ACADEMY MANOR I32 Units • 302-308 Reece Ave • Randleman, NC 27317
OFFERING MEMORANDUM
Exclusive Multifamily Offering
ACADEMY MANOR
Randleman, NC
ACT ID Z0520075
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
Non-EndorsementsMarcus & 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.
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PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References
to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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TABLE OF CONTENTS
MARKET OVERVIEW 05Market Analysis
Demographic Analysis
SECTION SECTIONINVESTMENT OVERVIEW 03
Property Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 04
Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
MARKET COMPARABLES 05
Sales Comparables
Rent Comparables
ACADEMY MANOR
3
ACADEMY MANOR
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INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
ACADEMY MANOR
PROPERTY HIGHLIGHTS
Academy Manor I in Randleman, North Carolina was built in 1986,
and consists of 32 units. The property is comprised of four
buildings with an attractive unit mix of 16 one bedroom, one
bathroom units and 16, two bedroom, two bathroom units.
Academy Manor is one of the few properties in the area offering
both one and two bedroom floor plans.
This property has been recently renovated with new decks and new
interiors. An immediate value add opportunity exists through
increasing rents to market levels and interior renovations to the
remaining units. Conveniently located, the property is surrounded
by national and regional retailers, including WalMart, Cato,
Advance Auto, Dollar Tree, McDonald’s, Bojangle’s, and Capital
Bank. This attractive investment opportunity is located just off
Highway 74, just 20 minutes from Downtown Greensboro.
PROPERTY OVERVIEW
Value Add Opportunity
Proven Ability to Increase Rents to Market Levels
Surrounded by Retail
Quiet, Safe Property
Conveniently Located near Interstates 74 and 85
Delivered Free and Clear – Attractive Agency Debt Options Available
5
20 Miles to Greensboro, NC
9.5 Miles to Asheboro, NC
PROPERTY PHOTOS
ACADEMY MANOR
PROPERTY PHOTOS
ACADEMY MANOR
REGIONAL MAP
ACADEMY MANOR
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LOCAL MAP
ACADEMY MANOR
9
AERIAL PHOTO
ACADEMY MANOR
10
ACADEMY MANOR
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
ACADEMY MANOR
RENT ROLL SUMMARY
12
FINANCIAL ANALYSIS
ACADEMY MANOR
13
RENT ROLL DETAIL
FINANCIAL ANALYSIS
ACADEMY MANOR
OPERATING STATEMENT
14
FINANCIAL ANALYSIS
ACADEMY MANOR
PRICING DETAIL
15
ACADEMY MANOR
16
MARKET
COMPARABLES
ACADEMY MANOR
SALES COMPARABLES MAP
17
ACADEMY MANOR
(SUBJECT)
Terrace Trace
Stonecrest Apartments
1336 E Main St
SALES COMPARABLES
1
2
3
PROPERTY NAMEACADEMY MANOR
SALES COMPARABLES
18
SALES COMPARABLES
Avg. $58.92
$0.00
$6.50
$13.00
$19.50
$26.00
$32.50
$39.00
$45.50
$52.00
$58.50
$65.00
Academy
Manor
Terrace
Trace
Stonecrest
Apartments
1336
E Main St
Average Price Per Square Foot
Avg. $52,205
$0
$6,000
$12,000
$18,000
$24,000
$30,000
$36,000
$42,000
$48,000
$54,000
$60,000
Academy
Manor
Terrace
Trace
Stonecrest
Apartments
1336
E Main St
Average Price Per Unit
Avg. 7.65%
0.0
0.8
1.6
2.4
3.2
4.0
4.8
5.6
6.4
7.2
8.0
Academy
Manor
Terrace
Trace
Stonecrest
Apartments
1336
E Main St
Average Cap Rate
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
ACADEMY MANOR
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
Units Unit Type
Offering Price: $1,550,000 16 1 Bdr
Price/Unit: $48,438 16 2 Bdr
Price/SF: $61.63
CAP Rate: 6.94%
GRM: 8.09
Total No. of Units: 32
Year Built: 1986
Underwriting Criteria
Income $180,488 Expenses $72,865
NOI $107,622 Vacancy ($11,970)
ACADEMY MANOR302-308 Reece Ave, Randleman, NC, 27317
1
Units Unit Type
Close Of Escrow: 5/6/2016 28 2 Bdr 2 Bath
Sales Price: $1,500,000
Price/Unit: $53,571
Price/SF: $51.97
CAP Rate: 7.90%
Total No. of Units: 28
Year Built: 1999
TERRACE TRACE APARTMENTS102 Terrace Trace Ct, Archdale, NC, 27263
Units Unit Type
Close Of Escrow: 9/28/2016 36 1 Bdr 1 Bath
Sales Price: $3,750,000 36 2 Bdr 2 Bath
Price/Unit: $52,083
Price/SF: $54.82
CAP Rate: 7.40%
Total No. of Units: 72
Year Built: 2005
2
STONECREST APARTMENTS320 W 11th St, Siler City, NC, 27344
PROPERTY NAME
MARKETING TEAM
ACADEMY MANOR
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
20
SALES COMPARABLES
Units Unit Type
Close Of Escrow: 8/2/2016 13 2 Bdr 1 Bath
Sales Price: $662,500
Price/Unit: $50,962
Price/SF: $59.95
Total No. of Units: 13
Year Built: 1995
3
1336 E MAIN ST1336 E Main St, Graham, NC, 27253
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ACADEMY MANOR
RENT COMPARABLES MAP
ACADEMY MANOR
(SUBJECT)
Forest Ridge
Arlington Square East
10409 S Main Apartments
10411 S Main Apartments
1801 Fairway Rd
Aparatments
4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
1
2
3
5
21
PROPERTY NAMEACADEMY MANOR
RENT COMPARABLES
22
AVERAGE OCCUPANCY
Avg. 90.04%
0
10
20
30
40
50
60
70
80
90
100
Academy
Manor
Forest
Ridge
Arlington
Square East
10409
S Main
Apartments
10411
S Main
Apartments
1801
Fairway Rd
Aparatments
PROPERTY NAMEACADEMY MANOR
RENT COMPARABLES
23
AVERAGE RENT - MULTIFAMILY
Avg. $569
$0
$70
$140
$210
$280
$350
$420
$490
$560
$630
$700
Academy
Manor
Forest
Ridge
Arlington
Square East
10409
S Main
Apartments
10411
S Main
Apartments
1801
Fairway Rd
Aparatments
2 Bedroom
Avg. $466
$0
$60
$120
$180
$240
$300
$360
$420
$480
$540
$600
Academy
Manor
Forest
Ridge
Arlington
Square East
10409
S Main
Apartments
10411
S Main
Apartments
1801
Fairway Rd
Aparatments
1 Bedroom
PROPERTY NAME
MARKETING TEAM
ACADEMY MANOR
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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YEAR BUILT: 1986
rentpropertyname1
rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
1 Bdr 16 640 $450 $0.70
2 Bdr 16 932 $548 $0.59
Total/Avg. 32 786 $499 $0.63
ACADEMY MANOR302-308 Reece Ave, Randleman, NC, 27317
OCCUPANCY: 87% | YEAR BUILT: 1987
1
NOTES
Units come with a full kitchen. Water, trash, and sewer are included. There
is an application fee of $35 and a pet fee of $250. There is also a 2 pet
maximum. Amenities include a playground, clubhouse, on-site laundry
facility, swimming pool, and furnished studios.
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 124 288-388$405-$450
$1.26
1 Bdr 1 Bath 81 588-588$455-$455
$0.77
2 Bdr 1 Bath 2 788-788$550-$550
$0.70
Total/Avg. 207 440 $439 $1.00
FOREST RIDGE100 Ashewood Cir, Asheboro, NC, 27203
2
OCCUPANCY: 94% | YEAR BUILT: 1998
NOTES
Units come with full kitchens and W/D hookups. Pets are allowed for an
additional $35/mo. Amenities include a BBQ grill, fitness center and picnic
area.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 16 600-600$525-$525
$0.88
2 Bdr 2 Bath 16 900-900$650-$650
$0.72
Total/Avg. 32 750 $588 $0.78
ARLINGTON SQUARE EAST200 E Strider St, Asheboro, NC, 27203
PROPERTY NAME
MARKETING TEAM
ACADEMY MANOR
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
25
OCCUPANCY: 80% | YEAR BUILT: 1981
3
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 5 600-600$445-$445
$0.74
1 Bdr 1 Bath 4 750-750$465-$465
$0.62
2 Bdr 1 Bath 1 1,000-1,000$560-$560
$0.56
Total/Avg. 10 700 $465 $0.66
10409 S MAIN APARTMENTS10409 S Main St, Archdale, NC, 27263
OCCUPANCY: 90% | YEAR BUILT: 1981
4
NOTES
Units come with a full kitchen
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 10 500-500$420-$420
$0.84
Total/Avg. 10 500 $420 $0.84
10411 S MAIN APARTMENTS10411 S Main St, Asheboro, NC, 27263
5
OCCUPANCY: 100% | YEAR BUILT: 1940
NOTES
Units come with a full kitchen
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 5 730-730$465-$465
$0.64
2 Bdr 1 Bath 5 1,000-1,000$515-$515
$0.52
Total/Avg. 10 865 $490 $0.57
1801 FAIRWAY RD APARATMENTS1801 Fairway Rd, Asheboro, NC, 27205
ACADEMY MANOR
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MARKET
OVERVIEW
MARKET OVERVIEW
GREENSBORO,WINSTON-SALEM,HIGH POINT
OVERVIEW
Known as the Piedmont Triad, the Greensboro/Winston-Salem/High
Point market is composed of eight counties: Davidson, Davie, Forsyth,
Guilford, Randolph, Rockingham, Stokes and Yadkin. The region is
connected primarily by U.S. Interstates 40 and 85 and its International
Piedmont Triad Airport. Known as a large manufacturing and
transportation hub for the Southeast, the area continues to grow in
prominence thanks to its educational institutions, health services
providers, financial employers and cultural activities. The metro has
approximately 1.8 million people residing in 718,000 households.
MARKET OVERVIEW
METRO HIGHLIGHTS
DIVERSIFYING INDUSTRIES
The metro has grown from a manufacturing base to
expanding industries in technology, biotechnology
and retail.
MANUFACTURING INDUSTRY
The area is known for manufacturing of textiles,
tobacco and furniture, housing large corporations in
these industries.
ROBUST ECONOMIC GROWTH
The Gross Metro Product increased faster than U.S.
Gross Domestic Product in 2016.
ACADEMY MANOR
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MARKET OVERVIEW
ECONOMY
As opportunities in manufacturing streamline, the market has diversified into technology
and biotechnology industries, developing research parks such as the Wake Forest
Innovation Quarter.
Local Fortune 500 firms headquartered in the metro include VF Corp., Reynolds American,
BB&T Corp., Laboratory Corp. of America and Hanesbrands. Other notable firms with large
local operations include FedEx, Volvo Trucks and Honda Aircraft Co.
SHARE OF 2016 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
BB&T Corp Bank
Volvo Trucks of North America
Laboratory Corp. of America
Delhaize America Inc./Food Lion LLC
Wells Fargo
Novant Health
Pepsi Bottling Ventures
Cone Health
Wal-Mart
Wake Forest Medical Center* Forecast
MANUFACTURING
15%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%
4%
12% 9% 5%
14%
ACADEMY MANOR
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MARKET OVERVIEW
DEMOGRAPHICS
The metro is expected to add nearly 80,000 people through 2021, resulting in the
formation of nearly 40,000 households.
A median home price below the national level afforded 66 percent of households to
own their own home.
Roughly 25 percent of people age 25 and older hold a bachelor’s degree; among
those residents, 8 percent also have earned a graduate or professional degree.
The region includes the cities of Greensboro, Winston-Salem and High Point, each with
distinctive features and attractions that include arts, sports and educational opportunities.
Educational institutions include Wake Forest University, Winston-Salem State University,
the University of North Carolina at Greensboro, High Point University, North Carolina A&T,
and the North Carolina School of the Arts. Cultural opportunities abound, including the
Greensboro Ballet, International Civil Rights Center and Museum, Tanger Preforming Arts
Center, Southeast Center for Contemporary Art, the Science Center and Weatherspoon Art
Museum. Sports enthusiasts can support the Greensboro Swarm, Greensboro Cobras,
Greensboro Grasshoppers, Carolina Thunderbirds and the Winston-Salem Dash.
39.6
2016MEDIAN AGE:
U.S. Median:
37.7
$44,600
2016 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$57,200
1.6M
2016POPULATION:
Growth2016-2021*:
4.6%
658K
2016HOUSEHOLDS:
5.4%
Growth2016-2021*:
QUALITY OF LIFE
2016 Population by Age
0-4 YEARS
6%5-19 YEARS
20%20-24 YEARS
7%25-44 YEARS
25%45-64 YEARS
27%65+ YEARS
15%
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
ACADEMY MANOR
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PROPERTY NAME
MARKETING TEAM
ACADEMY MANOR
DEMOGRAPHICS
Source: © 2017 Experian
Created on August 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 2,059 9,688 24,911
2017 Estimate
Total Population 2,022 8,968 23,260
2010 Census
Total Population 1,974 8,844 23,030
2000 Census
Total Population 1,975 7,315 18,421
Daytime Population
2017 Estimate 4,866 11,834 21,511
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 914 3,954 9,796
2017 Estimate
Total Households 875 3,610 9,046
Average (Mean) Household Size 2.32 2.49 2.57
2010 Census
Total Households 863 3,577 8,996
2000 Census
Total Households 797 2,913 7,223
Growth 2015-2020 4.46% 9.53% 8.29%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
Occupied Units
2022 Projection 914 3,954 9,796
2017 Estimate 966 3,885 9,816
Owner Occupied 486 2,406 5,943
Renter Occupied 390 1,204 3,103
Vacant 91 275 770
Persons In Units
2017 Estimate Total Occupied Units 875 3,610 9,046
1 Person Units 31.89% 25.84% 24.29%
2 Person Units 33.49% 34.40% 34.40%
3 Person Units 16.34% 18.01% 17.40%
4 Person Units 11.20% 13.32% 13.92%
5 Person Units 4.80% 5.40% 6.25%
6+ Person Units 2.29% 3.05% 3.76%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$200,000 or More 0.60% 0.98% 1.11%
$150,000 - $199,000 0.31% 0.41% 1.01%
$100,000 - $149,000 6.22% 6.44% 6.90%
$75,000 - $99,999 9.52% 10.51% 10.42%
$50,000 - $74,999 15.77% 18.12% 18.61%
$35,000 - $49,999 15.15% 14.31% 15.40%
$25,000 - $34,999 15.73% 15.86% 15.37%
$15,000 - $24,999 16.17% 15.74% 15.22%
Under $15,000 20.53% 17.63% 15.95%
Average Household Income $44,952 $48,691 $51,202
Median Household Income $33,554 $35,626 $38,173
Per Capita Income $19,456 $19,610 $19,927
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2017 Estimate Total Population 2,022 8,968 23,260
Under 20 25.43% 26.64% 27.11%
20 to 34 Years 20.16% 19.02% 19.91%
35 to 39 Years 5.54% 5.97% 6.14%
40 to 49 Years 13.33% 14.35% 14.26%
50 to 64 Years 18.89% 19.30% 18.86%
Age 65+ 16.66% 14.71% 13.72%
Median Age 39.03 38.69 37.46
Population 25+ by Education Level
2017 Estimate Population Age 25+ 1,370 6,014 15,398
Elementary (0-8) 7.47% 6.54% 6.92%
Some High School (9-11) 16.02% 16.81% 15.74%
High School Graduate (12) 30.94% 31.38% 32.81%
Some College (13-15) 23.47% 22.53% 20.78%
Associate Degree Only 10.95% 10.88% 10.16%
Bachelors Degree Only 7.48% 8.21% 9.22%
Graduate Degree 2.98% 2.80% 3.07%
Population by Gender
2017 Estimate Total Population 2,022 8,968 23,260
Male Population 48.37% 49.10% 49.57%
Female Population 51.63% 50.90% 50.43%
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Income
In 2017, the median household income for your selected geography is
$33,554, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 1.80%
since 2000. It is estimated that the median household income in your
area will be $38,597 five years from now, which represents a change
of 15.03% from the current year.
The current year per capita income in your area is $19,456, compare
this to the US average, which is $30,982. The current year average
household income in your area is $44,952, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 2,022. The
population has changed by 2.38% since 2000. It is estimated that the
population in your area will be 2,059.00 five years from now, which
represents a change of 1.83% from the current year. The current
population is 48.37% male and 51.63% female. The median age of
the population in your area is 39.03, compare this to the US average
which is 37.83. The population density in your area is 643.23 people
per square mile.
Households
There are currently 875 households in your selected geography. The
number of households has changed by 9.79% since 2000. It is
estimated that the number of households in your area will be 914 five
years from now, which represents a change of 4.46% from the
current year. The average household size in your area is 2.32 persons.
Employment
In 2017, there are 1,335 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
38.85% of employees are employed in white-collar occupations in
this geography, and 62.06% are employed in blue-collar occupations.
In 2017, unemployment in this area is 4.44%. In 2000, the average
time traveled to work was 24.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
81.29% White, 8.26% Black, 0.03% Native American and 0.56%
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 11.10% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
ACADEMY MANOR
Housing
The median housing value in your area was $103,448 in 2017,
compare this to the US average of $193,953. In 2000, there were 568
owner occupied housing units in your area and there were 228 renter
occupied housing units in your area. The median rent at the time was
$334.
Source: © 2017 Experian
DEMOGRAPHICS
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ACADEMY MANOR
DEMOGRAPHICS
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E X C L U S I V E L Y L I S T E D B Y
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