offering memorandum€¦ · 4. southport shoppes 5 investment overview. property photo southport...

SOUTHPORT SHOPPES2222 W Southport Rd • Indianapolis, IN 46217

Offering Memorandum

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

Confidentiality and DisclaimerThe 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.

Non-Endorsement NoticeMarcus & 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.

SOUTHPORT SHOPPES

Indianapolis, IN

ACT ID Z0260447

2

P R E S E N T E D B Y

Joseph DiSalvo

First Vice President Investments

Indianapolis Office

Tel: (317) 218-5334

Fax: (317) 218-5310

[email protected]

License: IN RB14051407

Forest Bender

Senior Associate

Indianapolis Office

Tel: (317) 218-5346

Fax: (317) 218-5310

[email protected]


3

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Location Overview

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02

Tenant Summary

Lease Expiration Chart

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET OVERVIEW 03

Market Analysis

Demographic Analysis

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INVESTMENT

OVERVIEW

PROPERTY PHOTO

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EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

University of Indianapolis 1,056

Schusters Building Products 650

Kroger 562

Cremation Association Corp 523

Walmart 500

Meijer 132 475

Visionary Enterprises Inc 467

McDonalds 464

Perry Township Schools 462

Damar Services Inc 440

Lockheed Martin 435

Events and Scheduling 352

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 8,215 43,023 145,447

2010 Census Pop 7,985 41,619 140,161

2017 Estimate HH 3,238 16,991 55,877

2010 Census HH 3,159 16,477 53,970

Median HH Income $64,309 $60,645 $50,641

Per Capita Income $29,663 $28,898 $24,922

Average HH Income $75,259 $73,142 $64,383

VITAL DATA

YEAR 1 YEAR 2

Price $2,260,000 CAP Rate 8.76% 9.45%

Down Payment 25% / $565,000Net Operating Income

$198,060 $213,666

Loan Amount $1,695,000Net Cash Flow After Debt Service

10.57% / $59,723 13.33% / $75,329

Loan Type Financed Total Return 18.77% / $106,041 23.34% / $131,879

Interest Rate / Amortization 5.00% / 20 Years

Gross Leasable Area (GLA) 16,409 SF

Price/SF $137.73

Year Built / Renovated 2007

Lot Size 1.92 acre(s)

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PROPOSED FINANCING

First Trust Deed

Loan Amount $1,695,000

Loan Type Financed

Interest Rate 5.00%

Amortization 20 Years

Loan Term 5 Years

Loan to Value 75%

THE OFFERING

Property Southport Shoppes

Price $2,260,000

Property Address 2222 W Southport Rd, Indianapolis, IN

Zoning C3

SITE DESCRIPTION

Year Built/Renovated 2007

Gross Leasable Area 16,409 SF

Ownership Fee Simple

Lot Size 1.92 acre(s)

PROPERTY PHOTO

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SOUTHPORT SHOPPES

OFFERING SUMMARY

▪ Convenient Location with easy Highway Access to US-37 and Interstate 465

▪ Just 20 Minutes to Downtown Indianapolis

▪ 12.5% Vacancy Upside for New Ownership

▪ Located just South of Interstate 465, the Major Interstate System Around

Indianapolis

▪ Average HH Income is $75,000+ in a 1 mile Radius of this Location

INVESTMENT HIGHLIGHTS

2222 W Southport Road is an 16,409 square foot, multi-tenant retail building located on the Southside of Indianapolis. The property which was built in 2007, sits just off

of I-465 and US-37 South. US-37 South is one of the major north/south thoroughfares on the southside of the city, ultimately leading down to the southern portions of the

state. US-37 South is currently merging with I-69 near Martinsville, Indiana. The state is expanding the highway to make a more direct route of access to the southern

portions of the State.

US-37 South sees traffic counts in excess of 36,000 vehicles per day and Interstate 465 sees nearly 110,000 VPD at the intersection just north of this property. 2222

Southport Road is currently 87.5% occupied and is the home to a local burger shop, bakery, State Farm, and Anytime Fitness. There is roughly 2,053 square feet of

vacancy in the property, providing a good amount of upside to new ownership.

The subject property is a one story, brick construction building that requires minimal landlord maintenance. The three miles radius surrounding this property features a

retail vacancy rate of just 6% and average NNN rents of around $15 per square foot, per a CoStar report. With a low submarket vacancy rate and little to no new

construction coming online, vacancy rates should continue to shrink and rents will likely continue to rise in this area.

The Southside of Indianapolis is quickly becoming one of the preferred locations to own and operate businesses in the city due to its respectively low rental rates and its

proximity to the major highway systems. The Southside also has one of the fastest growing populations in the Indianapolis MSA, likely due to the low cost of living, and

affordable housing options. The average housing price in the area is $129,513 in 2017, which is nearly $70,000 less than the national average With a growing population

and a booming local economy, this property should provide an investor with stable cash flow for years to come.

INVESTMENT OVERVIEW

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AERIAL PHOTO

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AERIAL PHOTO

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LOCAL MAP

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#

LOCATION OVERVIEW

CLOSE PROXIMITY TO:

2222 W Southport Rd, Indianapolis, IN 46217

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMESOUTHPORT SHOPPES

PRICING AND VALUATION MATRIX

PROPERTY NAMESOUTHPORT SHOPPES

LOCATION OVERVIEW

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FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

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OPERATING STATEMENT

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FINANCIAL ANALYSIS

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TENANT SUMMARY

MARCUS & MILLICHAP CAPITAL CORPORATION

CAPABILITIES

MMCC—our fully integrated, dedicated financing arm—is committed to

providing superior capital market expertise, precisely managed execution, and

unparalleled access to capital sources providing the most competitive rates and

terms.

We leverage our prominent capital market relationships with commercial banks,

life insurance companies, CMBS, private and public debt/equity funds, Fannie

Mae, Freddie Mac and HUD to provide our clients with the greatest range of

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues to the benefit of our clients.

National platform

operating

within the firm’s

brokerage

offices

$5.63 billion

total national

volume in 2017

Access to

more capital

sources than

any other firm

in the industry

Optimum financing solutions

to enhance value

Our ability to enhance

buyer pool by expanding

finance options

Our ability to enhance

seller control

• Through buyer

qualification support

• Our ability to manage buyers

finance expectations

• Ability to monitor and

manage buyer/lender

progress, insuring timely,

predictable closings

• By relying on a world class

set of debt/equity sources

and presenting a tightly

underwritten credit file

WHY MMCC?

Closed 1,707

debt and equity

financings

in 2017

ACQUISITION FINANCING

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MARKET

OVERVIEW

MARKET OVERVIEW

INDIANAPOLISOVERVIEW

The Indianapolis metro houses the state capitol and is a growing tech

hub. Situated in central Indiana, the market consists of 11 counties:

Marion, Johnson, Hamilton, Boone, Hendricks, Morgan, Hancock,

Shelby, Brown, Putnam and Madison. The metro lacks formidable

development barriers, except for the several rivers and creeks that

traverse the region. Marion County is home to Indianapolis, which

contains a population of approximately 859,200 people. Carmel in

Hamilton County is the second most populous with more than 91,000

residents. A large portion of the surrounding counties are rural,

offering builders ample land for residential and commercial

development. Population growth is primarily concentrated to the

northern suburbs and west of the city.

MARKET OVERVIEW

METRO HIGHLIGHTS

PREMIER DISTRIBUTION HUB

Around 50 percent of the U.S. population lies within

a one-day drive of Indianapolis, making it a center

for the transportation of goods.

MAJOR HEALTH SCIENCES CENTER

Eli Lilly & Co., Roche Diagnostics Corp. and

Covance Inc. maintain operations in the region,

among other major health-related employers.

LOW COST OF DOING BUSINESS

Indianapolis’ costs are far below national averages,

attracting businesses and residents to the area.

SOUTHPORT SHOPPES

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MARKET OVERVIEW

ECONOMY▪ Indianapolis’ economy has diversified from manufacturing into a variety of other industries,

including a growing tech sector underpinned by Salesforce.com.

▪ The metro is one of the key health-sciences centers in the nation, anchored by several

pharmaceutical and life-sciences companies including Ely Lilly and Roche Diagnostics.

▪ The metro is accessible to a large portion of the nation in one day by ground or air, making

the region a burgeoning logistics and distribution hub.

▪ Annual GMP growth rate tops the national level, a trend that is set to persist next year.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Eli Lilly & Co.

Indiana University Health

Rolls-Royce Corp.

Community Health

Cummins

Kroger

IUPUI

FedEx

Roche Diagnostics

Finish Line* Forecast

MANUFACTURING

9%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

21%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

1%INFORMATION

15%

5%

12% 10% 7%

15%

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MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 118,100 people through 2022, which will result

in the formation of nearly 52,000 households, generating demand for housing.

▪ A median home price below the national level has produced a homeownership rate

of 65 percent, which is slightly above the national rate of 64 percent.

▪ Roughly 31 percent of people age 25 and older hold bachelor’s degrees; among

those residents, 11 percent also have earned a graduate or professional degree.

Indianapolis offers residents many big-city amenities in an affordable, small-town

atmosphere. The city is home to several high-profile auto races, including the Indianapolis

500 and Brickyard 400. Races are hosted at the Indianapolis Motor Speedway and the

Lucas Oil Raceway at Indianapolis. The metro has two major league sports teams: the

Indianapolis Colts (NFL) and the Indiana Pacers (NBA). The area also has a vibrant cultural

and arts scene, with more than 200 art galleries and dealers, the Indianapolis Symphony

Orchestra and a variety museums, including the Eiteljorg Museum of American Indians and

Western Art. Additionally, the Children’s Museum of Indianapolis is one of the largest

children’s museums in the world.

QUALITY OF LIFE

2017 Population by Age

0-4 YEARS

7%5-19 YEARS

21%20-24 YEARS

6%25-44 YEARS

28%45-64 YEARS

26%65+ YEARS

13%

* Forecast

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

Analytics; U.S. Census Bureau

SOUTHPORT SHOPPES

36.4

2017MEDIAN AGE:

U.S. Median:

37.8

$55,600

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

2M

2017POPULATION:

Growth2017-2022*:

5.8%

779K

2017HOUSEHOLDS:

6.7%

Growth2017-2022*:

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Robust employment growth, household formation trigger development in the

market’s northern sections. With job creation accelerating over the past four

quarters, the metro’s unemployment rate contracted under 3 percent. Employment

growth in education and health services and in professional and business services

was most pronounced as each sector added over 6,000 positions. This surge in job

creation supported another 12-month span of strong development, as 1.1 million

square feet of retail space was delivered. The northern submarkets remain an area of

focus for developers as household formation in these parts is intense. Many new

retail structures consisted of quick-service restaurants, including Blaze Pizza and

Portillo’s. IKEA also established a presence in the past year.

Increased vacancy in outer-ring suburbs leads to sliding rents. As construction

remained heightened, vacancy posted a slight uptick in the past 12 months. Supply

additions in the Far West Counties and Northwest County submarkets surpassed

demand, supporting the market’s overall rise. As vacancy increased, Indianapolis

experienced declining rents, particularly in the Northeast County submarket, where

retail development was elevated and landlords dropped rents to attract new tenants.

• Due to uncertainty surrounding the eventual passage of tax reform last year,

transaction velocity eased in the past four quarters. Despite buyers and

sellers being wary of potentially revised tax provisions, cap rates continued

to tighten, as the measure dropped 10 basis points to 7.4 percent.

• California investors remain highly interested in Indianapolis due to initial

returns up to 400 basis points higher than their local metros. Recently, they

placed emphasis on neighborhood centers in Carmel and Fishers, where

household growth is prominent. Here, cap rates sit in the 7 percent range.

• Local buyers continue to drive the market’s deal flow, with many of these

investors focusing on properties under the $2 million mark. Strip malls in the

Meridian Street corridor extending south from Pleasant Run to County Line

Road remain attractive as assets in this area offer high-traffic locations. Cap

rates in the high-8 percent realm can be attained for these retail centers.

Retail 2018 OutlookEnhanced Development Aided by

Favorable Demographic Metrics

INDIANAPOLIS METRO AREA

850,000 sq. ft.

will be completed

4.3% increase in

asking rents

30 basis point

decrease in vacancy

Construction:

Healthy tenant demand drives rents to

$15.11 per square foot. Indianapolis’ average

asking rent still sits $4 below the national

measure.

Strong pre-leasing activity and a reduced

construction pipeline support vacancy

compressing to 4.9 percent, following the

50-basis-point rise last year.

* Cap rates trailing 12 months through 2Q17; 10-year Treasury rate through Aug.

Sources: CoStar Group, Inc.; Real Capital Analytics

Although development slows after 1.2 million

square feet delivered last year, 2018 marks

the fourth straight year of at least 800,000

square feet completed.

Vacancy:

Rents:

Investment Trends

SOUTHPORT SHOPPES

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• Indianapolis employers added

19,000 workers to payrolls in the

past 12 months, with the

education and health services

and business and professional

services sectors leading the way.

Trade, transportation and utilities

also recorded strong gains as

3,000 jobs were added.

• Metro unemployment slid roughly

80 basis points to 2.9 percent,

well below the national measure

of 4.1 percent.

EMPLOYMENT

• The pace of development

remained steady in the past 12

months, with builders focusing

on northern submarkets as well

as the Far South Counties.

Strong household formation in

these areas attracts retailers.

• The Shoppes at Anson

headlines deliveries during the

next four quarters. The 300,000-

square-foot retail center in

Whitestown should be finished

by fall 2018.

CONSTRUCTION

• With heightened completions

over the past yearlong period,

vacancy registered an uptick,

pushing the rate to 5.3 percent.

This rise follows a 40-basis-point

drop in the prior 12-month time

frame.

• A lack of retail deliveries in the

West County submarket

supported a 220-basis-point

decrease, contributing to the

480-basis-point drop logged in

the past five years.

VACANCY

• As tenants moved into the new,

high-quality space, a number of

older properties were brought to

market, decreasing the average

asking rent to $13.58 per square

foot. The decline was supported

by a 15 percent drop in the

Northeast County submarket.

• Despite the metro average

falling, West County and South

County posted growth rates

above 14 percent.

RENTS


decrease in the

average asking rent

Y-O-Y

3.9%basis point increase

in vacancy Y-O-Y20square feet

completed

Y-O-Y

1.1 millionincrease in total

employment Y-O-

Y

1.8%

* Forecast

1Q18 - 12-Month Trend

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Multi-Tenant Assets Garner Elevated Interest

Despite Overall Decline in Transaction Velocity

Outlook: Healthy retail metrics and

reduced uncertainty regarding tax reform

should accelerate sales tempo in the

coming months, specifically in the outer-

ring submarkets.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketAsking

Rent

Y-O-Y%

Change

Austin County 1.6% -960 $12.00 35.3%

Northeast 4.4% 30 $17.49 6.4%

Inner Loop 4.6% 100 $26.18 10.1%

West 5.0% 30 $20.93 1.8%

East 5.5% 70 $13.96 6.3%

Northwest 5.7% 30 $18.66 9.5%

Southeast 5.7% -20 $14.34 1.8%

Southwest 6.2% 20 $15.04 -2.5%

CBD 6.3% 240 $24.27 25.3%

South 6.3% 60 $15.98 -2.3%

North 6.7% 140 $13.64 -14.8%

Overall Metro 5.7% 40 $17.20 1.6%

Submarket Trends

Lowest Vacancy Rates 1Q18

Sales Trends


• Multi-Tenant: As investor demand for multi-tenant assets stayed strong, the average

price per square foot climbed 6 percent to $207. This rise led to the average cap rate

dropping 30 basis points to 8.1 percent.

• Single-Tenant: Limited listings slowed sales tempo by approximately 30 percent in the

past 12 months. During the same period, the average cap rate compressed by 10

basis points to 6.8 percent.

* Trailing 12 months through 1Q18 over previous time period

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics

SOUTHPORT SHOPPES

* Forecast **2017-2022

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SOUTHPORT SHOPPES

• Fed raises benchmark interest rate, plans additional increases. The Federal Reserve

increased the federal funds rate by 25 basis points in late March, raising the overnight lending

rate to 1.5 percent. While the Fed noted the inflation outlook moderated recently, an upgraded

economic forecast including tax cuts and a regulation rollback strengthened growth

projections through 2020. As a result, the Fed has guided toward at least two more rate hikes

this year, while setting the stage for up to four increases in 2019.

• Lending costs rise alongside Fed rate increase. As the Federal Reserve lifts interest rates,

lenders will face a rising cost of capital, which may lead to higher lending rates for investors.

However, greater competition for loan demand has prompted some lenders to absorb some

cost increases. While higher borrowing costs may prompt buyers to seek higher cap rates, the

positive economic outlook should boost rent growth above inflation over the coming year.

• The capital markets environment remains highly competitive. While the Federal Reserve

has committed to tightening policy, other major central banks have maintained easing policies.

The downward pressure on rates from foreign central banks is counteracting greater

economic growth and wider government deficits, keeping demand for fixed-income

investments stable. Loan pricing resides in the mid-4 percent range with maximum leverage of

70 percent. Portfolio lenders will require loan-to-value ratios closer to 65 percent with interest

rates, depending on term, in the high-3 to mid-4 percent range. The passage of tax reform and

rising fiscal stimulus will keep the U.S. economy growing strongly this year, while limited new

construction and steady absorption will contain office vacancy near 14 percent.

* Through May 1st

Sources: CoStar Group, Inc.; Real Capital Analytics

Capital Markets

PROPERTY NAME

MARKETING TEAM

SOUTHPORT SHOPPES

DEMOGRAPHICS

Source: © 2017 Experian

Created on October 2018

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2022 Projection

Total Population 10,347 48,098 153,675

▪ 2017 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2017 Estimate 5,746 34,839 134,359

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2022 Projection

Total Households 4,206 19,267 59,784

▪ 2017 Estimate


Average (Mean) Household Size 2.64 2.53 2.55

▪ 2010 Census


▪ 2000 Census


▪ Occupied Units

2022 Projection 4,206 19,267 59,784

2017 Estimate 3,357 17,487 58,790

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2017 Estimate

$150,000 or More 5.92% 6.06% 4.75%

$100,000 - $149,000 17.30% 15.43% 12.44%

$75,000 - $99,999 18.95% 16.32% 12.89%

$50,000 - $74,999 21.36% 22.40% 20.53%

$35,000 - $49,999 15.44% 15.38% 16.11%

Under $35,000 21.06% 24.42% 33.28%

Average Household Income $75,259 $73,142 $64,383

Median Household Income $64,309 $60,645 $50,641

Per Capita Income $29,663 $28,898 $24,922

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure

$73,503 $70,289 $62,180

▪ Consumer Expenditure Top 10 Categories

Housing $19,755 $18,508 $16,383

Transportation $13,709 $12,998 $11,458

Shelter $11,539 $10,622 $9,421

Personal Insurance and Pensions $8,028 $7,114 $5,894

Food $7,988 $7,528 $6,731

Health Care $4,889 $5,162 $4,465

Utilities $3,998 $3,920 $3,536

Entertainment $3,352 $3,140 $2,752

Household Furnishings and Equipment

$2,117 $2,001 $1,721

Apparel $1,967 $1,774 $1,557

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2017 Estimate Total Population 8,215 43,023 145,447

Under 20 31.96% 26.74% 28.17%

20 to 34 Years 25.52% 20.86% 22.11%

35 to 39 Years 8.31% 6.70% 6.38%

40 to 49 Years 12.22% 12.09% 12.12%

50 to 64 Years 14.22% 19.91% 18.44%

Age 65+ 7.77% 13.69% 12.76%

Median Age 31.11 36.74 34.79

▪ Population 25+ by Education Level

2017 Estimate Population Age 25+ 5,082 29,021 94,160

Elementary (0-8) 2.08% 2.49% 3.46%

Some High School (9-11) 5.65% 5.48% 8.86%

High School Graduate (12) 28.72% 31.12% 33.59%

Some College (13-15) 21.71% 21.48% 20.57%

Associate Degree Only 8.78% 7.21% 6.87%

Bachelors Degree Only 22.94% 22.08% 17.65%

Graduate Degree 9.59% 9.43% 7.47%

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Income

In 2017, the median household income for your selected geography is

$50,641, compare this to the US average which is currently $56,286.

The median household income for your area has changed by 9.81%

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

area will be $57,554 five years from now, which represents a change

of 13.65% from the current year.

The current year per capita income in your area is $24,922, compare

this to the US average, which is $30,982. The current year average

household income in your area is $64,383, compare this to the US

average which is $81,217.

Population

In 2017, the population in your selected geography is 145,447. The

population has changed by 19.19% since 2000. It is estimated that

the population in your area will be 153,675.00 five years from now,

which represents a change of 5.66% from the current year. The

current population is 48.94% male and 51.06% female. The median

age of the population in your area is 34.79, compare this to the US

average which is 37.83. The population density in your area is

1,849.28 people per square mile.

Households

There are currently 55,877 households in your selected geography.

The number of households has changed by 16.73% since 2000. It is

estimated that the number of households in your area will be 59,784

five years from now, which represents a change of 6.99% from the

current year. The average household size in your area is 2.55 persons.

Employment

In 2017, there are 47,885 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

60.44% of employees are employed in white-collar occupations in

this geography, and 39.55% are employed in blue-collar occupations.

In 2017, unemployment in this area is 4.01%. In 2000, the average

time traveled to work was 26.00 minutes.

Race and Ethnicity

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

84.60% White, 3.88% Black, 0.04% Native American and 5.17%

Asian/Pacific Islander. Compare these to US averages which are:

70.42% White, 12.85% Black, 0.19% Native American and 5.53%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 6.81% of the current year

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

17.88%.

PROPERTY NAME

MARKETING TEAM

SOUTHPORT SHOPPES

Housing

The median housing value in your area was $129,513 in 2017,

compare this to the US average of $193,953. In 2000, there were

33,080 owner occupied housing units in your area and there were

14,790 renter occupied housing units in your area. The median rent at

the time was $490.

Source: © 2017 Experian

DEMOGRAPHICS

27

8

SOUTHPORT SHOPPES

DEMOGRAPHICS

28

www.MarcusMillichap.com

Joseph DiSalvo

First Vice President Investments

Indianapolis Office

Tel: (317) 218-5334

Fax: (317) 218-5310

[email protected]


Forest Bender

Senior Associate

Indianapolis Office

Tel: (317) 218-5346

Fax: (317) 218-5310

[email protected]


P R E S E N T E D B Y

29

offering memorandum€¦ · 4. southport shoppes 5 investment overview. property photo southport...

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