Lakeland Office OM 6.18 · 2018. 11. 5. · SALES COMPARABLES 3 Tenants Lease Type Close Of Escrow:...

LAKELAND OFFICE PRODUCTS 53 S Washington St • Oxford, MI 48371

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 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.

LAKELAND OFFICE PRODUCTS

Oxford, MI

ACT ID Z0290159

2

TABLE OF CONTENTS

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02

Tenant Summary

Lease Expiration Chart

Operating Statement

Pricing Detail

MARKET COMPARABLES 03

Sales Comparables

Comparable Shopping Centers

MARKET OVERVIEW 04

Market Analysis

Demographic Analysis


3


4

INVESTMENT

OVERVIEW

PROPERTY OVERVIEW


PROPERTY OVERVIEW

Marcus & Millichap is pleased to present Lakeland Office Products in Oxford, Michigan. The property is approximately 5,000‐square‐feet and is fully occupied by various tenants. Located off of South Washington right in the heart of downtown Oxford, the location is a great investment opportunity, with excellent visibility and exposure.

The Village of Oxford is one square mile within the Township of Oxford and includes the Central Business District. M‐24, which bisects Oxford, is an important north‐south corridor providing direct access to I‐69 linking Flint and Port Huron. It is also linked to I‐75 with its amazing connections throughout Metro Detroit and the state, placing Oxford at an excellent juncture. The Village of Oxford is located 9 miles north of The Palace of Auburn Hills.

For over 130 years Oxford has been developing character: the village maintains a small town look even with the addition of modern amenities. Topnotch schools and a new, state‐of‐the‐art public library attests to the modern status of this area. The downtown offers an array of unique shops, restaurants, a 7‐screen movie theater, and business services. In 2006 and 2007, Oxford became aOakland County Main Street Community. Downtown Oxford is also host to many wonderful events that are sure to please. Festivals such as Stew Stroll in February, Celebrate Oxford in August, and the Scarecrow Festival in the fall help to define the quality of life in Oxford.

PROPERTY OVERVIEW

Excellent Exposure and Visibility on Washington Street

Located in the Heart of Downtown Oxford

Fully Leased to Multiple Tenants

More than 36,000 Cars per Day on Washington Street

5

PROPERTY OVERVIEW


PROPERTY PHOTOS

6

REGIONAL MAP


7

LOCAL MAP


8

AERIAL PHOTO


9


10

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


11

TENANT SUMMARY

*Schedule Rent Income includes base rent and CAM reimbursements. Base Rent Increases:Base Rent for Brain Balance: $3,695 + CAMBase Rent for Juice Bar $1,300 + CAM

As of October,2018

% Annual

Square Bldg Lease Dates Rent per Total Rent Total Rent Lease

Tenant NameSuite

Feet ShareComm. Exp.

Sq. Ft.Per Month Per Year Type

Brain Balance 53-1 2,351 47.1% 8/1/15 9/30/20 $24.54 $4,809 $57,703 Gross

Jessica Quick Juice Bar 53-2 979 19.6% 8/1/17 11/30/20 $18.39 $1,500 $18,000 Gross

Michigan Eye Institute 53-3 1,665 33.3% 5/26/06 8/31/19 $22.74 $3,155 $37,855 Gross

Total 4,995 $22.73 $9,463 $113,558

Occupied Tenants:

3Unoccupied Tenants: 0 Occupied GLA: 100.00%

Unoccupied GLA:

0.00%

FINANCIAL ANALYSIS


OPERATING STATEMENT

12

*Schedule Rent Income includes base rent and CAM reimbursements. Base Rent Increases:

Brain Balance: 10/1/2019 $4,065 + CAMJuice Bar‐ 12/1/2018 $1,340.00 + CAM

12/1/2019 $1,380 + CAM

Income Year 1 Per SF

Scheduled Base Rental Income 113,558 22.73

Expense Reimbursement Income

Total Reimbursement Income $0 0.0% $0.00

Potential Gross Revenue 113,558 22.73

General Vacancy 0 0.00

Effective Gross Revenue $113,558 $22.73

Operating Expenses Year 1 Per SF

Common Area Maintenance (CAM)

Landscaping 1,210 0.24

Snow Removal 3,219 0.64

Water 1,323 0.26

Insurance 1,696 0.34

Real Estate Taxes 12,449 2.49

Other Expenses - Non Reimbursable 1,500 0.30

Total Expenses $21,397 $4.28

Expenses as % of EGR 18.8%

Net Operating Income $92,161 $18.45

FINANCIAL ANALYSIS


PRICING DETAIL

13

*Schedule Rent Income includes base rent and CAM reimbursements. Base Rent Increases:

Brain Balance‐ 10/1/2018 $3,880 + CAM10/1/2019 $4,065 + CAM

Juice Bar‐ 12/1/2018 $1,340 + CAM12/1/2019 $1,380 + CAM

Summary Operating Data

Price $995,000

Down Payment $348,250 35% Income Year 1

Number of Suites 3 Scheduled Base Rental Income $113,558

Price Per SqFt $199.20 Total Reimbursement Income 0.0% $0

Gross Leasable Area (GLA) 4,995 SF Other Income $0

Lot Size 0.34 Acres Potential Gross Revenue $113,558

Year Built/Renovated 1999 General Vacancy $0

Occupancy 100.00% Effective Gross Revenue $113,558

Less: Operating Expenses 18.8% ($21,397)

Net Operating Income $92,161

Returns Year 1 Tenant Improvements $0

CAP Rate 9.26% Leasing Commissions $0

Cash-on-Cash 11.13% Capital Expenditures $0

Debt Coverage Ratio 1.73 Cash Flow $92,161

Debt Service ($53,387)

Net Cash Flow After Debt Service 11.13% $38,774

Financing 1st Loan Principal Reduction $18,272

Loan Amount $646,750 Total Return 16.38% $57,046

Loan Type New

Interest Rate 5.50% Operating Expenses Year 1

Amortization 20 Years CAM $5,752

Year Due 2023 Insurance $1,696

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative. Real Estate Taxes $12,449

Management Fee $0

Other Expenses - Non Reimbursable $1,500

Total Expenses $21,397

Expenses/SF $4.28

12

TENANT PROFILE


14

Brain Balance

General Information

Tenant Name Brain Balance

Website https://www.brainbalancecenters.com

Rentable Square Feet 2,351 SF

Percentage of RBA 47.00%

Lease Commencement 8/1/2005

Lease Expiration 9/30/2020

No. of Locations 130

Michigan Eye Institute

General Information

Tenant Name Michigan Eye Institute

Website https://mieye.com/

Headquartered Flint, Michigan

Rentable Square Feet 1,665 SF

Percentage of RBA 33.00%

Lease Commencement 5/26/2006

Lease Expiration 8/31/2019

No. of Locations 5

27 Years in Business

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

National platform

operating

within the firm’s

brokerage

offices

$5.1 billion

total national

volume in 2016

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 1,651

debt and equity

financings

in 2016

ACQUISITION FINANCING


15


16

MARKET

COMPARABLES


SALES COMPARABLES MAP

17


(SUBJECT)

Grand Blanc Plaza

Marketplace Court

The Auburn Mile Shopping

Center

12 S Main St

SALES COMPARABLES

1

2

3

4

18

PROPERTY NAMELAKELAND OFFICE PRODUCTS

SALES COMPARABLESSALES COMPARABLES SALES COMPS AVG

Avg. $255.52

$0.00

$40.00

$80.00

$120.00

$160.00

$200.00

$240.00

$280.00

$320.00

$360.00

$400.00

Lakeland

Office

Products

Grand Blanc

Plaza

Marketplace

Court

The Auburn

Mile

Shopping

Center

12 S Main

St

Confidential

Medical

Average Price Per Square Foot

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


19

SALES COMPARABLES

1

Annual Per SF

Expenses $33,730 $11.05

Tenants Lease Type

Close Of

Escrow:10/13/2017

Days On

Market:190

Sales Price: $975,000

Price/SF: $319.36

CAP Rate: 8.80%

Year Built: 1980

GRAND BLANC PLAZA12500 South Saginaw Street, Grand Blanc, MI, 48439

2

Annual Per SF

Expenses $119,443 $5.68

Tenants Lease Type

Close Of

Escrow:8/24/2017

Days On

Market:155

Sales Price: $3,275,000

Price/SF: $155.83

CAP Rate: 9.50%

Year Built: 1994

MARKETPLACE COURT35724 Van Dyke Avenue, Sterling Heights, MI, 48312

Tenants Lease Type

Asking Price: $995,000

Price/SF: $199.20

CAP Rate: 9.26%

Year Built: 1999

LAKELAND OFFICE PRODUCTS53 S Washington St, Oxford, MI, 48371

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


20

SALES COMPARABLES

3

Tenants Lease Type

Close Of

Escrow:8/25/2017


Price/SF: $220.85

Year Built: 1995

THE AUBURN MILE SHOPPING CENTER750 Brown Rd, Auburn Hills, MI, 48326

4

Tenants Lease Type

Close Of

Escrow:10/16/2017

Sales Price: $935,000

Price/SF: $283.51

Year Built: 1995

12 S MAIN ST12 S Main St, Clarkston, MI, 48346

5

Tenants Lease Type

Close Of

Escrow:6/5/2018


Price/SF: $298.07

Year Built: 2006

CONFIDENTIAL MEDICALConfidential Medical, Oxford, MI, 48371

8


COMPARABLE SHOPPING CENTERS


(SUBJECT)

Auburn Plaza

2881 Crooks Rd

Shops At The Shores of Long

Lake

Belle Arbor

Independence Square

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

21



22

AVERAGE OCCUPANCY

Avg. 93.84%

0

10

20

30

40

50

60

70

80

90

100

Lakeland

Office

Products

Auburn

Plaza

2881

Crooks Rd

Shops

At The

Shores of

Long Lake

Belle Arbor Independence

Square



23

AVERAGE RENT PER SQUARE FOOT

Avg. $19

$0

$2

$5

$7

$10

$12

$14

$17

$19

$22

$24

Lakeland

Office

Products

Auburn

Plaza

2881

Crooks Rd

Shops

At The

Shores of

Long Lake

Belle Arbor Independence

Square

PROPERTY NAME

MARKETING TEAM



rentpropertyname1


rentpropertyname1


rentpropertyname1


24

Total GLA Available SF Asking Rent/SF

4,995 SF 0 SF $22.73

YEAR BUILT: 1999

LAKELAND OFFICE PRODUCTS53 S Washington St, Oxford, MI, 48371

OCCUPANCY: 82% | YEAR BUILT: 2001


31,000 SF 5,500 SF $20.00

1

AUBURN PLAZA224 E Auburn Rd, Rochester Hills, MI, 48307



26,289 SF 1,200 SF $18.00

2

2881 CROOKS RD2881 Crooks Rd, Rochester Hills, MI, 48309

PROPERTY NAME

MARKETING TEAM



rentpropertyname1


rentpropertyname1


rentpropertyname1


25



26,064 SF 1,509 SF $17.00

3

SHOPS AT THE SHORES OF LONG LAKE500 N Lapeer Rd, Lake Orion, MI, 48362



8,410 SF 0 SF $20.00

4

BELLE ARBOR1418 S Lapeer Rd, Lake Orion, MI, 48360



96,025 SF 2,600 SF $18.00

5

INDEPENDENCE SQUARE6365 Sashabaw Rd, Clarkston, MI, 48346


26

MARKET

OVERVIEW

MARKET OVERVIEW

DETROITOVERVIEW

1

The Detroit metro is located in the southeastern portion of Michigan

along the Detroit River, which connects Lake St. Clair and Lake Erie.

Across the Detroit River lies the city of Windsor, Ontario, which

provides access to the Canadian market. The metro is a nearly 4,000-

square-mile region composed of six counties: Wayne, Macomb,

Lapeer, Oakland, St. Clair and Livingston. More than 4.3 million

residents reside in the area and after years of declining population, the

metro is adding residents again as employers and development

expand. Wayne is the most populated county, followed by Oakland

County. Detroit is the largest city with nearly 700,000 residents.

MARKET OVERVIEW

METRO HIGHLIGHTS

EMPLOYMENT GROWTH

Job creation will remain strong, building on the

178,300 jobs added in the past five years. The

largest gains are expected in construction and

office-using sectors.

AUTO DESIGN AND MANUFACTURING

The metro is home to the Big Three as well as two-

thirds of the world’s automotive research and

development firms.

DIVERSIFYING ECONOMY

Increased entrepreneurial activity has created a

knowledge-based economy, diversifying beyond

manufacturing and the auto industry.


MARKET OVERVIEW

ECONOMY Multiple Fortune 500 corporations are based in the metro, many of which are in the auto

industry, such as General Motors Corp., Ford Motor Co. and FCA US LLC. Other

companies include Autoliv, BorgWarner, DTE Energy, Ally Financial and Kelly Services.

A growing knowledge-based economy is supplementing the manufacturing and automotive

industries. The New Economy Initiative for Southeast Michigan provides support and

networking for entrepreneurial activity.

The economy is diversifying into the healthcare and technology sectors, attracting

companies to the area. Tech companies work alongside the auto industry.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

General Motors Corp.

Rock Ventures

FCA US LLC

DTE Energy

Beaumont Health

Henry Ford Health System

St. John Providence Health System

Ford Motor Co.

Detroit Medical Center

Wayne State University* Forecast

2

MANUFACTURING12%

GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

18%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

1%INFORMATION

20%

4%

9% 10% 6%

16%


MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

The metro is expected to add nearly 50,600 people through 2022, resulting in the

formation of roughly 37,600 households and generating demand for housing.

Relatively affordable home prices produce a homeownership rate of 69 percent,

which is above the national rate of 64 percent.

Almost 29 percent of residents age 25 and older are bachelor’s degree holders and

11 percent also have earned a graduate or professional degree.

The Detroit region, birthplace of Motown and the mass-production automobile industry,

offers all the benefits of living close to the Great Lakes but at a moderate cost.

Revitalization has included sports facilities such as Comerica Park for the Tigers, Ford Field

for the Lions, and a new hockey arena for the Red Wings. Additionally, new entertainment

and retail venues are reshaping downtown Detroit. For culture buffs, the region is home of

the Detroit Institute of Arts, the Detroit Historical Museum and the Michigan Science

Center. Meanwhile, several universities and colleges are located nearby, including the

University of Michigan, Wayne State University, University of Detroit Mercy and Lewis

College of Business.

QUALITY OF LIFE

3

2017 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

6%25-44 YEARS

25%45-64 YEARS

29%65+ YEARS

15%

* Forecast

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

Analytics; U.S. Census Bureau


40.1

2017MEDIAN AGE:

U.S. Median:

37.8

$57,000

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

4.3M

2017POPULATION:

Growth2017-2022*:

1.2%

1.7M

2017HOUSEHOLDS:

2.2%

Growth2017-2022*:

MARKET OVERVIEW


30

DETROIT METRO AREA

Retailers, Investors Find Opportunities

In Detroit’s Changing Retail Landscape

Repurposing of vacant malls transforming retail market. The retail landscape in the metro continues to

evolve as old malls are torn down while redevelopment brings new life to underutilized land. The demolition

of Northland Center in Southfield, which began last fall, will be completed this year, leaving only the former

Macy’s store as redevelopment of the site progresses. Removal has also been ordered for Summit Place

Mall in Waterford Township; a sports and entertainment complex has been proposed on the site. In Taylor, a

Menard’s will rise on the former Gibraltar Trade Center location. The home-improvement retailer is one of

many expanding this year, with another store opening in Belleville accounting for approximately half of the

roughly 1 million square feet slated for delivery during 2018. New stores are also expected in District Detroit,

a 50-block sports and entertainment area in downtown Detroit. A portion of the space consists of street

level retail in residential buildings. With nearly three-fourths of this year’s new stock pre-leased, the impact

on vacancy will be reduced, promoting another year of rent growth.

Favorable trends spotlight Detroit’s retail assets. The expected gain of roughly 12,000 households

throughout the metro during 2018 will contribute to a 3.8 percent rise in retail sales, helping to lure investors.

Some buyers are drawn to renovated properties in Downtown and Midtown where high-end retailers are

opening. While single-tenant buildings remain the prime target of many investors, intense competition for

available listings is motivating more buyers to consider multi-tenant centers. Properties with fewer than five

tenants are especially desired by investors in the $4 million to $6 million tranche. Cap rates for these assets

are holding steady in the low-6 to low-7 percent range for newer, well-located strip centers, while older

centers generally change hands 100 to 300 basis points higher depending on quality and tenant roster.

* Forecast

Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.

MARKET OVERVIEW


31

DETROIT METRO AREA

2018 Market Forecast

Strong vacancy improvement nudges Detroit up two rungs to the 41st place

in this year’s Index.

Payrolls will expand by roughly 35,000 workers in 2018, up slightly from last

year’s 1.5 percent gain. A large portion of the jobs are higher-paying and

related to vehicle design and self-driving technology.

Deliveries slightly outpace the five-year average with the completion of 1

million square feet in 2018, a dip from last year’s 1.1 million square feet.

Strong tenant demand and the removal of long-vacant malls will cut the

vacancy rate to 6.2 percent in 2018. Last year, a 40-basis-point decline was

registered.

The average asking rent climbs for the third consecutive year to $14.10 per

square foot, on par with the 2008 peak. Last year, a 5.2 percent gain was

registered.

The completion of mixed-use office and residential buildings in District

Detroit should increase foot traffic and lure investors to retail properties

nearby.* Forecast

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.;

Real Capital Analytics

NRI Rank

41, up 2 places

Employment

up 1.7%

Construction

1 million sq. ft.

Vacancy

down 60 bps

Rent

up 3.4%

Investment

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2017 Experian

Created on April 2018

POPULATION 1 Miles 3 Miles 5 Miles

2022 Projection

Total Population 6,692 26,500 49,341

2017 Estimate


2010 Census


2000 Census


Current Daytime Population

2017 Estimate 6,111 20,561 35,336

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2022 Projection

Total Households 2,539 9,651 18,036

2017 Estimate


Average (Mean) Household Size 2.55 2.70 2.71

2010 Census


2000 Census


Occupied Units

2022 Projection 2,539 9,651 18,036

2017 Estimate 2,420 9,310 17,513

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2017 Estimate

$150,000 or More 10.01% 15.60% 17.01%

$100,000 - $149,000 20.84% 21.57% 22.48%

$75,000 - $99,999 16.80% 18.03% 19.20%

$50,000 - $74,999 17.85% 16.36% 15.70%

$35,000 - $49,999 11.88% 10.02% 9.04%

Under $35,000 22.63% 18.44% 16.57%

Average Household Income $87,002 $104,068 $108,242

Median Household Income $72,019 $82,068 $86,253

Per Capita Income $33,588 $38,025 $39,533

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

$74,713 $79,514 $81,799

Consumer Expenditure Top 10 Categories

Housing $17,960 $19,033 $19,537

Transportation $15,542 $17,124 $17,716

Shelter $9,946 $10,489 $10,764

Food $8,531 $9,228 $9,531

Personal Insurance and Pensions $6,780 $7,532 $7,922

Health Care $4,539 $4,884 $5,017

Utilities $4,198 $4,483 $4,601

Entertainment $3,801 $4,173 $4,347

Apparel $1,999 $2,132 $2,213

Household Furnishings and Equipment

$1,820 $1,972 $2,037

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2017 Estimate Total Population 5,976 24,334 45,926

Under 20 27.41% 28.15% 27.46%

20 to 34 Years 15.70% 15.32% 15.45%

35 to 39 Years 7.23% 6.29% 5.92%

40 to 49 Years 16.97% 16.34% 16.11%

50 to 64 Years 19.81% 21.37% 22.62%

Age 65+ 12.86% 12.51% 12.43%

Median Age 39.78 40.15 40.85

Population 25+ by Education Level

2017 Estimate Population Age 25+ 4,023 16,137 30,712

Elementary (0-8) 1.52% 1.14% 0.89%

Some High School (9-11) 4.97% 4.79% 4.56%

High School Graduate (12) 28.57% 25.68% 23.84%

Some College (13-15) 24.62% 24.00% 24.33%

Associate Degree Only 7.58% 8.91% 9.21%

Bachelors Degree Only 20.09% 21.85% 22.43%

Graduate Degree 12.45% 12.91% 14.06%

32

Income

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

$72,019, compare this to the US average which is currently $56,286.

The median household income for your area has changed by 25.78%

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

area will be $85,227 five years from now, which represents a change

of 18.34% from the current year.

The current year per capita income in your area is $33,588, compare

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

household income in your area is $87,002, compare this to the US

average which is $81,217.

Population

In 2017, the population in your selected geography is 5,976. The

population has changed by 11.39% since 2000. It is estimated that

the population in your area will be 6,692.00 five years from now,

which represents a change of 11.98% from the current year. The

current population is 49.11% male and 50.89% female. The median

age of the population in your area is 39.78, compare this to the US

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

1,898.12 people per square mile.

Households

There are currently 2,288 households in your selected geography. The

number of households has changed by 10.32% since 2000. It is

estimated that the number of households in your area will be 2,539

five years from now, which represents a change of 10.97% from the

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

Employment

In 2017, there are 2,585 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

65.92% of employees are employed in white-collar occupations in

this geography, and 36.11% are employed in blue-collar occupations.

In 2017, unemployment in this area is 5.37%. In 2000, the average

time traveled to work was 32.00 minutes.

Race and Ethnicity

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

95.15% White, 1.45% Black, 0.03% Native American and 0.86%

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 4.12% of the current year

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

17.88%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $184,437 in 2017,

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

1,542 owner occupied housing units in your area and there were 532

renter occupied housing units in your area. The median rent at the

time was $537.

Source: © 2017 Experian

DEMOGRAPHICS

33

8


DEMOGRAPHICS

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Lakeland Office OM 6.18 · 2018. 11. 5. · SALES COMPARABLES 3 Tenants Lease Type Close Of Escrow:...

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Transcript of Lakeland Office OM 6.18 · 2018. 11. 5. · SALES COMPARABLES 3 Tenants Lease Type Close Of Escrow:...