1500 South George Nigh Expressway Mcalester, Oklahoma 74501
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OFFERED BY Nat Klein Nicole Smith (214)461-2325 (405)301-5157 [email protected] [email protected] 1500 South George Nigh Expressway McAlester, Oklahoma 74501 OFFERING MEMORANDUM TABLE OF CONTENTS SECTION Executive Summary ONE Investment Highlights SECTION Property Overview TWO Property Description Floor Plan Survey SECTION Location Overview THREE Market Overview Location Maps SECTION Appendix FOUR Demographics Broker Disclosure DISCLAIMER The information contained in this Investment Offering has been prepared by Lincoln Harris CSG and has been obtained from sources deemed to be reliable. While we do not doubt the accuracy of the information, Lincoln Harris CSG and the Owner make no guarantee, warranty or representation about it. It remains the responsibility of the prospective purchaser to confirm the accuracy and completeness of the information. All projections have been developed by Lincoln Harris CSG and Owner, and therefore are subject to variation. No representation is made by Lincoln Harris CSG or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as representation as to the future performance of the property. Further, Lincoln Harris CSG, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from this Investment Offering or any other written or oral communication transmitted or made available to the recipient. Verification of the information contained in the Investment Offering is solely the responsibility of the prospective purchaser. Owner expressly reserves the right, at its sole discretion, to reject any or all offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal obligation to any party unless and until a written agreement for the purchase of the property has been fully executed by Owner and purchaser. SECTION ONE Executive Summary Lincoln Harris CSG (“Broker”) has been exclusively retained by Social Betterment Properties (“Seller”) to offer qualified investors the opportunity to purchase 5.15 acres of Highway frontage land currently improved with a 98,172 square foot 160-room motel (the “Property”). The property is located at 1500 South George Nigh Expressway in McAlester, Oklahoma. INVESTMENT HIGHLIGHTS: Strategic Location The Subject Property has excellent visibility on Highway 69, surrounded by numerous retailers and restaurants. Low Cost per Square Foot The Property is available well below replacement cost. High Traffic Area Convenient access to McAlester, Oklahoma, the Indian Nation Turnpike and State Highway 69, both major north south thoroughfares. The property is 88 miles south of Tulsa, 105 miles from Oklahoma City and 150 miles north of Dallas. SECTION TWO Property Overview 1500 South George Nigh Expressway (the “Property”) is a 5.15 acre site currently improved by a 160-room, two (2) story, motel building located in McAlester, OK. The Property holds exceptional visibility from the S. George Nigh Expressway (Highway 69). It is surrounded by various retailers, and is in close proximity to the McAlester Regional Airport as well as multi-family and single family residential. The Property features convenient access to McAlester, Oklahoma, the Indian Nation Turnpike, and State Highway 69; both major north south thoroughfares. The property is 88 miles south of Tulsa, 105 miles from Oklahoma City, and 150 miles north of Dallas. PROPERTY DESCRIPTION: Address: 1500 South George Nigh Expressway McAlester, OK 74501 Land Area: 5.15 Acres Year of Completion: 1970 Building Size: 98,172 RSF Number of Floors: Two (2) stories Parking: 212 surface spaces Zoning: C-5, Highway Commercial Occupancy: Vacant FLOOR PLAN SURVEY SECTION THREE Location Overview MARKET OVERVIEW McAlester is a city in Pittsburg County, Oklahoma, United States, and is the county seat of Pittsburg County. It is currently the largest city in the Choctaw Nation of Oklahoma, followed by Durant. Within a 60 mile radius McAlester reaches a population of almost 300,000. The City of McAlester is also the midpoint city between Tulsa, OK and Dallas, TX and is intersected by three US Highways; US 69, US 75, and US 270. As many as 25,000- 30,000 vehicles per day pass through McAlester on US 69. US 75 also connects McAlester to Interstate 40 and serves as a major transportation route to Dallas, TX. US 270 connects McAlester to Interstate 35 to the west and to Fort Smith, Arkansas to the east. As of the 2010 census, there were 18,383 people, 6,793 households, of which, 4,304 were family households in the city. The racial makeup of the city was 70.4% White, 7.1% African American, 12.7% Native American, 0.7% Asian, 0.1% Pacific Islander, 2.7% from other races, and 6.9% from two or more races. Hispanic or Latino of any race were 6.5% of the population. The population density was 1,149.9 persons per square mile based on an area of 15.99 square miles. There were 6,793 households out of which 33.1% had children under the age of 18 living with them, 43.3% were married couples living together, 15.0% had a female householder with no husband present, and 36.4% were non-families. 36.6% of all households were made up of individuals and 29.8% had someone living alone who was 65 years of age or older. The average household size was 2.37 and the average family size was 2.96. BUILDING AERIAL 1500 South George Nigh Expressway Subject LOCATION MAP 1500 South George SubjectNigh Expressway APPENDIX Demographics SUMMARY PROFILE 2000-2010 Census, 2015 Estimates with 2020 Projections Calculated using Weighted Block Centroid from Block Groups prepared by: Lincoln Harris CSG Lat/Lon: 34.9305/-95.7593 RS1 McAlester, OK 1 Mile 3 Miles 5 Miles 2015 Estimated Population 6,566 22,006 24,418 2020 Projected Population 6,798 22,724 25,215 N O 2010 Census Population 6,134 21,087 23,496 I T A 2000 Census Population 6,108 20,586 22,807 L U P Projected Annual Growth 2015 to 2020 0.7% 0.7% 0.7% O P Historical Annual Growth 2000 to 2015 0.5% 0.5% 0.5% 2015 Median Age 33.5 35.9 36.7 2015 Estimated Households 2,885 8,388 9,356 S 2020 Projected Households 2,977 8,649 9,644 D L O 2010 Census Households 2,665 7,925 8,885 H E 2000 Census Households 2,715 7,751 8,599 S U O Projected Annual Growth 2015 to 2020 0.6% 0.6% 0.6% H Historical Annual Growth 2000 to 2015 0.4% 0.5% 0.6% 2015 Estimated White 67.8% 69.1% 69.8% 2015 Estimated Black or African American 6.7% 6.9% 6.3% Y D T N I 2015 Estimated Asian or Pacific Islander 0.6% 0.8% 0.7% A C I E N 2015 Estimated American Indian or Native Alaskan 8.6% 8.4% 8.4% C H A T R E 2015 Estimated Other Races 16.3% 14.8% 14.7% 2015 Estimated Hispanic 8.3% 7.1% 6.6% E 2015 Estimated Average Household Income $38,058 $51,975 $53,610 M O 2015 Estimated Median Household Income $31,786 $44,053 $45,375 C N I 2015 Estimated Per Capita Income $16,893 $21,146 $21,750 2015 Estimated Elementary (Grade Level 0 to 8) 10.9% 8.7% 8.4% 2015 Estimated Some High School (Grade Level 9 to 11) 18.8% 18.3% 18.2% N ) + O 2015 Estimated High School Graduate 30.6% 30.6% 30.5% or warranty. representation information herein is provided without and government sources deemed to be reliable. The was produced using data from private This report I 5 T 2 A 2015 Estimated Some College 16.2% 17.7% 17.8% E C G U 2015 Estimated Associates Degree Only 6.9% 7.2% 7.4% A D ( E 2015 Estimated Bachelors Degree Only 6.8% 8.5% 8.5% 2015 Estimated Graduate Degree 9.8% 8.9% 9.2% 2015 Estimated Total Businesses 769 1,375 1,455 S S E 2015 Estimated Total Employees 6,596 12,873 13,965 N I S 2015 Estimated Employee Population per Business 8.6 9.4 9.6 U B 2015 Estimated Residential Population per Business 8.5 16.0 16.8 ©2017, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 04/2015, TIGER Geography BROKER DISCLOSURE Approved by the Oklahoma Real Estate Commission for Voluntary Use Oklahoma law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services Before working with a real estate broker, you should know that the duties of a Act. The broker must obtain the written consent of each party to the transaction to broker depend on whom the broker represents. If you are a prospective seller act as an Real estate licensee asks that you acknowledge receipt of this information or landlord (owner) or a prospective buyer or tenant (buyer), you should know about brokerage services for the licensee’s records. intermediary. The written that the broker who lists the property for sale or lease is the owner’s agent. A consent must state who will pay the broker and, in conspicuous bold or underlined broker who acts as a subagent represents the owner in cooperation with the listing print, set forth the broker’s obligations as an intermediary. The broker is required broker. A broker who acts as a buyer’s agent represents the buyer.