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Alum Creek Plaza
OFFERING MEMORANDUM
WESTERVILLE, OH
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.
WESTERVILLE, OH
Alum Creek Plaza
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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NON-ENDORSEMENT NOTICE
Section 1 PROPERTY DESCRIPTION
Section 2 PRICING AND FINANCIAL ANALYSIS
Section 3 DEMOGRAPHIC ANALYSIS
Section 4 MARKET OVERVIEW
TABLE OF CONTENTS
Alum Creek PlazaWESTERVILLE, OH
Alum Creek PlazaWESTERVILLE, OH
PROPERTY DESCRIPTION
Marcus & Millichap, on behalf of ownership as its exclusive advisor, is pleased to bring to market Alum Creek Plaza in Westerville, Ohio. The subject property is a 95.5 percent occupied, 22,300-square-foot retail strip center situated on 3.81 acres, and is part of the larger Alum Creek Plaza shopping center development which is anchored by Iron Pony Motorsports (unowned). Major tenants at Alum Creek Plaza include American Learning Center, GS Powersports, U.S. Citizenship & Immigration, and Nanak Bakery. Combined, these four tenants occupy nearly 59 percent of the gross leasable area. In total, there are eleven units, with one vacancy. Half of the tenants, comprising approximately 53 percent of the occupied gross leasable area, are leased to triple-net terms, and reimburse for their pro-rata share of operating expenses including real estate taxes, common area maintenance, and insurance, as well as management and administrative fees. The other five tenants are leased to gross terms. Nine of the ten current tenants have one or more scheduled rent increases in the near future, providing the investor meaningful rent growth over the hold period. Importantly, there is zero lease turnover in the over the next 1.5 years, as all tenants are leased through February 2019 and beyond, with several leased into 2020 or 2021. Immediate upside exists in lease-up of the 1,000-square-foot endcap vacancy, and there is near-term upside in converting gross leases into triple-net leases as they come due for renewal.
Alum Creek Plaza is located along Westerville Road within the densely populated Columbus suburb of Westerville. Traffic counts are high, with 25,162 cars per day on Westerville Road, and 28,118 cars per day on Dublin-Granville Road, for a combined traffic count of over 50,000 cars a day at the intersection of the two streets just south of the subject property. Alum Creek Plaza is one mile from Interstate 270 with 153,010 cars per day. The surrounding area has a dense infill population with 15,702 residents within one mile, 111,016 residents within three miles, and 266,001 residents within five miles. Average household income is $69,454 within five miles. The subject property is within the Westerville City School District, one of the highest rated school districts in the Columbus MSA. Nearby retailers include The Columbus MSA is home to a population of 2.1 million.
Investment Highlights
■ 95.5% Occupied, 22,300 SF Strip Center in Westerville, OH(Columbus MSA)
■ Shadow-Anchored by 103,042 SF Iron Pony Motorsports
■ Ease of Management – 11 Units Averaging 2,000 SF Each
■ Half of Tenants (53% of GLA) are NNN Also Paying for Mgmt &Admin Fees
■ 9 of the 10 Tenants Have Scheduled Rent Increases – MeaningfulNear-Term NOI Growth
■ Zero Lease Turnover in the next 1.5 Years - Most Tenants are leasedthrough 2019, 2020, or 2021
■ Immediate Upside Opportunity in Leasing the 1,000 SF EndcapVacancy
■ Near-Term Upside in Converting Gross Leases to NNN Leases
■ High Traffic Counts: 25,162 Cars/Day on Westerville Road,50,000+ Cars/Day at Nearby Intersection of Dublin-Granville Road
■ 1 Mile from I-270 with 153,010 Cars/Day
■ Dense Infill Demographics: 15,702 Residents within 1-Mi, 111,016Residents in 3-Mi & 266,001 Residents in 5-Mi
■ Within the Highly Rated Westerville City School District
■ Columbus MSA – Population of 2.1 Million
1
PROPERTY DESCRIPTION
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
INVESTMENT OVERVIEW
The Offering
Property Alum Creek Plaza
Property Address 5436-5484 Westerville Road
Westerville, OH 43081
Assessor's Parcel Number 600-148041-00
Zoning Commercial
Site Description
Number of Stories One
Year Built 1976
Gross Leasable Area (GLA) 22,300 SF
Lot Size 3.81 Acres
Type of Ownership Fee Simple
Parking 97 Spaces
Landscaping Excellent
Topography Level
Construction
Foundation Concrete Slab
Framing Masonry
Parking Surface Asphalt
Mechanical
HVAC Rooftop Mounted
Fire Protection To Code
Utilities All Local Providers
2
PROPERTY DESCRIPTION
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
PROPERTY SUMMARY
Alum Creek Plaza
Alum Creek Plaza
Alum Creek Plaza
Alum Creek Plaza
103,042 SF Iron Pony Motorsports Shadow-Anchor
Not Included in Sale
103,042 SF Iron Pony Motorsports Shadow-Anchor
Not Included in Sale
7
PROPERTY DESCRIPTION
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
Local Map Regional Map
AREA MAPS
8
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 areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
PROPERTY DESCRIPTION
PARCEL MAP
Alum Creek PlazaWESTERVILLE, OH
9
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 areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
PROPERTY DESCRIPTION
AERIAL PHOTO
Alum Creek PlazaWESTERVILLE, OH
Alum Creek PlazaWESTERVILLE, OH
PRICING AND FINANCIAL ANALYSIS
Price $1,975,000
Down Payment 70% $1,382,500
Price per Square Foot (GLA) $88.57
Gross Leasable Area (GLA) 22,300
Year Built 1976
Lot Size 3.81 Acres
Parking 97 Spaces
VITAL DATA
CAP Rate - Current 9.43%
Net Operating Income - Current $186,253
Net Cash Flow After Debt Service - Current $144,503
Total Return - Current 11.40% / $157,629
11
Major Tenants
PRICING AND FINANCIAL ANALYSIS
Tenant Name
American Learning Center
GS Powersports
U.S. Citizenship & Immigration
Nanak Bakery
Exertion Training
Aguilar
Watsons Barbershop
Mahana Wellness Center
Alum Creek PlazaWESTERVILLE, OH
Major Employers
CompanyLocal
Employees
L Brands 10,000
JP Morgan Chase 3,108
Ross Products Division 3,075
Police Precinct 6 1,897
Liebert North America Inc 1,800
Kroger 1,538
Value Creation Partners Inc 1,505
Emerson Network Power 1,315
Ohio Dept Natural Resources 1,148
Womanco Enterprise 1,120
Bisys Fund Services 1,000
Police Precinct 2&18 850
Demographics
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
1-Mile 3-Miles 5-Miles
2014 Total
Population
15,702 111,016 266,001
2019 Total
Population
16,046 112,319 275,708
2014 Total
Households
6,403 46,115 111,639
2019 Total
Households
6,516 46,876 116,714
Median HH Income $50,029 $47,801 $51,863
Per Capita Income
(based on Total
Population)
$24,114 $25,639 $29,311
Average (Mean) HH
Income
$58,726 $61,340 $69,454
OFFERING SUMMARY
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PRICING AND FINANCIAL ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
TENANT SUMMARY
Tenant Sq. Ft. % of GLA
Lease
Commencement
Lease
Expiration
Current
Annual Rent
Annual
Rent/SF Options Expense Reimbursements
Inline Space
Exertion Training 2,000 8.97% 3/1/2014 3/31/2019 $20,500 $10.25 (1) 3 Year Tax, Ins, CAM, Mgt, Adm
inc 4/1/2018 3/31/2019 $21,000 $10.50
Aguilar (Grocer) 1,800 8.07% 3/23/2015 6/30/2020 $19,800 $11.00 None None
inc 7/1/2018 6/30/2019 $20,700 $11.50
inc 7/1/2019 6/30/2020 $21,600 $12.00
Mahana Wellness Center 1,100 4.93% 5/15/2016 7/31/2019 $9,350 $8.50 None Tax, Ins, CAM, Mgt, Adm
inc 8/1/2018 7/31/2019 $9,900 $9.00
Nail Artist 1,100 4.93% 6/1/2005 3/31/2019 $14,300 $13.00 None None
Fresh Start Church 1,100 4.93% 12/16/2015 2/28/2019 $12,360 $11.24 None None
inc 3/1/2018 2/28/2019 $12,720 $11.56
U.S. Citizenship & Immigration 2,400 10.76% 6/15/2015 10/31/2020 $24,970 $10.40 (2) 5 Year Tax, Ins, CAM, Mgt, Adm
inc 11/1/2018 10/31/2020
Nanak Bakery 2,400 10.76% 10/15/2013 4/30/2019 $24,000 $10.00 None None
inc 5/1/2018 4/30/2019 $25,200 $10.50
American Learning Center 4,700 21.08% 5/1/2011 7/31/2021 $57,575 $12.25 (1) 5 Year Tax, Ins, CAM, Mgt, Adm
inc 8/1/2019 7/31/2021 $59,928 $12.75
Watsons Barbershop 1,100 4.93% 3/6/2017 7/31/2024 $11,150 $10.14 None Tax, Ins, CAM, Mgt, Adm
inc 2/1/2021 7/31/2024 $12,960 $11.78
GS Powersports 3,600 16.14% 5/1/2009 2/29/2020 $33,600 $9.33 None None
inc 3/1/2018 2/28/2019 $34,800 $9.67
inc 3/1/2019 2/29/2020 $36,000 $10.00
Vacancy #5480 1,000 4.48% $10,000 $10.00 None
Occupied Space 21,300 95.52% $227,605
Vacant Space 1,000 4.48% $10,000
Total GLA 22,300 100.00% $237,605
Alum Creek Plaza
Westerville, Ohio
Annua l 2% Increases
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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 areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
PRICING AND FINANCIAL ANALYSIS
EXPENSE REIMBURSEMENTS
Alum Creek PlazaWESTERVILLE, OH
Tenant Sq. Ft. Pro‐Rata Share Tax Reimb Ins Reimb CAM Reimb Mgt Fee Adm Fee Comments
Inline Space
Exertion Training 2,000 8.97% $2,646 $549 $2,751 $943 $275 Net + 10%Adm
Aguilar (Grocer) 1,800 8.07% $0 $0 $0 $0 $0 Gross
Mahana Wellness Center 1,100 4.93% $1,455 $302 $1,513 $519 $227 Net + 15%Adm
Nail Artist 1,100 4.93% $0 $0 $0 $0 $0 Gross
Fresh Start Church 1,100 4.93% $0 $0 $0 $0 $0 Gross
U.S. Citizenship & Immigration 2,400 10.76% $3,175 $659 $3,301 $1,132 $330 Net + 10%Adm
Nanak Bakery 2,400 10.76% $0 $0 $0 $0 $0 Gross
American Learning Center 4,700 21.08% $6,217 $1,290 $6,465 $2,216 $647 Net + 10%Adm
Watsons Barbershop 1,100 4.93% $1,455 $302 $1,513 $519 $227 Net + 15%Adm
GS Powersports 3,600 16.14% $0 $0 $0 $0 $0 Gross
Vacancy #5480 1,000 4.48%
Occupied Space 21,300 95.52% $14,948 $3,102 $15,544 $5,329 $1,706
Vacant Space 1,000 4.48% $0 $0 $0 $0 $0
Total GLA 22,300 100.00% $14,948 $3,102 $15,544 $5,329 $1,706
Expense Reimbursement
14
PRICING AND FINANCIAL ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
Current Per SF
Real Estate Taxes $29,500 $1.32
Insurance $6,122 $0.27
Vacant Utilities $1,646 $0.07
Reimbursed Utilities $1,268 $0.06
Other Non-Reimbursed $2,253 $0.10
CAM
Utilities $6,077 $0.27
Repairs & Maintenance $9,474 $0.42
Contract Services $15,125 $0.68
TOTAL CAM $30,676 $1.38
Management Fee (% of EGI) $10,516 $0.47
TOTAL EXPENSES $81,981 $3.68
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
EXPENSES
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PRICING AND FINANCIAL ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
Current Per SF
Base Rent
Occupied Space $227,605 $10.69
Vacant Space at Market Rents (1,000 SF) $10,000 $10.00
GROSS POTENTIAL RENT $237,605 $10.65
Expense Reimbursements
Real Estate Taxes $14,948 $0.67
Insurance $3,102 $0.14
CAM $15,544 $0.70
Management Fee $5,329 $0.24
Administrative Fee $1,706 $0.08
GROSS POTENTIAL INCOME $278,234 $12.48
Vacancy/Collection Allowance (% of GPR) 4.2% / $10,000 $0.45
EFFECTIVE GROSS INCOME $268,234 $12.03
Total Expenses $81,981 $3.68
NET OPERATING INCOME $186,253 $8.35
Reserves / Replacements $2,230 $0.10
NET CASH FLOW BEFORE DEBT SERVICE $184,023 $8.25
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
Gross Leasable Area (GLA) 22,300 SF
INCOME & EXPENSES
5436-5484 Westerville Road
Westerville, OH 43081
Price $1,975,000
Down Payment 70% $1,382,500
Gross Leasable Area (GLA) 22,300
Price/SF $88.57
CAP Rate - Current 9.43%
Lot Size 3.81 Acres
Year Built 1976
FIRST TRUST DEED
Loan Amount $592,500
Interest Rate 4.5%
Amortization 25 Years
Annualized Operating Data
Income Current
Base Rent
Occupied Space $227,605
Vacant Space at Market Rents (1,000 SF) $10,000
Gross Potential Rent $237,605
Expense Reimbursements $40,629
Gross Potential Income $278,234
Vacancy/Collection Allowance 4.2% / $10,000
Effective Gross Income $268,234
Total Expenses $81,981
Net Operating Income $186,253
Reserves / Replacements $2,230
Net Cash Flow Before Debt Service $184,023
Debt Service $39,520
Debt Coverage Ratio 4.71
Net Cash Flow After Debt Service 10.45% / $144,503
Principal Reduction $13,126
Total Return 11.40% / $157,629
16
Location
PRICING AND FINANCIAL ANALYSIS
Financing
Alum Creek PlazaWESTERVILLE, OH
ExpensesReal Estate Taxes $29,500
Insurance $6,122
Vacant Utilities $1,646
Reimbursed Utilities $1,268
Other Non-Reimbursed $2,253
CAM
Utilities $6,077
Repairs & Maintenance $9,474
Contract Services $15,125
TOTAL CAM $30,676
Management Fee (% of EGI) 4% / $10,516
TOTAL EXPENSES $81,981
EXPENSES/SF $3.68
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
Loan information is time sensitive and subject to
change. Contact your local Marcus & Millichap Capital
Corporation representative.
FINANCIAL OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
DEMOGRAPHIC ANALYSIS
1 Mile 3 Miles 5 Miles
2000 Population 13,873 104,007 232,233
2010 Population 15,199 106,730 254,157
2014 Population 15,702 111,016 266,001
2019 Population 16,046 112,319 275,708
2000 Households 5,948 43,782 95,971
2010 Households 6,162 44,117 106,154
2014 Households 6,403 46,115 111,639
2019 Households 6,516 46,876 116,714
2014 Average Household Size 2.40 2.39 2.36
2014 Daytime Population 3,865 50,890 128,233
2000 Owner Occupied Housing Units 45.02% 50.18% 56.32%
2000 Renter Occupied Housing Units 48.29% 44.67% 37.98%
2000 Vacant 6.69% 5.16% 5.69%
2014 Owner Occupied Housing Units 49.17% 51.31% 57.97%
2014 Renter Occupied Housing Units 50.83% 48.69% 42.03%
2014 Vacant 4.39% 5.81% 5.43%
2019 Owner Occupied Housing Units 49.52% 51.10% 57.91%
2019 Renter Occupied Housing Units 50.48% 48.90% 42.09%
2019 Vacant 4.09% 5.98% 5.35%
$ 0 - $14,999 12.0% 12.9% 12.1%
$ 15,000 - $24,999 11.5% 11.5% 10.4%
$ 25,000 - $34,999 11.3% 12.1% 11.2%
$ 35,000 - $49,999 15.3% 15.3% 14.8%
$ 50,000 - $74,999 25.4% 20.8% 19.5%
$ 75,000 - $99,999 13.9% 12.7% 12.8%
$100,000 - $124,999 5.9% 7.2% 8.4%
$125,000 - $149,999 1.9% 3.3% 4.1%
$150,000 - $199,999 1.4% 2.4% 3.8%
$200,000 - $249,999 0.6% 0.7% 1.2%
$250,000 + 1.0% 1.1% 1.7%
2014 Median Household Income $50,029 $47,801 $51,863
2014 Per Capita Income $24,114 $25,639 $29,311
2014 Average Household Income $58,726 $61,340 $69,454
Demographic data © 2012 by Experian.
18
DEMOGRAPHIC ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
DEMOGRAPHIC REPORT
Geography: 5 miles
Population
In 2014, the population in your selected geography is 266,000. The population has changed by 14.54% since 2000. It is estimated
that the population in your area will be 275,708 five years from now, which represents a change of 3.64% from the current year. The
current population is 47.87% male and 52.12% female. The median age of the population in your area is 34.9, compare this to the
Entire US average which is 37.3. The population density in your area is 3,381.72 people per square mile.
Households
There are currently 111,639 households in your selected geography. The number of households has changed by 16.32% since 2000.
It is estimated that the number of households in your area will be 116,714 five years from now, which represents a change of 4.54%
from the current year. The average household size in your area is 2.36 persons.
Income
In 2014, the median household income for your selected geography is $51,862, compare this to the Entire US average which is
currently $51,972. The median household income for your area has changed by 12.23% since 2000. It is estimated that the median
household income in your area will be $61,798 five years from now, which represents a change of 19.15% from the current year.
The current year per capita income in your area is $29,310, compare this to the Entire US average, which is $28,599. The current
year average household income in your area is $69,454, 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: 64.26% White, 26.30% Black, 0.04% Native American and 3.45%
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 5.49% of the current year
population in your selected area. Compare this to the Entire US average of 17.13%.
Housing
In 2000, there were 57,316 owner occupied housing units in your area and there were 38,654 renter occupied housing units in your
area. The median rent at the time was $513.
Employment
In 2014, there are 128,233 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed
that 70.32% of employees are employed in white-collar occupations in this geography, and 29.67% are employed in blue-collar
occupations. In 2014, unemployment in this area is 5.57%. In 2000, the average time traveled to work was 22.5 minutes.
Demographic data © 2012 by Experian.
19
DEMOGRAPHIC ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
SUMMARY REPORT
Number of people living in a given area per square mile.
Demographic data © 2012 by Experian.
20
DEMOGRAPHIC ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
POPULATION DENSITY
The number of people employed in a given area per square mile.
Demographic data © 2012 by Experian.
21
DEMOGRAPHIC ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
EMPLOYMENT DENSITY
Average income of all the people 15 years and older occupying a
single housing unit.
Demographic data © 2012 by Experian.
22
DEMOGRAPHIC ANALYSIS
Alum Creek PlazaWESTERVILLE, OH
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
AVERAGE HOUSEHOLD INCOME
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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 areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
DEMOGRAPHIC ANALYSIS
TRAFFIC COUNTS
Alum Creek PlazaWESTERVILLE, OH
Alum Creek PlazaWESTERVILLE, OH
MARKET OVERVIEW
25
MARKET OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
Columbus Metro
Geography
The Columbus metro is composed of 10 counties
located in the gently rolling hills of central Ohio. It is
Ohio’s most populated metropolitan area and has
natural landmarks that include reservoirs to the north
and the Scioto River, which bisects the city. Franklin
County, home to Columbus, is surrounded by mainly
rural counties.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
COLUMBUS
Market Highlights
Logistics hub
■ Rickenbacker Inland Port provides air, truck and rail
transport throughout the U.S.
Midwestern commercial center
■ Greater Columbus is home to four Fortune 500
companies and many regional operations.
Affordable housing costs
■ The median home price in Columbus at $164,700 is
well below the national level of $225,800.
26
MARKET OVERVIEW
Largest Cities in Metro by Population
Alum Creek PlazaWESTERVILLE, OH
* ForecastSources: Marcus & Millichap Research Services, U.S. CensusBureau, Experian
Metro
The Columbus metro contains a population of nearly 2
million people and comprises eight counties: Delaware,
Licking, Fairfield, Pickaway, Union, Morrow, Madison,
Perry, Hocking and Franklin. The metro’s population
will increase 5.0 percent over the next five years, slightly
above the national rate. Columbus, the capital city, also
has the largest population with 829,200 residents.
Infrastructure
Columbus is a national transportation and distribution
hub, with nearly 60 percent of the U.S. population
within an eight-hour driving radius. Interstates 70 and
71 intersect in Columbus, while I-270 forms a beltway
around the metro and I-670 bisects the city.
Port Columbus International Airport, located east of
downtown, is the primary passenger facility. General
aviation airports Bolton Field and OSU Don Scott also
provide air service. Rickenbacker International is one of
the world’s few international airports primarily
dedicated to cargo transport. Freight rail service to the
airport and throughout the region is offered by CSX
and Norfolk Southern railways.
Central Ohio Transit Authority provides bus service
throughout Franklin County and portions of Delaware,
Fairfield, Licking and Union counties.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
Columbus 829,200
Newark 48,100
Dublin 44,800
Lancaster 39,500
Grove City 38,900
Westerville 38,800
Airports
■ Port Columbus International Airport
■ Rickenbacker International
■ OSU Don Scott and Bolton Field general
aviation airports
Major Roadways
■ Interstates 70, 71, 270 and 670
■ Highways 23, 33 and 62
Rail
■ Freight - CSX, Norfolk Southern
The Columbus Metro is:
■ 190 miles from Detroit
■ 360 miles from Chicago
■ 405 miles from Washington, D.C.
■ 570 miles from Atlanta
COLUMBUS
27
MARKET OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
* ForecastSources: Marcus & Millichap Research Services, Bureau ofEconomic Analysis, Moody's Analytics, U.S. Census Bureau,Fortune
Economy
Relatively diverse employment opportunities,
Columbus’ designation as the state capital and the
presence of Ohio State University provide a strong
foundation for healthy local economic activity.
Major corporations are drawn to Columbus’ lower
business costs, stellar education system and strategic
location. The metro is home to four Fortune 500
companies, L Brands, Cardinal Health, American
Electric Power and Nationwide, as well as many
regional and subsidiary operations.
Columbus has a strong tradition of nurturing local
enterprises into national and global powerhouses.
Wendy’s and L Brands, both headquartered in
Columbus, support thousands of jobs in the metro and
are involved in community development.
Information technology is a growing sector in
Columbus with the recent addition of IBM’s Client
Center for Advanced Analytics. A collaborative
partnership with Ohio State University will draw and
train workers in a business and technology curriculum,
preparing workers for data analytics jobs.
The housing sector in Columbus is improving. More
than 7,300 residential building permits were issued in
2015, and home sales are trending higher.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
COLUMBUS
28
MARKET OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
Labor
Local employers provide more than 1 million jobs in the Columbus metro, and the labor market is expected to
expand at an annual pace of 1.8 percent over the next five years as the region’s employment base becomes more
diversified. All major job sectors except manufacturing will post gains during this period. The manufacturing
industry’s share of total employment has diminished in recent years to 7 percent. The sector will continue to play a
role in the local economy.
The trade, transportation and utilities sector is a key industry to the local economy, accounting for 19 percent of
total employment. The sector’s dominance is linked to the metro’s central U.S. location, its well-developed
infrastructure and the presence of major corporations that ship worldwide. Employment in this segment is
expected to rise by 1.0 percent annually over the next five years.
The professional and business services, and government sectors are also major employers in the economy. They
provide 18 and 16 percent, respectively, of metro jobs, or roughly 350,000 workers. These segments will increase
at an annual pace of 3.4 percent and 1.0 percent, respectively through 2020. The construction sector will have the
largest growth during this period, at 5.8 percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
* ForecastSources: Marcus & Millichap Research Services, BLS, Moody’s Analytics
COLUMBUS
29
MARKET OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
Major Private Employers
Employers
Columbus’ standing as the state capital and Ohio State
University’s impact on the local economy have helped
the region remain popular with relocating and
expanding companies. The metro houses a number of
nationally and globally recognized corporations in a
wide array of industries.
Honda of America Mfg. has been in the metro since
1979, when it started producing motorcycles in
Marysville. The company has moved its North
American headquarters from Los Angeles to Marysville.
Additional Honda facilities are located in the nearby
communities of Anna and East Liberty. Honda employs
a significant portion of local residents.
Nationwide Insurance, already one of the largest private
employers in Columbus, is expected to grow in the years
ahead as the vast group of aging baby boomers utilizes
its financial and insurance products and services for
retirement and investment planning.
L Brands, (formerly Limited Brands), one of Columbus’
most recognized local firms, is an integral corporate
entity to the metro economy. The company employs
thousands at its corporate offices and retail outlets.
Successful subsidiary organizations of L Brands,
including Victoria’s Secret and Abercrombie & Fitch,
also maintain corporate headquarters in the metro.
* ForecastSources: Marcus & Millichap Research Services, BLS, Moody’sAnalytics, Experian
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
JPMorgan Chase
Nationwide Insurance
Honda of America
L Brands
Nationwide Children's Hospital
PNC Financial Services Group
Huntington Bancshares Inc.
Cardinal Health
American Electric Power
Express Script Holdings Co.
Alliance Data Retail Systems
COLUMBUS
30
MARKET OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
Demographics
Population growth in the Columbus metro will outpace
the nation over the next five years with the addition of
nearly 100,000 residents. These gains will be supported
by a steadily improving employment landscape.
Columbus will continue to benefit from the expansion
of local companies as well as a projected influx of college
students. The metro is relatively young, largely the
result of the presence of Ohio State University. The
median age is 35.7 years, below the U.S. median of
37.5. Residents younger than 20 make up 27 percent of
the population, while those age 65 or older comprise
just 12 percent.
The metro has cultivated a highly educated populace;
32.4 percent of residents age 25 and older have earned
at least a bachelor’s degree and more than 11 percent
have also obtained an advanced degree. Educational
attainment generally translates into high incomes.
Area inhabitants enjoy a median household income that
remains slightly above the national median, and the
presence of major corporations and the region’s
entrepreneurial spirit will keep median incomes slightly
above the U.S. level during the coming years. High
earnings and home prices that are well below the
national median have resulted in 63 percent of residents
owning their home.
* ForecastSources: Marcus & Millichap Research Services, AGS, Experian,Moody’s Analytics, U.S. Census Bureau
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
COLUMBUS
31
MARKET OVERVIEW
Alum Creek PlazaWESTERVILLE, OH
The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.
Quality of Life
Columbus may be best known as a college town, but for
a midsize community, it offers residents big-city
amenities. The metro is home to major league sports
teams: the Blue Jackets (NHL) and the Crew (MLS).
The Columbus Clippers are the Triple-A affiliate of the
Cleveland Indians (MLB) and play their home games in
downtown Columbus.
The city is host to the Columbus Symphony Orchestra,
Ballet Met and Opera Columbus, in addition to more
than a dozen theater companies, more than 100 art
galleries and dealers, and a variety of museums. Many of
the galleries and restaurants are located in Short North,
a vibrant neighborhood north of downtown. The metro
is also home to various annual festivals and the Ohio
State Fair. Additionally, the world-famous Columbus
Zoo and Aquarium is known for its unique exhibits.
Outdoor recreational opportunities abound. The metro
hosts a multitude of golf courses, as well as nearby
reservoirs and an extensive park system. For wintertime
activities, Columbus is a one-hour drive from Mad
River Mountain ski area in Bellefontaine.
The region’s economic vitality and social scene are
supported by a strong post-secondary education
network. Columbus contains the nationally recognized
Ohio State University, as well as many other four-year
colleges, universities, and two-year institutions.* ForecastSources: Marcus & Millichap Research Services, Economy.com,National Association of Realtors, U.S. Census Bureau
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.
COLUMBUS
WESTERVILLE, OH
OFFERING MEMORANDUM
Alum Creek Plaza
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