offering memorandum - loopnet...year built 2005 occupancy 85% delray medical offices 4675 linton...
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METROWEST CENTER882 South Kirkman Road • Orlando, FL 32811
Offering Memorandum
1
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 Real
Estate Investment Services of Florida, Inc. ("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.
METROWEST CENTER
Orlando, FL
ACT ID ZAA0310568
Ryan NeeLic.# BK3154667
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
Floor Plan
FINANCIAL ANALYSIS 02Tenant Summary
Lease Expiration Summary
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03Sales Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
METROWEST CENTER
3
METROWEST CENTER
4
INVESTMENT
OVERVIEW
METROWEST CENTER
#
OFFERING SUMMARY
5
EXECUTIVE SUMMARY
EXPENSES
CURRENT $/SF
Utilities $49,817 $1.76
Janitorial $27,764 $0.98
Retention Pond Cleaning $2,110 $0.07
Repairs & Maintenance $36,570 $1.29
Landscaping $6,400 $0.23
Security Monitoring /
Maintenance$1,176 $0.04
Internet $2,515 $0.09
Elevator Maintenance $2,681 $0.09
Master Association $8,104 $0.29
Pest Control $1,143 $0.04
Office $521 $0.02
Condo Dues Reimbursed ($16,350) ($0.58)
Insurance $12,512 $0.44
Real Estate Taxes $68,918 $2.44
Management Fee $24,000 $0.85
Other Expenses $397 $0.01
Total Expenses $228,277 $8.07
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2018 Estimate Pop 18,614123,74
2297,130
2010 Census Pop 16,947111,23
3268,177
2018 Estimate HH 7,020 46,093 108,242
2010 Census HH 6,404 41,377 97,421
Median HH Income $38,578$41,23
6$43,468
Per Capita Income $18,560 $22,000 $23,726
Average HH Income
$49,204 $58,838 $64,205
VITAL DATA
CURRENT
Price $7,700,000 CAP Rate 7.33%
Down Payment - 30% $2,336,950 Net Operating Income $564,733
Loan Amount $5,390,000Net Cash Flow After Debt Service
7.39% / $172,785
Loan Type Proposed New Total Return 15.08% / $352,402
Interest Rate / Amortization 4% / 20 Years
Rentable SF 28,282
Price/SF $272.26
Current Occupancy 100%
Year Built 2008
Lot Size 2.58 acre(s)
METROWEST CENTER
OFFERING SUMMARY
▪ Property Is Located Next to Valencia Community College
▪ Major Tenant Is State of Florida – Department Of Families And Children
▪ On Heavily Traveled Kirkman Road
▪ Surrounded By Apartments, Commercial And Office Developments
▪ Across From United States Post Office
▪ Newly Built In 2009
INVESTMENT HIGHLIGHTS
The property is located in the Metrowest area walking distance from Valencia Community College with over 43,000students enrolled annually. This is Valencia's largest campus. Valencia Community College is a feeder to University OfCentral Florida that is one of the largest state universities in the country with enrollment of over 70,000 students.Property is within five miles from Universal Studios.
Kirkman road is heavily traveled road with average of 59,000 vehicles per day (VPD) and a very strong demographiccount. The current population count in one-mile radius is close to 25,000 people.
Property was built as condo development and one of the units, approximately 3,544 sq. ft. is sold to a doctor. Thebuilding has all medical tenants and units have had custom tenant improvement work performed to accommodate thetenant’s operation as medical offices. The building is a pride of ownership with beautiful interior and exterior finishes.
INVESTMENT OVERVIEW
66
METROWEST CENTER
#
PROPERTY SUMMARYOFFERING SUMMARY
THE OFFERING
Property Metrowest Center
Price $7,700,000
Property Address 882 South Kirkman Road, Orlando, FL
Assessors Parcel Number
36-22-28-5603-00-001 & Multiple
Zoning Condo - Office
SITE DESCRIPTION
Number of Floors Three
Year Built/Renovated 2008
Rentable Square Feet 28,282
Ownership Fee Simple
Lot Size 2.58 acre(s)
Parking 105 Units
Parking Ratio 3/100
Topography Leveled Parking
Intersection/Cross Street
Kirkman Road and Raleigh Street
UTILITIES
Gas N/A
Electric Orlando Utilities Commission
Water Orlando Utilities Commission
Sewer City OF Orlando
Trash City Of Orlando
7
CONSTRUCTION
Foundation Concrete
Framing Metal
Exterior Concrete Block Stucco
Parking Surface Asphalt
MECHANICAL
HVAC Individual Units Central Air
Elevators One Elevator
Power Orlando Utilities Commission
REGIONAL MAP
METROWEST CENTER
8
AERIAL PHOTO
METROWEST CENTER
9
AERIAL PHOTO
10
METROWEST CENTER
AERIAL PHOTO
PROPERTY PHOTO
METROWEST CENTER
11
PROPERTY PHOTO
METROWEST CENTER
12
PROPERTY PHOTO
METROWEST CENTER
13
FLOOR PLANS
METROWEST CENTER
14
FLOOR PLANS
METROWEST CENTER
15
FLOOR PLANS
METROWEST CENTER
16
EXTERIOR PICTURES
METROWEST CENTER
17
METROWEST CENTER
18
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
METROWEST CENTER
19
TENANT SUMMARY
FINANCIAL ANALYSIS
METROWEST CENTER
OPERATING STATEMENT
20
FINANCIAL ANALYSIS
METROWEST CENTER
PRICING DETAIL
21
12
TENANT PROFILES
METROWEST CENTER
22
DCF-State of Florida
Department of Children and Families
has moved most of its operations from
many locations to this location and
has continued to add to the footprint.
General Information
Tenant Name DCF-State of Florida
Parent Company State of Florida
Headquartered Tallahassee
Rentable Square Feet 19,282 SF
Percentage of RBA 0.68%
Lease Commencement 5/1/2015
Lease Expiration 6/30/2025
No. of Locations Multiple
12
TENANT PROFILE
METROWEST CENTER
23
Mid Florida Imaging
General Information
Tenant Name Mid Florida Imaging
Website https://akumin.com/
Parent Company Akumin Inc
Headquartered8300 W Sunrise Blvd, Plantation FL 33322
Rentable Square Feet 3,000 SF
Percentage of RBA 0.11%
Lease Commencement 7/1/2011
Lease Expiration 6/30/2021
No. of Locations125 in US and many more in Canada
Mid Florida Imaging was bought out by publicly traded
Canadian company Akumin and is the signor of the
lease.
Akumin is a leading provider of freestanding, fixed-site
outpatient diagnostic imaging services in the United
States.
SXR Medical
General Information
Tenant Name SXR Medical
Website https://invisionhealth.com
Parent Company Invision Health Care
Headquartered400 International Drive, Williamsville, NY 14221
Rentable Square Feet 3,400 SF
Percentage of RBA 0.12%
Lease Commencement 8/1/2018
Lease Expiration 10/31/2023
No. of Locations Several
Invision Health is the leading comprehensive health-
care provider. Invision Health provides an innovative
suite of health, wellness, preventative care,
diagnostic and surgical services.
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
$6.24 billion
total national
volume in 2018
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 1,678
debt and equity
financings
in 2018
ACQUISITION FINANCING
METROWEST CENTER
24
METROWEST CENTER
25
MARKET
COMPARABLES
METROWEST CENTER
SALES COMPARABLES MAP
26
METROWEST CENTER
(SUBJECT)
3521 W Broward Boulevard
3050 Technology Pky
Delray Medical Offices
SALES COMPARABLES
1
2
3
PROPERTY NAMEMETROWEST CENTER
SALES COMPARABLES
27
SALES COMPARABLES
Avg. $242.52
$0.00
$40.00
$80.00
$120.00
$160.00
$200.00
$240.00
$280.00
$320.00
$360.00
$400.00
MetroWestCenter
3521 WBroward
Boulevard
3050Technology
Pky
DelrayMedicalOffices
Average Price Per Square FootAvg. 7.51%
0.0
0.8
1.6
2.4
3.2
4.0
4.8
5.6
6.4
7.2
8.0
MetroWestCenter
3521 WBroward
Boulevard
3050Technology
Pky
DelrayMedicalOffices
Average Cap Rate
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
METROWEST CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
28
SALES COMPARABLES
Asking Price $7,700,000
Price/SF $272.26
CAP Rate 7.33%
Year Built 2008
Occupancy 100%
Parking Ratio 4/1000
METROWEST CENTER882 South Kirkman Road, Orlando, FL, 32811
1
Close Of Escrow 11/22/2019
Days On Market 149
Sales Price $7,000,000
Price/SF $181.78
CAP Rate 7.14%
GLA 38,508 SF
Lot Size 1.38 acre(s)
Year Built 1981
3521 W BROWARD BOULEVARD3521 W Broward Boulevard, Fort Lauderdale, FL, 33312
PROPERTY NAME
MARKETING TEAM
METROWEST CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
29
SALES COMPARABLES
3
Close of Escrow6/29/2018
Sales Price$9,800,000
Rentable SF31,886
Price/SF$307.34
CAP Rate7.55%
Year Built2005
Occupancy85%
DELRAY MEDICAL OFFICES 4675 Linton Blvd, Delray Beach, FL, 33445
2
Close of Escrow10/15/2019
Days On Market111
Sales Price$7,600,000
Rentable SF31,872
Price/SF$238.45
CAP Rate7.83%
Year Built1999
Occupancy100%
3050 TECHNOLOGY PKY3050 Technology Pky, Orlando , FL, 32826
METROWEST CENTER
30
MARKET
OVERVIEW
ORLANDOOVERVIEW
31
A warm climate and a favorable tax structure attract visitors, employers
and residents to the region. The metro is among the largest and fastest
growing in Florida, with a population of more than 2.4 million residents.
It is also one of the nation’s most popular tourist destinations with
roughly 72 million visitors annually. The Orlando metro encompasses
four counties: Osceola, Orange, Seminole and Lake, covering more
than 4,000 square miles in central Florida. There are numerous lakes
scattered across the region and the topography is generally flat with
few impediments to development. Orlando is the area’s largest city,
approaching 282,000 residents, followed by Kissimmee and Sanford,
each with less than 100,000 residents.
MARKET OVERVIEW
METRO HIGHLIGHTS
ECONOMIC DIVERSITY
While Orlando’s economy has strong business and
professional services as well as tourism
components, distribution, high-tech, defense
contracting and healthcare also are prevalent.
PRO-BUSINESS ENVIRONMENT
Florida has low state and local taxes in addition to
no state personal income tax, attracting businesses
to the region.
JOB AND POPULATION GROWTH
Orlando’s population is expected to increase by
248,000 people over the next five years, as job
gains outpace the national average.
METROWEST CENTER
ECONOMY▪ Key industries in the region include aerospace and defense systems, modeling, simulation
and training, digital media, tourism and biotechnology.
▪ The metro is transforming into a digital media hub, housing hundreds of media companies.
▪ Orlando is a top vacation and business convention destination and is home to theme parks
and tourist attractions, which support retail sales and a large hospitality sector.
▪ The local life sciences, biotech and medical technology industries are growing. Lake Nona
Medical City is a 650-acre health and life sciences park located in the metro.
SHARE OF 2018 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Walt Disney World Co.
AdventHealth Orlando
Publix Super Markets Inc.
Universal Orlando
Orlando Health
Busch Entertainment Corp.
Lockheed Martin Corp.
Marriott International
Darden Restaurants Inc.
Starwood Hotels & Resorts Worldwide Inc.* Forecast
32
MANUFACTURING
4%GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
18%
7%
9% 21% 6%
12%
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
▪ The metro is expected to add nearly 248,000 people over the next five years and
during this period roughly 102,000 households will be formed.
▪ A median age below the U.S. median contributes to a homeownership rate of 61
percent, which is slightly below the national rate.
▪ Millennials, those in the cohort of 20- to 34-year-olds, comprise 22 percent of the
population, slightly above the U.S. level of 20 percent.
Orlando residents enjoy a remarkable quality of life, highlighted by a sunny climate,
professional sports teams, outdoor recreational activities, cultural venues, world-
famous attractions and beaches nearby. The region offers healthcare facilities and
exceptional community services such as Orlando Regional Medical Center and
AdventHealth Orlando. Cultural opportunities are offered at the Dr. Phillips Center for
the Performing Arts, Civic Theatre of Central Florida, the Orlando Opera Company, the
Orlando Ballet Company and the Bach Festival Society. Amway Center in downtown is
the Orlando Magic’s arena. Large educational institutions in the area include the
University of Central Florida and Valencia Community College.
QUALITY OF LIFE
33
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
2018 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
7%25-44 YEARS
29%45-64 YEARS
25%65+ YEARS
14%
37.2
2018MEDIAN AGE:
U.S. Median:
38.0
$53,600
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$58,800
2.5M
2018POPULATION:
Growth2018-2023*:
10.0%
926K
2018HOUSEHOLDS:
11.0%
Growth2018-2023*:
34
Lack of availability promotes development. Vacancy fell to the lowest level in nearly
12 years during the first quarter of 2019, as demand for office space remained robust.
With few large floor plates to choose from, some firms are constructing their own
buildings. KPMG will finalize an 800,000-square-foot training facility on Lake Nona
Boulevard in Orlando during the winter months and Florida Hospital opened a 72,000-
square-foot medical office building in Winter Garden in May 2019. The need for empty
space in downtown Orlando will ease slightly when SunTrust Plaza at Church Street
Station opens at the end of the second quarter. The 26-story mixed-use facility offers
221,000 square feet of office space in addition to a hotel. The building is connected to
a SunRail station and will debut nearly fully leased with SunTrust Bank as the largest
tenant. SunTrust’s move will free up Class A space in the 200 South Orange Avenue
building and 70,000 square feet has already been leased by WeWorks.
Area demand remains strong, bolstering rent gains. Favorable economic growth
trends will generate the need for additional office space this year, including medical
offices, as the population base continues to increase. Office-using companies moving
to and expanding in the metro will keep vacancy tight and support rent improvement.
The average asking rate sat at a new high of $22.68 per square foot in the opening
quarter of 2019 and is expected to continue climbing as the year progresses. Over the
past five years, vacancy has tumbled 550 basis point while asking rent soared 19
percent.
Tight Orlando Office Market Will Receive SomeRelief as Construction Proliferates
ORLANDO METRO AREA
* Cap rates trailing 12 months through 1Q19
Sources: CoStar Group, Inc.; Real Capital Analytics
Investment Trends
Office 2019 Outlook
1 million sq. ft. will be
completed
3.2% increase in
asking rents
50 basis point
decrease in vacancy
Construction:
Rents:
Vacancy:
During 2019, deliveries will rise to the highest
level since 2009 as 1 million square feet is
completed. Last year, 508,000 square feet
was added to inventory.
As vacancy hovers near the cyclical low, the
average asking rent will jump to $23.10 per
square foot at year end. Last year a 2.3
percent rise was posted.
Strong demand for office space will tighten
the vacancy rate to 10.5 percent in 2019,
following a 30-basis-point reduction last year.
• Office buildings in the city of Maitland are garnering more attention from
buyers. Class B assets located in the Mainland Center development attracted
out-of-state and local investors at cap rates that started in the mid-7 percent
range for properties that are 18 to 40 years old. Prices generally ranged
between $93 to $184 per square foot over the past four quarters.
• Local buyers searching for higher yields found Class B assets built in the
1970s in the Central Park neighborhood of Orlando. These properties traded
at $91 per square foot on average with cap rates typically above the metro
average of 8 percent.
• Fewer quality properties listed for sale eased transaction velocity of medical
office buildings throughout the metro. Premium, well-located assets topped
$360 per square foot with properties in Altamonte Springs, Maitland and
Orlando trading at an increased pace over the past 12 months.
35
• Orlando remains one of the
fastest growing labor markets in
the nation with 43,500 jobs
created year over year in March.
Office-using positions grew at an
even higher pace of 5.4 percent,
accounting for nearly 17,900
slots.
• Robust hiring has kept the
unemployment rate below 3.2
percent for three consecutive
quarters, making it harder for
organizations to find qualified
workers.
EMPLOYMENT
• Over the past four quarters, a
total of 355,100 square feet
was completed, down from
543,000 square feet one year
earlier. Developers also have
more than 1 million square
feet underway with
completions scheduled into
2020.
• SunTrust Plaza at Church
Street Station will add roughly
221,000 square feet of new
inventory in downtown
Orlando this year. It is the
core’s first new office tower in
a decade.
CONSTRUCTION
• Following a 140-basis-point
annual drop in vacancy one
year ago, strong absorption
tightened the rate to 10.4
percent in the first quarter of
2019, 290 basis points below
the U.S. average.
• The robust need for more
affordable space dropped
vacancy in Class B/C
buildings 150 basis points to
9.8 percent in the past four
quarters. During the same
period, Class A vacancy
advanced 10 basis points to
11.6 percent.
VACANCY
• Building on a 4.9 percent
surge last year, asking rent
climbed 3.4 percent during the
past 12-month period to an
average of $22.68 per square
foot in March.
• Class A properties led the
gain, surging 4.8 percent to
$27.53 per square foot in the
first quarter. Over the past five
years, rent in this class has
soared 22 percent. Class B/C
rent meanwhile rose an
annual 2.3 percent to $20.12
per square foot.
RENTS
ORLANDO METRO AREA
increase in the
average asking rent
Y-O-Y
3.4%basis point decrease
in vacancy Y-O-Y100square feet
completed
Y-O-Y
355,100increase in total
employment Y-O-Y3.4%
* Forecast
1Q19 – 12-Month Trend
36
Class B Assets in Maitland Center and Tourist Corridor
Capture Attention of Investors
Outlook: The metro’s robust
economy and new companies
moving to the metro will
continue to fuel demand for
office space and keep investors
active in the market.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketAsking
Rent
Y-O-Y%
Change
Lake County 6.0% -60 $19.09 0.8%
Osceola County 7.5% -280 $27.85 5.7%
Orange County 10.8% -60 $23.04 2.6%
Seminole County 10.8% -160 $20.56 6.2%
Overall Metro 10.4% -100 $22.68 3.4%
Submarket Trends
Lowest Vacancy Rates 1Q18
Sales Trends
ORLANDO METRO AREA
• Transaction volume increased slightly during the past four
quarters as mainly local buyers were actively purchasing Class B
assets. Properties in the Tourist Corridor and in the Maitland
Center were most often targeted.
• During the past 12 months, the average price advanced 7 percent
to $202 per square foot, while the average cap rate rose 30 basis
points from the high-7 into low-8 percent range.
* Trailing 12 months through 1Q19 over previous time period
Pricing trend sources: CoStar Group, Inc.; Real Capital
Analytics
*1Q19
**2018
37
ORLANDO METRO AREA
• Ongoing trade concerns weigh on growth outlook; Fed plots next steps.Amid rising trade tensions between the U.S. and China and slowing globalgrowth, the outlook has turned more cautious. Market volatility, along with a flightto safety trade, has flattened the yield curve dramatically, with the 10-YearTreasury trading below 2.2 percent. This has pushed the broader yield curve intoinversion, a closely watched precursor to a potential recession. Meanwhile, manymeasures 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 officialssignaling more accommodative policies. The impending end of quantitativetightening in September, coupled with potential cuts to the Fed funds rate in thesecond half of the year, highlight the shift in Fed policy. As a result, long-terminterest rates are likely to remain subdued, with Fed policy leaning towardaccommodation.
• Conservative underwriting balances abundant marketplace liquidity. Whiledebt availability for office assets remains widely available from a wide range ofsources including local, regional and national banks and insurance companies,sentiment surrounding the health of the economy has fallen somewhat in recentmonths. 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 provenproperty results, with much less willingness to lend against pro forma rents. Thishas prompted investors to turn toward short-term mezzanine debt and bridgeloans to cover capital improvements, while seeking long-term solutions oncereturns have been solidified. Construction origination remains muted, withlenders focusing on core locations with proven demand. * Trailing 12 months through 1Q19
Include sales $2.5 million and greater
Sources: CoStar Group, Inc.; Real Capital Analytics
Capital Markets
PROPERTY NAME
MARKETING TEAM
METROWEST CENTER
DEMOGRAPHICS
Source: © 2019 Experian
Created on January 2020
POPULATION 1 Miles 3 Miles 5 Miles
▪2023 Projection
Total Population 19,219 130,687 313,434
▪2018 Estimate
Total Population 18,614 123,742 297,130
▪2010 Census
Total Population 16,947 111,233 268,177
▪2000 Census
Total Population 16,659 99,302 242,561
▪Current Daytime Population
2018 Estimate 27,931 142,721 353,172
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪2023 Projection
Total Households 7,344 49,634 116,359
▪2018 Estimate
Total Households 7,020 46,093 108,242
Average (Mean) Household Size 2.69 2.60 2.66
▪2010 Census
Total Households 6,404 41,377 97,421
▪2000 Census
Total Households 6,624 36,460 86,586
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪2018 Estimate
$200,000 or More 0.88% 2.72% 3.50%
$150,000 - $199,999 0.73% 2.11% 2.91%
$100,000 - $149,000 6.49% 7.42% 8.50%
$75,000 - $99,999 7.69% 9.25% 9.66%
$50,000 - $74,999 20.38% 19.69% 19.10%
$35,000 - $49,999 19.37% 16.74% 15.52%
$25,000 - $34,999 16.41% 14.95% 13.87%
$15,000 - $24,999 13.57% 12.95% 12.68%
Under $15,000 11.93% 13.44% 13.73%
Average Household Income $49,204 $58,838 $64,205
Median Household Income $38,578 $41,236 $43,468
Per Capita Income $18,560 $22,000 $23,726
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪Population By Age
2018 Estimate Total Population 18,614 123,742 297,130
Under 20 27.97% 26.31% 26.21%
20 to 34 Years 32.75% 27.25% 25.49%
35 to 39 Years 8.22% 7.50% 7.14%
40 to 49 Years 11.63% 12.86% 13.06%
50 to 64 Years 13.28% 16.60% 17.76%
Age 65+ 6.16% 9.49% 10.34%
Median Age 29.94 32.92 33.91
▪Population 25+ by Education Level
2018 Estimate Population Age 25+
11,756 81,834 197,330
Elementary (0-8) 3.80% 4.17% 4.53%
Some High School (9-11) 10.77% 9.50% 10.11%
High School Graduate (12) 35.78% 29.74% 29.56%
Some College (13-15) 17.82% 19.76% 19.82%
Associate Degree Only 8.08% 10.14% 9.26%
Bachelors Degree Only 16.81% 16.89% 16.82%
Graduate Degree 5.59% 7.99% 8.09%
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PROPERTY NAME
MARKETING TEAM
METROWEST CENTER
DEMOGRAPHICS
Source: © 2019 Experian
Created on January 2020
POPULATION BY TRANSPORTATION TO
WORK1 Miles 3 Miles 5 Miles
▪2018 Estimate Total Population
Bicycle 0.64% 0.48% 0.57%
Bus or Trolley Bus 5.47% 5.35% 5.95%
Carpooled 13.22% 12.00% 11.45%
Drove Alone 75.34% 75.37% 75.12%
Ferryboat 0.00% 0.02% 0.01%
Motorcycle 0.34% 0.38% 0.26%
Other Means 0.45% 0.56% 1.10%
Railroad 0.00% 0.00% 0.00%
Streetcar or Trolley Car 0.00% 0.00% 0.01%
Subway or Elevated 0.00% 0.00% 0.01%
Taxicab 0.03% 0.08% 0.07%
Walked 1.50% 1.44% 1.59%
Worked at Home 3.00% 4.32% 3.87%
POPULATION BY TRAVEL TIME TO WORK 1 Miles 3 Miles 5 Miles
▪2018 Estimate Total Population
Under 15 Minutes 12.52% 17.80% 18.95%
15 - 29 Minutes 45.70% 39.83% 39.24%
30 - 59 Minutes 30.16% 29.06% 28.01%
60 - 89 Minutes 3.83% 3.50% 3.75%
90 or More Minutes 3.13% 2.51% 2.38%
Worked at Home 3.00% 4.32% 3.87%
Average Travel Time in Minutes 30 29 29
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Income
In 2019, the median household income for your selected
geography is $38,578, compare this to the US average which is
currently $58,754. The median household income for your area
has changed by 1.25% since 2000. It is estimated that the
median household income in your area will be $42,888 five
years from now, which represents a change of 11.17% from the
current year.
The current year per capita income in your area is $18,560,
compare this to the US average, which is $32,356. The current
year average household income in your area is $49,204,
compare this to the US average which is $84,609.
Population
In 2019, the population in your selected geography is 18,614.
The population has changed by 11.74% since 2000. It is
estimated that the population in your area will be 19,219.00 five
years from now, which represents a change of 3.25% from the
current year. The current population is 47.67% male and
52.33% female. The median age of the population in your area
is 29.94, compare this to the US average which is 37.95. The
population density in your area is 5,930.93 people per square
mile.
Households
There are currently 7,020 households in your selected
geography. The number of households has changed by 5.98%
since 2000. It is estimated that the number of households in
your area will be 7,344 five years from now, which represents a
change of 4.62% from the current year. The average household
size in your area is 2.69 persons.
Employment
In 2019, there are 6,669 employees in your selected area, this
is also known as the daytime population. The 2000 Census
revealed that 58.56% of employees are employed in white-
collar occupations in this geography, and 40.90% are employed
in blue-collar occupations. In 2019, unemployment in this area
is 5.80%. 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: 26.15% White, 55.99% Black, 0.16% Native American
and 3.03% 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 21.21% of the current year
population in your selected area. Compare this to the US
average of 18.01%.
PROPERTY NAME
MARKETING TEAM
METROWEST CENTER
Housing
The median housing value in your area was $114,786 in 2019,
compare this to the US average of $201,842. In 2000, there
were 1,775 owner occupied housing units in your area and
there were 4,849 renter occupied housing units in your area.
The median rent at the time was $693.
Source: © 2019 Experian
DEMOGRAPHICS
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METROWEST CENTER
DEMOGRAPHICS
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