DECATUR MEDICAL CENTER 2349 Danville Rd SW • Decatur, AL 35603 OFFERING MEMORANDUM 1 REPACKAGED WITH MORE SQ. FT. and 8.5 CAP [11/2018]
DECATUR MEDICAL CENTER2349 Danville Rd SW • Decatur, AL 35603
OFFERING MEMORANDUM
1
REPACKAGED WITH MORE SQ. FT. and 8.5 CAP [11/2018]
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
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ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DECATUR MEDICAL CENTER
Decatur, AL
ACT ID Z0780007
2
Listed by: Bryan W. Stone (TN) |615-997-2862| [email protected] & Kyle Gross (NC)| [email protected]
[AL Broker of Record: Eddie Greenhalgh|[email protected]]
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Regional Map
Local Map
Aerial Photo
Parcel Map
FINANCIAL ANALYSIS 02
Tenant Summary
Lease Expiration Summary
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET COMPARABLES 03
Sales Comparables
Lease Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
DECATUR MEDICAL CENTER
3
DECATUR MEDICAL CENTER
4
INVESTMENT
OVERVIEW
DECATUR MEDICAL CENTER
#
OFFERING SUMMARY
5
EXECUTIVE SUMMARY
EXPENSES
CURRENT $/SF POST-SALE $/SF
Electric $8,200 $0.23 $8,200 $0.23
Water $250 $0.01 $250 $0.01
Cleaning $6,200 $0.17 $6,200 $0.17
Trash Removal $2,600 $0.07 $2,600 $0.07
Repairs & Maintenance $3,800 $0.11 $3,800 $0.11
Landscaping $11,000 $0.31 $11,000 $0.31
Pest Extermination $2,500 $0.07 $2,500 $0.07
Administration $5,000 $0.14 $5,000 $0.14
Insurance $6,000 $0.17 $6,000 $0.17
Real Estate Taxes $44,000 $1.22 $50,000 $1.39
Management Fee $30,000 $0.83 $30,000 $0.83
Other Expenses - Non Reimbursable $5,000 $0.14 $5,000 $0.14
Total Expenses $124,550 $3.47 $130,550 $3.63
VITAL DATA
CURRENT POST-SALE
Price $6,575,000 CAP Rate 8.54% 8.52%Loan Amount $4,602,500 Net Operating Income $561,395 $560,176
Loan Type Proposed NewNet Cash Flow After Debt Service
11.82% / $238,526 11.76% / $237,306
Interest Rate / Amortization 5.00% / 25 Years Total Return 16.52% / $333,425 16.70% / $337,061
Rentable SF 29,362
Price/SF $182.93
Current Occupancy 93.88%
Year Built 2001
Lot Size 2.73 acre(s)
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 6,958 42,868 60,755
2010 Census Pop 6,902 42,606 60,238
2017 Estimate HH 3,084 17,081 24,089
2010 Census HH 3,077 17,082 24,022
Median HH Income $45,850 $44,097 $45,519
Per Capita Income $25,337 $23,620 $24,470
Average HH Income $56,790 $58,674 $61,005
DECATUR MEDICAL CENTER
OFFERING SUMMARY
▪ 36,000 Sq. Ft. multi-tenant MOB
▪ County health authority (Huntsville Hosp. Health Sys) anchors MOB at 60% RBA
▪ HHHS boasts a credit rating of A1 (2017)
▪ Low vacancy at only six-percent (6%)
INVESTMENT HIGHLIGHTS
With a premier healthcare anchor tenant, Marcus & Millichap is pleased to exclusively present this 36,000 sq. ft. medical office
building (MOB) located outside Huntsville AL. This three (3) building, multi-tenant MOB boasts the Huntsville Hospital Health
System (dba Decatur Morgan Hospital) as its anchor with seventy-percent (60%) of its RBA with currently only six-percent (6%)
vacancy. The Huntsville Hospital Health System is the municipal health care authority and entered into 40-year lease agreement
with Decatur Morgan Hospital in 2012 consolidating all of the county's healthcare locations throughout the region.
The Huntsville Hospital Health System (HHHS) boast a A1 LT credit rating by Moody's in 2017. Such a respectable rating is
attributable to HHHS' lead market share across its service area, operator of a regional referral hospital that provides many high
acuity and unique services within the service area, and the organization's track record of adequate financial performance. The
stable outlook reflects our expectation that Huntsville will maintain and improve financial performance from results and that the
HHHS will continue to fund routine capital needs through cash flow.
INVESTMENT OVERVIEW
6
THE OFFERING
Property Decatur Medical Center
Price $6,575,000
Property Address 2349 Danville Rd SW, Decatur, AL
SITE DESCRIPTION
Year Built/Renovated 2001
Rentable Square Feet 36000
Ownership Fee Simple
Lot Size 3.5 acre(s)
REGIONAL MAP
DECATUR MEDICAL CENTER
7
LOCAL MAP
DECATUR MEDICAL CENTER
8
Beltline Plaza Shopping Center
Decatur Mall
PROPERTY PHOTO
DECATUR MEDICAL CENTER
9
12
DECATUR MEDICAL CENTER
10
PROPERTY PHOTOS
DECATUR MEDICAL CENTER
11
PARCEL MAP
12
Our Parcel Buildings
DECATUR MEDICAL CENTER
3,508 Sq. Ft.Currently occupied by Dr. Dale PotterOphthalmology Practice since 2004New five-yr lease starting 11/2018
2,973 Sq. Ft.Currently occupied by ALFA Insurance (2001) & Healthsource Chiropractic of Decatur (2016)
Both outparcel buildings are fully occupied, and benefit from excellent visibility and signage, with frontage along Danville Rd SW. This location is surrounded by regional shopping centers, the Decatur Mall, several national hotels, and many retail amenities. The site is also in close proximity to some of the sub-market’s most well established residential areas.
DECATUR MEDICAL CENTER
13
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
DECATUR MEDICAL CENTER
PRICING DETAIL
14
12
TENANT PROFILES
DECATUR MEDICAL CENTER
15
Huntsville Health Sys dba Decatur Morgan Hosp
Decatur Morgan Hospital (“DMH”) has been meeting the health and wellness
needs for citizens of Morgan and surrounding counties for 100 years. Decatur
General grew into a 273 bed acute care hospital with an additional 64 bed
behavioral health facility, with a medical staff of more than 200 physicians and
more than 1000 employees. DMH is accredited by The Joint Commission and
together serve more than 250,000 people in 5 counties. In early 2012, Huntsville
Hospital System (HHS) entered into a lease arrangement with Decatur General to
form Decatur Morgan Hospital, wherein HHS assumes all liability for a term of
forty (40) years. The entity currently has four locations in Morgan County - the
Decatur General Campus, Parkway Campus, West Campus and the Danville Road
Campus and there is room for continued facility growth.
At this location, the Decatur Morgan Hospital provides Outpatient Physical,
Occupational and Speech Therapy, and Industrial Rehab Services. Further,
cardiovascular training, strengthening, exercise, toning, group exercise and pool
classes weekly are offered. Individualized instruction from on-staff Exercise
Specialists for programming, instruction in equipment use, and assistance with
individual programs. Two indoor heated pools available. Private locker room and
dressing area.
General Information
Tenant Name Huntsville Health Sys dba Decatur Morgan Hosp
Website http://decaturmorganhospital.net/about/
Parent Company Huntsville Health System
Headquartered Huntsville AL
Rentable Square Feet 20,601 SF
Percentage of RBA 70.16%
Lease Commencement 5/1/2001
Lease Expiration 4/30/2026
DECATUR MEDICAL CENTER
16
MARKET
OVERVIEW
DECATUR, ALABAMA
17
MARKET OVERVIEW
DECATUR, ALABAMA
Located on the Tennessee River in Morgan County, the Northern Alabama City of Decatur boasts a rich heritage and dynamic future, home to a diverse group of people due to its progressive business environment and the City’s welcoming spirit and sense of community. Decatur is home to a thriving arts and education community, including the Princess Theatre Center for the Performing Arts, The Carnegie Visual Arts Center, and the Alabama Center for the Arts. Decatur also hosts many festivals each year including Alabama Jubilee, the oldest hot-air balloon race in the mid-south, that was started in Decatur in 1978. The Alabama Jubilee is held at Point Mallard Park along the Tennessee River, and has been accoladed as a “Top 20 Tourism Event in the Southeast for May” by Atlanta-based Southeast Tourism Society.
Similar to many southern cities in the early 19th century, much of Decatur’s early prosperity was based on it’s location along the river. Established in 1971, The Port of Decatur is one of the most active ports on the Tennessee River, with access to the Tennessee-Tombigbee Waterway, Ohio, and Mississippi river systems, as well as Norfolk Southern and CSX railroads. This port helps provide local economy growth in the cargo transit, manufacturing, and hi-tech industries, with port throughput largely dominated by imports of industrial and agricultural commodities including sand, asphalt, grains and fertilizers, coal, and steel piping.
Decatur’s business climate is as progressive as it is diverse. Industrial giants such as United Launch Alliance, Nucor Steel, Daikin America, and 3M as well as award-winning small retailers like Big Bob Gibson’s Barbecue and Morgan Price Candy Company are located in Decatur. Outdoor recreation is a year-round staple in Decatur. Its location on the Tennessee River is taken advantage of for boating, water skiing, and fishing. Point Mallard Park features 750 acres for recreational use with year round activities, including the J. Gilmer Blackburn Aquatic center, gold course, indoor ice rink, hiking and biking trails by the river, sports fields and campground. Established in 1938, Wheeler National Wildlife Refuge is another highly frequented natural attraction nearby, this 35,000 acre National Wildlife Refuge stretches for 20 miles along both sides of the Tennessee river and hosts hundreds of different species of animals, including habitats for twelve federally listed endangered or threatened species.
DECATUR, ALABAMA
18
MARKET OVERVIEW
HUNTSVILLE, ALABAMA
Huntsville Alabama is quickly becoming one of the fastest growing cities in the South. Beyond being the historic home of NASA and the Apollo missions, it has thrived as a leader of tech and science jobs. Decatur Alabama, a suburban city of Huntsville, lies in the same county (Morgan) with I-565 connecting the two.
Toyota-Mazda selects Huntsville, Alabama for landmark automotive manufacturing facility:
On March 8, 2018, Mazda-Toyota announced the construction of a new manufacturing facility to Huntsville. This new manufacturing plant and the presence of Mazda-Toyota is slated to bring over 4000 new jobs to the area with an average salary of over $50,000.
OVERVIEW
HUNTSVILLE
Huntsville is located 100 miles north of Birmingham and 110 miles south
of Nashville. The metro is known for its notable aerospace and defense
industries. Employment in related sectors offers higher-paying salaries,
benefiting the area as the cost of living remains below that of many other
markets. A low cost of living here allows roughly 70 percent of
households to afford to own their home. The Huntsville metro
encompasses the counties of Limestone and Madison.
▪ Government contractors such as Boeing, Northrop Grumman and Lockheed Martin are leading
employers, supporting the area’s space and defense industry.
▪ Huntsville has a growing science, technology, engineering and mathematics (STEM) workforce. The
area is being reinvented as a tech center, aided by organizations such as the Hudson Alpha Institute
for Biotechnology and the Redstone Arsenal.
▪ The median pay for STEM occupations in the area is $138,750 annually, fueling the redevelopment
of older buildings to attract a greater number of qualified workers to the metro.
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
DECATUR MEDICAL CENTER
U.S. ARMY – REDSTONE ARSENAL
More than 35,000 individuals are employed at this garrison to support the
Army’s missile programs.
NASA
Marshall Space Flight Center was where the most powerful rocket ever
designed was developed, enabling the exploration far into the solar system. It
has a workforce of nearly 6,000.
HIGHER EDUCATION
The University of Alabama Huntsville has more than 8,000 students, with
roughly half earning a degree in engineering or science.
453K
2017POPULATION:
181K
2017HOUSEHOLDS:
38.7
2017MEDIAN AGE:
$60,200
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
37.8U.S. Median:
$56,3008.3%
Growth2017-2022*:
7.4%
Growth2017-2022*:
PROPERTY NAME
MARKETING TEAM
DECATUR MEDICAL CENTER
DEMOGRAPHICS
Source: © 2017 Experian
Created on June 2018
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Population 6,963 43,684 61,761
▪ 2017 Estimate
Total Population 6,958 42,868 60,755
▪ 2010 Census
Total Population 6,902 42,606 60,238
▪ 2000 Census
Total Population 5,772 39,636 57,524
▪ Current Daytime Population
2017 Estimate 7,117 45,016 73,506
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2022 Projection
Total Households 3,114 17,529 24,640
▪ 2017 Estimate
Total Households 3,084 17,081 24,089
Average (Mean) Household Size 2.30 2.48 2.46
▪ 2010 Census
Total Households 3,077 17,082 24,022
▪ 2000 Census
Total Households 2,498 16,050 23,089
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2017 Estimate
$200,000 or More 1.08% 1.65% 1.94%
$150,000 - $199,999 2.43% 2.89% 3.28%
$100,000 - $149,000 9.77% 9.60% 10.32%
$75,000 - $99,999 10.86% 11.28% 11.50%
$50,000 - $74,999 22.45% 19.48% 19.05%
$35,000 - $49,999 12.49% 13.26% 13.07%
$25,000 - $34,999 14.15% 13.10% 12.03%
$15,000 - $24,999 13.78% 14.07% 13.57%
Under $15,000 14.42% 15.11% 15.74%
Average Household Income $56,790 $58,674 $61,005
Median Household Income $45,850 $44,097 $45,519
Per Capita Income $25,337 $23,620 $24,470
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population By Age
2017 Estimate Total Population 6,958 42,868 60,755
Under 20 24.28% 26.17% 25.81%
20 to 34 Years 21.09% 21.30% 20.40%
35 to 49 Years 18.19% 18.73% 18.87%
50 to 59 Years 13.38% 13.18% 13.57%
60 to 64 Years 5.83% 5.75% 5.94%
65 to 69 Years 4.39% 4.72% 4.85%
70 to 74 Years 3.82% 3.70% 3.86%
Age 75+ 9.00% 6.45% 6.69%
Median Age 38.58 36.92 37.92
▪ Population by Gender
2017 Estimate Total Population 6,958 42,868 60,755
Male Population 46.71% 48.79% 49.05%
Female Population 53.29% 51.21% 50.95%
AVERAGE HEALTH CARE
EXPENDITURE1 Miles 3 Miles 5 Miles
▪ 2017 Estimate Total Expenditure
Percent of Total 17.30% 18.35% 18.26%
Health Care Insurance $3,140 $3,133 $3,222
Percent of Total 71.64% 72.28% 72.11%
Medical Services $555 $531 $545
Percent of Total 12.67% 12.26% 12.19%
Medical Supplies $180 $174 $184
Percent of Total 4.10% 4.01% 4.11%
▪ Percentage Change 2017-
Health Care Insurance 21.19% 22.77% 21.88%
Medical Services 21.89% 24.09% 23.51%
Medical Supplies 41.50% 42.96% 40.81%
20
Income
In 2017, the median household income for your selected geography is
$45,850, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 21.59%
since 2000. It is estimated that the median household income in your
area will be $55,011 five years from now, which represents a change
of 19.98% from the current year.
The current year per capita income in your area is $25,337, compare
this to the US average, which is $30,982. The current year average
household income in your area is $56,790, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 6,958. The
population has changed by 20.55% since 2000. It is estimated that
the population in your area will be 6,963.00 five years from now,
which represents a change of 0.07% from the current year. The
current population is 46.71% male and 53.29% female. The median
age of the population in your area is 38.58, compare this to the US
average which is 37.83. The population density in your area is
2,214.37 people per square mile.
Households
There are currently 3,084 households in your selected geography. The
number of households has changed by 23.46% since 2000. It is
estimated that the number of households in your area will be 3,114
five years from now, which represents a change of 0.97% from the
current year. The average household size in your area is 2.30 persons.
Employment
In 2017, there are 3,606 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
55.64% of employees are employed in white-collar occupations in
this geography, and 42.98% are employed in blue-collar occupations.
In 2017, unemployment in this area is 4.00%. In 2000, the average
time traveled to work was 22.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
67.20% White, 20.69% Black, 0.09% Native American and 2.03%
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 11.78% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
DECATUR MEDICAL CENTER
Housing
The median housing value in your area was $112,019 in 2017,
compare this to the US average of $193,953. In 2000, there were
1,536 owner occupied housing units in your area and there were 963
renter occupied housing units in your area. The median rent at the
time was $383.
Source: © 2017 Experian
DEMOGRAPHICS
21
DECATUR MEDICAL CENTER
22
MARKET
COMPARABLES
DECATUR MEDICAL CENTER
SALES COMPARABLES MAP
23
DECATUR MEDICAL CENTER
(SUBJECT)
Clearwater Cancer Inst.
Atmore Community
Hospital - MedPlus Urgent
Care
Piedmont Health MOB
Tennessee Orthopaedic
Clinic
Vanderbilt Medical
(Nashville MSA)
SALES COMPARABLES
ON MARKET COMPARABLES
1
2
3
4
5
24
PROPERTY NAMEDECATUR MEDICAL CENTER
SALES COMPARABLES
Avg. 6.30%
Avg. 7.30%
0.0
0.8
1.6
2.4
3.2
4.0
4.8
5.6
6.4
7.2
8.0
Decatur
Medical
Center
Clearwater
Cancer
Inst.
Atmore
Community
Hospital -
MedPlus
Urgent Care
Piedmont
Health MOB
Tennessee
Orthopaedic
Clinic
Vanderbilt
Medical
(Nashville
MSA)
Average Cap Rate
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
PROPERTY NAME
MARKETING TEAM
DECATUR MEDICAL CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
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25
SALES COMPARABLES ON MARKET COMPARABLES
Asking Price $6,250,000
CAP Rate 7.17%
Year Built 2001
Occupancy 93%
Parking Ratio 4.1:1000
DECATUR MEDICAL CENTER2349 Danville Rd SW, Decatur, AL, 35603
1
Close of Escrow 8/1/2017
Sales Price $53,000,000
Rentable SF 118,000
CAP Rate 6.30%
Year Built 2006
Occupancy 100%
NOTES
Purchased by DOC REIT; Single-tenant
CLEARWATER CANCER INST.3601 Cci Dr NW, Huntsville, AL, 35805
2
On Market
List Price $1,000,000
Rentable SF 4,200
CAP Rate 7.45%
Year Built 1988
ATMORE COMMUNITY HOSPITAL -MEDPLUS URGENT CARE406 Medical Park Drive, Atmore, AL, 36502
PROPERTY NAME
MARKETING TEAM
DECATUR MEDICAL CENTER
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
26
SALES COMPARABLES ON MARKET COMPARABLES
3
On Market
List Price $5,200,000
Rentable SF 20,608
CAP Rate 7.39%
Year Built 2003
PIEDMONT HEALTH MOB930 Franklin Springs St, Royston, GA, 30662
4
On Market
List Price $1,735,085
Rentable SF 5,858
CAP Rate 7.65%
Year Built 1968
TENNESSEE ORTHOPAEDIC CLINIC961 Oak Ridge Tpke, Oak Ridge, TN, 37830
5
On Market
List Price $5,750,000
Rentable SF 23,698
CAP Rate 6.72%
Year Built 1998
VANDERBILT MEDICAL (NASHVILLE MSA)1670 W Main St, Lebanon, TN, 37087
8
DECATUR MEDICAL CENTER
LEASE COMPARABLES MAP
DECATUR MEDICAL CENTER
(SUBJECT)
2424 Danville Rd SW
401 Lee St NE
2506 Danville Rd SW
4
7
8
9
11
20
12
14
15
16
17
13
18
10
1
2
3
27
PROPERTY NAMEDECATUR MEDICAL CENTER
LEASE COMPARABLES
28
AVERAGE RENT PER SQUARE FOOT
Avg. $13
$0
$2
$4
$5
$7
$9
$11
$13
$14
$16
$18
Decatur
Medical
Center
2424
Danville
Rd SW
401
Lee St NE
2506
Danville
Rd SW
PROPERTY NAME
MARKETING TEAM
DECATUR MEDICAL CENTER
LEASE COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
29
Available SF 2,100
Asking Rent/SF $16.64
Year Built 2001
Occupancy 93%
Lease Type NNN
Lot Size 2.73 acre(s)
Parking Ratio 4.1:1000
DECATUR MEDICAL CENTER2349 Danville Rd SW, Decatur, AL, 35603
1
Rentable SF 15,000
Asking Rent/SF $12.00
Year Built 1999
Lease Type NNN
Lot Size 1.50
2424 DANVILLE RD SW2424 Danville Rd SW, Decatur, AL, 35603
2
Rentable SF 62,000
Asking Rent/SF $11.00
Year Built 1982
Lease Type Gross
401 LEE ST NE401 Lee St NE, Decatur, AL, 35601
PROPERTY NAME
MARKETING TEAM
DECATUR MEDICAL CENTER
LEASE COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
30
Rentable SF 24,000
Asking Rent/SF $15.00
Year Built 2000
Lease Type NNN
3
2506 DANVILLE RD SW2506 Danville Rd SW, Decatur, AL, 35603