Zaxby’s Sale-Leaseback - UNIVERSITY BLVD

Zaxby’s Sale-Leaseback - UNIVERSITY BLVD.Jacksonville, FL

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CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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Marcus & Millichap, Inc. (“M&M”) 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 M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

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ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

exclusively listedExclusively listed by:

OFFICES NATIONWIDEwww.marcusmillichap.com

Ethan Armentrout, PE, MBAAssociate ATLANTATel: (678) 808-2814Cel: (404) [email protected] License: GA 353676

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Zaxby’s sale-leaseback - University Blvd.

TABLE OF CONTENTSExecutive Summary 1

Property Overview 3

Tenant Overview 8

Competitive Property Set 12

Market Overview 18

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summaryE X E C U T I V E S U M M A R Y

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1

EXECUTIVE SUMMARY

ZAXBY’S SALE-LEASEBACK UNIVERSITY BLVD.4210 S University BoulevardJacksonville, FL 32216

OFFERING SUMMARYPrice $2,900,000

Cap Rate 6.34%

Net Operating Income $184,000

Gross Leasable Area (GLA) 3,932 SF

Price/SF $738

Year Built 2012

Lot Size 0.88 +/- Acres

VITAL DATA

Net Cash Flow After Debt Service $52,033

Cash-on-Cash Return 5.98%

Total Return (Principal Reduction) 11.33% / $98,626

Financing Proposed New


FINANCINGLoan to Value 70%

Down Payment 30% / $870,000

Loan Amount $2,030,000

Loan Type Conventional

Interest Rate 4.25%

Amortization 25 Years

LEASE SUMMARY Lease Type Absolute Net

Roof and Structure Tenant Responsible

Lease Guarantor Corporate

Original Lease Term 15 Years

Rent Commencement Date Close of Escrow

Lease Expiration Date 2032

Remaining Lease Term 15 Years

Options Four (4), 5-Year Options

Increases 1.25% Annual

OPERATING DATA

Year Annual Rent Monthly Cap Rate

Year 1 $184,000.00 $15,333.33 6.34%

Year 2 $186,300.00 $15,525.00 6.42%

Year 3 $188,628.75 $15,719.06 6.50%

Year 4 $190,986.61 $15,915.55 6.59%

Year 5 $193,373.94 $16,114.50 6.67%

Year 6 $195,791.12 $16,315.93 6.75%

Year 7 $198,238.51 $16,519.88 6.84%

Year 8 $200,716.49 $16,726.37 6.92%

Year 9 $203,225.44 $16,935.45 7.01%

Year 10 $205,765.76 $17,147.15 7.10%

Year 11 $208,337.83 $17,361.49 7.18%

Year 12 $210,942.06 $17,578.50 7.27%

Year 13 $213,578.83 $17,798.24 7.36%

Year 14 $216,248.57 $18,020.71 7.46%

Year 15 $218,951.67 $18,245.97 7.55%

Base Rent $184,000.00 $15,333.33 6.34%

Net Operating Income $184,000.00 $15,333.33 6.34%

Debt Service $131,967.00 $10,997.25

Debt Coverage Ratio $1.39

Net Cash Flow After Debt Service $52,033.00

Principal Reduction $46,593.00

Total Return $98,626.00

OFFERING SUMMARY OPERATING DATA

Year Annual Rent Cap Rate

Option 1 Year 16 $221,688.57 7.64%

Year 17 $224,459.68 7.74%

Year 18 $227,265.42 7.84%

Year 19 $230,106.24 7.93%

Year 20 $232,982.57 8.03%

Option 2 Year 21 $235,894.85 8.13%

Year 22 $238,843.54 8.24%

Year 23 $241,829.08 8.34%

Year 24 $244,851.94 8.44%

Year 25 $247,912.59 8.55%

Option 3 Year 26 $251,011.50 8.66%

Year 27 $254,149.14 8.76%

Year 28 $257,326.01 8.87%

Year 29 $260,542.58 8.98%

Year 30 $263,799.37 9.10%

Option 4 Year 31 $267,096.86 9.21%

Year 32 $270,435.57 9.33%

Year 33 $273,816.01 9.44%

Year 34 $277,238.71 9.56%

Year 35 $280,704.20 9.68%

EXECUTIVE SUMMARY

2

Investment Overview

Investment Highlights

■ 15-Year Sale-Leaseback with Annual Escalations

■ Strong Franchisee with 6 Operating Stores, 3 Stores Under Construction, & Commitment for 14 Additional Stores

■ Conservative Rent-to-Sales Ratio

■ Zaxby’s Currently Operates 730+ Locations

■ Dense Retail Corridor Centrally Located at Exit along I-95

■ High Employment Area Where Daytime Population Surges 66%

■ 5-Mile Population of 177,662; 5-Mile Daytime Population of 295,567

■ Traffic Counts of 40,000 AADT along University Blvd

Marcus & Millichap is pleased to offer this Sale-Leaseback of a Zaxby’s located in the Jacksonville, FL. Upon closing, Zaxby’s will execute a 15-year Absolute-Net lease that matches the years remaining in his current franchisee agreement. The lease will have 1.25% annual escalations and will include 4 x 5-Year Options that also have these same escalations. The tenant will be responsible for all expenses associated with the property, including the building’s roof and structure.

Zaxby’s on S University Blvd (Florida State Route ) is located along a major retail corridor, just off of I-95. This corridor leads to a centralized medical hub that is home to Memorial Hospital Jacksonville, Brooks Rehabilitation Hospital, and several other Medical Office Buildings. The 5-mile daytime population surges from 177,662 to 295,567 people – a 66% increase - because of this bustling, high-employment location. Additionally, Virginia College, University Christian School, and Englewood High School each provide hungry students that frequent this store.

Zaxby’s was recently recognized when Forbes added it to its list of The Best Franchises in America 2015, which is based on finances over a five-year period (www.forbes.com – 6/30/16). The Zaxby’s corporation is based in Athens, Georgia and has over 730 stores. The stores have been located heavily in the southeast and now Zaxby’s is growing its territory into several other states such as Missouri, Indiana, and Oklahoma. The franchisee has 23 stores at some stage in his pipeline, setting him up to become one of the strongest Zaxby’s franchisees to be affiliated with the brand. This plan to continue adding stores will increase the credit of the lease at this location.


propertyP R O P E R T Y O V E R V I E W

P R O P E R T Y D E S C R I P T I O N

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PROPERTY OVERVIEW

Regional Map

Jacksonville


Jacksonville Naval Air Station

Naval Station Mayport

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PROPERTY OVERVIEW

Local Map

ENGLEWOOD HIGH SCHOOL


P R O P E R T Y D E S C R I P T I O NP R O P E R T Y D E S C R I P T I O N

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PROPERTY OVERVIEW Zaxby’s Sale-Leaseback - University Blvd.

© 2012-2017 Digital Map Products. All rights reserved.

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20 feet

P R O P E R T Y D E S C R I P T I O N

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PROPERTY OVERVIEW

ResidentialCommunities±177,662 Residents in 5-Miles RadiusAverage HHI $60,561

UNIVERSITY BLVD. S.

UNIVERSITY BLVD. S.

FIRST COASTHEART & VASCULAR

CENTER

EAGLE ROCKAPARTMENTS

DRIFTWOODAPARTMENTS

EMERALD TIGER NUTRITION CENTER

ENGLEWOOD HIGH SCHOOL

JIMMY JOHN’S

WALGREEN’S

McDONALD’S

Zaxby’s Sale-Leaseback - University Blvd.

tenantT E N A N T O V E R V I E W

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FINANCIAL ANALYSISF I N A N C I A L A N A LY S I S

Zaxby’s is a franchised chain of fast casual restaurants offering chicken wings, chicken fingers, sandwiches and salads. The company operates primarily in the Southeastern United States with more than 700 locations across 15 states: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, Utah and Virginia.

The first Zaxby’s was established in Statesboro, Georgia near the Georgia Southern University campus, by childhood friends Zach McLeroy and Tony townley. The company operates as a casual dining restaurant, offering prepared-at-order chicken fingers, chicken wings, sandwiches, salads, and appetizers. Dipping Sauces are offered with chicken finger orders, and range from mild, to the moderate “Zax Sauce,” to the intensely hot “Nuclear” and “Insane.” Dining rooms at Zaxby’s restaurants are decorated with assorted whimsical objects and signs, which often vary in theme by location and region. Some locations in college towns feature objects and decorations related to the local university.

TENANT OVERVIEWTenant Trade Name Zaxby'sOwnership PrivateTenant FranchiseeLease Guarantor Franchisee’s Corporate GuarantyLease Type Absolute NetRoof and Structure TenantLease Term 15 YearsLease Commencement Upon ClosingRent Commencement Upon ClosingLease Expiration 15 YearsTerm Remaining on Lease 15 YearsIncreases 1.25%Options 4 x 5-Year OptionsTotal No. of Locations 730+Headquarters Athens, GeorgiaWeb Site www.zaxbys.com


F I N A N C I A L A N A LY S I S

10

FINANCIAL ANALYSIS

JUN 30, 2016

Best And Worst Food Franchises: Our Rankings And Inside The Rise of Zaxby'sSome of the fast-food giants that started in the fifties and sixties—think McDonald’s, Burger King, Subway—still dominate the food-franchise landscape in sales and scale. But as mature companies, their growth has slowed. Forbes’ 2016 Best and Worst Franchises list indicates that a different group of quick-serve restaurants is now expanding and prospering.

Zaxby’s is a fascinating example. The fast-casual chain launched in 1990 with a menu of fried chicken dishes, entering a category already filled with chicken- focused chains such as Chick-fil-A, Bojangles, and Popeyes. Yet Zaxby’s sales topped $1 billion in 2014, with its hundreds of locations averaging more than $2 million in annual revenue—more sales per unit than powerhouses such as Taco Bell and Wendy’s, according to QSR magazine. What drives Zaxby’s success? A number of surprising factors.

The first Zaxby’s opened in Statesboro, Georgia, the college town where Georgia Southern sits. It was a hit with students looking for a fast, inexpensive meal, and the Statesboro restaurant remains the company’s highest-grossing location. Zaxby’s has since gone on to replicate the college-town formula repeatedly. Its first location in Mississippi was in Oxford, home of Ole Miss. Its first location in Kentucky was in Bowling Green, home of the Western Kentucky University. New franchisees in Norman and Stillwater, Oklahoma say they chose their locations for their proximity to colleges.

In addition, sports are a big part of southern culture, a reality that Zaxby’s has shrewdly embraced. It has secured sponsorships with 25 universi-ties with strong sports programs, including the University of Alabama and Duke, and dubbed itself “The Official Chicken of College Sports.” Zaxby’s standardizes its restaurants’ menu and core interior design, but it tailors some decorations to each community. Custom artwork and local football memorabilia aim to establish a local feel. When you go to its Tuscaloosa, Alabama location, “it feels like Crimson Tide,” says Ted Zoller, a professor of strategy and entrepreneurship at UNC’s Kenan-Flagler business school. “They’ve mapped it to the culture of the South.”

Robert Ward, who owns four Zaxby’s in and around Nashville, credits the fast-casual model. “It fits into a niche that’s not really hit on by others. It’s one step above fast food.” For example, Zaxby’s has more dine-in business than Chick-fil-A, says Chris O’Cull, an equity research analyst at KeyBanc Capital Markets.

UNC professor Zoller also praises the decision of Zaxby’s founders to stay closely involved in the business. Zach McLeroy and Tony Townley each own stock in more than 100 locations, maintaining a strong vested interest in the chain’s success. Their support of franchisees is visible in the quar-terly meetings they do with Zaxby’s owners, during which they discuss business and then eat dinner together. Franchisee Robert Ward says he sees the Zaxby’s corporate officers and his co-franchisees as a family.


competitiveC O M P E T I T I V E P R O P E R T Y S E T

CO M P E T I T I V E P R O P E R T Y S E T

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COMPETITIVE PROPERTY SET

3

4

Comparables Map

2

5 Zaxby’s - Bartram Park

2

1

1 Zaxby’s - Town Center

2 Zaxby’s - Peachtree City

3 Zaxby’s - Hwy. 92 S

4 Zaxby’s - Hwy. 85 N

Recent Sales

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1

34

7

On Market

Subject - Zaxby’s - University Blvd.

1 Zaxby’s - Town Center2 Zaxby’s - Oklahoma City, OK

3 Zaxby’s - Sanford, FL

4 Zaxby’s - New Port Richey, FL

5 Zaxby’s - West Valley, UT

6 Zaxby’s - Tooele, UT

7 Zaxby’s - Sandy, UT

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5



14


Recent Sales Comparables

Average Price/ SF

Average Cap Rate


1514


List Price $2,900,000

Percent Down 30%

Rentable SF 3,932

Price/SF $737.54

Cap Rate 6.34%

Year Built 2012

Zaxby's Sale-Leaseback - University Blvd

4210 S University Boulevard

Jacksonville, Florida 32216

Close of Escrow 2/24/2017

Sales Price $2,000,000

Percent Down 100%

Rentable SF 4,227

Price/SF $473

Cap Rate 6.45%

Year Built 2003

Zaxby's - Peachtree City201 Worth Court

Peachtree City, Georgia 30269

Zaxby's - Town Center4875 Gate Parkway




Percent Down 100%

Rentable SF 3,532

Price/SF $817

Cap Rate 6.75%

Year Built 2010

21


Zaxby’s Sale-Leaseback - Town Center


16




Percent Down 89%

Rentable SF 3,588

Price/SF $803

Cap Rate 6.75%

Year Built 2009

Zaxby's - Bartram Park13973 Village Lake Circle


Zaxby's - Hwy 85 N1325 Highway 85 North

Fayetteville, Georgia 30214



Percent Down 100%

Rentable SF 3,590

Price/SF $623

Cap Rate 6.25%

Year Built 2004

54


Zaxby's - Hwy 92 S 130 Hwy 92 South

Fayetteville, Georgia 30215



Percent Down 100%

Rentable SF 2,873

Price/SF $786

Cap Rate 6.25%

Year Built 2004

3



17


On Market Comparables

Average Price/ SF

Average Cap Rate

Average Price/ Rentable SF



18



Rentable SF 3,652

Price/SF 696

Cap Rate 6.35%

Year Built 2016

Zaxby's - Oklahoma City12215 N. Rockwell Ave

Oklahoma City, OK 73162

Zaxby's - Town Center4875 Gate Parkway

Jacksonville, Florida 32246List Price $3,898,360

Rentable SF 3,532

Price/SF 1103

Cap Rate 5.00%

Year Built 2010

2


1


Percent Down 30%

Rentable SF 3,932

Price/SF $737.54

Cap Rate 6.34%

Year Built 2012

Zaxby's Sale-Leaseback - University Blvd

4210 S University BoulevardJacksonville, Florida 32216


1918



Rentable SF 3,847

Price/SF 1098

Cap Rate 5.75%

Year Built 2017

Zaxby's - Sanford3815 S Orlando Drive

Sanford, Florida 32773

3

Zaxby's - New Port Richey11300 Ridge Road

New Port Richey, Florida 34654


Rentable SF 3,847

Price/SF 860

Cap Rate 5.75%

Year Built 2017


Representative Picture

Representative Picture4

Zaxby’s - West Valley UT2683 S High Commons Way

West Valley, UT 84120


Rentable SF 3,976

Price/SF 728.

Cap Rate 5.50%

Year Built 2014



2019


Zaxby's - Tooele UT1064 North Main Street

Tooele, UT 84074


Rentable SF 3,800

Price/SF 632.

Cap Rate 5.50%

Year Built 2014


Zaxby's - Sandy UT9446 South Highland Drive

Sandy, UT 84092


Rentable SF 3,845

Price/SF 668.

Cap Rate 5.50%

Year Built 2014



marketM A R K E T O V E R V I E W

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MARKET OVERVIEW

Major Employers

Jacksonville Naval Air Station

Fidelity National Financial

Fidelity National Information Services

CSX

Mayo Clinic

Mayport Naval Station

Blue Cross Blue Shield of Florida

Baptist Health System

Winn-Dixie

Bank of America Corp.

Attractive to businesses

The low cost of doing business draws relocating and expanding companies.

■ Strong population growth, Population growth in the region continues to outpace the nation.

■ Low cost of living

■ Housing costs in Jacksonville, at a median price of $199,300, are well below that of the U.S.

■ Favorable Tax Structure■ There is no state income tax in Florida.

Market Highlights

J AC K S ONVIL L E

Geography

Jacksonville is located in the northeastern corner of Florida along the St. Johns River and the Atlantic Ocean. The Jacksonville metro comprises five counties, covering a total of 2,636 square miles south of the Georgia border. The area has a humid subtropical climate with mild winters and hot summers.


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MARKET OVERVIEW

Metro

The Jacksonville metro consists of Duval, Clay, St. Johns, Nassau and Baker counties. Duval is the most populous, with 896,900 people. With approximately 853,000 residents, Jacksonville is the largest city in the metro. More than 110,700 additional people will reside in the metro over the next five years.

Infrastructure

Jacksonville’s access to road, rail, sea and air transportation has made it an intermodal hub for the Southeast. Along with several U.S. highways, three interstates serve Jacksonville: I-95 runs north and south, I-10 runs east and west, and I-295 acts as a beltway around the city. Jacksonville International Airport is located 18 miles from downtown and accommodates more than 5 million passengers annually.

Jacksonville’s deepwater port JAXPORT is the largest in the Southeast and has terminals equipped to handle break bulk, container, bulk, automotive and refrigerated cargo. The port also contains a terminal for cruise ships and offers local ferry service.

Rail transport along the coast is provided by Florida East Coast Railroad, with connecting service available through CSX and Norfolk Southern

J AC K S ONVIL L E

Port of Jacksonville

J AXP OR T Quic k Fac tsC argo, cruise and ferry facilities

S upports nearly 133,000 jobs

$26.9 billion annual economic impact

Three cargo terminals

8.2 million tons of cargo annually

183,200 embarking cruise passengers

Ferry service across S t. J ohns R iver

1,826 vessel calls

Zaxby’s - University Blvd.Zaxby’s sale-leaseback - University Blvd.

AIRPORTS ■ Jacksonville International, Jacksonville Executive, Herlong and Cecil

MAJOR ROADWAYS ■ Interstates 10, 95 and 295■ U.S. Highways 1, 17, 90 and 301

RAILS■ Freight- Florida East Coast, CSX and Norfolk Southern■ Passenger- Amtrak

PORTS■ JAXPORT

THE JACKSONVILLE METRO IS:■ 325 miles from Fort Lauderdale■ 345 miles from Atlanta■ 350 miles from Miami■ 545 miles from New Orleans

24

MARKET OVERVIEW

Economy

Once rooted in its military bases, the commercial port 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. The professional and business services sector has also risen in importance, accounting for 16 percent of total employment. In addition, Jacksonville has an emerging industrial base in medical products research and manufacturing.

JAXPORT provides a $26.9 billion annual economic impact to the Jacksonville metro. More than 8 million tons of cargo pass through the port each year and the development of cruise ship service will promote further expansion. Facilities at the port are being expanded to handle the larger ships that will pass through the widened Panama Canal.

The military remains a large part of the economy, with two naval facilities and more than 25,000 people employed locally. Many of the naval personnel who retire from the military stay in the area because of its affordable housing and career opportunities.

J AC K S ONVIL L E

* Forecast

Sources: Marcus & Millichap Research Services; Jacksonville Port Authority; Bureau of Economic Analysis; Moody’s Analytics; U.S. Census Bureau


25

MARKET OVERVIEW

Labor

Jacksonville has a large and well-trained employment base of 647,700 jobs, bolstered by strong educational institutions and highly skilled military retirees. Employment is projected to grow 2.0 percent annually over the next five years, exceeding the national rate. During this time, all employment sectors except manufacturing are forecast to expand.

The largest job segment is trade, transportation and utilities, which employs 21 percent of the workforce. Many of these workers are employed at Jacksonville International Airport, JAXPORT and at local retailers. This segment is expected to post 0.9 percent annual growth over the coming five years. The professional and business services, and education and health services sectors account for 16 percent and 15 percent of employment, respectively. Education and health services jobs are projected to rise approximately 1.1 percent annually over the next five years as more services are needed to fill the needs of the growing population. Professional and business services will expand 4.5 annually during this time, with the generation of nearly 25,000 positions, which should support the demand for office space.

The growing construction sector is forecast to jump 6.1 percent annually throughout 2020. The expansion of the construction industry will pave the way for future growth in the metro.

J AC K S ONVIL L E

* Forecast



26

MARKET OVERVIEW

Employers

Many Jacksonville-area residents are connected to the Navy, either through employment or as a member of a Navy family. The area’s bases are a major force in the local economy, with more than 25,000 on payroll. A large share of personnel exiting the Navy elect to remain in the region, providing local companies with a steady stream of skilled workers, especially in electronics, technical maintenance and management.

Jacksonville is growing as a regional center for finance and business. Bank of America and Citibank each employ thousands of local residents. The low cost of doing business in the metro attracts companies seeking an affordable locale to house back-office operations.

JAXPORT, railways and highways help make Jacksonville a premier center for transportation and trade services. In addition to trade, cruise service is provided by Carnival Cruise Lines.

Many of the major employers are in healthcare, including St. Vincent’s Medical Center and the Baptist Health System. The Mayo Clinic has a large presence in the area and UF Health Jacksonville, which is affiliated with the University of Florida Health Science Center, is a teaching hospital that has one of the few particle beam facilities in the state for cancer treatment.

J AC K S ONVIL L E

* Forecast



27

MARKET OVERVIEW

Demographics

Population growth in the Jacksonville metro continues to outperform the nation. Since 2000, the population has expanded by 26 percent to approximately 1.4 million residents. Population growth of 7.8 percent is expected over the next five years. A substantial portion of these new residents will arrive in Jacksonville via in-migration.

At 38.0 years old, the median age in the metro is slightly above the U.S. median. The median household income of $53,700 per year is near the national median, and roughly 19 percent of households have an annual income greater than $100,000. The median household income is expected to reach $64,800 in 2019.

Income trends in the metro will support an increase in consumer expenditures. The metro remains a competitive alternative to South Florida’s escalating cost of living. The median home price, at $199,300, is well below those in South Florida markets, allowing more than 66 percent of area residents to own a home. Through 2020, incomes are expected to rise faster than home prices, increasing the metro’s affordability.

Education levels in the Jacksonville area are rising. Currently, 28 percent of residents age 25 and older have earned at least a bachelor’s degree, compared with just 23 percent in 2000.

J AC K S ONVIL L E

* Forecast



28

MARKET OVERVIEW

Quality of Life

In addition to warm weather and sunshine, 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 gridiron matchup between the University of Georgia and the University of Florida.

Cultural opportunities include the Museum of Science & History, Cummer Museum of Art, Mandarin Museum & Historical Society and the Museum of Contemporary Art Jacksonville. The symphony, theater, ballet and arts festivals, such as the Annual Jazz Festival, anchor a packed social and cultural calendar.

Other sites of interest include the Jacksonville Zoo and the Jacksonville Landings, a mix of retail and restaurants along the St. Johns River downtown.

J AC K S ONVIL L E

* Forecast



w

29

MARKET OVERVIEW

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2016 Estimate

$ 0 - $ 14,999 16.1% 17.2% 16.7%

$ 15,000 - $24,999 11.9% 12.9% 13.1%

$ 25,000 - $34,999 14.7% 13.8% 13.2%

$ 35,000 - $49,999 15.5% 14.8% 15.0%

$ 50,000 - $74,999 20.8% 18.1% 18.2%

$ 75,000 - $99,999 11.9% 9.7% 10.0%

$100,000 - $124,999 4.8% 5.8% 5.7%

$125,000 - $149,999 1.9% 3.1% 3.0%

$150,000 - $200,000 1.4% 2.2% 2.5%

$200,000 to $249,999 0.5% 0.9% 0.9%

$250,000 + 0.7% 1.5% 1.8%

Average HH Income $53,076 $58,652 $60,561

Median HH Income $41,455 $40,798 $41,297

Per Capita Income $20,485 $24,954 $26,181

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Age:

Age 0 - 4 5.8% 6.7% 6.7%

Age 5 - 14 10.7% 11.2% 11.0%

Age 15 - 19 5.2% 4.8% 5.0%

Age 20 - 24 5.9% 5.6% 6.3%

Age 25 - 34 14.9% 17.0% 19.4%

Age 35 - 44 11.7% 12.9% 13.3%

Age 45 - 54 12.9% 12.2% 11.8%

Age 55 - 64 13.4% 12.7% 11.7%

Age 65 - 74 10.1% 8.9% 8.3%

Age 75 - 84 6.2% 5.1% 4.3%

Age 85 + 3.4% 3.0% 2.3%

Median Age 41.5 38.4 36.0

POPULATION 1 Miles 3 Miles 5 Miles

2010 Populationn

Total Population 12,578 72,247 170,094

2016 Populationn

2016 Daytime Population 20,449 113,750 295,537


2021 Populationn


HOUSEHOLDS 1 Miles 3 Miles 5 Miles

Housing Units

Total Housing Units 5,660 35,813 84,514

Occupied Housing Units 85.7% 88.5% 88.3%

Vacant Housing Units 14.3% 11.5% 11.7%

Housing Units by Tenure

Total Households in Tenure 4,849 31,688 74,630

Owner Occupied Housing Units 2,658 16,899 35,485

Owner Occupied free and clear 34.7% 34.6% 32.8%

Owner Occupied with a mortgage or loan 65.3% 65.4% 67.2%

Renter Occupied Housing Units 2,191 14,789 39,144

EDUCATIONAL ATTAINMENT: 1 Miles 3 Miles 5 Miles

Total Population Age 25+ 9,261 52,817 122,707

Grade K - 8 5.2% 2.9% 2.7%

Grade 9 - 12 13.3% 8.8% 8.5%

High School Graduate 32.8% 31.3% 29.6%

Associates Degree 10.7% 8.9% 8.7%

Bachelor's Degree 10.3% 15.7% 17.5%

Graduate Degree 3.9% 8.0% 8.4%

Some College, No Degree 20.7% 22.6% 23.1%

No Schooling Completed 3.3% 1.9% 1.5%

Population by Gender


Total Households 4,861 32,853 78,439

Female Population 6,591 39,670 93,174

Male Population 6,333 37,205 90,731


30

MARKET OVERVIEW

Population Density Employment Density Average Household IncomeTheme Low High

Low less than 55

Below Average 55 475

Average 475 4100

Above Average 4100 35000

High 35000 or more

Theme Low High

Low less than 9

Below Average 9 96

Average 96 1025

Above Average 1025 10875

High 10875 or more

The number of people employed in a given area per square mile.

Theme Low High

Low less than $29,000

Below Average $29,000 $48,500

Average $48,500 $80,000

Above Average $80,000 $132,000

High $132,500 or more

Average income of all the people 15 years and older occupying a single housing unit.

The number of people living in a given area per square mile.

Zaxby’s - University Blvd.Zaxby’s Sale-Leaseback - University Blvd.

Actual Photograph

exclusively listedOFFICES THROUGHOUT THE U.S. & CANADAwww.marcusmillichap.com

Exclusively listed by: Investment Sales:

Ethan Armentrout, PE, MBAAssociate ATLANTATel: (678) 808-2814Cel: (404) [email protected] License: GA 353676

Documents

Zaxby’s Sale-Leaseback - UNIVERSITY BLVD