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RED CLIFF POINTEGRAND JUNCTION, COLORADO
Offering Memorandum
A 54,358 Gross Square Foot Community Shopping Center
NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & 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 matters and 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 of the information set forth herein.
Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2017 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 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, prod-
uct, 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.
RED CLIFF POINTEG R A N D J U N C T I O N , C O L O R A D O
O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A
WWW.MARCUSMILLICHAP.COM
BARRY HIGGINSSenior Vice President Investments
Denver, ColoradoOffice 303.328.2012
[email protected] CO EA 748415
EXCLUSIVELY LISTED BY
01
06
09
EXECUTIVE SUMMARYSECTION 1 Offering Highlights • Property Maps
COMPARABLE PROPERTIESSECTION 3 Lease Comparables • Sales Comparables
FINANCIAL ANALYSISSECTION 2 Pricing Details • Operating Data • Rent Roll
TABLE OF CONTENTS
Exclusively Listed By:
RED CLIFF POINTEG R A N D J U N C T I O N , C O L O R A D O
20 MARKETING PLANSECTION 4
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate
Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0050568
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Year Built 1990
Gross Square Feet 54,358 SF
Net Rentable Square Feet 49,686 SF
Lot Size 4.36 AC
Parking Spaces 172
Parking Ratio 2.53 /1,000 SF
Construction Masonry
Assessor APN 2945-124-00-022 (Mesa County)
Zoning C-1
PROPERTY DETAILS
OFFERING HIGHLIGHTS
2650 North Ave. Grand Junction, CO 81501
OFFERING PRICE
$5,200,000
RED CLIFF POINTE
GOING-IN CAP RATE
8.9%PRICE PER NET RENTABLE SQUARE FOOT
$104.66
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INVESTMENT OVERVIEWMarcus & Millichap is proud to present to qualified investors Red Cliff Pointe, a 49,686 square foot multi-tenant community shopping center. Red Cliff is located on North Avenue in Grand Junction, a major four-lane thoroughfare with traffic counts of 34,287 vehicles per day. Built in 1990, Red Cliff Point is 94 percent leased to seven tenants, of which 56 percent of the space is national credit, including Comfort Dental, CSL Plasma and Tuesday Morning. All leases are triple-net and current in-place rents average $9.63 per square foot.
Red Cliff Pointe’s stability and future upside growth potential cannot be overstated. Comfort Dental has been in occupancy since 2014 and has five years remaining (4/2024); CSL Plasma is on a 15-year lease with approximately 12 years remaining (2/2031) with two option periods with rent bumps; Tuesday Morning, in occupancy since 2000, has one year remaining with two three-year options, and has recently indicated a desire to renew and expand. All three tenants have rent escalators. It is also noteworthy that CSL Plasma has invested in excess of $1,000,000 in rehab and tenant improvement costs in their space.
The city of Grand Junction, with a population of approximately 100,000 in its MSA, is experiencing its best growth year in a decade. The economy has become more diverse and less dependent on the oil and gas industry. Many new companies in the tech industry as well as service and distribution have relocated to the Grand Junction valley. In addition, North Avenue is undergoing a revitalization plan. It is part of a four-mile corridor which is being petitioned as an urban renewal area. This will also drive more traffic to this retail area and instill increased rents and occupancy levels for the future.
Priced at an 8.9 percent capitalization rate, and $104 per square foot, Red Cliff Pointe will provide a new owner with a going-in double digit cash flow, stability in tenancy, national credit anchors, excellent frontage on a major high traffic thoroughfare, and upside in current rents with built-in lease escalators.
RED CLIFF POINTE GRAND JUNCTION, CO
INVESTMENT HIGHLIGHTS
► 94% Leased and Occupied
► National Credit Tenants Include Comfort Dental, CSL Plasma, and Tuesday Morning
► Fronts on Major Thoroughfare with 32,487 VPD
► Double Digit Cash-on-Cash Going In
► Stable, Long-Term Leases for National Anchors
► Rent Bumps in Most Leases
► Located in an “Urban Renewal” Area
► CSL Plasma has Invested $1,000,000+in Space
► Tuesday Morning in Occupancy Since 2000
RETAIL MARKET AERIAL MAP
Subject Property
LOCAL RETAIL
LOCAL RETAIL
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PRICING DETAILS
*Loan information is subject to change. Contact your Marcus and
Millichap Capital Corporation representative.
OPERATING DATA
INCOME YEAR 1 PROFORMA
Scheduled Base Income $497,802
Expense Reimbursements $147,316*
Gross Scheduled Income $645,118
Vacancy (5%) ($32,256)
Effective Gross Income $612,862
Total Operating Expenses $152,422
Net Operating Income $460,440
Debt Service $258,540
Net Cash Flow After Debt Service $201,900 (12.94%)
OPERATING EXPENSES YEAR 1 PROFORMA
Real Estate Taxes $70,035
Insurance $9,199
Cleaning & Maintenance $19,477
Utilities $3,985
Grounds $21,354
Employment Tax $1,125
Legal & Professional $2,318
Other Expenses- Non Reimbursable $3,090
Management Fee (4%) $21,839
Total Expenses $152,422
Expenses/ Net Rentable SF $3.07
PRICE $5,200,000
Down Payment 30% / $1,560,000
Price Per Net Rentable Square Foot $104.66
Gross Square Feet 54,358
Net Rentable Square Feet 49,686
Occupancy 94.00%
RETURNS
Year 1 Cap Rate Proforma 8.9%
Year 1 Cash-on-Cash Proforma 12.94%
Year 1 Debt Coverage Ratio Proforma 1.78
FINANCING
Loan Amount 70% / $3,640,000
Loan Type New Loan
Interest Rate 5.125%
Amortization 25 Years
Term 7-10 Years
*Less non-reimbursable and admin. cap
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RENT ROLL
TENANT SUITESQUARE
FEETLEASE COMM.
LEASE EXP.ANNUAL RENT/SF
TOTAL RENT/
MONTH
CHANGES ON
RENT INCREASE
LEASE TYPE
RENEWAL OPTIONS
Comfort Dental101-103
120D
6,023
12.00%5/1/2014 4/1/2024 $11.65 $5,850 May-2019 $6,750 NNN
Two, 5-Year Options
CSL Plasma 104-10810,115
20.20% 3/1/2016 2/28/2031 $10.25 $8,640
Mar-2021
Mar-2026
$9,508
$10,452NNN
Two, 5-Year Options at
Market Rate
Steadfast Delights 109-1102,678
5.39%6/1/2018 5/30/2023 $9.00 $2,009 NNN
Tuesday Morning 111-11511,500
23.00%7/5/2000 7/31/2019 $9.50 $9,104 Aug-2019 $10,062 NNN
Two, 3-Year Options
Heritage Property
Management116
2,170
4.30%11/1/2012 10/31/2019 $9.04 $1,634 NNN
Vacant 1173,000
6.00%$10.00 $2,500 NNN
Dr. Gary Animal Hospital 118-1193,000
6.00%4/1/2016 3/31/2020 $9.00 $2,250 NNN
Junction Eco Mart 12011,200
22.40% 8/1/2018 7/31/2023 $9.00 $8,400
Aug-2023
Aug-2028
$9,333
$10,268NNN
Two, 5-Year Options
Total Net Rentable Square Feet: 49,686 Total Monthly Income: $40,387
Total Occupied Net Rentable Square Feet: 46,686 Total Annual Income: $484,644
Total Net Rentable Occupancy: 94.00% Average Rent/SF: $9.63
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TENANT Tuesday Morning
Credit National
Total Locations 800
Website www.TuesdayMorning.com
Headquarters Dallas, TX
TENANT OVERVIEW
ABOUTComfort Dental was founded in 1977 by Dr. Rick A. Kushner, and has
since grown in to the largest and most successful dental franchise in the
world. Services offered include general dentistry, orthodontic treatment,
periodontics, pediatric density, implants, oral surgery and oral cancer
screenings. Comfort Dental pioneered the concept of “fair pricing dentistry”,
ensuring people of all economic backgrounds are able to access quality
dental care.
TENANT CoMforT denTal
Credit National
Total Locations 100
Website www.ComfortDental.com
Headquarters Lakewood, CO
ABOUTTuesday Morning is a national retail chain established in 1974 specializing
in both domestic and international closeouts of medium to high-end name
brand gifts, luxury home textiles, home furnishings, housewares and seasonal
décor. Each store is characterized by a diverse merchandise selection, with
a focus on quality brands and designer names at unparalleled savings of 20-
60 percent off department and specialty store prices.
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TENANT Csl PlasMa
Credit National
Locations 170
Website www.CSLPlasma.com
Headquarters King of Prussia, PA
ABOUTCSL Plasma Inc. is one of the world’s largest collectors of human plasma.
As a leader in plasma collection, CSL Plasma is committed to excellence
and innovation. The work that CSL Plasma does helps to ensure that tens
of thousands of people are able to live normal, healthy lives. As a company,
they are deeply committed to the work the do because millions of lives
depend on them. CSL Plasma Testing Laboratories test millions of plasma
samples each year, ensuring the safety of the plasma.
TENANT sTeadfasT delighTs
Credit Local
Locations 1
Website www.SteadfastDelights.com
Headquarters Grand Junction, CO
ABOUTSteadfast Delights is a Grand Junction coffee house and ice cream shop.
The shops hosts many fundraising and community events on a weekly basis,
and is truly a gathering place for the community. Also offering sandwich and
wraps, Steadfast Delights is a lunchtime destination along the North Avenue
Corridor.
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TENANT dr. gary aniMal hosPiTal
Credit Local
Total Locations 1
Website www.Dr-Garys.net
Headquarters Grand Junction, CO
ABOUTHeritage Property Management specializes in home rentals and Homeowner
Association management (HOA) in the Grand Junction area, providing
exceptional leasing and property management services including tenant
screening, property inspections, property repair and maintenance.
TENANT heriTage ProPerTy ManageMenT
Credit Local
Total Locations 1
Website www.HPMGJ.com
Headquarters Grand Junction, CO
ABOUTDr. Gary has over 20 years of veterinary medicine experience, and specializes
in the care of exotic pets. He also makes house calls, convenient for large
animals like horses. He is passionate about all aspects of veterinary care,
including dental maintenance and pet wellness plans.
TENANT OVERVIEW
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ABOUTJunction Eco Mart serves the Grand Junction area with affordable used
furniture. The Red Cliff Pointe location serves as an inventory showroom.
The company prides itself on being environmentally friendly, as they collect
items that could have ended up in a landfill.
TENANT JunCTion eCo MarT
Credit Local
Total Locations 1
Website None
Headquarters Grand Junction, CO
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ESLEASE COMPARABLES – SUMMARY
TELLER ARMS CENTER
RED CLIFF POINTE
1
EASTGATE SHOPPING CENTER2
PEACHTREE SHOPPING CENTER3
CHINLE PLAZA4
HILLCREST PLAZA5
CORONADO PLAZA6
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LEASE COMPARABLES
RED CLIFF POINTE2650 North Ave. Grand Junction, CO
AVERAGE RENT/SF $9.63
Occupancy 94.00%
Available SF 3,000 SF
Lease Type NNN
ADDITIONAL INFO
Year Built 1990
Net Rentable Square Feet 49,686 SF
1 TELLER ARMS CENTER2401 North Ave. Grand Junction, CO
AVERAGE RENT/SF $10.00
Occupancy 85%
Available SF 18,682 SF
Lease Type NNN
Date of Survey 5/30/18
ADDITIONAL INFO
Year Built 1964 / 2004
Net Rentable Square Feet 127,532 SF
Big Lots
Dollar Tree
Planet Fitness
Rent-A-Center
Wilson Estates
KEY TENANTS
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2 EASTGATE SHOPPING CENTER 2836 North Ave. Grand Junction, CO
3
AVERAGE RENT/SF $10.00
Occupancy 100%
Available SF 0 SF
Lease Type NNN
Date of Survey 5/30/2018
ADDITIONAL INFO
Year Built 1972
Net Rentable Square Feet 142,465 SF
Sears Outlet
Rib City Grill
Hookah Lounge
Carpetland USA
Rent to Own
Tek Star
KEY TENANTS
PEACHTREE SHOPPING CENTER 3225-3227 I-70 Business Loop, Clifton, CO
AVERAGE RENT/SF $11.00
Occupancy 60%
Available SF 16,268 SF
Lease Type NNN
Date of Survey 5/30/2018
ADDITIONAL INFO
Year Built 1983
Net Rentable Square Feet 40,671 SF
Wells Fargo Bank
Advance America
Short Kuts
Sarahdipity Salon
Mexican Carnicereia
KEY TENANTS
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4 CHINLE PLAZA 644 North Ave. Grand Junction, CO
5
AVERAGE RENT/SF $14.29
Occupancy 100%
Available SF 0 SF
Lease Type NNN
Date of Survey 5/30/2018
ADDITIONAL INFO
Year Built 1995
Net Rentable Square Feet 20,648 SF
KEY TENANTS
HILLCREST PLAZA 104 Orchard Ave. Grand Junction, CO
AVERAGE RENT/SF $9.25
Occupancy 100%
Available SF 0 SF
Lease Type NNN
Date of Survey 5/30/2018
ADDITIONAL INFO
Year Built 1897
Net Rentable Square Feet 26,371 SF
KEY TENANTS
Zoup!
Jitterz Coffee Hut
Bocaza Mexican Grill
Papa Murphy’s
Carnaceria Sonora
Hillcrest Printing
Ritz Consignment
High Desert CPA’s
Mesa Financial
Colorado Tai Chi
Networks Unlimited
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6 CORONADO PLAZA 569 32 Rd. Grand Junction, CO
AVERAGE RENT/SF $12.00
Occupancy 96.9%
Available SF 2,863 SF
Lease Type NNN
Date of Survey 5/30/2018
ADDITIONAL INFO
Year Built 1979
Net Rentable Square Feet 95,417 SF
KEY TENANTS
Ace Hardware
City Market
Smoker Friendly
US Bank
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SALES COMPARABLES – SUMMARY
2
SHOPPES ON HORIZON
RED CLIFF POINTE
1
2
3
PEACHTREE SHOPPING CENTER
HILLCREST PLAZA
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SALES COMPARABLES
1
SALES PRICE $5,200,000
Year Built 1990
Cap Rate 8.9%
Price Per Net Rentable SF $104.66
RED CLIFF POINTE2650 North Ave. Grand Junction, CO
SHOPPES ON HORIZON683 Horizon Dr. Grand Junction, CO
SALES PRICE $2,400,000
Sale Date 9/11/2017
Year Built 2005
Cap Rate 8.92%
Price Per Net Rentable SF $148.41
NOTESThe Shoppes on Horizon has an average rent of $21 per square foot and was
100 percent occupied at the time of sale
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32
SALES PRICE $2,150,000
Sale Date 10/17/2017
Year Built 1983
Cap Rate 7.40%
Price Per Net Rentable SF $52.86
NOTESPeachtree Shopping Center has an average rent of $10.13 per square foot and
was 54 percent occupied at the time of sale
PEACHTREE SHOPPING CENTER 3225-3227 I-70 Business Loop, Clifton, CO
SALES PRICE $1,515,000
Sale Date 4/26/2018
Year Built 1995
Cap Rate 9.10%
Price Per Net Rentable SF $87.90
HILLCREST PLAZA 104 Orchard Ave. Grand Junction, CO
NOTESAverage rents at Hillcrest Plaza are $9.25 per square foot and the center was
100 percent occupied at the time of sale. Some leases are gross. RE
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DEMOGRAPHIC SUMMARY5-Mile Radius
Population
Employment
Housing
Race and Ethnicity
Income
Households
The 2017A population estimate in this selected geography is 103,931. The 2010 Census revealed a population of 100,815, and in 2000 it was 82,129 representing a 22.8% change. It is projected the population in this area will be 111,563 in 2022, representing a change of 7.3% from 2017A. The current population is 49.4% male and 50.6% female. In 2017A, the median age of the population in this area was 36.1, compared to the Entire US median age which was 37.8 . The population density in your area is 1,321.6 people per square mile.
In 2017A, there were 82,856 people over the age of 16 in the labor force in your geography. Of these 93.7% were employed, 6.3% were unemployed, 30.2% were not in the labor force and 0.0% were in the Armed Forces. In 2017A, Civilian unemployment in this area was 6.3% .
In Q3 2017, there were 51,625 employees in this selected area (daytime population) and there were 4,774 establishments. For this area in 2017A, white collar workers made up 56.3% of the population, and those employed in blue collar occupations made up 25.1% . Service and Farm workers made up 18.7% of the population. In 2010, the average time traveled to work was 20 minutes.
The median housing value in this area was $103,176 in 2000; compare this to the Entire US median of $110,813 for the same year. The estimated median housing value in 2017A in this area is $191,605; compare this to the Entire US median of $193,953 for the same year. In 2010 there were 92.6% owner occupied housing units in this area vs. 92.6% estimated in 2017A. Also in 2010, there were 0.3% renter occupied housing units in this area vs. 0.4% estimated in 2017A. The average rent in 2017A was $727 .
In 2017A, the racial makeup of this selected area was as follows: 86.2% White; 1.1% Black; 1.2% Native American; 1.1% Asian/Pacific Islander; and10.4% Other. Compare these to the Entire US racial makeup which was: 70.4% White, 12.8% Black, 1.0% Native American, 5.7% Asian/Pacific Islander and 10.0% Other. People of Hispanic ethnicity are counted independently of race. People of Hispanic origin make up 17.1% of the current year population in this selected area. Compare this to the Entire US makeup of 17.9% . Changes in the population within each race and ethnicity category from the 2000 Census to the 2010 Census are as follows: 34.7% American Indian, Eskimo, Aleut Population; 137.2% Asian, Pacific Islander; 75.2% Black; 71.1% Hispanic Ethnicity; 76.8% Other; White 17.9%.
In 2017A, the median household income in this selected geography was$48,041 , compared to the Entire US median which was $56,286 . The Census revealed median household incomes of $47,875 in 2010. It is projected the median household income in this area will be $56,364 in 2022, which would represent a change of 17.3% from the current year.
In 2017A, the per capita income in this area was $25,317 , compared to the Entire US per capita, which was $28,088 . The 2017A average household income for this area was $25,102 , compared to the Entire US average which was $30,982.
There are currently 41,049 estimated households in this selected geography. The Census revealed household counts of 40,281 in 2010 and 32,953 in 2000, representing a change of 22.2%. It is projected the number of households in this area will be44,544 in 2022, representing a change of 8.5% from the current year. In 2010, the average number of years in residence in this geography’s population is10.1 . The average household size in this geography was 2.4 people and the average family size was 3.1 people. The average number of vehicles per household in this geography was 2.0
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DEMOGRAPHIC SUMMARY
POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection
Total Population 11,983 70,801 111,470
2017 Estimate
Total Population 11,642 66,617 103,842
2010 Census
Total Population 11,403 64,949 100,729
2000 Census
Total Population 10,614 54,205 82,064
Current Daytime Population
2017 Estimate 19,526 87,940 123,632
HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection
Total Households 5,121 28,848 44,504
2017 Estimate
Total Households 4,904 26,888 41,012
Average (Mean) Household Size 2.26 2.36 2.45
2010 Census
Total Households 4,860 26,606 40,245
2000 Census
Total Households 4,582 22,581 32,922
Occupied Units
2022 Projection 5,121 28,848 44,504
2017 Estimate 5,311 29,139 44,312
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate
$150,000 or More 1.45% 4.41% 4.96%
$100,000 - $149,000 4.94% 9.46% 9.95%
$75,000 - $99,999 9.88% 11.89% 12.16%
$50,000 - $74,999 15.67% 20.36% 21.31%
$35,000 - $49,999 17.76% 14.77% 14.43%
Under $35,000 50.31% 39.14% 37.17%
Average Household Income $45,293 $60,269 $62,250
Median Household Income $34,811 $45,615 $48,078
Per Capita Income $19,550 $25,059 $25,119
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure $52,685 $65,047 $67,149
Consumer Expenditure Top 10 Categories
Housing $14,565 $17,295 $17,758
Shelter $9,285 $10,907 $11,173
Transportation $8,915 $11,244 $11,644
Food $5,470 $6,431 $6,608
Personal Insurance and Pensions $3,777 $5,055 $5,322
Health Care $3,059 $4,108 $4,265
Utilities $2,577 $3,063 $3,158
Entertainment $2,103 $2,740 $2,854
Cash Contributions $1,704 $2,669 $2,861Household Furnishings and Equipment $1,349 $1,632 $1,687
POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age
2017 Estimate Total Population 11,642 66,617 103,842
Under 20 23.82% 25.19% 25.67%
20 to 34 Years 29.62% 23.94% 22.88%
35 to 39 Years 6.77% 6.09% 6.15%
40 to 49 Years 9.60% 9.98% 10.38%
50 to 64 Years 16.89% 18.13% 18.77%
Age 65+ 13.29% 16.70% 16.17%
Median Age 32.88 35.67 36.12
Population 25+ by Education Level
2017 Estimate Population Age 25+ 7,732 44,276 69,159
Elementary (0-8) 3.10% 2.83% 2.87%
Some High School (9-11) 10.04% 7.39% 7.46%
High School Graduate (12) 27.27% 29.31% 29.37%
Some College (13-15) 27.63% 26.44% 27.17%
Associate Degree Only 10.22% 8.37% 8.34%
Bachelors Degree Only 13.90% 16.84% 16.28%
Graduate Degree 7.19% 7.93% 7.65%
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TRAFFIC COUNTS MAP
RED CLIFF POINTE
North Avenue 27,000 VPD
2nd Avenue 7,287 VPD
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RED CLIFF POINTE
E X C L U S I V E LY L I S T E D B Y
BARRY HIGGINSSenior Vice President Investments
Denver, ColoradoOffice 303.328.2012
[email protected] CO EA 748415