3116 Hillsborough Street Raleigh, Nc 27607 Offering Summary
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INFILL MIXED USE OPPORTUNITY ADJACENT TO NC STATE 3116 HILLSBOROUGH STREET RALEIGH, NC 27607 OFFERING SUMMARY Blue Sky Services is pleased to present this one-of-a-kind, mixed use asset in the heart of the Hillsborough Street corridor adjacent to NC State. This property includes 16 apart- PRICING: ments atop 4 retail bays with an abundance of on-site parking. Hillsborough Street (main PLEASE INQUIRE artery to downtown Raleigh) is one of the most evolving strips in the Triangle in terms of development and reuse. This property is nestled between NC State’s campus which en- rolls over 34,000 students and a group of high density, highly desirable neighborhoods. PROPERTY OFFERING: The university is projected to grow between 1.5% - 3% per year for the foreseeable fu- 16 RESIDENTIAL UNITS ture. Currently the asset is rented well below market rate on both the residential apart- 4 RETAIL BAYS ments and retail spaces. This is a tremendous value add proposition and with abundant future development potential. PARCEL NUMBER: Raleigh is the capital of North Carolina and the county seat of Wake County. July 0063034 2017 U.S. Census estimates the city has a population of approximately 464,758, making it the 2nd most populous city in North Carolina. NC State University, has an enrollment of students from all 100 North Carolina counties, 52 states, and 119 ZONING: foreign countries. Wake County and the City of Raleigh are two of the fastest NX-3-UG growing markets in the country; from 2000 to 2010, Wake County alone grew 43.5%. TRAFFIC COUNTS: 20,077 VPD CONTACT INFORMATION PATRICK C MOORE, BROKER 724.549.5916 M [email protected] WWW.LINKEDIN.COM/IN/PATMOORE5916 VINCENZO VERDINO, BROKER 917.566.5944 M [email protected] WWW.LINKEDIN.COM/IN/VINCENZO-VERDINO-682A6B2/ Property Summary Address: 3116 Hillsborough Street, Raleigh NC Site Size: 0.61 acres Occupancy: 100% Parking: 43 spaces Traffic Count: 17,000 VPD Residential Units: 16 Retail Units: – 4 5,250 sf total Tenants: Pizza Hut H&R Block Smoke Rings Phone Repair Downtown Raleigh Cameron Village Site FRONT VANTAGE GROUND FLOOR RETAIL 4 SEPARATE BAYS 5,250 SF AVG $16 PSF (MARKET COMPS = $28 PSF) (16) RESIDENTIAL APARTMENTS AVERAGE UNIT RENT $750/MO (MARKET COMPS = $1,000+/MO) UNIQUE ONE BEDROOM UNITS EXCELLENT CONDITION REAR VANTAGE MIN DEFERRED MAINTENANCE RARE, OFF-STREET PARKING LOT WITH 43 SPACES NESTLED IN UNIVERSITY PARK, A MOST DESIREABLE WORK, LIVE & PLAY COMMUNITY NET OPERATING INCOME ~$135,000 RESIDENTIAL SECOND FLOOR RESIDENTIAL THIRD FLOOR GROUND FLOOR RETAIL GENEROUS PARKING PIZZA HUT H&R BLOCK SMOKE RINGS PHONE REPAIR Population for 5 Mile Radius 3116 Hillsborough St, Raleigh, NC 27607 Population 1 Mile 3 Mile 5 Mile 2018 Total Population: 20,107 97,540 218,128 2023 Population: 21,359 106,904 240,968 Pop Growth 2018-2023: 6.23% 9.60% 10.47% Average Age: 28.00 34.30 35.50 Households 2018 Total Households: 4,656 38,883 88,489 HH Growth 2018-2023: 10.29% 10.62% 10.88% Median Household Inc: $44,771 $57,417 $58,097 Avg Household Size: 2.20 2.10 2.20 2018 Avg HH Vehicles: 2.00 2.00 2.00 Housing Median Home Value: $423,373 $368,766 $290,082 Median Year Built: 1965 1976 1981 AREA ACCOLADES POPULATION Raleigh 464,758 July 2017 est 12/10/2018 Copyrighted report licensed to Blue Sky Services Real Estate - 646277. • Among World’s 300 Largest Metropolitan Wake County 1,072,203 July 2017 est Economies in 2014 - Brookings Institution, 3116 Hillsborough St January 2015 1 mile 3 miles 5 miles • #1 Among The U.S. Cities Attracting The Population 20,107 97,540 218,128 Most Families (Raleigh MSA) - Forbes, North Carolina State University, the largest Employees 16,050 78,396 173,120 Sept 2014 university in the University of North Carolina • #3 Among Best Metro Areas for STEM (Science, system, has an enrollment of over 34,000 Average Age 28.00 34.30 35.50 Technology, Engineering & Math) Professionals - students from all 100 North Carolina counties, % Employed 47.74% 59.82% 62.66% WalletHub, January 2015 52 states, and 119 foreign countries. N.C. HOUSEHOLDS • #7 Among America’s Smartest Cities (Raleigh) State has Bachelor’s degrees in 106 fields, master’s in 104 fields, and doctorates in 1 mile 3 miles 5 miles - Forbes, November 2014 61 fields. The university is the nation’s Total Households 4,656 38,883 88,489 • #1 Among The Best Places for Business and 3rd largest recipient of industry-sponsored Careers - Forbes, July 2014 research among public universities without a Median HH Value $423,373 $368,766 $290,082 medical school, totaling $380 million. Average HH Income $74,023 $87,413 $85,041 The information contained in this Offering Memorandum is propri- etary and strictly confidential. It is intended to be reviewed only by the party(ies) receiving it from Blue Sky Services Real Estate EXCLUSIVELY OFFERED BY LLC and should not be made available to any other person or en- BLUE SKY SERVICES REAL ESTATE, LLC tity without the written consent of Blue Sky Services Real Estate LLC. If you are not the intended recipient, you are hereby notified PATRICK C MOORE VINCENZO VERDINO that any retention, dissemination, duplication, forwarding, copying BROKER BROKER or taking any action in reliance on the contents of this information is 724.549.5916 M 917.566.5944 M strictly prohibited. If you receive this Offering Memorandum in error, whether in electronic or printed form, please notify the sender and [email protected] destroy the document. [email protected] This Offering has been prepared to provide a summary of unveri- 119 SW MAYNARD ROAD, SUITE 200 fied information to prospective purchasers, and to establish only a CARY, NORTH CAROLINA 27511 preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence 919.747.4901 O investigation. 919.400.4349 F WWW.BLUESKYSERVICES.COM Blue Sky Services Real Estate LLC has not made any investiga- tion, 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 improve- ments thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occu- pancy of the subject property. The information contained in this Offering has been obtained from sources we believe are reliable; however, Blue Sky Services Real Estate LLC has not verified, and will not verify, any of the informa- tion contained herein, nor has Blue Sky Services Real Estate LLC conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. .