183 Asking Price
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7805 N INTERSTATE 35 | AUSTIN, TX 35 DEVELOPMENT OPPORTUNITY 183 ASKING PRICE: $1,100,000 OFFERING MEMORANDUM Presented By: J.R. Ellis Justin Chambers Senior Associate Associate 512.338.7832 512.338.7868 [email protected] [email protected] Paula Orozco-Lapray David Hoang Associate Senior Financial Analyst 210.343.7864 512.338.7847 [email protected] [email protected] Offering Procedures: Purchasers wishing to make an offer on the property are requested to submit: • Letter of intent • Resume indicating assets owned and twelve months of acquisitions • Transaction references • Banking references • Source of acquisition equity Upon receipt of an acceptable Letter of Intent, the successful offer will be supplied with a Purchase and Sale Agreement. Touring Notice: PLEASE DO NOT CONTACT THE PROPERTY DIRECTLY. SCHEDULE ALL TOURS WITH ONE OF THE ABOVE AGENTS. Seller reserves the right to remove the property from the market at any time. Seller expressly reserves the right, in its sole and absolute discretion, to accept a preemptive offer, to reject any and all proposals or expressions of interest in the property or to terminate discussions with any party at any time. The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject 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 improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in the Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Marcus conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy of completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Property Overview AREA DEMOGRAPHICS 1-Mile 3-Mile 5-Mile Population 2018 Population 21,531 153,249 338,178 2023 Population 22,178 158,254 355,365 2018 Daytime Population 30,450 192,064 553,192 Housing Supply 2018 Owner Occupied 19.30% 35.90% 38.80% 2018 Renter Occupied 80.70% 64.10% 61.20% Income Median Household $35,292 $49,659 $53,717 Per Capita $20,458 $28,668 $34,712 Average Household $54,272 $70,765 $83,012 RETAIL SALES (IN MILLIONS) PROPERTY 1-Mile 3-Mile 5-Mile 7805 North Interstate 35 Motor Vehicles $245,410 $662,087 $1,407,878 Address Austin, TX 78752 Home Furnishings $8,709 $46,056 $122,298 Acreage 1.0961 AC Electrical and Appliances $8,155 $49,406 $147,089 Lot Sq. Ft. 47,744 SF Buildings Materials $29,756 $141,613 $283,538 Zoning CS-NP Food and Beverage $49,875 $207,661 $541,564 Health and Personal Care $20,626 $66,707 $170,532 PRICING Gasoline Stations $39,754 $111,898 $213,727 Asking Price $1,100,000 Clothing and Accessories $12,753 $62,819 $195,974 Per Land SF $23 Sporting Goods $9,457 $28,565 $62,565 Per Acre $1,003,558 General Merchandise $61,599 $235,965 $410,764 Miscellaneous $6,320 $26,402 $84,460 TRAFFIC COUNTS Nonstore Purchases $21,180 $97,976 $272,567 Highway 183 63,653 VPD Food Services $86,379 $253,915 $571,549 Interstate 35 198,682 VPD Total Retail Sales $599,973 $1,991,070 $4,484,505 3 Property Location 4 Property Location 7805 N I-35 2222 360 969 1 35 Texas Capitol 183 Central Business District 5 Location Overview Austin – crowned best place to live in the nation for the previous two Downtown Austin years by U.S. News – continues to be recognized for its thriving economy, maintaining an estimated gross domestic product of 6.5% compared to the 2018 national average of 3.4%. Austin’s population surpassed 930,000 in 2018 making it the fourth most populated city in Texas and eleventh in the U.S. By 2030, the city expects to add another almost two and a half million residents. Known for the University of Texas at Austin, South by Southwest, Austin City Limits Music Festival, Zilker Park, and millennial and startup culture, the city of Austin has quickly become one of the most popular destinations in the nation. Much of this economic growth and notoriety can be attributed to Opportunity Austin, a regional economic development initiative aimed at fostering job-creating investment in Central Texas responsible for adding 356,000 new jobs to the regional economy and increasing regional payroll by $21 billion. Several companies, including multinational technology giant Apple (5,000+ jobs) who is planning a $1 billion new campus in North Austin, have Lady Bird Lake 6 Location Overview announced growth plans in the city for 2019. The city has been a consistent top-candidate for corporate relocation with over 506 companies relocating since 2004 resulting in over 51,214 direct jobs created. Currently, Austin is home to major companies including Facebook, Google, Amazon, and Dell, among many other Fortune 500 companies. As Austin continues to invest in its economic culture and infrastructure, positive trending millennial population, business, and residential and corporate relocation growth is expected for the foreseeable future. The University of Texas Flourishing Economy Ranked No.2 among the “10 Big U.S. Cities with the Fastest-Growing Economies” with a Gross Regional Product Growth of 37.1% - Forbes State Capitol Largest Population Boom Ranked No.8 among the “America’s Fastest-Growing Cities 2018” with a 2.57% population growth – Forbes Best Place to Live Ranked No.1 among the “125 Best Places to Live in the USA” – U.S. News Millennial Surge Pennybacker Bridge Ranked No.6 in the nation for growth rate of adult population between the ages of 18-34 - Brookings Institution 7 Location Overview Major Austin Employers APPLE KELLER WILLIAMS REALTY Employer Employees ACCENTURE HEB Grocery 13,756 ORACLE WALMART Dell Technologies 13,000 VISA DELL TECHNOLOGIES St. David’s Healthcare 10,309 Ascension Seton 9,947 Walmart Stores 7,100 IBM GENERAL MOTORS Apple 6,000 NATIONAL INSTRUMENTS IBM 6,000 CHARLES SCHWAB SAMSUNG INDEED Amazon 4,000 AMAZON NXP 4,000 BAYLOR SCOTT & WHITE HEB GROCERY Samsung 3,762 AT&T 2,800 General Motors 2,800 APPLIED MATERIALS Whole Foods Market 2,687 7805 N I-35 ASCENSION SETON Keller Williams Realty 2,564 National Instruments 2,524 INTEL Accenture 2,500 AMD ST DAVID HEALTHCARE NXP HOMEAWAY Oracle 2,500 WHOLE FOODS MARKET Baylor Scott & White 2,400 Charles Schwab 2,400 Applied Materials 2,100 Progressive Insurance 1,837 AT&T Indeed 1,753 AMD 1,750 PROGRESSIVE INSURANCE HomeAway 1,700 Intel 1,700 Visa 1,520 8 Location Overview Downtown Austin South Congress The Oasis 9 Information About Brokerage Services 11-2-2015 Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: . The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. • Must treat all parties to the transaction impartially and fairly; A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker • May, with the parties’ written consent, appoint a different license holder associated with the broker to each represents): party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions • Put the interests of the client above all others, including the broker’s own interests; of each party to the transaction. • Inform the client of any material information about the property or transaction received by the broker; • Must not, unless specifically authorized in writing to do so by the party, disclose: • Answer the client’s questions and present any offer to or counter-offer from the client; and o that the owner will accept a price less than the written asking price; • Treat all parties to a real estate transaction honestly and fairly. o that the buyer/tenant will pay a price greater than the price submitted in a written offer; and o any confidential information or any other information that a party specifically instructs the broker in writing A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: not to disclose, unless required to do so by law. AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an an agreement with the owner, usually in a written listing to sell or property management agreement.