11910 E 14th Ave, Aurora, CO OFFERING MEMORANDUM PRESENTED BY: GREG PRICE & JASON HORNIK

Transcription

1 11910 E 14th Ave, Aurora, CO OFFERING MEMORANDUM PRESENTED BY: GREG PRICE & JASON HORNIK

2 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-Endorsements 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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer THIS 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. Â 2017 Marcus & Millichap. All rights reserved. Aurora, CO ACT ID Y

3 E X L U S I V E L Y L I S T E D B Y Jason Hornik Associate Associate Member - National Multi Housing Group Denver Office Tel: (303) Fax: (303) jason.hornik@marcusmillichap.com License: CO FA Greg Price First Vice President Investments Senior Director - National Multi Housing Group Denver Office Tel: (303) Fax: (303) greg.price@marcusmillichap.com License: CO FA

4 OFFERING TERMS OFFERING PROCEDURES Marcus & Millichap is pleased to exclusively offer East 14th Avenue, an 8-unit apartment property in Aurora, CO. Price: $ 1,090,000 Interest Offered: Fee Simple Purchasers wishing to make an offer should submit: Letter of Intent Proof of Funds and Banking References Resume (including a list of other investment real estate owned past or present) At the time that the Owners select a Purchaser, they will have considered a number of factors which include: price, contingency time frame(s), track record, and the perceived ability of potential purchasers to complete the contemplated transaction. Therefore, interested purchasers are encouraged to submit as much of the above information as possible with the Letter of Intent. All communication, inquiries, and requests, including property tours, should be addressed to the Marcus & Millichap Listing Agents. We ask that you do not contact the Owners or anyone at the property directly. To Schedule a Tour Please Contact Jason Hornik: , Jason.Hornik@marcusmillichap.com Call for Offers Date: TBD 44

5 TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map Aerial Photo FINANCIAL ANALYSIS 02 Rent Roll Summary Rent Roll Detail Operating Statement Notes Pricing Detail Acquisition Financing Growth Rate Projections Cash Flow MARKET COMPARABLES 03 Comparables Rent Comparables MARKET OVERVIEW 04 Market Analysis Demographic Analysis

6 INVESTMENT OVERVIEW 6

7 LOCATION OVERVIEW PROPERTY OVERVIEW PROPERTY OVERVIEW E 14th Ave is an 8-unit property located in Aurora, Colorado. The building was renovated in 2011/2012, and now includes 32 new vinyl doublepane windows, new roof and roof insulation, new boiler, four new kitchens with full-sized stoves, dishwashers, refrigerators, and microwave ovens, four new wall-mounted 220 volt air conditioners, and new carpet or Pergo-like wood flooring and paint in each unit. Additionally, a new water heater (50 gallons) was installed in The property also features off-street parking for 10 cars, with bollards installed to reduce traffic from other apartments E 14 th Street CLOSE PROXMITY TO THE FITZSIMONS INNOVATION CAMPUS Adjacent to the property is the world renowned Fitzsimons Innovation Campus. The district was modeled after successful medical research facilities scattered throughout the U.S., and is the largest medical redevelopment project in the country. The facility is comprised of 578 acres, with 6 million square feet of new buildings where science institutions conduct patient care, study, and research. In an estimated 10 years the campus will include more than 16 million square feet, including the construction of the Colorado Science and Technology Park that will sit on 184 acres on the north side of the campus. The Fitzsimons Innovation Campus, Anschutz Medical Center, and surrounding hospitals are expected to reach up to 46,000 employees by completion. The site is currently undergoing a 4.3 billion dollar transformation dedicated to patient care, education, research, and development. Aurora, which was once known as the industrial east side, has quickly been developed into a highly connected commercial and residential center for the future. LIGHTRAIL TRANSPORTATION WITHIN BLOCKS Aurora is a rapidly evolving city, and the addition of eight new RTD stations on the R-Line throughout Aurora has been pivotal to the city s continued transformation. The closest RTD light rail station to the property is just over a mile away on Colfax Avenue. The R-line provides quick access to major hubs such as the Aurora City Center and the Denver Tech Center. Further, the R-Line provides connections to the H, E, and F rail lines and the A-Line to the airport. 7

8 LOCATION OVERVIEW AREA REDEVLOPMENT About 1.5 miles from the property is the new Forum at Fitzsimons development, lying within Colfax Avenue, Xanadu Street, Potomac Street, and 14 th Avenue. The Forum at Fitzsimons development is part of Aurora s push to create communities that offer residential, retail, and commercial features. The development is a $104 million dollar project completed in 2017 that now includes 398 A-class apartments, plus 29,000 square feet of Colfax front-facing restaurant and retail space. Further development opening late 2018 is the Gaylord Rockies & Convention Center. The convention center site is under nine miles from the property and will feature over 1,500 guest rooms and over 485,000 square feet of meeting and convention space. Gaylord Rockies will offer first-class restaurants, spas, salons, shops, waterways throughout the hotel, and beautiful sunset views. The convention center will rank as the state s largest. The Fitzsimons Golf Course has also recently closed for new development called Bio Science 3, a facility for medical and startup companies that will keep the biotech part of the university campus growing. Bio Science 3 Development Plan PROPERTY OVERVIEW PROXIMITY TO DENVER INTERNATIONAL AIRPORT Denver International Airport is just over 17 miles away. DIA recently opened a new rail line directly from Union Station in downtown Denver that connects at the Fitzsimons Innovation Campus. DIA has been continuously undergoing expansion with added airlines, hotel, and terminal expansion. Denver is already known as a world class travel destination, but is now the number one requested destination by Silicon Valley based corporate clients. In addition to the added rail and air service, a new Westin Hotel is now open at the airport s main terminal. This new 500+ room hotel is 15 stories and features 12 conference rooms, two junior ballrooms, and one grand ballroom. Also included in the expansion of DIA is a 60,000 square foot plaza that connects the Jeppesen Terminal with the new hotel and rail station. Further development extends to the outer grounds of the Denver International Airport with the development of an Aerotropolis. An Aerotropolis is an urban development comprising aviation-intensive businesses and related business up to 25 kilometers from major airports. The closest mixed use development is Porteos, which is a 1,287-acre opportunity for retail, restaurant, hotel, office/flex, industrial, and aviation only two miles from the main DIA terminal and the new Westin hotel. In addition, Walmart has acquired 169 acres of Porteos south of DIA. Walmart paid $13.5 million dollars for this piece of land to develop a warehouse distribution center. Further, Nexus at DIA is a 250-acre master planned development for retail, warehouse, hospitality, office, and airport use. McLane Foodservice Inc. acquired 20 acres of development in Nexus with plans to employ 240 people in the 250,000 square foot facility. The creation of an Aerotropolis has the potential to attract numerous industries that rely and utilize telecommunications, time-sensitive manufacturing, and e-commerce fulfillment. 8

9 LOCATION OVERVIEW PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS One Block from Fitzsimons Bio Sciences District/University of Colorado Anschutz Medical Campus Renovated in 2011/ New Vinyl, Double-Pane Windows New Roof and Roof Insulation New Boiler Four New Kitchens with Full-Sized Stoves, Dishwashers, Refrigerators, and Microwave Ovens Four New Wall-Mounted 220 Volt Air Conditioners New Carpet or Pergo-Like Wood Flooring and Paint in Each Unit New 50-Gallon Water Heater Installed in 2017 Off-Street Parking Aerial View of Fitzsimons Campus MAJOR EMPLOYERS The property enjoys convenient access to major employment opportunities, including the Fitzsimons Life Science District and Buckley Air Force Base. The University of Colorado Anschutz Medical Campus, UC Health, and Children s Hospital play the biggest rolls on the Fitzsimons campus, already employing well over 20,000 people. However, with further developments in coming years, it s been estimated that the campus will employ close to 46,000 people. # COMPANY NAME EMPLOYEES 1 Buckley Air Force Base 12,000 2 University of Colorado Anschutz Medical Campus 8,850 3 UCHealth: University of Colorado Hospital 7,110 4 Aurora Public Schools 6,300 5 Children's Hospital Colorado 5,670 6 Cherry Creek Schools 3,750 7 City of Aurora 3,500 8 Raytheon Company 2,430 9 Kaiser Permanente 1, HealthONE: The Medical Center of Aurora 1,710 9

10 REGIONAL MAP 10

11 LOCAL MAP 11

12 N Park Lane Elementary PROPERTY OVERVIEW Colfax Light Rail Station Forum at Fitzsimons North Middle School Health Sciences and Technology Campus Vaughn Elementary SUBJECT PROPERTY Aurora Central High School AURORA PLAZA 12

13 FINANCIAL ANALYSIS 13

14 RENT ROLL SUMMARY FINANCIAL ANALYSIS 14

15 RENT ROLL DETAIL FINANCIAL ANALYSIS 15

16 OPERATING STATEMENT FINANCIAL ANALYSIS 16

17 NOTES FINANCIAL ANALYSIS 17

18 PRICING DETAIL FINANCIAL ANALYSIS 18

19 GROWTH RATE PROJECTIONS FINANCIAL ANALYSIS 19

20 CASH FLOW FINANCIAL ANALYSIS 20

21 MARKET COMPARABLES 21

22 SALES COMPARABLES MAP (SUBJECT) Uinta Street Triplexes Vermont E 14th Avenue 1677 Geneva Street SALES COMPARABLES IN ESCROW COMPARABLES ON MARKET COMPARABLES 22

23 PROPERTY NAME SALES COMPARABLES IN ESCROW COMPARABLES ON MARKET COMPARABLES Average Cap Rate SALES COMPS AVG IN ESCROW COMPS AVG ON MARKET COMPS AVG SALES COMPARABLES Avg. 6.40% Avg. 5.90% Avg. 5.30% th Avenue Uinta Street Triplexes Vermont E 14th Avenue 1677 Geneva Street Average Price Per Square Foot Average Price Per Unit $ $200,000 $ $180,000 $ $ $ Avg. $ Avg. $ $160,000 $140,000 $120,000 Avg. $133,750 Avg. $129,375 Avg. $121,667 $ Avg. $ $100,000 $ $80,000 $ $60,000 $80.00 $40,000 $40.00 $20,000 $ th Avenue Uinta Street Triplexes Vermont E 14th Avenue 1677 Geneva Street $0 14th Avenue Uinta Street Triplexes Vermont E 14th Avenue 1677 Geneva Street 23

24 PROPERTY NAME SALES MARKETING COMPARABLES TEAM SALES COMPARABLES IN ESCROW COMPARABLES ON MARKET COMPARABLES E 14th Ave, Aurora, CO, UINTA STREET TRIPLEXES 1526 Uinta St, Denver, CO, VERMONT 1391 Lima St, Aurora, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Offering Price: $1,090, Bed 1Bath Price/Unit: $136,250 Price/SF: $ CAP Rate: 5.57% GRM: Total No. of Units: 8 Year Built: 1959 Units Unit Type Close Of Escrow: 1/8/ Bdr 1 Bath Sales Price: $1,095,000 Price/Unit: $121,667 Price/SF: $ CAP Rate: 5.30% Total No. of Units: 9 Year Built: 1949 Units Unit Type In Escrow 8 1 Bdr 1 Bath List Price: $1,070,000 Price/Unit: $133,750 Price/SF: $ CAP Rate: 6.30% Total No. of Units: 8 Year Built: 1965 rentpropertyaddress1 Underwriting Criteria Income $82,107 Expenses $21,421 NOI $60,686 Vacancy ($2,529) rentpropertyaddress1 rentpropertyaddress1 24

25 PROPERTY NAME SALES MARKETING COMPARABLES TEAM SALES COMPARABLES IN ESCROW COMPARABLES ON MARKET COMPARABLES E E 14th Ave, Aurora, CO, GENEVA STREET 1677 Geneva St, Aurora, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type In Escrow 8 1 Bdr 1 Bath Office List Price: $1,000,000 Price/Unit: $125,000 Price/SF: $ CAP Rate: 6.50% Total No. of Units: 8 Year Built: 1960 Units Unit Type On Market 6 1 Bdr 1 Bath List Price: $1,605, Bdr 1 Bath Price/Unit: $133,750 Price/SF: $ CAP Rate: 5.90% Total No. of Units: 12 Year Built: 1964 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 25

26 8 RENT COMPARABLES MAP (SUBJECT) Paris St E 14th Avenue 1433 Macon St 1717 Paris St

27 PROPERTY NAME AVERAGE RENT - MULTIFAMILY RENT COMPARABLES 1 Bedroom $2,000 $1,800 $1,600 $1,400 $1,200 Avg. $1,020 $1,000 $800 $600 $400 $200 $0 14th Avenue 1690 Paris St E 14th Avenue 1433 Macon St 1717 Paris St 27

28 PROPERTY NAME RENT MARKETING COMPARABLES TEAM rentpropertyname E 14th Ave, Aurora, CO, rentpropertyaddress PARIS ST 1690 Paris St, Aurora, CO, E E 14th Ave, Aurora, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 1Bed 1Bath $878 $1.95 Total/Avg $878 $1.95 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $1,050 $2.10 Total/Avg $1,050 $2.10 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $1,127- $1,305 $2.70 Total/Avg $1,216 $2.70 YEAR BUILT: 1959 YEAR BUILT: 1960 YEAR BUILT: 1960 NOTES Unit Amenities: Tile Floors, Kitchen rentpropertyaddress1 Site Amenities: Laundry Facility, Parking (1.0 Per Unit) Tenant Paid Utilities: Owner Pays All Utilities (Master Metered) rentpropertyaddress1 NOTES Unit Amenities: Hardwood Floors, Updated Kitchen & Bath, Site Amenities: Laundry Facility, Parking (1.3 Per Unit) Tenant Paid Utilities: Electricity, Cable rentpropertyaddress1 NOTES Unit Amenities: Hardwood Floors, A/C, Kitchen, Carpet, Dishwasher, Walk- In Closets Site Amenities: Laundry Facility, Parking (1.0 Per Unit) Tenant Paid Utilities: Electricity, Water, Gas 28

29 PROPERTY NAME RENT MARKETING COMPARABLES TEAM 1433 MACON ST 1433 Macon St, Aurora, CO, PARIS ST 1717 Paris St, Aurora, CO, rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $913 $1.83 Total/Avg $913 $1.83 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath $900 $1.73 Total/Avg $900 $1.73 YEAR BUILT: 1962 NOTES Unit Amenities: Kitchen, Carpet, Disposal, Range rentpropertyaddress1 Site Amenities: Laundry Facility, Parking (1.5 Per Unit) Tenant Paid Utilities: Electric YEAR BUILT: 1961 NOTES Unit Amenities:Kitchen, Dishwasher, Hardwood Floors, Updated Baths rentpropertyaddress1 Site Amenities: Parking (0.5 Per Unit), Laundry Facilities Tenant Paid Utilities: Electric, Gas, Water rentpropertyaddress1 29

30 MARKET OVERVIEW 30

31 DENVER OVERVIEW MARKET OVERVIEW The Denver-Aurora-Lakewood metro consists of 10 counties: Broomfield, Arapahoe, Denver, Adams, Douglas, Jefferson, Clear Creek, Elbert, Gilpin and Park counties. Denver, which is both a county and a city, is the largest of each, with approximately 700,000 residents. The metro is at the center of Colorado s Front Range, nestled at the convergence of the Great Plains and the majestic Rocky Mountains. The eastern and northern reaches of the metro are expected to receive the majority of future development, as land in these areas is relatively flat and more affordable. Denver s elevation of 5,280 feet above sea level provides it with the nickname Mile-High City. METRO HIGHLIGHTS MAJOR TRANSPORTATION CENTER Denver serves as the vital transportation gateway to the West, with a well-developed infrastructure. The region is accessed by three interstates and two freight rail lines. EMPHASIS ON SKILLED JOBS Denver s highly educated labor force attracts tech employers. Roughly 40 percent of residents age 25 and older hold at least a bachelor s degree. GROWING ALTERNATIVE ENERGY SECTOR The National Renewable Energy Laboratory located in Golden helps lure energy-related businesses to the region. 31

32 MARKET OVERVIEW ECONOMY Key drivers of the region s economy include aerospace, bioscience, energy, financial services, healthcare, aviation, information technology and telecommunications. Denver s economy is expanding, with the annual change in gross metropolitan product (GMP) expected to reach 3.3 percent this year. Many of Denver s largest employers are in population-serving businesses such as retail and healthcare, and their expansion will track a rise in population and income growth. There are 10 Fortune 500 companies located in the metro, including Arrow Electronics, DISH Network and Liberty Interactive. MAJOR AREA EMPLOYERS HealthONE Corp. CenturyLink Centura Health Kaiser Permanente Lockheed Martin Corp. DISH Network Wells Fargo Bank University of Colorado System United Airlines Inc. SCL Health System * Forecast SHARE OF 2016 TOTAL EMPLOYMENT 5% MANUFACTURING 18% PROFESSIONAL AND BUSINESS SERVICES 14% 11% 7% GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES 18% TRADE, TRANSPORTATION AND UTILITIES 7% CONSTRUCTION + 13% EDUCATION AND HEALTH SERVICES 3% INFORMATION 4% OTHER SERVICES 32

33 MARKET OVERVIEW DEMOGRAPHICS Rapid employment growth fuels in-migration. The metro is expected to gain more than 165,000 new residents during the next five years. Through 2021, the median household income is expected to rise 14 percent and well above the national median. Elevated incomes have allowed nearly 63 percent of households to own their homes, slightly below the national rate, maintaining rental demand Population by Age 6% 0-4 YEARS 20% 5-19 YEARS 6% YEARS 30% YEARS 26% YEARS 12% 65+ YEARS 2016 POPULATION: 2.8M Growth *: 5.9% 2016 HOUSEHOLDS: 1.1M Growth *: 6.5% 2016 MEDIAN AGE: 36.2 U.S. Median: MEDIAN HOUSEHOLD INCOME: $67,200 U.S. Median: $54,500 QUALITY OF LIFE The Denver metro area offers residents urban and rural surroundings, in addition to exciting nightlife and outdoor fun. Four professional sports teams play in venues within a short walk or drive of downtown Denver. The local arts community is vibrant and the city s large park system provides relaxing opportunities to enjoy the outdoors. The lure of the Rocky Mountains keeps residents active. Rocky Mountain National Park is less than two hours from the metro and offers numerous campsites and hiking trails. Avid skiers and snowboarders are close to world-class ski resorts, such as Vail, Beaver Creek and Copper Mountain. The Denver metro will continue to grow as the area s high quality of life attracts new residents. ARTS & ENTERTAINMENT * Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody s Analytics; U.S. Census Bureau 33

34 MARKET OVERVIEW DENVER METRO AREA Amid Soaring Home Prices and High In-Migration, Demand Keeps Investors Digging for Opportunities Inflow of young renters drives demand. In 2018, tech firms will provide a slew of employment opportunities to incoming residents, contributing to a tremendous boost in the 20- to 34-year-old population cohort. With single-family home prices rising far above the national median in past years, residents find apartment leasing an attractive alternative to the costly, long-term commitment of a mortgage. Strong rental demand has resulted in an influx of new supply in recent years and heightened construction activity in 2018, particularly in the downtown area and in the adjacent Five Points and Highland neighborhoods. Denver has experienced healthy absorption over the last several years and will continue that trend in the next four quarters as more than 12,000 rentals are slated for delivery. Amid robust demand, vacancy rates will remain near the 6 percent mark in the coming year. Older units present buyers with extensive options. As Denver s allure intensifies, the market s average rent will climb above the $1,500 mark in 2018, at a pace considerably faster than the national rate. While residents seek the modern amenities found in new projects, many search for recently upgraded properties that come at a lower price, including a number of complexes in the western suburbs of Lakewood and Littleton. Here, an abundance of Class B and C buildings exist, many of them newly renovated from mid-20th century construction. Private investors will continue to target these properties this year as initial returns have been historically favorable in the 6 percent span. Class B units in the northern sections of the metro, such as Westminster and Broomfield, have attracted institutional investors. These complexes offer value-add opportunities, supporting potentially high revenue growth and first-year yields in the 5 percent range. * Estimate; ** Forecast; Through 3Q; Trailing 12-month average Sources: CoStar Group, Inc.; MPF Research; Real Capital Analytics 34

35 MARKET OVERVIEW DENVER METRO AREA 2018 Market Forecast NMI Rank 14, down 1 place Supply outstrips demand, edging Denver down one position in the NMI. Employment up 1.4% Employers will add 20,000 new hires to payroll in 2018, up from approximately 17,000 in the previous 12 months. Construction 12,300 units Completions will remain elevated in 2018 as more than 12,000 rentals are added to inventory, the third most since the turn of the millennium. Last year, 12,500 units were completed. Vacancy up 50 bps The continued building boom will push the vacancy rate to 6.3 percent this year despite the absorption of roughly 10,000 units. Rent up 6.8% Following a 7.2 percent hike last year, rent growth will ease in 2018 due to heightened deliveries. The average effective rent will rise to $1,550. Investment A competitive bidding environment will evolve as limited listings retain a tight buyer and seller gap, resulting in a healthy investment climate. * Estimate ** Forecast Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics 35

36 PROPERTY NAME Created on February 2018 POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection Total Population 23, , , Estimate Total Population 24, , , Census Total Population 21, , , Census Total Population 24, , ,978 Daytime Population 2017 Estimate 24, , ,464 HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection Total Households 7,757 63, , Estimate Total Households 7,888 59, ,443 Average (Mean) Household Size Census Total Households 7,179 51, , Census Total Households 7,987 46, ,902 Growth % 6.47% 4.64% HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units 2022 Projection 7,757 63, , Estimate 8,196 60, ,979 Owner Occupied 2,880 26,839 75,239 Renter Occupied 5,008 32,600 79,204 Vacant 308 1,424 2,536 Persons In Units 2017 Estimate Total Occupied Units 7,888 59, ,443 1 Person Units 27.80% 32.12% 34.13% 2 Person Units 24.91% 26.77% 29.06% 3 Person Units 14.15% 13.96% 13.85% 4 Person Units 11.84% 12.49% 11.27% 5 Person Units 10.02% 7.33% 6.09% 6+ Person Units 11.30% 7.33% 5.60% MARKETING DEMOGRAPHICS TEAM HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate $200,000 or More 0.43% 3.69% 4.55% $150,000 - $199, % 3.59% 4.10% $100,000 - $149, % 10.08% 11.82% $75,000 - $99, % 10.32% 12.43% $50,000 - $74, % 17.04% 18.73% $35,000 - $49, % 15.35% 14.74% $25,000 - $34, % 12.23% 11.09% $15,000 - $24, % 12.75% 10.44% Under $15, % 14.95% 12.09% Average Household Income $46,270 $67,448 $75,026 Median Household Income $36,166 $44,578 $51,847 Per Capita Income $14,976 $24,427 $29,291 POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age 2017 Estimate Total Population 24, , ,235 Under % 29.06% 27.37% 20 to 34 Years 25.84% 25.80% 25.37% 35 to 39 Years 8.04% 8.54% 8.14% 40 to 49 Years 13.38% 13.52% 13.15% 50 to 64 Years 14.12% 13.62% 15.47% Age % 9.45% 10.52% Median Age Population 25+ by Education Level 2017 Estimate Population Age , , ,259 Elementary (0-8) 14.74% 9.85% 6.68% Some High School (9-11) 14.39% 10.37% 7.72% High School Graduate (12) 31.10% 27.83% 23.67% Some College (13-15) 19.00% 19.31% 20.90% Associate Degree Only 5.94% 6.13% 6.87% Bachelors Degree Only 8.52% 15.15% 20.10% Graduate Degree 3.40% 8.92% 12.41% Population by Gender 2017 Estimate Total Population 24, , ,235 Male Population 52.26% 50.88% 49.36% Female Population 47.74% 49.12% 50.64% Source: 2017 Experian 36

37 PROPERTY NAME MARKETING DEMOGRAPHICS TEAM Population In 2017, the population in your selected geography is 24,550. The population has changed by 2.25% since It is estimated that the population in your area will be 23, five years from now, which represents a change of -5.52% from the current year. The current population is 52.26% male and 47.74% female. The median age of the population in your area is 31.13, compare this to the US average which is The population density in your area is 7, people per square mile. Race and Ethnicity The current year racial makeup of your selected area is as follows: 50.96% White, 15.13% Black, 0.45% Native American and 3.04% 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 57.14% of the current year population in your selected area. Compare this to the US average of 17.88%. Households There are currently 7,888 households in your selected geography. The number of households has changed by -1.24% since It is estimated that the number of households in your area will be 7,757 five years from now, which represents a change of -1.66% from the current year. The average household size in your area is 2.97 persons. Housing The median housing value in your area was $150,304 in 2017, compare this to the US average of $193,953. In 2000, there were 4,013 owner occupied housing units in your area and there were 3,974 renter occupied housing units in your area. The median rent at the time was $501. Income In 2017, the median household income for your selected geography is $36,166, compare this to the US average which is currently $56,286. The median household income for your area has changed by 8.26% since It is estimated that the median household income in your area will be $39,783 five years from now, which represents a change of 10.00% from the current year. Employment In 2017, there are 6,358 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 40.38% of employees are employed in white-collar occupations in this geography, and 59.43% are employed in blue-collar occupations. In 2017, unemployment in this area is 7.04%. In 2000, the average time traveled to work was minutes. The current year per capita income in your area is $14,976, compare this to the US average, which is $30,982. The current year average household income in your area is $46,270, compare this to the US average which is $81,217. Source: 2017 Experian 37

38 8 DEMOGRAPHICS 38

39 E X L U S I V E L Y L I S T E D B Y Jason Hornik Associate Associate Member - National Multi Housing Group Denver Office Tel: (303) Fax: (303) jason.hornik@marcusmillichap.com License: CO FA Greg Price First Vice President Investments Senior Director - National Multi Housing Group Denver Office Tel: (303) Fax: (303) greg.price@marcusmillichap.com License: CO FA