offering memorandum medical office | value-add · market overview market overview 17 asheville...
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ASHEVILLE SPECIALTY HOSPITALMISSION HOSPITAL ST. JOSEPH CAMPUS
34 BEDS
ASHEVILLE-BUNCOMBE TEC. COM. COLLEGE
DOWNTOWN ASHEVILLE
BILTMORE FAMILY MEIDCINE
20,000 VPDSUBJECT PROPERTY
MISSION HOSPITAL FOR ADVANCED MEDICINE
OPENS 2019
MISSION HOSPITALMEMORIAL CAMPUS
763 BEDS
OFFERING MEMORANDUM
MEDICAL OFFICE | VALUE-ADD ASHEVILLE, NORTH CAROLINA
Confidentiality and Disclaimer
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.
Non-Endorsement Notice
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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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PRICING & FINANCIAL ANALYSIS
PROPERTY OVERVIEW
Address 675 Biltmore Avenue Asheville, North Carolina
Price $3,000,000Price/SF $273.85Cap Rate - Year 1 7.01%Cap Rate - Year 5 7.85%
INST ZONING PERMITTED USES
Residential Uses Not Allowed
Public and Institutional UsesAssisted living facilities, Institutional, Convention center, Colleges, Fire/Police stations, Government uses, Libraries, Museums, Performance center, Places of worship, Shelters, Arenas, Hospitals
Recreational Uses Parks, Plazas, Greenways
Commercial/Business/ Office Uses Office, Clinics, Research and technology production uses
Other Parking lots, Parking structures, Wireless telecommunication facilities, microcell/co-locate
GLA 10,955 SFYear Built 1957Year Renovated 2008Construction Type Wood FrameAcreage 1.43 AcresParking Spaces 37+ SpacesZoning INSTParcel ID 9648-52-6385-00000Opportunity Zone No
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PROPERTY DESCRIPTION
Marcus and Millichap is pleased to present for sale a 10,955 square foot multi-tenant medical office building located in Asheville, North Carolina. The subject property sits on 1.43 acres and was constructed in 1957 and renovated in 2008. The property is 93% occupied with three (3) medical tenants.
The subject property is located off of Biltmore Avenue (20,000 vehicles per day) just south of Mission Hospital’s Main Campus (763 Beds). The property has two ingress/egress points both of which are located on Biltmore Avenue. Additional medical points of interest in the immediate area include Asheville Nursing & Rehabilitation Center, Asheville Radiology, Asheville Specialty Hospital\Mission Hospital’s St. Joseph Campus (34 Beds), and LabCorp. Other points of interest include the Asheville-Buncombe Technical Community College (9,800+ Students), Asheville High School, Asheville Middle School, Residence Inn, Biltmore Fitness, Wendy’s, Grand Bohemian Hotel, Hampton Inn, Tablots, Chico’s and more. There are approximately 98,900 people located within a five mile radius of the property with an average household income of more than $66,800.
The city of Asheville is located in the western region of North Carolina. It is the county seat of Buncombe County and is the principal city in the four-county Asheville Metropolitan Area. Buncombe County sits at the crossroads of Interstate 40 and Interstate 26, providing easy access to markets along the east coast. The county also has direct interstate connections to Interstate 81, 85, 77, and Interstate 95. Top employers in the area include Memorial Mission Hospital Inc., Buncombe county Board of Education, Ingles Markets, Inc., Biltmore Workforce Management Inc., Veterans Administration VA RO318, County of Buncombe, City of Asheville, Wal-Mart Associates Inc., Mission Memorial Associates Inc., and Community Carepartners, Inc. Asheville is near several major Southern markets including Charlotte, NC (126-Miles), Raleigh, NC (247-Miles), Greenville, SC (64-Miles) and Knoxville, TN (116-Miles).
PROPERTY OVERVIEW• 10,955 Square Foot Medical Office Building | 1.43
Acres
• 93% Occupied | Value-Add Opportunity
• Constructed in 1957 | Renovated in 2008
• Nearby Medical Facilities: Mission Hospital’s Main Campus (763 Beds), Asheville Nursing & Rehabilitation Center, Asheville Radiology, and Asheville Specialty Hospital\Mission Hospital’s St. Joseph Campus (34 Beds)
• Less than One (1) Mile to Historic Biltmore Village
• Nearby Traffic Generators: Asheville-Buncombe Technical Community College (9,800+ Students), Asheville High School, Asheville Middle School, Residence Inn, Grand Bohemian Hotel, Hampton Inn
• Two (2) Miles to Downtown Asheville with 3.8 Million-Tourists/Visitors Per Year
• County Seat of Buncombe County | Principal City of Asheville MSA (441,000+ Population)
• More Than 98,900 People within Five (5) Miles
• Asheville is Near Several Major Southern Markets Including: Charlotte, NC (126-Miles), Raleigh, NC (247-Miles), Greenville, SC (64-Miles) and Knoxville, TN (116-Miles)
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PROPERTY DESCRIPTION
PROPERTY SITE PLAN
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PROPERTY DESCRIPTION
SUITE H SUITE G COMMONAREA
SUITE E
SUITESA, B & C
TO BSMT
TO ATTIC
SPACE ASSESSMENTDescription USF
SUITE A, B, C & D 63656365
DR. DRAY VACANT
SUITE F
TRILLIUM MRI
SUITE D
MRI
MRI
675 Biltmore AvenueAsheville, NC, 28803
This drawing and design in paper and electronic format are the property of Cothran Properties. Any use of the drawing, design or electronic file without written consent from Cothran Properties is subject to legal action. All Copyrights Apply.
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Page 1 of 1 - SF PlanFOR DISCUSSION PURPOSES ONLY.
P r e p a r e d b yD S Q u a r e d C o n s u l t i n g I n c .1 4 3 2 D A v e n u eW e s t C o l u m b i a , S C , 2 9 1 6 9t - 8 0 3 - 6 2 2 - 9 0 3 7f - 8 7 7 - 6 5 1 - 9 9 8 2w w w . d s q c o n s u l t i n g . c o mThese drawings are provided solely for graphic representation purposes.DSQuared Consulting shall not be held liable for any and all misstatements offacts, errors or omissions, prior sale, change of price or withdrawal from themarket without notice, or damages connected with use of this information.Recipient acknowledges that acceptance of these files effectively transfers anyand all responsibility to recipient for use of this information.ALL INFORMATION/DIMENSIONS SHOULD BE FIELD VERIFIED.FOR DISCUSSION PURPOSES ONLY. NOT FOR CONSTRUCTION.
Leasing & Management byCothran Properties
420 Parkway, Suite EGreer, SC29616864-250-0828
www.cothranproperties.com
FLOOR PLAN
SUITE D
SUITES
A, B & C
SUITE ESUITE FSUITE GSUITE H COMMON AREA
LEGENDSUITE H DR. GREGORY DRAYSUITE G AVAILABLESUITE F DR. TRILLIUMSUITE E ASHEVILLE OPEN MRISUITE D ASHEVILLE OPEN MRISUITES A, B, & C ASHEVILLE OPEN MRI
ASHEVILLEHIGH SCHOOL
ASHEVILLE-BUNCOMBE TEC. COM. COLLEGE
ASHEVILLE SPECIALTY HOSPITALMISSION HOSPITAL ST. JOSEPH CAMPUS
34 BEDS
ASHEVILLE NURSING & REHABILITATION CENTER
MISSION HOSPITAL MEMORIAL CAMPUS
763 BEDS
MISSION HOSPITAL FOR ADVANCED MEDICINE
OPENS 2019
20,000 VPD
BILTMORE ESTATE1.4+ MILLION VISITORS
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PROPERTY DESCRIPTION
MISSION HOSPITALMEMORIAL CAMPUS
763 BEDS
ASHEVILLE SPECIALTY HOSPITALMISSION HOSPITAL ST. JOSEPH CAMPUS
34 BEDSASHEVILLE-BUNCOMBE TEC. COM. COLLEGE
DOWNTOWN ASHEVILLE
BILTMORE FAMILY MEIDCINE
20,000 VPDSUBJECT PROPERTY
MISSION HOSPITAL FOR ADVANCED MEDICINE
OPENS 2019
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PROPERTY DESCRIPTION
MISSION HOSPITALMEMORIAL CAMPUS
763 BEDS
ASHEVILLE SPECIALTY HOSPITALMISSION HOSPITAL ST. JOSEPH CAMPUS
34 BEDSASHEVILLE-BUNCOMBE TEC. COM. COLLEGE
DOWNTOWN ASHEVILLE
BILTMORE FAMILY MEIDCINE
20,000 VPDSUBJECT PROPERTY
MISSION HOSPITAL FOR ADVANCED MEDICINE
OPENS 2019 MCDONALD’SNEW CONSTRUCTION LUXURY APARTMENTS
20,000 VPD
SUBJECT PROPERTY
BILTMORE VILLAGE
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PROPERTY DESCRIPTION
SUBJECT PROPERTY20,000 VPD
NEW CONSTRUCTION LUXURY APARTMENTS
CEDAR CREST INN
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PROPERTY DESCRIPTION
SUBJECT PROPERTY20,000 VPD
NEW CONSTRUCTION LUXURY APARTMENTS
CEDAR CREST INN
ASHEVILLEHIGH SCHOOL
ASHEVILLE-BUNCOMBE TEC. COM. COLLEGE
SUBJECT PROPERTY
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PROPERTY DESCRIPTION
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PROPERTY DESCRIPTION
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PROPERTY DESCRIPTION
PHOTOS SOURCE: www.ncdiagnosticimaging.com
OPEN MRI & IMAGING OF ASHEVILLE INTERIOR PHOTOS
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MARKET OVERVIEW
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ASHEVILLENORTH CAROLINA
The Asheville, NC metro area, covering four Western North Carolina counties, has a population of approximately 450,000 residents. In 2016, Buncombe County attracted 10.9 million visitors, generating $2.9 billion in economic impact. Despite this growth, the cost of living is less than the national average and has retained a small-city charm. Small businesses have a strong presence in Asheville, adding to the great “community feel” of Asheville.
ECONOMY
• Asheville is recognized worldwide for being a hub for healthcare industries, maker economies and craft entrepreneurship, breweries, small businesses, travel and tourism, breathtaking natural resources, and a rich place for arts, culture, music and entertainment.
• The Asheville region is a diverse $17.3 billion economy. Key drivers include steady population growth, manufacturing, tourism, and healthcare.
• Across the Asheville Metro Area 4-county region, unemployment rates dropped below 3%. Buncombe County saw the lowest unemployment rate out of all 100 counties in North Carolina, continuing this trend since 2015.
METRO HIGHLIGHTS
MAJOR EMPLOYERS
• Memorial Mission Hospital (1000+)• Buncombe County Board of Edu. (1000+)• Ingles Markets, Inc (1000+)• Biltmore Workforce Management Inc (1000+)• Veterans Administration VA (1000+)• County of Buncombe (1000+)• City of Asheville (1000+)• Wal-Mart Associates Inc (1000+)• Mission Medical Associates Inc (1000+)• Community Carepartners Inc (1000+)• A-B Tech (1000+)• Eaton Corporation (500-999)• UNC Asheville (500-999)• Asheville City Schools (500-999)• Omni Hotels Management Corp (500-999)• Kendro Laboratory Products LP (500-999)• State of NC Dept of Health & Human (500-999)• M B Haynes Corp (500-999)• Lowes Home Centers Inc (500-999)• Fastmed Urgent Care PC (500-999)• YMCA of Western NC (500-999)• Wilsonart LLC (500-999)• Borgwarner LLC (500-999)• Mountain Area Health Edu Ctr (500-999)• Dept of Public Safety (500-999)
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MARKET OVERVIEW
BILTMORE ESTATEBiltmore Estate is America’s largest home located in the Blue Ridge Mountains. The home features 250 rooms, including 35 bedrooms, 43 bathrooms, and 65 fireplaces. In addition to the home, the 8,000 acre estate is home to forested trails, gardens, and the nation’s most visited winery. Biltmore was created in the 1890s by George W. Vanderbilt. It is still privately owned and operated by George Vanderbilt’s descendants and features more than 1.4 million visitors annually.
POINTS OF INTEREST
MISSION HEALTHMission Health is North Carolina’s sixth-largest health system and the western North Carolina’s only not-for-profit, indepen-dent community hospital system governed and managed ex-clusively in western North Carolina. Mission Health operates six hospitals, numerous outpatient and surgery centers, home health provider CarePartners, and the region’s only dedicated Level II trauma center. In addition, Mission Health is opening Mission Hospital for Advanced Medicine at their Main Campus in 2019.
ASHEVILLE-BUNCOME TECH. COMM. COLLEGEAsheville-Buncombe Technical Community College is a public two-year community college located in Asheville, North Caro-lina. It is one of the oldest in the North Carolina Community College System that serves Buncombe and Madison counties. They offer more than 120 degrees, diplomas, and certificates. The school is accredited by the Southern Association of Col-leges and Schools among others. The annual enrollment is more than 9,000 students.
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DEMOGRAPHIC ANALYSIS
DEMOS, AERIALS, & MAPS
1 Mile 3 Mile 5 Mile2000 Households 1,673 18,646 36,1032010 Households 1,801 20,497 40,8502016 Households 1,907 22,110 44,1862021 Households 1,964 23,255 46,729
1 Mile 3 Mile 5 Mile2010 Owner Occupied Housing Units 46.9% 48.9% 54.1%2010 Renter Occupied Housing Units 53.2% 51.1% 45.9%2016 Owner Occupied Housing Units 48.4% 48.4% 53.3%2016 Renter Occupied Housing Units 51.6% 51.6% 46.7%2021 Owner Occupied Housing Units 48.7% 48.3% 52.9%2021 Renter Occupied Housing Units 51.3% 51.7% 47.1%
1 Mile 3 Mile 5 Mile2000 Population 3,958 41,646 81,6882010 Population 4,972 45,823 91,4522016 Population 5,226 49,471 98,9922021 Population 5,319 51,181 102,692
1 Mile 3 Mile 5 Mile$ 0 - $14,999 20.3% 17.9% 14.3%$ 15,000 - $24,999 13.2% 13.5% 12.4%$ 25,000 - $34,999 10.6% 12.0% 11.8%$ 35,000 - $49,999 15.1% 14.7% 14.9%$ 50,000 - $74,999 19.1% 18.4% 19.4%$ 75,000 - $99,999 9.6% 10.0% 10.7%$100,000 - $124,999 5.2% 5.4% 6.5%$125,000 - $149,999 2.4% 3.1% 3.6%$150,000 - $199,999 3.4% 2.7% 3.0%$200,000 - $249,999 0.2% 0.8% 1.3%$250,000 + 0.9% 1.6% 2.2%Median HH Income $41,107 $41,088 $45,887Per Capita Income $21,891 $27,114 $30,341Average HH Income $53,633 $58,945 $66,845
Click Here for Full Demographic Report
EXCLUSIVELY LISTED BY:ANDREW MARGULIESRALEIGH, NC OFFICEFirst Vice President | InvestmentsSenior Director, National Retail GroupCell: (312) [email protected] License: 264059IL License: 475147606
CHARLES GALLAGHERCHARLESTON, SC OFFICEAssociate | Investments Healthcare Real Estate GroupCell: (843) [email protected] License: 91218