922 state road 20 - loopnet · 922 state road 20 prepared by paul j. reed, p.a. consultant *...

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Consultant * Appraiser * Developer

Underwriting Report

1,148 SF Industrial Warehouse

SUBJECT PROPERTY

Property Details 2

MARKET SUMMARY

Palatka Market Summary 8

Palatka Economic Summary 9

PEER PROPERTIES

Peer Properties Summary 11

Peer Property Photos 13

Peer Property Comparison 14

Peer Property Details 18

LEASING ANALYTICS

Vacancy Analytics 21

Rent Analytics 25

Absorption Analytics 26

Leasing Analytics 27

LEASE COMPS

Lease Comps Summary 30

Lease Comps Details 32

CONSTRUCTION

Overall Construction Summary 34

Palatka Construction 35

Construction Activity 36

Under Construction Summary 41

Under Construction Details 43

Completed Construction Past 12 Months 44

Deliveries Past 12 Months Details 46

SALE COMPS

Investment Trends 48

Sale Comps Detail 51

Sales Volume 52

Sales Pricing 53

Cap Rates 55

Top Buyers & Sellers 56

Table Of Contents

10/20/2019Copyrighted report licensed to Watson Commercial Realty, Inc. - 732138.

Paul J. Reed, P.A.904-316-7433 preed@watsoncommercial.com

Subject Property

922 State Road 20Interlachen, FL 32148

LOCATION

Distance to Airport: 33.9 mi

Distance to Seaport: 67.7 mi

Population 500 Mile Radius: 55,005,970

Distance to Rail Terminal: 70.5 mi

PROPERTY

Type: Warehouse Tenancy: -

Park: - Construction: Metal

RBA: 1,148 SF Column Spacing: -

Year Built/Renov: 1995 Truck Wells: -

Ceiling Height: 10' Rail Served: -

Docks: - Sprinklers: -

Drive Ins: 3 tot. Power: -

Truck Court: - Cranes: -

Land Acres: 0.54 AC Levelators: -

Office: - Taxes: $0.88 (2018)

Parking: -

Features: -

12 MO. LEASING ACTIVITY SF

Subject Property:

Peers Total:

Peers Count: 1

Peers Avg: -

Peer Submarkets Total: -

Peer Submarkets Avg: -

ASKING RENT PER SF

Current:

Last Quarter:

Year Ago: -

Peers: -

Peer Submarkets: -

VACANCY

Current:

Last Quarter:

Year Ago: 0%

Peers: 0%

Peer Submarkets: 0%

AVAILABLE SPACES

Currently No Available Spaces

Subject Property

Tenant # Emps Move Date Exp DateFloor SFIndustry

KEY TENANTS

Matthews Fence LLC 3 Nov 2018 --1stAgri/Mining/Utilities

Outcast Outpost Vap Lounge 3 Apr 2016 --1stRetailers/Wholesalers

CoStar Research Moving Out Moving In My Data Shared Data

Subject Property

BuildingPrimary

Interior

Subject Property

RECORDED OWNER

Hytry Daniel C

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Market Summary

No Data AvailableNo Data Available

No submarket data available for this property.

Palatka Market SummaryPalatka Industrial

NET ABSORPTION, NET DELIVERIES & VACANCY

Palatka Economic SummaryPalatka Industrial

Source: Oxford Economics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,641,375- - 0.7% - 0.7% - 0.7%

Households 121,360,836- - 0.5% - 0.6% - 0.6%

Median Household Income $65,238- - 4.2% - 2.6% - 4.2%

Labor Force 163,647,625- - 0.9% - 0.6% - 0.5%

Unemployment 3.7%- - -0.1% - -0.6% - -

POPULATION GROWTH

LABOR FORCE GROWTH INCOME GROWTH

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Peer Properties

Peer Properties Summary922 State Road 20

Total Peers

1Peers w/Availability

-Asking Rent

-Vacancy Rate

-Bldgs with Vacancy

-PEER LOCATIONS

PEER SUMMARY STATISTICS

Property Attributes Low Average Median High

Building SF 20,000 20,000 20,000 20,000

Year Built 1991 1991 1991 1991

Ceiling Height 18' 20' 20' 22'

Docks 0 0 0 0

Typical Floor SF 20,000 20,000 20,000 20,000

Vacancy Rate - - - -

Availability Rate - - - -

Star Rating 3.0

Available Space Attributes Low Average Median High

Space SF - - - -

Asking Rent Per SF - - - -

Months On Market - - - -

Peer Properties Summary922 State Road 20

Property Name / Address Rating Yr. Built RBA Ceiling Ht Avail SF Avail %

Property

Spaces

Availability & Vacancy

Vac% Asking Rent/SFDocks

1995-922 State Road 20

1,148 10' - 0%- 0% --

PEERS WITH NO AVAILABILITY

1991-1 Building One20,000 18'-22' - 0%

2 Kay Larkin Cir- 0% --

1 Peers with No Availability Sub-Totals 20,000

Vacancy 0%

2 Kay Larkin Cir20,000 SF / Ceiling Ht 18'-22'

Owner: Hubbell

Rent/SF -,

Building One1

Vacancy 0%

1,148 SF / Ceiling Ht 10'

Owner: Hytry Daniel C

Rent/SF -,

Subject Property

922 State Road 20

Peer Property Photos922 State Road 20

Property Name / Address Rating Asking Rent Per SF Vacancy Rate

922 State Road 20

Average

(Arrows indicate trend over last quarter)

0%$4 - 5(Est.)

Peer Property Comparison922 State Road 20

Property Name / Address Rating Availability Rate Vacancy Rate

922 State Road 20

Average

Property Name / Address Rating Asking Rent Per SF Median Months on Market

922 State Road 20

Average

$4 - 5(Est.)

Property Name / Address Rating 12 Mo. Leasing Activity in SF 12 Mo. Net Absorption in SF

922 State Road 20

Average

Peer Property Detail With Availability922 State Road 20

No Peers Found

Peer Property Detail Without Availability

2 Kay Larkin Cir - Building OnePalatka, FL 32177

PROPERTY

Type: Warehouse Docks: None

Year Built/Renov: 1991 Drive Ins: 2 tot.

RBA: 20,000 SF Truck Court: -

Tenancy: Single

Power: -Ceiling Height: 18'-22'

Land Acres: 6.46 AC

Construction: - Taxes: $1.22 (2018)

Parking: Ratio of 0.00/1,000 SF

Features: -

Cranes: -

Rail Served: -

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Leasing Analytics

VACANCY RATE

Vacancy Trend (YOY) VacancyTrend (YOY) Trend (YOY)VacancyTrend (YOY)Vacancy

Subject Peers Submarket Palatka

2%19.2%0%-0%0%0%0%2013

-19.2%0%-0%0%0%0%2014

-0.3%18.9%0%-0%0%0%0%2015

-0.4%18.5%0%-0%0%0%0%2016

-16.4%2.1%0%-0%0%0%0%2017

12.5%14.5%0%-0%0%0%0%2018

0.8%15.4%0%-0%0%0%0%YTD

1.3%15.8%0%-0.2%0.2%2020

0.2%16.0%0%-1%1.2%2021 Forecast >

0.2%16.2%0%-0.8%2.0%2022

0.2%16.4%0%-0.8%2.9%2023

Vacancy Analytics922 State Road 20

AVAILABILITY RATE

Availability Trend (YOY) AvailabilityTrend (YOY) Trend (YOY)AvailabilityTrend (YOY)Availability

Subject Peers Submarket Metro

3%23.5%--0%0%0%0%2013

0.2%23.7%--0%0%0%0%2014

0%23.7%--0%0%100%100%2015

-3.7%20.1%--0%0%-100%0%2016

-3.1%16.9%--0%0%0%0%2017

-1.8%15.2%--0%0%0%0%2018

----0%0%0%0%2019 YTD

MEDIAN MONTHS ON MARKET

Peers Submarket Metro

RENEWAL RATES

Submarket & Adjacent Metro

2009 - 100.0%

2010 - 38.9%

2011 - 86.3%

2012 - 94.8%

2013 - 87.2%

2014 - 98.4%

2015 - 95.3%

2016 - 80.5%

2017 - 61.9%

2018 - 96.0%

2019 - 69.0%

Rent Analytics922 State Road 20

ASKING RENT PER SQUARE FOOT

Direct Rent Trend (YOY) Market RentTrend (YOY) Trend (YOY)Market RentTrend (YOY)Market Rent

Subject Peers Submarket Palatka

2.3%$4.11--2.5%$3.33--2013

2.8%$4.22--3.6%$3.45--2014

2.7%$4.34--4.1%$3.59--2015

4.5%$4.53--4.7%$3.76--2016

3.8%$4.70--5.9%$3.98--2017

8.2%$5.09--5.5%$4.20--2018

2.9%$5.24--3.1%$4.33--YTD

7.8%$5.49--7.7%$4.522020

1.9%$5.60--2.2%$4.622021 Forecast >

0.8%$5.64--1.2%$4.682022

0.2%$5.66--0.6%$4.702023

Absorption Analytics922 State Road 20

NET ABSORPTION IN PEERS IN SQUARE FEET

NET ABSORPTION IN SUBMARKET IN SQUARE FEET

NET ABSORPTION IN METRO IN SQUARE FEET

Leasing Analytics922 State Road 20

LEASING ACTIVITY IN PEERS IN SQUARE FEET

LEASING ACTIVITY IN SUBMARKET IN SQUARE FEET

LEASING ACTIVITY IN METRO IN SQUARE FEET

Leasing Analytics922 State Road 20

SUBLEASE SPACE AVAILABLE IN METRO IN SQUARE FEET

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Lease Comps

Lease Comps Summary922 State Road 20

- - - -Deals Gross Asking Rent Gross Starting Rent Avg. Months On Market

LEASE COMPARABLES

SUMMARY STATISTICS

Rent Deals Low Average Median High

Gross Asking Rent

Gross Starting Rent

Effective Rent

Discount to Asking Rent

TI Allowance

Months Free Rent

Lease Attributes Deals Low Average Median High

Months on Market

Deals Size

Lease Term in Years

Floor Number

Lease Comps Summary922 State Road 20

No Lease Comparables Found

Lease Comps Details922 State Road 20

No Lease Comparables Found

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Construction

7,756 0 0 0All-Time Annual Avg. SF Delivered SF Past 4 Qtrs Delivered SF Next 4 Qtrs Proposed SF Next 4 Qtrs

PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

Overall Construction Summary922 State Road 20

Palatka ConstructionPalatka Industrial

DELIVERIES & DEMOLITIONS

UNDER CONSTRUCTION IN SQUARE FEET (30 Mile Radius)

PROJECTED DELIVERIES IN SQUARE FEET (30 Mile Radius)

Construction Activity922 State Road 20

DELIVERIES IN SQUARE FEET (30 Mile Radius)

STARTS IN SQUARE FEET (30 Mile Radius)

PERCENT OCCUPIED AT DELIVERY (30 Mile Radius)

DELIVERIES AND OCCUPANCY IN SQUARE FEET (30 Mile Radius)

NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (30 Mile Radius)

NET ABSORPTION IN SQUARE FEET (30 Mile Radius)

ASKING RENT PER SQUARE FOOT (30 Mile Radius)

0 0 - -Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

Building SF - - - -

Ceiling Height

Docks - - - -

Preleasing - - - -

Estimated Delivery Date - - - -

Months to Delivery - - - -

Construction Period in Months - - - -

Star Rating

Under Construction Summary922 State Road 20

No under construction properties found.

Under Construction Property Details922 State Road 20

No under construction properties found.

0 0 - -Properties Square Feet Percent Leased Asking Rent

COMPLETED CONSTRUCTION PAST 12 MONTHS

CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

RBA - - - -

Ceiling Height

Docks - - - -

Leases Signed - - - -

Percent Leased - - - -

Asking Rent - - - -

Star Rating

Completed Construction Past 12 Months922 State Road 20

No Completed Construction Past 12 Months

Deliveries Past 12 Months922 State Road 20

No Deliveries Past 12 Months

922 State Road 20

PREPARED BY

Paul J. Reed, P.A.

Sale Comps

Investment Trends922 State Road 20

0 - - -Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price - - - -

Price Per SF - - - -

Cap Rate - - - -

Time Since Sale in Months - - - -

Property Attributes Low Average Median High

Building SF - - - -

Ceiling Height

Docks - - - -

Vacancy Rate At Sale - - - -

Year Built - - - -

Star Rating

No Sale Comparables Found

SALES VOLUME & MARKET SALE PRICE PER SF

Sale Comps Details922 State Road 20

No Sale Comparables Found

Sales Volume922 State Road 20

PALATKA METRO SALES VOLUME IN SQUARE FEET

Sales Pricing922 State Road 20

NATIONAL PRICE INDICES

REGIONAL INDUSTRIAL PRICE INDICES

Sales Pricing922 State Road 20

PRICE PER SF INDEX

UNITED STATES INDUSTRIAL PRICE PER SF IN PAST YEAR INDUSTRIAL PRICE PER SF IN PAST YEAR

PRICE PER SF SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

$18,000United States 18,253 $0.01 $23 $71 $78 $283

$17Palatka 2 $7.79 N/A $12 $9.50 N/A

-Selected Sale Comps 0 - - - - -

Cap Rates922 State Road 20

CAP RATE TRENDS

UNITED STATES LOGISTICS CAP RATES IN PAST YEAR LOGISTICS CAP RATES IN PAST YEAR

CAP RATE SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

24.4%United States 2,363 1.0% 4.7% 7.0% 7.2% 10.2%

-Palatka 0 - - - - -

-Selected Sale Comps 0 - - - - -

Buyers922 State Road 20

No Buyers Found

Sellers922 State Road 20

No Sellers Found

922 state road 20 - loopnet · 922 state road 20 prepared by paul j. reed, p.a. consultant *...

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