Embed Size (px)
Citation preview
GSA at Rio Grande6039 S Rio Grande Ave • Orlando, FL 32809
Offering Memorandum
1
L I S T E D B Y
2
Robbie McEwan, CCIMSenior AssociateAssociate Director - National Office and Industrial Properties GroupOrlando OfficeTel: (407) [email protected]: FL 3207356
Iwan E. GriffithsAssociateOrlando OfficeTel: (407) [email protected]: FL SL3305120
M A R C U S & M I L L I C H A P C A P I T A L C O R P O R A T I O N
Rick LechtmanFirst Vice President Capital MarketsCorporate OperationsManhattan OfficeTel: (212) [email protected]
Daniel LisserSenior DirectorOriginationsManhattan OfficeTel: (646) [email protected]
OFFERING SUMMARY
▪ Priced at $83.12 Per Square Foot - Well Below Replacement Cost
▪ 11.01% Cap Rate Based on Current Income at List Price
▪ U.S. Government Guarantee - "AA+" Credit Rating by Standard & Poor's
▪ Five Year Lease with Termination Option
INVESTMENT HIGHLIGHTS
Marcus & Millichap, as exclusive agent, is pleased to present for sale the GSA at Rio Grande (the Property), a two story, suburban office building totaling
75,197 square feet that is fully leased to the U.S. Government. The previous tenant spent over 1.6 million in tenant improvements in 2014 including
bathrooms, flooring, and extensive ceiling upgrades just to name a few, while the current GSA tenant has added an additional $143,318 in improvements
including new carpeting throughout. This asset provides abundant parking of approximately 350 surface spaces located at the rear of the building, which
the tenant, the Army Reserves, will utilize for training.
A manicured interior atrium provides a unique social gathering space as well as enabling natural light to flood the hallways. The property is uniquely
equipped with high-tech capabilities with Main Distribution Frame (MDF) and an Intermediate Frame (IDF) located on the premises. The building is pre-
wired for high speed internet via AT&T fiber optic cabling capable of up to 300 Mbps, and six Primary Rate Interfaces (PRI) available via Wi-Fi throughout
the building.
The property is located on South Rio Grande Avenue, a stones throw away from Lake Ellenor and lies between Orange Blossom Trail and John Young
Parkway. These main roads are heavily trafficked arteries running north-south dissecting Orlando with a combined traffic count of 95,000 Vehicles Per Day
(VPD). A Bus stop is located directly outside the building with Lynx Bus Service running every 15 minutes.
INVESTMENT OVERVIEW
3
GSA AT RIO GRANDE
#
OFFERING SUMMARY
4
EXECUTIVE SUMMARY
VITAL DATA
CURRENT
Price $6,250,000 CAP Rate 11.01%
Down Payment 100% / $6,250,000 Net Operating Income $688,056
Rentable SF 75,197 Total Return 11.01% / $688,056
Price/SF $83.12
Current Occupancy 100.0%
THE OFFERING
Property GSA at Rio Grande
Property Address 6039 S Rio Grande Ave, Orlando, FL
Assessors Parcel Number
22-23-29-7268-88-000
Zoning Ind-3, Orlando
SITE DESCRIPTION
Number of Floors 2
Year Built/Renovated 1973/2017
Rentable Square Feet 75,197
Ownership Fee Simple
Lot Size 4.58 acre(s)
GSA AT RIO GRANDE
REGIONAL MAP
GSA AT RIO GRANDE
5
LOCAL MAP
GSA AT RIO GRANDE
6
AERIAL PHOTO
GSA AT RIO GRANDE
7
PROPERTY PHOTO
8
GSA AT RIO GRANDE
PROPERTY PHOTO
9
GSA AT RIO GRANDE
PROPERTY PHOTO
GSA AT RIO GRANDE
10
Income
In 2016, the median household income for your selected geography is
$33,709, compare this to the US average which is currently $54,505.
The median household income for your area has changed by 10.47%
since 2000. It is estimated that the median household income in your
area will be $37,485 five years from now, which represents a change
of 11.20% from the current year.
The current year per capita income in your area is $14,914, compare
this to the US average, which is $29,962. The current year average
household income in your area is $43,675, compare this to the US
average which is $78,425.
Population
In 2016, the population in your selected geography is 12,002. The
population has changed by 4.71% since 2000. It is estimated that the
population in your area will be 12,698.00 five years from now, which
represents a change of 5.80% from the current year. The current
population is 51.36% male and 48.64% female. The median age of
the population in your area is 31.82, compare this to the US average
which is 37.68. The population density in your area is 3,824.07 people
per square mile.
Households
There are currently 4,097 households in your selected geography. The
number of households has changed by -4.65% since 2000. It is
estimated that the number of households in your area will be 4,364
five years from now, which represents a change of 6.52% from the
current year. The average household size in your area is 2.92 persons.
Employment
In 2016, there are 9,058 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
45.44% of employees are employed in white-collar occupations in
this geography, and 54.90% are employed in blue-collar occupations.
In 2016, unemployment in this area is 6.71%. In 2000, the average
time traveled to work was 26.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
46.31% White, 32.96% Black, 0.30% Native American and 4.22%
Asian/Pacific Islander. Compare these to US averages which are:
70.77% White, 12.80% Black, 0.19% Native American and 5.36%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 46.61% of the current year
population in your selected area. Compare this to the US average of
17.65%.
PROPERTY NAME
MARKETING TEAM
GSA AT RIO GRANDE
Housing
The median housing value in your area was $119,503 in 2016,
compare this to the US average of $187,181. In 2000, there were
1,506 owner occupied housing units in your area and there were
2,791 renter occupied housing units in your area. The median rent at
the time was $548.
Source: © 2016 Experian
DEMOGRAPHICS
11
L I S T E D B Y
12
Robbie McEwan, CCIMSenior AssociateAssociate Director - National Office and Industrial Properties GroupOrlando OfficeTel: (407) [email protected]: FL 3207356
Iwan E. GriffithsAssociateOrlando OfficeTel: (407) [email protected]: FL SL3305120
M A R C U S & M I L L I C H A P C A P I T A L C O R P O R A T I O N
Rick LechtmanFirst Vice President Capital MarketsCorporate OperationsManhattan OfficeTel: (212) [email protected]
Daniel LisserSenior DirectorOriginationsManhattan OfficeTel: (646) [email protected]
