Offering Memorandum - LoopNet€¦ · MARKETING TEAM 10+ YR LEASES (M AJORITY DAVITA) - FRANKLIN COMMONS MOB SALES COMPARABLES rentpropertyname1 rentpropertyaddress1 rentpropertyname1

10+ YR LEASES (MAJORITY DAVITA) - FRANKLIN COMMONS MOB - BLDG. #8720 Johnsville Blvd • Warminster, PA 18974

Offering Memorandum

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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 andshould 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, unverifiedinformation 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 duediligence 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, thefuture 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 orasbestos, 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 anytenant'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 mattersand makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all ofthe information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & 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 nameis 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, orcommercial 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.

10+ YR LEASES (MAJORITY DAVITA) - FRANKLIN COMMONS MOBWarminster, PAACT ID ZAA0020306

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TABLE OF CONTENTS

SECTION

FINANCIAL ANALYSIS 01Tenant Summary

Operating Statement

Notes

Pricing Detail

Acquisition Financing

INVESTMENT OVERVIEW 02Offering Summary

MARKET COMPARABLES 03Sales Comparables

MARKET OVERVIEW 04Market Analysis

Demographic Analysis

10+ YR LEASES (MAJORITY DAVITA) - FRANKLIN COMMONSMOB

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4

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


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TENANT SUMMARY

*Davita – The rent shown in the analysis is the contracted rent commencing on 4/1/2020. Tenant is currently paying ahigher rent and the remaining difference in rent at the close of escrow will be credited to the Seller.

**Franklin Realty Development – Tenant will sign a 10 year lease commencing at the close of escrow.

FINANCIAL ANALYSIS


OPERATING STATEMENT

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1) 2019 Budgeted expenses2) Condo Association Dues – Include Landscaping, Snow Removal & Trash Expenses for the office park3) Tenants pay the following expenses directly: Gas, Electric, HVAC Maintenance and Suite R&M4) Water & Sewer – These expenses are 100% reimbursed by the tenants5) Management Fee – Projected at the maximum allowable per the Davita lease of 4% EGI.6) Real Estate Taxes – Current Taxes Shown & they include the Street Lighting Tax ($170/Yr.)7) Davita CAM Reimbursements – Calculated based on a 2009 BY of $2.23/SF. For the purposes of this calculation, the following expensesare excluded since they are NNN: Water & Sewer and the Management Fee.8) Franklin Realty Development CAM Reimbursements – Tenant will sign a NNN lease at the close of escrow.


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OFFERING SUMMARY

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EXECUTIVE SUMMARY


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INVESTMENT

OVERVIEW


OFFERING SUMMARY

10+ Year Remaining Lease Terms 80% Leased to Davita (Fortune 200 Company &

2,500+ Locations) Situated 27 Miles NE of Downtown Philadelphia Low PPSF - $236 Across the Street from a 1,400 Bed Retirement

Community

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to present the 7,864 SF Franklin Commons MOB located in Warminster, PA. Thesubject property is situated 27 miles Northeast of Downtown Philadelphia and it is easily accessible fromHighways 132 & 332.

This extremely stable 2 tenant Medical/Office Building features 10+ year remaining lease terms and it is 80%leased to a subsidiary of Davita (2,500+ locations & a Fortune 200 company). The other tenant in the project isFranklin Realty Development Corp., a local development and management company that has been in businesssince 1985.

The building is ideally located across the street from a 1,400 bed retirement community (Ann's Choice), whichoffers Davita a built in patient base. This property gives an investor the truly unique opportunity to acquire a longterm leased medical office building, with an established tenant base/attractive return and a low price per squarefoot.

INVESTMENT OVERVIEW

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12

TENANT PROFILES


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Davita (Red Willow Dialysis, LLC)

DaVita Kidney Care is a division of DaVita Inc., a Fortune 500® company, that through

its operating divisions provides a variety of health care services to patient populations

throughout the United States and abroad. A leading provider of dialysis services in the

United States, DaVita Kidney Care treats patients with chronic kidney failure and end

stage renal disease. DaVita Kidney Care strives to improve patients’ quality of life by

innovating clinical care, and by offering integrated treatment plans, personalized care teams and

convenient health-management services.

As of June 30, 2018, DaVita Kidney Care operated or provided administrative services at 2,580

outpatient dialysis centers located in the United States serving approximately 201,000 patients.

The company also operated 253 outpatient dialysis centers located in 10 countries outside the

United States. DaVita Kidney Care supports numerous programs dedicated to creating positive,

sustainable change in communities around the world. The company’s leadership development

initiatives and social responsibility efforts have been recognized by Fortune, Modern Healthcare,

Newsweek and WorldBlu.

General Information

Tenant Name Davita (Red Willow Dialysis, LLC)

Website www.davita.com

Parent Company Davita

Headquartered Denver, CO

Rentable Square Feet 6,297 SF

Percentage of RBA 80%

Lease Commencement 3/24/2010

Lease Expiration 3/31/2030

No. of Locations 2,580

DAVITA GUARANTOR INFO


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PROPERTY PHOTO


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Marcus & Millichap closes

more transactions than any other

brokerage firm.

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PROPERTY PHOTO

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PROPERTY PHOTOS

AERIAL PHOTO


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AERIAL PHOTO


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17

MARKET

COMPARABLES


SALES COMPARABLES MAP

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10+ YR LEASES (MAJORITY DAVITA) - FRANKLINCOMMONS MOB

(SUBJECT)

127 Lichfield Blvd

4008 E Parham Rd

6726 Mooretown Rd

Well Span Health

SALES COMPARABLES

ON MARKET COMPARABLES

1

2

3

4

PROPERTY NAME10+ YR LEASES (MAJORITY DAVITA) - FRANKLIN COMMONSMOB

SALES COMPARABLES

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SALES COMPARABLES

Avg. $511.83

Avg. $258.10

$0.00

$60.00

$120.00

$180.00

$240.00

$300.00

$360.00

$420.00

$480.00

$540.00

$600.00

FranklinCommons MOB

- DavitaMajorityLeased -10+ YearLeases

127Lichfield

Blvd

4008 EParham Rd

6726Mooretown

Rd

Well SpanHealth

Average Price Per Square Foot

Avg. 5.62%

Avg. 6.00%

0.0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6.3

7.0

FranklinCommons MOB

- DavitaMajorityLeased -10+ YearLeases

127Lichfield

Blvd

4008 EParham Rd

6726Mooretown

Rd

Well SpanHealth

Average Cap Rate

SALES COMPARABLES

ON MARKET COMPARABLES

SALES COMPS AVG

ON MARKET COMPS AVG

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


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SALES COMPARABLES ON MARKET COMPARABLES

Asking Price $1,855,000

Price/SF $235.89

CAP Rate 6.25%

Year Built 2008

Occupancy 100%

Parking Ratio 4:1,000 SF

FRANKLIN COMMONS MOB - DAVITA MAJORITYLEASED - 10+ YEAR LEASES

720 Johnsville Blvd, Warminster, PA, 189741

Close of Escrow 9/27/2018

Sales Price $4,220,507

Rentable SF 7,324

Price/SF $576.26

CAP Rate 5.6%

Year Built 2018

Occupancy 100%

NOTESSingle Tenant Fresenius Sale (BBB- Credit) with 14.5 years remaining onthe lease.

127 LICHFIELD BLVD127 Lichfield Blvd, Fredericksburg, VA, 22406

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Rentable SF 7,194

Price/SF $512.79

CAP Rate 5.65%

Year Built 2017

Occupancy 100%


4008 E PARHAM RD4008 E Parham Rd, Henrico, VA, 23228

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


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SALES COMPARABLES ON MARKET COMPARABLES


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Rentable SF 8,201

Price/SF $446.43

CAP Rate 5.6%

Year Built 2017

Occupancy 100%

6726 MOORETOWN RD6726 Mooretown Rd, Williamsburg, VA, 23188

4

On Market

List Price $2,253,209

Rentable SF 8,730

Price/SF $258.10

CAP Rate 6%

Year Built 2019

Occupancy 100%

NOTESSingle Tenant MOB On Market (Leased to WellSpan - AA- Credit) with 10years remaining on the lease.

WELL SPAN HEALTH2149 S Queen St, York, PA, 17403


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MARKET

OVERVIEW

MARKET OVERVIEW

PHILADELPHIAOVERVIEW

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The Philadelphia metro encompasses 11 counties in four states:Philadelphia, Delaware, Bucks, Chester and Montgomery inPennsylvania; Gloucester, Burlington, Camden and Salem counties inNew Jersey; New Castle County in Delaware; and Cecil County inMaryland. The Delaware River bisects the metropolis from northeast tosouthwest and serves as the border between Pennsylvania and NewJersey. The Schuylkill River passes through the heart of Philadelphia,separating West Philadelphia from Center City. The Philadelphia metrocontains approximately 6.1 million residents. Although the metro hasmore than 360 municipalities, few have more than 50,000 citizens.Philadelphia is the largest city with close to 1.6 million residents.

MARKET OVERVIEW

METRO HIGHLIGHTS

HIGHLY EDUCATED WORKFORCEPhiladelphia has one of the highest concentrationsof institutions of higher learning in the nation,including the University of Pennsylvania, TempleUniversity and Drexel University.

EXPANDING HEALTH-SCIENCES SECTORThe metro is a significant pharmaceutical, medicaland biosciences center. Major companies includeMerck, GlaxoSmithKline and Johnson & Johnson.

TRANSPORTATION NETWORKInterstate 95 connects Philadelphia to both NewYork City and Washington, D.C., and Interstate 76links the region to Pittsburgh and Cleveland.


MARKET OVERVIEW

ECONOMY Drivers of the region’s economy include pharmaceuticals, biotechnology, financial services,

education, transportation logistics, advanced manufacturing and telecommunications. The Philadelphia area is home to nine Fortune 500 companies that operate across a broad

spectrum of industries, including AmerisourceBergen, Comcast and Aramark. Philadelphia is headquarters of the Federal Reserve’s Third District, which, along with the

U.S. Mint, the Philadelphia Stock Exchange and companies such as Lincoln Financial Groupand Vanguard, helps shape a formidable financial sector.

SHARE OF 2018 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

University of Pennsylvania

Jefferson Health System

Merck & Co.

Drexel University

Temple University and Health System

Trinity Health Corp.

Comcast

Bank of America Corp.

Children’s Hospital of Philadelphia

The Vanguard Group Inc.* Forecast

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MANUFACTURING6%

GOVERNMENT

HEALTH SERVICESEDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

18%AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL ANDBUSINESS SERVICES

1%INFORMATION

16%

4%

12% 9% 7%

22%


MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

The metro is expected to add nearly 122,000 people over the next five years, whichwill result in the formation of nearly 70,000 households.

A median home price below the U.S. level has afforded 67 percent of households toown their homes, compared with 64 percent for the nation.

Roughly 35 percent of people age 25 and older hold a bachelor’s degree; amongthose residents, 14 percent also have earned a graduate or professional degree.

Philadelphia offers its residents an attractive package of economic, educational, culturaland recreational advantages. Its transformation from a manufacturing-based economy toone more reliant on information will continue to provide greater economic opportunities. Inaddition, the cost of living in Philadelphia is much less than in other major East Coastmarkets. Philadelphia provides both visitors and locals with a wide array of destinations.Art and science museums are plentiful, and the restaurant and nightclub scene is alive inthe Center City area. The metro houses major professional sports teams, including theEagles (NFL), 76ers (NBA), Phillies (MLB), Flyers (NHL) and Union (MLS) in addition tonumerous golf courses, bike paths and water-related activities.

QUALITY OF LIFE

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* ForecastSources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’sAnalytics; U.S. Census Bureau


2018 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

7%25-44 YEARS

26%45-64 YEARS

27%65+ YEARS

15%

38.62018

MEDIAN AGE:

U.S. Median:

38.0

$66,7002018 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

$58,800

6.1M2018

POPULATION:

Growth2018-2023*:

2.0%

2.3M2018

HOUSEHOLDS:

3.0%Growth

2018-2023*:

MEDICAL OFFICE RESEARCH


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Shifts Toward Outpatient Care Encourage Off-Campus Medical OfficeDevelopment; Investors Optimistic About Market Outlook

Industry consolidation prompts medical office development. Mergers among healthcare companies andproviders has been a driving force behind changes in the industry and how physicians interact withpatients. Emerging technologies and a shift in the care delivery model are spilling over into thedevelopment of medical offices. A rise in outpatient services and procedures has encouragedmedical office development in off-campus locations over the past few years. Hospitals and medicalproviders seek to place offices in neighborhoods and suburban areas, closer to where people liveand work, in order to reduce costs and appeal to patients seeking medical care. While these factorsbode well for today’s medical office market, the industry still faces numerous challenges as anaging population is met with a physician shortage, rising healthcare costs and insurance reformuncertainty. Despite these challenges, patient demand for services remains strong and will continueto drive further expansion and growth in the medical office building sector.

Advancing healthcare costs. Healthcare expenditures have risen at a hastened pace since 2014 andcurrent projections place annual growth at an average near 5.5 percent through 2026. Withexpenses rising faster than forecasted GDP growth, healthcare expenditures are expected to makeup nearly 20 percent of U.S. GDP by 2026, growing from 13.3 percent in 2000. In 2016, healthcareexpenditures surpassed $10,000 per capita.

Investment Highlights Recently completed single-tenant medical office assets remain in high

demand across both private and institutional buyer segments. Propertieswith major medical providers or hospital systems backing leases trade ata premium, with first-year returns averaging in the high-5 percent to low-6percent span.

Sale-leaseback opportunities with private physician groups often requirepersonal guarantees of leases. Many physicians are bringing buildings tomarket in order to cash in on increased equity as property values haverisen over the past few years. Investors will be mindful of lease terms andare scrutinizing these deals closely as many buyers prefer the longerlease guarantees that come with deals tenanted by a major hospitalsystem or healthcare group. Buildings tenanted by a private physiciantypically trade 100 basis points above properties leased by major groups.

Investors are seeking stabilized multi-tenant medical office properties inprimary and secondary markets. Yield spreads between on-campus andoff-campus assets have compressed over the past few years, with privateinvestors and institutions expecting similar returns regardless of assets’proximity to an established hospital.

* Forecast ** Trailing 12 months through 2QSources: CoStar Group, Inc.; National Health Expenditure Accounts (NHEA)



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Economic and Demographic Trends

Healthcare employment gains have been some of the strongest over the past few years, with approximately307,000 healthcare services positions added over the past 12 months. While total job growth posted losses duringthe Great Recession, employment in the healthcare segment remained positive. Hiring among ambulatory careservices, which includes a range of physicians and general practitioners, has been the strongest at 27 percent since2009.

The 65 and older population has grown at an annual pace greater than 3 percent since 2011. The age group isanticipated to rise by 20 million people by 2028 and will comprise 20 percent of our nation’s population base.

Hiring in healthcare services remains steady this year with the addition of nearly 300,000 positions, or growth of 2.0percent. Though growth remains healthy this year, the potential for a future physician shortage and steadily risinghealthcare costs are facilitating changes and innovations in the healthcare industry that could restrain future medicaloffice space demand.

* ForecastSource: CoStar Group, Inc.



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Construction Trends

Medical office developers completed nearly 4.1 million square feet of space in the first six months of the year, withannual deliveries approaching 9.9 million square feet. The pace of deliveries slowed from the previous annual periodwhen 10.8 million square feet of space was added to stock.

Developers continue to focus on off-campus locations for new medical office space as medical providers expandservices into neighborhoods and locations farther away from hospitals and major medical centers.

The southern United States remains a target for developers with 3.8 million square feet of space coming online inthe Southeast and Southwest regions during the past 12 months. More than 1 million square feet of space alsocame online in each of the Central Plains, Midwest and Pacific regions.

Vacancy and Rent Trends

Vacancy in the property sector ticked up 10 basis points over the past four quarters to 8.2 percent, remaining near a10-year low. Nearly every region realized an increase in vacancy during the annual period, with the exception of theMountain region, where vacancy plummeted 60 basis points year over year to 11.1 percent.

The average gross rent ticked up 0.9 percent since the middle of 2017, reaching $23.18 per square foot in thesecond quarter. Consolidation within the healthcare industry is keeping pressure on rental rate growth. Two regionsrecorded rent advancement of more than 3.0 percent over the past year, the Central Plains and the Southeast.

While the Central Plains recorded the lowest medical office vacancy rate in the country at 5.4 percent in the secondquarter, the highest rents are found in the Pacific. The region’s average gross rent reached $29.89 per square footduring the past year, and six of the state’s major metropolitan areas boast some of the highest rental rates in theU.S.


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Source: CoStar Group, Inc.

Marcus & Millichap Medical Office Building RegionsTrailing 12 Months Through 2Q18


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2018 Medical Office Building Forecast

Construction:

Medical office deliveries totaled nearly 11.3 million square feet during 2017, but completions taper slightly this year. The bulk of newspace comes online in the Southwest and Southeast regions, where 980,000 and 950,000 square feet of space is slated for delivery in2018.

Vacancy:

The vacancy rate ticks up this year to 8.4 percent. The increase will be the first after eight consecutive years of vacancy declines.Despite the uptick, the rate remains near the 10-year low of 8.0 percent achieved during 2017.

Asking Rent:

A slight increase in the average gross rent advances the rate to $23.05 per square foot this year. The average medical office rent hasyet to climb back to the peak rate achieved before 2009 but is now within 20 cents of the mean recorded during 2008.

40 basispoint

decrease

10.7 million

square feet

1.0%increase



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Fed watchful as economic surge raises inflationary pressure. Strengthened hiring amid exceptionally low unemployment levels has boosted wage growth, placing upward pressure oninflation. Amid this trend coupled with rising trade protectionism and tariffs, the Federal Reserve appears determined to head off inflation risk by continuing its quarterly increases ofthe overnight rate. These actions are lifting short-term interest rates while the 10-year Treasury rate remains range bound near 3.0 percent. Should the 10-year remain steadfast,Fed tightening could create an inverted yield curve in which short-term rates rise above long-term rates. Although this event has preceded every recession of the past 50 years,many economists suggest such an inversion this year could be an exception to the rule. Because of distortions caused by regulatory changes and quantitative easing, thisinversion could be different. Nonetheless, the Fed’s stated path does raise recessionary risk levels because it could weigh on confidence levels and restrain spending byconsumers and businesses, thus slowing economic growth.

Lending market remains competitive as interest rates rise. Though interest rates are rising and cutting into investors leverage objectives, yield spreads for medical office buildings are stillfavorable. Average medical office cap rates remain more than 400 basis points above the 10-Year Treasury rate, which could prompt additional investors to seek assets in theproperty sector as they search for higher-yielding alternatives. Medical office interest rates currently reside in the mid-4 percent to mid-5 percent realm with maximum leverage of70 percent.

Potential rapid interest rate escalation a downside risk. Although capital remains plentiful, lending could tighten quickly for a short period if interest rates rise rapidly. As experienced in late2016 when the 10-year rose by more than 80 basis points in 60 days, and again at the beginning of 2018 when there was a 60-basis-point surge, market liquidity could tighten ifrates jump. Considering this has happened twice in the last two years, borrowers will likely benefit by taking a cautious approach with their lenders and lock in financing quickly.

** Cap rate trailing 12-month average through 2Q;Treasury rate as of June 28.Sources: CoStar Group, Inc.; Real Capital Analytics

Capital Markets

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2018 Experian

Created on May 2019

POPULATION 1 Miles 3 Miles 5 Miles 2023 Projection

Total Population 10,287 75,734 166,466 2018 Estimate

Total Population 9,541 74,403 162,165 2010 Census

Total Population 9,488 73,468 159,714 2000 Census

Total Population 7,975 70,970 153,985 Current Daytime Population

2018 Estimate 8,877 74,083 164,978HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2023 Projection

Total Households 4,642 30,313 63,525 2018 Estimate

Total Households 4,089 29,281 61,250Average (Mean) Household Size 2.36 2.54 2.62

2010 CensusTotal Households 4,085 28,929 60,240

2000 CensusTotal Households 2,899 26,599 56,123

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2018 Estimate

$200,000 or More 5.40% 7.07% 9.10%$150,000 - $199,999 5.21% 8.15% 9.94%$100,000 - $149,000 16.20% 20.38% 21.43%$75,000 - $99,999 12.43% 14.23% 14.36%$50,000 - $74,999 17.08% 17.03% 16.20%$35,000 - $49,999 14.02% 11.04% 10.38%$25,000 - $34,999 11.52% 7.99% 7.05%$15,000 - $24,999 9.79% 8.30% 6.74%Under $15,000 11.75% 9.88% 8.78%

Average Household Income $84,896 $99,180 $110,675Median Household Income $57,999 $74,747 $83,106Per Capita Income $36,662 $39,178 $41,930

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2018 Estimate Total Population 9,541 74,403 162,165Under 20 18.98% 21.12% 22.44%20 to 34 Years 18.64% 17.22% 16.96%35 to 49 Years 15.47% 17.26% 17.98%50 to 59 Years 10.51% 15.02% 15.90%60 to 64 Years 4.62% 6.44% 6.71%65 to 69 Years 4.34% 5.98% 5.95%70 to 74 Years 4.93% 5.01% 4.60%Age 75+ 22.50% 11.95% 9.48%Median Age 47.09 45.82 44.67

Population by Gender2018 Estimate Total Population 9,541 74,403 162,165Male Population 47.10% 48.45% 48.69%Female Population 52.90% 51.55% 51.31%

AVERAGE HEALTH CAREEXPENDITURE

1 Miles 3 Miles 5 Miles

2018 Estimate Total ExpenditurePercent of Total 17.02% 15.70% 14.97%Health Care Insurance $4,114 $4,337 $4,499Percent of Total 65.93% 70.52% 71.69%

Medical Services $1,274 $1,052 $1,026Percent of Total 20.41% 17.11% 16.34%

Medical Supplies $177 $158 $156Percent of Total 2.84% 2.57% 2.49%

Percentage Change 2018-Health Care Insurance 22.72% 19.39% 18.67%Medical Services 26.16% 23.01% 21.18%Medical Supplies 24.72% 22.46% 21.32%

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IncomeIn 2018, the median household income for your selected geography is$57,999, compare this to the US average which is currently $58,754.The median household income for your area has changed by 14.57%since 2000. It is estimated that the median household income in yourarea will be $66,868 five years from now, which represents a changeof 15.29% from the current year.

The current year per capita income in your area is $36,662, comparethis to the US average, which is $32,356. The current year averagehousehold income in your area is $84,896, compare this to the USaverage which is $84,609.

PopulationIn 2018, the population in your selected geography is 9,541. Thepopulation has changed by 19.64% since 2000. It is estimated that thepopulation in your area will be 10,287.00 five years from now, whichrepresents a change of 7.82% from the current year. The currentpopulation is 47.10% male and 52.90% female. The median age of thepopulation in your area is 47.09, compare this to the US averagewhich is 37.95. The population density in your area is 3,032.45 peopleper square mile.

HouseholdsThere are currently 4,089 households in your selected geography. Thenumber of households has changed by 41.05% since 2000. It isestimated that the number of households in your area will be 4,642five years from now, which represents a change of 13.52% from thecurrent year. The average household size in your area is 2.36persons.

EmploymentIn 2018, there are 5,190 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that62.83% of employees are employed in white-collar occupations in thisgeography, and 35.42% are employed in blue-collar occupations. In2018, unemployment in this area is 5.49%. In 2000, the average timetraveled to work was 30.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:80.49% White, 5.08% Black, 0.01% Native American and 2.94%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 15.69% 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 $314,578 in 2018,compare this to the US average of $201,842. In 2000, there were1,620 owner occupied housing units in your area and there were 1,279renter occupied housing units in your area. The median rent at thetime was $651.

Source: © 2018 Experian

DEMOGRAPHICS

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Offering Memorandum - LoopNet€¦ · MARKETING TEAM 10+ YR LEASES (M AJORITY DAVITA) - FRANKLIN COMMONS MOB SALES COMPARABLES rentpropertyname1 rentpropertyaddress1 rentpropertyname1

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