Offering Memorandum - LoopNet...Year Built 2005 Occupancy 85% DELRAY MEDICAL OFFICES 4675 Linton Blvd, Delray Beach, FL, 33445 2 Close of Escrow 10/15/2019 Days On Market 111 Sales

METROWEST CENTER882 South Kirkman Road • Orlando, FL 32811

Offering Memorandum

1

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 Real

Estate Investment Services of Florida, Inc. ("Marcus & Millichap") and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This

Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The

information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with

respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the

presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the

financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing

Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus

& Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment

Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement 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.

METROWEST CENTER

Orlando, FL

ACT ID ZAA0310568

Ryan NeeLic.# BK3154667

2

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

Floor Plan

FINANCIAL ANALYSIS 02Tenant Summary

Lease Expiration Summary

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET COMPARABLES 03Sales Comparables

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis

METROWEST CENTER

3

METROWEST CENTER

4

INVESTMENT

OVERVIEW

METROWEST CENTER

#

OFFERING SUMMARY

5

EXECUTIVE SUMMARY

EXPENSES

CURRENT $/SF

Utilities $49,817 $1.76

Janitorial $27,764 $0.98

Retention Pond Cleaning $2,110 $0.07

Repairs & Maintenance $36,570 $1.29

Landscaping $6,400 $0.23

Security Monitoring /

Maintenance$1,176 $0.04

Internet $2,515 $0.09

Elevator Maintenance $2,681 $0.09

Master Association $8,104 $0.29

Pest Control $1,143 $0.04

Office $521 $0.02

Condo Dues Reimbursed ($16,350) ($0.58)

Insurance $12,512 $0.44

Real Estate Taxes $68,918 $2.44

Management Fee $24,000 $0.85

Other Expenses $397 $0.01

Total Expenses $228,277 $8.07

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2018 Estimate Pop 18,614123,74

2297,130

2010 Census Pop 16,947111,23

3268,177

2018 Estimate HH 7,020 46,093 108,242

2010 Census HH 6,404 41,377 97,421

Median HH Income $38,578$41,23

6$43,468

Per Capita Income $18,560 $22,000 $23,726

Average HH Income

$49,204 $58,838 $64,205

VITAL DATA

CURRENT

Price $7,700,000 CAP Rate 7.33%

Down Payment - 30% $2,336,950 Net Operating Income $564,733

Loan Amount $5,390,000Net Cash Flow After Debt Service

7.39% / $172,785

Loan Type Proposed New Total Return 15.08% / $352,402

Interest Rate / Amortization 4% / 20 Years

Rentable SF 28,282

Price/SF $272.26

Current Occupancy 100%

Year Built 2008

Lot Size 2.58 acre(s)

METROWEST CENTER

OFFERING SUMMARY

▪ Property Is Located Next to Valencia Community College

▪ Major Tenant Is State of Florida – Department Of Families And Children

▪ On Heavily Traveled Kirkman Road

▪ Surrounded By Apartments, Commercial And Office Developments

▪ Across From United States Post Office

▪ Newly Built In 2009

INVESTMENT HIGHLIGHTS

The property is located in the Metrowest area walking distance from Valencia Community College with over 43,000students enrolled annually. This is Valencia's largest campus. Valencia Community College is a feeder to University OfCentral Florida that is one of the largest state universities in the country with enrollment of over 70,000 students.Property is within five miles from Universal Studios.

Kirkman road is heavily traveled road with average of 59,000 vehicles per day (VPD) and a very strong demographiccount. The current population count in one-mile radius is close to 25,000 people.

Property was built as condo development and one of the units, approximately 3,544 sq. ft. is sold to a doctor. Thebuilding has all medical tenants and units have had custom tenant improvement work performed to accommodate thetenant’s operation as medical offices. The building is a pride of ownership with beautiful interior and exterior finishes.

INVESTMENT OVERVIEW

66

METROWEST CENTER

#

PROPERTY SUMMARYOFFERING SUMMARY

THE OFFERING

Property Metrowest Center

Price $7,700,000

Property Address 882 South Kirkman Road, Orlando, FL

Assessors Parcel Number

36-22-28-5603-00-001 & Multiple

Zoning Condo - Office

SITE DESCRIPTION

Number of Floors Three

Year Built/Renovated 2008

Rentable Square Feet 28,282

Ownership Fee Simple


Parking 105 Units

Parking Ratio 3/100

Topography Leveled Parking

Intersection/Cross Street

Kirkman Road and Raleigh Street

UTILITIES

Gas N/A

Electric Orlando Utilities Commission

Water Orlando Utilities Commission

Sewer City OF Orlando

Trash City Of Orlando

7

CONSTRUCTION

Foundation Concrete

Framing Metal

Exterior Concrete Block Stucco

Parking Surface Asphalt

MECHANICAL

HVAC Individual Units Central Air

Elevators One Elevator

Power Orlando Utilities Commission

REGIONAL MAP

METROWEST CENTER

8

AERIAL PHOTO

METROWEST CENTER

9

AERIAL PHOTO

10

METROWEST CENTER

AERIAL PHOTO

PROPERTY PHOTO

METROWEST CENTER

11

PROPERTY PHOTO

METROWEST CENTER

12

PROPERTY PHOTO

METROWEST CENTER

13

FLOOR PLANS

METROWEST CENTER

14

FLOOR PLANS

METROWEST CENTER

15

FLOOR PLANS

METROWEST CENTER

16

EXTERIOR PICTURES

METROWEST CENTER

17

METROWEST CENTER

18

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

METROWEST CENTER

19

TENANT SUMMARY

FINANCIAL ANALYSIS

METROWEST CENTER

OPERATING STATEMENT

20

FINANCIAL ANALYSIS

METROWEST CENTER

PRICING DETAIL

21

12

TENANT PROFILES

METROWEST CENTER

22

DCF-State of Florida

Department of Children and Families

has moved most of its operations from

many locations to this location and

has continued to add to the footprint.

General Information

Tenant Name DCF-State of Florida

Parent Company State of Florida

Headquartered Tallahassee

Rentable Square Feet 19,282 SF

Percentage of RBA 0.68%

Lease Commencement 5/1/2015

Lease Expiration 6/30/2025

No. of Locations Multiple

12

TENANT PROFILE

METROWEST CENTER

23

Mid Florida Imaging

General Information

Tenant Name Mid Florida Imaging

Website https://akumin.com/

Parent Company Akumin Inc

Headquartered8300 W Sunrise Blvd, Plantation FL 33322





No. of Locations125 in US and many more in Canada

Mid Florida Imaging was bought out by publicly traded

Canadian company Akumin and is the signor of the

lease.

Akumin is a leading provider of freestanding, fixed-site

outpatient diagnostic imaging services in the United

States.

SXR Medical

General Information

Tenant Name SXR Medical

Website https://invisionhealth.com

Parent Company Invision Health Care

Headquartered400 International Drive, Williamsville, NY 14221





No. of Locations Several

Invision Health is the leading comprehensive health-

care provider. Invision Health provides an innovative

suite of health, wellness, preventative care,

diagnostic and surgical services.

MARCUS & MILLICHAP CAPITAL CORPORATION

CAPABILITIES

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

terms.

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

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues to the benefit of our clients.

National platform

operating

within the firm’s

brokerage offices

$6.24 billion

total national

volume in 2018

Access to more

capital sources

than any other

firm in the

industry

Optimum financing solutions to

enhance value

Our ability to enhance buyer

pool by expanding finance

options

Our ability to enhance

seller control

• Through buyer

qualification support

• 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

set of debt/equity sources

and presenting a tightly

underwritten credit file

WHY MMCC?

Closed 1,678

debt and equity

financings

in 2018

ACQUISITION FINANCING

METROWEST CENTER

24

METROWEST CENTER

25

MARKET

COMPARABLES

METROWEST CENTER

SALES COMPARABLES MAP

26

METROWEST CENTER

(SUBJECT)

3521 W Broward Boulevard

3050 Technology Pky

Delray Medical Offices

SALES COMPARABLES

1

2

3

PROPERTY NAMEMETROWEST CENTER

SALES COMPARABLES

27

SALES COMPARABLES

Avg. $242.52

$0.00

$40.00

$80.00

$120.00

$160.00

$200.00

$240.00

$280.00

$320.00

$360.00

$400.00

MetroWestCenter

3521 WBroward

Boulevard

3050Technology

Pky

DelrayMedicalOffices

Average Price Per Square FootAvg. 7.51%

0.0

0.8

1.6

2.4

3.2

4.0

4.8

5.6

6.4

7.2

8.0

MetroWestCenter

3521 WBroward

Boulevard

3050Technology

Pky

DelrayMedicalOffices

Average Cap Rate

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM

METROWEST CENTER

SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


28

SALES COMPARABLES

Asking Price $7,700,000

Price/SF $272.26

CAP Rate 7.33%

Year Built 2008

Occupancy 100%

Parking Ratio 4/1000

METROWEST CENTER882 South Kirkman Road, Orlando, FL, 32811

1

Close Of Escrow 11/22/2019

Days On Market 149

Sales Price $7,000,000

Price/SF $181.78

CAP Rate 7.14%

GLA 38,508 SF


Year Built 1981

3521 W BROWARD BOULEVARD3521 W Broward Boulevard, Fort Lauderdale, FL, 33312

PROPERTY NAME

MARKETING TEAM

METROWEST CENTER

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


29

SALES COMPARABLES

3

Close of Escrow6/29/2018

Sales Price$9,800,000

Rentable SF31,886

Price/SF$307.34

CAP Rate7.55%

Year Built2005

Occupancy85%

DELRAY MEDICAL OFFICES 4675 Linton Blvd, Delray Beach, FL, 33445

2

Close of Escrow10/15/2019

Days On Market111

Sales Price$7,600,000

Rentable SF31,872

Price/SF$238.45

CAP Rate7.83%

Year Built1999

Occupancy100%

3050 TECHNOLOGY PKY3050 Technology Pky, Orlando , FL, 32826

METROWEST CENTER

30

MARKET

OVERVIEW

ORLANDOOVERVIEW

31

A warm climate and a favorable tax structure attract visitors, employers

and residents to the region. The metro is among the largest and fastest

growing in Florida, with a population of more than 2.4 million residents.

It is also one of the nation’s most popular tourist destinations with

roughly 72 million visitors annually. The Orlando metro encompasses

four counties: Osceola, Orange, Seminole and Lake, covering more

than 4,000 square miles in central Florida. There are numerous lakes

scattered across the region and the topography is generally flat with

few impediments to development. Orlando is the area’s largest city,

approaching 282,000 residents, followed by Kissimmee and Sanford,

each with less than 100,000 residents.

MARKET OVERVIEW

METRO HIGHLIGHTS

ECONOMIC DIVERSITY

While Orlando’s economy has strong business and

professional services as well as tourism

components, distribution, high-tech, defense

contracting and healthcare also are prevalent.

PRO-BUSINESS ENVIRONMENT

Florida has low state and local taxes in addition to

no state personal income tax, attracting businesses

to the region.

JOB AND POPULATION GROWTH

Orlando’s population is expected to increase by

248,000 people over the next five years, as job

gains outpace the national average.

METROWEST CENTER

ECONOMY▪ Key industries in the region include aerospace and defense systems, modeling, simulation

and training, digital media, tourism and biotechnology.

▪ The metro is transforming into a digital media hub, housing hundreds of media companies.

▪ Orlando is a top vacation and business convention destination and is home to theme parks

and tourist attractions, which support retail sales and a large hospitality sector.

▪ The local life sciences, biotech and medical technology industries are growing. Lake Nona

Medical City is a 650-acre health and life sciences park located in the metro.

SHARE OF 2018 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Walt Disney World Co.

AdventHealth Orlando

Publix Super Markets Inc.

Universal Orlando

Orlando Health

Busch Entertainment Corp.

Lockheed Martin Corp.

Marriott International

Darden Restaurants Inc.

Starwood Hotels & Resorts Worldwide Inc.* Forecast

32

MANUFACTURING

4%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

18%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

18%

7%

9% 21% 6%

12%

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 248,000 people over the next five years and

during this period roughly 102,000 households will be formed.

▪ A median age below the U.S. median contributes to a homeownership rate of 61

percent, which is slightly below the national rate.

▪ Millennials, those in the cohort of 20- to 34-year-olds, comprise 22 percent of the

population, slightly above the U.S. level of 20 percent.

Orlando residents enjoy a remarkable quality of life, highlighted by a sunny climate,

professional sports teams, outdoor recreational activities, cultural venues, world-

famous attractions and beaches nearby. The region offers healthcare facilities and

exceptional community services such as Orlando Regional Medical Center and

AdventHealth Orlando. Cultural opportunities are offered at the Dr. Phillips Center for

the Performing Arts, Civic Theatre of Central Florida, the Orlando Opera Company, the

Orlando Ballet Company and the Bach Festival Society. Amway Center in downtown is

the Orlando Magic’s arena. Large educational institutions in the area include the

University of Central Florida and Valencia Community College.

QUALITY OF LIFE

33

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

2018 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

7%25-44 YEARS

29%45-64 YEARS

25%65+ YEARS

14%

37.2

2018MEDIAN AGE:

U.S. Median:

38.0

$53,600

2018 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$58,800

2.5M

2018POPULATION:

Growth2018-2023*:

10.0%

926K

2018HOUSEHOLDS:

11.0%

Growth2018-2023*:

34

Lack of availability promotes development. Vacancy fell to the lowest level in nearly

12 years during the first quarter of 2019, as demand for office space remained robust.

With few large floor plates to choose from, some firms are constructing their own

buildings. KPMG will finalize an 800,000-square-foot training facility on Lake Nona

Boulevard in Orlando during the winter months and Florida Hospital opened a 72,000-

square-foot medical office building in Winter Garden in May 2019. The need for empty

space in downtown Orlando will ease slightly when SunTrust Plaza at Church Street

Station opens at the end of the second quarter. The 26-story mixed-use facility offers

221,000 square feet of office space in addition to a hotel. The building is connected to

a SunRail station and will debut nearly fully leased with SunTrust Bank as the largest

tenant. SunTrust’s move will free up Class A space in the 200 South Orange Avenue

building and 70,000 square feet has already been leased by WeWorks.

Area demand remains strong, bolstering rent gains. Favorable economic growth

trends will generate the need for additional office space this year, including medical

offices, as the population base continues to increase. Office-using companies moving

to and expanding in the metro will keep vacancy tight and support rent improvement.

The average asking rate sat at a new high of $22.68 per square foot in the opening

quarter of 2019 and is expected to continue climbing as the year progresses. Over the

past five years, vacancy has tumbled 550 basis point while asking rent soared 19

percent.

Tight Orlando Office Market Will Receive SomeRelief as Construction Proliferates

ORLANDO METRO AREA

* Cap rates trailing 12 months through 1Q19

Sources: CoStar Group, Inc.; Real Capital Analytics

Investment Trends

Office 2019 Outlook

1 million sq. ft. will be

completed

3.2% increase in

asking rents

50 basis point

decrease in vacancy

Construction:

Rents:

Vacancy:

During 2019, deliveries will rise to the highest

level since 2009 as 1 million square feet is

completed. Last year, 508,000 square feet

was added to inventory.

As vacancy hovers near the cyclical low, the

average asking rent will jump to $23.10 per

square foot at year end. Last year a 2.3

percent rise was posted.

Strong demand for office space will tighten

the vacancy rate to 10.5 percent in 2019,

following a 30-basis-point reduction last year.

• Office buildings in the city of Maitland are garnering more attention from

buyers. Class B assets located in the Mainland Center development attracted

out-of-state and local investors at cap rates that started in the mid-7 percent

range for properties that are 18 to 40 years old. Prices generally ranged

between $93 to $184 per square foot over the past four quarters.

• Local buyers searching for higher yields found Class B assets built in the

1970s in the Central Park neighborhood of Orlando. These properties traded

at $91 per square foot on average with cap rates typically above the metro

average of 8 percent.

• Fewer quality properties listed for sale eased transaction velocity of medical

office buildings throughout the metro. Premium, well-located assets topped

$360 per square foot with properties in Altamonte Springs, Maitland and

Orlando trading at an increased pace over the past 12 months.

35

• Orlando remains one of the

fastest growing labor markets in

the nation with 43,500 jobs

created year over year in March.

Office-using positions grew at an

even higher pace of 5.4 percent,

accounting for nearly 17,900

slots.

• Robust hiring has kept the

unemployment rate below 3.2

percent for three consecutive

quarters, making it harder for

organizations to find qualified

workers.

EMPLOYMENT

• Over the past four quarters, a

total of 355,100 square feet

was completed, down from

543,000 square feet one year

earlier. Developers also have

more than 1 million square

feet underway with

completions scheduled into

2020.

• SunTrust Plaza at Church

Street Station will add roughly

221,000 square feet of new

inventory in downtown

Orlando this year. It is the

core’s first new office tower in

a decade.

CONSTRUCTION

• Following a 140-basis-point

annual drop in vacancy one

year ago, strong absorption

tightened the rate to 10.4

percent in the first quarter of

2019, 290 basis points below

the U.S. average.

• The robust need for more

affordable space dropped

vacancy in Class B/C

buildings 150 basis points to

9.8 percent in the past four

quarters. During the same

period, Class A vacancy

advanced 10 basis points to

11.6 percent.

VACANCY

• Building on a 4.9 percent

surge last year, asking rent

climbed 3.4 percent during the

past 12-month period to an

average of $22.68 per square

foot in March.

• Class A properties led the

gain, surging 4.8 percent to

$27.53 per square foot in the

first quarter. Over the past five

years, rent in this class has

soared 22 percent. Class B/C

rent meanwhile rose an

annual 2.3 percent to $20.12

per square foot.

RENTS

ORLANDO METRO AREA

increase in the

average asking rent

Y-O-Y

3.4%basis point decrease

in vacancy Y-O-Y100square feet

completed

Y-O-Y

355,100increase in total

employment Y-O-Y3.4%

* Forecast

1Q19 – 12-Month Trend

36

Class B Assets in Maitland Center and Tourist Corridor

Capture Attention of Investors

Outlook: The metro’s robust

economy and new companies

moving to the metro will

continue to fuel demand for

office space and keep investors

active in the market.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketAsking

Rent

Y-O-Y%

Change

Lake County 6.0% -60 $19.09 0.8%

Osceola County 7.5% -280 $27.85 5.7%

Orange County 10.8% -60 $23.04 2.6%

Seminole County 10.8% -160 $20.56 6.2%

Overall Metro 10.4% -100 $22.68 3.4%

Submarket Trends

Lowest Vacancy Rates 1Q18

Sales Trends

ORLANDO METRO AREA

• Transaction volume increased slightly during the past four

quarters as mainly local buyers were actively purchasing Class B

assets. Properties in the Tourist Corridor and in the Maitland

Center were most often targeted.

• During the past 12 months, the average price advanced 7 percent

to $202 per square foot, while the average cap rate rose 30 basis

points from the high-7 into low-8 percent range.

* Trailing 12 months through 1Q19 over previous time period

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

Analytics

*1Q19

**2018

37

ORLANDO METRO AREA

• Ongoing trade concerns weigh on growth outlook; Fed plots next steps.Amid rising trade tensions between the U.S. and China and slowing globalgrowth, the outlook has turned more cautious. Market volatility, along with a flightto safety trade, has flattened the yield curve dramatically, with the 10-YearTreasury trading below 2.2 percent. This has pushed the broader yield curve intoinversion, a closely watched precursor to a potential recession. Meanwhile, manymeasures of the domestic economy remain buoyant, including continued job and

wage growth, historically low unemployment and muted inflationary pressure.These conditions have prompted a dichotomy, with Federal Reserve officialssignaling more accommodative policies. The impending end of quantitativetightening in September, coupled with potential cuts to the Fed funds rate in thesecond half of the year, highlight the shift in Fed policy. As a result, long-terminterest rates are likely to remain subdued, with Fed policy leaning towardaccommodation.

• Conservative underwriting balances abundant marketplace liquidity. Whiledebt availability for office assets remains widely available from a wide range ofsources including local, regional and national banks and insurance companies,sentiment surrounding the health of the economy has fallen somewhat in recentmonths. Lenders remain broadly cautious in underwriting, with loan-to-value(LTV) ratios typically in the 55 to 70 percent range, depending on the borrower,asset and location. The conservative approach has filtered into a focus on provenproperty results, with much less willingness to lend against pro forma rents. Thishas prompted investors to turn toward short-term mezzanine debt and bridgeloans to cover capital improvements, while seeking long-term solutions oncereturns have been solidified. Construction origination remains muted, withlenders focusing on core locations with proven demand. * Trailing 12 months through 1Q19

Include sales $2.5 million and greater

Sources: CoStar Group, Inc.; Real Capital Analytics

Capital Markets

PROPERTY NAME

MARKETING TEAM

METROWEST CENTER

DEMOGRAPHICS

Source: © 2019 Experian

Created on January 2020

POPULATION 1 Miles 3 Miles 5 Miles

▪2023 Projection

Total Population 19,219 130,687 313,434

▪2018 Estimate


▪2010 Census


▪2000 Census


▪Current Daytime Population

2018 Estimate 27,931 142,721 353,172

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪2023 Projection

Total Households 7,344 49,634 116,359

▪2018 Estimate


Average (Mean) Household Size 2.69 2.60 2.66

▪2010 Census


▪2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪2018 Estimate

$200,000 or More 0.88% 2.72% 3.50%

$150,000 - $199,999 0.73% 2.11% 2.91%

$100,000 - $149,000 6.49% 7.42% 8.50%

$75,000 - $99,999 7.69% 9.25% 9.66%

$50,000 - $74,999 20.38% 19.69% 19.10%

$35,000 - $49,999 19.37% 16.74% 15.52%

$25,000 - $34,999 16.41% 14.95% 13.87%

$15,000 - $24,999 13.57% 12.95% 12.68%

Under $15,000 11.93% 13.44% 13.73%

Average Household Income $49,204 $58,838 $64,205

Median Household Income $38,578 $41,236 $43,468

Per Capita Income $18,560 $22,000 $23,726

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪Population By Age

2018 Estimate Total Population 18,614 123,742 297,130

Under 20 27.97% 26.31% 26.21%

20 to 34 Years 32.75% 27.25% 25.49%

35 to 39 Years 8.22% 7.50% 7.14%

40 to 49 Years 11.63% 12.86% 13.06%

50 to 64 Years 13.28% 16.60% 17.76%

Age 65+ 6.16% 9.49% 10.34%

Median Age 29.94 32.92 33.91

▪Population 25+ by Education Level

2018 Estimate Population Age 25+

11,756 81,834 197,330

Elementary (0-8) 3.80% 4.17% 4.53%

Some High School (9-11) 10.77% 9.50% 10.11%

High School Graduate (12) 35.78% 29.74% 29.56%

Some College (13-15) 17.82% 19.76% 19.82%

Associate Degree Only 8.08% 10.14% 9.26%

Bachelors Degree Only 16.81% 16.89% 16.82%

Graduate Degree 5.59% 7.99% 8.09%

38

PROPERTY NAME

MARKETING TEAM

METROWEST CENTER

DEMOGRAPHICS


Created on January 2020

POPULATION BY TRANSPORTATION TO

WORK1 Miles 3 Miles 5 Miles

▪2018 Estimate Total Population

Bicycle 0.64% 0.48% 0.57%

Bus or Trolley Bus 5.47% 5.35% 5.95%

Carpooled 13.22% 12.00% 11.45%

Drove Alone 75.34% 75.37% 75.12%

Ferryboat 0.00% 0.02% 0.01%

Motorcycle 0.34% 0.38% 0.26%

Other Means 0.45% 0.56% 1.10%

Railroad 0.00% 0.00% 0.00%

Streetcar or Trolley Car 0.00% 0.00% 0.01%

Subway or Elevated 0.00% 0.00% 0.01%

Taxicab 0.03% 0.08% 0.07%

Walked 1.50% 1.44% 1.59%

Worked at Home 3.00% 4.32% 3.87%

POPULATION BY TRAVEL TIME TO WORK 1 Miles 3 Miles 5 Miles

▪2018 Estimate Total Population

Under 15 Minutes 12.52% 17.80% 18.95%

15 - 29 Minutes 45.70% 39.83% 39.24%

30 - 59 Minutes 30.16% 29.06% 28.01%

60 - 89 Minutes 3.83% 3.50% 3.75%

90 or More Minutes 3.13% 2.51% 2.38%

Worked at Home 3.00% 4.32% 3.87%

Average Travel Time in Minutes 30 29 29

39

Income

In 2019, the median household income for your selected

geography is $38,578, compare this to the US average which is

currently $58,754. The median household income for your area

has changed by 1.25% since 2000. It is estimated that the

median household income in your area will be $42,888 five

years from now, which represents a change of 11.17% from the

current year.

The current year per capita income in your area is $18,560,

compare this to the US average, which is $32,356. The current

year average household income in your area is $49,204,

compare this to the US average which is $84,609.

Population

In 2019, the population in your selected geography is 18,614.

The population has changed by 11.74% since 2000. It is

estimated that the population in your area will be 19,219.00 five

years from now, which represents a change of 3.25% from the

current year. The current population is 47.67% male and

52.33% female. The median age of the population in your area

is 29.94, compare this to the US average which is 37.95. The

population density in your area is 5,930.93 people per square

mile.

Households

There are currently 7,020 households in your selected

geography. The number of households has changed by 5.98%

since 2000. It is estimated that the number of households in

your area will be 7,344 five years from now, which represents a

change of 4.62% from the current year. The average household

size in your area is 2.69 persons.

Employment

In 2019, there are 6,669 employees in your selected area, this

is also known as the daytime population. The 2000 Census

revealed that 58.56% of employees are employed in white-

collar occupations in this geography, and 40.90% are employed

in blue-collar occupations. In 2019, unemployment in this area

is 5.80%. In 2000, the average time traveled to work was 30.00

minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as

follows: 26.15% White, 55.99% Black, 0.16% Native American

and 3.03% Asian/Pacific Islander. Compare these to US

averages which are: 70.20% White, 12.89% Black, 0.19%

Native American and 5.59% Asian/Pacific Islander. People of

Hispanic origin are counted independently of race.

People of Hispanic origin make up 21.21% of the current year

population in your selected area. Compare this to the US

average of 18.01%.

PROPERTY NAME

MARKETING TEAM

METROWEST CENTER

Housing

The median housing value in your area was $114,786 in 2019,

compare this to the US average of $201,842. In 2000, there

were 1,775 owner occupied housing units in your area and

there were 4,849 renter occupied housing units in your area.

The median rent at the time was $693.


DEMOGRAPHICS

40

8

METROWEST CENTER

DEMOGRAPHICS

41

Documents

Offering Memorandum - LoopNet...Year Built 2005 Occupancy 85% DELRAY MEDICAL OFFICES 4675 Linton Blvd, Delray Beach, FL, 33445 2 Close of Escrow 10/15/2019 Days On Market 111 Sales