Port Isabel Waterfront Land
Port Isabel Waterfront Land PORT ISABEL, TX
OFFERING MEMORANDUM
Port Isabel Waterfront Land PORT ISABEL, TX
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.
NON-ENDORSEMENT NOTICE Marcus & 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.
Port Isabel Waterfront Land TABLE OF CONTENTS
Section 1
PRICING AND FINANCIAL ANALYSIS
Section 2
PROPERTY DESCRIPTION
Section 3
DEMOGRAPHIC ANALYSIS
PRICING AND FINANCIAL ANALYSIS
Port Isabel Waterfront Land PORT ISABEL, TX
Port Isabel Waterfront Land PORT ISABEL, TX
PRICING AND FINANCIAL ANALYSIS
FINANCIAL OVERVIEW Summary Property
Port Isabel Waterfront Land
Property Address
South Garcia Street Port Isabel, TX 78578
Price
$5,500,000
Down Payment
100% / $5,500,000
Lot Size (SF)
4,951,465
Price/SF
$1.11
Lot Size (Acres)
113.6700
Price/Acre
$48,386
Buildable SF
1,031,065
Price/Buildable SF
$5.33
Type of Ownership
Fee Simple
Site Description Assessor's Parcel Number
199685
Zoning
R-1 Residential
Taxes
$18,920
Tax Year
2014
Frontage
Approximately 4,463 Feet Along the Laguna
Utilities
All Availabe
Financing FIRST TRUST DEED Loan Type
All Cash
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
1
PROPERTY DESCRIPTION
Port Isabel Waterfront Land PORT ISABEL, TX
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
INVESTMENT OVERVIEW Investment Highlights ■ Water Frontage of 4,463 Feet ■ Outstanding Views of the Laguna Madre Estuary ■ All Utilities Available to the Site ■ Located in Port Isabel near South Padre Island ■ World Famous Tourist and Winter Texan Destination ■ Premiere Waterfront Site in the Region ■ Nationally Recognized Retirement Area ■ Close to Mexico and Shopping
The site is the former entrance to the Queen Isabella Causeway with 4,463 feet of frontage along the Laguna Madre estuary. The Old Queen Isabella Causeway extends out from the main site into 90 acres of submerged land that could be utilized for marinas and boat slips. Submerged Land: The 90 acres submerged land tract is leased from the State of Texas for a period of 40 years. The lease commenced on March 5, 2013 and will terminate on March 4, 2053. There is one, 20-year renewal option. Location: Port Isabel and South Padre Island are nationally and internationally recognized retirement and vacation destinations. Thousands of high-end retirement homes, condos and vacation properties are located in the area. The property is located with the Brownsville\Harlingen MSA.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
3
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
INVESTMENT OVERVIEW
Market Reports: Retail: The Brownsville/Harlingen retail market vacancy rate went from 7.3 percent in the previous quarter to 7.6 percent. Quoted rental rates increased from third quarter 2014 levels, ending at $13.35 per square foot per year on a triple-net basis. Office: The Brownsville/Harlingen Office market had a year end vacancy rate of 9.7 percent. Rental rates ended the fourth quarter at $14.07, a decrease over the previous quarter. There were no properties under construction at the end of the quarter. Industrial: The Brownsville/Harlingen Industrial market was 14 percent vacant at the end of the year. Rental rates ended the fourth quarter at $3.62, an increase over the previous quarter. There were no properties under construction at the end of the quarter. Multifamily: There are 95 properties that contain over 20 units in the Brownsville/Harlingen MSA. Average occupancy is around 95 percent. Average rental rates are around $0.90 per square foot. New Class A projects may lease for as much as $1.25 per square foot, depending on location. Single-Family Residential: Realtor.com shows a total of 783 homes and condominiums for sale in Port Isabel and South Padre Island Drive as of March 2015. Homes prices range from under $100 per square foot for dry lot homes in Port Isabel to over $300 per square foot for gulf-view, high-rise condominiums on South Padre Island. Hotels/Motels: According to the office of the Governor - Texas Economic Development and Tourism Departments there were 5,905 rooms for rent in Cameron County as of the end of 2014. An increase of 1.4 percent over 2013. Room revenues were up 10.5 percent. Occupancy increased by 2.4 percent to 42.9 percent from 2013. REVPAR increased from $30.31 to $33.04 for a gain of 2.73 percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
4
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
PROPERTY PHOTOS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
5
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
AREA MAPS
Local Map
Regional Map
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
6
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
PLAT MAP
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
7
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
AERIAL PHOTO
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
8
DEMOGRAPHIC ANALYSIS
Port Isabel Waterfront Land PORT ISABEL, TX
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
DEMOGRAPHIC REPORT 1 Mile 1,349 1,256 1,282 1,283
3 Miles 6,384 6,335 6,507 6,584
5 Miles 10,264 11,716 11,867 12,600
2000 Households 2010 Households 2013 Households 2018 Households
454 424 440 443
2,215 2,182 2,279 2,317
3,902 4,286 4,423 4,671
2013 Average Household Size
2.62
2.69
2.65
2013 Daytime Population
645
4,669
5,825
2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant
34.63% 16.62% 48.75%
34.07% 19.87% 46.06%
27.85% 14.47% 57.67%
2013 Owner Occupied Housing Units 2013 Renter Occupied Housing Units 2013 Vacant
54.65% 45.35% 55.57%
59.22% 40.78% 50.24%
59.44% 40.56% 59.76%
2018 Owner Occupied Housing Units 2018 Renter Occupied Housing Units 2018 Vacant
54.45% 45.55% 56.95%
59.10% 40.90% 51.20%
58.70% 41.30% 59.92%
27.3% 11.4% 12.0% 15.2% 15.0% 9.1% 3.8% 1.9% 1.8% 0.8% 1.8%
27.3% 14.4% 11.6% 13.9% 15.7% 6.8% 4.3% 2.3% 1.7% 0.6% 1.5%
24.1% 13.5% 11.0% 14.4% 17.8% 7.1% 4.4% 2.4% 2.2% 0.9% 2.2%
2013 Median Household Income 2013 Per Capita Income
$34,427 $18,026
$31,725 $17,633
$36,577 $21,295
2013 Average Household Income
$52,509
$50,286
$57,109
2000 Population 2010 Population 2013 Population 2018 Population
$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 +
Demographic data © 2012 by Experian. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
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Port Isabel Waterfront Land PORT ISABEL, TX
DEMOGRAPHIC ANALYSIS
SUMMARY REPORT Geography: 5 miles Population In 2014, the population in your selected geography is 11,867. The population has changed by 15.61% since 2000. It is estimated that the population in your area will be 12,600 five years from now, which represents a change of 6.17% from the current year. The current population is 49.76% male and 50.23% female. The median age of the population in your area is 40.2, compare this to the Entire US average which is 37.3. The population density in your area is 151.32 people per square mile.
Households There are currently 4,423 households in your selected geography. The number of households has changed by 13.36% since 2000. It is estimated that the number of households in your area will be 4,671 five years from now, which represents a change of 5.60% from the current year. The average household size in your area is 2.65 persons.
Income In 2014, the median household income for your selected geography is $36,577, compare this to the $Entire US average which is currently $51,972. The median household income for your area has changed by 30.53% since 2000. It is estimated that the median household income in your area will be $43,193 five years from now, which represents a change of 18.08% from the current year. The current year per capita income in your area is $21,295, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $57,109, compare this to the Entire US average which is $74,533.
Race & Ethnicity The current year racial makeup of your selected area is as follows: 86.68% White, 0.88% Black, 0.07% Native American and 0.73% Asian/Pacific Islander. Compare these to Entire US% averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 62.29% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.
Housing In 2000, there were 2,567 owner occupied housing units in your area and there were 1,334 renter occupied housing units in your area. The median rent at the time was $395.
Employment In 2014, there are 5,825 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 52.52% of employees are employed in white-collar occupations in this geography, and 47.90% are employed in blue-collar occupations. In 2014, unemployment in this area is 4.66%. In 2000, the average time traveled to work was 20.0 minutes.
Demographic data © 2012 by Experian.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
11
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
POPULATION DENSITY
Demographic data © 2012 by Experian.
Number of people living in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
12
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
EMPLOYMENT DENSITY
Demographic data © 2012 by Experian.
The number of people employed in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
13
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
AVERAGE HOUSEHOLD INCOME
Demographic data © 2012 by Experian.
Average income of all the people 15 years and older occupying a single housing unit.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
14
Port Isabel Waterfront Land CLOSING PAGE
PORT ISABEL, TX
BROKERAGE SERVICES
Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Information About Brokerage Services Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License
Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Buyer, Seller, Landlord or Tenant
Date
Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
15
Port Isabel Waterfront Land PORT ISABEL, TX
OFFERING MEMORANDUM
Jeff Smith Associate Member, National Land Group Corpus Christi Office License: TX: 0328817 Tel: (361) 949-3300 Fax: (361) 356-3959 [email protected] www.marcusmillichap.com/JefferySmith
Offices Throughout the U.S. and Canada www.MarcusMillichap.com
OFFERING MEMORANDUM
Port Isabel Waterfront Land PORT ISABEL, TX
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.
NON-ENDORSEMENT NOTICE Marcus & 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.
Port Isabel Waterfront Land TABLE OF CONTENTS
Section 1
PRICING AND FINANCIAL ANALYSIS
Section 2
PROPERTY DESCRIPTION
Section 3
DEMOGRAPHIC ANALYSIS
PRICING AND FINANCIAL ANALYSIS
Port Isabel Waterfront Land PORT ISABEL, TX
Port Isabel Waterfront Land PORT ISABEL, TX
PRICING AND FINANCIAL ANALYSIS
FINANCIAL OVERVIEW Summary Property
Port Isabel Waterfront Land
Property Address
South Garcia Street Port Isabel, TX 78578
Price
$5,500,000
Down Payment
100% / $5,500,000
Lot Size (SF)
4,951,465
Price/SF
$1.11
Lot Size (Acres)
113.6700
Price/Acre
$48,386
Buildable SF
1,031,065
Price/Buildable SF
$5.33
Type of Ownership
Fee Simple
Site Description Assessor's Parcel Number
199685
Zoning
R-1 Residential
Taxes
$18,920
Tax Year
2014
Frontage
Approximately 4,463 Feet Along the Laguna
Utilities
All Availabe
Financing FIRST TRUST DEED Loan Type
All Cash
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
1
PROPERTY DESCRIPTION
Port Isabel Waterfront Land PORT ISABEL, TX
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
INVESTMENT OVERVIEW Investment Highlights ■ Water Frontage of 4,463 Feet ■ Outstanding Views of the Laguna Madre Estuary ■ All Utilities Available to the Site ■ Located in Port Isabel near South Padre Island ■ World Famous Tourist and Winter Texan Destination ■ Premiere Waterfront Site in the Region ■ Nationally Recognized Retirement Area ■ Close to Mexico and Shopping
The site is the former entrance to the Queen Isabella Causeway with 4,463 feet of frontage along the Laguna Madre estuary. The Old Queen Isabella Causeway extends out from the main site into 90 acres of submerged land that could be utilized for marinas and boat slips. Submerged Land: The 90 acres submerged land tract is leased from the State of Texas for a period of 40 years. The lease commenced on March 5, 2013 and will terminate on March 4, 2053. There is one, 20-year renewal option. Location: Port Isabel and South Padre Island are nationally and internationally recognized retirement and vacation destinations. Thousands of high-end retirement homes, condos and vacation properties are located in the area. The property is located with the Brownsville\Harlingen MSA.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
3
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
INVESTMENT OVERVIEW
Market Reports: Retail: The Brownsville/Harlingen retail market vacancy rate went from 7.3 percent in the previous quarter to 7.6 percent. Quoted rental rates increased from third quarter 2014 levels, ending at $13.35 per square foot per year on a triple-net basis. Office: The Brownsville/Harlingen Office market had a year end vacancy rate of 9.7 percent. Rental rates ended the fourth quarter at $14.07, a decrease over the previous quarter. There were no properties under construction at the end of the quarter. Industrial: The Brownsville/Harlingen Industrial market was 14 percent vacant at the end of the year. Rental rates ended the fourth quarter at $3.62, an increase over the previous quarter. There were no properties under construction at the end of the quarter. Multifamily: There are 95 properties that contain over 20 units in the Brownsville/Harlingen MSA. Average occupancy is around 95 percent. Average rental rates are around $0.90 per square foot. New Class A projects may lease for as much as $1.25 per square foot, depending on location. Single-Family Residential: Realtor.com shows a total of 783 homes and condominiums for sale in Port Isabel and South Padre Island Drive as of March 2015. Homes prices range from under $100 per square foot for dry lot homes in Port Isabel to over $300 per square foot for gulf-view, high-rise condominiums on South Padre Island. Hotels/Motels: According to the office of the Governor - Texas Economic Development and Tourism Departments there were 5,905 rooms for rent in Cameron County as of the end of 2014. An increase of 1.4 percent over 2013. Room revenues were up 10.5 percent. Occupancy increased by 2.4 percent to 42.9 percent from 2013. REVPAR increased from $30.31 to $33.04 for a gain of 2.73 percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
4
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
PROPERTY PHOTOS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
5
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
AREA MAPS
Local Map
Regional Map
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
6
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
PLAT MAP
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
7
Port Isabel Waterfront Land PORT ISABEL, TX
PROPERTY DESCRIPTION
AERIAL PHOTO
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
8
DEMOGRAPHIC ANALYSIS
Port Isabel Waterfront Land PORT ISABEL, TX
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
DEMOGRAPHIC REPORT 1 Mile 1,349 1,256 1,282 1,283
3 Miles 6,384 6,335 6,507 6,584
5 Miles 10,264 11,716 11,867 12,600
2000 Households 2010 Households 2013 Households 2018 Households
454 424 440 443
2,215 2,182 2,279 2,317
3,902 4,286 4,423 4,671
2013 Average Household Size
2.62
2.69
2.65
2013 Daytime Population
645
4,669
5,825
2000 Owner Occupied Housing Units 2000 Renter Occupied Housing Units 2000 Vacant
34.63% 16.62% 48.75%
34.07% 19.87% 46.06%
27.85% 14.47% 57.67%
2013 Owner Occupied Housing Units 2013 Renter Occupied Housing Units 2013 Vacant
54.65% 45.35% 55.57%
59.22% 40.78% 50.24%
59.44% 40.56% 59.76%
2018 Owner Occupied Housing Units 2018 Renter Occupied Housing Units 2018 Vacant
54.45% 45.55% 56.95%
59.10% 40.90% 51.20%
58.70% 41.30% 59.92%
27.3% 11.4% 12.0% 15.2% 15.0% 9.1% 3.8% 1.9% 1.8% 0.8% 1.8%
27.3% 14.4% 11.6% 13.9% 15.7% 6.8% 4.3% 2.3% 1.7% 0.6% 1.5%
24.1% 13.5% 11.0% 14.4% 17.8% 7.1% 4.4% 2.4% 2.2% 0.9% 2.2%
2013 Median Household Income 2013 Per Capita Income
$34,427 $18,026
$31,725 $17,633
$36,577 $21,295
2013 Average Household Income
$52,509
$50,286
$57,109
2000 Population 2010 Population 2013 Population 2018 Population
$ 0 - $14,999 $ 15,000 - $24,999 $ 25,000 - $34,999 $ 35,000 - $49,999 $ 50,000 - $74,999 $ 75,000 - $99,999 $100,000 - $124,999 $125,000 - $149,999 $150,000 - $199,999 $200,000 - $249,999 $250,000 +
Demographic data © 2012 by Experian. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
10
Port Isabel Waterfront Land PORT ISABEL, TX
DEMOGRAPHIC ANALYSIS
SUMMARY REPORT Geography: 5 miles Population In 2014, the population in your selected geography is 11,867. The population has changed by 15.61% since 2000. It is estimated that the population in your area will be 12,600 five years from now, which represents a change of 6.17% from the current year. The current population is 49.76% male and 50.23% female. The median age of the population in your area is 40.2, compare this to the Entire US average which is 37.3. The population density in your area is 151.32 people per square mile.
Households There are currently 4,423 households in your selected geography. The number of households has changed by 13.36% since 2000. It is estimated that the number of households in your area will be 4,671 five years from now, which represents a change of 5.60% from the current year. The average household size in your area is 2.65 persons.
Income In 2014, the median household income for your selected geography is $36,577, compare this to the $Entire US average which is currently $51,972. The median household income for your area has changed by 30.53% since 2000. It is estimated that the median household income in your area will be $43,193 five years from now, which represents a change of 18.08% from the current year. The current year per capita income in your area is $21,295, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $57,109, compare this to the Entire US average which is $74,533.
Race & Ethnicity The current year racial makeup of your selected area is as follows: 86.68% White, 0.88% Black, 0.07% Native American and 0.73% Asian/Pacific Islander. Compare these to Entire US% averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 62.29% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.
Housing In 2000, there were 2,567 owner occupied housing units in your area and there were 1,334 renter occupied housing units in your area. The median rent at the time was $395.
Employment In 2014, there are 5,825 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 52.52% of employees are employed in white-collar occupations in this geography, and 47.90% are employed in blue-collar occupations. In 2014, unemployment in this area is 4.66%. In 2000, the average time traveled to work was 20.0 minutes.
Demographic data © 2012 by Experian.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
11
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
POPULATION DENSITY
Demographic data © 2012 by Experian.
Number of people living in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
12
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
EMPLOYMENT DENSITY
Demographic data © 2012 by Experian.
The number of people employed in a given area per square mile.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
13
Port Isabel Waterfront Land DEMOGRAPHIC ANALYSIS
PORT ISABEL, TX
AVERAGE HOUSEHOLD INCOME
Demographic data © 2012 by Experian.
Average income of all the people 15 years and older occupying a single housing unit.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
14
Port Isabel Waterfront Land CLOSING PAGE
PORT ISABEL, TX
BROKERAGE SERVICES
Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Information About Brokerage Services Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License
Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Buyer, Seller, Landlord or Tenant
Date
Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0920004 Marcus & Millichap. All rights reserved.
15
Port Isabel Waterfront Land PORT ISABEL, TX
OFFERING MEMORANDUM
Jeff Smith Associate Member, National Land Group Corpus Christi Office License: TX: 0328817 Tel: (361) 949-3300 Fax: (361) 356-3959 [email protected] www.marcusmillichap.com/JefferySmith
Offices Throughout the U.S. and Canada www.MarcusMillichap.com
