifth largest in the country

Less than One Mile From Downtown New Haven CBD: featuring employment opportunities, shopping,

dining, and entertainment

Major Drivers of Residential Demand: In addition to Yale New Haven Hospital and Yale University, New

Haven is home to more than 3,200 businesses with 80,000+ employees; several of the top 100 companies

headquartered in Connecticut are located in New Haven

Biotech Capital of Connecticut: New Haven is ranked as the 13th best city for biotech venture funding in the

country with 39 of the state’s 52 biotech firms. Additionally, the $500 million, newly-built Yale New Haven

Smilow Cancer Center state-of-the-art facility specifically for patient and family-centered care is less than

one mile from 80 Sherman Avenue

Recent Capital Upgrades: property features a new roof, updated interior hallways, and vinyl windows

Convenient Access to Transportation: approximately one-and-one-half miles to New Haven

MetroNorth/Amtrak train station and a five minute drive from Interstate 95 and 91

INVESTMENT HIGHLIGHTS

INVESTMENT OVERVIEW

11

Sherman Heights, located at 80 Sherman Avenue, New Haven, is an 18-unit apartment building constructed in 1920. The property features nine, one-

bedroom / one-bath units and nine, two-bedroom / one-bath apartments. Units are heated by individual gas-fired, forced-air boilers. Tenants are responsible for their

own electricity as well. Apartments have hardwood floors in the living spaces and ceramic tile in the kitchens and bathrooms. The foundation is concrete and

masonry, and all windows are vinyl. Common laundry facilities serviced by Mac Gray are located in the basement.

Sherman Heights has undergone recent capital upgrades as a result of a fire in Unit #4. The property has received a brand new roof (flat rubber EPDM), and

hallways feature new carpet and ceiling tile.

The property is one block from Yale New Haven Hospital Saint Raphael’s Campus. It’s also less than a 15-minute walk from Yale New Haven Hospital.

Residents are only a seven minute drive from New Haven Union Train Station which provides direct access to Grand Central Terminal in approximately two hours.

Interstate 95 and Interstate 91 are one-and-one-half miles away.

SHERMAN HEIGHTS

PROPERTY SUMMARY

OFFERING SUMMARY

THE OFFERING

Property Sherman Heights

Price $1,875,000

Property Address 80 Sherman Ave, New Haven, CT

Assessors Parcel Number 341/ 1281/ 01600/ /

Zoning RM2 - Residential

SITE DESCRIPTION

Number of Units 18

Number of Buildings One

Number of Stories Three

Year Built/Renovated 1920

Rentable Square Feet 11,040

Lot Size 0.21 acre(s)

Type of Ownership Fee Simple

Density 85.7 Units Per Acre

Parking Street

Landscaping Minimal

Topography Flat

UTILITIES

Water South Central CT Regional Water Auth.

Electric United Illuminating

Gas Southern Connecticut Gas Company

CONSTRUCTION

Foundation Masonry

Framing Brick/Masonry

Exterior Brick

Roof Flat Rubber Membrane

MECHANICAL

HVAC Individual Gas-Fired Forced-air Heat

Fire Protection Alarmed

12

LOCAL MAP

SHERMAN HEIGHTS

13

AERIAL PHOTO

SHERMAN HEIGHTS

14

FLOOR PLANS

SHERMAN HEIGHTS

15

FLOOR PLANS

SHERMAN HEIGHTS

16

80 SHERMAN #12 BEDROOM: 770 SQ FT

SHERMAN HEIGHTS

17

MARKET

COMPARABLES

SHERMAN HEIGHTS

SALES COMPARABLES MAP

18

SHERMAN HEIGHTS

(SUBJECT)

Edgeway Apartments

1275 Quinnipiac & 530

Eastern

899 Boulevard

The Sherman Townhomes

579 Dixwell Av

215-217 Fairfield Street

1533 Chapel Street

325 Fountain St

Mayfair Apartments

SALES COMPARABLES

1

2

3

4

5

7

8

6

9

19

Avg. 5.97%

0.0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6.3

7.0

Sherman

Heights

The Sherman

Townhomes

579

Dixwell Av

325

Fountain St

Mayfair

Apartments

PROPERTY NAMESHERMAN HEIGHTS

SALES COMPARABLES

Average Cap Rate

SALES COMPARABLES SALES COMPS AVG

20

Avg. $107.37

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

$160.00

$180.00

$200.00

Sherman

Heights

Edgeway

Apartments

1275

Quinnipiac

& 530

Eastern

899

Boulevard

The Sherman

Townhomes

579

Dixwell Av

215-217

Fairfield

Street

1533 Chapel

Street

325

Fountain St

Mayfair

Apartments


SALES COMPARABLES

Average Price Per Square Foot


21

Avg. $91,633

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

Sherman

Heights

Edgeway

Apartments

1275

Quinnipiac

& 530

Eastern

899

Boulevard

The Sherman

Townhomes

579

Dixwell Av

215-217

Fairfield

Street

1533 Chapel

Street

325

Fountain St

Mayfair

Apartments


SALES COMPARABLES

Average Price Per Unit


PROPERTY NAME

MARKETING TEAM

SHERMAN HEIGHTS

SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


22

SALES COMPARABLES

Units Unit Type

Offering Price: $1,875,000 9 1 Bdr / 1 Bath

Price/Unit: $104,167 9 2 Bdr / 1 Bath

Price/SF: $169.84

CAP Rate: 6.01%

GRM: 8.51

Total No. of Units: 18

Year Built: 1920

SHERMAN HEIGHTS80 Sherman Ave, New Haven, CT, 06511

1

Units Unit Type

Close Of Escrow: 12/2/2018 16 1 Bdr 1 Bath

Sales Price: $1,650,000 4 2 Bdr 1 Bath

Price/Unit: $82,500

Price/SF: $109.44


Year Built: 1920

NOTES

Inferior location and condition relative to subject property. 208 Sherman

Avenue also included subsurface, deeded super's unit (twenty first unit)

that may was provided to building staff in lieu of salary.

EDGEWAY APARTMENTS202 Sherman Ave, New Haven, CT, 06511

Units Unit Type

Close Of Escrow: 7/31/2018 40 Apartments

Sales Price: $3,560,000

Price/Unit: $89,000

Price/SF: $110.24


Year Built: 1959

2

NOTES

Sold as part of a portfolio with multifamily buildings in West Haven,

Connecticut.

1275 QUINNIPIAC & 530 EASTERN1275 Quinnipiac Ave, New Haven, CT, 06513

PROPERTY NAME

MARKETING TEAM

SHERMAN HEIGHTS

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


23

SALES COMPARABLES

Units Unit Type

Close Of Escrow: 6/25/2018 12 2 Bdr 1.5 Bath Twnhs


Price/Unit: $141,667

Price/SF: $145.90


Year Built: 1960

3

899 BOULEVARD899 Ella T Grasso Blvd, New Haven, CT, 06519

4

Units Unit Type

Close Of Escrow: 2/13/2018 8 2 Bdr 1.5 Bath Twnhs

Sales Price: $2,250,000 10 3 Bdr 1.5 Bath Twnhs

Price/Unit: $102,273 4 2 Bdr 1 Bath

Price/SF: $86.05

CAP Rate: 6.91%


Year Built: 1972

NOTES

Sale consisted of three adjacent properties: 599 Sherman Parkway (18

townhouse Apartments), 567 Sherman Parkway (two-family), and 426

Dixwell Avenue, New Haven. Exclusively brokered by Marcus & Millichap.

THE SHERMAN TOWNHOMES599 Sherman Pkwy, New Haven, CT, 06511

Units Unit Type

Close Of Escrow: 3/31/2017 2 Studio 1 Bath


Price/Unit: $77,500 12 2 Bdr 1 Bath

Price/SF: $96.49 1 3 Bdr 1 Bath

CAP Rate: 6.22%

GRM: 7.42


Year Built: 1920

5

NOTES

Slightly inferior location relative to subject property. CAP Rate based off

seller provided income/expenses plus broker underwriting approximately six

months prior to sale.

579 DIXWELL AV579 Dixwell Ave, New Haven, CT, 06511

PROPERTY NAME

MARKETING TEAM

SHERMAN HEIGHTS

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


24

SALES COMPARABLES

Units Unit Type

Close Of Escrow: 8/4/2017 16 2 Bdr 1 Bath Flat


Price/Unit: $89,062

Price/SF: $124.97


Year Built: 1962

6

215-217 FAIRFIELD STREET215-217 Fairfield Street, New Haven, CT, 06515

7

Units Unit Type

Close Of Escrow: 6/20/2017 2 Studio 1 Bath


Price/Unit: $80,696 5 2 Bdr

Price/SF: $108.46


Year Built: 1900

1533 CHAPEL STREET1533 Chapel St, New Haven, CT, 06511

Units Unit Type



Price/Unit: $72,000

Price/SF: $94.54

CAP Rate: 6.56%

GRM: 6.35


Year Built: 1963

8

NOTES

Property needed approximately $150,000 in Capital Expenditures upon

purchase. CAP Rate including Capital Expenditures was approximately

6.05%. Exclusively brokered by Marcus & Millichap.

325 FOUNTAIN ST325 Fountain St, New Haven, CT, 06515

PROPERTY NAME

MARKETING TEAM

SHERMAN HEIGHTS

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


25

SALES COMPARABLES

Units Unit Type



Price/Unit: $90,000

Price/SF: $90.20

CAP Rate: 4.20%


Year Built: 1920

9

NOTES

Slightly superior condition. CAP rate based on Seller's actual trailing 12-

month income and expenses. Average unit size is 830 square feet.

MAYFAIR APARTMENTS825 Elm St, New Haven, CT, 06511

SHERMAN HEIGHTS

26

MARKET

OVERVIEW

MARKET OVERVIEW

OVERVIEW

NEW HAVEN

Located adjacent to the northern shore of the Long Island Sound, the

New Haven metro encompasses all of New Haven County in central

Connecticut. The metro has a total population of approximately 865,000

residents. New Haven is the most populous city with 131,100 people,

followed by Waterbury with nearly 110,400. The area features some of

the wealthiest communities in the country, including the cities of Cheshire

and Woodbridge.

While the metro economy remains rooted in education and healthcare, the region has transformed into a

center for biotechnology.

Pharmaceutical companies Genaissance and Achillion top the list of successful firms founded in New Haven.

Yale University supports initiatives to drive biotechnology and research forward.

The university and the Yale-New Haven Health System are among the largest employers in the segment.

Both are behind the Smilow Cancer Hospital at Yale-New Haven.

Science Park in New Haven provides state-of-the-art manufacturing and laboratory facilities that attract biotech

firms to the county.

DEMOGRAPHICS

1

ECONOMY

METRO HIGHLIGHTS

* Forecast

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

SHERMAN HEIGHTS

HIGH MEDIAN HOUSEHOLD INCOME

Median household income in the metro is much higher than the U.S. level.

WELL-EDUCATED AND SKILLED WORKFORCE

Approximately 33 percent of residents have a bachelor’s degree, much higher

than the national average. Major universities located here include Yale.

STARTUPS AND BUSINESS ATTRACTION

Startups are drawn to the area’s educated workforce and support of cutting-

edge research and entrepreneurship.

865K

2017POPULATION:

334K

2017HOUSEHOLDS:

40

2017MEDIAN AGE:

$62,200

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3002.7%

Growth2017-2022*:

1.7%

Growth2017-2022*:

28

CONNECTICUT METROS

SHERMAN HEIGHTS

Properties performing well across state. Connecticut is experiencing a wave of new

rental demand that is fueling improvements in multifamily property performance across

New Haven, Hartford and Fairfield County. A surge in 2017 leasing activity precipitated

a drop in New Haven’s vacancy for 2018 to its lowest level in seven years, generating

region-leading rent growth. In Hartford, 2018 apartment absorptions will reach a near-

peak level, resulting in declining vacancy and climbing rent, especially in the northeast

and western suburbs. Demand is also on the upswing in Fairfield County as units in

Stamford/Norwalk are particularly sought after. Rent growth is largely confined to the

Bridgeport and Danbury areas where there is less supply-side pressure on operations.

New Haven and Hartford see more suburban development. Regional construction

activity achieves a three-year high, with much of the new development occurring

outside the core. No completions are anticipated in the city of New Haven for 2018 as

developers focus on the surrounding towns of Waterbury, Meriden and Hamden, while

over 700 arrivals are expected in West and Southeast Hartford. Several of these

projects have garden-style layouts with larger floor plans, a trend not seen in many

other markets. Only in Fairfield County is construction still predominantly downtown

centric, with several luxury developments in lease-up in downtown Stamford.

High Yields Amid Strong Performance Highlight Markets in Crowded East Coast

Region

* Cap rates are from Fairfield County and New Haven.

** Cap rate trailing 12-month average through 2Q; Treasury rate as of June 28.

Sources: CoStar Group, Inc.; Real Capital Analytics

Investment Trends

Fairfield County

• Yield arbitrage continues to draw investors from New York. First-year returns

typically fall into the mid-6 to mid-7 percent zone, well above the sub-5

percent average in New York City.

• Trading activity increased for the third consecutive year in downtown

Stamford, particularly in the Newfield/Westover/Turn of River neighborhood,

where cap rates range above 6 percent.

New Haven

• New interest led to an uptick in deals for Class B and C assets in Fair Haven

and Fair Haven Heights, residential areas on the Quinnipiac River. Initial

yields ranged above 8 percent at an average sale price below $100,000 per

unit.

• More properties were traded in West Haven over the past 12 months than in

the last couple of years with an average sale price of $62,000 per unit, one of

the lowest in the market.

Hartford

• A small number of older, Class C properties with more than 100 units trade

each year in Hartford as institutional-grade capital considers large-scale

assets with initial yields over 6 percent.

• The Bloomfield/Windsor area has reported consistent transactions of assets

priced above $20 million over the past three years, with initial returns near the

low-5 percent zone

Multifamily 2018 Outlook

VacancyY-O-Y

BasisPoint

Change

MetroEffective

Rent

Y-O-Y

Change

Fairfield County 5.5% 10 $2,275 2.8%

New Haven 4.4% -20 $1,460 4.1%

Hartford 4.1% -40 $1,305 3.1%

29

EMPLOYMENT CONSTRUCTION VACANCY RENT

S

CONNECTICUT METROS: NEW HAVEN

* Forecast

SHERMAN HEIGHTS

2Q18 – 12-Month Period

• Between June of 2017 and June

of 2018, recruiters filled 2,400

vacant positions, about 1,600 of

which were in the fields of

healthcare and educational

services.

• The unemployment rate fell to

4.8 percent, tying its lowest level

in more than 10 years. At 80

basis points above the national

figure, the labor market contains

more hiring potential than in

many other areas of the country.

• Developers delivered roughly 30

more units than last year as over

270 completions were made in

the suburban areas of

Waterbury, Meriden and

Hamden, while 190 units opened

within the city of New Haven.

• Canal Crossing on Lake Whitney

in Hamden constitutes this year’s

largest delivery at 393 units,

followed by the 75-rental

Meriden Common I, which opens

in late 2018.

• Fewer absorbed apartments

than last year led to a small

decline in the vacancy rate to 4.7

percent following a 160-basis-

point drop in the previous annual

period.

• Vacancy declined the most, by

90 basis points, among Class C

apartments in New Haven and

Class B properties in the

Waterbury/Meriden/Hamden

submarket, with rates of 2.9

percent and 4.6 percent,

respectively.

• After the 0.8 percent decline

posted last year, the average

effective rent rose to $1,427 per

month in June.

• Rent growth occurred

predominantly in the city of New

Haven, with the average

effective rent appreciating 5.4

percent to $1,572 per month.

Rate increases in Class A

buildings represented a large

portion of this improvement.

increase in effective

rents Y-O-Y4.2%basis point decrease

in vacancy Y-O-Y10units completed

Y-O-Y460increase in total

employment Y-O-Y0.7%

30

Investment Begins to Shift Outside of the City of New Haven

Outlook: A multitude of colleges across

the market create stable demand sources

outside of downtown, facilitating

continued investment in suburban assets.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketEffective

Rent

Y-O-Y%

Change

Northeast Hartford 1.8% -170 $1,309 1.9%

New Britain/Bristol 3.1% -50 $1,065 3.0%

Bridgeport/Danbury 4.4% -20 $1,699 4.6%

Stamford/Norwalk 4.4% -40 $2,541 0.8%

East

Hartford/Manchester4.4% -50 $1,224 -0.1%

New Haven 4.7% -10 $1,572 5.4%

Waterbury/Meriden/Ha

mden4.7% -20 $1,272 1.8%

Southeast

Hartford/Middlesex

County

4.8% 10 $1,306 5.4%

West

Hartford/Torrington5.6% -40 $1,560 6.2%

Northeast Hartford 1.8% -170 $1,309 1.9%

Submarket Trends

Lowest Vacancy Rates 2Q18

Sales Trends

CONNECTICUT METROS: NEW HAVEN

• About the same number of properties were traded in the New Haven submarket year

over year in June, with an average sale price of $140,000 per unit.

• Initial returns in the market can range from low-5 percent for new product in the core to

the mid-6 percent zone for early 20th-century suburban buildings. The latter product

type can offer an appealing location and foundation from which to make improvements.

* Trailing 12 months through 2Q 2018

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics

SHERMAN HEIGHTS

* 2017-2022 **2016

8

SHERMAN HEIGHTS

DEMOGRAPHICS

31

PROPERTY NAME

MARKETING TEAM

SHERMAN HEIGHTS

DEMOGRAPHICS

Source: © 2018 Experian

Created on January 2019

POPULATION 1 Miles 3 Miles 5 Miles

2022 Projection

Total Population 34,713 160,905 253,669

2017 Estimate


2010 Census


2000 Census


Daytime Population

2017 Estimate 54,101 208,114 286,431

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2022 Projection

Total Households 11,796 59,551 97,626

2017 Estimate


Average (Mean) Household Size 2.40 2.48 2.47

2010 Census


2000 Census


Growth 2015-2020 0.25% 1.12% 1.63%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

Occupied Units

2022 Projection 11,796 59,551 97,626

2017 Estimate 13,540 65,813 105,357

Owner Occupied 1,934 18,802 42,157

Renter Occupied 9,833 40,090 53,899

Vacant 1,773 6,921 9,300

Persons In Units

2017 Estimate Total Occupied Units 11,767 58,892 96,056

1 Person Units 37.84% 33.15% 31.83%

2 Person Units 25.77% 28.24% 29.75%

3 Person Units 15.31% 16.20% 16.23%

4 Person Units 10.42% 11.58% 12.19%

5 Person Units 5.73% 5.94% 5.73%

6+ Person Units 4.94% 4.89% 4.26%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2017 Estimate

$200,000 or More 1.92% 3.44% 4.36%

$150,000 - $199,000 2.78% 3.54% 4.66%

$100,000 - $149,000 6.05% 9.29% 12.11%

$75,000 - $99,999 6.01% 9.18% 10.75%

$50,000 - $74,999 14.12% 16.36% 16.71%

$35,000 - $49,999 13.99% 13.50% 12.86%

$25,000 - $34,999 12.11% 11.15% 9.98%

$15,000 - $24,999 14.75% 12.31% 11.13%

Under $15,000 28.26% 21.24% 17.45%

Average Household Income $47,607 $62,168 $71,815

Median Household Income $30,528 $40,487 $48,102

Per Capita Income $18,217 $23,925 $28,093

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2017 Estimate Total Population 34,893 160,586 252,363

Under 20 26.25% 26.56% 25.08%

20 to 34 Years 36.26% 30.49% 26.48%

35 to 39 Years 6.17% 6.76% 6.54%

40 to 49 Years 10.47% 11.42% 12.01%

50 to 64 Years 13.11% 14.88% 17.29%

Age 65+ 7.74% 9.89% 12.61%

Median Age 28.29 31.05 33.99

Population 25+ by Education Level

2017 Estimate Population Age 25+ 20,103 99,402 165,041

Elementary (0-8) 5.32% 4.98% 4.32%

Some High School (9-11) 12.85% 9.85% 8.43%

High School Graduate (12) 30.55% 30.31% 30.96%

Some College (13-15) 16.13% 16.46% 17.13%

Associate Degree Only 5.04% 5.47% 5.64%

Bachelors Degree Only 15.44% 15.18% 16.23%

Graduate Degree 13.24% 16.55% 16.07%

Population by Gender

2017 Estimate Total Population 34,893 160,586 252,363

Male Population 50.24% 48.42% 48.06%

Female Population 49.76% 51.58% 51.94%

32

Income

In 2018, the median household income for your selected geography is

$30,528, compare this to the US average which is currently $56,286.

The median household income for your area has changed by 26.81%

since 2000. It is estimated that the median household income in your

area will be $33,719 five years from now, which represents a change

of 10.45% from the current year.

The current year per capita income in your area is $18,217, compare

this to the US average, which is $30,982. The current year average

household income in your area is $47,607, compare this to the US

average which is $81,217.

Population

In 2018, the population in your selected geography is 34,893. The

population has changed by 0.54% since 2000. It is estimated that the

population in your area will be 34,713.00 five years from now, which

represents a change of -0.52% from the current year. The current

population is 50.24% male and 49.76% female. The median age of the

population in your area is 28.29, compare this to the US average

which is 37.83. The population density in your area is 11,087.04

people per square mile.

Households

There are currently 11,767 households in your selected geography.

The number of households has changed by 1.63% since 2000. It is

estimated that the number of households in your area will be 11,796

five years from now, which represents a change of 0.25% from the

current year. The average household size in your area is 2.40

persons.

Employment

In 2018, there are 19,740 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

58.11% of employees are employed in white-collar occupations in this

geography, and 41.56% are employed in blue-collar occupations. In

2018, unemployment in this area is 12.18%. In 2000, the average time

traveled to work was 23.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

28.46% White, 45.05% Black, 0.05% Native American and 6.93%

Asian/Pacific Islander. Compare these to US averages which are:

70.42% White, 12.85% Black, 0.19% Native American and 5.53%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 27.15% of the current year

population in your selected area. Compare this to the US average of

17.88%.

PROPERTY NAME

MARKETING TEAM

SHERMAN HEIGHTS

Housing

The median housing value in your area was $192,100 in 2018,

compare this to the US average of $193,953. In 2000, there were

2,213 owner occupied housing units in your area and there were 9,365

renter occupied housing units in your area. The median rent at the

time was $572.

Source: © 2018 Experian

DEMOGRAPHICS

33

34

ERIC PENTORE

First Vice President Investments

New Haven Office

Tel: (203) 672-3336

[email protected]

License: CT RES. 0787525

WES KLOCKNER

Senior Associate

New Haven Office

Tel: (203) 672-3326

[email protected]

Licenses: NY 10401263791, CT RES.0799478

E X C L U S I V E L Y L I S T E D B Y

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