3.17 Acres in Springfield, MO - $397,500
Coldwell Banker Commercial Southwest Partners’ “No Borders Division” has been retained as the listing consultant to Coldwell Banker Commercial Vanguard in Missouri for exclusive representation of “Chestnut Park”. Chestnut Park # 1 has 2.59 acres. It is in escrow at $3.76 SF to the City of Springfield for a new Fire Station. It is expected to fund and close this summer. This offering is for # 5. Zoned R-TH for 15 duplex lots. 3.17 acres (138,000 est. SF). REDUCED from $523,500 to $397,500 or $2.88 SF. Fifteen 80 * 115 minimum lots. Detention in and off-site.
Chestnut Park spans pricing per SF, available acreage, proximity and demographics unmatched in the Springfield CBSA. Pricing ranges from $206,000 to $4,253,000. Price per SF ranges from $1.71 to $3.79. Acreage ranges from 1.61 to 42.72!
And, as a special incentive, each offering includes a 4% buyer broker commission.
Other availabl...
Other available offerings:
# 1. Zoned HC. 283’ West Chestnut Expressway frontage. 2.59 acres (112,820 est. SF). $424,000 or $3.76 SF. PENDING.
# 2. Zoned R-MD for 198 units. 6.85 acres (298,386 est. SF). $750,000 or $2.52 SF.
# 3. Zoned PD 263 for 246 units. 13.71 acres (597,208 est. SF). $1,080,000 or $1.81 SF.
# 4. Zoned R-LD for 47 units. 2.76 acres (120,226 est. SF). $206,000 or $1.72 SF.
# 6. Zoned R-MD. 1.61 acres (70,132 est. SF). $239,000 or $3.41 SF. Detention in and off-site. Site plan for 48 units included in sale.
# 7. Zoned R-MD. 3.69 acres (160,736 est. SF). $314,000 or $1.96 SF. Detention in and on-site.
# 8. Zoned HC. 481’ West Chestnut Expressway frontage. 3.80 acres (165,528 est. SF). $424,000 or $2.57 SF. Detention in and on-site.
# 9. Zoned HC. 336’ West Chestnut Expressway frontage. 2.09 acres (91,040 est. SF). $327,000 or $3.60 SF.
# 10. Zoned GM. Preliminary self-storage plan included. 5.04 acres (219,542 est. SF). $390,000 or $1.78 SF.
# 11. This is # 2 & # 3 combined. # 2. # 2 is zoned R-MD for 198 units. # 3 is zoned PD 263 for 246 units. 20.56 acres (895,593 est. SF). $1,830,000 or $2.04 SF.
#12. This is # 8 & # 9 combined. Both are zoned HC. 817’ W Chestnut frontage. 5.89 acres (256,568 est. SF). $751,000 or $2.93 SF.
# 14. Entire offering of tracts #2 - # 10. 42.72 acres (1,860,798 est. SF). $4,253,500 or $2.29 SF.
This is a compelling opportunity combining: aggressive pricing; great access; tremendous demographics; new Fire Station going in; superior growth trends for the immediate area; 2008 and 2009 lagging new apartment unit permits indicating pent up demand; stable sub-market rents: recovering economy; proximity to (within 3-miles of) two new major new job growth locations: Springfield-Branson National Airport main entrance and the Partnership Industrial Center West; only 3 mi. to downtown; and a great school district
Sophisticated traditional real estate investors, investors wanting to diversify their retirement plan with raw land, business owners, entrepreneurs and multi-family experts will capitalize on the value of this offering!
We expect the property to sell fast!
PROPERTY WEBSITE
The property website is available at the virtual tour link above.
HIGHLIGHTS
(1) Chestnut Park offers 1,100’ frontage on the West Chestnut Expressway (Interstate 44 Business), in City limits, all City utilities and all detention in for current zoning.
(2) Only 2.8 mi. to the Partnership Industrial Center West, 2.9 mi. to Springfield-Branson National Airport and 3 mi. to downtown.
(3) In the very high performing Willard R-II ISD with elementary students attending the newest school in the district.
(4) Multi-family market rents and occupancy rates are stable in the two Springfield sub-markets the property is in proximity to.
(5) Within 3-miles of two new major new job growth locations: Springfield-Branson National Airport main entrance and the Partnership Industrial Center West.
(6) Within a 5-minute drive-time, the area has the highest projected annual % growth in: population, households, families, $100K and higher households and $250K and higher household of all Benchmarks we analyzed for this offering*.
(7) Within 5-min. drive-time top 3 retail opportunities avg. $7.6M+ in potential annual revenues, top 5 avg. $5.9M+ and top 10 avg. $3.7M+.
(8) Within a 5-min. drive-time, market sectors with more than 50% retail leakage: Clothing & accessories, health & personal care and furniture & home furnishings
(9) 24,100 average daily traffic est. for 2010 projected to reach 33,175 in 2015.
(10) Compared to the 7 largest Missouri CBSAs, the Springfield CBSA has the highest annual % growth in: population; economy; avg. household income; and disposable income.
(11) The Springfield CBSA is tied for # 1 most resistant CBSA in the State and is 12% more recession resistant than the State.
CONTACT INFORMATION
Call 1.979.421.9996 to contact any member of the listing team to set up an appointment, request additional information or answer any questions.
PROPERTY
(1) In City limits? Yes.
(2) Utilities. All City utilities.
(3) MUD. None
(4) School district. Willard R-II ISD.
(5) Frontage. 1,100’ on West Chestnut Expressway.
(6) Detention. All in for current zoning.
LOCATION
(1) Directly on the Chestnut Expressway (Interstate 44 Business).
(2) Easy Interstate 44 access. 1.4 mi. to Interstate 44 and Chestnut Expressway, 2.7 mi. to Interstate 44 and US Highway 160 North, 2.8 mi. to Partnership Industrial Center West, 4.9 mi. to Interstate 44 and the James River Freeway, 9.8 mi. to Interstate 44 and US 65 North.
(3) Superior access to local communities. 9.0 mi. to Willard, 11.7 mi. to Republic and 16.0 mi. to Nixa.
(4) Excellent Missouri access. 48 mi. to Branson, 70 mi. to Joplin, 141 mi. to Jefferson City, 172 mi. to Columbia, 219 mi. to St. Louis and 223 mi. to St. Joseph.
(5) Convenient airport access. 2.8 mi. to Springfield-Branson National Airport (KSGF).
PARTNERSHIP INDUSTRIAL CENTER WEST & AIRPORT EXPANSION
(1) Partnership Industrial Center West (“PICW”). All PICW information is from the Springfield Business Development Corporation.
a. Original Partnership Industrial Center (“PIC”). Started in 1994, PIC has created or retained 2,397 jobs for Springfield and has reached build-out with 21 companies located on 360 acres of master-planned industrial park ground. It is now completely built-out and administration of the PIC has been transferred from the PIC Administrative Council to the tenants association.
b. PIC Tenants. AmeriPride Linen & Apparel, Buckhorn, Central States Industrial, Certified Metals, Cintas Corporation, DaBryan Coach Builders, Dameron Color Labs, Diesel Exchange, Digital Monitoring Products, Jarden Plastic Solutions, John Deere Reman – Springfield, The Maiman Company, Megavolt, Nestle Purina PetCare, NorthStar Battery Co., Nowata Printing Co., Polar Tank Trailer, Reckitt Benckiser Midwest Logistics, Springfield Striping & Sealing, Stainless Technology and Watts Radiant.
c. Development of PICW. When PIC reached 50% build-out, Springfield's Partnership for Economic Development began the process to develop the 400-acre PICW.
d. Tenants to date. Crosstech Construction Products, Executive Coach Builders, Glanbia Nutritionals (NA), Inc., Gold Mechanical, Green Seed, Northstar Battery and Stamina Products.
e. Estimated % developable acreage sold to date. 25.56% (82.2 acres of 321.5 acres).
f. Estimated SF built out to date. 902,060 including two shells available totaling 150,000 SF.
g. PICW proximity to Chestnut Park. 2.9 mi.
h. In Enhanced Enterprise Zone. Partnership Industrial Center West is located within the boundaries of Springfield's Enhanced Enterprise Zone. This is an incentive program for encouraging investment and job creation and allows for local real property tax abatement and can provide saleable, refundable state tax credits.
i. Link. See “Partnership Industrial Center West” in the Links Section.
(2) Springfield-Branson National Airport.
a. Airlines and destinations. American Airlines to Chicago and Dallas, Allegian Air to Tampa and Phoenix, Delta to Atlanta and Memphis and United to Chicago and Denver.
b. New terminal and new entry directly on West Chestnut Expressway. Effective May 2009, West Chestnut Expressway is now the primary access highway to the Airport to the new terminal.
c. Proximity to Chestnut Park. 3.2 mi.
(3) Expedia leased 59,000 SF of old Springfield-Branson National Airport Terminal.
a. Occupancy is expected in the Fall of 2010.
b. Relocating 264 jobs from Southeast Springfield to new location.
(4) Missouri National Guard potential expansion at Springfield-Branson National Airport. In August 2009, The Guard, which operated an Aviation Classification Repair Activity Depot facility on airport grounds, was considering expanding the Army National Guard's Springfield presence, including bringing up to 500 additional soldiers to the area along with adding an Air National Guard presence.
(5) Link. See “Expedia & Missouri National Guard at Springfield-Branson National Airport” press release in the Links Section.
2009 YEAR-END GREENE COUNTY MULTI-FAMILY MARKET OVERVIEW
The source document for this section is the Greene County Apartment Survey dated February 10, 2010 prepared by Southwest Valuation, LLC (the “Report”). Link to the Report is in the “Links Section”.
Chestnut Park straddles the northwest and southwest market segments defined in the study as the Chestnut Expressway is the boundary.
(1) Our observations from the Report.
a. The number of new permits in 2009 increased by 65% from their low in 2008 (396 units permitted in 2009 vs. 240 in 2008).
b. 2009 new unit permits were still 56% under the average annual permits during the 4-year period of 2004-2007 (1- (396 / [539+777+1,120+1,192])).
c. County-wide occupancy year-end 2009 compared to year-end 2008 declined by 0.5% to 89.5% or a net increase of 75 unoccupied units.
d. Southwest sub-market effective monthly rent rates dropped 1.38% from $0.65 to $0.641 per SF per month while northwest sub-market rates increased by 2.857% from $0.70 to $0.72 per SF per month.
(2) Additional property observations.
a. Easy access to Center City sub-market. Chestnut Park is immediately off of the Chestnut Expressway and less than 3 miles and 5 minutes from Center City.
b. The entire northwest market is currently served by only one major complex.
c. The existing home inventory within a 5-minute drive-time has the lowest average and median values of all Benchmarks we analyzed for this offering*.
d. Within the core Springfield market area (roughly bounded on the north by I 44, on the west by US 160, to the south by US 60 and to the east by US 65, there are very limited undeveloped locations for new housing or industrial development.
e. Assuming the economy continues to improve, short term regression models project 600-700 new permits in 2010, 700-850 in 2011 and 800-1,200 in 2012. If this model is accurate, 2012 or 2013 could set new records for new unit permits.
f. As the Partnership Industrial Center West and the Springfield-Branson Regional Airport add jobs in the northwest sub-market, with only one large multi-family complex in the sub-market, we expect Chestnut Park multi-family units to be perfectly positioned to capture the market share due to proximity and desired proximity closer to Center City.
g. As Chestnut Park develops, the need for multi-family housing in the immediate area will further accelerate due to new job creation.
* 10 and 15-minute drive-times, 65802 zip code, Springfield, Greene County, the Springfield CBSA, the Springfield DMA, the State of Missouri and the US.
5-MINUTE DRIVE-TIME RETAIL MARKET OPPORTUNITIES
(1) Retail gap analysis defined. Retail gap analysis identifies business opportunities based on available local retail services and products compared to local retail demand. It is micro analysis.
(2) Data Source. All data is from Site to do Business in collaboration with ESRI and infoUSA®. STDB is defined in the “Data Sources, Graphics, Analysis and Available PDF Sets” Section.
(3) Data notes. Supply (retail sales) estimates sales to consumers by establishments. Sales to businesses are excluded. Demand (retail potential) estimates the expected amount spent by consumers at retail establishments. Supply and demand estimates are in current dollars. The Leakage/Surplus Factor presents a snapshot of retail opportunity. This is a measure of the relationship between supply and demand that ranges from +100 (total leakage) to -100 (total surplus). A positive value represents ‘leakage’ of retail opportunity outside the trade area. A negative value represents a surplus of retail sales, a market where customers are drawn in from outside the trade area. The Retail Gap represents the difference between Retail Potential and Retail Sales. ESRI uses the North American Industry Classification System (NAICS) to classify businesses by their primary type of economic activity. Retail establishments are classified into 27 industry groups in the Retail Trade sector, as well as four industry groups within the Food Services & Drinking Establishments sub-sector.
(4) Gap analysis overview. The difference between demand and supply is gap or surplus for each retail product line in an area. When demand is greater than supply there is unmet demand “a gap”. When demand is less than supply there is excess capacity.
(5) Local supply compared to local demand. Note that these are measurements of local supply compared to local demand.
(6) Supply consumed by non-residents is recognized. Supply consumed by non-residents is recognized but demand by non-residents is NOT recognized. In many urban and suburban centers, significant surplus is due to retailers serving a broader market.
(7) 2010 data estimates. All estimates based on 2010 population, local retail demand and local retail availability data.
(8) Top 10 retail product lines by potential annual revenues.
a. New auto dealers $8.7M+
b. Department stores x-leased departments $7.8M+
c. Groceries $6.3M+
d. Clothing & accessories $3.5M+
e. Health & personal care $3.2M+
f. Clothing $2.7M+
g. Furniture $1.7M+
h. Sports, hobbies & music $1.5M+
i. Drinking places $740K+
j. Special food services $670K+
(9) Industry subsectors with leakage by % unmet local demand.
a. Clothing & clothing accessories (85.6%)
b. Health & personal care (68.4%)
c. Furniture & home furnishings (51.0%)
d. General merchandise (35.3%)
e. Food & beverages (29.8%)
f. Miscellaneous retailers (1.1%)
(10) Market sectors with at least 50 % leakage by % unmet local demand.
a. Specialty food stores (100%)
b. Shoes (100%)
c. Department store x-leased departments (99.1%)
d. Jewelry, luggage & leather (97.4%)
e. Furniture (85.2%)
f. Sports, hobbies & musical instruments (85.2%)
g. Clothing (73.9%)
h. Health & personal care (68.4%)
i. Special food services 54.5%)
j. Vending machine operators (53.4%)
DATA SOURCES, GRAPHICS ANALYSIS & AVAILABLE PDF SETS
All analysis is based on defined and published sources. Unless otherwise noted, all demographic and econometric data is from Site to do Business, the demographic & econometric arm of the Commercial Investment Real Estate (CCIM) Institute in collaboration with ESRI.
All 2010 and annual % change estimates are based on our proprietary models.
There are 654 underlying PDF sets. All PDF sets are available online or on request.
There are 34 links for the property.
4% BUYER BROKER COMMISSION
A buyer broker MUST be disclosed with the buyer’s first communication with CBC for the buyer broker to be eligible for the buyer broker commission. A buyer broker does NOT have to accompany their buyer to any showings.
DISCLOSURES & COPYRIGHTS
Coldwell Banker Commercial Southwest Partners is a wholly owned franchise of Alexander Tiffany Southwest, LLC. Analysis is preliminary, based on proprietary systems and models, is time sensitive and based on assumptions-stated and unstated. Graphics are only renderings. Measurements are only estimates. No warranties are expressed or implied. All content is protected by copyright laws, is only for prospects or legal representatives, and should not replace buyers own due diligence and analysis. Any other use is prohibited.
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