COCOA MANUFACTURED HOUSING DEVELOPMENT OPPORTUNITY - 900 ANN WAY, COCOA, FL 32926 & 5971 CEDAR LAKE DR, COCOA, FL 32927 | OFFERING MEMORANDUM
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COCOA MANUFACTURED HOUSING DEVELOPMENT OPPORTUNITY
900 ANN WAY, COCOA, FL 32926 & 5971 CEDAR LAKE DR, COCOA, FL 32927 | OFFERING MEMORANDUM
1
MARKETING TEAM &
LISTING AGENTS
2
LISTING AGENTS
GLENN D. ESTERSON DYLAN HELLBURG CHARLES DEHART SALLIE WHITEHURST
VP OF INVESTMENTS ASSOCIATE OPERATIONS MANAGER LICENSED ASSISTANT
GLENN.ESTERSON@MARCUSMILLICHAP.COM DYLAN.HELLBERG@MARCUSMILLICHAP.COM CHARLES.DEHART@MARCUSMILLICHAP.COM SALLIE.WHITEHURST@MARCUSMILLICHAP.COM
RAY TURCHI DAVID VAUGHAN QUINT SCHENCK
SENIOR VP OF INVESTMENTS FIRST VP OF INVESTMENTS ASSOCIATE
RAY.TURCHI@MARCUSMILLICHAP.COM DAVID.VAUGHAN@MARCUSMILLICHAP.COM QUINT.SCHENCK@MARCUSMILLICHAP.COM 3
INVESTMENT &
PROPERTY HIGHLIGHTS
4
Located in Brevard County on the famous Space Coast of FL, this
EXECUTIVE SUMMARY
proposed 55+, 2-park, 246 pad development presents an
opportunity to build market leading manufactured home communities
in Cocoa, FL.
Directly in the middle of the Palm Bay-Melbourne-Titusville, FL metro
area, Cocoa is in a highly desirable and growing area
known as the Tech Corridor. Employers in the area include NASA,
Space X, and Blue Origin. In addition, Amazon is building a 200,000
square foot fulfillment center just a few minutes from each of the
subject properties. Other landmark facilities near the proposed
developments include the Kennedy Space Center Visitor Complex,
Merritt Island, Cape Canaveral Air Force Station, and Port Canaveral.
There are numerous exciting indicators for this project.
The 608k population in Brevard County has grown at a rate of 5.1%
since 2010. The median home price is $277k in Brevard County and
$232k in Cocoa. The average age of residents in Brevard County is
roughly 47 years old. This all points to an exceedingly robust market for
an affordable, centrally located, high quality retirement community in
what was called one of the Top 10 Beach Towns in FL by the Huffington
Post.
Canaveral landing will feature 100 low-density manufactured
home lots surrounded by nature trails, a community pool, and an
entertainment area with stationary grills. Cedar Lake Estates will
feature 146 low-density manufactured home lots and is
located just a few miles from multiple freeway access points, the Space
Coast Regional Airport, and beautiful beaches. Both parks are 40
minutes or less from the Orlando International Airport.
With the ability to charge an $800 market lot rent, these completed, and
fully occupied parks would produce a maximized net
operating income of $1,490,000 and be worth roughly $151k
per pad on a market sale, excluding any value for park owned homes.
5
List Price $9,000,000
PROPERTY SUMMARY Total Acreage
Price / AC
91.83+/-
$98,007
Potential MH Units 246
Price/Unit $36,585
CANAVERAL LANDING | 900 ANN WAY, COCOA, FL 32926 CEDAR LAKES ESTATES | 5971 CEDAR LAKE DR, COCOA, FL 32927
Total Acres 33.8 AC Total Acres 58.03 AC
Zoning/Density TR-1 / 2.69 UPA
Zoning/Density TRC-1 / 4 UPA
Property Use 150 Manufactured Housing Units
Property Use 96 Manufactured Housing Units
23-35-24-00-3, 23-35-24-00-756.9,
Parcel ID 23-35-36-00-00501 Parcel IDs
23-36-19-02-*-6
2020 RE Tax Bill $2,651 2020 RE Tax Bill $2,206
MANUFACTURED HOUSING BENEFITS AREA HIGHLIGHTS
• Construction time reduced by 30%- 50% • 5-Minute Drive South to Martin Andersen Beachline Expressway (SR 528)
Access | Head East to Port Canaveral & Cocoa Beach Pier or Head West and Take
• Construction quality control far exceeds that of traditional construction. the Beachline Expressway to Orlando
• Manufacturer Warranty- “2 Year full warranty” & “10 Year Structural” • Space Coast Regional Airport, Kennedy Space Center Visitor Complex, Merritt
• 2 yr. warranty covers all appliances, systems, and functional Island, Cape Canaveral Air Force Station & Port Canaveral all Within a 10-Mile
components thereof Radius of Subject Property
• 10 yr. warranty covers all load bearing components, including • Known as the Tech Corridor, Area is Growing With an Impressive List of
roof, footings, foundation, walls, beams, etc. • Employers Including NASA, Space X and Blue Origin
• Meets or exceeds manufactured housing standards set by HUD, FL Dept. • Grissom Parkway is the Primary N/S Collector Roadway Between the Heavily
of Business Professional Regulation, and FL Building Code Regulations. Populated Areas of Port St. John and Titusville
• ESG Opportunity- manufactured homes are “Green” • The Huffington Post Names Cocoa Beach one of the 10 Best Beach Towns in
Florida
• Lower density single family neighborhood feel.
• The County is in a Building Boom With Several Housing Projects in the Process:
• Insurable as standard single-family rental community Watermark Project, Panther Ridge (142 Lots) and Hickory Ride (107 Lots)
• Hurricane Rated for Zones I, II, and III. • The Neighboring City of Titusville Just North Reports There are 4,454 Single-
Family Units & 226 Apartment Units in 16 Projects Currently Under
• Built on steel an I-beam frame and attached to concrete
Construction 6
foundations with steel hurricane straps
RENDERING PHOTO
CANAVERAL LANDING
7
SITE PLAN PROPERTY HIGHLIGHTS
• 33+ Acres of Residential Land Located in Cocoa, Florida | Approved for
CANAVERAL LANDING
96 Manufactured Housing Units
• Subject Land is Located Off Grissom Parkway With 674-Feet of Frontage
Along Canaveral Groves Blvd
• The Community Will be Low-Density With 4 Homes/AC (10-Acre
Conservation Easement) | Surrounded by Nature Trails & Community
Pool, Recreational Pavilion and Stationary Grills
• Canaveral Landing Homes Will be High-Quality Factory-Built Garden
Style Residences With W/D and Full GE Appliance Packages, car Ports,
Storage & Privacy Fencing
• Homes Will be Green and Highly Energy Efficient, Which Meets the
Standard for 45L tax Credits
Grissom Parkway 10,700 Vehicles Daily
Canaveral Groves Blvd
8
CANAVERAL LANDING
AERIAL Indian River
674’
9
CANAVERAL LANDING
AERIAL
1011
JACOBSEN HOMES
About Jacobsen
Jacobsen Homes has been building manufactured homes in the state of Florida for over 60 years. It is a 3rd generation family-owned business that has
supplied FL with the most manufactured homes over the last 5 years. Jacobsen Homes accounts for over 40% of the manufactured homes sold in the state
of Florida. Jacobsen Homes leads the manufactured housing industry with automated floor plan design achieved using AutoCAD. Every home is computer
designed by the in-house engineering staff and is covered under Jacobsen Homes’ 2-10HomeBuyers Warranty.
Jacobsen Homes is a privately owned company, with annual revenues exceeding $100mm and as they produce on average 40 homes per week. Jacobsen
Homes has captured the lion’s share of the market for manufactured housing in the state of FL due to their superior product that has now stood the test of
time. Jacobsen Homes uses sturdier and higher-grade lumber than its competitors. Additionally, Jacobsen Homes is constantly focused on safety and
quality of product. Each manufactured home from Jacobsen Homes has additional steel hurricane straps used to hold the components of the structure
together and to fix the structure to its foundation. Lastly, Jacobsen Homes is a “green” builder (see more by clicking here). In every manufactured home
from Jacobsen Homes there are recycled materials, a positive ventilation system, Energy Star appliances and shingles, and an overall design that is meant
to ensure that the product is truly energy efficient. You can find more specific details regarding the energy efficiency of the product by clicking here.
12FLOOR PLANS
CANAVERAL LANDING
2 Bed / 2 Bath
1,280 SF
Vinyl Flooring
Dishwasher, Disposal,
Kitchen Island
Carport, Patio, Storage
Room, Privacy Fence
Jacobsen Homes
Floor Plans of
Manufactured
Homes
3 Bed / 2 Bath
1,387 SF
Vinyl Flooring
Dishwasher, Disposal,
Kitchen Island
Carport, Patio, Storage
Room, Privacy Fence
13SITE PLAN
PROPERTY HIGHLIGHTS
• 58+ Acres of Residential Land Located in Cocoa, Florida |
Located 5-Miles From I-95 Exit 208 at Port St John Blvd & 5-Miles From SR 528 Beachline
CEDAR LAKES ESTATES
•
Expressway Ramp on US-1
• 3.75-Miles South of Space Coast Regional Airport | 33-Miles East of Orlando International Airport
• 10-Minute Drive South to Martin Andersen Beachline Expressway (SR 528) Access | Head East to
Port Canaveral & Cocoa Beach Pier or Head West and Take the Beachline Expressway to Orlando
• 5-Minute Walk to the Park for Boating & Fishing
• Space Coast Regional Airport, Kennedy Space Center Visitor Complex, Merritt Island, Cape
Canaveral Air Force Station & Port Canaveral all Within a 10-Mile Radius of Subject Property
Indian River
US-1 34,000 Vehicles Daily
14CEDAR LAKES ESTATES
AERIAL
Space
Coast
Regional
Airport Indian River
Burger
King
FPL Cape
Canaveral
Power
Plant
15CEDAR LAKES ESTATES
AERIAL
16CEDAR LAKES ESTATES
AERIAL
Indian River
FPL Cape
Canaveral Brevard
Power Memorial
Plant Park
17LOCAL AREA MAP
Cape Canaveral
Air Force Station
82,500 AADT I-95
CEDAR LAKES ESTATES
CANAVERAL
LANDING
43,157 AADT SR 528/BEACHLINE
18FLORIDA MAP
SUBJECT
PROPERTIES
19SPACE COAST
MARKET DATA
20MARKET DATA
Palm Bay, Melbourne, and Titusville anchor a large and
complex area of barrier islands, beach and coastal
communities comprising what is known as the “Space
Coast.” Cape Canaveral and the John F. Kennedy Space
Center are located on the northernmost large barrier
islands, adding considerable interest and economic benefit
to the area. There are fine beaches on these islands, while
the coast cities tend to carry most of the commercial,
residential, and agricultural activity. Driven in part by the
NASA facilities, there are several high-tech firms in the
area. The more family-oriented Palm Bay is the most
populous of the three.
21MARKET DATA
In 2018, Palm Bay-Melbourne-Titusville, FL had a population of 597k
people with a median age of 47.2 and a median household income of
$57,888. Between 2017 and 2018 the population of Palm Bay-
Melbourne-Titusville, FL grew from 589,162 to 596,849, a 1.3%
increase and its median household income grew from $52,540 to
$57,888, a 10.2% increase.
The largest universities in Palm Bay-Melbourne-Titusville, FL are
Eastern Florida State College (4,384 degrees awarded in 2017), Florida
Institute of Technology (1,970 degrees), and Florida Institute of
Technology-Online (837 degrees).
The median property value in Palm Bay-Melbourne-Titusville, FL is
$221,300, and the homeownership rate is 75.7%. Most people in Palm
Bay-Melbourne-Titusville, FL commute by Drove Alone, and the
average commute time is 23.8 minutes. The average car ownership in
Palm Bay-Melbourne-Titusville, FL is 2 cars per household. In 2018,
the median household income of the 226k households in Palm Bay-
Melbourne-Titusville, FL grew to $57,888 from the previous year's
value of $52,540.
Palm Bay-Melbourne-Titusville, FL borders Deltona-Daytona Beach-
Ormond Beach, FL, Orlando-Kissimmee-Sanford, FL, and Sebastian-
Vero Beach, FL.
22MARKET DATA
The Blue Origin campus will nearly double in size at SpaceX has gained worldwide attention for a series of historic
Exploration Park and the facility will function as both milestones. It is the only private company capable of returning
manufacturing center and launch control for New Glenn a spacecraft from low-Earth orbit, and in 2012 our Dragon
missions. Blue Origin, led by Jeff Bezos who launched Amazon spacecraft became the first commercial spacecraft to deliver
in 1994, is investing more than a billion dollars to transform cargo to and from the International Space Station. And in 2020,
infrastructure to make way for its New Glenn rocket. Artist SpaceX became the first private company to take humans there
rendering of Blue Origin New Glenn rocket to be built and as well. Click through the timeline above to see some of our
launch on the Space Coast. Current Blue Origins expansion milestone accomplishments.
plans call for launch from Cape Canaveral Air Force Station on
the Space Coast no earlier than 2021. Construction workers SpaceX is honored to launch from Kennedy Space Center’s
finished the existing factory at Park in late 2017, but that’s just historic Launch Complex 39A, home of the Apollo and Space
the first phase. Blue has embarked on a series of initiatives Shuttle programs. In addition to commercial satellite launches
here on the Space Coast of Florida. Next door to Titusville, and space station resupply missions, LC-39A supports crew
visible across the Indian River Lagoon, just 10 miles away at launches of the Dragon spacecraft.
Launch Complex 36, up to 600 people have already been hired
to build out the infrastructure required for New Glenn launch. The site’s location on the southeast coast of the US provides
It’s the launch pad formerly used for Atlas-Centaur rockets that access to a wide range of low and medium inclination orbits
Blue Origin now leases from the U.S. Air Force. Blue Origin frequently used by communications and Earth-observing
already employs locally approximately 250 people working satellites and by supply missions to the International Space
toward these goals. Before build out is complete, it is expected Station. The site also allows access to geostationary orbits, as
that number will be in the upper hundreds. well as departures to the Moon and interplanetary destinations.
23MARKET DATA
POPULATION EMPLOYMENT
In 2020, the population in your selected geography is 47,467. The population In 2020, 24,669 people in your selected area were employed. The 2000
has changed by 17.1 percent since 2000. It is estimated that the population in Census revealed that 53.8 percent of employees are in
your area will be 48,864 five years from now, which represents a change of 2.9 white-collar occupations in this geography, and 46.3 percent are in blue-
percent from the current year. The current population is 51.3 percent male and collar occupations. In 2020, unemployment in this area was
48.7 percent female. The median age of the population in your area is 40.6, 4.0 percent. In 2000, the average time traveled to work was 22.4 minutes.
compared with the U.S. average, which is 38.2. The population density in your
area is 605 people per square mile.
HOUSEHOLDS HOUSING
There are currently 18,482 households in your selected geography. The The median housing value in your area was $161,853 in 2020, compared
number of households has changed by 17.5 percent since 2000. It is estimated with the U.S. median of $221,068. In 2000, there were 11,125 owner-
that the number of households in your area will be 19,213 five years from now, occupied housing units and 4,599 renter-occupied housing units in your
which represents a change of 4.0 percent from the current year. The average area. The median rent at the time was $424.
household size in your area is 2.4 people.
INCOME EDUCATION
In 2020, the median household income for your selected geography is The selected area in 2020 had a lower level of educational attainment when
$43,694, compared with the U.S. average, which is currently compared with the U.S averages. Only 5.9 percent of the selected area’s
$62,990.The median household income for your area has changed by residents had earned a graduate degree compared with the national average
31.6 percent since 2000. It is estimated that the median household income in of 11.8 percent, and 11.6 percent completed a bachelor’s degree, compared
your area will be $49,215 five years from now, which represents a change of with the national average of 19.2 percent.
12.6 percent from the current year.
The current year per capita income in your area is $23,877, compared with the The number of area residents with an associate degree was higher than the
U.S. average, which is $34,935. The current year's average household income in nations at 11.5 percent vs. 8.3 percent, respectively.
your area is $59,245, compared with the U.S. average, which is $90,941.
The area had more high-school graduates, 35.1 percent vs. 27.4 percent
for the nation. The percentage of residents who completed some college is
also higher than the average for the nation, at 22.2 percent in the selected
area compared with the 20.7 percent in the U.S.
24DEMOGRAPHICS
POPULATION 1 Mile 3 Miles 5 Miles HOUSEHOLDS BY INCOME 1 Mile 3 Miles 5 Miles
2025 Projection 2020 Estimate
Total Population 2,366 22,475 48,864 $250,000 or More 3.0% 1.1% 1.1%
2020 Estimate $200,000-$249,999 2.3% 0.9% 0.8%
Total Population 2,268 21,686 47,467 $150,000-$199,999 8.0% 4.6% 3.7%
2010 Census $125,000-$149,999 13.9% 5.2% 3.7%
Total Population 2,021 19,558 43,756 $100,000-$124,999 13.1% 7.9% 6.4%
2000 Census $75,000-$99,999 15.7% 11.3% 9.3%
Total Population 1,690 17,511 40,526 $50,000-$74,999 19.9% 21.8% 19.3%
Daytime Population $35,000-$49,999 11.0% 15.1% 14.3%
2020 Estimate 1,418 22,902 43,983 $25,000-$34,999 6.3% 10.5% 11.0%
HOUSEHOLDS 1 Mile 3 Miles 5 Miles $15,000-$24,999 3.2% 10.6% 13.3%
2025 Projection Under $15,000 3.6% 10.9% 17.2%
Total Households 1,028 9,267 19,213 Average Household Income $102,010 $67,652 $59,245
2020 Estimate Median Household Income $84,229 $52,734 $43,694
Total Households 974 8,868 18,482 Per Capita Income $43,809 $27,669 $23,877
Average (Mean) Household Size 2.5 2.5 2.4
2010 Census
Total Households 850 7,895 16,589
2000 Census
Total Households 648 6,788 15,724
25MARKET
COMPARABLES
26SALES COMPARABLES
- LAND
$100,000 Average Price/AC $97,272.25
$90,000
MIKLER ROAD
$80,000
PARTIN FARMS ROAD
$70,000
$60,000
SUBJECTS
$50,000
$40,000
E IRLO BRONSON MEMORIAL HWY
5648 LAKE LIZZE DRIVE $30,000
$20,000
$10,000
$0
Subject Partin Farms E Irlo Bronson 5648 Lake Mikler Road
Property Road Memorial Hwy Lizzie Dr (On (Under
Market) Contract)
27SALES COMPARABLES
- LAND
Partin Farms Road E Irlo Bronson Memorial Hwy 5648 Lake Lizzie Dr
Orlando, FL 32833 Saint Cloud, FL 34771 Saint Cloud, FL 34771
Sale Price $1,920,000 Sale Price $3,400,000 Sale Price $1,00,000
Sale Date 12/22/2020 Sale Date 11/09/2020 On Market
Price/AC $95,875 Price/AC $94,497 Price/AC $98,717
Total AC 20.03 Total AC 35.98 Total AC 10.13
Zoning A-2 Zoning OAC Zoning RS-2
Type Residential Land Type Residential Land Type Residential Land
28SALES COMPARABLES
- LAND
SE Residential Site
Mikler Road, Oviedo, FL 32765
Sale Price $1,925,000
Under Contract
Price/AC $100,000
Total AC 19.25
Zoning SE
Type Residential Land
29SALES COMPARABLES
- EXISTING MHPs
$180,000
$160,000
Average Price/Pad $153,353
5
$140,000
7
11 $120,000
$100,000
1
10
8
$80,000
6 2
4
3
9
$60,000
$40,000
$20,000
$0
30SALES COMPARABLES
- EXISTING MHPs
134 Vanguard Circle 232 Waterbury Court 2464 Boca Way Place 398 Wentworth Court
Cocoa, FL 32926 Melbourne, FL 32934 Melbourne, FL 32934
Melbourne, FL 32904
List Price $164,900 List Price $172,900 List Price $165,900 List Price $150,000
On Market On Market On Market On Market
Unit Mix 3 Bed | 2 Bath Unit Mix 2 Bed | 2 Bath Unit Mix 3 Bed | 2 Bath Unit Mix 3 Bed | 2 Bath
SF 1,296 SF 1,568 SF 1,560 SF 1,456
Aberdeen at Ormond Beach Foxwood Village Manufact. Lakeside Village Whispering Pines Manufact.
Ormond Beach, FL 32174 Kissimmee, FL 34758
Lakeland, FL 33810 Leesburg, FL 34788
Sale Price $96,000,000 Sale Price $61,116,068 Sale Price $39,248,688 Sale Price $45,600,000
Sale Date 7/23/20 Sale Date 3/23/21 Sale Date 4/30/20 Sale Date 11/30/20
# Sites 533 # Sites 350 # Sites 533 # Sites 304
Price/Pad $180,113 Price/Pad $174,617 Price/Pad $169,175 Price/Pad $150,000
31SALES COMPARABLES
- EXISTING MHPs
Bay Breeze Trailer Park Lake Shore Springfield Communities Portfolio
Clearwater, FL 33759 Leesburg, FL 34748 Cocoa, FL 32926
Sale Price $12,050,000 Sale Price $13,665,857 Sale Price $38,000,000
Sale Date 11/21/19 Sale Date 1/8/20 Sale Date 7/1/21
# Sites 85 # Sites 100 # Sites 470
Price/Pad $141,765 Price/Pad $136,659 Price/Pad $80,851
32LEASE COMPARABLES
$2,500
$2,250
1865 ROCKHURST AVE $2,000
13662 YOUNGSTOWN AVE
$1,750
SUBJECTS Average Rent $1,691
4865 LAKE ONTARIO DRIVE $1,500
$1,250
$1,000
435 NORWICH LANE
$750
5359 BANNOCK ST
$500
$250
$0
13662 435 Norwich 4865 Lake 1865 Rockhurst 5359 Bannock
Youngstown Lane Ontario Drive Ave Street
Ave
33LEASE COMPARABLES
13662 Youngstown Ave 435 Norwich Lane 4865 Lake Ontario Drive
Orlando, FL 32826 Melbourne Beach, FL 32951 Cocoa, FL 32926
3 bed | 2 bath $1,570 1,040 SF 2 bed | 2 bath $2,500 1,404 SF 2 bed | 2 bath $1,356 1,344 SF
34LEASE COMPARABLES
1865 Rockhurst Ave 5359 Bannock Street
Orlando, FL 32826 Micco, FL 32976
3 bed | 2 bath $1,630 1,120 SF 2 bed | 2 bath $1,400 1,258 SF
35Non-Endorsements
Marcus & Millichap Real Estate Investment Services of Florida, Inc. ("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.
Disclaimer
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN
APPRAISAL. This
information has been secured from sources we believe to be reliable, but we make no representations or warranties, express 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 service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus &
Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek
expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic.
Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus &
Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap
and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished
and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the
property’s physical condition or financial outlook. Projections and pro forma financial statements
are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely
solely on their own projections, analyses, and decision-making.)
ACT ID
BOR Ryan Nee
License: FL BK3154667
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