American
Appraisers
Corporation
Appraisers
Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10801 Electron Drive, Suite 308
Louisville, KY. 40299
(502) 267-6344 Fax
10801 Electron Drive, Suite 308
Louisville, KY. 40299
SUBJECT MARKET AREA AND ANALYSIS
Miami, Fort Lauderdale Florida MSA
Neighborhood is defined as follows: A group of complementary land uses;
a congruous grouping of inhabitants, buildings, or business enterprises.
The following paragraphs provide an overview of the immediate area.
The subject is located in an office warehouse condominium complex
located on the north side of Johnson Street, just west of the intersection
SW 208th Avenue and East of US 27. Johnson Street is an east west street
located about a half mile north of Pines Boulevard. This location is in
Pembroke Pines.
Major Traffic Arteries
The major highways in the area are I-75, I-595, I-95, and the Palmetto
Expressway. I-75 is a north south interstate highway that is located about 5
miles to the east of the subject. This highway connects to I-595 to the
north and to the Palmetto Expressway to the south. I-95 is a north south
highway closer to the coast line, about 15 miles to the east of the subject.
The area is developed in a gird development system with the major
thoroughfares built in a north south and east west grid. The major east
west thoroughfare in the area is State Route 820/Pines Boulevard. This
road runs about a half mile south of the subject in an east west direction.
It runs from the Atlantic coast inland to the Everglades to the west. The
major north south thoroughfare in the area is US 27. This road is
essentially the western boundary of development in the area. West of this
road is mostly Everglades. This road runs to the north to Everglades
Parkway. US 27 is located about a half mile to the west of the subject.
Overall, the location of the subject is considered to have excellent access
and visibility on a macro and micro level.
Land Uses and Development
Land uses and development in the immediate area consists of commercial
development: office, industrial, residential development: single family and
multi-family development; and institutional land uses: parks, churches,
schools, etc. There is retail development along State Route 820 to the
south. Much of the surrounding area is newer development. The
surrounding area is about 80% developed. The aerial that follows shows
the location of the subject and the surrounding development.
To the immediate north of the subject is single family development. The
area is a large planned development community. One of the developments
is known as Hidden Lake.
To the immediate south of the subject is a residential condominium
development called Malibu Bay. Further south on Pines Boulevard is
commercial development.
To the immediate east of the subject is the Somerset Academy. Further to
the east is Price Park and residential development known as The
Preserve.
To the west is West Broward High School and several office/flex
properties.
Chapel Trail is a gated, lakefront community in Pembroke Pines. Chapel
Trail features Mediterranean-style homes with curved S-tile roofs. Many
Chapel Trail homes also provide lake views, vaulted ceilings, Roman tubs,
stainless steel appliances, ceramic floors, and hurricane shutters. Chapel
Trail has a pool and clubhouse. Homes for sale in Chapel Trail start at
$175,000.
The subject’s development and the office flex properties in the immediate
area are somewhat unique to the area. There are very few other office/flex
properties in the immediate area or Pembroke Pines in general. One would
have to go as far as Weston or Davie to find comparable properties. A new
ordinance was passed not allowing the newer condominium units to be
built out to over 27% office finish. Some of the 1st office/flex
condominiums were built-out to higher levels of finish prior to this
ordinance.
Growth and New Development
The area has undergone significant growth since the 1990s through the
mid 2000s. The city’s rapid population growth in the mid- to late-1990s was
part of the effect of Hurricane Andrew in 1992. Thousands of southern
Miami-Dade County residents moved northward to Broward County, many
to Pembroke Pines. The resulting boom ranked the City of Pembroke Pines
third in a list of "Fastest Growing Cities" in the United States in 1999. The
city's population has grown from (1990 pop. 65,452) to an estimated
population of 146,828.
Demographic Profile
Single family development statistics for the 1, 3, and 5 mile radius is found
on the chart on the following page. The map below shows the radii.
The population in the 1, 3, and 5 mile radii are 6,820, 35,306, and 97,123
respectively. The area is expected to grow 0%, 0.4%, and 0.9% per year
respectively over the next five years. Owner occupied homes comprise
84.3%, 86.6%, and 82.6% of the total homes in the respective radii. Median
household income in the 1, 3, and 5 mile radii are $76,223, $113.539, and
$124,957 respectively indicating the area is a reasonably affluent location.
The median home values are $167,687, $235,778, and $243,372
respectively. The average year built (based on 2000 census data) of the
structures is estimated at 1994, 1994, and 1996. It is noted that there is
significant newer development in the area and when the 2010 census is
available it will show a higher percentage of homes built more recently.
Conclusion
In conclusion, the subject location is in a desirable and reasonably affluent
area with close proximity to several significant corridors and highways.
This location has seen significant growth over the past decade. At
present, the area is about 80% developed. A church with good leadership
could have success in this location as there are ample residential and
commercial development to support such a use. A commercial use is also
indicated as financially feasible.
Miami, Fort Lauderdale Florida MSA
Neighborhood is defined as follows: A group of complementary land uses;
a congruous grouping of inhabitants, buildings, or business enterprises.
The following paragraphs provide an overview of the immediate area.
The subject is located in an office warehouse condominium complex
located on the north side of Johnson Street, just west of the intersection
SW 208th Avenue and East of US 27. Johnson Street is an east west street
located about a half mile north of Pines Boulevard. This location is in
Pembroke Pines.
Major Traffic Arteries
The major highways in the area are I-75, I-595, I-95, and the Palmetto
Expressway. I-75 is a north south interstate highway that is located about 5
miles to the east of the subject. This highway connects to I-595 to the
north and to the Palmetto Expressway to the south. I-95 is a north south
highway closer to the coast line, about 15 miles to the east of the subject.
The area is developed in a gird development system with the major
thoroughfares built in a north south and east west grid. The major east
west thoroughfare in the area is State Route 820/Pines Boulevard. This
road runs about a half mile south of the subject in an east west direction.
It runs from the Atlantic coast inland to the Everglades to the west. The
major north south thoroughfare in the area is US 27. This road is
essentially the western boundary of development in the area. West of this
road is mostly Everglades. This road runs to the north to Everglades
Parkway. US 27 is located about a half mile to the west of the subject.
Overall, the location of the subject is considered to have excellent access
and visibility on a macro and micro level.
Land Uses and Development
Land uses and development in the immediate area consists of commercial
development: office, industrial, residential development: single family and
multi-family development; and institutional land uses: parks, churches,
schools, etc. There is retail development along State Route 820 to the
south. Much of the surrounding area is newer development. The
surrounding area is about 80% developed. The aerial that follows shows
the location of the subject and the surrounding development.
To the immediate north of the subject is single family development. The
area is a large planned development community. One of the developments
is known as Hidden Lake.
To the immediate south of the subject is a residential condominium
development called Malibu Bay. Further south on Pines Boulevard is
commercial development.
To the immediate east of the subject is the Somerset Academy. Further to
the east is Price Park and residential development known as The
Preserve.
To the west is West Broward High School and several office/flex
properties.
Chapel Trail is a gated, lakefront community in Pembroke Pines. Chapel
Trail features Mediterranean-style homes with curved S-tile roofs. Many
Chapel Trail homes also provide lake views, vaulted ceilings, Roman tubs,
stainless steel appliances, ceramic floors, and hurricane shutters. Chapel
Trail has a pool and clubhouse. Homes for sale in Chapel Trail start at
$175,000.
The subject’s development and the office flex properties in the immediate
area are somewhat unique to the area. There are very few other office/flex
properties in the immediate area or Pembroke Pines in general. One would
have to go as far as Weston or Davie to find comparable properties. A new
ordinance was passed not allowing the newer condominium units to be
built out to over 27% office finish. Some of the 1st office/flex
condominiums were built-out to higher levels of finish prior to this
ordinance.
Growth and New Development
The area has undergone significant growth since the 1990s through the
mid 2000s. The city’s rapid population growth in the mid- to late-1990s was
part of the effect of Hurricane Andrew in 1992. Thousands of southern
Miami-Dade County residents moved northward to Broward County, many
to Pembroke Pines. The resulting boom ranked the City of Pembroke Pines
third in a list of "Fastest Growing Cities" in the United States in 1999. The
city's population has grown from (1990 pop. 65,452) to an estimated
population of 146,828.
Demographic Profile
Single family development statistics for the 1, 3, and 5 mile radius is found
on the chart on the following page. The map below shows the radii.
The population in the 1, 3, and 5 mile radii are 6,820, 35,306, and 97,123
respectively. The area is expected to grow 0%, 0.4%, and 0.9% per year
respectively over the next five years. Owner occupied homes comprise
84.3%, 86.6%, and 82.6% of the total homes in the respective radii. Median
household income in the 1, 3, and 5 mile radii are $76,223, $113.539, and
$124,957 respectively indicating the area is a reasonably affluent location.
The median home values are $167,687, $235,778, and $243,372
respectively. The average year built (based on 2000 census data) of the
structures is estimated at 1994, 1994, and 1996. It is noted that there is
significant newer development in the area and when the 2010 census is
available it will show a higher percentage of homes built more recently.
Conclusion
In conclusion, the subject location is in a desirable and reasonably affluent
area with close proximity to several significant corridors and highways.
This location has seen significant growth over the past decade. At
present, the area is about 80% developed. A church with good leadership
could have success in this location as there are ample residential and
commercial development to support such a use. A commercial use is also
indicated as financially feasible.
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Nationwide real estate appraisal service
_American
__Appraisers
___Corporation
__Appraisers
___Corporation
(502) 267-6344 Fax
10507 Watterson Tr., 2nd
Louisville, KY. 40299
10507 Watterson Tr., 2nd
Louisville, KY. 40299
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