OFFERING MEMORANDUM MIDWAY PLAZA · Tenant Name (Lease Type) Tenant Description Square Feet...
Transcript of OFFERING MEMORANDUM MIDWAY PLAZA · Tenant Name (Lease Type) Tenant Description Square Feet...
PLAZA721 US-321 BYP, Winnsboro, SC 29180
MIDWAY
OFFERING MEMORANDUM
Broker of Record: Drew Babcock
C O N F I D E N T I A L I T Y & D I S C L A M E R
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services,
Inc. © 2018 Marcus & Millichap. All rights reserved
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package.
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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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
MIDWAY PLAZA STRIP CENTER
Winnsboro, SC
ACT ID Z0360108
N O N - E N D O R S E M E N T N O T I C E
JOEL M. DUMESSenior Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7720
Fax: (513) 878-7710
Licenses: OH SAL.2003013045, KY 63818
STANTON R. FALKFirst Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7721
Fax: (513) 878-7710
Licenses: OH SAL.2012001364
EXCLUSIVELY LISTED BY:
www.dumesfalk.com
Broker of Record: Drew Babcock
PLAZAMIDWAY
TABLE OF CONTENTS
01INVESTMENT OVERVIEW
02PRICING & FINANCIAL ANALYSIS
03DEMOGRAPHIC & MARKET OVERVIEW
01INVESTMENT
OVERVIEW
6
7
8
Regional Finance (1)
Vacant (2)
Rent-A-Center (3)
Vacant (4)
Vacant (5)
Vacant(6)
Vacant(7)
JD Fashion (8)
Vacant (9)
CATO(10)
1,500 SF 1,500 SF 3,000 SF 4,000 SF 1,200 SF 1,200 SF 1,500 SF 5,000 SF 2,800 SF 4,160 SF
*Site plan is a representation of the property with the number of units, parking spots and relative size of both. It does not show the absolute exact size of the units relative to the other spaces or the exact number of parking spots.
Park Sterling Bank
(Not Included)
Vacant Wendy’s(Not Included)
Fairfield Career & Technology Center
Fairfield Middle School
Fairfield Central High School
Fairfield County School District
Fairfield Memorial Hospital
Fairfield Central High SchoolEnrollment: 810Fairfield Middle SchoolEnrollment: 445Fairfield Career & Technology CenterEnrollment: 400
• Breakthru Beverage South Carolina• Lang-Mekra North America Holdings• Hypac• Lang-Mekra North America• Fairfield County School District
WITHIN OPPORTUNITY ZONE
23 Milesfrom Colombia
02PRICING & FINANCIAL
ANALYSIS
721 US-321 BYP, Winnsboro, SC 29180
THE OFFERING
DEMOGRAPHICS
3-Miles 7-Miles 10-Miles
2018 Estimated Population 6,734 11,588 15,913
2018 Estimated Household 2,650 4,461 6,076
2018 Estimated Employees 5,449 8,683 11,177
SITE DESCRIPTION
PRICING DETAIL & OPERATING DATA
Built 1998
Gross Leasable Area (GLA) 25,860 SF
Occupancy 53%
Lot Size +/- 5.58 Acres
Ownership Fee Simple
Opportunity Zone Yes
MAJOR TENANTS
TENANT GLALEASE
EXPIRATIONLEASE
TYPE
Cato #74N 4,160 01/31/2020 Gross
Rent-A-Center #2124 3,000 03/31/2023 NNN
MAJOR EMPLOYERS
EMPLOYER
Breakthru Beverage South Carolina
Lang-Mekra North America Holdings
Hypac
Lang-Mekra North America
Fairfield County School District
Heritage Healthcare Ridgeway
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PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
14
RENT ROLL AND TENANT LEASE SUMMARYPLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
Tenant Name (Lease Type)
Tenant Description
SquareFeet
Pro-RataShare
Lease
Commence
Lease
Expiration
Annual
Rent/ SF
Monthly
Base Rent
Annual
Base Rent
Base Rent
Changes On
Base Rent
Changes To
Tenant Option
Terms
Regional Finance (Triple-Net) 1,500 5.80% 07/01/2015 06/30/2020 $10.00 $1,250 $15,000 None None Two, Three-Year
Regional Finance Corp. of South Carolina
+/- 341 Locations (NYSE: RM)
A diversified consumer finance company
providing a broad array of loan products to
customers since 1987.
CAM: Pro-rata, including management and 15% admin. fee (Opt. 1) 07/01/2020 $15,450 Years 6 – 9
Taxes: Pro-rata, including 15% admin. fee (Opt. 2) 07/01/2023 $15,915 Years 10 – 13
Insurance: Pro-rata, including 15% admin. fee
Other: All reimbursable Operating Costs (CAM, Tax & Ins.) is capped at $4.00 per foot
Rent-A-Center #2124 (Triple-Net) 3,000 11.60% 04/01/2003 03/31/2023 $5.75* $1,438* $17,250* None None One, Five-Year
Rent-A-Center East, Inc.
+/- 2,350 Locations (NASDAQ: RCII)
An American S&P 600 company offering
name-brand furniture, electronics, appliances
through flexible rent-to-own agreements.
CAM: Pro-rata including a 10% admin. fee (5% annual cap on CAM increases from prior year) (Opt. 4) 04/01/2023 $37,500 Years 20 – 25
Taxes: Pro-rata
Insurance: Pro-rata
Other: If Walmart vacates, base rent abatement of 50% through remaining term and any options | *actual base rent is $11.50/SF or $34,500 per year
JD’s Fashions (Gross) 5,000 19.33% 04/01/2001 07/31/2021 $3.60 $1,500 $18,000 08/01/2020 $21,600 None
Personal
A discount retail store selling hair care and
beauty products for men, women and
children.
CAM: None
Taxes: None
Insurance: None
Other: Tenant may terminate lease at anytime after 08/01/2020 with 90-day notice
Cato #74N (Gross) 4,160 16.09% 02/01/2003 01/31/2020 $1.85* $642* $7,699* None None None
The Cato Corporation
+/- 1,375 Locations (NYSE: CATO)
A leading specialty retailer of value-priced
women's fashion apparel operating three
store brands.
CAM: None
Taxes: None
Insurance: None
Other: If Walmart vacates, tenant pays 3% of gross sales in lieu of base rent and triple-net charges | *tenant paid $7,699 in 2018
Vacant 1,500 5.80%
Vacant 4,000 15.47%
Vacant 1,200 4.64%
Vacant 1,200 4.64%
Vacant 1,500 5.80%
Vacant 2,800 10.83%
Total Occupied 13,660 52.82% $4,829 $57,949
Total Vacant 12,200 47.18% $0 $0
Totals 25,860 100.00% $4,829 $57,949
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PRICING DETAIL & OPERATING DATA
List Price $400,000
Price/SF $15/SF
Current Net Operating Income $14,483
Pro-Forma Net Operating Income $130,962
Gross Leasable Area (GLA) 25,860 SF
Vacancy Upside 47%
Opportunity Zone Yes
Current Pro-Forma
Scheduled Base Rental Income $57,949 $148,549
Expense Reimbursement Income
CAM $2,864 $10,629
Insurance $1,047 $3,885
Real Estate Taxes $4,854 $9,174
Management Fees $807 $5,805
Total Reimbursement Income $9,572 $29,493
Effective Gross Revenue $67,521 $178,041
Less: Vacancy Factor (5% of EGI) ($0) ($8,902)
Less: Operating Expenses ($53,038) ($38,177)
Net Operating Income $14,483 $130,962
Operating Expenses Current Per/SF Pro-Forma Per/SF
Com
mon A
rea
Main
tenance Electric $3,465 $0.13 $3,465 $0.13
Landscaping $5,700 $0.22 $5,700 $0.22
Lot Sweeping $5,544 $0.21 $5,544 $0.21
General R&M $1,750 $0.07 $1,750 $0.07
Total CAM Expenses $16,459 $0.64 $16,459 $0.64
Insurance $6,016 $0.23 $6,016 $0.23
Real Estate Taxes* $27,894 $1.08 $9,157 $0.35
Management Fee (4% of EGR) $2,669 $0.10 $6,545 $0.25
Total Expenses $53,038 $2.05 $38,177 $1.48
CURRENT OPERATING DATA
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify
all information and bears all risk for any inaccuracies.
*Current Taxes Based on 2019 Value at $1,216,500*Pro-Forma Taxes Based on List Price at $400,000
THE OFFERING
03DEMOGRAPHICS & MARKET
OVERVIEW
17
DEMOGRAPHIC & MARKET OVERVIEW
OVERVIEW
COLUMBIA, SC
The Columbia metro contains the state capital and the University
of South Carolina. As a result, the market has a growing and
diverse economy with a strong base in government, education
and insurance. The city of Columbia itself is the most populous
city in South Carolina with 139,000 people. Overall, the metro’s
812,000 residents are spread among six counties: Richland,
Calhoun, Lexington, Fairfield, Kershaw and Saluda.
▪ Major employers in the healthcare, government and education sectors include Palmetto
Health, Blue Cross Blue Shield and the University of South Carolina.
▪ Fort Jackson, the U.S. Army’s largest and most active initial entry training installation, is
located here.
▪ Manufacturers with significant operations in the metro include Square D, International Paper,
Michelin, Honeywell, Westinghouse Electric, Trane and Bose Technology.
▪ United Parcel Service’s Southeastern regional hub is at the Columbia Metropolitan Airport.
▪ The financial and insurance sector is represented by Colonial Life & Accident Insurance Co.,
AgFirst Farm Credit Bank, Farm Credit System and Nexsen Pruet.
812K
2016POPULATION:
313K
2016HOUSEHOLDS:
36.3
2016MEDIAN AGE:
$50,900
2016 MEDIAN HOUSEHOLD INCOME:
DEMOGRAPHICS
U.S. Median:
37.7U.S. Median:
$57,2007%
Growth2016-2021*:
6.2%
Growth2016-2021*:
ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
HIGHER EDUCATION
With over 33,000 resident students and a staff of 6,000 professionals, the
University of South Carolina offers more than 350 programs of studies.
STATE CAPITAL
Roughly 10 percent of the employment base works for the state
government, supporting various programs throughout the state.
DIVERSIFIING ECONOMY
The local economy has diversified from military and manufacturing to
include finance, logistics, advanced manufacturing, healthcare and
insurance.
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
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PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
SOUTH CAROLINA METRO AREAS
Demand outpaces minimal supply additions as vacancy set to remain on
downhill slide this year. Supply additions remain limited throughout South Carolina’s
three major markets, forcing expanding retailers to target space in existing buildings.
As a result, vacancy is tight in each market, with Charleston and Greenville-
Spartanburg posting rates below 5 percent in the second quarter. Low vacancy in
these two markets has produced healthy rent gains, and the average has risen more
than 4 percent in each metro during the past 12 months. Retail deliveries remain
limited throughout the state through the remainder of the year and healthy tenant
demand will keep vacancy on a downhill trajectory in 2018. As a result, Charleston is
anticipated to record one of the strongest rental growth rates in the country this year,
while Columbia and Greenville-Spartanburg also post healthy increases in average
asking rents.
Hurricane Florence misses largest South Carolina markets. While northeastern
portions of the state have experienced flooding from water runoff after Hurricane
Florence, the majority of South Carolina and its major metros of Charleston, Columbia
and Greenville-Spartanburg were significantly less impacted. Statewide retail sales will
tick up as those affected repair homes and replace damaged goods, but retail
properties in the larger markets were largely unaffected and healthy operations will
persist through the remainder of the year.
Retail 2018 Outlook
VacancyY-O-Y
BasisPoint
Change
MetroAsking
Rent
Y-O-Y
Change
Charleston 3.3% -30 $21.93 4.6%
Columbia 5.7% -70 $13.04 3.3%
Greenville-Spartanburg 4.5% -30 $11.57 3.8%
* Cap rates trailing 12 months through 2Q18; 10-Year Treasury up to June 29.
Sources: CoStar Group, Inc.; Real Capital Analytics
Investment Trends
Charleston
• Multi-tenant investors are targeting neighborhood and strip center assets in
the market that trade at cap rates in the high-6 percent to low-7 percent
range.
• Fast-food retailers and restaurants capture the highest prices among single-
tenant properties in the metro, with yields in the mid-6 percent area.
Columbia
• Local and regional buyers continue to dominate sales activity in Columbia,
chasing strip center assets with initial yields in the high-7 percent to mid-8
percent span.
• Over the past year, investor acquisitions in the suburban markets of
Cayce/West Columbia and Dutch Fork/Irmo increased.
Greenville-Spartanburg
• Buyers targeted multi-tenant retail assets in Greenville and Anderson over the
past 12 months, with cap rates in the high-6 percent area.
• Single-tenant retail properties are in high demand and make up the bulk of
investment activity in the metro. Fast-food and restaurant establishments
accounted for nearly 30 percent of sales activity over the past year.
Limited New Competition and Healthy
Property Operations Attract Investors
DEMOGRAPHIC & MARKET OVERVIEW
19
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
Though total employment
remained unchanged during the
past four quarters, the trade,
transportation and utilities sector
gained nearly 2,700 workers.
Hiring in education and health
services resulted in an additional
700 workers in the sector.
Unemployment remains tight in
the metro, reaching 3.5 percent in
June.
EMPLOYMENT
Retail deliveries have fallen over
the past two years. Developers
focused on smaller properties with
less than 50,000 square feet in
the most recent 12-month period.
Developers have an additional
76,000 square feet of retail space
underway in the metro, all slated
for delivery in the final months of
2018.
CONSTRUCTION
Vacancy in the metro dipped over
the past year to 6.0 percent in
June as net absorption reached
426,100 square feet.
Multi-tenant retail properties
recorded a 30-basis-point
increase in the vacancy rate
during the past 12 months to 8.9
percent.
VACANCY
Following a decline in the previous
year, the average asking rent for
marketed space increased during
the past 12 months to $12.49 per
square foot.
The overall increase was led by a
2.3 percent jump in asking rent
for multi-tenant properties during
the year, rising to $12.05 per
square foot in the second quarter.
RENTS
SOUTH CAROLINA METRO AREAS: COLUMBIA
increase in the average asking rent Y-O-Y
1.8%basis point change in vacancy Y-O-Y10square feet
completedY-O-Y
425,900change in total employment Y-O-Y0%
* Forecast
1Q18 - 12-month trend
DEMOGRAPHIC & MARKET OVERVIEW
20
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
Buyers Search Columbia For Steady Rent Growth, Price Appreciation
Outlook: The capital and a large
university presence have buyers targeting
stable plays in Columbia.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketAsking
Rent
Y-O-Y%
Change
Southeast Columbia 1.8% -150 $13.69 9.0%
Lexington 2.8% 130 $19.31 2.9%
Kershaw County 3.7% -90 $7.91 -2.5%
Dutch Fork/Irmo 3.8% -110 $13.01 -17.1%
St. Andrews 5.0% -30 $9.77 -7.3%
CBD 6.3% 40 $19.74 0.1%
Cayce/West Columbia 6.6% 20 $9.50 4.6%
Northeast Columbia 6.7% 40 $13.38 12.6%
Forest Acres 14.9% 130 $10.44 -2.6%
Overall Metro 6.0% -10 $12.49 1.8%
Submarket Trends
Lowest Vacancy Rates 2Q18
Sales Trends
SOUTH CAROLINA METRO AREAS: COLUMBIA
• Multi-Tenant: Retail property prices have risen nearly 50 percent over the past five
years to approximately $190 per square foot. Cap rates have also compressed during
the span to the high-7 percent area.
• Single-Tenant: Strong competition for single-tenant retail assets prompted a 14
percent increase in prices to $360 per square foot. The average cap rate dipped below
7 percent during the 12-month span for the first time since 2004.
* Trailing 12 months through 2Q18 over previous time period.
Pricing trend sources: CoStar Group, Inc.; Real Capital
* Forecast **2017-2022
Submarkets with 2 million-plus square feet of inventory were included.
DEMOGRAPHIC & MARKET OVERVIEW
21
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
SOUTH CAROLINA METRO AREAS
• Fed raises benchmark rate, plans for additional increases. The Federal Reserve recently
increased the federal funds rate by 25 basis points, lifting the overnight lending rate to 2
percent at the conclusion of its September meeting. The Fed noted inflation has broadly
reached its target, while household spending and corporate investment remain robust. The
Fed indicated an additional rate hike this year and projects as many as three increases in
2019.
• Lending costs rise alongside Fed rate increase. As the Fed lifts rates, lenders have been
tightening margins to compete for loans. Despite these efforts, borrowing costs remain on an
upward trajectory, which is tightening returns and pushing some investors to seek greater
yields in secondary markets. However, though buyers may try to push back on pricing due to
increased loan costs, some sellers remain convinced that the strong economy and sturdy
NOI performance substantiate aggressive pricing and a widening expectation gap is the
result. If interest rates rapidly surge upward, this gap could quickly widen, slowing
transaction activity.
• The capital markets environment remains competitive. As the Fed tightens policy, global
investors have been acquiring Treasurys in order to capture a considerable yield premium,
keeping the 10-year Treasury near 3 percent. Portfolio lenders are providing debt for retail
assets, with leverage typically capped at 60 to 65 percent. The sector has become
increasingly nuanced, with deals more scrutinized due to e-commerce competition. Ten-year
loan structures will range between 4.95 and 5.25 percent, depending on tenancy, location
and sponsorship. Continued consumer spending underpins U.S. growth, supporting retail
demand and driving a 10-basis-point decline in vacancy to 4.9 percent this year.
Through Sept. 26
Sources: CoStar Group, Inc.; Real Capital Analytics
Capital Markets
DEMOGRAPHIC & MARKET OVERVIEW
MIDWAY PLAZA
3 Mile
7 Miles
10 Miles
23
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
Source: © 2018 Experian
Created on September 2019
POPULATION 3-Miles 7-Miles 10-Miles▪ 2023 Projection
Total Population 6,718 11,684 16,188
▪ 2018 Estimate
Total Population 6,734 11,588 15,913
▪ 2010 Census
Total Population 7,110 12,102 16,449
▪ 2000 Census
Total Population 7,546 12,432 16,488
▪ Current Daytime Population
2018 Estimate 5,449 8,683 11,177
HOUSEHOLDS 3-Miles 7-Miles 10-Miles▪ 2023 Projection
Total Households 2,671 4,546 6,248
▪ 2018 Estimate
Total Households 2,650 4,461 6,076
Average (Mean) Household Size
2.49 2.55 2.56
▪ 2010 Census
Total Households 2,861 4,753 6,401
▪ 2000 Census
Total Households 2,967 4,716 6,174
▪ Occupied Units
2023 Projection 2,671 4,546 6,248
2018 Estimate 3,331 5,531 7,484
HOUSEHOLDS BY INCOME 3-Miles 7-Miles 10-Miles▪ 2018 Estimate
$150,000 or More 2.76% 3.47% 3.74%
$100,000 - $149,000 6.99% 7.55% 7.87%
$75,000 - $99,999 10.92% 11.71% 11.52%
$50,000 - $74,999 11.22% 13.98% 15.75%
$35,000 - $49,999 12.01% 13.55% 13.82%
Under $35,000 56.11% 49.73% 47.30%
Average Household Income $44,516 $49,437 $51,898
Median Household Income $28,799 $35,272 $37,837
Per Capita Income $17,620 $19,174 $20,001
HOUSEHOLDS BY EXPENDITURE 3-Miles 7-Miles 10-MilesTotal Average Household Retail Expenditure
$49,867 $54,383 $55,992
▪ Consumer Expenditure Top 10 Categories
Housing $13,176 $14,257 $14,589
Transportation $9,396 $10,061 $10,285
Shelter $6,988 $7,502 $7,648
Food $5,517 $5,958 $6,095
Personal Insurance and Pensions $4,020 $4,571 $4,794
Health Care $3,579 $4,006 $4,139
Utilities $3,453 $3,747 $3,850
Cash Contributions $1,904 $2,142 $2,233
Entertainment $1,709 $1,913 $1,969
Apparel $1,530 $1,652 $1,685
POPULATION PROFILE 3-Miles 7-Miles 10-Miles▪ Population By Age
2018 Estimate Total Population 6,734 11,588 15,913
Under 20 25.15% 23.56% 22.56%
20 to 34 Years 19.01% 17.85% 17.22%
35 to 39 Years 5.30% 5.50% 5.47%
40 to 49 Years 11.36% 12.02% 12.15%
50 to 64 Years 22.07% 23.31% 24.39%
Age 65+ 17.11% 17.76% 18.19%
Median Age 40.48 42.68 44.13
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 4,602 8,137 11,358
Elementary (0-8) 5.61% 5.37% 5.33%
Some High School (9-11) 13.39% 12.86% 12.00%
High School Graduate (12) 40.09% 39.26% 38.30%
Some College (13-15) 17.29% 18.03% 18.06%
Associate Degree Only 5.29% 6.02% 6.59%
Bachelors Degree Only 9.88% 10.47% 11.53%
Graduate Degree 5.81% 5.89% 5.93%
DEMOGRAPHIC & MARKET OVERVIEW
24Source: © 2017 Experian
PLAZAMIDWAY
Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.
Income
In 2018, the median household income for your selected geography is
$37,837, compare this to the US average which is currently $58,754.
The median household income for your area has changed by 29.04%
since 2000. It is estimated that the median household income in your
area will be $41,615 five years from now, which represents a change
of 9.98% from the current year.
The current year per capita income in your area is $20,001, compare
this to the US average, which is $32,356. The current year average
household income in your area is $51,898, compare this to the US
average which is $84,609.
Population
In 2018, the population in your selected geography is 15,913. It is
estimated that the population in your area will be 16,188 five years
from now, which represents a change of 1.73% from the current year.
The current population is 47.51% male and 52.49% female. The
median age of the population in your area is 44.13, compare this to the
US average which is 37.95. The population density in your area is
50.64 people per square mile.
Households
There are currently 6,076 households in your selected geography. It is
estimated that the number of households in your area will be 6,248
five years from now, which represents a change of 2.83% from the
current year. The average household size in your area is 2.56
persons.
Employment
In 2018, there are 4,709 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
42.55% of employees are employed in white-collar occupations in this
geography, and 56.46% are employed in blue-collar occupations. In
2018, unemployment in this area is 7.62%. In 2000, the average time
traveled to work was 30.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
37.71% White, 57.85% Black, 0.03% Native American and 0.56%
Asian/Pacific Islander. Compare these to US averages which are:
70.20% White, 12.89% Black, 0.19% Native American and 5.59%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 2.69% of the current year
population in your selected area. Compare this to the US average of
18.01%.
Housing
The median housing value in your area was $89,891 in 2018, compare
this to the US average of $201,842. In 2000, there were 4,508 owner
occupied housing units in your area and there were 1,666 renter
occupied housing units in your area. The median rent at the time was
$297.
Source: © 2018 Experian
DEMOGRAPHIC & MARKET OVERVIEW
JOEL M. DUMESSenior Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7720
Fax: (513) 878-7710
Licenses: OH SAL.2003013045, KY 63818
STANTON R. FALKFirst Vice President Investments
Senior Director - National Retail Group
Cincinnati Office
Tel: (513) 878-7721
Fax: (513) 878-7710
Licenses: OH SAL.2012001364
EXCLUSIVELY LISTED BY:
www.dumesfalk.com
Broker of Record: Drew Babcock
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