offering memorandum...215 w beach pl # offering summary 4 executive summary vital data price...

215 W BEACH PLTampa, FL 33606

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. Â© 2017 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.

215 W BEACH PL

Tampa, FL

ACT ID Y0250599

2

215 W BEACH PL

3

INVESTMENT

OVERVIEW

215 W BEACH PL

#

OFFERING SUMMARY

4

EXECUTIVE SUMMARY

VITAL DATA

Price $749,000

Down Payment 100% / $749,000

Loan Amount $0

Loan Type Proposed New

Interest Rate / Amortization 4.5% / 20 Years

Rentable SF 3,272

Price/SF $228.91

Current Occupancy 0.0%

Year Built 1900

Lot Size 0.12 acre(s)

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2016 Estimate Pop 15,927 93,625 215,372

2016 Census Pop 14,733 87,540 202,011

2016 Estimate HH 7,422 41,260 91,059

2016 Census HH 6,647 38,281 85,177

Median HH Income $68,411 $46,719 $44,577

Per Capita Income $55,744 $36,942 $32,766

Average HH Income $113,410 $82,268 $76,449

215 W BEACH PL

OFFERING SUMMARY

▪ Convenient to Major Thoroughfares, Downtown Tampa, Tampa General Hospital,

and University of Tampa.

▪ Walkable to Many Amenities

▪ Fully Renovated Mother in Law Suite

▪ Upgraded Electric and Heart of Pine Construction

▪ Hardwood Floors Throughout

▪ Surrounded by Other Professional, Medical, and Attorney Offices

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to present the opportunity to acquire this approximately 3,300 square foot property in historic Hyde Park. The property is easily converted into

an office and is surrounded by a variety of other professional office users. This property is in one of the most desirable locations in Tampa Bay with easy access to main

thoroughfares and within walking distance to Downtown Tampa, Bayshore Blvd, Davis Islands, University of Tampa, Tampa General Hospital, Amalie Arena, the Tampa

Convention Center, the Courthouse, the Riverwalk and many of the shopping and dining activities that Hyde Park and South Tampa have to offer.

The architecture and styling of the property is early 1900's Victorian and has many original features and character available only from properties built in this era. Hardwood

floors, crown molding, tall base boards and 10 foot ceilings provide an era of sophistication and charm not seen in more traditional office buildings. The property also has a

fully renovated mother in law suite which can easily be used for an executive quarter or for visiting guests, clients or employees. The building has upgraded electric and

could easily accommodate 5-6+ large private executive offices with room for reception and/or assistants in the main areas with almost no modifications. There is a full

kitchen and 2 full bathrooms in the main areas with a 3rd in the mother in law suite.

The property is constructed with heart of pine lumber, a much more pest resistant and higher grade of lumber than typically used in new construction and the building has

been tented and maintained with a pest control contract. Aside from the recent electrical upgrade, the property has also received meticulous attention to the exterior of the

property from the current owners and has RO1 zoning allowing for use as a resident and/or an office. This special zoning allows a number of options for a new owner as

well as an exit strategy which allows a future owner to take advantage of potential home price increases should they decide to sell it as a home instead of an office in the

future.

INVESTMENT OVERVIEW

5

215 W BEACH PL

#

PROPERTY SUMMARY

OFFERING SUMMARY

THE OFFERING

Price $749,000

Property Address 215 W Beach Pl, Tampa, FL

SITE DESCRIPTION

Year Built/Renovated 1900

Rentable Square Feet 3,272

Ownership Fee Simple

Lot Size 0.12 acre(s)

6

REGIONAL MAP

215 W BEACH PL

7

LOCAL MAP

215 W BEACH PL

8

AERIAL PHOTO

215 W BEACH PL

9

PROPERTY PHOTO

215 W BEACH PL

10

Main Area

Office I Foyer

12

215 W BEACH PL

11

PROPERTY PHOTOS

Parlor/Main Area

Office I Entry

12

215 W BEACH PL

12

PROPERTY PHOTOS

Remodeled Mother In

Law Suite

12

215 W BEACH PL

13

PROPERTY PHOTOS

215 W BEACH PL

14

MARKET

COMPARABLES

215 W BEACH PL

SALES COMPARABLES MAP

15

215 W BEACH PL

(SUBJECT)

211 S Boulevard

610 W Azeele St

609 Azeele St. W.

107 S Edison Ave

309 S Fielding Ave

SALES COMPARABLES

ON MARKET COMPARABLES

1

2

3

4

5

PROPERTY NAME215 W BEACH PL

SALES COMPARABLES

16

SALES COMPARABLES

Avg. $250.39

Avg. $240.61

$0.00

$30.00

$60.00

$90.00

$120.00

$150.00

$180.00

$210.00

$240.00

$270.00

$300.00

215W Beach Pl

211 SBoulevard

610 WAzeele St

609 AzeeleSt. W.

107 SEdison Ave

309 SFielding

Ave

Average Price Per Square Foot

SALES COMPARABLES

ON MARKET COMPARABLES

SALES COMPS AVG

ON MARKET COMPS AVG

215 W BEACH PL

17

MARKET

OVERVIEW

MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The local population will expand to nearly 3.1 million residents through 2021. During

this time the number of households will increase to 1.3 million.

▪ Homeownership of 65 percent is slightly above the national rate of 64 percent; the

median home price, at $208,000, is below the national median.

▪ Nearly 27 percent of residents hold bachelor’s degrees, with 9 percent having also

attained a graduate or professional degree.

The metro boasts a mild climate and a beautiful waterfront that attract many residents and

visitors. Recreational and cultural amenities include professional football, hockey and

baseball teams. The area has more than 200 golf courses and abundant water-related

activities, with Tampa Bay and the Gulf Coast nearby. There are more than 11,000 acres of

parkland and 100 trail acres within a 60-mile radius. Numerous state parks, historic sites,

museums, theaters and retail centers also dot the landscape. The world-famous Busch

Gardens theme park draws visitors. Educational advancement is available at numerous

institutions of higher learning located in the Tampa Bay area. The University of South

Florida, located in Tampa, is the third-largest university in the state.

* Forecast

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

Analytics; U.S. Census Bureau

42

2016MEDIAN AGE:

U.S. Median:

37.7

$47,900

2016 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$54,500

2.9M

2016POPULATION:

Growth2016-2021*:

6.1%

1.2M

2016HOUSEHOLDS:

6.3%

Growth2016-2021*:

QUALITY OF LIFE

2016 Population by Age

0-4 YEARS

5%5-19 YEARS

17%20-24 YEARS

6%25-44 YEARS

25%45-64 YEARS

27%65+ YEARS

19%

215 W BEACH PL

18

MARKET OVERVIEW

19

Expanding employers generate office demand. Tampa organizations have created

more than 150,000 jobs over the last four years and nearly a third of these are in

office-using sectors, producing strong demand for office space throughout the region.

Many companies are drawn to the area by a skilled labor force and lower business

costs than nearby Southern Florida markets. Employment opportunities, a favorable

lifestyle and warm weather attract job seekers and retirees to the region, boosting

population growth and creating the need for medical and service-based office users

such as doctors, accountants and lawyers. Overall, the sizable demand for office

space has returned vacancy to 2008 levels and driven rents to new heights.

Office development lagging. Although net absorption has outpaced new inventory

over the last four years and rents are climbing, construction is slow. The lack of large

blocks of contiguous space in the region instigated the first speculative office building

in the metro in years. The 150,000-square-foot Renaissance VI building in Tampa’s

Westshore District recently announced that Auto Club Group AAA will lease the entire

space upon completion in 2018. A further tightening of vacancy may prompt more

projects in the planning pipeline to begin.

Vacancy Falls to Nine-Year Low

As Rents Climb to New Heights

TAMPA-ST. PETERSBURG METRO AREA

* Trailing 12 months through 1Q17

Sources: CoStar Group, Inc.; Real Capital Analytics

Investment Trends

Office 2017 Outlook

340,000 sq. ft. will be

completed

3.6% increase in

asking rents

100 basis point

decrease in vacancy

Construction:

Rents:

Vacancy:

Completions decline from last year’s nearly

400,000 square feet. This year’s total

includes 140,000 square feet of medical

office buildings.

Average asking rent climbs to $21.99 per

square foot in 2017, matching last year’s 3.6

percent hike. Rents are up 16.4 percent from

the cyclical low in 2012.

Net absorption of 1.3 million square feet

drops vacancy to 12.0 percent in 2017,

maintaining the lowest rate since the first

quarter of 2008.

• Tampa Bay’s strengthening office market as well as its lower entry costs and

higher yields than can be found in many other Florida markets attract a wide

variety of investors to the region. Cap rates average in the 7 percent area.

• The lack of available listings is placing buyer demand well above supply,

which is pushing prices higher. Investors seeking value-add buildings may

find opportunities in redeveloping areas such as the Channel District in

Tampa or the Gateway area in north St. Petersburg.

• Population growth, especially among seniors, is generating demand for

medical office space in the Tampa Bay market. Improving fundamentals in

medical office buildings are luring new private-equity investors to the region,

many seeking Class B/C assets under $5 million. A lack of available listings to

meet the growing demand, however, is increasing competition for these

assets.

215 W BEACH PL

MARKET OVERVIEW

20

• Job growth rose at more than

twice the national rate over the

last four quarters as 39,600

positions were created. Office-

using employment grew at an

even faster pace of 3.6 percent

during this period.

• Increased hiring dropped the

unemployment rate 50 basis

points year over year to 4.2

percent in May. The rate is 10

basis points lower than the U.S.

level.

EMPLOYMENT

• Construction dropped in the

last four quarters as roughly

160,000 square feet was added

to inventory, well below the

820,000 square feet finalized

one year earlier.

• Deliveries are poised to pick

up in the quarters ahead as

developers have more than

500,000 square feet underway

with completions scheduled

into 2018. Another 4.4 million

square feet is proposed.

CONSTRUCTION

• The net absorption of more

than 1 million square feet in

the last 12 months reduced

vacancy to 12.8 percent in

March, the lowest rate in nine

years. In the previous four

quarters, vacancy decreased

70 basis points.

• Demand for space was

especially robust among

Class B/C properties. Here

vacancy plummeted 110 basis

points to 12.7 percent during

the same period.

VACANCY

• Tightening vacancy has

produced 16 consecutive

quarters of rent growth. Year

over year, asking rent jumped

4.0 percent to $21.40 per

square foot in the first quarter.

• During this period, the

average asking rent in Class A

buildings rose at an even

faster clip of 4.3 percent, to

$26.37 per square foot, while

Class B/C rents climbed 4.0

percent to $19.14 per square

foot.

RENT

S


increase in the

average asking rent

Y-O-Y

4.0%basis point decrease

in vacancy Y-O-Y80square feet

completed

Y-O-Y

160,000increase in total

employment Y-O-Y3.1%

* Forecast

YEAR OVER YEAR

215 W BEACH PL

MARKET OVERVIEW

21

Demographic Highlights

2017 FORECAST

JOB GROWTH

* POPULATION

AGE 20-34

Metro 19%U.S. Average 21%

**SQ. FT. PER

OFFICE WORKER

Metro 250U.S. Average 210

2017 OFFICE-

USING JOB

GROWTH

POPULATION OF

AGE 25+

* PERCENT WITH

BACHELOR

DEGREE+

Metro 27%U.S. Average 29%

27% Urban

73% Suburban

**OFFICE SQUARE FOOTAGE

Yield-Driven Investors Finding Opportunities Farther From City Cores

Outlook: Buyers in search of yield will find

opportunities in transforming older

neighborhoods. Buildings along major

transit corridors in these areas are

desired.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketAsking

Rent

Y-O-Y%

Change

Hernando County 7.6% 70 $15.72 2.3%

Sarasota-Bradenton 10.7% -170 $20.53 -0.2%

I-75 Corridor 11.6% 50 $21.14 7.2%

Central Tampa 12.9% 20 $25.51 5.8%

Pinellas 13.5% -170 $19.51 4.0%

Pasco County 13.6% -30 $16.70 -2.7%

Eastern Outlying 14.3% -280 $21.15 14.6%

North Hillsborough 16.9% -290 $19.37 1.2%

Overall Metro 12.8% -80 $21.40 4.0%

Submarket Trends

Lowest Vacancy Rates 1Q17

Sales Trends


• Over the last four quarters, transaction velocity jumped 32 percent as local buyers

increased purchasing. Investors were more willing to move farther from the main urban

centers in search of yield, raising trading activity in areas including Largo and

Riverview.

• During the period, properties changed hands at an average price of $166 per square

foot, up 8 percent year over year.

** Trailing 12 months through 1Q17

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

* 2017-2022

**1Q17

U.S. Average 1.4%

Metro 3.2%

Metro 2.4%

U.S. Average 2.2%

U.S. Average 32%

U.S. Average 68%

215 W BEACH PL

PROPERTY NAME

MARKETING TEAM

215 W BEACH PL

DEMOGRAPHICS

Source: © 2016 Experian

Created on October 2017

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2021 Projection

Total Population 17,026 95,628 219,584

▪ 2016 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2016 Estimate 73,114 175,070 378,320

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2021 Projection

Total Households 8,170 42,848 93,616

▪ 2016 Estimate


Average (Mean) Household Size 1.73 2.14 2.28

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2016 Estimate

$200,000 or More 13.27% 7.48% 6.26%

$150,000 - $199,999 7.43% 5.24% 4.19%

$100,000 - $149,000 14.90% 10.61% 10.42%

$75,000 - $99,999 10.58% 9.27% 8.79%

$50,000 - $74,999 16.37% 15.10% 16.10%

$35,000 - $49,999 9.91% 11.79% 13.10%

$25,000 - $34,999 5.46% 9.19% 10.69%

$15,000 - $24,999 7.62% 12.06% 12.87%

Under $15,000 12.73% 16.11% 15.12%

Average Household Income $113,410 $82,268 $76,449

Median Household Income $68,411 $46,719 $44,577

Per Capita Income $55,744 $36,942 $32,766

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2016 Estimate Total Population 15,927 93,625 215,372

Under 20 20.65% 21.99% 23.30%

20 to 34 Years 36.14% 26.17% 23.35%

35 to 39 Years 7.40% 7.16% 6.93%

40 to 49 Years 11.51% 13.30% 13.87%

50 to 64 Years 15.15% 17.85% 18.97%

Age 65+ 9.15% 13.52% 13.57%

Median Age 31.50 36.21 37.37

▪ Population 25+ by Education Level

2016 Estimate Population Age 25+ 10,145 65,576 150,207

Elementary (0-8) 1.29% 4.62% 4.40%

Some High School (9-11) 2.37% 7.88% 9.05%

High School Graduate (12) 9.47% 23.96% 26.44%

Some College (13-15) 11.69% 13.16% 16.07%

Associate Degree Only 7.67% 7.73% 8.06%

Bachelors Degree Only 37.47% 25.11% 21.75%

Graduate Degree 29.61% 16.01% 12.86%

22

PROPERTY NAME

MARKETING TEAM

215 W BEACH PL

DEMOGRAPHICS


Created on October 2017

POPULATION BY

TRANSPORTATION TO WORK1 Miles 3 Miles 5 Miles

▪ 2016 Estimate Total Population

Bicycle 0.80% 1.65% 1.22%

Bus or Trolley Bus 1.81% 3.17% 3.25%

Carpooled 3.81% 6.40% 8.10%

Drove Alone 70.95% 76.92% 77.66%

Ferryboat 0.00% 0.00% 0.01%

Motorcycle 1.06% 0.43% 0.21%

Other Means 1.10% 0.95% 1.26%

Railroad 0.00% 0.00% 0.00%

Streetcar or Trolley Car 0.00% 0.02% 0.01%

Subway or Elevated 0.00% 0.00% 0.00%

Taxicab 0.32% 0.16% 0.11%

Walked 11.10% 4.39% 2.87%

Worked at Home 9.08% 5.90% 5.31%

POPULATION BY TRAVEL TIME

TO WORK1 Miles 3 Miles 5 Miles

▪ 2016 Estimate Total Population

Under 15 Minutes 37.39% 35.34% 30.40%

15 - 29 Minutes 36.18% 39.18% 40.99%

30 - 59 Minutes 13.46% 15.00% 18.23%

60 - 89 Minutes 1.17% 1.49% 2.16%

90 or More Minutes 1.00% 1.31% 1.32%

Worked at Home 9.08% 5.90% 5.31%

Average Travel Time in Minutes 20 21 23

23

Income

In 2016, the median household income for your selected geography is

$68,411, compare this to the US average which is currently $54,505.

The median household income for your area has changed by 28.30%

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

area will be $86,164 five years from now, which represents a change

of 25.95% from the current year.

The current year per capita income in your area is $55,744, compare

this to the US average, which is $29,962. The current year average

household income in your area is $113,410, compare this to the US

average which is $78,425.

Population

In 2016, the population in your selected geography is 15,927. The

population has changed by 57.66% since 2000. It is estimated that the

population in your area will be 17,026.00 five years from now, which

represents a change of 6.90% from the current year. The current

population is 48.80% male and 51.20% female. The median age of the

population in your area is 31.50, compare this to the US average

which is 37.68. The population density in your area is 5,075.20 people

per square mile.

Households

There are currently 7,422 households in your selected geography. The

number of households has changed by 53.06% since 2000. It is

estimated that the number of households in your area will be 8,170

five years from now, which represents a change of 10.08% from the

current year. The average household size in your area is 1.73

persons.

Employment

In 2016, there are 70,631 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

86.03% of employees are employed in white-collar occupations in this

geography, and 14.25% are employed in blue-collar occupations. In

2016, unemployment in this area is 15.09%. In 2000, the average time

traveled to work was 20.00 minutes.

Race and Ethnicity

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

81.29% White, 9.62% Black, 0.06% Native American and 4.57%

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

70.77% White, 12.80% Black, 0.19% Native American and 5.36%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 11.05% of the current year

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

17.65%.

PROPERTY NAME

MARKETING TEAM

215 W BEACH PL

Housing

The median housing value in your area was $354,940 in 2016,

compare this to the US average of $187,181. In 2000, there were

1,796 owner occupied housing units in your area and there were 3,053

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

time was $660.


DEMOGRAPHICS

24

8

215 W BEACH PL

DEMOGRAPHICS

25

offering memorandum...215 w beach pl # offering summary 4 executive summary vital data price...

Documents