3 Unit Portfolio in OH &WV · 2019-10-17 · Marcus & Millichap Real Estate Investment Services,...

3 Buffalo Wild Wings Properties

Located in Ohio & West Virginia

3 Unit Portfolio in OH &WV

OFFERING MEMORANDUM

St. Mary’s, OH Location

Available as a Portfolio or One-Off

Marcus & Millichap hereby advises all prospectivepurchasers of Net Leased property as follows:

The information contained in this Marketing Brochure hasbeen obtained from sources we believe to be reliable.However, Marcus & Millichap has not and will not verifyany of this information, nor has Marcus & Millichapconducted any investigation regarding these matters.Marcus & Millichap makes no guarantee, warranty orrepresentation whatsoever about the accuracy orcompleteness of any information provided.

As the Buyer of a net leased property, it is the Buyer’sresponsibility to independently confirm the accuracy andcompleteness of all material information beforecompleting any purchase. This Marketing Brochure is not asubstitute for your thorough due diligence investigation ofthis investment opportunity. Marcus & Millichap expresslydenies any obligation to conduct a due diligenceexamination of this Property for Buyer.

Any projections, opinions, assumptions or estimates usedin this Marketing Brochure are for example only and donot represent the current or future performance of thisproperty. The value of a net leased property to youdepends on factors that should be evaluated by you andyour tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and constructionadvisors should conduct a careful, independentinvestigation of any net leased property to determine toyour satisfaction with the suitability of the property foryour needs.

Like all real estate investments, this investment carriessignificant risks. Buyer and Buyer’s legal and financialadvisors must request and carefully review all legal andfinancial documents related to the property and tenant.While the tenant’s past performance at this or other

locations is an important consideration, it is not aguarantee of future success. Similarly, the lease rate forsome properties, including newly-constructed facilities ornewly-acquired locations, may be set based on a tenant’sprojected sales with little or no record of actualperformance, or comparable rents for the area. Returnsare not guaranteed; the tenant and any guarantors mayfail to pay the lease rent or property taxes, or may fail tocomply with other material terms of the lease; cash flowmay be interrupted in part or in whole due to market,economic, environmental or other conditions. Regardlessof tenant history and lease guarantees, Buyer isresponsible for conducting his/her own investigation of allmatters affecting the intrinsic value of the property andthe value of any long-term lease, including the likelihoodof locating a replacement tenant if the current tenantshould default or abandon the property, and the leaseterms that Buyer may be able to negotiate with apotential replacement tenant considering the location ofthe property, and Buyer’s legal ability to make alternateuse of the property.By accepting this Marketing Brochure you agree to releaseMarcus & Millichap Real Estate Investment Services andhold it harmless from any kind of claim, cost, expense, orliability arising out of your investigation and/or purchaseof this net leased property.

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following MarketingBrochure is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving itfrom Marcus & Millichap and should not be madeavailable to any other person or entity without the writtenconsent of Marcus & Millichap. This Marketing Brochurehas been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establishonly a preliminary level of interest in the subject property.The information contained herein is not a substitute for a

thorough due diligence investigation. Marcus & Millichaphas not made any investigation, and makes no warranty orrepresentation, with respect to the income or expensesfor the subject property, the future projected financialperformance of the property, the size and square footageof the property and improvements, the presence orabsence of contaminating substances, PCB’s or asbestos,the compliance with State and Federal regulations, thephysical condition of the improvements thereon, or thefinancial condition or business prospects of any tenant, orany tenant’s plans or intentions to continue its occupancyof the subject property. The information contained in thisMarketing Brochure has been obtained from sources webelieve to be reliable; however, Marcus & Millichap hasnot verified, and will not verify, any of the informationcontained herein, nor has Marcus & Millichap conductedany investigation regarding these matters and makes nowarranty or representation whatsoever regarding theaccuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verifyall of the information set forth herein.

NON-ENDORSEMENT NOTICE

Marcus & Millichap Real Estate Investment Services, Inc.(“M&M”) is not affiliated with, sponsored by, or endorsedby any commercial tenant or lessee identified in thismarketing package. The presence of any corporation’slogo or name is not intended to indicate or implyaffiliation with, or sponsorship or endorsement by, saidcorporation of M&M, its affiliates or subsidiaries, or anyagent, product, service, or commercial listing of M&M,and is solely included for the purpose of providing tenantlessee information about this listing to prospectivecustomers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENTFOR MORE DETAILS.

Confidentiality and Disclaimer

Table of ContentsInvestment Highlights 4

Financial Analysis & Investment Summary 5

Property Overview 6

Concept Overview 7

Bridgeport, WVSurrounding AreaLocation OverviewProperty PhotosSurrounding Area PhotosLocal & Regional MapsDemographicsMarket Overview

8-17

St. Mary’s, OHSurrounding AreaLocation OverviewProperty PhotosSurrounding Area PhotosLocal & Regional MapsDemographicsMarket Overview

18-26

Lima, OHSurrounding AreaLocation OverviewProperty PhotosSurrounding Area PhotosLocal & Regional MapsDemographicsMarket Overview

27-39

Investment Highlights

4

Representative Photo




Buffalo Wild Wings Portfolio

St. Mary’s OH

Lima, OH

About the Investment✓ 3 Properties Under a Long-Term, 20-Year Absolute Triple Net (NNN) Master Lease✓ Approximately 16.5 Years Remaining ✓ Two and One-Quarter Percent (2.25%) Annual Rental Increases✓ 10 Unit Franchisee Guaranty✓ Above Average Performers✓ Two (2), Five (5)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 30 Years

About the Location✓ Located in Strategic & Dense Retail Corridors, With Proximity to Major National Tenants/Shopping

Centers/Auto Dealerships/Hospitality Establishments✓ Strong Demographics – All Locations Have Over 40,000 Individuals Within a Ten-Mile Radius✓ Positive Location Fundamentals With Active Traffic Counts and Growing Daytime Populations

About the Tenant / Brand✓ Buffalo Wild Wings is An American Casual Dining Restaurant And Sports Bar Franchise In The

United States, Canada, India, Mexico, Oman, Panama, Philippines, Saudi Arabia, United Arab Emirates, and Vietnam Which Specializes in Buffalo Wings and Sauces.

✓ The Chain is Best Known For Buffalo-Style Chicken Wings Along With Over a Dozen Sauces, As Well As A Complement Of Other Items Such As Chicken Tenders And Legs. The Chain’s Menu Also Features Appetizers, Burgers, Tacos, Salads, And Desserts, Along With Beer, Wine, And Other Beverages.

✓ As of June 2017, It Had 1,238 Locations (625 Directly Owned By The Company, And 612 Franchised Locations) Across All 50 U.S. States and DC.

✓ Buffalo Wild Wings is Growing and Continues to see Success and Expansion into Key Markets✓ Subsidiary of Inspire Brands, Inc.

PRICE: $15,027,748 | CAP RATE: 6.35% | RENT: $954,262

Financial Analysis

Slim Chickens – Fort Smith, AZ 5Buffalo Wild Wings Portfolio

PROPERTY DESCRIPTION

Property Buffalo Wild Wings Portfolio

LocationLima, Ohio

St. Mary’s, OhioBridgeport, West Virginia

Year Built 2005-2011

Total Estimated Building Size 18,742

Total Estimated Lot Size +/- 5.02 Acres

Type of Ownership Fee Simple

THE OFFERING

Purchase Price* $15,027,748

CAP Rate 6.35%

Annual Rent $954,262

LEASE SUMMARY

Property Type Net-Leased Restaurant

Tenant Grube Enterprises, LLC

Guarantor 10 Unit Franchisee Guarantee

Original Lease Term 20 Years

Lease Commencement January 27, 2016

Lease Expiration January 31, 2036

Lease Term Remaining 16.4 Years

Lease Type Absolute Triple-Net (NNN)

Roof & Structure Tenant Responsible

Rental Increases 2.25% Annually

Options to Renew Two (2), Five (5)-Year Option Periods

INVESTMENT SUMMARYMarcus & Millichap is pleased to present the exclusive listing for a Buffalo Wild Wings portfoliolocated in Lima, Ohio, St. Mary’s, Ohio, and Bridgeport, West Virginia. The sites consist ofroughly 18,742 rentable square feet of building space on estimated 5.02-acres of land. TheBuffalo Wild Wings are subject to a 20-year absolute triple-net (NNN) master lease, whichcommenced January 27, 2016. The current annual rent is $954,262 and is scheduled toincrease by two and one-quarter (2.25%) percent annually. There are two, five-year tenantrenewal options. The lease is guaranteed by Grube Enterprises LLC, as well as the franchiseeentity of each of the three locations.

RENT SCHEDULELease Year(s) Annual Rent Monthly Rent Rent Escalation (%)

Year 1 $873,000 $72,750 -

Year 2 $892,643 $74,387 2.25%

Year 3 $912,727 $76,061 2.25%

Year 4 $933,263 $77,772 2.25%

Year 5 $954,262* $79,522 2.25%

Year 6 $975,733 $81,311 2.25%

Year 7 $997,687 $83,141 2.25%

Year 8 $1,020,135 $85,011 2.25%

Year 9 $1,043,088 $86,924 2.25%

Year 10 $1,066,557 $88,880 2.25%

Year 11 $1,090,555 $90,880 2.25%

Year 12 $1,115,092 $92,924 2.25%

Year 13 $1,140,182 $95,015 2.25%

Year 14 $1,165,836 $97,153 2.25%

Year 15 $1,192,067 $99,339 2.25%

Year 16 $1,218,889 $101,574 2.25%

Year 17 $1,246,314 $103,859 2.25%

Year 18 $1,274,356 $106,196 2.25%

Year 19 $1,303,029 $108,586 2.25%

Year 20 $1,332,347 $111,029 2.25%

PRICE: $15,027,748 | CAP RATE: 6.35% | RENT: $954,262

*Please note individual pricing on Page 6

*Based off of the January 2020 Rental Increase

Property Overview

Tenant Address City StateZIP

CodeAnnual Rent CAP Rate Price Size (SF)

Lot Size

(Acres)R/SF

Buffalo Wild Wings 45 Betten Court Bridgeport WV 26330 $393,638 6.35% $6,199,024 6,301 1.405 $62.47

Buffalo Wild Wings 442 Fortman Drive St. Mary's OH 45885 $218,621 6.35% $3,442,857 6,355 1.6319 $34.40

Buffalo Wild Wings 2948 Allentown Road Lima OH 45805 $342,103 6.35% $5,387,448 6,086 1.988 $56.21

6Buffalo Wild Wings Portfolio


General InformationFounded 1982, Columbus OH

Website https://www.buffalowildwings.com/

Headquarters: Atlanta, GA

Number of Locations 1,238

Buffalo Wild Wings Story:

The year was 1982. Jim Disbrow and Scott Lowery had recently moved to Ohiofrom Buffalo, New York. All was fine until one day when the two were cravingwings. Not just ordinary wings, but authentic Buffalo, New York-style chickenwings. With none to be found nearby, Jim and Scott had two choices: road trip toNew York, or open a wing joint close to home. Lucky for us, they chose the latter.Hence, the beginning of Buffalo Wild Wings & Weck, now Buffalo Wild Wings, thewelcoming neighborhood atmosphere with a front-row seat for every sports fanthat offers 21 mouth-watering signature sauces and seasonings.

Since then, they may have added a few tap lines and come up with a couple morekinds of sauce, but the important parts are still the same. It’s still the ultimateplace to eat wings, grab a cold one and meet your friends to watch a game.Since our founding, they have grown to have a store in every state in the U.S. andcontinue to open stores around the world.

No matter how many locations they have opened, where they’re corporateheadquarters is or how many years they have been around, one thing remains thesame: Buffalo Wild Wings is the ultimate place to get together with your friends,watch sports, drink beer and eat wings.

7

Concept Overview

As of June 2017

Buffalo Wild Wings Portfolio

https://www.buffalowildwings.com/

Bridgeport, West Virginia

Surrounding Area

9Buffalo Wild Wings – Bridgeport, WV

United Hospital Center

Bed Count: 375

This Buffalo Wild Wings investment property is situated just off of West Virginia Route279, which serves as an access road to Interstate Highway-79. West Virginia State Route-270 and Interstate Highway-79 boasts average daily traffic counts of approximately15,000 and 56,000 vehicles, respectively. There are more than 18,600 individuals residingwithin a five-mile radius of the property and more than 76,000 individuals within a ten-mile radius. This investment property also benefits from being located in an affluent areawith an average income greater than $97,000 in a three-mile radius.

This Buffalo Wild Wing’s property benefits from being well-positioned in a dense retailcorridor consisting of many national and local tenants, shopping centers, and hospitalityaccommodations all within close proximity of this property. Major national tenants in thearea include Friday’s, iHop, Dunkin’ Donuts, Subway, Wells Fargo, Little Caesars, Sheets,Sweet frog, Starbucks, and several other quick service restaurants. There are severalHospitality accommodations within the immediate area, including Holiday Inn, ComfortInn, Wingate by Wyndham, Courtyard by Marriott, Howthorn Suites by Wyndham, andMicrotel Inn & Suites by Wyndham. This investment property benefits from being within atwo-mile radius of United Hospital Center, a 375-bed facility. United Hospital Center is theresult of a merger between St. Mary’s and Union Protestant hospitals in 1970. This boldmove provides north central West Virginia with a regional community hospital that offersa vast array of services. The new UHC opened in 2010 and is located along Interstate 79 inBridgeport. The 692,000-square-foot structure rises eight stories. It is designed aroundthe environment with the patient, family, staff and community in mind – which includesenhanced patient privacy, a high level of technology integration and improved access tocare. The acute care facility has 292 private inpatient rooms and 24 observation roomswith a medical staff that consist of more than 140 primary care and specialtyphysicians. UHC employs more than 2,000 associates and is a member of WVU Medicine.

Twenty miles from the Buffalo Wild Wings property is Morgantown, West Virginia.Morgantown is the largest city in North-Central West Virginia and offers plenty ofopportunity for business development and expansion as this is one of the major growthareas of the State. Morgantown continues to grow and develop in many areas includinghousing, manufacturing, research, and commercial sectors. An extensive health carenetwork and the continued growth of advanced technology industries along the “I-79High Tech Corridor” helps to ensure a bright future for the town. Other key industriesinclude engineering, construction, mining, and energy. It is also one of the fastest growingcounties in the State. Morgantown is home to West Virginia University, the largestinstitution of higher education in the State and is the medical, cultural and commercialhub of the region.

ADTC: 15,000

Location Overview

10

ADTC: 56,000

Buffalo Wild Wings – Bridgeport, WV

Property Photo


Surrounding Area Photos


Local Map


Regional Map

NJ


West Virginia

3 Miles 5 Miles 10 MilesPOPULATION

2023 Projection 10,315 19,266 73,674

2018 Estimate 9,946 18,617 73,158

2010 Census 9,373 17,517 71,973

2000 Census 8,538 15,756 70,114

INCOME

Average $97,843 $87,233 $67,716

Median $80,031 $68,588 $51,514

Per Capita $41,558 $35,451 $27,929

HOUSEHOLDS

2023 Projection 4,391 7,876 30,461

2018 Estimate 4,217 7,556 30,051

2010 Census 4,026 7,202 29,989

2000 Census 3,554 6,272 28,956

HOUSING

2018 $181,915 $165,391 $114,867

EMPLOYMENT

2018 Daytime Population 9,342 16,919 67,158

2018 Unemployment 3.05% 3.76% 4.92%

2018 Median Time Traveled 23 Mins 23 Mins 23 Mins

RACE & ETHNICITY

White 95.10% 96.00% 95.31%

Native American 0.01% 0.02% 0.03%

African American 1.08% 1.00% 1.80%

Asian/Pacific Islander 2.26% 1.52% 0.77%

3 Miles

5 Miles

10 Miles

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Demographics


Bridgeport is a small town and provides a vignette of the

American Economy. Its history is a story of steady advancement,beautiful homes, great city services, the finest of schools, andunequaled recreational facilities. Bridgeport’s location at theintersection of US Route 50 east and west, and Interstate 79 north andsouth, coupled with the recent expansion at Charles Pointe and WhiteOaks, makes the city a choice location for new businesses, smallindustries, supply and retail businesses. Throughout all of its growth,the residents of Bridgeport have managed to maintain the smallcommunity atmosphere. The community is very family-oriented andworks together to provide advantages to area youth. Bridgeport isfortunate to have many community organizations and businesses thatvolunteer their time, expertise, and money to meet the needs ofBridgeport’s diverse community.

The city government is doing its part in making available the necessaryutilities, streets, sidewalks and major recreational facilities to produce aprogressive community with ample opportunity for all. The Mayor,Recorder, City Council and City Manager would like you to take the timeto get to know the City and be apart of its expansion.

17

Market Overview

Bridgeport, West Virginia

Employer Estimated # of EmployeesDefense Forensics Biometrics Agency 5,018Pratt & Whitney Engineering Services 5,000Criminal Justice Info Service Faculty 2,300Monongahela Power Company 1,000Walmart 680Clarksburg VA Medical Center 580McDonalds 506DOT 500WVUHS 500CSRA 490Resa VII 350US Post Office 331

Major Employers


St. Mary’s, Ohio

Surrounding Area

19Buffalo Wild Wings – St. Mary's, OH

Property Address: 442 Fortman Drive, St. Marys, OH 45885

STATE ROUTE-33 ADTC: 15,800

This Buffalo Wild Wings investment property is situated along Fortman Drive,which intersects North Spruce Street. North Spruce Street boasts average dailytraffic counts of 7,600 vehicles. In addition, Fortman Drive is within closeproximity of State Route-33, which brings in an additional 15,800 vehicles perday into the immediate area. There are more than 13,235 individuals residingwithin a three-mile radius of the property and more than 41,394 individualsresiding within a five-mile radius.

The subject property benefits from being well-positioned in an urban infillconsisting of both local and national tenants. Major national tenants in the areainclude: Khol’s, Kroger, Dollar Tree, Dollar General, Tractor Supply Company,Sherwin-Williams, Dairy Queen, and various others. There are several hotelaccommodations within a close proximity of the property such as The QualityInn, Best Western, Americas Best Value Inn & Suites, and many more. Thisproperty is approximately eight miles from Wright State Lake Campus, whichhas a total enrollment exceeding 1,400 students. The subject property is withina two-mile radius of Joint Township District Memorial Hospital, which has 140-staffed beds.

St. Mary’s is a city in Auglaize County, Ohio. Located in western Ohio, it is 11miles west of Wapakoneta and 20 miles east of the Ohio/Indiana border. St.Marys is home to Grand Lake St. Marys Park, which is a public recreation arealocated on a 13,500-acre Grand Lake. Grand Lake is the largest inland lake inOhio in terms of area, but it is very shallow. The state park is open to year-round recreation, including boating, fishing, swimming and hunting. A verypopular attraction in the area is the Celina Lynx Golf Club, which is a public golfcourse that has over 6,700 yards of playable grass. The largest industries in St.Marys are: Manufacturing, Health Care & Social Assistance, and Retail Trade.St. Marys also benefits from being just under 20 miles from Lima, Ohio. Lima isa city in and the county seat of Allen County, and is located in northwesternOhio. Lima is a small city that is turning to an economic hub, with a popular androbust downtown.

Location Overview

ADTC: 15,800

20

ADTC: 20,800

Buffalo Wild Wings – St. Mary's, OH

Property Photo

21Buffalo Wild Wings – St. Mary’s, OH


22Buffalo Wild Wings – St. Mary’s, OH

Local Map

23

Fort Wayne International Airport (FWA)


Property Address: 442 Fortman Drive, St. Mary’s, OH 45885

24Buffalo Wild Wings – St. Mary's, OH

Regional Map

OHIO



2023 Projection 10,620 13,269 42,118

2018 Estimate 10,635 13,235 41,394

2010 Census 10,492 12,984 40,959

2000 Census 10,704 13,424 41,663

INCOME

Average $62,561 $65,216 $72,671

Median $53,738 $55,772 $59,952

Per Capita $24,242 $25,821 $28,811

HOUSEHOLDS

2023 Projection 4,120 5,267 16,771

2018 Estimate 4,099 5,213 16,346

2010 Census 4,063 5,128 16,252

2000 Census 4,069 5,127 15,756

HOUSING

2018 $131,104 $139,646 $148,525

EMPLOYMENT


2018 Unemployment 5.37% 4.97% 4.09%


RACE & ETHNICITY

White 95.48% 95.79% 95.99%




3 Miles

5 Miles

10 Miles

25

Demographics



Employer Estimated # of Employees

Crown Lift Trucks 4,330Cisco Systems 656Speech Center 600AAP St. Mary’s Corporation 524CAPT 500Setex Incorporated 470Celina City Board Education 450Way International 425Grand Lake Health System 400Midwest Logistics Systems 389Lima Memorial Hospital 380

Major Employers

Market Overview

26Buffalo Wild Wings– St. Mary's, OH

Fort Wayne is a city in Allen County, Indiana. As the

second largest city in Indiana, Fort Wayne is consistently sited fortheir high quality of life, low cost of living and warm HoosierHospitality. It has historically served as a transportation andcommunications center for Northeast Indiana, and an incubator formany products and companies. Fort Wayne’s economy in the 21st

century is based upon distribution, transportation and logistics,healthcare, professional and business services, leisure andhospitality, and financial services. The city is a center for thedefense industry which employees thousands. Additionally, FortWayne’s vast variety of attractions such as The Embassy Theatre,which hosts over 200,000 patrons annually, Fort Wayne Children’sZoo, lauded as one of the nations foremost zoos, along with manyother attractions, have created a city ideal for both day trips andvacations. Fort Wayne was an All-America City Award recipient in1982, 1998, and 2009.[19] The city also received an OutstandingAchievement City Livability Award by the U.S. Conference ofMayors in 1999.

Fort Wayne, Indiana

City: Fort Wayne | County: Allen | State: Indiana

Lima, Ohio

Surrounding Area

28Buffalo Wild Wings – Lima, OH

Property Address: 2948 Allentown Road, Lima, OH 45805

AD

TC: 2

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NO

RTH

CA

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RO

AD

This Buffalo Wild Wings investment property is situated along Allentown Road,which intersects North Cable Road. Allentown Road boasts average daily trafficcounts of 18,500 vehicles, respectively. In addition, North Cable Road brings in anadditional 20,100 vehicles into the immediate area on average daily. There aremore than 41,786 individuals residing within a three-mile radius of the subjectproperty and more than 66,179 individuals residing within a five-mile radius.

The subject property benefits from being well-positioned in an urban infillconsisting of both local and national tenants. Major national tenants in the areainclude Walmart, Walgreens, Dollar Tree, Dollar General, McDonald’s, Dunkin’Donuts, Little Caesars, Bob Evans, Papa Johns, Taco Bell, O’Reilly Auto Parts,Aaron’s, and many more. There are several hospitality accommodations within aclose proximity of the property such as The Fairfield Inn & Suites. This investmentproperty is also located just under three miles from Mercy Health St. Rita’s MedicalCenter, a 349-bed medical facility. This property also benefits from beingstrategically located near many first and secondary schools including HeritageElementary School, Lima West Middle School, Lima Central Catholic High School,which all have a combined enrollment exceeding 1,205 students. This Buffalo WildWings property is located near the center of the University of Northwestern Ohio,which has an enrollment exceeding 4,200 students.

Located between Dayton and Toledo, Lima is home to two malls, four auto-malls, the University of Northwestern Ohio, The Ohio State University at Lima,as well as a plethora of other establishments. Lima is an important center for oiland railroad factions. Lima’s most common industries are Manufacturing,Healthcare & Social Assistance, Accommodation & Food Service, and RetailTrade. The city has seen success attracting new businesses and jobs to theirdowntown, as well as improving the housing system and encouragingcontinuous economic development. Lima has focused their efforts on identifyingand advancing opportunities to support economic development of smallbusiness. The purpose of this support is to provide economic stability and toenhance the community’s quality of life by encouraging small and minoritybusiness to stay, invest and participate in the Lima/Allen County community.

ADTC: 20,100

Location Overview

ADTC: 18,500


Property Photo


Local Map

33

Fort Wayne International Airport (FWA)

Buffalo Wild Wings – Lima, OH


John Glenn International Airport (CMH)

Dayton International Airport (DAY)

34

Regional Map

OHIO




2023 Projection 41,786 66,179 90,448

2018 Estimate 41,961 66,822 90,738

2010 Census 42,719 68,097 92,275

2000 Census 44,644 70,482 94,430

INCOME

Average $59,573 $58,622 $61,330

Median $43,258 $41,895 $46,490

Per Capita $24,576 $23,309 $24,278

HOUSEHOLDS

2023 Projection 17,150 25,621 35,177

2018 Estimate 17,022 25,587 34,902

2010 Census 17,360 26,152 35,565

2000 Census 17,461 26,754 35,726

HOUSING

2018 $106,320 $106,189 $118,346

EMPLOYMENT


2018 Unemployment 5.85% 5.97% 5.38%


RACE & ETHNICITY

White 76.56% 74.25% 79.99%




3 Miles

5 Miles

10 Miles

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DemographicsProperty Address: 2948 Allentown Road, Lima, OH 45805


Employer Estimated # of Employees

Spherion of Inc 4,500Ford 1,949Putnam County Ambulatory Care Center 1,755Lima Memorial Joint Company 1,501Procter & Gamble 654Safy 525Walmart 491McDonalds 445PPG-Metokote 445Range Kleen MFG 403General Dyn Lima Army 400

Major Employers

Market Overview


Lima is a city in and the county seat of Allen County, and is in

northwestern Ohio along Interstate-75, approximately 72 milesnorth of Dayton and 78 miles South-southwest of Toledo. Lima is ata crossroads geographically between midwestern cities as well asmetaphorically in its evolution. It has a robust past as amanufacturing center of automotive parts, neon signs, and steamlocomotives. The energy industry, central location to many marketsand an ambitious city government may indicate an extremelyfavorable future.

In the city center, the two main hubs are Market Street (runningeast and west) and Main Street (running north and south). The twostreets meet at the center of town, in a small area known as “TownSquare”. It is here that most downtown businesses are, and whereweekly “Rally in the Square” events take place during the summer.The yearly “Square Fair” also takes place here in early August. Mostrestaurants in Lima are of the chain variety, either fast food or sit-down. There is at least one of most major types of restaurant intown, but there are a few local restaurant gems.

Lima, Ohio

EXCLUSIVE NET LEASE OFFERING

WV BROKER OF RECORD:Francis McGuire

Marcus & MillichapLicense: #WV0019009

OH BROKER OF RECORD:Michael Glass

Marcus & MillichapLicense: # BRK.2007005898

3 Unit Portfolio in OH &WV · 2019-10-17 · Marcus & Millichap Real Estate Investment Services,...

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Transcript of 3 Unit Portfolio in OH &WV · 2019-10-17 · Marcus & Millichap Real Estate Investment Services,...