GEORGE GRAMM | 858-334-9690 | [email protected]
1 2 0 W . J E F F E R S O N S T R E E T , M O R T O N , I L L I N O I S | C L A S S A – M I X E D U S E | R E S I D E N T I A L & C O M M E R C I A L
JEFFERSON PLACEOffering Memorandum
J E F F E R S O N P L A C E | Table of Contents 2
TABLE OF CONTENTS & CONTACT INFO
I. Executive Summary 3
II. Property Description 4 Building Information 5 Parcel Map 6 Stacking Plan 7 Floor Plans 8–9 Commercial Tenants 10
III. Market Overview 11 Demographic Highlights 12 Major Employers 13 Morton Overview 14
IV. Financial Analysis 15 Rent Roll 16 Lease Comps 17 NOI Projections 18
V. Confidentiality Agreement 19
THE JEFFERSON PLACE120 West Jefferson StreetMorton, Illinois 61550
George [email protected]
RE/MAX Choice - Independently owned and operated2919 Crossing CourtChampaign, Illinois 61822
J E F F E R S O N P L A C E | Executive Summary 3
EXECUTIVE SUMMARY/OFFERING
OFFERING PRICE $4,950,000
FIRST YEAR NOI $301,617
CAP RATE 6.09%
TYPE Class A Mixed Use
YEAR BUILT 2016
RESIDENTIAL UNITS 18
COMMERCIAL SQ FT 7,960 SQ FT
POPULATION* 405,000, Peoria, IL MSA
EMPLOYMENT* 198,000 Employees, Peoria, IL MSA
AREA INCOME* $71,500, Morton, IL
PROJECTED RE TAXES $40,000
COMMERCIAL SPACE NNN
RESIDENTIAL UTILITIES Tenant Paid
*Data from U.S. Census Bureau, Source: statisticalatlas.com
P R O P E R T Y D E S C R I P T I O N
J E F F E R S O N P L A C E | Executive Summary 5
BUILDING INFORMATION
ADDRESS 120 W. Jefferson Street
YEAR BUILT 2016
ASSESSOR PARCEL 06-06-213-040,041,043,066
ARCHITECTURAL Block/Brick, & STRUCTURAL Wood Frame
FLOORS 3 Stories
ZONING B-2 Commercial
ROOT TYPE Flat Membrane
PARCEL SIZES 145’ X 169’
SIGNAGE Building Awning
PARKING Concrete, 26 spaces, street parking, and city parking
HVAC Commercial—Forced Air Residential—Forced Air
ELEVATOR SERVICE Savaria 1,400 lbs.
ELECTRICAL SYSTEMS 2000 amps to building 400 amps to commercial units
FIRE LIFE/SAFETY Sprinklered, 24-hour monitoring
SECURITY Security Entry Doors
INTERNET Fiber in Street, Ethernet in Building
J E F F E R S O N P L A C E | Property Description 6
PROPERTY DESCRIPTION—Parcel Map
J E F F E R S O N P L A C E | Property Description 7
STACKING PLAN
UNUM2,100 SQ FT$2,275 Base
Lease End: 3/1/2028
30Washington
2 Bed, 2 Bath1,040 SQ FT
31Monroe
2 Bed, 1.5 Bath1,000 SQ FT
32Truman
1 Bed, 1 Bath920 SQ FT
33Lincoln
2 Bed, 2 Bath1,044 SQ FT
34Truman
1 Bed, 1 Bath920 SQ FT
35Lincoln
2 Bed, 2 Bath1,044 SQ FT
36Lincoln
2 Bed, 2 Bath1,044 SQ FT
37Lincoln
2 Bed, 2 Bath1,044 SQ FT
38Roosevelt
2 Bed, 2 Bath900 SQ FT
20Washington
2 Bed, 2 Bath1,040 SQ FT
21Monroe
2 Bed, 1.5 Bath1,000 SQ FT
22Truman
1 Bed, 1 Bath920 SQ FT
23Lincoln
2 Bed, 2 Bath1,044 SQ FT
24Truman
1 Bed, 1 Bath920 SQ FT
25Lincoln
2 Bed, 2 Bath1,044 SQ FT
26Lincoln
2 Bed, 2 Bath1,044 SQ FT
27Lincoln
2 Bed, 2 Bath1,044 SQ FT
28Roosevelt
2 Bed, 2 Bath900 SQ FT
EMBELLISH1,360 SQ FT$1,643 Base
Lease End: 1/31/2022
JEFFERSON PLACE
ENTRANCE
ADORE BRIDAL3,000 SQ FT$3,444 Base
Lease End: 10/31/2026
ELEMENT BUILDING1,500 SQ FT$1,875 Base
Lease End: 11/20/2019
J E F F E R S O N P L A C E | Property Description 8
FLOOR PLANS
TRUMAN920 SQ FT
WASHINGTON1,040 SQ FT
J E F F E R S O N P L A C E | Property Description 9
LINCOLN1,044 SQ FT
FLOOR PLANS
MONROE1,000 SQ FT
ROOSEVELT900 SQ FT
J E F F E R S O N P L A C E | Property Description 10
COMMERCIAL SPACE
ELEMENT BUILDING1,500 SQ FT
Lease End: 11/20/2019
ADORE BRIDAL3,000 SQ FT
Lease End: 10/31/2026
EMBELLISH1,360 SQ FT
Lease End: 1/31/2022
UNUM LOUNGE2,100 SQ FT
Lease End: 3/1/2028
M A R K E T OV E R V I E W
J E F F E R S O N P L A C E | Market Overview 12
DEMOGRAPHIC HIGHLIGHTS
The Jefferson Place is located within the Greater Peoria, IL MSA and specifically located in the Village of Morton and Tazewell County. Population totals for the Peoria Metro area are over 405,000 people with a median age of 38.7 and over 198,000 employees within the labor force. Morton individually has population estimates over 17,000 people and a median household income of more that $70,000. Morton’s labor force is over 8,300.
Total Population by PlaceScope: Population of Selected in the Peoria Area
Data from the U.S. Census Bureau, Source: statisticalatlas.com
0 20,000 40,000 60,000 80,000 100,000 120,000
Peoria
Pekin
East Peoria
Morton
Washington
115,272
33,800
23,250
16,260
15,350
Median Household IncomeScope: Households in the Peoria Area, Selected Places in the Peoria Area
$0 $25,000 $50,000 $75,000 $100,000
Germantown HillsDunlap
Lake CamelotHeritage Lake
GoodfieldPanola
HopewellCongerville
MortonWashington
RomeDeer Creek
Marquette HeightsElmwood
MackinawVarna
Illinois
$100,300$97,000
$92,900$90,400
$88,400$81,300
$81,000$71,500$71,500
$69,000$66,000
$61,300$60,900
$60,200$59,000
$57,800$56,800
Peoria, Illinois MSA Population
Peoria, Illinois MSA Labor Force
405,000 people
198,000 employees
J E F F E R S O N P L A C E | Market Overview 13
Caterpillar Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,100OSF St. Francis Medical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000Unity Point Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3,283Keystone Steel and Wire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300Advanced Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1,073CEFCU . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834Paradice Hotel and Casino . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800Komatsu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560Pekin Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550Eaton Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 550Ameren Illinois . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522
Maui Jim . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500Children’s Home Association of Illinois . . . . . . . . . . . . . . . . . . . . . . . . . 400RLI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400National Center for Agricultural Utilization Research . . . . . . . . . . . . 400Vonachen Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400Human Services Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350PJ Hoerr Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350Bradley University . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343G&D Transportation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300Illinois Cancer Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300
MA JOR AREA EMPLOYERS
Major employers within the Morton and Greater Peoria area are Caterpillar, OSF St. Francis Medical, and UnityPoint Health.
MAJOR EMPLOYERS EMPLOYEE COUNT MAJOR EMPLOYERS EMPLOYEE COUNT
Source: greaterpeoriaedc.org
J E F F E R S O N P L A C E | Market Overview 14
MORTON AREA OVERVIEW
Central LocationMorton is located 10 miles east of Peoria and 25 miles west of Bloomington-Normal, two growing, metro areas. The community is also strategically placed 3 hours or less from several cities including Chicago, Illinois and Saint Louis, Missouri.
Two Interstates Meet HereMorton lies at the crossroads of Interstate 74 and Interstate 155, two heavily traveled interstates with access across the nation. Both of these interstates connect to Interstate 55 and Interstate 39 less than 25 miles from Morton. Morton is also home to several large logistics companies including CAT Logistics, G&D Integrated, Fort Transport, CRST, Central Truck, Inc. and Air-Land Transport Service.
Rail and River AccessMorton employers have the option to utilize rail and river transportation to reduce their costs. Norfolk & Western Railroad and the Toledo, Peoria & Western Railroad provide railway service to the community and several barge terminals are available along the Illinois River, just 10 miles away.
Regional and International Airports: Morton has three airports located within a 45 mile radius of the community including the Peoria International Airport (20 miles), Central Illinois International Airport in Bloomington-Normal (30 miles), and the Abraham Lincoln Capital Airport in Springfield (45 miles). The community is also 3 hours or less from the Chicago O’Hare International Airport, the Lambert-Saint Louis International Airport, and the Indianapolis International Airport.
High Traffic Counts: Morton has the second highest traffic counts in the Peoria-Pekin MSA Area with over 54,000 cars per day traveling on Interstate 74. Interstate 155 has over 22,000 cars per day.
3 airports
54,000 cars
Source: Morton Economic Development Council, www.mortonedc.org
F I N A N C I A L A N A LYS I S
J E F F E R S O N P L A C E | Financial Analysis 16
RENT ROLL
20 Apartment 2 2 Bed, 2 Bath 1,040 Washington $1,29021 Apartment 2 2 Bed, 1.5 Bath 1,000 Monroe $1,09022 Apartment 1 1 Bed, 1 Bath 920 Truman $99023 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,14024 Apartment 1 1 Bed, 1 Bath 920 Truman $94025 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,14026 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $99027 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,14028 Apartment 2 2 Bed, 2 Bath 900 Roosevelt $99030 Apartment 2 2 Bed, 2 Bath 1,040 Washington $1,04531 Apartment 2 2 Bed, 1.5 Bath 1,000 Monroe $1,09032 Apartment 1 1 Bed, 1 Bath 920 Truman $99033 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,14034 Apartment 1 1 Bed, 1 Bath 920 Truman $99035 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,14036 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,19037 Apartment 2 2 Bed, 2 Bath 1,044 Lincoln $1,19038 Apartment 2 2 Bed, 2 Bath 900 Roosevelt $1,19010 Commercial Retail 2,100 Unum $2,27511 Commercial Retail 1,360 Embellish $1,64312 Commercial Retail 3,000 Adore $3,44414 Commercial Office 1,500 Element $1,875TOTAL $28,912
Unit Type Beds Style Square Feet Floor Plan 2018 Base Monthly Rent
J E F F E R S O N P L A C E | Financial Analysis 17
Source: www.apartments.com/Costar
Marquette Building
701 Main Street, Peoria, Illinois1 Bed, 1 Bath & 2 Beds, 1 Bath654–912 SQ FT / $995–$1,395 / 28 UnitsRenovated 2017
Cypress Ridge
100 Pheasant Run, Washington, Illinois2 Beds, 2 Bath1,100–1,200 SQ FT / $1,100–$1,400 / 32 units2016 & 2018
Cap Code Village
2010 W Jackson Street, Morton, Illinois2 Bed, 2 Bath1,100–1,245 SQ FT / $999–$1,075 / 200 Units1978
New Construction
1229 E Duryea Avenue, Peoria Heights, Illinois1 Bed, 1 Bath & 2 Beds, 1 BathSQ FT N/A / Rent N/A / 36 Units2019
LEASE COMPS
Persimmon Lofts
1028 SW Adams Street, Peoria, Illinois1 Bed, 1 Bath 713–1,200 SQ FT / $1,400 / 44 Units Renovation 2017
Winkler Lofts
733 SW Washington Street, Peoria, IllinoisStudio & 1 Bed, 1 Bath450–675 SQ FT / $900–$1,250 / 28 UnitsRenovation 2016
Lofts at Waterfront Place
311 SW Water Street, Peoria, Illinois1 Bed, 1 Bath770 SQ FT / $1,010 / 23 Units2005
Murray Place
100 Walnut Street, Peoria, Illinois1, 2 & 3 Bed Units829–1,300 SQ FT / Rent N/A / 30 UnitsRenovated 2016
J E F F E R S O N P L A C E | Financial Analysis 18
FINANCIAL ANALYSIS—120 W. Jefferson Street
Rental Income GPR—Residential $222,710 $236,000 $236,000 GPR—Commercial $110,884 $110,884 $110,884 Vacancy Loss $(45,530) $(16,350) $(11,800) Build-Out Reimbursement $24,970 $41,500 $48,360 Other Income $4,350 $4,500 $4,500 Common Area Fee Reimbursement $21,663 $28,000 $38,000 TOTAL REVENUE $339,047 $404,534 $425,944
Administrative Expenses Advertising/Leasing $7,437 $8,819 $9,277 Management Fees $17,392 $20,623 $21,696 Other Administrative $5,415 $6,421 $6,755 Total Administrative Expenses $30,244 $35,863 $37,728
Operating Expenses Real Estate Taxes $10,300 $40,000 $40,000 Property Insurance $4,812 $4,812 $4,812 Utilities $11,690 $13,862 $14,583 Total Operating Expenses $26,802 $58,674 $59,395
Maintenance Expenses Cleaning & Maintenance $11,474 $13,606 $14,313 Repairs $10,334 $12,254 $12,891 Total Maintenance Expenses $21,808 $25,860 $27,204TOTAL EXPENSES $78,854 $120,397 124,327
NET INCOME $260,193 $284,137 $301,617
2017 Actual 2018 Projected First Year Projected
J E F F E R S O N P L A C E | Confidentiality Agreement 19
CONFIDENTIALITY AGREEMENT
This confidential offering memorandum is intended solely for the use of potential investors to determine level of interest and determining a desire to acquire the property. RE/MAX Choice has been retained as exclusive advisor and broker regarding the sale of Jefferson Place located at 120 West Jefferson Street, Morton, IL (the “Property”) by the owner of the Property (hereinafter the “Owner”). This Offering Memorandum has been prepared by RE/MAX Choice for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which a prospective investor may need or desire. All projections have been developed by RE/MAX Choice, the Owner, designated sources and are based upon assumptions relating to the general economy, competition and other factors beyond the control of the Owner and, therefore, are subject to variation. No representation is made by RE/MAX Choice or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect a prospective purchaser to exercise independent due diligence in verifying all such information. Further, RE/MAX Choice, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, this Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. This Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner and RE/MAX Choice each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and conditions to Owner’s obligation thereunder have been satisfied or waived. RE/MAX Choice is not authorized to make any representation or agreements on behalf of the Owner. This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this package, you agree to hold and treat it in the strictest confidence, not to publicly distribute it individually or in mass, not to disclose the package or any of the content to any other entity except to the purposes of determination of acquisition of the Property and without prior written authorization of Owner or RE/MAX Choice. You also agree to that you will not use this Offering Memorandum or any of its contents in any manner detrimental to the interest of the Owner or RE/MAX Choice. If after reviewing this Offering Memorandum, you have no further interest in the Property, please delete any electronic copies and appropriately destroy any hard copies or return this memorandum to RE/MAX Choice.
RE/MAX Choice - Independently owned and operated | 2919 Crossing Court | Champaign, Illinois 61822
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