OFFERING MEMORANDUM MARMALADE APARTMENTS€¦ · The Marmalade Apartments offer 8 multi family...

O F F E R I N G M E M O R A N D U M

MARMALADE APARTMENTS SALT LAKE CIT Y, UT

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus

& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared

to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained

herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect

to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements,

the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon,

or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained

in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information

contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy

or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service

mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2018 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N O T I C EMarcus & 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.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y.P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com


KRIS MORTENSENAssociate

National Multi Housing GroupSalt Lake City Office

Tel: (801) 736-2634 // Fax: (801) [email protected]

License: UT 9789720-SA00

E X C L U S I V E L Y L I S T E D B Y

MARMALADE APARTMENTS


O F F E R I N G S U M M A R Y 01

M A R K E T O V E R V I E W

04

F I N A N C I A L A N A L Y S I S

02

M A R K E T C O M P A R A B L E S

03

T A B L E O F C O N T E N T S

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID

01OFFERING SUMMARY

405-407 North Center Street, Salt Lake City, UT 84103 Marcus & Millichap have been selected to exclusively market for sale the Marmalade Apartments. The Marmalade Apartments offer 8 multi family units located at 405-407 North Center Street, Salt Lake City, UT 84103. The units include seven 1 Bedroom/1 Bathroom units and a single Studio unit. The tenants have access to a laundry room on the premises. The property has been very well maintained. Recently the water heaters, roof and gutters have been replaced in addition to upgrades and maintenance as tenants have turned over.

The Marmalade Apartments is located in a very desirable rental neighborhood close to Downtown Salt Lake City and the University of Utah (3 miles away). UTA Trax lines are just a few blocks away and multiple UTA bus stops surround the property, making transportation across the valley easy for tenants. The apartment caters to a large tenant pool, ranging from students to small families. Because of the great location the vacancy history is very low and available units fill up fast.

The economic condition in Utah remains strong, trending upward, as unemployment remains at an all-time low of 3.2% compared to the National low of 4.5%, and companies continue to move or expand into Utah including Amazon, Facebook, and Goldman Sachs.

Marmalade / Investment Overview

Marmalade is located less than 3 blocks from a TRAX light rail station, which provides direct routes to downtown Salt Lake City and the University of Utah.

E X E C U T I V E S U M M A R Y6

MARMAL ADE / 405 N Center Street, Salt Lake City UT 84103

Price Price to Be Determined By Market

Number of Units 188 out of 200 Condominium Units

Price $1,050,000

Parcel Number 08-36-277-020

Total Sq Footage 4,780 SF

Year Built 1926

Lot Size 0.13 Acres

8 UNITS

Property Details

•

OPPORTUNIT Y8-unit property in rapidly growing Salt Lake City area

TR ANSPORTATIONLess than 3 blocks from 2 TRAX light rail stations

LO CATION Close proximity to downtown Salt Lake City and University of Utah

HIGHLIGHTS


MARMAL ADE


189

179

171

266

190

224

224

248

186

154

154

152

201201

202

171

111

171

173173

172

66

65

65

67

67

71

7168

68

85

89

89

89

89

215

215

215

15

80

808080

80

EmigrationOaks

NorthSalt Lake

Woods Cross

SouthSalt Lake

Salt Lake City

Salt Lake CityInternational

Airport

Mill Creek

MurrayTaylorsville

Magna

Kearns

Oquirrh

West Valley City

CAPITOL HILL

WESTPOINTE

Centerville

Bountiful

Summit Park

Silver Summit

KimballJunction

SnydervilleWoodridgeTerrace

GobblersKnob

Lewis PeakGrandviewPeak

FarmingtonBay WaterfowlManagement

Area

MARMALADEAPARTMENTS



02FINANCIAL ANALYSIS

SCHEDULED POTENTIAL

UNIT TYPE NO. OF UNITS

AVG. SF

RENTAL RANGE

AVERAGERENT

AVERAGERENT/SF

MONTHLYINCOME

AVERAGERENT

AVERAGERENT/SF

MONTHLYINCOME

1 Bed / 1 Bath 7 629 $815 - $920 $869 $1.38 $6,080 $1,000 $1.59 $7,000

Studio 1 380 $800 - $800 $800 $2.11 $800 $850 $2.24 $850

Totals/Weighted Averages 8 598 $860 $1.44 $6,880 $981 $1.64 $7,850

Gross Annualized Rents $81,660 $94,200

Unit Mix Analysis / MARMAL ADE APARTMENT S

U N I T DIST R I BU T ION

STUDIO 13%

1 BDR + 1 BATH 87%87%

13%

F I N A N C I A L A N A L Y S I S11

Income Current Year 1 Notes Per Unit Per SF

Gross Scheduled Rent 82,560 96,084 12,011 20.10

Physical Vacancy 0 0.0% (4,804) 5.0% (601) (1.01)

Total Vacancy $0 0.0% ($4,804) 5.0% ($601) ($1)

Effective Gross Income $82,560 $91,280 $11,410 $19.10

Expenses Current Year 1 Notes [3] Per Unit Per SF

Real Estate Taxes 4,837 4,982 [3] 623 1.04

Insurance 2,321 2,391 299 0.50

Utilities 5,529 5,695 712 1.19

Repairs & Maintenance 2,036 2,097 [4] 262 0.44

Operating Reserves 2,000 2,000 [4] [5] 250 0.42

Management Fee 6,605 8.0% 7,302 8.0% [5] 913 1.53

Total Expenses $23,328 $24,467 $3,058 $5.12

Expenses as % of EGI 28.3% 26.8%

Net Operating Income $59,232 $66,813 $8,352 $13.98

Operating Statement / MARMAL ADE APARTMENT S


Operating Statement Notes / MARMAL ADE APARTMENT S

[1] Year 1 Income based on being able to raise rents to market prices of at lease $1000

[2] 5% Vacancy added to Current and Year 1

[3] Year 1 Expenses were increased by 3%

[4] Operating Reserve of $250 per Unit added to Current & Year 1

[5] 8% Management fee adeed to Current & Year 1


Financial Summar y / MARMAL ADE APARTMENT S

Summary Price $1,050,000

Down Payment $262,500 25%

Number of Units 8

Price Per Unit $131,250

Price Per SqFt $219.67

Rentable SqFt 4,780

Lot Size 0.13 Acres

Approx. Year Built 1926

Returns Current Year 1CAP Rate 5.64% 6.36%

GRM 12.72 10.93

Cash-on-Cash 3.79% 6.67%

Debt Coverage Ratio 1.20 1.36

Operating Data Income Current Year 1Gross Scheduled Rent $82,560 $96,084Less: Vacancy/Deductions $0 5.0% $4,804Total Effective Rental Income $82,560 $91,280Less: Expenses 28.3% $23,328 26.8% $24,467Net Operating Income $59,232 $66,813

Operating Data Expenses Current Year 1

Real Estate Taxes $4,837 $4,982Insurance $2,321 $2,391Utilities $5,529 $5,695Repairs & Maintenance $2,036 $2,097Operating Reserves $2,000 $2,000Management Fee $6,605 $7,302Total Expenses $23,328 $24,467

Expenses/Unit $2,916 $3,058Expenses/SF $4.88 $5.12

# of Units Unit Type SqFt/Unit Scheduled Rents Market Rents

7 1 Bed / 1 Bath $869 $1,000 $1,000

1 Studio $800 $850 $850



03MARKET COMPARABLES

PROPERTIES #UNITS AVG. RENT

S Marmalade // 405-407 N Center Street, Salt Lake City UT 8 $851

1 Arches North // 264-268 N 200 W, Salt Lake City, UT 21 $852

2 The Arches // 171 W 300 N, Salt Lake City, UT 12 $975

3 Arches South // 156 W 200 N, Salt Lake City, UT 17 $1,125

4 651 N 200 W // 651 N 200 W, Salt Lake City, UT 4 $945

5 26 W Girard Street // 26 W Girard Street, Salt Lake City, UT 5 $798

6 Marmalade Hill // 405-443 N 200 W, Salt Lake City, UT 72 $967

7 Park Capitol // 215 N Main Street, Salt Lake City, UT 135 $1,277

Rent Comparables

M A R K E T C O M P A R A B L E S16

UNIT TYPE #UNITS SF RENT RENT/SF

1 BDR/ 1 BATH 7 629 $864 $1.37

STUDIO 1 380 $760 $2.00

TOTAL/WTD. AVG. 8 598 $851 $1.42


STUDIO/ 1 BATH 10 400 $750 $1.88

1 BDR / 1 BATH 11 450 $945 $2.10

TOTAL/WTD. AVG. 21 426 $852 $2.00

TotalOccupancy

TotalOccupancy

YearBuilt

YearBuilt

1926

1952

Marmalade Apartments405-407 N Center Street, Salt Lake City, UT

Arches North264-268 N 200 W, Salt Lake City, UT

8

21

100%

100%

Total Units

Total Units

S

1



1 BDR/ 1 BATH 11 480 $982 $2.05

STUDIO 1 480 $900 $1.88

TOTAL/WTD. AVG. 12 480 $975 $2.03


1 BDR/ 1 BATH 17 650 $1,125 $1.73

TOTAL/WTD. AVG. 17 650 $1,125 $1.73

TotalOccupancy

TotalOccupancy

YearBuilt

YearBuilt

1952

1952

The Arches171 W 300 N, Salt Lake City, UT

Arches South156 W 200 N, Salt Lake City, UT

12

17

100%

88%

Total Units

Total Units

2

3



1 BDR/ 1 BATH 4 750 $945 $1.26

TOTAL/WTD. AVG. 4 750 $945 $1.26


1 BDR 1 BATH 3 812 $780 $0.96

2 BDR 1 BATH 2 850 $825 $0.97

TOTAL/WTD. AVG. 5 827 $798 $0.96

TotalOccupancy

Occupancy(In Lease Up)

YearBuilt

YearBuilt

1948

1962

651 N 200 W651 N 200 W, Salt Lake City, UT

26 Girard Street26 Girard Street, Salt Lake City, UT

4

5

100%

100%

TotalUnits

Total Units

4

5



1 BDR 1 BATH 40 845 $900 $1.07

2 BDR 1 BATH 32 958 $1,050 $1.10

TOTAL/WTD. AVG. 72 895 $967 $1.08


STUDIO 1 BATH 12 387 $920 $2.38

1 BDR 1 BATH 84 707 $1225 $1.73

2 BDR 1 BATH 39 997 $1,500 $1.50

TOTAL/WTD. AVG. 135 762 $1,277 $1.68

TotalOccupancy

TotalOccupancy

YearBuilt

YearBuilt

1975

1972

Marmalade Hill405-443 N 200 W, Salt Lake City, UT

Park Capitol215 N Main Street, Salt Lake City, UT

72

135

94%

96%

Total Units

Total Units

7

6


Sales Comparables PROPERTIES SALES PRICE #UNITS YEAR BUILT

Marmalade // 405-407 N Center Street, Salt Lake City, UT $1,050,000 8 1926

1 270 N 200 W, Salt Lake City, UT $2,400,000 21 1973

2 570 N 200 W, Salt Lake City, UT $1,215,375 9 1984

3 402 N Center Street, Salt Lake City, UT $1,450,000 7 191

4 The Park Spring // 778 N 300 W, Salt Lake City, UT $1,800,000 23 1964

5 235 W 400 N, Salt Lake City, UT $1,200,000 5 1906


UNIT TYPE #UNITS

2 BDR/ 1 BATH 21

TOTAL/UNITS 21

UNIT TYPE #UNITS

2 BDR/ 1 BATH 9

TOTAL/UNITS 9

SALES PRICE 2,400,000

CLOSE OF ESCROW 4/27/2017

PRICE/UNIT $114,286

PRICE/SF $367.31

CAP RATE 5.25%

YEAR BUILT 1973

SALES PRICE $1,215,375


PRICE/UNIT $135,042

PRICE/SF $187.56

CAP RATE 5.60%

YEAR BUILT 1964

YearBuilt

YearBuilt

1973

1964



21

9

Total Units

Total Units2

1


UNIT TYPE #UNITS

1 BDR 1 BATH 6

2 BDR 1 BATH 1

TOTAL/UNITS 7

UNIT TYPE #UNITS

1 BDR/ 1 BATH 20

2 BDR/ 1 BATH 3

TOTAL/UNITS 23



PRICE/UNIT $207,143

PRICE/SF $284.54

CAP RATE 5.00%

YEAR BUILT 1914



PRICE/UNIT $78,261

PRICE/SF $72.50

CAP RATE 5.99%

YEAR BUILT 1964

YearBuilt

YearBuilt

1914

1964

402 N Center Street402 N Center Street, Salt Lake City, UT

The Park Spring778 N 300 W, Salt Lake City, UT

7

23

Total Units

Total Units

3

4


UNIT TYPE #UNITS

1 BDR 1 BATH 2

2 BDR 2 BATH 3

TOTAL/UNITS 5



PRICE/UNIT $240,000

PRICE/SF $352.63

CAP RATE 5.25%

YEAR BUILT 1906

YearBuilt 1906235 W 400 N

235 W 400 N, Salt Lake City, UT 5 Total Units

5



04MARKET OVERVIEW

Salt Lake CityLocation Overview

Salt Lake City, the capital of and largest municipality in the state of Utah, is located in the northern portion of Salt Lake County. The city is nestled between the rugged peaks of the Wasatch Mountains and the Great Salt Lake, creating a pristine natural environment where the mountains, foothills, and valley lowland environments merge. Nicknamed the “Crossroads of the West,” Salt Lake City has an estimated population of 198,803 and is the social, economic, and cultural center of the Salt Lake City metropolitan area, one of the fastest growing metropolitan areas in the country. In 2017, Salt Lake City was ranked No. 10 in the nation for the “Best Places to Live,” according to US News.

Major Economic Drivers

Salt Lake City has a diversified employment base with concentrations in health care and social assistance, manufacturing, public administration, and professional, scientific, and technical services. The University of Utah is the largest employer in the city, employing more than 20,000 people. Additionally, the large manufacturing sector in the city is highlighted by a Boeing facility located near the Salt Lake City International Airport. The airport houses a Delta Airlines hub, the largest private employer in the city. Other economic drivers in the city include the headquarters of The Church of Jesus Christ of Latter-day Saints and Goldman Sachs.

Recently, the growth in the professional, scientific, and technical services industry has had a significant impact on the economy of Salt Lake City. The clustering of tech-related corporations such as eBay, Adobe, Overstock.com, Workday, Inc. and more than 4,000 startups along an 80-mile swath from Provo to Ogden has affectionately become known as “Silicon Slopes”. The city’s location within this growing technology hub garnered national recognition in 2017 as the city was ranked No. 1 for “Cities Poised to Become Tomorrow’s Tech Meccas” and No. 11 for “Tech and STEM-related Job Growth,” according to Forbes.com.

Thriving Downtown with Entertainment, Shopping, and Dining Destinations

In part due to the rising tech scene, downtown Salt Lake City has undergone a renaissance over the last decade to become a vibrant local and regional destination that provides quality urban living, accessibility to major employment destinations, and attractive outlets for entertainment, shopping, and dining. Buoyed by its strategic location near the Salt Lake City International Airport and the University of Utah, Downtown’s revitalization continues with a series of housing, retail, office, hospitality, and cultural developments currently in the pipeline.

Countless major attractions can be found in the downtown area. The Vivint Smart Home Arena underwent renovations in 2017 and is the major entertainment attraction in the area as home to the Utah Jazz. The Salt Palace Convention Center hosts large conventions throughout the year, which fill hotels and support local businesses. The area also boasts a variety of performing arts facilities, galleries, and open space amenities.

M A R K E T O V E R V I E W28

Downtown Salt Lake City includes an estimated 2.6 million square feet of retail, highlighted by The Gateway and the City Creek Center which serve as premier attractions for shopping and dining in the region. The Gateway is a large open-air retail, residential, and office complex that contains over 100 stores and restaurants. Shopping and dining options at The Gateway include Abercrombie & Fitch, Bath & Body Works, Victoria’s Secret, California Pizza Kitchen, and Fleming’s Prime Steakhouse. The Gateway also offers entertainment attractions such as The Depot, Megaplex Theatres, and Clark Planetarium & IMAX Theatre. City Creek Center is a mixed-use development that includes an open-air shopping center, office, and residential units. The center is anchored by Nordstrom and Macy’s, and includes other shops and restaurants such as Apple, Michael Kors, The Cheesecake Factory, and Texas de Brazil Churrascaria.

Well-Connected Transportation Network

Transportation in the downtown is highly accessible and provides direct connections to major economic centers. Interstates 15 and 80 are two major highways in the region that border the western edge of the downtown. Salt Lake International Airport is only about 6 miles from the downtown and ranks as the 25th busiest passenger airport in North America.

Downtown is a commuter’s haven, with a transit score of 71. The FrontRunner commuter train provides public transportation from Ogden to Provo, while the TRAX light rail lines provides access throughout the downtown, the University of Utah, the Salt Lake International Airport, and various other locations in the Salt Lake Valley. The Trolley Station along the TRAX Red Line is just a six-minute ride from downtown’s Courthouse Station, and a seven-minute ride from the University South Campus station at the University of Utah. The Salt Lake City Intermodal Hub, also located in the downtown, is a multi-modal transportation station served by TRAX, FrontRunner, Amtrak, Greyhound Lines, U Car Share, and local bus services.


MAJOR EMPLOYERS

University of Utah

State of Utah

Salt Lake County

Delta Airlines

United States Post Office

Goldman Sachs

Zions Bank

L-3 Communications

Department of Veteran Affairs

Salt Lake City Corporation

•

Location Highlights

GROWING METROPOLITAN AREATop 30 fastest growing metropolitan areas in the country between 2010 and 2016

DIVERSIFIED EMPLOYMENT BASE Prominent employers include Delta Airlines, the University of Utah, Goldman Sachs

NESTLED WITHIN A BURGEONING TECH HUB More than 4,000 tech startups within Silicon Slopes

THRIVING DOWNTOWN ATTRACTIONSVivint Smart Home Arena, Salt Palace Convention Center, The Gateway, and City Creek Center

LOCATIONWell-connected transportation network–TRAX provides convenient access to downtown and University of Utah

CONSTRUCTION PIPELINE INCLUDES•More than 2,900 housing units

•More than 100,000 square feet of retail and restaurants

•More than 772,000 square feet of office

•More than 1,600 hotel rooms


Multifamily Research2018 INVESTMENT FORECAST

Tech Remains the Driver Behind Strong Economy,Fueling Interest from West Coast Buyers

Changes to healthcare law uncertain, but strong demographic trends persist. Led

by professional and technical services, Salt Lake City will register a strong year of

employment growth in 2018. The Silicon Slopes, an area densely populated by tech

companies, will remain a hiring hub, attracting a multitude of new residents. Of the

new inhabitants, a sizable portion will be millennials, a cohort growing at an accelerated

pace, supporting amplified development. The downtown area will experience the most

construction activity this year with approximately 2,300 completions, almost half

of the total rentals the metro will receive. Following the recent influx of new units,

development should slow down as just 650 rentals are currently forecast for completion

in 2019, though the total will likely rise. Although tight vacancy has persisted in recent

years, the average rate will post a slight upswing in the next four quarters as absorption

attempts to keep pace with new supply.

Favorable yields lure investors to Northern Utah. Attracted by strong market dynamics

and the potential of significant rent growth in upcoming years, West Coast investors

have found Salt Lake City to be an attractive option for potentially high revenue growth.

Buyers from Los Angeles and the Bay Area will continue to invest in properties on

the Wasatch Front in 2018 as an alternative to the low yields in their local markets. In

recent years, both in-state and out-of-state buyers have been attracted to the suburbs of

Midvale and Sandy. Here, residential and retail developments are underway, and they

will serve as promising focal points for future apartment construction. In these areas,

first-year returns average in the high-5 to low-6 percent realm, while the metro will post

cap rates in the mid-5 percent span this year.

2018 Market Forecast

Employment

Up 2.2%

Construction

5,300 Units

VacancyUp 60 bps

RentUp 4.9%

RentUp 4.9%

The Salt Lake City workforce will expand as 27,300 new hires are added to payrolls,

outpacing than the national rate of 1.2 percent. This will keep the unemployment

rate near the 3 percent mark.

Completions will drop this year as more than 5,000 rentals are slated to deliver in

2018 following 6,400 completions one year earlier.

Deliveries will outpace absorption this year, generating a vacancy rate rise to 4.6

percent and contributing to the 140-basis-point increase over the past two years.

The average effective rent will post a marginal boost this year to $1,105 per month,

down from the 6.5 percent hike last year.

The average effective rent will post a marginal boost this year to $1,105 per month,

down from the 6.5 percent hike last year.


Salt Lake City Apartment Trends


Demographics / / SALT LAKE CITY

201,107To t a l P o p u l a t i o n Wi t h i n 5 - M i l e R a d i u s GENDER

51.7%

48.3%

$49,703Av e r a g e H o u s e h o l d I n c o m e Wi t h i n

5 - M i l e R a d i u s

$283,319 To t a l M e d i a n H o u s i n g Va l u e

84,228To t a l H o u s e h o l d s i n 5 - M i l e R a d i u s

2.57Av e r a g e ( M e a n ) H o u s e h o l d S i z e


POPULATION 1 Mile 3 Mi les 5 Mi les2022 Projection

Total Population 31,796 133,809 244,3532017 Estimate

Total Population 31,512 132,337 241,5142010 Census

Total Population 28,589 123,358 226,0912000 Census

Total Population 29,050 120,617 218,683Daytime Population

2017 Estimate 75,265 289,105 426,122HOUSEHOLDS 1 Mile 3 Mi les 5 Mi les2022 Projection

Total Households 17,836 59,627 98,7192017 Estimate

Total Households 17,456 58,043 96,163Average (Mean) Household Size 1.76 2.19 2.42

2010 Census Total Households 15,589 53,226 88,840

2000 Census Total Households 14,910 50,255 84,840

Growth 2015-2020 2.18% 2.73% 2.66%HOUSING UNITS 1 Mile 3 Mi les 5 Mi lesOccupied Units

2022 Projection 17,836 59,627 98,7192017 Estimate 18,397 60,569 99,631Owner Occupied 4,042 23,335 45,407Renter Occupied 13,414 34,708 50,756Vacant 941 2,526 3,468

Persons In Units 2017 Estimate Total Occupied Units 17,456 58,043 96,1631 Person Units 52.51% 40.39% 35.43%2 Person Units 30.97% 31.03% 30.10%3 Person Units 9.21% 12.38% 13.51%4 Person Units 4.61% 8.81% 10.28%5 Person Units 1.67% 3.82% 5.28%6+ Person Units 1.04% 3.56% 5.40%

HOUSEHOLDS BY INCOME 1 Mile 3 Mi les 5 Mi les2017 Estimate $200,000 or More 4.10% 5.60% 5.31%$150,000 - $199,000 3.03% 3.70% 3.92%$100,000 - $149,000 7.03% 10.67% 11.21%$75,000 - $99,999 8.05% 9.92% 11.05%$50,000 - $74,999 13.79% 16.20% 17.51%$35,000 - $49,999 14.77% 13.90% 14.31%$25,000 - $34,999 13.71% 11.38% 11.02%$15,000 - $24,999 14.58% 12.10% 11.34%Under $15,000 20.96% 16.53% 14.31%

Average Household Income $60,951 $74,216 $75,442Median Household Income $35,666 $45,553 $48,808Per Capita Income $34,116 $33,020 $30,342POPULATION PROFILE 1 Mile 3 Mi les 5 Mi lesPopulation By Age

2017 Estimate Total Population 31,512 132,337 241,514Under 20 12.84% 21.93% 24.83%20 to 34 Years 44.25% 33.07% 29.94%35 to 39 Years 8.87% 8.15% 8.16%40 to 49 Years 10.50% 11.87% 11.96%50 to 64 Years 13.20% 15.00% 14.94%Age 65+ 10.33% 9.97% 10.17%Median Age 32.23 32.51 32.52

Population 25+ by Education Level 2017 Estimate Population Age 25+ 23,586 90,218 160,261Elementary (0-8) 1.82% 3.33% 4.03%Some High School (9-11) 5.47% 6.92% 8.69%High School Graduate (12) 13.82% 15.92% 19.13%Some College (13-15) 23.02% 21.03% 21.24%Associate Degree Only 7.86% 7.00% 6.83%Bachelors Degree Only 27.90% 25.24% 22.52%Graduate Degree 19.36% 19.37% 16.16%

Population by Gender 2017 Estimate Total Population 31,512 132,337 241,514Male Population 53.48% 51.94% 51.54%Female Population 46.52% 48.06% 48.46%


KRIS MORTENSENAssociate

National Multi Housing GroupSalt Lake City Office

Tel: (801) 736-2634 // Fax: (801) [email protected]

License: UT 9789720-SA00

E X C L U S I V E L Y L I S T E D B Y

MARMALADE APARTMENTS

OFFERING MEMORANDUM MARMALADE APARTMENTS€¦ · The Marmalade Apartments offer 8 multi family...

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