2730 weaver road · 2019-12-05 · 2730 weaver road is offered at $12,200,000 based on a...

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2730 WEAVER ROAD EXCLUSIVE INDUSTRIAL INVESTMENT OPPORTUNITY Offering Memorandum

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Page 1: 2730 WEAVER ROAD · 2019-12-05 · 2730 Weaver Road is offered at $12,200,000 based on a capitalization rate of 6.29%. The net operating income figures for the Property assume a fiscal

2730 WEAVER ROADEXCLUSIVE INDUSTRIAL INVESTMENT OPPORTUNITY

Offering Memorandum

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NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & 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 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.

© 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.

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2730 WEAVER ROADE X C L U S I V E I N D U S T R I A L I N V E S T M E N T O P P O R T U N I T Y

EXCLUSIVELY LISTED

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

ADAM BAKERInvestment Specialist

National Office and Industrial Properties GroupCharleston, SC

Cell 253.905.3933Office 843.952.2272

[email protected] SC 110290

PAUL PASCHALInvestment Specialist

National Office and Industrial Properties GroupCharleston, SC

Cell 704.778.2235Office 843.952.2270

[email protected] SC 90574

MIKE FASANO, GA BORMarcus & Millichap Real Estate Investment Services of Atlanta, Inc.

GA License #352663

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EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights

COMPETITIVE COMPARABLESSECTION 4 Sales Comparables • Rent Comparables

PROPERTY DESCRIPTIONSECTION 2 Property Details • Floor Plans • Site Plan• Maps

MARKET OVERVIEWSECTION 5 Location Overview • Location Highlights • Demographics

FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Tenant Profile

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

2730 WEAVER ROADE X C L U S I V E I N D U S T R I A L I N V E S T M E N T O P P O R T U N I T Y

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EXECUTIVESUMMARY

2730 WEAVER ROAD

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0450125

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OFFERING HIGHLIGHTS

2730 Weaver Road, Macon, Georgia 31217

OFFERING PRICE

$12,200,000 CURRENT CAP RATE

6.29%

VITAL DATA

Price $12,200,000

Current CAP Rate 6.29%

Price/SF $45.19

Rentable Square Feet 270,000

Occupancy 100%

2730 WEAVER ROAD

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► Entire Property Received Extensive Renovations throughout

2019

► Current Rent is Nearly 25 Percent Below Average Market Rent

for the Area

► 3.4 Percent Vacancy for Warehouse/Logistics Buildings in the

Market

► Local, Publicly-Traded Tenant with Extensive Operations in the

Area

► Short-Term Lease, However Tenant is Investing in the Property

for the Long-Term

PROPERTY RECEIVED EXTENSIVE RENOVATIONS

IN 2019

CURRENT RENT IS BELOW MARKET

TENANT INVESTING FOR THE LONG-TERM

INVESTMENT HIGHLIGHTS

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INVESTMENT OVERVIEWMarcus & Millichap is pleased to present 2730 Weaver Road, a Class B industrial building located just off Interstate-16 in Macon, Georgia. The property, built-in 1975, has undergone extensive renovations in 2019 which include a new roof (20-year warranty), new electrical and lighting systems throughout the facility, office renovations, sprinkler system upgrades, newly coated and striped asphalt parking lot, the addition of eight new dock doors and more. The building now boasts 17 dock high doors with levelers, eight drive-in doors, ceiling heights between 25 feet and 27 feet, with clear heights between 23 feet and 25 feet. Column spacing is 40 feet by 60 feet. With the substantial property improvements recently completed an investor can benefit from a turn-key asset with little to no deferred maintenance.

The building is leased to Blue Bird Bus Corporation (NASDAQ: BLBD), one of the premier school bus manufacturing companies in the United States. Blue Bird is consistently profitable and recently achieved its fourth consecutive quarter of profit growth. Headquartered in Macon, Blue Bird has extensive operations and facilities throughout the area and employs roughly 2,100 people locally. Blue Bird’s main campus in Fort Valley, Georgia is currently undergoing a significant investment for renovations and upgrades to improve efficiency. This is a multi-year, multi-million dollar project for the main manufacturing plant that is 30 miles away. Due to these projects, they have moved their receiving and kitting to this location as their previous location will become consumed with improved manufacturing space.

Blue Bird recently executed a new three-year, double net (NN) lease, with three three-year options at $3.00 per square foot. Despite the short-term lease Blue Bird has expressed a long-term interest in the building both verbally and by investing significantly in the installation of new racking throughout 60 to 70 percent of the building, propane refueling tanks, as well as paying to get fiber to the building, having wiring installed throughout and more. Landlord responsibilities include insurance, roof, floor, foundations, exterior walls, sprinkler system, electrical and lighting systems, labor for replacing HVAC filters and high bay lights. The tenant will reimburse the landlord for property taxes, landscaping ($0.088 included in monthly rent amount), dock door and dock plate maintenance, fire extinguisher inspection and replacements (at a 7 percent markup). Everything else is the responsibility of the tenant. Macon-Bibb County is the geographic center of the state of Georgia, just two hours from the Port of

Savannah (fourth busiest container port in the country) via Interstate-16, and 80 minutes from Atlanta via Interstate-75. Due to its location and lower lease rates it has recently become a very attractive market in the Southeast with a lower cost of doing business than more high profile areas. Despite this interest there has been little speculative building which has led to a logistics/warehouse vacancy rate of just 3.4 percent throughout the Macon-Bibb County Market.

270,000-SQUARE-FOOT

INDUSTRIAL FACILITY

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SUMMARY OF TERMS

INTEREST OFFEREDMarcus & Millichap has been selected to exclusively market for sale 2730 Weaver Road located in Macon, Georgia.

TERMS OF SALE2730 Weaver Road is offered at $12,200,000 based on a capitalization rate of 6.29%. The net operating income figures for the

Property assume a fiscal year starting Year 1. Historical operating documentation, third party reports and financial model can be

found in the online document data portal.

PROPERTY TOURSProspective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must

be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without

prior approval. Property tours must be arranged with the Marcus & Millichap listing agents. At no time shall the tenants, on-site

management or staff be contacted without prior approval.

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PROPERTYDESCRIPTION

2730 WEAVER ROAD

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0450125

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PROPERTY DETAILS

THE OFFERING

Property Address 2730 Weaver Road, Macon, GA

Price $12,200,000

Assessors Parcel Number V090-0004

Zoning M2 - Heavy Industrial

SITE DESCRIPTION

Number of Floors 1

Year Built/Renovated 1975/2019

Rentable Square Feet 270,000

Ownership Fee Simple

Parcel Size 30.835 Acres

Parking160 Car Spaces

57 Semi Truck with Trailor Spaces

UTILITIES

Gas Atlanta Gas Light

Electric Georgia Power

Water City of Macon

Sewer City of Macon

CONSTRUCTION

Foundation Concrete (Minimum of 6”)

Exterior Reinforced Concrete

RoofThermoplastic Polyolefin (TPO)

Installed July 2019, 20-Year Warranty

Celing Height 25’ to 27’

Roll-Up Doors17 Dock High Doors with Levelers

8 Drive-In Doors

Column Spacing 40’ x 60’

Sprinkler System Wet System

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FLOOR PLAN

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SITE PLAN

*Square footage numbers are rounded and not necessarily accurate.

*The trailor drop yard and parking estimates may not accurately reflect the final results of the proeprty’s renovations.

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Local Map

2730 WEAVER ROAD

Source: Map Data © 2019 Google

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RegionalMap

2730 WEAVER ROAD

Source: Map Data © 2019 Google

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MCDONALD’S

MACON DOWNTOWN

AIRPORT

2730 WEAVER ROAD

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Source: Map Data © 2019 Google

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FINANCIALANALYSIS

2730 WEAVER ROAD

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0450125

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*Loan information is subject to change. Contact your Marcus and Millichap Capital Corporation representative.

PRICE $12,200,000

Down Payment $4,270,000

Down Payment % 35%

Number of Suites 1

Price Per SqFt $45.19

Rentable Built Area (RBA) 270,000 SF

Lot Size 30.84 Acres

Year Built/Renovated 1975/2019

Occupancy 100%

RETURNS CURRENT

CAP Rate 6.29%

Cash-on-Cash 5.58%

Debt Coverage Ratio 1.45

FINANCING 1st Loan

Loan Amount $7,930,000

Loan Type New

Interest Type 4.50%

Amortizaion 25 Years

Year Due 2024

PRICING DETAILS

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OPERATING DATA

INCOME CURRENT PER SF

Scheduled Base Rental Income $810,000 $3.00

Expense Reimursement Income

CAM $23,760 $0.09

Real Estate Taxes $64,800 $0.24

Total Reimbursement Income $88,560 67.3% $0.33

Effective Gross Income $898,560 $3.33

OPERATING EXPENSES CURRENT PER SF

Landscaping $23,760 $0.09

Insurance $16,000 $0.06

Real Estate Taxes $64,800 $0.24

Other Expenses $27,000 $0.10

Total Expenses $131,560 $0.49

Expenses as % of EGR 14.6%

Net Operating Income $767,000 $2.84

TENANT SUMMARY

LEASE DATES

TENANT SUITESQUARE

FEET% BLD SHARE

COMM. EXP.ANNUAL RENT/SF

TOTAL RENT/

MONTH

TOTAL RENT/YEAR

LEASE TYPE

RENEWAL OPTIONS

Blue Bird Corporation 1 270,000 100.0% 7/1/19 6/30/22 $3.00 $67,500 $810,000 NNIncludes

three 3-year options

Note: Tenant also has the ability to utilize three additional smaller buildings on site totaling roughly 30,000 square feet which are not included in the rental rate calculation.

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Blue Bird (NASDAQ - BLBD) offers a complete line of

Type A, C and D school buses in a variety of options and

configurations. Since 1927, Blue Bird Corporation has

continued to set industry standards with its innovative

design and manufacturing capabilities. Additionally,

Blue Bird provides comprehensive financial solutions

through Blue Bird Capital Services. Today, Blue Bird

has more than 2,100 employees, Georgia-based

manufacturing facilities and an extensive network of Dealers

and Parts & Service facilities throughout North America.

Since 2010 total revenue is up over 50 percent, bus

unit sales volume is up more than 40 percent and North

American market share has increased 7 points to 30

percent.

General Information

Tenant Name Blue Bird Corporation

Website https://www.blue-bird.com

Headquartered Macon, GA

Rentable Square Feet 270,000 SF

Percentage of RBA 100%

Lease Commencement 7/1/2019

Lease Expiration 6/30/2022

TENANT PROFILE - BLUE BIRD CORPORATION

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COMPARABLEPROPERTIES

2730 WEAVER ROAD

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0450125

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2730 Weaver Road

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SALES COMPARABLES

1 7391 Pepperdam Ave

2 525 Marathon Way

3 Owens Corning

4 4345 Confederate Way

5 Amazon Fulfillment Center

6 437 Telfair Rd

7 513 Old Griffin Rd

8 200 Union Grove Rd SE

9 3000 Tremont Rd

10 135 Intercraft Dr

11 279 Old Murdock Rd

12 420 Southwell Blvd

Source: Map Data © 2019 Google

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AVERAGE CAP RATE SALES COMPARABLES SALES COMPS AVG

AVERAGE PRICE PER SQUARE FOOT

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7391 PEPPERDAM AVE7391 Pepperdam Ave | North Charleston, SC

2730 WEAVER ROAD2730 Weaver Rd | Macon, GA

1

SALES COMPARABLES

ASKING PRICE $12,200,000

Price/SF $45.19

CAP Rate 6.29%

Year Built 1975

Year Renovated 2019

Occupancy 100%

SALES PRICE $5,150,000

Sale Date 11/19/2018

Rentable SF 101,500

Price/SF $50.74

CAP Rate 7%

Year Built 1977

Occupancy 100%

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525 MARATHON PKWY525 Marathon Pkwy | Lawrenceville, GA

2

SALES PRICE $8,185,000

Sale Date 10/5/2018

Rentable SF 121,680

Price/SF $67.27

CAP Rate 5.00%

Year Built 1994

Occupancy 100%

OWENS CORNING2650 Wagener Rd | Aiken, SC

3

SALES PRICE $11,350,000

Sale Date 10/29/2018

Rentable SF 175,000

Price/SF $64.86

CAP Rate 6.14%

Year Built 2014

Occupancy 100%

NOTES

At the time of sale, the building was fully leased by Owens Corning.

SALES COMPARABLES

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4345 CONFEDERATE WAY4345 Confederate Way | Macon, GA

AMAZON FULFILLMENT CTR7001 Skipper Rd | Macon, GA

4 5

SALES COMPARABLES

SALES PRICE $76,550,000

Sale Date 12/17/2018

Rentable SF 1,016,014

Price/SF $75.34

CAP Rate 5.40%

Year Built 2018

Occupancy 100%

SALES PRICE $1,150,000

Sale Date 7/23/2019

Rentable SF 61,452

Price/SF $18.71

CAP Rate 6.00%

Year Built 1977

Occupancy 100%

NOTES

The property was a build-to-suit distribution center for Amazon with a 15-year lease in place at the time of sale.

NOTES

This property is just on the other side of Interstate-16 from the subject property, less than a 1.5-mile drive. The single-tenant industrial property was fuly leased on a triple net (NNN) basis at the time of sale.

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437 TELFAIR RD437 Telfair Rd | Savannah, GA

6

SALES PRICE $11,000,000

Sale Date 8/28/2018

Rentable SF 207,676

Price/SF $52.97

CAP Rate 6.80%

Year Built 2007

Occupancy 100%

NOTES

The property was sold at a 6.80% CAP rate, however the tenant, Supply Chain Management, vacated the property shortly after the sale to move into a new building. The property has been available for lease since then at $4.50 NNN.

*Not a representative photo

513 OLD GRIFFIN RD513 Old Griffin Rd | Piedmont, SC

7

SALES PRICE $10,995,812

Sale Date 11/7/2018

Rentable SF 210,891

Price/SF $52.14

CAP Rate 7.59%

Year Built 1993

Occupancy 100%

NOTES

The tenant is on a 10-year, triple net lease expiring November 6, 2028. The buyer broker reported a 7.59% cap rate, however there were major repairs to the roof needed which totaled $1.3 million. This puts the investment into the building at approximately $12.3 million resulting in a 6.79% CAP rate.

SALES COMPARABLES

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200 UNION GROVE RD SE200 Union Grove Rd SE | Calhoun, GA

3000 TREMONT RD3000 Tremont Rd | Savannah, GA

8 9

SALES COMPARABLES

SALES PRICE $19,940,000

Sale Date 7/19/2019

Rentable SF 300,000

Price/SF $66.47

Year Built 1975

Occupancy 100%

SALES PRICE $10,100,000

Sale Date 4/25/2019

Rentable SF 275,500

Price/SF $36.66

CAP Rate 6.65%

Year Built 2007

Occupancy 100%

NOTES

The property was fully leased to Hanes Companies with approximately 9.5 years remaining on their lease term.

NOTES

The building was built in the same year as the subject property with similar construction, style and size.

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135 INTERCRAFT DR135 Intercraft Dr | Statesville, NC

10

SALES PRICE $18,750,000

Sale Date 6/7/2019

Rentable SF 301,000

Price/SF $62.29

Year Built 1978

Occupancy 100%

NOTES

This was a sale-leaseback with a 20-year term triple net. The building was built around the same time as the subject property with similar construction, style and size.

279 OLD MURDOCK RD 279 Old Murdock Rd | Troutman, NC

11

SALES PRICE $16,750,000

Sale Date 9/28/2018

Rentable SF 301,000

Price/SF $55.65

CAP Rate 6.83%

Year Built 2018

Occupancy 100%

NOTES

The property began construction as a spec build, but was leased to Saddle Creek before it delivered near the beginning of 2018. There were 4.8 years remaining on the lease at the time of sale at a $3.80/SF rate yielding a 6.83% CAP rate.

SALES COMPARABLES

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420 SOUTHWELL BLVD420 Southwell Blvd | Tifton, GA

12

SALES COMPARABLES

SALES PRICE $11,500,000

Sale Date 6/26/2019

Rentable SF 214,000

Price/SF $53.74

Year Built 1977

Occupancy 100%

NOTES

Lennox International sold the property. Lennox also owns Heatcraft, who occupies the building and had approximately 9 years remaining on their lease term at close.

*Not a representative photo

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2730 Weaver Road2

LEASE COMPARABLES

1 244 Mercer Jct

2 580 Joe Tamplin Industrial Blvd

3 Caterpillar Logistics Services

4 Amazon Fulfillment Center

Source: Map Data © 2019 Google

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244 MERCER JCT244 Mercer Jct | Macon, GA

1

LEASE COMPARABLES

2730 WEAVER ROAD2730 Weaver Rd | Macon, GA

Rent/SF $3.00

Year Built 1975

Year Renovated 2019

Occupancy 100%

Lease Type NN

Lot Size 30.84 Acres

Parking Ratio 0.6

Survey Date 5/10/2019

Rentable SF 66,499

Available SF 66,499

Rent/SF $3.95

Year Built 2006

Occupancy 100%

Lease Type NNN

Lot Size 11.33

NOTES

Sublease of a former FedEx location. Includes 29 dock doors, nine drive-ins, and 22’ ceiling.

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CATERPILLAR LOGISTICS SERVICES700 Hudson Rd | Griffin, GA

580 JOE TAMPLIN INDUSTRIAL BLVD580 Joe Tampline Industrial Blvd | Macon, GA

32

Survey Date 12/2/2018

Rentable SF 120,000

Available SF 33,000

Rent/SF $4.10

Year Built 1986

Occupancy 100%

Lot Size 9.95

NOTES

Multi-tenant building. Lease comp is for Kumho Tire who will occupy 33,000 square feet on a net leased basis. This leased section of the build-ing includes 9 dock doors. The lease is a three-year term.

NOTES

This was a sale-leaseback with a 20-year term triple net. The building was built around the same time as the subject property with similar construction, style and size.

Survey Date 10/1/2017

Rentable SF 218,120

Available SF 218,120

Rent/SF $3.85

Year Built 2006

Occupancy 100%

Lease Type NNN

Lot Size 15.19

LEASE COMPARABLES

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AMAZON FULFILLMENT CTR7001 Skipper Rd | Macon, GA

4

NOTES

Amazon Fulfillment moved into the property in October 2018 construction completed. The lease is for 15 years.

LEASE COMPARABLES

Survey Date 10/1/2018

Rentable SF 1,016,014

Available SF 1,016,014

Rent/SF $4.07

Year Built 2018

Occupancy 100%

Lease Type NNN

Lot Size 86.97

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MARKETOVERVIEW

2730 WEAVER ROAD

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0450125

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MACON OVERVIEW

Macon is the geographic center of Georgia and known for

its music, giving us Little Richard, Otis Redding and the

Allman Brothers. The metro hosts a sizable Air Force base,

notable universities and the world’s largest true copper

dome. A midpoint between Atlanta and Savannah, Macon

is the state’s fourth largest metro with 232,000 residents in

Bibb, Crawford, Jones, Monroe and Twiggs counties.

METRO HIGHLIGHTS

HIGHER EDUCATIONColleges and universities in the metro include Mercer University, Middle Georgia State, Wesleyan and Macon State College.

DIVERSE ECONOMYThe metro’s employment mix is upheld by its number of government, healthcare and insurance positions.

MILITARY PRESENCERobins Air Force Base is the largest single-site industrial complex in Georgia. The base has an annual federal payroll of $1.3 billion and is home to the Warner Robins Air Logistics Complex.

► Apart from Robins AFB, Geico, Navicent Health and the Bibb County Board of Education are the metro’s top employers. Amazon opened a fulfillment center that employs more than 500 workers.

► The aircraft industry maintains a local presence led by the Boeing Co., and Haeco. YKK Inc. represents another top manufacturer.

► The Georgia Power utility company plans to construct a more than 500,000-square-foot solar panel facility adjacent to Robins AFB. ► Mercer University is the oldest private college in Georgia, with an

enrollment of 8,600, and it is estimated to have an $367 million impact on the economy

ECONOMY

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ECONOMY

POPULATION 5 MILES 10 MILES 15 MILES

2023 ProjectionTotal Population

30,331 125,009 240,295

2018 EstimateTotal Population

31,296 126,780 237,662

2010 CensusTotal Population

31,664 128,354 236,076

2000 CensusTotal Population

33,736 132,189 229,303

Daytime PopulationsTotal Population

59,340 163,567 287,495

HOUSEHOLDS 5 MILES 10 MILES 15 MILES

2023 ProjectionTotal Households

11,667 48,237 93,044

2018 EstimateTotal Households

11,890 48,374 90,718

2010 CensusTotal Households

12,200 49,530 91,019

2000 CensusTotal Households

12,974 51,664 87,596

HOUSING UNITS 5 MILES 10 MILES 15 MILES

Occupied Units

2023 Owner Occupied Housing Units 44.0% 50.7% 56.6%

2023 Renter Occupied Housing Units 56.0% 49.4% 43.4%

2023 Vacant 19.1% 17.5% 13.9%

2018 Owner Occupied Housing Units 43.8% 50.5% 56.2%

2018 Renter Occupied Housing Units 56.2% 49.5% 43.8%

2018 Vacant 18.8% 17.2% 13.8%

2010 Owner Occupied Housing Units 46.5% 53.4% 59.2%

2010 Renter Occupied Housing Units 53.5% 46.6% 40.8%

2010 Vacant 16.7% 15.2% 12.6%

2000 Owner Occupied Housing Units 42.4% 49.8% 55.7%

2000 Renter Occupied Housing Units 43.6% 38.0% 33.7%

2000 Vacant 14.0% 12.1% 10.7%

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES

2018 Estimate

$250,000 + 0.5% 1.1% 1.7%

$200,000 to $249,999 0.3% 0.6% 0.9%

$150,000 - $200,000 1.1% 2.0% 2.8%

$125,000 - $149,999 1.2% 2.0% 3.1%

$100,000 - $124,999 3.6% 4.6% 6.6%

$ 75,000 - $99,999 6.0% 7.9% 10.5%

$ 50,000 - $74,999 14.1% 15.5% 17.9%

$ 35,000 - $49,999 13.8% 13.8% 13.5%

$ 25,000 - $34,999 12.4% 12.0% 11.0%

$ 15,000 - $24,999 14.7% 14.7% 12.4%

$ 0 - $ 14,999 32.3% 25.8% 19.7%

Median Household Income $26,997 $32,596 $42,213

Per Capita Household Income $16,348 $19,343 $23,541

Average Income $39,642 $49,467 $60,861

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES

Population By Age

2018 Estimate Total Population 31,113 126,552 239,022

Under 20 27.23% 28.61% 27.56%

20 - 34 Years 22.92% 21.24% 20.73%

35 - 39 Years 5.89% 5.90% 6.10%

40 - 49 Years 11.07% 11.12% 11.55%

50 - 64 Years 18.81% 18.60% 19.26%

Age 65+ 14.07% 14.54% 14.81%

Median Age 34.87% 35.13% 36.38%

Population 25+ by Education Level

2018 Estimate Population Age 25+ 19,878 80,529 156,089

Elementary (0-8) 5.40% 3.89% 3.16%

Some High School (9-11) 17.97% 14.33% 11.70%

High School Graduate (12) 36.96% 34.94% 32.62%

Some College (13-15) 19.57% 20.80% 22.38%

Associate Degree Only 4.69% 6.51% 7.55%

Bachelors Degree Only 8.66% 11.27% 13.09%

Graduate Degree 5.10% 6.85% 8.14%

Time Travel to Work

Average Travel Time in Minutes 22 22 23

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E X C L U S I V E LY L I S T E D

2730 WEAVER ROAD

ADAM BAKERInvestment SpecialistNational Office and Industrial Properties GroupCharleston, SCCell 253.905.3933Office [email protected] SC 110290

PAUL PASCHALInvestment SpecialistNational Office and Industrial Properties GroupCharleston, SCCell 704.778.2235Office [email protected] SC 90574

MIKE FASANO, GA BORMarcus & Millichap Real Estate Investment Services of Atlanta, Inc.GA License #352663