2159-2163 e vernor • detroit, mi 48207...2159-2163 e vernor • detroit, mi 48207 simon jonna...

P R E S E N T E D B Y

VERNOR HIGHWAY LAND2159-2163 E Vernor • Detroit, MI 48207

Simon Jonna

Executive Managing Director Investments

Senior Director - Net Leased Properties Group

Detroit Office

Tel: (248) 415-2625

[email protected]

Raymond Jonna

Senior Advisor

Member - National Retail Group

Detroit Office

Tel: (248) 415-3018

[email protected]

Subject Site

VERNOR HWY LAND

Detroit, MI

ACT ID Z0290808

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

Non-EndorsementsMarcus & 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, 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.

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INVESTMENT

OVERVIEW

REGIONAL MAP

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LOCAL MAP

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AERIAL PHOTO

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Lafayette Park Eastern Market

Downtown Detroit

Subject Site

Brand New Senior

Housing Development

Total Traffic Counts Exceed 26,000 Vehicles Per Day

Over 39,000 Households Within Three Miles

Over 219,000 People Within Five Miles

OFFERING SUMMARYPrice $330,000Down Payment 100% / $330,000

Loan Type All CashLot Size (SF) 19,166Price/SF $17.22Lot Size (Acres) 0.44 acre(s)Price/Acre $750,016Allowable Buildable SF 18,992Number of Lots 1Price/Lot $330,000Type of Ownership Fee Simple

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EXECUTIVE SUMMARY

OFFERING SUMMARY

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OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES *

General Motors 14,225

Board of Education of The City 6,586

College of Nursing 5,000

Ford 4,004

Adminstrative Office 3,700

Blue Cross and Blue Shield 3,025

MGM Grand Detroit 3,000

Motorcity Casino & Hotel 2,750

John D Dingell VA Medical Ctr 2,500

Harper University Hospital 2,400

Detroit Medical Center 2,220

Vhs Childrens Hosp Mich Inc 2,213

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 14,753 82,825 219,309

2010 Census Pop 15,161 85,335 227,657

2017 Estimate HH 8,250 39,878 87,504

2010 Census HH 8,440 41,169 91,220

Median HH Income $22,776 $21,550 $22,616

Per Capita Income $22,672 $19,443 $15,278

Average HH Income $40,256 $38,677 $37,009

* # of Employees based on 5 mile radius

VERNOR HIGHWAY LAND

OFFERING SUMMARY

▪ Rare Opportunity Within Vicinity of Eastern Market

▪ Hottest Market Brand in Country Due to Detroit Renaissance

▪ Vibrant Locale: Numerous Ongoing Construction Projects and Cranes

▪ Retailers within Immediate Vicinity Include: Burger King, Comerica

Bank, McDonald’s, KFC, CVS Pharmacy, Little Caesars Pizza,

Walgreens, Wendy’s and many more.

INVESTMENT HIGHLIGHTS

The Jonna Group of Marcus & Millichap is pleased to present this exclusive and rare Detroitredevelopment opportunity, just south of Gratiot Avenue. This property is within vicinity of EasternMarket, the destination in the heart of the city with fresh food, restaurants, businesses, art andculture and over 150 years of rich history. Detroit is overserving numerous ongoingresidential/office/hospitality/parking/real estate ventures surrounded by crews and cranes fromDowntown to Midtown to New Center to Corktown and beyond.

The City of Detroit is engaged in one of Americas greatest urban revitalization and renewal effortsand is in the midst of phenomenal residential, commercial, and industrial growth. Over the pastdecade, more than $15 billion has been invested downtown, building a brand new professionalsports stadium and entertainment district, live theater and opera venues, casinos and hotels, newClass A office space for General Motors and Compuware, as well as residential and retail space,and a plethora of new restaurants and nightclubs. Greektown is a historic commercial andentertainment district in Detroit, Michigan, along Monroe Avenue between Brush and St. AntoineStreets with a station on the city's elevated downtown transit system known as the Detroit PeopleMover. Greektown is also situated between the Renaissance Center, Comerica Park, and Ford Field.

INVESTMENT OVERVIEW

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MARKET

OVERVIEW

STADIUM LIQUOR BUILDING

THE DISTRICT DETROIT

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DETROIT -Little Caesars Arena in TheDistrict Detroit serves as the home of theDetroit Red Wings, Detroit Pistons andcountless other sports, entertainment andcommunity events. The District Detroit is50 blocks of thriving businesses, parks,restaurants, bars and event destinations.The arena is home to over 200,000 SF ofretail and office space.


RECENT COBO CENTER RENOVATIONS

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HISTORIC GREEKTOWN

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Greektown is a historic commercial and entertainment district in Detroit,

Michigan, located just northeast of the heart of downtown, along Monroe

Avenue between Brush and St. Antoine Streets with a station on the city's

elevated downtown transit system known as the Detroit People Mover.

Greektown is also situated between the Renaissance Center, Comerica Park,

and Ford Field. The district is dominated by Greek-themed restaurants and

includes St. Mary Roman Catholic Church, Second Baptist Church, the

Athenium Suite Hotel, and the Greektown Casino Hotel within its

boundaries. The district was listed on the National Register of Historic

Places in 1982. The district is often the site of the Greek parade in March.


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DETROITOVERVIEW

The Detroit metro is located in the southeastern portion of Michigan

along the Detroit River, which connects Lake St. Clair and Lake Erie.

Across the Detroit River lies the city of Windsor, Ontario, which

provides access to the Canadian market. The metro is a nearly 4,000-

square-mile region composed of six counties: Wayne, Macomb,

Lapeer, Oakland, St. Clair and Livingston. More than 4.3 million

residents reside in the area and after years of declining population, the

metro is adding residents again as employers and development

expand. Wayne is the most populated county, followed by Oakland

County. Detroit is the largest city with nearly 700,000 residents.

MARKET OVERVIEW

METRO HIGHLIGHTS

EMPLOYMENT GROWTH

Job creation will remain strong, building on the

178,300 jobs added in the past five years. The

largest gains are expected in construction and

office-using sectors.

AUTO DESIGN AND MANUFACTURING

The metro is home to the Big Three as well as two-

thirds of the world’s automotive research and

development firms.

DIVERSIFYING ECONOMY

Increased entrepreneurial activity has created a

knowledge-based economy, diversifying beyond

manufacturing and the auto industry.

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ECONOMY▪ Multiple Fortune 500 corporations are based in the metro, many of which are in the auto

industry, such as General Motors Corp., Ford Motor Co. and FCA US LLC. Other

companies include Autoliv, BorgWarner, DTE Energy, Ally Financial and Kelly Services.

▪ A growing knowledge-based economy is supplementing the manufacturing and automotive

industries. The New Economy Initiative for Southeast Michigan provides support and

networking for entrepreneurial activity.

▪ The economy is diversifying into the healthcare and technology sectors, attracting

companies to the area. Tech companies work alongside the auto industry.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

General Motors Corp.

Rock Ventures

FCA US LLC

DTE Energy

Beaumont Health

Henry Ford Health System

St. John Providence Health System

Ford Motor Co.

Detroit Medical Center

Wayne State University* Forecast

MANUFACTURING12%

GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

18%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

1%INFORMATION

20%

4%

9% 10% 6%

16%

MARKET OVERVIEW

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DEMOGRAPHICS

SPORTS

ARTS & ENTERTAINMENT

▪ The metro is expected to add nearly 50,600 people through 2022, resulting in the

formation of roughly 37,600 households and generating demand for housing.

▪ Relatively affordable home prices produce a homeownership rate of 69 percent,

which is above the national rate of 64 percent.

▪ Almost 29 percent of residents age 25 and older are bachelor’s degree holders and

11 percent also have earned a graduate or professional degree.

The Detroit region, birthplace of Motown and the mass-production automobile industry,

offers all the benefits of living close to the Great Lakes but at a moderate cost.

Revitalization has included sports facilities such as Comerica Park for the Tigers, Ford Field

for the Lions, and a new hockey arena for the Red Wings. Additionally, new entertainment

and retail venues are reshaping downtown Detroit. For culture buffs, the region is home of

the Detroit Institute of Arts, the Detroit Historical Museum and the Michigan Science

Center. Meanwhile, several universities and colleges are located nearby, including the

University of Michigan, Wayne State University, University of Detroit Mercy and Lewis

College of Business.

QUALITY OF LIFE

2017 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

6%25-44 YEARS

25%45-64 YEARS

29%65+ YEARS

15%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

40.1

2017MEDIAN AGE:

U.S. Median:

37.8

$57,000

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

4.3M

2017POPULATION:

Growth2017-2022*:

1.2%

1.7M

2017HOUSEHOLDS:

2.2%

Growth2017-2022*:

MARKET OVERVIEW

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PROPERTY NAME

MARKETING TEAM

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DEMOGRAPHICS

Source: © 2017 Experian

Created on November 2018

POPULATION 1 Miles 3 Miles 5 Miles▪2022 Projection

Total Population 14,363 79,663 204,676

▪2017 Estimate


▪2010 Census


▪2000 Census


▪Daytime Population

2017 Estimate 20,272 229,340 341,409

HOUSEHOLDS 1 Miles 3 Miles 5 Miles▪2022 Projection

Total Households 8,244 39,359 83,825

▪2017 Estimate

Total Households 8,250 39,878 87,504Average (Mean) Household Size

1.78 1.93 2.40

▪2010 Census


▪2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles▪2017 Estimate

$250,000 or More 0.97% 0.87% 0.65%

$200,000 - $249,999 0.37% 0.47% 0.39%

$150,000 - $199,999 1.43% 1.20% 0.86%

$125,000 - $149,999 1.33% 1.43% 1.29%

$100,000 - $124,999 3.03% 3.17% 2.76%

$75,000 - $99,999 5.77% 5.63% 5.29%

$50,000 - $74,999 12.16% 10.96% 11.39%

$35,000 - $49,999 11.06% 10.54% 11.40%

$25,000 - $34,999 10.48% 10.68% 12.35%

$15,000 - $24,999 16.60% 16.10% 17.11%

Under $15,000 36.80% 38.95% 36.49%

Average Household Income $40,256 $38,677 $37,009

Median Household Income $22,776 $21,550 $22,616

Per Capita Income $22,672 $19,443 $15,278

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PROPERTY NAME

MARKETING TEAM

VERNOR HWY LAND

DEMOGRAPHICS


Created on November 2018

POPULATION PROFILE 1 Miles 3 Miles 5 Miles▪Population by Age

0 to 4 Years 6.02% 5.55% 7.28%

5 to 14 Years 9.50% 9.21% 12.69%

15 to 17 Years 2.65% 2.95% 3.85%

18 to 19 Years 1.59% 3.04% 2.85%

20 to 24 Years 7.07% 9.37% 8.56%

25 to 29 Years 7.89% 8.89% 8.12%

30 to 34 Years 6.06% 6.50% 6.38%

35 to 39 Years 5.19% 5.32% 5.63%

40 to 49 Years 10.99% 11.41% 11.81%

50 to 59 Years 15.00% 15.04% 13.80%

60 to 64 Years 7.88% 7.04% 6.03%

65 to 69 Years 7.03% 5.38% 4.24%

70 to 74 Years 5.01% 3.53% 2.93%

75 to 79 Years 3.42% 2.52% 2.13%

80 to 84 Years 2.15% 1.91% 1.69%

Age 85+ 2.56% 2.32% 2.01%

Median Age 43.81 39.19 35.23

POPULATION PROFILE 1 Miles 3 Miles 5 Miles▪Population 25+ by Education Level

2017 Estimate Population Age 25+

10,795 57,873 142,050

Elementary (0-8) 2.13% 3.60% 5.75%

Some High School (9-11) 12.31% 15.42% 17.26%

High School Graduate (12) 27.64% 28.05% 31.32%

Some College (13-15) 24.12% 23.01% 22.07%

Associate Degree Only 7.48% 6.11% 5.91%

Bachelors Degree Only 10.44% 11.34% 8.42%

Graduate Degree 14.72% 10.63% 6.43%

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Income

In 2017, the median household income for your selected geography is

$22,616, compare this to the US average which is currently $56,286.

The median household income for your area has changed by -0.50%

since 2000. It is estimated that the median household income in your

area will be $26,421 five years from now, which represents a change of

16.82% from the current year.

The current year per capita income in your area is $15,278, compare

this to the US average, which is $30,982. The current year average

household income in your area is $37,009, compare this to the US

average which is $81,217.

Population

In 2017, the population in your selected geography is 219,309. The

population has changed by -28.20% since 2000. It is estimated that the

population in your area will be 204,676.00 five years from now, which

represents a change of -6.67% from the current year. The current

population is 48.92% male and 51.08% female. The median age of the

population in your area is 35.23, compare this to the US average which

is 37.83. The population density in your area is 2,786.66 people per

square mile.

Households

There are currently 87,504 households in your selected geography. The

number of households has changed by -22.63% since 2000. It is

estimated that the number of households in your area will be 83,825

five years from now, which represents a change of -4.20% from the

current year. The average household size in your area is 2.40 persons.

Employment

In 2017, there are 206,978 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

46.74% of employees are employed in white-collar occupations in this

geography, and 52.96% are employed in blue-collar occupations. In

2017, unemployment in this area is 11.68%. In 2000, the average time

traveled to work was 27.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

18.56% White, 67.84% Black, 0.01% Native American and 5.79%

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 8.89% of the current year

population in your selected area. Compare this to the US average of

17.88%.

PROPERTY NAME

MARKETING TEAM

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Housing

The median housing value in your area was $53,402 in 2017, compare

this to the US average of $193,953. In 2000, there were 43,068 owner

occupied housing units in your area and there were 70,023 renter

occupied housing units in your area. The median rent at the time was

$354.


DEMOGRAPHICS

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Raymond Jonna

Senior Advisor

Associate Member - National Retail Group

Detroit Office

Tel: (248) 415-3018

Fax: (248) 352-3813

[email protected]

License: MI 6501357188

P R E S E N T E D B Y

Simon Jonna

Executive Managing Director Investments

Senior Director - National Retail Group

Detroit Office

Tel: (248) 415-2625

Fax: (248) 352-3813

[email protected]

Licenses: MI 6502378181

www.TheJonnaGroup.com

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2159-2163 e vernor • detroit, mi 48207...2159-2163 e vernor • detroit, mi 48207 simon jonna...

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