Clocktower Place - OM

Clock Tower PlaceCLOCK TOWER PLACE

1410 FOREST DRIVE, ANNAPOLIS, MARYLAND
CONFIDENTIAL OFFERING MEMORANDUM

Brad Berzins Craig Morrell Tom Maddux

+1 443 632 2048 +1 443 574 1425 +1 443 632 2040
[email protected] [email protected] [email protected]

1

EXECUTIVE SUMMARY

CLOCK TOWER PLACE

2

EXECUTIVE SUMMARY

Clock Tower Place

ANNAPOLIS, MARYLAND

NAI KLNB (“Broker”) has been retained by the owner of Clock Tower Place in Annapolis, Maryland (“Property”) as the exclusive broker for this acquisition opportunity.
This Confidential Offering Memorandum has been prepared by Broker for use by the prospective purchaser (“Prospective Purchaser”) to whom Broker has provided this Confidential
Offering Memorandum. The use of this Confidential Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality
Agreement furnished by Broker and executed by Prospective Purchaser prior to delivery of this Offering Memorandum. Although the information contained herein is based upon
sources believed to be reasonably reliable, Owner and Broker, on their own behalf, and on behalf of their respective officers, employees, shareholders, partners, directors, members
and affiliates, disclaim any responsibility or liability for inaccuracies, representations and warranties (expressed or implied) contained in, or omitted from, the Confidential Offering
Memorandum or any other written or oral communication or information transmitted or made available to the recipient of this Confidential Offering Memorandum. No representations
or warranties are made as to the completeness and/or accuracy of any information contained herein. Prospective purchasers of the Property should make their own investigations
and conclusions without reliance upon this Confidential Offering Memorandum, the information contained herein or any other written or oral communication or information transmitted
or made available.
Owner expressly reserves the right, exercisable in Owner’s sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Owner
and Broker each expressly reserves the right, exercisable in their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to
terminate discussions with any entity at any time with or without notice. Broker is not authorized to make any representations or agreements on behalf of Owner. Owner shall not have
any legal commitment or obligation to any entity reviewing this Confidential Offering Memorandum or making an offer to purchase the Property unless and until a written agreement
for the purchase and sale of the Property has been fully executed, delivered and approved by Owner and the other party thereto and any conditions to Owner’s obligations hereunder
have been satisfied or waived. If you have no interest in the Property at this time, return this Confidential Offering Memorandum immediately to:

NAI KLNB - attention Brad Berzins, Craig Morrell, Tom Maddux
Suite 505
100 West Road
Towson, Maryland
tel +1 410 321 0100
fax +1 410 290 0129
www.naiklnb.com

CLOCK TOWER PLACE

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EXECUTIVE SUMMARY

6 Table of
Contents
EXECUTIVE
SUMMARY 14

• Investment Overview PROPERTY
• Aerial Views DESCRIPTION
• Exterior/ Interior Images
• Building Specifications
20 • Floor Plans

MARKET 31
OVERVIEW
FINANCIAL
• Annapolis Market Overview ANALYSIS
• Submarket Overview
• Competitive Leasing Set • Financial Assumptions
• Demographics • Cash Flow Projection
• Operating Expenses
• Rent Roll

CLOCK TOWER PLACE Executive
Summary

Clock Tower Place

Excellent Investment Opportunity Property has been under the same ownership and management
since its inception, with careful attention paid to the tenants,
Clock Tower Place, consisting of 46,838 square feet and the maintenance, and the improvements to the building. In
located at 1410 Forest Drive in Annapolis, Maryland, provides 2014 and 2015, the first and second floor of the office lobby
the rare opportunity to purchase a well maintained, 97.66% were renovated and upgraded to provide a more modern office
leased Retail / Office property within the heart of Annapolis’ atmosphere that has been met with a great response. One visit
Forest Drive Corridor in the Annapolis Peninsula. A home to to the property allows visitors to see the level of care and pride
well-established retailers such as Calico Corners and Brilliant that both ownership and the tenants take in this property.
Eyecare, the first floor is anchored by Wine Cellars of Annapolis
(www.winecellarsofannapolis.com) and the award-winning Well-Located Desirable Property
small plate / wine-bar Grapes Wine Bar of Annapolis (www.
grapeswinebarannapolis.com). The second floor office space is The Property is strategically located at the lighted intersection
a perfect home for small business owners wishing to capitalize of Forest Drive and Gemini Drive in the heart of the Forest
on flexible suite layouts along with ease of access for employees Drive Corridor which connects the residential communities
and visitors alike. Office tenants include Drum, Loyka, and south of Annapolis to Maryland Route 50. With a traffic count
Associates, LLC and Chesapeake Occupational Therapy. The

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EXECUTIVE SUMMARY

CLOCK TOWER PLACE

Sale Details

RBA | ±46,838 SF
Year Built | 1986
Land Area | ±4.47 Acres
Parking Spaces | +250
Year 1 NOI | $
Offers Due _________, 2017

of 37,000 cars daily and immediate access to the Baltimore/ parks extremely well allowing future ownerships to welcome a

Washington Corridor, including Maryland Route 50, Interstate 97, variety of uses to the property. Forest Drive Corridor consists

and downtown Annapolis, the Property affords its tenant ease of Class A&B Office and Retail product that serves a variety

of access along with first class visibility within the Forest Drive of tenants within the market place ranging from government

Corridor. contractors, financial planners, and small business owners

Strong Leasing and Value Fundamentals. to retailers and restauranteurs that continue to capitalize on
the residential and commercial growth within Annapolis, Anne
With 20 tenants (10 Retail and 10 Office) ranging in size from Arundel County, and the Baltimore/Washington Corridor. The
±1,000 square feet up to ±5,000 square feet, the rent roll vacancy rate in Annapolis is approximately 11% for Office space
is well established, diverse, and varies from a size and use and approximately 2% for Retail space. The office vacancy
standpoint. Many tenants have occupied the property for ±10- rate has continued to decline since 2010 and the retail climate
20 years with one tenant occupying the asset since 1986. The remains extremely strong. The prominence of Clock Tower
asset is uniquely balanced, with 25,467 square feet of first floor Place within the Forest Drive Corridor coupled with the quality
retail space complemented by 21,371 square feet of second and stabilization of the asset demonstrate the past and future
floor office space. With over 250 parking spaces, the property prospects for success.

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EXECUTIVE SUMMARY

CLOCK TOWER PLACE

37,350

(2015 ADT)

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EXECUTIVE SUMMARY

CLOCK TOWER PLACE

3(2701,35 A5D0T)

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EXECUTIVE SUMMARY

CLOCK TOWER PLACE

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EXECUTIVE SUMMARY

CLOCK TOWER PLACE

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EXECUTIVE SUMMARY

CLOCK TOWER PLACE

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EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY

2 CLOCK TOWER PLACE Property
Description

14

PROPERTY DESCRIPTION

CLOCK TOWER PLACE

Building Specifications

GENERAL SPECIFICATIONS EXTERIOR CONSTRUCTION

Address 1410 Forest Drive Construction Fireproof steel frame with steel beams and steel deck
Annapolis, MD 21403 Floor Structure Concrete Slab
Year Built/Renovated 1986 Brick. Retail Store fronts are plate glass set in
Rentable Building Area ± 46,838 SF Exterior aluminum frames, dormer windows above the 2nd
± 3.98 Acres floor
Site Acreage B-2 Roof Sysytem Pitched with 30- Year GAF shingle roof
Zoning Available via Forest Drive and Gemini Drive Age of Roof May-04
Gemini Drive is signalized at Forest Drive Signage Pylon Sign on Forest Drive for retail tenants / Signage
Ingress/Egress Forest Drive has a turning lane into property above Retail suites / Signage on 2nd floor exterior for
Site Lighting Office tenants
UTILITIES / FIRE PROTECTION Exterior lighting provided by pole-mounted lighting
Parking fixtures located along the drive aisles
HVAC Electric air to air split system heat pumps with Site Improvements 251 Spaces (open)
pad-mounted condensing units and fan coil units. 2014 / 2015: Office Lobby and Corridor redecorating
Water 31 units with average capacity of 3 tons each included wall treatments, lobby floor tiles, lobby
Sanitary Sewer City of Annapolis exterior doors, stairway / corridor carpet
City of Annapolis replacement, lobby signage, and lobby light fixture
Storm Sewer City of Annapolis replacement
Electricity Virginia Dominion Power 2014-2016: Multiple HVAC Heat Pump and Air
Washington Gas Handler Replacements
Natural Gas Wet-pipe sprinkler system (1st and 2nd floor) 2016: Removal of dead street trees and replacement
Fire Surpression Fire sprinkler riser located in fire protection of street trees
equiptment rooms
Central fire alarm panel location in main electrical

INTERIOR CONSTRUCTION

Common Area Second Floor Office suites have typical building
Finishes standard office finishes
Lobby(s) renovated in 2014 -2015. 1st floor lobby
has tile floors / 2nd floor lobby is carpeted with
finished seating area
First Floor Retail suites have typical building
standard retail / showroom finishes along with
upgraded finishes for the restaurant space(s)

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PROPERTY DESCRIPTION

CLOCK TOWER PLACE

Building Layout | First Level | Retail

Unit # Lentable SF Tenants
1 2,257 Brilliant Eyecare
2-6 6,382 Wine Cellars of Annapolis
7 1,216 Grapes Wine Bar
8 2,143 State Farm
9 2,443 Ruah Yoga
10 1,553 Clock Tower Cleaners
11/12 2,201 Wild Bird Center
13 1,655 Special Effects
14 1,218 Sweet Hearts
15 4,399 Calico Corners

* 25,467 Total SF

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PROPERTY DESCRIPTION

CLOCK TOWER PLACE

Building Layout | Second Level | Office

Unit # Lentable SF Tenants
21/22 2,966 Maryland Agriculture and Resource-Based Industry Co.
24 959 Adam Roth, M.D., P.A.
25/27 2,511 Peters & Clark, P.A.
28 1,095 C. Beach Brown, LLC
29 1,684 Chesapeake Occupational Therapy Associates
30 1,914 Blue Heron Financial Group, Inc.
31 1,120 D'Camera Group, LLC
32 1,460 Michael K. Shelby, CPA, LLC
33-36 5,195 Drum, Loyka & Associates, LLC
23 1,097
26 1,370 Von Diezelski & Turgeon, LLC

* 21,371 Total SF

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PROPERTY DESCRIPTION

CLOCK TOWER PLACE

Baltimore Skyline

BWI Airport

Port of Baltimore

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PROPERTY DESCRIPTION

CLOCK TOWER PLACE

Street View Map

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PROPERTY DESCRIPTION

3 CLOCK TOWER PLACE Market
Overview

Downtown Annapolis

Anne Arundel County Overview

Anne Arundel County, Maryland, is home to the state’s capital, Annapolis, eight out of the top ten defense contractors in the United States including
and is strategically located within the Washington-Baltimore Metropolitan Lockheed Martin, Northrop Grumman, and Booze Allen Hamilton along with
Area, which is the most educated and highest income Combined Statistical private employers such as Allegis Group and Under Armour. The subject
Area (CSA) in the United States. The primary economic drivers are Fort property is a 22 minute drive to the Baltimore / Washington International
Meade, Thurgood Marshall Baltimore/Washington International Airport Airport (BWI). Ranked the best airport of its size, BWI provides transport to
(BWI) and Annapolis. A hub for defense contracting, Anne Arundel County over 22.7 million passengers annually. Responsible for 100,000 direct and
is host to Fort Meade, the nation’s largest intelligence center. The Base indirect jobs,the airport is an economic generator and catalyst for growth in
Realignment and Closure Act (BRAC) consolidated the cyber security the region. BWI’s economic impacts include almost $7 billion in business
activities of the Army, Navy, Marines, Air Force, and Coast Guard into the revenue and $1.6 billion in local purchases. Also accommodating passenger
U.S. Cyber Command at Fort Meade. Over the past decade, Fort Meade traffic at BWI is the MARC Commuter Rail System and Amtrak rail lines,
has seen job growth from 36,000 to 57,000, the third largest workforce of which connect west Anne Arundel County to Baltimore and Washington, DC.
any Army installation in the US. Also located in Anne Arundel County are

20

MARKET OVERVIEW

CLOCK TOWER PLACE

Baltimore BALTIMORE

2 BALTIMORE

HANOVER WASHINGTON

Howard BWI 97 The eastern edge of Anne Arundel
County AIRPORT county boasts over 530 miles of pristine
Chesapeake shoreline. Situated on the
GLEN coast is Annapolis, the capital of Maryland.
Also known as the “Sailing Capital of
100 BURNIE America”, and home to the U.S. Naval
Academy, Annapolis hosts a myriad of
175 SEVERN sailing regattas, galas, and festivals which
draw people from all over the world.
295 FORT 97 PASADENA Recent major construction projects include
Annapolis Towne Centre at Parole and
MEADE SEVERNA Park Place which incorporates hotels, 565
PARK residential units, 594,000 SF of retail, and
ODENTON 32 68,000 SF of office space.
With over 569,000 people and 51,000
3 2 businesses, a decreasing unemployment
50 rate of 4% and a very strong average
CROFTON household income of $107,668, Anne
ANNAPOLIS To Chesapeake Arundel will continue to thrive into the
50 Bay Bridge future.

Prince George’s 214
County

2

SUBMARKETS Chesapeake Bay
BWI CORRIDOR
ANNAPOLIS

ANNE ARUNDEL 2 21
COUNTY
Calvert County MARKET OVERVIEW

CLOCK TOWER PLACE

Annapolis Submarket Overview

Clock Tower Place is prominently located in the heart of one of the metro area via MD Route 50 to the west and metro Baltimore via I-97
major transportation arteries in Annapolis (Forest Drive) connecting the to the north. The proximity of Annapolis to the Baltimore-Washington,
city of Annapolis to MD Route 50 and beyond. Annapolis, founded in DC corridor enables residents to benefit from both the charm of a
1649, is the State Capital of Maryland and also serves as the County historic waterfront town while enjoying the opportunities of the large
Seat for Anne Arundel County in addition to being one of Maryland’s and diverse metro markets that comprise the 4th largest overall market
most popular tourist destinations. The city is rich in history, serving as in the United States.
the nation’s capital from 1783 to 1784. A quaint sailing community
nestled on the Chesapeake Bay, Annapolis is home to the United States Suburban Annapolis has also undergone major enhancements over
Naval Academy and a significant base of commercial, municipal, and the past 10 years with the redevelopment of the Annapolis Mall (nearly
residential density. The charm of the historic City of Annapolis, with its 1.5 million square feet anchored by Nordstroms, Macy’s, Sears
waterfront setting, generates tourism valued at more than $1.5 billion and JCPenney) along with the massive 2 million square foot mixed
annually while employing nearly 12,000 workers in the area. Annapolis use project Annapolis Towne Center at Parole, which is anchored
has long been a destination for entertainment, food, Naval Academy by Target, Bed Bath & Beyond and Whole Foods. Annapolis’ local
sports and shopping for tourists, locals, and the regional population. economy is driven by the State Capitol with several large state
The city boasts a unique lifestyle as a maritime community with deep agencies headquartered in Annapolis including the Comptroller of the
historical roots, sailing, boating, and events such as the annual flight Treasury, Department of Budget and Management and the Department
of the Blue Angels at the Naval Academy graduation. of Information Technology among others. Annapolis is also home to
Anne Arundel Medical Center (2,800 employees), The United States
These attributes have left Annapolis, a city of nearly 40,000 people, Naval Academy (2,500 employees), and private employers such
as a focal point in Anne Arundel County for business and commercial as Rockwell Collins (1,100 employees), Northrop Grumman, and
activity drawn to the Annapolis address and lifestyle. Annapolis is a Constellation Energy.
point on the “golden triangle” that connects to the Washington, DC

22

MARKET OVERVIEW

CLOCK TOWER PLACE

HISTORICAL OFFICE VACANCY - ANNAPOLIS SUBMARKET

20.00%

18.00%

Direct Vacant Rate 16.00%

14.00%

12.00%

10.00%

8.00%

2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Average Direct Vacancy

Annapolis Office Market Overview

Historically, the Annapolis office market has been one of the most The office product along the Forest Drive corridor is typically class
stable submarkets in Maryland due to its desirability, relative size B or C office product. Clock Tower Place is clearly at the top of the
and development constraints. The Annapolis office submarket is Forest Drive corridor in terms of the quality of the office product, the
small with approximately 3.4 million square feet represented by 79 convenience of its location along that corridor and the added benefit
class A & B buildings. Currently, the vacancy rate is approximately of the mix of retail service tenants that are attractive to office users.
11% and trending lower with positive absorption. The Annapolis
office submarket has typically achieved higher average rents than Full Service office rents in the Forest Drive corridor are typically in the
surrounding submarkets in Maryland, with average rents over $28 per mid-$20’s per square foot. It therefore provide a pricing alternative
square foot, Full Service. Land constraints will continue to benefit this for office tenants seeking to pay less rent that the Class A office
submarket by limiting the development pipeline. buildings in the Annapolis Parole market area where Full Service
rents are averaging $30 per square foot. There is little vacancy, with
Forest Drive Office Corridor typical suite sizes being less than 2,000 square feet. With the recent
renovations to the office lobby at Clock Tower, the building is poised
Forest Drive is a major transportation artery connecting the residential to continue to do well to attract future office tenant’s seeking to serve
communities south of the City of Annapolis with MD Route 50. The the local Annapolis community.
commercial development along this corridor is a mix of service retail
and small office projects that cater to smaller tenants seeking to serve
the local community.

23

MARKET OVERVIEW

CLOCK TOWER PLACE

CCLloOcCkKTToOwWeErRPPlaLcAeCE

AOnffnicaepoMlisa,rMkeatryAlaenridal

50

5 102 Old Solomons Island Road

147 Old Solomons Island Road 6 4 1831 & 1835 Forest Drive

1419 Forest Drive 3 2 1410 Forest Drive
1 1819 Bay Ridge Avenue

COMPETITIVE SET | CLOCK TOWER PLACE | OFFICE

# 5 Mile Radius Year Built/ Major Tenants Asking Total Available Vacant Vacancy
Renovated Rental Rate GLA Space Space %
1 1819 Bay Ridge Avenue 1976 / Renov. 2015 Chesapeake Bay Magazine, Coastal Property Management, Inc. $25.00 / FS 9.9%
2 1410 Forest Drive 1986 Wine Cellars of Annapolis, Calico Corners, Drum Loyka & Associates, LLC $21.50 20,564 8,770 2,035 2.34%
3 1419 Forest Drive 1974 / Renov. 2003 A.A. Medical, Annapolis Community Bank, Children Speech, IT Learning Works $20.00 / FS 1,097 34.3%
4 1831 & 1835 Forest Drive 1985 Response Senior Care, David Cohen, Americas Driving Academy $24.00 /+ elec. 46,838 1,097 6,546 7.9%
5 102 Old Solomons Island Rd 1984 Eastern Outdoor Advertising, Long & Foster R.E., Bay Area Christian Counseling $24.00 / FS 1,500 8.3%
6 147 Old Solomons Island Rd Plasma Protein Therapeutics, PPTA Source, Boat US Foundation for Boating Safety 19,100 6,546 1,050
1986 $20.00 / FS 12.8%
19,000 1,500 4,830

12,607 1,050

37,610 4,830

24

MARKET OVERVIEW

CLOCK TOWER PLACE

Retail Trade Area

(201142A1,DT4)01

3(920,1147A1DT) Annapolis Mall
9(520,1140A1DT)
Parole Annapolis Plaza 2(2501,04 A5D1T)
12(2501,04 A1D1T)

Severn River

38(2,05184 0ADT)
Jennifer Square West Annapolis
DOUBLE T DINER Shopping Center

1(250154,A0D4T)1 Forest Grauls
Plaza Market
Naval Academy
Festival Navy-Marine Corps City Docks
At Riva Memorial Stadium

Annapolis

10(2,07184 1ADT)

Annapolis Town Center
at Parole

9 PLEX Annapolis
CINEMA Marketplace

Annapolis Harbour Eastport
Shopping Center
36(2,03114 A2DT)
Village Greens CLOCK TOWER
Of Annapolis PLACE

(SUBJECT PROPERTY)

(205142,A2DT5)2

Bay Ridge Plaza

25

MARKET OVERVIEW

CLOCK TOWER PLACE

HISTORICAL RETAIL VACANCY - ANNAPOLIS SUBMARKET

6%

4%

2%

0%

2011 2012 2013 2014 2015 2016

Annapolis Retail Market Overview the end of Q2 2016. Additionally, there is limited availability
for new product in Annapolis and particularly along the Forest
Located at the intersection of Forest Drive and Gemini Drive, Drive corridor increasing the barriers to entry for additional
Clock Tower Place is located less than 2 miles west of competition. Annapolis has strong demographics and is one of
Downtown Annapolis, Annapolis Towne Center at Parole, and the most affluent and educated populations in the country. The
the Westfield Annapolis Mall. With immediate access to Route population within a 3-mile radius of the site is approximately
50 and Interstate 97 the subject property is surrounded by 67,196 people while the average household income is $110,994
heavy residential density. Forest Drive is a main commercial compared to the national average of $77,000. The average
and residential artery connecting Route 50 to South Annapolis housing value is north of $550,000 and over 48% of Annapolis
boasting traffic counts of approximately 36,200 AADT. Clock resident’s age 25 and older hold a Bachelor’s degree or
Tower Place has limited direct retail competition, particularly greater. Situated in a strong and stable submarket with positive
along Forest Drive. There are three centers along Forest Drive demographic trends in the greater Annapolis area and no new
totaling less than 200,000 square feet that directly compete for major retail construction on the horizon, Clock Tower Place is
retail business and are all 100% occupied. In-line rental rates well-situated within the Annapolis submarket for continued and
in these centers range from the low $20’s to $30 PSF, NNN. future success and rental growth.
Since Q4 2013, there has been positive retail absorption every
quarter in the Annapolis retail submarket and the vacancy rate
has gone from an already low 4.1% in 4Q 2013 to just 2% at

26

MARKET OVERVIEW

CLOCK TOWER PLACE

97 CCLloOcCkKTToOwWeErRPPlLaAcCeE

50 ARnentaaipl oMlisa,rMkeatryAlaenrdial

648

178 70

595

Annapolis Market Place 450
Village Greens of Annapolis
665

Eastport Shopping Center

Clock Tower Place

2 Bay Forest Center

COMPETITIVE SET | CLOCK TOWER PLACE

5 Mile Radius Year Built/Renovated Major Tenants In-Line Rental Rate Total GLA Available Space Vacant Spaces Vacancy %

Clock Tower Place 1987 Calico Corners, Wine Cellars of Annapolis, Grapes Wine Bar Mid $20’s 46,000 00 0%
Eastport Shopping Center 1964/1991 Rite Aid, Annapolis Athletic Club $18 - $22 72,000 00 0%
Annapolis Market Place 1995 Safeway Low - Mid $20’s 66,396 00 0%
Bay Forest Center 1981 Giant $27 - $30 83,000 00 0%
Village Greens of Annapolis 2004 Capitol One, CVS, Citgo, Celebree $24 - $28 44,617 00 0%

27

MARKET OVERVIEW

CLOCK TOWER PLACE 3.3

Drive Time - 20 Minutes | Demographics Average Family Size

216,651 $100,111

Population Median HH Income

41.2 $509,380

Median Age Median Home Value

$125,391 28.6%

Average HH Income Have a bachelor’s Degree
or higher
138,418

Daytime Population

28

MARKET OVERVIEW

CLOCK TOWER PLACE

2016 DEMOGRAPHIC Severna Park Magothy
SNAPSHOT River

68,336 5 MILE

people within a Arnold
3 mile radius
97 50
112,138 50
Parole 3 MILE Bay Bridge
avg HH income
within 3 miles 1AMInLEnapolis

Crofton CLOCK TOWER
PLACE
37,350

cars pass daily
on Forest Drive

26,696

househoulds in
a 3 mile radius

1.95%

annual projected
median HH income
from 2016-2021

29

MARKET OVERVIEW

CLOCK TOWER PLACE

Demographic Report509 S Cherry Grove Ave, Annapolis, Maryland, 21401 Prepared by Esri
Latitude: 38.96908
D E M O G R A P H I C S U M M A RYRings: 1, 3, 5 mile radii Longitude: -76.51988

Census 2010 Summary 1 mile 3 miles 5 miles
Population
Households 13,709 64,560 103,053
Families 5,043 25,690 40,690
Average Household Size 3,164 14,375 25,141
Owner Occupied Housing Units 2.71 2.38
Renter Occupied Housing Units 2,497 2.29 28,057
Median Age 2,546 14,915 12,633
33.1 10,775 39.9
2016 Summary
Population 14,467 36.1
Households 5,256
Families 3,260 67,196 107,045
Average Household Size 2.74 26,542 41,923
Owner Occupied Housing Units 2,410 14,671 25,610
Renter Occupied Housing Units 2,845 2.41
Median Age 34.3 2.31 27,669
Median Household Income 14,479 14,254
Average Household Income $70,653 12,063 41.0
$95,509
2021 Summary 37.5 $91,494
Population 15,184 $83,576 $122,335
Households 5,486 $110,994
Families 3,378
Average Household Size 2.76 70,017 111,448
Owner Occupied Housing Units 2,517 27,618 43,528
Renter Occupied Housing Units 2,969 15,153 26,411
Median Age 35.1 2.42
Median Household Income 2.33 28,671
Average Household Income $78,947 15,061 14,857
$103,718 12,557 41.9
Trends: 2016-2021 Annual Rate
Population 0.97% 38.5 $101,518
Households 0.86% $92,046 $133,679
Families 0.71% $121,042
Owner Households 0.87%
Median Household Income 2.24% 0.83% 0.81%
0.80% 0.75%
30 0.65% 0.62%
0.79% 0.71%
MARKET OVERVIEW 1.95% 2.10%

4 CLOCK TOWER PLACE

Financial
Analysis

31

EXECUTIVE SUMMARY

CONTACT CLOCK TOWER PLACE

INVESTMENT SALES: 32
BRAD BERZINS
443.632.2048 EXECUTIVE SUMMARY
[email protected]
CRAIG MORRELL
443.574.1425
[email protected]
TOM MADDUX
443.632.2040
[email protected]

FINANCING:
TIM DELL
410.735.3963
[email protected]
STEVE ARNOLD
410.735.3961
[email protected]