offering memorandum 0.94 acre site
TRANSCRIPT
OFFERING MEMORANDUM
0.94 ACRE SITEWAKE FOREST, NORTH CAROLINA
Wakefield High 9th Grade Center
McDonald’s
Raleigh Capitol Ear, Nose & Throat
Wake Foot & Ankle Center
Mckenzie’s Bar & GrillKJ Shoe Repair
Kathryn S Drake Attorneys at Law
Walgreens
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.
Non-Endorsement Notice
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.
Activity ID: X0780047
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PRICING & FINANCIAL ANALYSIS
THE OFFERINGProperty 0.94 Acre SiteProperty Address 12300 Hampton Way Drive
Wake Forest, NC 27587Price $425,000Price/Acre $451,455Price/SF $10.38
INVESTMENT OVERVIEW
ZONING USESResidential
Live-Work Units
Residential Care Facilities (More than 6 Residents)
Lodging: Boarding or Rooming House (12 or Less Persons)
Hotel/Inn (Less than 20 Rooms)
Hotel/Inn (No Room limit)
Office/Service:ATM
Banks, Credit Unions, Financial Services
Dry Cleaning & Laundry Services
Funeral Homes/Crematoria
Home Occupation
Medical Clinic
Personal Service
PostOffice
Professional Services
Small Equipment Repair/Rental
Veterinary Services
PROPERTY DESCRIPTIONAssessor’s Parcel Number 1831512658Lot Size (Acres) 0.94 AcresLot Size (SF) 40,946 SFBuildable SF 40,946 SFNumber of Lots One (1)Zoning HBTaxes $4,803.90Tax Year 2018Type of Ownership Fee Simple
ZONING USESCommercial/Entertainment:
Alcoholic Beverage Sales
Amusements, Indoor & Outdoor
Bar/Tavern
General Commercial
Night Club
Outside or Display Sales
Open Air Retail
Pawnshops
Restaurant
Theater Indoor & Outdoor
Civic: Cemetery
Civic Meeting Facilities
Community Facility
Conference/Convention Center
Public Safety Station
Recreation Indoor & Outdoor
Religious Institution
Sports Arena/Stadium
ZONING USESEducational/Institutional:
Child/Adult Day Care Home (8 or Less Persons)
Child/Adult Day Care Center (More than 8 Persons)
Community Support Facility
Hospital
Schools – Elementary & Secondary
Studio – Art, Dance, Martial Arts, Music
Automotive:Drive-Thru/Drive-In
Gas/Fueling Station
Heavy Equipment/Manufactured Home Rental/Sales
Parking Lot/Structure
Vehicle Rental/Leasing/Sales
Industry/Wholesale/Storage:Industry, Light
Light Manufacturing Workshops
Recycling Collection Station
Storage
Infrastructure:Wireless Telecommunications Tower & Facility
Utilities – Class 1, 2, 3
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PROPERTY DESCRIPTION
Marcus & Millichap is pleased to present for sale a 0.94 acre land parcel located in Wake Forest, North Carolina. The subject property is adjacent to a dark Food Lion anchored retail center with strong sales. The property has 296 square feet of frontage on Hampton Way with multiple access points: Hampton Way and Cloverleaf Drive. The property is zoned HB allowing for multiple uses (site plan example in the Offering Memorandum).
The subject property is surrounded by national and local businesses including Food Lion, Habitat for Humanity Restore, BB&T, Target, and the HomeDepot.Averagetrafficcountssurroundingthepropertyare36,000VPD (Capital Boulevard - US 98 intersection) and 18,000 VPD (US 98 and Cloverleaf Drive). Located near the interchange for US Route 1 and Highway 98, the subject property is two miles from Downtown Wake Forest and 16 miles from Downtown Raleigh.
Wake Forest is located in both Franklin and Wake County, but is almost entirely in Wake County. Located just north of Raleigh, Wake Forest is one of the fastest growing suburbs in America according to Forbes. The city is included in the Raleigh-Durham-Chapel Hill Combine Statically Area (CSA) which has a population of 2,037,430.
PROPERTY OVERVIEW• 0.94 Acre Site | Adjacent to Food Lion Retail
Center with Strong Sales/Daily Shoppers
• HB Zoning Allows for Multiple Uses
• 296 SF of Frontage on Hampton Way | Multiple Access Points - Hampton Way and Cloverleaf Drive
• Near Interchange for US-1 and Hwy 98
• Surrounded by National and Local Businesses
• 75,000 People Within Five Miles
• $94,500 Average Household Incomes within Five Miles
• Two-Miles to Downtown Wake Forest | 16-Miles to Downtown Raleigh
Wakefield High 9th Grade Center
McDonald’s
Raleigh Capitol Ear, Nose & Throat
Wake Foot & Ankle Center
Mckenzie’s Bar & GrillKJ Shoe Repair
Kathryn S Drake Attorneys at Law
Walgreens
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PROPERTY DESCRIPTION
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SALES COMPARABLES
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Sold Date Address City Sold Price Acres Price/Acre Notes1 7/13/2018 Rogers Rd, Lot 500 Wake Forest $1,100,000 1.50 $733,333.33 Raw Land2 5/16/2018 907 Gateway Commons Cir Wake Forest $1,325,000 1.68 $788,690.48 Gateway Commons Outparcel3 7/13/2017 911 Gateway Commons Cir Wake Forest $924,000 1.34 $689,552.24 Rough Graded4 5/30/2017 2811 Rogers Rd Wake Forest $880,000 1.40 $628,571.43 Raw Land5 9/12/2016 12051 Retail Dr Wake Forest $900,000 3.51 $256,410.26 Plans to develop hospitlaity building
$1,025,800 1.89 $619,311.55
RALEIGHOVERVIEW
The Raleigh-Durham-Chapel Hill metro is located in the north-central portion of North Carolina where the North AmericanPiedmont and Atlantic Coastal Plain regions join. The area isapproximately two hours west of the Atlantic Ocean and four hourseast of the Appalachian Mountains. The metro is composed of 11counties: Wake, Durham, Johnston, Chatham, Orange, Franklin,Harnett, Vance, Granville, Lee and Person. The market has apopulation of nearly 2.2 million people, nearly half of whom live inWake County. Raleigh, home to the state capitol, is the mostpopulous city in the metro with approximately 458,000 citizens.Durham is the second largest with 260,800 residents.
METRO HIGHLIGHTS
HIGHLY SKILLED WORKFORCENumerous world-renowned colleges and universities are located in the metro and contribute to an educated labor pool.
AFFORDABLE COST OF LIVINGA metro median home price of roughly $265,000 is lower than many other East Coast communities.
HIGH-TECH EMPLOYMENTThe Research Triangle Park attracts and fosters high-tech and biotechnology firms.
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MARKET OVERVIEW
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MARKET OVERVIEW
ECONOMY Primary to the Raleigh-Durham-Chapel Hill economy is the Research Triangle Park (RTP),
spanning 7,000 acres and home to more than 200 global companies that employ roughly50,000 workers.
In addition to a thriving life-sciences sector, the metro is home to one of the fastest-growingCleanTech clusters, with a host of companies focused on smart grid technologies, electricvehicles and renewable energy.
The metro ranks high in tech jobs, partially attributed to three Tier 1 universities: DukeUniversity, North Carolina State University and University of North Carolina at Chapel Hill.
MAJOR AREA EMPLOYERS
Duke University and Health System
IBM Corp.
WakeMed Health and Hospitals
Cisco Systems Inc.
Rex Healthcare
SAS Institute Inc.
GlaxoSmithKline
Affiliated Computer Services
Wells Fargo
Blue Cross Blue Shield of North Carolina* Forecast
SHARE OF 2017 TOTAL EMPLOYMENT
MANUFACTURING6%
GOVERNMENT
HEALTH SERVICESEDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL ANDBUSINESS SERVICES
3%INFORMATION
20%
6%
15% 11% 5%
12%
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MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
The metro is projected to add nearly 210,000 people over the next five years,which will result in the formation of 90,000 households.
A median home price of $265,000 allows 64 percent of households to own theirhomes, on par with the national level.
Roughly 43 percent of people age 25 and older hold a bachelor’s degree; amongthese residents, 17 percent have also earned a graduate or professional degree.
Situated on rolling hills between the Atlantic coast beaches and the AppalachianMountains, the Raleigh-Durham-Chapel Hill region provides a wide variety of outdooractivities. Sports enthusiasts follow the Atlantic Coast Conference rivalry among theUniversity of North Carolina, Chapel Hill, North Carolina State and Duke. Also, theNHL’s Carolina Hurricanes play in Raleigh and minor league baseball is represented bythe Durham Bulls and the Carolina Mudcats. The region also provides many culturalopportunities, such as the Carolina Theater, Carolina Ballet, North Carolina Symphonyand NC Opera. Venues include the Durham Performing Arts Center, the Time WarnerCable Music Pavilion at Walnut Creek and the Raleigh Amphitheatre and Festival Site.
QUALITY OF LIFE
* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
36.42017
MEDIAN AGE:
U.S. Median:37.8
$59,100 2017 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:$56,300
2.2M2017
POPULATION:
Growth2017-2022*:9.6%
840K2017
HOUSEHOLDS:
10.7%Growth
2017-2022*:
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
21%20-24 YEARS
7%25-44 YEARS
29%45-64 YEARS
26%65+ YEARS
12%
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DEMOGRAPHIC ANALYSIS
1 Mile 3 Mile 5 Mile2000 Households 514 5,658 10,4712010 Households 1,076 11,728 24,2162014 Households 1,153 12,993 26,9952019 Households 1,327 15,403 32,138
1 Mile 3 Mile 5 Mile2010 Owner Occupied Housing Units 60.91% 63.67% 72.18%2010 Renter Occupied Housing Units 31.16% 28.26% 20.81%2014 Owner Occupied Housing Units 64.77% 68.79% 75.84%2014 Renter Occupied Housing Units 35.23% 31.21% 24.16%2019 Owner Occupied Housing Units 66.28% 68.69% 75.59%2019 Renter Occupied Housing Units 33.72% 31.31% 24.41%
1 Mile 3 Mile 5 Mile2000 Population 1,365 15,306 1,3652010 Population 3,211 32,173 68,0082014 Population 3,423 35,584 75,8552019 Population 4,034 42,116 90,013
1 Mile 3 Mile 5 Mile$ 0 - $ 14,999 6.6% 7.9% 7.2%$ 15,000 - $24,999 8.5% 9.1% 7.7%$ 25,000 - $34,999 10.65% 9.3% 8.3%$ 35,000 - $49,999 14.9% 13.4% 13.0%$ 50,000 - $74,999 18.0% 16.3% 17.1%$ 75,000 - $99,999 11.4% 13.1% 14.4%$100,000 - $124,999 9.0% 9.3% 10.3%$125,000 - $149,999 6.2% 6.6% 7.7%$150,000 - $200,000 8.0% 7.6% 7.7%$200,000 to $249,999 2.9% 3.2% 3.0%$250,000 + 3.9% 4.2% 3.7%Median HH Income $63,626 $65,654 $70,076Per Capita Income $32,066 $35,108 $34,187Average HH Income $93,998 $95,860 $95,914
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Andrew MarguliesFirst Vice President | InvestmentsSenior Director, National Retail GroupCell: (312) [email protected] License: 264059IL License: 475147606