AN ANALYSIS OF RESIDENTIAL MARKET POTENTIAL The City of Albion Calhoun County, Michigan February, 2015 Conducted by ZIMMERMAN/VOLK ASSOCIATES, INC. P.O. Box 4907 Clinton, New Jersey 08809 ZIMMERMAN/VOLK ASSOCIATES, INC. P.O, Box 4907 Clinton, New Jersey 08809 908 735-6336 www.ZVA.cc •
[email protected] Research & Strategic Analysis STUDY CONTENTS An Analysis of Residential Market Potential 1 The City of Albion Introduction 1 —MAP ONE: TARGET MARKET STUDY AREA— 2 Conclusions of the Analysis 4 Overview of the City of Albion 9 —MAP TWO: ROAD NETWORK— 11 Table 1: Key Demographic Data 13 Table 2: Employment Information 18 Market Potential for the City of Albion 19 Table 3: Annual Market Potential For New Housing Units 23 Target Markets 24 Table 4: Annual Market Potential By Household Type 30 The Market Context 31 —MULTI-FAMILY RENTAL PROPERTIES— 31 —MULTI-FAMILY AND SINGLE-FAMILY ATTACHED AND DETACHED FOR-SALE PROPERTIES— 32 Table 5: Summary Of Single-Family Units Currently Listed For Sale 33 Sense of Place 35 —MAP THREE: ALBION HISTORIC DISTRICTS— 38 Optimum Market Position 39 —RENTAL DISTRIBUTION BY RENT RANGE: MULTI-FAMILY FOR-RENT— 39 Table 6: Target Groups For New Multi-Family For-Rent 40 —FOR-SALE DISTRIBUTION BY PRICE RANGE: MULTI-FAMILY FOR-SALE— 44 Table 7: Target Groups For New Multi-Family For-Sale 46 —FOR-SALE DISTRIBUTION BY PRICE RANGE: SINGLE-FAMILY ATTACHED FOR-SALE— 48 Table 8: Target Groups For New Single-Family Attached For-Sale 49 —FOR-SALE DISTRIBUTION BY PRICE RANGE: SINGLE-FAMILY DETACHED FOR-SALE— 52 Table 9: Target Groups For New Urban Single-Family Detached For-Sale 53 AN ANALYSIS OF RESIDENTIAL MARKET POTENTIAL Page ii The City of Albion Calhoun County, Michigan February, 2015 —ALBION ASSETS AND CHALLENGES— 56 —OPTIMUM MARKET POSITION— 58 Table 10: Optimum Market Position: 250 New Market-Rate Dwelling Units 60 —MARKET CAPTURE— 74 —BUILDING AND IN-UNIT AMENITIES— 78 Urban Building and Unit Types 79 Assumptions and Limitations 88 Copyright 89 o ZIMMERMAN/VOLK ASSOCIATES, INC.