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Bowling Green, Kentucky 42101 BOWLING GREEN, KENTUCKY 42101 2555 SCOTT COOK, CPM®, AMO®, REALTOR® Camino Del Rio South President Suite 201 619-354-8404 San Diego, CA 9210 1 [email protected] LOCATION OVERVIEW ABOUT BOWLING GREEN Welcome to Bowling Green, KY! A thriving university town with a progressive population helps drive Bowling Green’s ability to entertain. As the 3rd largest city in Kentucky and the dining and shopping mecca for a dozen surrounding counties, Bowling Green is brimming with restaurant and splurging options. Bowling Green is located just 60 miles north of Nashville and 110 miles south of Louisville. Bowling Green is bustling with a diverse economy, award-winning schools, affordable housing, and a low crime rate. First-class attractions that tell our stories, natural wonders that inspire exploration, and neighboring and historic communities that invite you in are all right here. Bowling Green is home to many world-renowned businesses, industries and attractions including: GM Corvette Assembly Plant Bowling Green Ballpark - Home of the Bowling Green Hot Rods Fruit of the Loom World Headquarters Beech Bend Amusement Park and The National Corvette Museum Raceway Mammoth Cave National Park (nearby) Houchens Industries Lost River Cave and Valley 2 Mammoth Cave National Park Mammoth Cave National Park preserves the cave system and a part of the Green River valley and hilly country of south central Kentucky. This is the world’s longest known cave system, with more than 400 miles (643 km) explored. Early guide Stephen Bishop called the cave a «grand, gloomy and peculiar place,» but its vast chambers and complex labyrinths have earned its name - Mammoth. Hot Rod’s Class A Affiliate Baseball team 3 CORVETTE MUSEUM America’s Sports Car… an exciting legend produced only in Bowling Green, Kentucky. The Museum features over 80 Corvettes in periodic settings, including mint classics, one-of-a- kind prototypes and modern-day wonders of engineering and design. Test your knowledge at interactive trivia kiosks, and don’t miss the chance to try a Corvette on for size in our lobby where we have a 2015 Stingray waiting for you. Displays continually rotate so no two visits are the same. Round out your visit with a souvenir from the Corvette Store, grab a bite to eat in the Corvette Cafe, and race over to the NCM Motorsports Park to spectate or take a lap! 4 SKyPAC Since a renovation of Bowling Green’s beloved Capitol Theater on Fountain Square was completed in 1981, the Capitol, along with Van Meter Auditorium at Western Kentucky University, stood as Bowling Green’s primary venues for major performing arts activities, especially those touring from outside the region. However, by the end of the next decade it was becoming clear that the Capitol had built an audience for larger productions than Bowling Green could accommodate. A group of concerned civic leaders, not only interested in creating a new, larger venue for the Performing Arts, but also creating an attraction that would help stimulate downtown development, sought support for such a center. In July 2000, Warren County created the Southern Kentucky Performing Arts Center, Inc. (SKyPAC) to accept a $6.7 million dollar appropriation from the Commonwealth of Kentucky designed to fund early architectural and feasibility studies, acquire land, hire architects and fund early operating costs. 5 HISTORIC RAILPARK MUSEUM Located on a major north-south corridor between two major cities, Bowling Green has a long history tied to the evolution of transportation in Kentucky; from steamboats traveling the Barren River to the railroad, and eventually the current interstate systems. The current L&N Depot was built in 1925 to replace an older station. At one time, over 20 trains per day departed the current site, providing a hub for Bowling Green’s economic foundation and exposure to travelers between Louisville, KY and Nashville, TN. 6 LOCATION OVERVIEW Bowling Green, Kentucky Population 2019 Bowling Green is a city located in the state of Kentucky. It is located in Warren County, where it is the county seat. It is the third-most populous city in Kentucky, falling only behind Lexington and Louisville. Bowling Green is home to many major manufacturers, including Fruit of the Loom and the Bowling Green Assembly Plant that assembles Chevy Corvettes. The city is also the site of Western Kentucky University, the second largest public university in Kentucky. In the past, the city has been named as one of the best places in the nation for retirement. Population Size and Density in Bowling Green Bowling Green had a population of 58,067 at the time of the 2010 census. Recent estimates show that the number of residents has since risen to 67,924. Bowling Green has a total area of 35.6 square miles, and it has a population density of 1,392 people per square mile. Bowling Green Demographics A little over three-quarters of Bowling Green’s population is white. The remainder of the population is 13.9% black, 4.2% Asian, 2.16% is another race, and 2.7% are mixed race. Native Americans and Pacific Islanders each make up less than 1% of the total population, while 6.5% of the population is of Hispanic or Latino origin. People that are 18 to 24 make up the largest age group, accounting for 28% of the population. Over 20% of the population is under the age of 18, while 10.6% are at least 65 years old. There are more women than men, with women making up 51.7% of Bowling Green’s population. Approximately 19.4% of the city’s residents live below the federal poverty line. 7 Population Growth The educational and job opportunities available in Bowling Green have contributed to its steady growth since its founding. Recent estimates show that the city’s population is up 12.3% since the last census taken in 2010, indicating that growth in Bowling Green is showing no sign of slowing down in the years ahead. YEAR POPULATION GROWTH ANNUAL GROWTH RATE 2017 67,067 1,528 2,33% 2016 65,539 1,413 2,20% 2015 64,126 1,385 2,21% 2014 62,741 754 1,22% 2013 61,987 1,269 2,09% 2012 60,718 883 1,48% 2011 59,835 597 1,01% 2010 59,238 9,942 1,85% 2000 49,296 8,655 1,95% 1990 40,450 191 0,05% 1980 40,450 3,745 0,98% 1970 36,705 8,367 2,62% 1960 28,338 9,991 4,44% 1950 18,347 3,762 2,32 1940 14,585 2,237 1,68 1930 12,348 2,710 2,51 8 Population Growth RACE POPULATION White 47,472 Black or African American 8,813 Asian 3,136 Some Other Race 2,431 Two or More Races 2,125 Native Hawaiian and 245 Other Pacific Islander American Indian 80 and Alaska Native Bowling Green Population White Two or More Races Pyramid 2019 Black or African Native Hawaiian American and Other Pacific Islander Asian American Indian Some Other and Alaska Native Race Data via US Census (2017 ACS 5-Year Survey): Table B03002 Data via US Census (2017 ACS 5-Year Survey): Table S0101 9 Bowling Green Adults Bowling Green Sex Ratio 32,686 31,616 50.83% 49.17% Bowling Green Age Dependency 47.7 16.5 31.3 Age Dependency Ratio Old Age Dependency Ratio Child Dependency Ratio Bowling Green Renter vs Bowling Green Owner Occupied by Household Type Household Types Married Type Owner Renter Married 61.5% 38.5% All All 39.4% 60.6% Female Female 30.1% 69.9% Non Family Non family 26.6% 73.4% Male Male 25.5% 74.5% 0 25 50 75 100 Owner Renter 39.4% Data via US Census (2017 ACS 5-Year Survey): Table S1101 Rate of Home Ownership 10 Bowling Green Households by Type TYPE COUNT AVERAGE SIZE OWNED All 23,810 2.4 39.4 Non family 10,891 1.44 26.6 3.1 Married 8,456 3.22 61.5 Average Family Size Female 3,261 3.1 30.1 Male 1,202 3.49 25.5 2.4 Bowling Green Households Average Household Size Married 7.8 Male Unmarried (Opposite Sex) Female Non family 0.5 Unmarried (Same Sex) Bowling Green Employment by Age 63% Labor Force Participation 58.3% Employment Rate 7.2% Unemployment Rate 11 REGIONAL REAL ESTATE INFORMATION Bowling Green Market Overview 366 228 7.9% 1.0% 12 Mo. Delivered 12 Mo. Absorption Vacancy 12 Mo. Asking Units Units Rate Rent Growth 12 Bowling Green’s low business costs have attracted many national employers including Chevrolet (Corvette), Fruit of the Loom, and JM Smuckers to the metro. Bowling Green is also home to Western Kentucky University, one of the state’s largest universities and a solid demanddriver for multifamily units in the market. Developers have ramped up construction recently. With close to 1,200 units currently underway, supply is expected to grow by nearly 25% over the next few years. This is continuing the strong development climate seen in recent years. Partly due to elevated deliveries, both occupancies and rent growth have softened and sit below Bowling Green’s historical average. This market typically witnesses one or two trades in a given year, with a historical sales volume of around $5 million. Key indicators Under Vacancy Asking Effective Absorption Delivered Current Quarter Units Constr Rate Rent Rent Units Units Units 4 & 5 Star 1,413 10.7% $878 $862 22 0 1,035 3 Star 3,155 7.3% $748 $740 0 0 205 1 & 2 Star 863 5.7% $731 $726 0 0 0 Market 5,431 7.9% $783 $773 22 0 1,240 12 Historical Forecast Annual Trends Peak When Trough Month Average Average Vacancy Change 2.2% 6.6% 8.7% 10.2% 2007 Q1 4.3% (YOY) Absorption Units 228 140 354 615 2013 Q2 (46) Delivered Units 366 157 395 665 2013 Q3 0 Demolished 0 0 9 0 2019 Q1 0 Units Asking Rent 1.0% 1.1% 0.7% 7.0% 2007 Q1 -3.2% Growth (YOY) Effective Rent 1.2% 1.1% 0.7% 6.7% 2006 Q4 -3.2% Growth (YOY) Sales Volume $12.7 M $5.1 M N/A $27.8 M 2015 Q1 $0 13 Vacancies Vacancies are currently above the historical average, though this is largely due to an uptick in development instead of a slowdown in demand.
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  • OFFICIAL GAME INFORMATION Lake County Captains (19-15, 59-44) at Bowling Green Hot Rods (22-12, 61-43) Sunday, July 28 • 3:05 P.M
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