rare downtown evanston investment opportunity · the information contained in the following...

EVANSTON, IL

Rare DowntownEvanston Investment

Opportunity

OFFERING MEMORANDUM

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.

EVANSTON, IL

Rare Downtown Evanston Investment Opportunity

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 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

Rare Downtown Evanston InvestmentOpportunity

EVANSTON, IL

Rare Downtown EvanstonInvestment Opportunity

EVANSTON, IL

PRICING AND FINANCIAL ANALYSIS

Price Request For Offer

Gross Leasable Area (GLA) 8,000

Year Built 1990

Lot Size 0.26 Acres

Parking 15 Spaces

Major Tenants

Tenant Name

Major Employers

1

CompanyLocal

Employees

Evanston Hospital 5,100

Northwestern University 3,767

Tempel Steel Company 2,004

S & C Electric Company 1,900

Federal-Mogul 1,500

Northshore Univ Healthsystem 1,275

Evanston Skokie School Dst 65 1,100

EVANSTON HOSPITAL 1,098

McDonalds 925

Walgreens 888

Rotary International 624

City of Evanston 575


Demographics

Rare Downtown Evanston Investment OpportunityEVANSTON, IL

1-Mile 3-Miles 5-Miles

2014 Total

Population

34,772 186,619 436,756

2019 Total

Population

35,596 187,173 437,199

2014 Total

Households

15,172 74,761 176,752

2019 Total

Households

15,696 75,566 178,346

Median HH Income $57,481 $57,482 $55,304

Per Capita Income

(based on Total

Population)

$44,044 $37,857 $36,630

Average (Mean) HH

Income

$95,798 $92,750 $89,293

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 Chicago, Inc. © 2016 X0670240Marcus & Millichap. All rights reserved.

OFFERING SUMMARY

2

1450 Sherman Avenue

Evanston, IL 60201

Price Request For Offer

Gross Leasable Area (GLA) 8,000

Lot Size 0.26 Acres

Year Built 1990



Location


FINANCIAL OVERVIEW


EVANSTON, IL

PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present a 100 percent fee-simple interest opportunity, in a rarely available downtown Evanston, Illinois location at 1450 Sherman Avenue. The property is walking distance from Northwestern University and is a popular hangout for graduate and undergraduate students alike. Tommy Nevin’s Pub, an 8,000-square foot restaurant / bar and patio, has been serving the needs of the local community for 26 years.

Ideally situated on the northwest corner at the four-way stop intersection of Sherman Avenue and Lake Street, the site benefits from excellent exposure and visibility. Adjacent to the subject property is the Best Western University Plaza multi-story parking structure and nearby retailers include: Whole Foods, LA Fitness, Chase, Potbelly, Giordano’s, Peets Coffee & Tea, 7-Eleven and many others.

Ranked in 2015 as one of the top 10 downtowns in the country, downtown Evanston is the commercial center for Chicago’s north shore, with one-of-a kind shops, diverse entertainment, incredible restaurants, offices and condominiums. The area has experienced unprecedented development and redevelopment within the last decade.

By redeveloping, rebranding or simply taking over current operations, an incoming investor can add tremendous value and capitalize on an irreplaceable downtown Evanston location.

Investment Highlights

■ Rare Opportunity to Purchase in Downtown Evanston: Zoned

DT-1

■ One Mile From Northwestern University

■ Operating as Tommy Nevin's Pub for 26 Years

■ Excellent Visibility - Four Way Stop Intersection

■ Fully Remodeled in 2004

■ Corner Lot with 157 Foot Frontage on Sherman Avenue and

115 Feet on Lake Street

■ Densely Populated Area - Over 436,000 People Within Five

Miles

■ Affluent Community - Average Household Income Over

$95,000 Within One Mile

4




INVESTMENT OVERVIEW

Downtown Evanston is the commercial center for Chicago’s north shore, with one-of-a kind shops, diverse entertainment, incredible restaurants, offices and condominiums. The area has experienced unprecedented development and redevelopment within the last decade. New developments have included residential and retail components, resulting in the construction of nearly 4,317 condo units since 2000. 561 residential units are currently under construction. In addition the downtown remains a workforce center, employing over 10,000 people and housing the world headquarters of Rotary International.

Easily accessible via Purple line and Metra, many of the daily commuters use these systems as their main form of transportation to and from Evanston. Evanston is also conveniently located just 30 minutes from O’Hare International Airport and 45 minutes from Midway International Airport, making Evanston attractive to regional and international travelers.

Businesses are provided support by downtown Evanston, which manages and markets the downtown district of Evanston. In addition, the City of Evanston’s economic development staff has created an economic development work plan that focuses on arts and entertainment, entrepreneurship development and growth oriented startups, as well as retail attraction and retention. These entities work together to ensure Evanston provides the infrastructure and vibrant economic environment businesses need to succeed.

Bustling downtown Evanston is a dynamic city center that is both all work and all play. Postmodern inspired office towers and contemporary condo buildings dominate the skyline of downtown Evanston.

Hunger is not an option with nearly 100 dining options for every palate and budget. Here you will discover a mix of local boutiques and big name brands that make an ideal shopper’s paradise. When it comes to nightlife and entertainment, with a high concentration of theaters, music venues, and bars, this is the north shore’s epicenter.

5




LOCATION OVERVIEW

The Offering

Property Rare Downtown Evanston Investment Opportunity

Property Address 1450 Sherman Avenue

Evanston, IL 60201

Assessor's Parcel Number 11-18-317-023; 021

Zoning DT-1

Site Description

Number of Stories One

Year Built 1990

Gross Leasable Area (GLA) 8,000 SF

Lot Size 0.26 Acres

Type of Ownership Fee Simple

Parking 15 Spaces

6




PROPERTY SUMMARY

7




DOWNTOWN EVANSTON MAP

8




DOWNTOWN EVANSTON - TOP RATED

9




TOMMY NEVIN'S PUB NEWS

Northwestern University and Evanston's Only Daily News Source Since 1881Tuesday, March 01, 2016

Best Bar: Tommy Nevin’s Pub

February 24, 2016

Nevin’s is the best of all worlds for 21 plus Northwestern students in search of a bar to hang out at.It’s conveniently located on Sherman Avenue, within walking distance of most off-campus apartments; it’s affordable for the typical college kid with a limited budget; and it’s a cool place to let loose in a sophisticated upper-classman way.

Go during the afternoon or evening and you’ll be treated to good food and a chill place to play pool or darts. Go at night, especially on Thursday, and you’ll get a packed crowd and a lively atmosphere without the stress and sweat of a frat party or the keg (RIP). It’s the perfect destination for juniors and seniors who are too cool to spend time with underclassmen but not ready to let college pass them by quite yet.

Sophie Mann/Daily Senior StafferAlex Putterman, Reporter

10




Tommy Nevin's poured its first pint on September 13, 1990. The Irish-themed restaurant/pub was the brainchild of Steven Prescott, who named the restaurant/pub after his grandfather, Thomas Nevin. Thomas or "Tommy" as was affectionately known was a WWI hero and devoted father.

Tommy Nevin's found itself in the middle of a full remodeling effort in the spring and summer of 2004. The remodeling started with a change to its current fire engine red dominated facade. This fire engine red color pays homage to the beautiful Temple Bar located in Dublin, Ireland. The remodeling also created a state of the art banquet room facility, used for many of the banquets and parties that are held at the restaurant today.

TOMMY NEVIN'S PUB SUMMARY

11




PROPERTY PHOTOS

12




PROPERTY PHOTOS

13




PROPERTY PHOTOS

14




AREA MAPS

Local Map Regional Map

15




ZONING

16




ZONING

17




ZONING

18




ZONING

19




PLAT MAP

20




AERIAL PHOTO

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Picture Page 1

AERIAL PHOTO


EVANSTON, IL

DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 32,730 193,792 446,717

2010 Population 34,045 183,772 430,210

2014 Population 34,772 186,619 436,756

2019 Population 35,596 187,173 437,199

2000 Households 13,942 74,999 175,523

2010 Households 14,709 73,030 172,736

2014 Households 15,172 74,761 176,752

2019 Households 15,696 75,566 178,346

2014 Average Household Size 2.03 2.37 2.38

2014 Daytime Population 18,618 58,277 133,404

2000 Owner Occupied Housing Units 38.58% 46.98% 47.89%

2000 Renter Occupied Housing Units 57.58% 48.68% 47.92%

2000 Vacant 3.84% 4.35% 4.18%



2014 Vacant 7.61% 7.05% 6.76%



2019 Vacant 8.27% 7.49% 7.18%

$ 0 - $14,999 16.4% 13.6% 13.9%

$ 15,000 - $24,999 8.2% 9.3% 10.3%

$ 25,000 - $34,999 8.8% 9.5% 9.8%

$ 35,000 - $49,999 11.2% 12.1% 12.1%

$ 50,000 - $74,999 15.1% 16.3% 16.5%

$ 75,000 - $99,999 9.9% 10.7% 10.8%

$100,000 - $124,999 8.1% 8.3% 8.1%

$125,000 - $149,999 6.0% 5.7% 5.4%

$150,000 - $199,999 6.9% 6.1% 5.4%

$200,000 - $249,999 3.6% 3.3% 2.8%

$250,000 + 5.8% 5.2% 4.9%

2014 Median Household Income $57,481 $57,482 $55,304

2014 Per Capita Income $44,044 $37,857 $36,630

2014 Average Household Income $95,798 $92,750 $89,293

Demographic data © 2012 by Experian.

23




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 436,755. The population has changed by -2.22% since 2000. It is estimated

that the population in your area will be 437,199 five years from now, which represents a change of 0.10% from the current year. The

current population is 49.06% male and 50.93% female. The median age of the population in your area is 37.5, compare this to the

Entire US average which is 37.3. The population density in your area is 5,550.05 people per square mile.

Households

There are currently 176,752 households in your selected geography. The number of households has changed by 0.70% since 2000.

It is estimated that the number of households in your area will be 178,346 five years from now, which represents a change of 0.90%

from the current year. The average household size in your area is 2.37 persons.

Income

In 2014, the median household income for your selected geography is $55,304, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 19.45% since 2000. It is estimated that the median

household income in your area will be $65,086 five years from now, which represents a change of 17.68% from the current year.

The current year per capita income in your area is $36,630, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $89,293, 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: 61.32% White, 11.52% Black, 0.03% Native American and

16.52% 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 15.11% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 87,734 owner occupied housing units in your area and there were 87,788 renter occupied housing units in your

area. The median rent at the time was $632.

Employment

In 2014, there are 133,403 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 71.38% of employees are employed in white-collar occupations in this geography, and 28.48% are employed in blue-collar

occupations. In 2014, unemployment in this area is 6.53%. In 2000, the average time traveled to work was 35.1 minutes.


24




SUMMARY REPORT

Number of people living in a given area per square mile.


25




POPULATION DENSITY

The number of people employed in a given area per square mile.


26




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


27




AVERAGE HOUSEHOLD INCOME

EVANSTON, IL

OFFERING MEMORANDUM


Offices Throughout the U.S and Canada

www.MarcusMillichap.com

Exclusively Listed By:

Richard KozaritsSenior Associate

Chicago Oak Brook OfficeLicense: IL: 471.013640

Tel: (630) 570-2200Fax: (630) 570-2210

[email protected]/RichardKozarits

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