SVN Live 1.29.24 Weekly Property Broadcast
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The weekly property broadcast highlights a significant increase in office-to-apartment conversions in major cities, with over 55,000 planned for 2024, quadrupling the numbers from four years ago. Key locations for these conversions include Washington, DC and New York, with many transactions detailed including industrial and land sales across various states. Additionally, upcoming events and webinars are mentioned for January 30 and 31, focusing on self-storage and property management topics.
SVN Live 1.29.24 Weekly Property Broadcast
- 3. www.SVN.com Economic Updates Provided by ○ According to a recent Rent Cafe analysis, Office-to-Apartment conversions in major cities during 2024 are set to quadruple compared to four years ago. Over 55,000 conversions are in the pipeline for this year, soaring above the 12,100 converted in 2021. ○ Conversions have steadily increased over the past four years, reaching 23,100 units in 2022 and 45,200 in 2023. More than 147,000 conversions are planned to take place over the next few years. ○ Washington, DC, has the largest number of units planned for conversion from offices this year, at 5,820. New York is second, with 5,215 apartments under conversion from offices, followed by Dallas (3,163), Chicago (2,822), and Los Angeles (2,442). Office to Apartment Conversions
- 5. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/SF $3,700,000 60,000 SF INDUSTRIAL | 34430 LAKE CREEK DRIVE | BROWNSVILLE, OR ○ Out of state buyer ○ 17 days from client introduction to close ○ All cash deal, full inspections $62 SVN | Commercial Advisors CURT ARTHUR, SIOR curt.arthur@svn.com 503.588.0400
- 6. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/SF $2,650,000 14,000 SF INDUSTRIAL | 2673 NE 9TH AVENUE | CAPE CORAL, FL ○ USA headquarters relocation ○ 14000 sf fully air-conditioned warehouse ○ North Cape industrial park $321,637 SVN | Commercial Partners TIFFANY LUONGO tiffany.luongo@svn.com 239.707.1700
- 7. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/Acre $1,650,000 5.13 acres LAND | 0 MATHOG ROAD | RIVERVIEW, FL ○ Located at a commercial development node ○ Node includes Lowe's, Suncoast Credit Union, Amscot and others ○ Just 3,200 feet from I-75 on/off ramp $321,637 SVN | Saunders Ralston Dantzler STEVE TONER, MBA steve.toner@svn.com 813.391.0302 CHRISTINA KURTZ- CLARK, CCIM, ALC christina.kurtzclark@svn.com 352.223.0817
- 8. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/SF $1,600,000 17,800 SF INDUSTRIAL | 751 ENTERPRISE DRIVE | LEXINGTON, KY ○ Out of town buyer that needed local expertise ○ Put together an effective marketing campaign on the asset. ○ The deal was co-brokered and closed within 45 days of listing $90 SVN | Stone Commercial Real Estate JOHN BUNCH john.bunch@svn.com 859.433.8911 GABE MEASNER gabe.measner@svn.com 859.630.7106
- 9. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/Acre $1,349,000 2.33 acres LAND | 0 SHEPHERD ROAD | LAKELAND, FL ○ Active commercial corridor ○ Across from a Publix shopping center ○ Near McDonald's and banks ○ Off site water retention provided ○ Zoned for most all commercial uses $578,970 SVN | Saunders Ralston Dantzler JAMES EDWARDS, AICP james.edwards@svn.com 863.430.4244
- 10. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Transaction Highlights Sale Price Size Price/Acre $1,062,500 110 acres LAND | 0 BAY LAKE RD | GROVELAND, FL ○ Nice pasture in Western Lake County ○ Location in the heart of the Green Swamp area ○ Plenty of wildlife, good grazing and location make this ranch desirable $9,659 SVN | Saunders Ralston Dantzler JIM ALLEN james.allen@svn.com 863.738.3636
- 13. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $4,500,000 $157,500 21,937 SF ○ High-rise development opportunity in downtown Denver ○ One-half acre (prox) lot with favorable zoning (D-AS-20+) ○ Attractively priced compared to recent sales activity for quick sale ○ Within the Five Points Business Improvement District (fivepointsbid.com) ○ Historic neighborhood setting with significant infrastructure and new projects being built LAND | 2000 WELTON STREET | DENVER, CO $205 SVN | Denver Commercial BRIAN MCRIRIE brian.mcririe@svn.com 303.763.0848 STEVE KAWULOK steve.kawulok@svn.com 970.691.1220 WESLEY PERRY wesley.perry@svn.com 719.224.0777
- 14. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $4,136,000 $82,720 17,296 SF ○ Absolute NNN lease ○ Early lease extension ○ Two percent annual increases ○ Excellent credit lessee ○ Strong location with great demographics ○ Voted #22 best place to live by money.com OFFICE | 107 PIPER HILL DR | SAINT PETERS, MO $239 SVN | Chicago Commercial TIM FRANZ tim.franz@svn.com 708.307.0716 6.5%
- 15. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $3,333,700 $66,674 14,592 SF ○ Absolute NNN lease ○ Early lease extension ○ Two percent annual increases ○ Excellent credit lessee ○ Strong location with great demographics ○ Over 300 local businesses in close proximity OFFICE | 1935 PRARIE DELL RD | UNION, MO $228 SVN | Chicago Commercial TIM FRANZ tim.franz@svn.com 708.307.0716 6.5%
- 16. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $2,350,000 $47,000 6,777 SF ○ 6 years remaining ○ Corporate guarantee with Fresenius Medical Care Holdings, Inc ○ Passive NN+ lease structure – maintenance costs reimbursed by tenant SVN | Ascension Commercial Realty TIM SCHLACHTER, CCIM tim.schlachter@svn.com 419.540.8888 SINGLE TENANT INVESTMENT | 701 COMMERCE DRIVE | PERRYSBURG, OH $346 6.52% SVN | Rich Investment Real Estate Partners JOSH SNYDER josh.snyder@svn.com 310.425.3377
- 17. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $2,200,000 $44,000 13,100 SF ○ Sale leaseback opportunity ○ NNN lease commences at closing ○ 3% annual rent increases ○ +/-31,800 VPD (Station ID 23-0262) SVN | BlackStream STEPHEN AHNRUD stephen.ahnrud@svn.com 404.272.0054 INDUSTRIAL | 211 N PLEASANTBURG DR | GREENVILLE, SC $168 6.10%
- 18. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $1,777,624 $53,329 10,566 SF ○ Atlanta MSA ○ Dollar General RELO "PLUS" ○ Temple GA Dollar General corporate guaranty 15 year triple net lease (NNN) with zero landlord responsibilities, 8+ years remaining ○ 5 year renewal options with 10% increases ○ Upgraded all brick construction ○ .8 miles from Interstate 20 interchange, 32 miles west of Atlanta's I-285 & I-20 intersection ○ 21,600+ 5 mile population, 8,200+ 5 mile households SVN | Efird Commercial Real Estate FRANK EFIRD frank.efird@svn.com 910.200.0037 RETAIL | 268 CARROLLTON STREET | TEMPLE, GA $168 6.65% SVN | Toomey Property Advisors JUSTIN TOOMEY justin.toomey@svn.com 251.680.3663
- 19. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $1,750,000 $52,500 15,375 SF ○ 100% occupied ○ 21 tenants ○ Ample parking space in the back ○ Corner lot OFFICE | 1029-1045 N EL DORADO ST | STOCKTON, CA $114 SVN | Vanguard JORGE JIMENEZ jjimenez@svn.com 619.742.9269 6.78% SVN | Ellwanger Team DON ELLWANGER ellwangd@svn.com 916.798.6545
- 20. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/SF Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $1,725,000 $43,125 13,292 SF ○ 26 student beds ○ 10 vehicle lot which presents a unique development opportunity in the heart of Binghamton ○ Brick buildings ○ Street level retail in downtown ○ Massive upside potential ○ 1 block from the Koffman Incubator ○ Average student bed rents for $791 in downtown SVN | Innovative Commercial Advisors MATTHEW KARLGUT matthew.karlgut@svn.com 607.953.1509 MULTIFAMILY | 111 OAK STREET | BINGHAMTON, NY $130 8.37%
- 21. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee Size Price/Acre SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $1,595,000 $47,850 3.51 acres ○ Ready to build, permit ready ○ All construction docs included In sale ○ 3.5 acre parcel with plans for 55 units ○ All plans are approved with city ○ Owner/agent open to JV options ○ 70% spacious 2 BR, 2 BA, 1,122 SF units with split floor plans and balconies and 30% spacious 1BR/1BA with 722 SF SVN | Desert Commercial Advisors CARRICK SEARS, MBA, CCIM carrick.sears@svn.com 480.425.5529 LAND | 5810 N 59TH DR | GLENDALE, AZ $454,416
- 22. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee No. of Units Price/Unit Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $1,100,000 $22,000 5 units ○ 5 Homes scattered through Jackson, MS ○ Asset types include single-family detached ○ All homes renovated during turns ○ Professional property management in place ○ Average size home is 1,446 square feet ○ Homes were constructed between 2006- 2007 SVN | SFRhub Marketplace TIM ORSCHELN tim.orscheln@svn.com 480.291.4330 TOM JOHNSTON tom.johnston@svn.com 602.825.1780 SFR PORTFOLIO | 5 HOME SFR INVESTMENT PORTFOLIO | JACKSON, MS 6.03% $220,000 SVN | Toomey Property Advisors JUSTIN TOOMEY justin.toomey@svn.com 251.680.3663
- 23. All SVN® offices are independently owned and operated. © 2023 SVN International Corp. Property Details Property Highlights Price Buy Side Fee No. of Units Price/Unit Cap SFR PORTFOLIO | 6 HOME SFR INVESTMENT PORTFOLIO | PHOENIX, AZ $1,000,000 $25,000 12 units ○ Visit www.SFRhub.com and search for portfolio 101563 for more information ○ The typical home boasts an average living space of 1,103 square feet ○ The portfolio features a variety of 2-, 3-, and 4-bedroom homes scattered through Akron, OH ○ There is potential for increased value, as current rents lag behind market rates by 10% ○ The majority of homes hold Section 8 and AMHA certifications SVN | SFRhub Marketplace TIM ORSCHELN tim.orscheln@svn.com 480.291.4330 TOM JOHNSTON tom.johnston@svn.com 602.825.1780 SFR PORTFOLIO | 12 HOME SFR INVESTMENT PORTFOLIO | AKRON, OH 9.76% $83,333 SVN | First Place Commercial Realty, LLC VICTOR VOINOVICH victor.voinovich@svn.com 216.235.2588
- 24. www.SVN.com Events & Webinars TUESDAY JANUARY 30 Self Storage Product Council Meeting 11:30 AM ET | 8:30 AM PT WEDNESDAY JANUARY 31 Property Management Product Council Meeting 1:00 PM ET | 10:00 AM PT Date: January 29-February 3, 2024
- 25. THANK YOU for joining us!
- 26. Please visit www.svn.com for more information on the properties featured on today’s call and to view all of SVN’s active listings. DISCLAIMER This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All SVN® offices are independently owned and operated.