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MEDICAL CENTER1101 N MAITLAND AVE, MAITLAND, FL 32751
O F F E R I N G M E M O R A N D U M
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NON-ENDORSEMENTAND DISCLAIMER NOTICE
NON-ENDORSEMENTSMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketingpackage. 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.
DISCLAIMERTHIS 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.©2018 Marcus & Millichap. All rights reserved. ACT ID: ZAB0310179
section one
PROPERTYOVERVIEW
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LISTING PRICE $1,600,000Rentable SF 6,615Price per SF $241.87Year Built 1995Lot Size 1.33 Acres
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o Ideally Situated in Maitland at the
Highly Accessible Corner of Maitland
Avenue and Maitland Boulevard
o 1.3 Miles East of Interstate-4 | 179,000
Cars per Day
o Great Opportunity to Service Residents
of Maitland, Winter Park, Altamonte
Springs and Casselberry
o The Building has 2 Separately Demised
Units as Shown on Next Page
o Monument & Building Signage
Available
o Built in 1997
o 54,500 AADT on Maitland Boulevard |
27,000 AADT on South Maitland Avenue
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NEW LUXURY APARTMENTSTOWN TRELAGO
Walgreens
N Orlando Ave | 35,500 Cars per Day
Maitland Blvd | 54,500 Cars per Day
I-4 | 170,500 Cars per Day
S Maitland Ave | 27,000 Cars per Day
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section two
MARKETOVERVIEW
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The City of Maitland (population 18,500) is among Central Florida’s
most attractive communities with a mix of scenic, tree-filled parks,
friendly neighborhoods, an active arts and history community, a
growing downtown center and one of the area’s top commerce
centers.
Maitland is in Orange County and is one of the best places to live in
Florida. Living in Maitland offers residents an urban suburban mix feel,
and most residents own their homes. In Maitland there are a lot of
restaurants, coffee shops, and parks. Many young professionals live in
Maitland and residents tend to have moderate political views. The
public schools in Maitland are above average.10
Winter Park is a suburban city in Orange County, Florida, United States. It is conveniently located just 6.2 miles north of Orlando, Florida (9.9 km). It lies near the intersection of Interstate 4, State Road 408, and Orlando International Airport.
Winter Park recently received the “Coolest Downtown” award and was recognized as a finalist for an "Outstanding Achievement Award for Environmental Efforts” at the 2017 America in Bloom (AIB) Symposium and Awards Program in Holliston, Massachusetts. Winter Park is known for its abundant outdoor spaces like Central Park.
It is part of the Orlando–Kissimmee–Sanford, Florida Metropolitan Statistical Area. The city’s estimated population in 2018 was 30,879. Orlando is 6.2 miles (9.9 km) to the south, Tampa is 90 miles (144 km) southwest, Saint Petersburg is 99 miles (159 km) southwest, and Miami, Florida is 207 miles (333 km) to the south. Winter Park is located near Interstate 4 and State Road 408. Interstate 4 spans approximately 133 miles. The 132-mile-long (212 km) highway's western terminus interchanges with Interstate 275 near downtown Tampa. Interstate 4 is known as the main highway for travelers who need to reach most of the area's attractions. State Road 408 runs the Turnpike in Gotha, east through downtown Orlando, where it intersects with Interstate 4, ending near State Road 50 south of the University of Central Florida. The city of Winter Park and surrounding cities rely on travelers for a considerable part of its economy.
The economy of Winter Park, FL employs 13.9k people. The largest industries in Winter Park, FL are Professional, Scientific, & Technical Services (2,188 people), Health Care & Social Assistance (1,852 people), and Educational Services (1,513 people), and the highest paying industries are Utilities ($85,875), Professional, Scientific, & Technical Services ($83,523), and Manufacturing ($77,625). Median household income in Winter Park, FL is $68,078. 11
City ofWINTER PARK
Rollins is a four-year, coeducational institution and the first officially recognized college in Florida. The school offers an attractive and historic residential community adjacent to the city of Orlando. The award-winning campus is situated on the shores of beautiful Lake Virginia and adjacent to the first-class dining, shopping, and entertainment options of Winter Park’s famous Park Ave. The 80-acre campus features distinctive Spanish-Mediterranean architecture and was named the No. 1 Most Beautiful College Campus by The Princeton Review, 2015-2016, and one of the 50 Most Amazing College Campuses by The Best Colleges, 2011-14. In the 2018-2019 academic year, Rollins student enrollment of undergraduate programs totaled 2,571, 512 graduate programs and 44 doctorate programs.
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o Key industries in the region include aerospace and defense systems, modeling, simulation and training, digital media, tourism and biotechnology.
o The metro is transforming into a digital media hub, housing hundreds of media companies.
o Orlando is a top vacation and business convention destination and is home to theme parks and tourist attractions, which support retail sales and a large hospitality sector.
o The local life sciences, biotech and medical technology industries are growing. Lake Nona Medical City is a 650-acre health and life sciences park located in the metro.
SHARE OF 2018 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERSWalt Disney World Co.Advent Health OrlandoPublix Super Markets Inc.Universal OrlandoOrlando HealthBusch Entertainment Corp.Lockheed Martin Corp.Marriott InternationalDarden Restaurants Inc.Starwood Hotels & Resorts Worldwide Inc. * Forecast
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MANUFACTURING4%
GOVERNMENT
HEALTH SERVICESEDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL ANDBUSINESS SERVICES
2%INFORMATION
18%
7%
9% 21% 6%
12%
LAKE SHORE APARTMENTS
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O R L A N D O M S A E C O N O M Y
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
o The metro is expected to add nearly 248,000 people over the next five years and during this period roughly 102,000 households will be formed.
o A median age below the U.S. median contributes to a homeownership rate of 61 percent, which is slightly below the national rate.
o Millennials, those in the cohort of 20- to 34-year-olds, comprise 22 percent of the population, slightly above the U.S. level of 20 percent.
Orlando residents enjoy a remarkable quality of life, highlighted by a sunny climate,professional sports teams, outdoor recreational activities, cultural venues, world-famousattractions and beaches nearby. The region offers healthcare facilities and exceptionalcommunity services such as Orlando Regional Medical Center and Advent HealthOrlando. Cultural opportunities are offered at the Dr. Phillips Center for the PerformingArts, Civic Theatre of Central Florida, the Orlando Opera Company, the Orlando BalletCompany and the Bach Festival Society. Amway Center in downtown is the OrlandoMagic’s arena. Large educational institutions in the area include the University ofCentral Florida and Valencia Community College.
QUALITY OF LIFE
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* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
LAKE SHORE APARTMENTS
2018 Population by Age
0-4 YEARS6%
5-19 YEARS19%
20-24 YEARS7%
25-44 YEARS29%
45-64 YEARS25%
65+ YEARS14%
37.22018
MEDIAN AGE:
U.S. Median:
38.0
$53,6002018 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:
$58,800
2.5M2018
POPULATION:
Growth2018-2023*:
10.0%
926K2018
HOUSEHOLDS:
11.0%Growth
2018-2023*:
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O R L A N D O M S A D E M O G R A P H I C S
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• Roughly 45,700 jobs were created in the metro during the past four
quarters, on par with the 3.6 percent expansion one year earlier. Steady employment
growth is keeping the unemployment rate below 4
percent. • The relatively higher-paying professional and business services sector led job gains in the last 12-month period with nearly 18,800
positions.
EMPLOYMENT
• Developers finalized 1,900 apartments during the first quarter of 2019, raising the year-over-year
total to 6,800 units. Almost all submarkets received new
inventory during this period, with the greatest portion in South
Orange County.• There are another 9,300 rentals
underway with completions scheduled into 2020. More than 2,000 of these units are in Central
Orlando.
CONSTRUCTION
• Vacancy ended the first quarter at 4.2 percent, following a 60-
basis-point drop one year earlier. New inventory in Central Orlando has pushed the vacancy rate to 6.0 percent, the highest among
metro submarkets.• The need for more housing that is
affordable for the working class has driven vacancy in Class C
rentals to 1.3 percent. Availability in Class A rests at 5.2 percent.
VACANCY
• During the past four quarters, the average effective rent climbed to $1,239 per month, following a
8.4 percent surge one year earlier.
• Higher vacancy in Class A rentals has stifled rent growth. The
average effective rent at $1,488 per month rose 2.7 percent over
the past four quarters. Rent in Class C buildings jumped 5.6
percent during the same period.
RENTS
increase in effective rents Y-O-Y
5.2%basis point increase in vacancy Y-O-Y
70units completed Y-O-Y
6,800increase in totalemployment Y-O-Y
3.6%
* Forecast2019 – 12-Month Period
O R L A N D O M S A