Once students understand how to map or ‘read’ a neighborhood, they can begin to

Once students understand how to map or ‘read’ a neighborhood, they can begin to see opportunities to improve a neighborhood through real estate development. The first stage of the development process asks students to survey and do ‘due diligence’ research on existing patterns to determine future development options. This is called a Real Estate Market Analysis. Here the student asks: What boundaries define this particular neighborhood or market area? Who uses the neighborhood? What are market rents in the area? What is the future potential for this neighborhood from a development perspective?
ASSIGNMENT: Project 2 (Due October 21st, 11:59pm on ELMS)
Your assignment is to select one College Park neighborhood (or College Park as a whole) and do a simple market analysis of neighborhood conditions and opportunities for future real estate development.
Requirements: 1 map page, 3 written pages, 2 pages of charts/graphs/photos
Map: Graphically define subject neighborhood on an 8 1/2″ x 11″ map
Select a clear College Park Map and indicate the boundaries for your chosen neighborhood in relation to primary roads.
Neighborhood Descriiption:
Write a full paragraph narrative describing the neighborhood location, environment, amenities, and access to transportation.
Market Demand and Demographics:
Research the market demand for either retail, office space or residential properties. Include types of users (seniors, students, families, professionals, etc.) and the existing supply of your property type (how many units or square feet are present in your area).
Prices and Rents:
Determine the current monthly prices or rents for your property type. For example, how much does it cost to rent a typical 1 or 2 bedroom apartment? How much would a retail shop tenant pay for a 1-2 story building on Route 1?
Locate a Potential Site for Development:
Find at least one vacant site or existing underutilized building. Explain the opportunities to develop this space into a small scale residential, retail or office project. Use your previous data to support your case.
Include charts, graphs and photos
Visually support your research (2 pages).
Resources:
https://www.collegeparkmd.gov/208/Renting-in-College-Park (Links to an external site.)
http://reslife.umd.edu/marketstudy/ (Links to an external site.)
https://www.neighborhoodscout.com/md/college-park/real-estate (Links to an external site.)
https://www.zillow.com/college-park-md/home-values/ (Links to an external site.)
https://www.loopnet.com/maryland/college-park_retail-space-for-lease/