BEST WESTERN OKEMOS- EAST LANSING...corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus &

BEST WESTERN OKEMOS- EAST LANSING2209 University Park Dr • Okemos, MI 48864

OFFERING MEMORANDUM

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 anycorporation'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 orsubsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee informationabout this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.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 hasbeen 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. Referencesto 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.

E X C L U S I V E LY L I S T E D B Y :

John J. GodwinSenior Vice President InvestmentsDetroit OfficeTel: (248) 415-2618Fax: (248) [email protected]: MI 6502339209, MI 6502112435

Jasdeep SohiAssociateAssociate Member - National Hospitality GroupDetroit OfficeTel: (248) 931-7694 / 248-415-2665Fax: (248) [email protected]: MI 6502374667

TABLE OF CONTENTS

4

T A B L E O F C O N T E N T S

INVESTMENT OVERVIEW 01Property Overview

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02STR

Historical P&L

Five Year Pro Forma

Five Year Returns

Proposal Price

SALES COMPARABLES 03

MARKET COMPETITORS 04

MARKET OVERVIEW 05

5

INVESTMENT

OVERVIEW

BEST WESTERN OKEMOS-EAST LANSING

PROPERTY OVERVIEW

PROPERTY OVERVIEW

Marcus & Millichap is pleased to present the newly renovated Best Western in Okemos, Michigan. The hotel features an indoorpool and fitness center, Wireless Internet, 24-hour business center, complimentary breakfast, laundry facilities, and dry cleaningservices. Just minutes from the Potter Park Zoo and the Michigan State Capitol Building, the hotel is situated off of Interstate 96,with easy access and high visibility in Okemos; an East Lansing Submarket!

A plethora of nearby amenities include government offices, hotels, and convention centers, dining, shopping, and Michigan StateUniversity - one of the largest universities in the United States, with more than 48,900 students and 11,400 faculty and staff. Someof the major employers in the area include the State of Michigan, Michigan State University, General Motors, Lansing SchoolDistrict, Meijer, and Sparrow Health System. East Lansing is also home to a number of high-tech companies, emerging with theGreater Lansing area as a vibrant high-tech hub in Michigan. The area is also responding to growing visitation trends. The regionhas welcomed five new hotels, with two additional hotels under construction. The addition of these hotels is helping to keep thetourism in the Great Lansing region on the upward trend the area has been enjoying!

PROPERTY OVERVIEW

160 Guest Rooms | Over 130,000-Square-Feet | Renovations in 2018

Easy Access to Interstates | High Visibility off Interstate 96

Fitness Center | Indoor Pool | 24-Hour Business Center

Part of the East Lansing Submarket | Plethora of Nearby Amenities

Upward Tourism Trend of the Greater Lansing Area | Positive Hospitality

Sector Growth

6


PROPERTY OVERVIEW

INVESTMENT OVERVIEW

7


THE OFFERING

Purchase Price $8,525,000

Number of Buildings One

Number of Rooms 160

Price Per Room $53,281

Room Revenue Multiplier 3.22%-Current

CAP Rate 9.00%

FINANCING

Loan Type Proposed New

Interest Rate 5.5%

Amortization 25 Years

PROPERTY OVERVIEW

8

PROPERTY OVERVIEW-CONFERENCE CENTER

The Okemos Conference is situated within the Comfort Inn; next door to the Best Western. Both hotels share the facilities. The center

boasts fifteen conference room options, with up to 3,000-square-feet of meeting space. They are able to accommodate both corporate

and social events; conventions, weddings, rehearsal dinners, birthday and anniversary parties, showers, reunions, business

conferences and bat mitzvahs, to name a few. Their knowledgeable staff makes booking space easy and stress free!

Ballroom

3,000 Square Feet 10ft Ceiling Height Theatre Style- 240 People Classroom Style- 150 People Banquet Style- 200 People The ballroom can be divided into

three separate 1,000-square-feet meeting rooms


PROPERTY OVERVIEW

9


Ballroom

3000 Square Feet (75’x40′) 10 ft Ceiling Height Theatre Style ~ 240 people Classroom Style ~ 150 people Banquet Style ~ 200 people The ballroom can be divided into

three separate1,000 square feet meeting rooms

Conference Rooms

432 Square Feet (24′ x 18′) 10 ft Ceiling Height Theatre Style ~ 24 people Classroom Style ~ 15 people Banquet Style ~ 32 people Hollow Square ~ 18 people U-Shape ~ 15 people


PROPERTY OVERVIEW

10


Banquet Rounds Classroom Hollow Square


REGIONAL MAP

11


LOCAL MAP

12


AERIAL PHOTO

13


Completed PIP

Paint

Lobby

Carpet

Furniture

Pool Area

Bathrooms

Wall Vinyl

Elevators

Parking Lot

Landscaping

Sundry Area

Fitness Room

Port Cochere

Common Areas

Breakfast Area

Business Center

Electric Car Charging

1214

PROPERTY PHOTO


1215

PROPERTY PHOTO


16

FINANCIAL

ANALYSIS


FINANCIAL ANYALYSIS

17

HISTORICAL PROFIT & LOSS

Notes:

(1) Originally Holiday Inn Express, Converted to Best Western in January of 2018 with Completed PIP Inside & Out. (2) STR Report represents upward trend in both Occupancy & ADR.


Prior Year 2 Prior Year 1 Current

Rooms 160 160 160

Available Rooms 58,400 58,400 58,400

Rooms Sold 32,237 33,814 23,827

Occupancy 55.2% 57.9% 40.8%

ADR $106.02 $105.56 $102.29

RevPAR $58.52 $61.12 $41.73

Revenue/Room $22,639 $23,470 $16,500

Income

Room Revenue $3,423,548 94.5% 3,569,364 95.1% $2,437,284 92.3%

F&B Revenue $0 0.0% 0 0.0% $0 0.0%

Restaurant Lease $0 0.0% 0 0.0% $0 0.0%

Other Income - Meeting Room $198,747 5.5% $185,756 4.9% $202,782 7.7%

Total Revenue $3,622,295 100.0% $3,755,120 100.0% $2,640,066 100.0%

FINANCIAL ANYALYSIS

18

HISTORICAL PROFIT & LOSS

Notes: (1) Expenses are based on Industry Average except Property Tax & Insurance (2) Management Fees are set at 3.0% of Total Revenue. (3) Reserve for Replacement is set at 4.0% of Total Revenue. (4) Franchise fees are included in Marketing Line Item.


Prior Year 2 Prior Year 1 CurrentDepartmental ExpensesRooms $818,639 22.6% $848,657 22.6% $596,655 22.6%Food & Beverage $0 0.0% $0 0.0% $0 0.0%Other Operated Depts & Rentals $0 0.0% $0 0.0% $0 0.0%Total Departmental Expenses $818,639 22.6% $848,657 22.6% $596,655 22.6%

Gross Operating Income $2,803,656 77.4% $2,906,463 77.4% $2,043,411 77.4%

Undistributed Operating ExpensesAdministration & General $289,784 8.0% $300,410 8.0% $211,205 8.0%Marketing $452,786 12.5% $469,390 12.5% $303,608 11.5%Franchise Fees $0 0.0% $0 0.0% $0 0.0%Utility Costs $217,338 6.0% $225,307 6.0% $158,404 6.0%Property Operations & Maintenance $184,737 5.1% $191,511 5.1% $134,643 5.1%Total Undistributed Operating Expenses $1,144,645 31.6% $1,186,618 31.6% $807,860 30.6%

Gross Operating Profit $1,659,011 45.8% $1,719,845 45.8% $1,235,551 46.8%

Fixed ExpensesProperty Taxes $218,755 6.0% $226,977 6.0% $234,263 8.9%Insurance $76,226 2.1% $75,767 2.0% $51,175 1.9%Total Fixed Charges $294,981 8.1% $302,743 8.1% $285,438 10.8%

Total Expenses $2,258,265 62.3% $2,338,018 62.3% $1,689,953 64.0%

Amount Available for Debt Service & Other Fixed Charges

$1,364,030 37.7% $1,417,102 37.7% $950,113 36.0%

Capital Replacement Reserve $144,892 4.0% $150,205 4.0% $105,603 4.0%Management Fee $108,669 3.0% $112,654 3.0% $79,202 3.0%

Net Operating Income (EBITDA) $1,110,469 30.7% $1,154,243 30.7% $765,308 29.0%

FINANCIAL ANYALYSIS

19

FIVE-YEAR PRO FORMA

Notes:(1) Conservative underwriting approach of 4.25% Year on Year increase in Occupancy & .50% increase in ADR Projections and expenses are calculated on the industry average except the property taxes and insurance. (2) Management Fees are set at 3.0% of Total Revenue. (3) Reserve for Replacements set at 4.0% of Total Revenue. (4) Property Taxes will be reassessed upon sale to new owner. (4) Franchise fees are included in Marketing Line Item.


Pro Forma Current Year 1 Year 2 Year 3 Year 4 Year 5Rooms 160 160 160 160 160 160Available Rooms 58,400 58,400 58,400 58,400 58,400 58,400Rooms Sold 23,827 24,840 25,896 26,996 28,143 29,269Occupancy 40.8% 42.5% 44.3% 46.2% 48.2% 50.1%ADR $102.29 $102.80 $103.32 $103.83 $104.35 $104.87 RevPAR $41.73 $43.73 $45.81 $48.00 $50.29 $52.56 Revenue/Room $16,500 $17,235 $18,034 $18,869 $19,780 $20,685

IncomeRoom Revenue $2,437,284 92.3% $2,553,573 92.6% $2,675,411 92.7% $2,803,061 92.8% $2,936,802 92.8% $3,069,546 92.7%F&B Revenue $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0%Restaurant Lease $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0%Other Income - Meeting Room $202,782 7.7% $204,000 7.4% $210,000 7.3% $216,000 7.2% $228,000 7.2% $240,000 7.3%

Total Revenue $2,640,066100.0% $2,757,573100.0% $2,885,411100.0% $3,019,061100.0% $3,164,802100.0% $3,309,546100.0%

Departmental Expenses Current Year 1 Year 2 Year 3 Year 4 Year 5Rooms $596,655 22.6% $613,544 22.2% $642,210 22.3% $674,903 22.4% $704,993 22.3% $737,583 22.3%Food & Beverage $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0%Other Operated Depts & Rentals $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0%

Total Departmental Expenses $596,655 22.6% $613,544 22.2% $642,210 22.3% $674,903 22.4% $704,993 22.3% $737,583 22.3%

Gross Operating Income $2,043,411 77.4% $2,144,029 77.8% $2,243,201 77.7% $2,344,158 77.6% $2,459,809 77.7% $2,571,962 77.7%

FINANCIAL ANYALYSIS

20

FIVE-YEAR PRO FORMA

Notes:(1) Conservative underwriting approach of 4.25% Year on Year increase in Occupancy & .50% increase in ADR Projections and expenses are calculated on the industry average except the property taxes and insurance. (2) Management Fees are set at 3.0% of Total Revenue. (3) Reserve for Replacements set at 4.0% of Total Revenue. (4) Property Taxes will be reassessed upon sale to new owner. (4) Franchise fees are included in Marketing Line Item.


Undistributed Operating Expenses

Administration & General $211,205 8.0% $220,680 8.0% $230,700 8.0% $241,500 8.0% $253,200 8.0% $264,600 8.0%

Marketing $303,608 11.5% $317,100 11.5% $331,800 11.5% $347,100 11.5% $363,900 11.5% $380,700 11.5%

Franchise Fees $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0% $0 0.0%

Utility Costs $158,404 6.0% $168,166 6.1% $176,090 6.1% $184,113 6.1% $193,064 6.1% $201,957 6.1%Property Operations & Maintenance $134,643 5.1% $140,594 5.1% $147,087 5.1% $153,878 5.1% $161,262 5.1% $168,883 5.1%

Total Undistributed Operating Expenses

$807,860 30.6% $846,539 30.7% $885,676 30.7% $926,591 30.7% $971,426 30.7% $1,016,141 30.7%

Gross Operating Profit $1,235,551 46.8% $1,297,489 47.1% $1,357,524 47.0% $1,417,567 47.0% $1,488,383 47.0% $1,555,822 47.0%

Fixed Expenses

Property Taxes $234,263 8.9% $222,000 8.1% $222,000 7.7% $222,000 7.4% $222,000 7.0% $222,000 6.7%

Insurance $51,175 1.9% $72,000 2.6% $72,000 2.5% $72,000 2.4% $72,000 2.3% $72,000 2.2%

Total Fixed Charges $285,438 10.8% $294,000 10.7% $294,000 10.2% $294,000 9.7% $294,000 9.3% $294,000 8.9%

Total Expenses $1,689,953 64.0% $1,754,084 63.6% $1,821,886 63.1% $1,895,494 62.8% $1,970,419 62.3% $2,047,724 61.9%

Amount Available for Debt Service & Other Fixed Charges

$950,113 36.0% $1,003,489 36.4% $1,063,524 36.9% $1,123,567 37.2% $1,194,383 37.7% $1,261,822 38.1%

Capital Replacement Reserve $105,603 4.0% $110,303 4.0% $115,416 4.0% $120,762 4.0% $126,592 4.0% $132,382 4.0%

Management Fee $79,202 3.0% $82,727 3.0% $86,562 3.0% $90,572 3.0% $94,944 3.0% $99,286 3.0%

Net Operating Income (EBITDA) $765,308 29.0% $810,459 29.4% $861,546 29.9% $912,233 30.2% $972,847 30.7% $1,030,153 31.1%

21

MARKET

COMPARABLES


BEST WESTERN OKEMOS- EAST LANSING

SALES COMPARABLES MAP

22


(SUBJECT)

Fairfield Inn

Doubletree Hotel

Comfort Inn

Country Inn & Suites

Radisson

Country Inn & Suites

Holiday Inn Express

1

2

3

4

5

7

6

23

PROPERTY NAMEBEST WESTERN OKEMOS- EAST LANSING

SALES COMPARABLES

Avg. $58,137

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

BestWestern

FairfieldInn

DoubletreeHotel

Comfort Inn Country Inn& Suites

Radisson Country Inn& Suites-2

Holiday InnExpress

Average Price Per Room

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


24


Asking Price $8,525,000

Price/Room $53,281

Price/SF $65.56

Interest Fee Simple

CAP Rate 8.98%

RRM 3.50

Total No. of Rooms 160

Year Built / Renovated 1986

Underwriting Criteria

Room Revenue $2,437,284 Occupancy 41%

Total Revenue $2,640,066 ADR $102.29

NOI $765,308 Rev PAR $4,194

BEST WESTERN2209 University Park Dr, Okemos, MI, 48864

1

Close of Escrow 3/26/2019


Price/Room $57,143

Price/SF $50.00

Interest Fee Simple



FAIRFIELD INN1635 Yeager St, Port Huron, MI, 48060



Price/Room $56,667

Price/SF $77.58

Interest Fee Simple



2

DOUBLETREE HOTEL8402 University Blvd, Coraopolis, PA, 15108

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


25



Price/Room $58,824

Price/SF $68.00

CAP Rate 10%



3

COMFORT INN4423 State Route 43, Kent, OH, 44240

4



Price/Room $49,565

Price/SF $73.45



COUNTRY INN & SUITES13339 Hospitality Ct, Sturtevant, WI, 53177



Price/Room $46,183

Price/SF $63.39



5

RADISSON111 E 2nd St, Davenport, IA, 52801

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


26



Price/Room $42,614

Price/SF $69.38



6

COUNTRY INN & SUITES6511 Centurion Dr, Lansing, MI, 48917

7



Price/Room $95,960

Price/SF $134.61



HOLIDAY INN EXPRESS2696 Bob McClain Dr, Jackson, MI, 49202

27

MARKET

COMPETITORS


28


29


30


31


32


BEST WESTERN(SUBJECT)

HOTEL/MOTEL ADDRESS NUMBER OF ROOMS MILES TO SUBJECT

Fairfield Inn East Lansing 2335 Woodlake Dr Okemos, MI 48864 78 0.3

Candlewood Suites East Lansing 2187 University Park Dr Okemos, MI 48864 128 0.1

Hampton Inn East Lansing Okemos 2200 Hampton Pl Okemos, MI 48864 100 0.3

Staybridge Suites East Lansing Okemos 3553 Meridian Crossings Okemos, MI 48864 95 0.3

COMPETITIVE SET MAP

1

2

3

4

33


34

MARKET

OVERVIEW


MARKET OVERVIEW

OVERVIEWLANSING

DEMOGRAPHICS

1

ECONOMY

METRO HIGHLIGHTS

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

As the home of the Michigan capitol, the Lansing metro has a broad

government employment sector. The metro consists of Clinton, Eaton

and Ingham counties. Located approximately 95 miles west of Detroit,

the market is home to roughly 477,000 residents, with nearly 117,000

people residing in the city of Lansing. The metro is expected to add more

than 14,400 citizens over the next five years. Michigan State University

contributes to an educated workforce as more than 32 percent of

residents over age 25 hold a bachelor’s degree or higher.

EDUCATIONAL CENTERLocated in East Lansing, Michigan State University remains a major draw for new students and provides an educated labor force for local employers.

STATE CAPITOLAs the state’s capital city, Lansing provides numerous government jobs and services, representing the metro’s largest employer.

MAJOR INSURANCE MARKETFour major national insurance companies have significant operations in the city, employing thousands of workers.

The state of Michigan is the metro’s biggest employer, with more than 14,000 jobs in some form of government-related function.

With more than 50,000 students and 12,000 workers, Michigan State University is the one of the largest economic contributors in the market.

Sparrow Health Center, partnered with the College of Human and Osteopathic Medicine at Michigan State, provides more than 10,000 jobs in healthcare, research and diagnostics.

General Motors has offices and several manufacturing facilities within and just outside the city limits of Lansing, contributing more than 5,000 positions to the metro.

477K2018

POPULATION:

189K2018

HOUSEHOLDS:

35.42018

MEDIAN AGE:

$55,6002018 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

38.0U.S. Median:

$58,8004.4%

Growth2018-2023*:

3.0%

Growth2018-2023*:


MARKET OVERVIEW

36

NORTH CENTRAL

Competition Heats Up for Flagged North Central Hotels

Michigan, Ohio lead occupancy growth in North Central region. Consistent room demand will meet

supply in the North Central region this year, keeping occupancy steady and supporting a modest

increase in RevPAR. Michigan will lead occupancy and revenue growth in 2019. The state will mark a

10th consecutive year of improvement in both metrics. Detroit has been a considerable driver of these

gains with occupancy rising nearly 2,000 basis points over the current growth cycle. As a result, the

market generated RevPAR advances above the national and regional averages during the past several

years. Ohio will also likely register occupancy and RevPAR growth this year as tourism to the state

continues to rise. Occupancy and RevPAR growth in Ohio and Michigan will be offset by Indiana,

where supply pressures have begun to weigh on the rates. New construction in the state comprises

nearly 4.5 percent of total room inventory.

Wide range of inventory provides investors opportunities in the North Central region. Improving hotel

property performance will support investor interest for hotels in Michigan this year. Demand for

assets in the state has risen steadily the past several years, driving up property values. Out-of-state

and local buyers are increasingly targeting hotels in Detroit, where average first-year returns in the

low-8 to low-9 percent band can be found. Economy and upper midscale hotels were highly sought

after in the metro. Other buyers are looking for opportunities in Western Michigan, including Grand

Rapids, where flagged hotels garnered buyer attention. Outside of Michigan, hotel investors were

also progressively bidding for assets in Indiana. A range of limited service and select service hotels

attracted a range of investors to Indianapolis. Lower entry costs in South Bend/Mishawaka and

Louisville drew opportunistic investors as well.

2019 Demand Growth1.8% Year-over-Year Room Nights

States: Indiana, Michigan and Ohio


MARKET OVERVIEW

37

NORTH CENTRAL

2019 Regional Highlights

2018 Recent Openings; Under Construction as of December 2018Sources: CoStar Group, Inc.; STR, Inc.; Real Capital Analytics

3.9%

190 bps

19%

Percent of Inventory Under Construction as of December 2018

Five-Year Occupancy Growth 2014-2019

Five-Year RevPAR Growth

The city of Indianapolis is moving forward with plans to expand the Indiana Convention Center, in

addition to building two hotels in the area. The expansion would include a 50,000-square-foot ballroom

and the new hotels could add around 1,400 rooms in the downtown area. This project could lure larger

conventions and other citywide events that could bode well for nearby hotels.

New regulations surrounding short-term rentals took effect in January of this year in Columbus. The city

will now require owners to obtain a permit and will double the fees for owners who do not live in the

building. This may limit some of the rentals available, likely benefiting hotel occupancy rates.

Rising tourism to Detroit will support hotels moving forward. Between 2014 and 2017, tourism jumped to

19 million per year from 14 million.


MARKET OVERVIEW

38

NORTH CENTRAL

2019 Region Forecast

* Forecast Sources: CoStar Group, Inc.; STR, Inc.; Real Capital Analytics

Supply

up 1.8%

Occupancy

up 10 bps

ADR

up 1.2%

RevPAR

up 1.3%

Investment

The region’s pace of construction is on par with the national average. Nearly

12,900 rooms are underway and Michigan leads the way with about 5,000

rooms. An additional 14,700 rooms will break ground in the region during the

next 12 months.

Following a 10-basis-point increase in occupancy in 2018, the rate will rise to

61.1 percent this year.

The average daily rate will advance to $102.67 in 2019, a more modest hike

from the 1.7 percent gain recorded last year.

The flat occupancy rate and moderating ADR will soften RevPAR growth this

year to 1.3 percent at $63.31. Last year, the rate climbed 2.1 percent.

Cincinnati, Cleveland and Columbus will continue to attract a range of buyers

this year. In Cincinnati and Columbus, first-year returns in the low- to high-7

percent band can be found. Buyers seeking higher yields will look for hotels

in Cleveland, where assets can trade at cap rates in the 11 percent area.


PROPERTY NAME

MARKETING TEAMDEMOGRAPHICS

Source: © 2018 Experian

Created on April 2019

POPULATION 1 Miles 3 Miles 5 Miles 2023 Projection

Total Population 3,906 20,544 85,346

2018 Estimate


2010 Census


2000 Census


Daytime Population

2018 Estimate 6,147 26,803 155,156

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2023 Projection

Total Households 1,659 8,454 30,216

2018 Estimate


Average (Mean) Household Size 2.50 2.43 2.32

2010 Census


2000 Census


HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units

2023 Projection 1,659 8,454 30,216

2018 Estimate 1,568 8,502 30,682

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2018 Estimate

$200,000 or More 16.09% 12.57% 6.32%

$150,000 - $199,000 11.44% 10.17% 6.42%

$100,000 - $149,000 21.44% 19.23% 13.91%

$75,000 - $99,999 11.42% 12.88% 10.33%

$50,000 - $74,999 16.39% 16.10% 16.56%

$35,000 - $49,999 9.47% 8.37% 10.38%

$25,000 - $34,999 6.13% 6.52% 8.33%

$15,000 - $24,999 3.11% 4.22% 10.40%

Under $15,000 4.52% 9.94% 17.35%

Average Household Income $141,122 $121,288 $82,432

Median Household Income $97,642 $83,777 $54,801

Per Capita Income $59,462 $49,689 $31,287

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population 25+ by Education Level

2018 Estimate Population Age 25+ 2,376 13,060 38,673

Elementary (0-8) 0.98% 0.48% 0.66%

Some High School (9-11) 1.24% 1.41% 2.26%

High School Graduate (12) 5.09% 9.27% 12.05%

Some College (13-15) 7.18% 9.89% 15.95%

Associate Degree Only 4.41% 5.97% 6.91%

Bachelors Degree Only 34.21% 32.23% 29.21%

Graduate Degree 46.88% 40.70% 32.68%

39


IncomeIn 2018, the median household income for your selected geography is$97,642, compare this to the US average which is currently $58,754.The median household income for your area has changed by 43.51%since 2000. It is estimated that the median household income in yourarea will be $106,415 five years from now, which represents a changeof 8.98% from the current year.

The current year per capita income in your area is $59,462, comparethis to the US average, which is $32,356. The current year averagehousehold income in your area is $141,122, compare this to the USaverage which is $84,609.

PopulationIn 2018, the population in your selected geography is 3,528. Thepopulation has changed by 17.91% since 2000. It is estimated thatthe population in your area will be 3,906.00 five years from now,which represents a change of 10.71% from the current year. Thecurrent population is 47.29% male and 52.71% female. The medianage of the population in your area is 38.99, compare this to the USaverage which is 37.95. The population density in your area is1,120.75 people per square mile.

HouseholdsThere are currently 1,487 households in your selected geography. Thenumber of households has changed by 25.38% since 2000. It isestimated that the number of households in your area will be 1,659five years from now, which represents a change of 11.57% from thecurrent year. The average household size in your area is 2.50 persons.

EmploymentIn 2018, there are 2,859 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that83.51% of employees are employed in white-collar occupations inthis geography, and 16.55% are employed in blue-collar occupations.In 2018, unemployment in this area is 1.10%. In 2000, the averagetime traveled to work was 22.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:63.21% White, 4.72% Black, 0.04% Native American and 27.76%Asian/Pacific Islander. Compare these to US averages which are:70.20% White, 12.89% Black, 0.19% Native American and 5.59%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.

People of Hispanic origin make up 3.08% of the current yearpopulation in your selected area. Compare this to the US average of18.01%.

PROPERTY NAME

MARKETING TEAM

HousingThe median housing value in your area was $237,444 in 2018,compare this to the US average of $201,842. In 2000, there were 790owner occupied housing units in your area and there were 396 renteroccupied housing units in your area. The median rent at the time was$698.

Source: © 2018 Experian

DEMOGRAPHICS

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E X C L U S I V E LY L I S T E D B Y

John J. GodwinSenior Vice President InvestmentsDetroit OfficeTel: (248) 415-2618Fax: (248) [email protected]: MI 6502339209, MI 6502112435

Jasdeep SohiAssociateAssociate Member - National Hospitality GroupDetroit OfficeTel: (248) 931-7694 / 248-415-2665Fax: (248) [email protected]: MI 6502374667

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