THE TULLER BUILDING OFFERING MEMORANDUM · 2020-02-27 · The DiSalvo Group of Marcus & Millichap...

THE TULLER BUILDING2715 Tuller Pkwy Dublin, OH 43017 SQ. FT. : 13,854 SF | +/- 0.21 ACRES

OFFERING MEMORANDUM

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 summarized, 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, Polychlorinated Biphenyls 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.

© 2017 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. 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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON – ENDORSEMENT NOTICE

CONFIDENTIATLITY & DISCLAIMER

PRESENTED BY

Forest BenderSenior Associate

Associate Director - National Office

and Industrial Properties Group

Indianapolis Office

Office: (317) 218-5346

Cell: (765) 748-6570

License: IN: RB14049223 / IN: AB21405968

[email protected]

Mitch RumerAssociate

National Office and Industrial Properties Group

Indianapolis Office

Office: (317) 218-5343

Cell: (317) 626-1268

License: IN: RB17002441

[email protected]

Joseph DiSalvo Senior Vice President Investments

Senior Director - National Office and Industrial

Properties Group, National Healthcare Group

Indianapolis Office

Office: (317) 218-5334

Cell: (317) 410-8788


[email protected]

BOR: Michael Glass | Columbus, OH | BRK.2007005898

mailto:[email protected]



TABLE OF CONTENTS

PROPERTY ANALYSISPAGE #05

PROPERTY OVERVIEW

REGIONAL MAP

LOCAL MAP

AERIAL MAP

02

03

FINANCIAL ANALYSISPAGE #15

OPERATING STATEMENT

TENANT SUMMARY

MARKET OVERVIEW PAGE #19

MARKET ANALYSIS

DEMOGRAPHIC ANALYSIS

01

PROPERTY

ANALYSIS01

MULTI-TENANT OFFICE

THE TULLER BUILDING

THE TULLER BUILDING2715 Tuller Pkwy Dublin, OH 43017

13,854 SFRENTABLE BUILDING AREA

100%OCCUPANCY

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, as-

sumptions 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. © 2017 Marcus & Millichap ACTID ZAB0260024

$1,036,000OFFERING PRICE

2715 Tuller Pkwy

Dublin, OH 43017THE TULLER BUILDINGOFFERING HIGHLIGHTS

9.25%CAP RATE

$74.78PRICE / SF

$95,802NET OPERATING INCOME

7

MULTI-TENANT OFFICE


The DiSalvo Group of Marcus & Millichap is pleased to present 2715 Tuller Pkwy, a 13,854 square foot, multi-tenant office property in the Columbus, OH

MSA. 2715 Tuller Pkwy, located in the Dublin suburb of Columbus, sits off Sawmill Road, between W Dublin Granville Road, and Bethel Road. The Subject

Property is well located, among some of the most heavily traveled thoroughfares in the city, minutes away from dining, shopping, entertainment and just north

of The Ohio State University Airport. Columbus is the most populous city in the State of Ohio, growing by more than 10% from 2010 to 2017, with an

unemployment rate of roughly 4%, keeping the labor market tight. Employment growth above the national average will sustain investor interest in Columbus

office properties, while out-of-state and local buyers are increasingly deploying capital into area assets.

2715 Tuller Pkwy is a two-tenant, two-story professional office building, featuring ample parking. The current tenant mix includes Demotech, Inc. and Danis

Building Construction Company; both have been long-term tenants, providing investors stable cash flow. The Subject Property features a FOB Security

System, and recently replaced HVAC system, roof, and skylight, with no deferred maintenance items. The offering provides investors the low-responsibility

opportunity to benefit from a well-located, extremely well maintained, multi-tenant investment, in an extremely active area of Columbus, OH.

THE TULLER BUILDING

• 100% Occupied Two Tenant Professional Office

• New Roof, HVAC, and FOB Security System

• Strategically Located Just Off Major Thoroughfare

• 50% of GLA on fresh 5 Year NNN Lease

• Priced Below Replacement Value

INVESTMENT HIGHLIGHTS

2715 Tuller Pkwy Dublin, OH 43017

TOTAL BUILDING SF

13,854 SF

TOTAL BUILDINGS

01

TOTAL UNITS

02

IN-PLACE OCCUPANCY

100%

NUMBER OF STORIES

02

AsphaltPARKING SURFACE

80 Spaces Available | Ratio of 5.86/1,000 SFPARKING

590-201161APN

Class C OfficeZONING

I-71 | I-270 | SR 315 | 22 Minutes to John Glenn Columbus Int’l AirportHIGHWAY ACCESS

Fee SimpleTYPE OF OWNERSHIP

SQ. FT. : 13,854 SF | +/- 0.21 ACRES

1985YEAR BUILT

MULTI-TENANT OFFICE


THE TULLER BUILDING

FlatTOPOGRPAHY

Concrete SlabFOUNDATION

MasonryFRAMING

MasonryEXTERIOR

Pitched ShingleROOF

Ground-MountedHVAC

MULTI-TENANT OFFICE


THE TULLER BUILDING

LOCAL MAP

2715 Tuller Pkwy

Dublin, OH 43017

2715 Tuller Pkwy

Dublin, OH 43017

REGIONAL MAP

FINANCIAL

ANALYSIS02

OPERATING STATEMENT2715 Tuller Pkwy Dublin, OH 43017

THE TULLER BUILDING

Price: 1,036,000$ First Loan Amount: 75.00% 777,000$

Down Payment (1st): 25.00% 259,000$ Terms: 4.25% interest (1)

Current CAP: 9.25% 25 yr. amortization

Pro Forma CAP: 9.49% 5 yr. term

Approx. Rentable Square Feet: 10,420 Monthly Payment: 4,209.31$ (2)

Approx. Gross. Square Feet: 13,854

Cost per Gross Square Foot: 74.78$ Second Loan Amount: -$

Zoning: Commercial Terms: 6.50% interest (3)

Parking Spaces: 80 Spaces 20 yr. amortization

Site Area (Acres): 0.21 Acres 5 yr. term

Year Built: 1985 Net Down Payment:25.0% ####### Monthly Payment: -$ (4)

(5)

For the 12 Months Starting: June 2020 June 2025 UTILITIES

Utilities 22,591$

Gross Potential Rent: 166,560$ 174,508$ -$

CAM Recapture: 42,691$ 46,210$ -$

Tax Recapture: 13,645$ 14,769$ -$ 22,591$

Insurance Recapture: 1,755$ 1,899$

Mgmt. Recapture: 4,340$ 4,549$ COMMON AREA MAINTENANCE

Base Stop Recapture: -$ -$ Cleaning & Maintenance 11,140$

Other Income -$ -$ Repairs 32,451$

Condo Fees 19,200$ (5)

Scheduled Gross Income: 228,990$ 241,935$ -$

Vacancy 8,328$ 5.00% 8,725$ 5.00% -$

-$

Effective Gross Income: 220,662$ 233,210$ -$

Less Expenses: 124,860$ 134,855$ -$

-$ 62,791$

Net Operating Income: 95,802$ 9.25% 98,355$ 9.49%

Capital Reserves: 3,464$ $0.25/SF 3,464$ $0.25/SF Total CAM / Utilities $6.16 85,382$

Loan Payments: 50,512$ 50,512$ Real Estate Taxes (4) $1.97 27,289$

Pre Tax Cash Flow: 41,827$ 16.15% 44,380$ 17.14% Insurance $0.25 3,509$

Plus Principal Reduction: 16,319$ 19,337$ Management Fees (3) 4.0% 8,680$

Total Expenses: 124,860$

Total Return Before Taxes: 58,146$ 22.45% 63,717$ 24.60% Per Rentable Square Foot: 9.01$

Owner pays monthly fee for exterior maintenance

including landscaping, snow removal, parking lot

maintenance, etc.

CURRENT & PRO FORMA OPERATING DATA

UNDERWRITING ASSUMPTIONS

(2)PROJECTED EXPENSES

Expenses calculated from 2017-2018 income

statement(s).

Management fees calculated at a projected market

value at 4% of EGI.

RE taxes calculated using Franklin County's 3.21%

millage rate and the property's Market value of

$850,000.

Proposed Financing is based upon current market rates.

(1)PROPOSED FINANCINGSUMMARY


THE TULLER BUILDINGTENANT SUMMARY

17

Approx. % of Ctr Current Lease Current Current Approx. Increase Increase Annual Annual Annual Annual Base Option

Rentable vs Total Term Expiration Monthly Annual Annual Effective Annual CAM TAX INS MGMT. Stop Terms

Suite Tenant Sq.Ft. Space Start End Rent Rent ($) Rent/SF Date Rent/SF Reimb. Reimb. Reimb. Reimb. Reimb.

Jan-00

1st Floor Danis Contruction 5,210 50.00% Sep-13 MTM 6,380$ 76,560$ 14.69$ Jan-00 -$ -$ -$ -$ -$

Jan-00

2nd Floor Demotech 5,210 50.00% Jul-13 Apr-25 7,500$ 90,000$ 17.27$ 42,691$ 13,645$ 1,755$ 4,340$ -$ Two (5) Year Options

10,420 100.00% 13,880$ 166,560$ 42,691$ 13,645$ 1,755$ 4,340$ -$

Occupied 10,420 100.00% 100.0% 166,560$ 15.98$ 42,691$ 13,645$ 1,755$ 4,340$ -$

Vacant 0 0.00% 0.0% -$ -$ -$ -$ -$ -$ -$

1) Demotech to sign 5-year NNN lease upon closing.

MULTI-TENANT OFFICE


MARKET

OVERVIEW03

OVERVIEW

COLUMBUS MARKET OVERVIEW

20

The Columbus metro is Ohio’s most populated metropolitan area,

composed of 10 counties located in the gently rolling hills of central

Ohio: Delaware, Licking, Fairfield, Pickaway, Union, Morrow, Madison,

Perry, Hocking and Franklin. Natural landmarks include reservoirs to

the north and the Scioto and Olentangy Rivers. Franklin County, home

to Columbus, is surrounded by somewhat rural counties. Columbus,

the state’s capital city, is a national transportation and distribution

hub, with nearly 60 percent of the U.S. population within an eight-hour

driving radius. Interstates 70 and 71 intersect in Columbus, while I-270

forms a beltway around the metro and I-670 bisects the city. Port

Columbus International Airport, located east of downtown, is the

primary air passenger facility, with some flights out of Rickenbacker

Airport.

METRO HIGHLIGHTS

LOGISTICS HUB

Rickenbacker Inland Port is a multimodal logistics

hub that provides air, truck and rail transport

throughout the U.S. and Canada, making the metro

a key point for distribution activities.

MIDWESTERN COMMERCIAL CENTER

Greater Columbus is home to multiple Fortune 500

companies and many regional operations, drawing

a variety of other employers and residents.

AFFORDABLE HOUSING COSTS

The median home price in Columbus is well below

the national level, channeling more expendable

income to local retailers and entertainment.

ECONOMY

21

▪ City, County and State agencies and Ohio State University provide a diverse array of

employment opportunities. A lower cost of doing business, a strong education system and

a strategic location draw major corporations to the metro.

▪ Fortune 500 companies based in the metro are L Brands, Cardinal Health, American

Electric Power, Big Lots and Nationwide, along with regional and subsidiary operations.

▪ Data centers and information technology are growing in Columbus with IBM’s Client Center

for Advanced Analytics at the core.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA PRIVATE EMPLOYERS

JPMorgan Chase

Nationwide Insurance

Honda of America

L Brands

Cardinal Health

Amazon

Huntington Bancshares, Inc.

Alliance Data Card Services

American Electric Power

Express Scripts Holding Co.* Forecast

MANUFACTURING

7%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

19%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

17%

4%

16% 10% 8%

15%

DEMOGRAPHICS

22

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 102,800 people in the next five years, resulting

in the formation of roughly 52,500 households.

▪ A median home price of roughly $190,900 has afforded 62 percent households to

own a home, which is slightly below the national rate of 64 percent.

▪ Approximately 34 percent of residents age 25 and older hold bachelor’s degrees; of

those residents, 12 percent also have obtained a graduate or professional degree.

Columbus may be best known as a college town, but for a midsize community, it offers

residents big-city amenities. The metro is home to major-league sports teams: the Blue

Jackets (NHL) and the Crew (MLS). The city is host to the Columbus Symphony Orchestra,

Ballet Met and Opera Columbus, as well as theater companies, art galleries and dealers,

and a variety of museums. Many of the galleries and restaurants are located in Short North,

a vibrant neighborhood north of downtown. The region’s economic vitality and social scene

are supported by a strong post-secondary education network, including the nationally

recognized Ohio State University, as well as many other four-year colleges, universities,

and two-year institutions.

QUALITY OF LIFE

2017 Population by Age

0-4 YEARS

7%5-19 YEARS

20%20-24 YEARS

7%25-44 YEARS

29%45-64 YEARS

26%65+ YEARS

12%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

35.9

2017MEDIAN AGE:

U.S. Median:

37.8

$59,800

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

2M

2017POPULATION:

Growth2017-2022*:

5%

803K

2017HOUSEHOLDS:

6.5%

Growth2017-2022*:

OHIO METRO AREASTHE TULLER BUILDING

23

Office space demand advances across Ohio. Continued growth in the state is

supporting heightened leasing activity and positive net absorption in all three major

markets. Despite having the highest vacancy, Columbus office users are anticipated

to occupy more than 1 million square feet of space during 2019, the largest annual

gain. The diverse local metro, which includes the state capital and Ohio State

University, benefits from government departments and support firms that occupy

competitive office buildings. Additionally, stable employment growth is an indication

that Columbus firms will need larger footprints in the future. Cincinnati, meanwhile,

nearly mirrors the state capital in terms of economic and employment growth, which

will support a decline in vacancy this year. The metro also benefits from limited

construction that funnels nearly all new demand into existing properties.

Cleveland has mixed office fundamentals this year. Ohio’s largest metro is gaining

momentum, though gains are misaligned with the office market. Job growth will surge

to the highest rate during the current economic expansion, a welcome sign for the

local economy. Much of the demand is outside traditional office-using sectors, which

will result in a modest increase in office vacancy. Medical office space, however, is

benefiting from a strong healthcare sector anchored by the Cleveland Clinic.

Nonetheless, a revitalized downtown is attracting educated workers to the area,

which should encourage employers to turn to the market as a low-cost alternative.

Major Ohio Metros Boast Improving Economies,

Supporting Office Price Appreciation

* Cap rates trailing 12 months through 1Q19

Includes sales $1 million and greater for Cincinnati, Cleveland and Columbus.

Sources: CoStar Group, Inc.; Real Capital Analytics

Investment Trends

Cincinnati

• Northern Kentucky and core locations within Cincinnati account for about

half of all transactions in the metro. Investors, particularly owner-users, may

find opportunities in suburbs, where competition for available properties is

limited.

• The metro’s bright long-term outlook has tightened average cap rates to the

lowest among the major Ohio markets. First-year returns averaged in the

mid-7 percent range during the most recent 12-month period.

Cleveland

• Investors remain optimistic about the local office market, though creative

strategies will help move assets. Buyers with a tenant in tow or the ability to

reposition a local office asset can achieve outsized returns in the market.

• At approximately 8 percent, average cap rates are the highest in the state.

Nonetheless, average first-year returns are only 70 basis points higher than

the pre-recession trough.

Columbus

• Columbus remains the most consistent office sales market in Ohio as

investors are attracted to the diverse local economy. Another healthy year of

investment activity is anticipated this year.

• Buyers acquired office assets in the market at average cap rates in the high-

7 percent range during the last year..

Office 2019 Outlook

Vacancy

Y-O-Y

BasisPoint

Change

MetroAsking

Rent

Y-O-Y

Change

Cincinnati 11.4% -50 $16.60 2.3%

Cleveland 11.4% 10 $18.40 2.8%

Columbus 11.7% -40 $19.05 2.2%

1Q19 – 12-MONTH TRENDOHIO METRO AREAS: COLUMBUS2715 Tuller Pkwy Dublin, OH 43017

24

• Hiring activity slowed during the

last six months as 3,000 jobs

were created in the metro. Year

over year, payrolls increased by

13,200 positions, while the

unemployment rate remained

steady in the high-3 percent

range.

• Office-using employment ticked

up 0.2 percent over the last 12

months as less than 1,000 jobs

were created. Financial activities

employers contributed 700 office-

using spots.

EMPLOYMENT

• In the past year, office stock

climbed 1.3 percent as 1.5

million square feet came

online. However, no new

competitive inventory was

added in the metro during the

past six months.

• Less than 1 million square feet

of space is underway, with

approximately 50 percent pre-

leasing activity. One notable

project, the 800 North High

development, will be

completed in the second half

of this year.

CONSTRUCTION

• An influx of new construction

resulted in a sharp rise in

vacancy year over year as the

rate jumped to 11.8 percent. A

break from development

supported a 30-basis-point

decline in vacancy in this

year’s opening period.

• Class A vacancy jumped 210

basis points in the past year

to 12.7 percent in the first

quarter. In the Class B/C

segment, average vacancy

rose 140 basis points.

VACANCY

• Average asking rent

contracted to $18.32 per

square foot, down 1.9 percent

annually. During the previous

yearlong period, average rent

soared 5.6 percent.

• Over the past 12 months,

average Class A rent declined

3.1 percent to $20.25 per

square foot. In the lower tiers,

average rent dipped 1.3

percent to $17.38 per square

foot.

RENTS

increase in the

average asking rent

Y-O-Y

1.9%basis point increase in

vacancy Y-O-Y160square feet

completed

Y-O-Y

1.2 millionincrease in total

employment Y-O-Y1.2%

* Forecast

SUBMARKET TRENDSOHIO METRO AREAS: COLUMBUS2715 Tuller Pkwy Dublin, OH 43017

25

Investors Keen on the Long-Term Outlook for Columbus Office Properties

Outlook: Although deal flow increased,

buyers did focus on smaller properties

over the past year as several owner-user

deals transacted for Class B and Class C

properties.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketAsking

Rent

Y-O-Y%

Change

Columbus South 5.0% 130 $17.96 6.9%

Fairfield County 6.7% 260 $21.54 3.4%

Columbus West 8.9% 250 $18.59 -5.9%

Licking County 9.9% 60 $14.98 39.1%

Columbus Central 10.30% 200 $18.81 -9.50%

Columbus East 10.7% -160 $16.41 -1.7%

Delaware County 11.0% 180 $20.39 -0.2%

Columbus North 15.9% 260 $18.26 7.0%

Overall Metro 11.8% 160 $18.32 -1.9%

Lowest Vacancy Rates 1Q19

Sales Trends

• Contrary to the other two major Ohio metros, Columbus deal flow inched up in the

most recent 12-month period. An increase in Class A and Class C sales supported the

increase.

• Average cap rates compressed a modest 10 basis points into the high-7 percent

range, nearly matching the low reached during the previous cycle. Investors paid an

average of $122 per square foot, up 10 percent year over year.

* Trailing 12 months through 1Q19 over previous time period


*1Q19

**2018

CAPITAL MARKETSOHIO METRO AREAS2715 Tuller Pkwy Dublin, OH 43017

26

* Trailing 12 months through 1Q19

Include sales $2.5 million and greater


• Ongoing trade concerns weigh on growth outlook; Fed plots next steps. Amid rising trade

tensions between the U.S. and China and slowing global growth, the outlook has turned more

cautious. Market volatility, along with a flight to safety trade, has flattened the yield curve

dramatically, with the 10-Year Treasury trading below 2.2 percent. This has pushed the broader yield

curve into inversion, a closely watched precursor to a potential recession. Meanwhile, many

measures of the domestic economy remain buoyant, including continued job and wage growth,

historically low unemployment and muted inflationary pressure. These conditions have prompted a

dichotomy, with Federal Reserve officials signaling more accommodative policies. The impending

end of quantitative tightening in September, coupled with potential cuts to the Fed funds rate in the

second half of the year, highlight the shift in Fed policy. As a result, long-term interest rates are likely

to remain subdued, with Fed policy leaning toward accommodation.

• Conservative underwriting balances abundant marketplace liquidity. While debt availability for

office assets remains widely available from a wide range of sources including local, regional and

national banks and insurance companies, sentiment surrounding the health of the economy has

fallen somewhat in recent months. Lenders remain broadly cautious in underwriting, with loan-to-

value (LTV) ratios typically in the 55 to 70 percent range, depending on the borrower, asset and

location. The conservative approach has filtered into a focus on proven property results, with much

less willingness to lend against pro forma rents. This has prompted investors to turn toward short-

term mezzanine debt and bridge loans to cover capital improvements, while seeking long-term

solutions once returns have been solidified. Construction origination remains muted, with lenders

focusing on core locations with proven demand.

DEMOGRAPHICSTHE TULLER BUILDING

CREATED ON JANUARY 2020

27

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 12,729 94,580 236,383

▪ 2018 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2018 Estimate 10,505 101,351 255,739

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 6,043 42,190 102,035

▪ 2018 Estimate


Average (Mean) Household Size 2.19 2.26 2.32

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$200,000 or More 4.76% 8.12% 11.07%

$150,000 - $199,999 6.32% 8.61% 10.34%

$100,000 - $149,000 14.87% 17.64% 19.63%

$75,000 - $99,999 16.28% 15.85% 14.94%

$50,000 - $74,999 21.85% 20.27% 17.98%

$35,000 - $49,999 12.72% 11.37% 9.72%

$25,000 - $34,999 8.18% 6.65% 5.93%

$15,000 - $24,999 7.05% 5.14% 4.72%

Under $15,000 9.53% 8.52% 7.88%

Average Household Income $85,775 $103,486 $118,393

Median Household Income $65,861 $75,307 $84,328

Per Capita Income $40,021 $45,764 $50,935

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2018 Estimate Total Population 12,349 92,225 226,961

Under 20 23.57% 22.40% 24.08%

20 to 34 Years 34.26% 27.85% 22.43%

35 to 39 Years 8.97% 7.86% 7.14%

40 to 49 Years 11.09% 11.73% 13.00%

50 to 64 Years 13.56% 18.48% 20.05%

Age 65+ 8.52% 11.67% 13.28%

Median Age 31.77 34.86 37.36

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 8,721 66,817 161,106

Elementary (0-8) 0.60% 0.80% 0.72%

Some High School (9-11) 2.21% 2.16% 1.91%

High School Graduate (12) 15.91% 14.43% 12.80%

Some College (13-15) 20.18% 17.74% 16.59%

Associate Degree Only 7.44% 6.82% 6.26%

Bachelors Degree Only 34.98% 36.02% 36.93%

Graduate Degree 18.20% 21.50% 24.40%

Source: © 2019 Experian

DEMOGRAPHICSTHE TULLER BUILDING

CREATED ON JANUARY 2020

28

POPULATION BY

TRANSPORTATION TO WORK1 Miles 3 Miles 5 Miles

▪ 2018 Estimate Total Population

Bicycle 0.03% 0.06% 0.18%

Bus or Trolley Bus 0.52% 0.67% 0.83%

Carpooled 4.52% 5.26% 5.83%

Drove Alone 90.94% 88.02% 86.37%

Ferryboat 0.00% 0.00% 0.04%

Motorcycle 0.04% 0.14% 0.11%

Other Means 0.30% 0.32% 0.32%

Railroad 0.00% 0.00% 0.00%

Streetcar or Trolley Car 0.00% 0.00% 0.00%

Subway or Elevated 0.00% 0.00% 0.00%

Taxicab 0.01% 0.11% 0.11%

Walked 1.08% 0.97% 0.98%

Worked at Home 2.57% 4.46% 5.23%

POPULATION BY TRAVEL TIME TO

WORK1 Miles 3 Miles 5 Miles

▪ 2018 Estimate Total Population

Under 15 Minutes 26.39% 24.73% 24.26%

15 - 29 Minutes 46.77% 48.79% 48.04%

30 - 59 Minutes 21.06% 19.47% 20.05%

60 - 89 Minutes 1.51% 1.33% 1.26%

90 or More Minutes 0.63% 0.76% 0.98%

Worked at Home 2.57% 4.46% 5.23%

Average Travel Time in Minutes 23 23 23

Income

In 2019, the median household income for your selected geography is

$84,328, compare this to the US average which is currently $58,754.

The median household income for your area has changed by 36.84%

since 2000. It is estimated that the median household income in your

area will be $97,035 five years from now, which represents a change

of 15.07% from the current year.

The current year per capita income in your area is $50,935, compare

this to the US average, which is $32,356. The current year average

household income in your area is $118,393, compare this to the US

average which is $84,609.

Population

In 2019, the population in your selected geography is 226,961. The

population has changed by 20.12% since 2000. It is estimated that

the population in your area will be 236,383.00 five years from now,

which represents a change of 4.15% from the current year. The

current population is 49.04% male and 50.96% female. The median

age of the population in your area is 37.36, compare this to the US

average which is 37.95. The population density in your area is

2,885.41 people per square mile.

Households

There are currently 97,495 households in your selected geography.

The number of households has changed by 22.50% since 2000. It is

estimated that the number of households in your area will be 102,035

five years from now, which represents a change of 4.66% from the

current year. The average household size in your area is 2.32 persons.

Employment

In 2019, there are 140,467 employees in your selected area, this is

also known as the daytime population. The 2000 Census revealed

that 82.56% of employees are employed in white-collar occupations

in this geography, and 17.46% are employed in blue-collar

occupations. In 2019, unemployment in this area is 3.00%. In 2000,

the average time traveled to work was 23.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

79.56% White, 4.19% Black, 0.03% Native American and 11.93%

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 3.91% 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 $260,787 in 2019,

compare this to the US average of $201,842. In 2000, there were

52,411 owner occupied housing units in your area and there were

27,174 renter occupied housing units in your area. The median rent at

the time was $631.

Source: © 2019 Experian



MULTI-TENANT OFFICE

2715 Tuller Pkwy

Dublin, OH 43017

DEMOGRAPHICS


Joseph DiSalvo Senior Vice President Investments

Senior Director - National Office and Industrial

Properties Group, National Healthcare Group

Indianapolis Office

Office: (317) 218-5334

Cell: (317) 410-8788


[email protected]

PRESENTED BY

Forest BenderSenior Associate

Associate Director - National Office

and Industrial Properties Group

Indianapolis Office

Office: (317) 218-5346

Cell: (765) 748-6570

License: IN: RB14049223 / IN: AB21405968

[email protected]

Mitch RumerAssociate

National Office and Industrial Properties Group

Indianapolis Office

Office: (317) 218-5343

Cell: (317) 626-1268


[email protected]

BOR: Michael Glass | Columbus, OH | BRK.2007005898




THE TULLER BUILDING OFFERING MEMORANDUM · 2020-02-27 · The DiSalvo Group of Marcus & Millichap...

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