HILLTOP PORTFOLIO
SUBMITTED BY: LEAD AGENTS
Brian Johnston Associate Cincinnati Office D. 513.878.7704 brian.johnston@marcusmillichap.com
Jordan Dickman First Vice President Investments Cincinnati Office D. 513.878.7735 jordan.dickman@marcusmillichap.com
Nicholas Andrews First Vice President Investments Cincinnati Office D. 513.878.7741 nicholas.andrews@marcusmillichap.com
NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
CONTENTS
B R O K E R C A PA B I L I T I E S
06 | HILLTOP P ORTFOLIO
01
&
14 | FIN ANCI AL BREAKDOWN
02
20 | LOCAL COMP E TITORS
03
26 | LOCAL M ARKE T
04
O P I N I O N O F V A L U E
CALABASAS, CALIFORNIA | HQ 4
ADG MULTIFAMILY
80+ | OFFICES
2,500 | EMPLOYEES
UNRIVALED SUCCESS IN THE MIDWEST Nick Andrews
First Vice President Investments Director, NMHG
Jordan Dickman
First Vice President Investments Director, NMHG
INVESTMENT ADVISORS
Austin Sum
JD Schmerge
Brian Johnston
Tim VanWingerden
Senior Investment Associate Investment Associate
Investment Associate
Investment Associate
DEBT & STRUCTURED FINANCE
Chris Litzler
Senior Director of Organization MMCC
VALUATION & RESEARCH
Sam Petrosino
Financial & Research Analyst
CLIENT RELATIONS
MARKETING
Alex Papa
Marketing Coordinator
Kristin Smith Marketing
Skyler Wilson
Client Relations Manager
OPERATIONS
Sidney Bills
Office Administrator
Josh Caruana
Vice President Regional Manager Indianapolis | Cincinnati | Louisville St Louis | Kansas City
Brittany Campbell-Koch Director of Operations
John Sebree
Senior Vice President National Director National Multi Housing Group
Liz Popp
Midwest Operations Manager
Michael Glass
Senior Vice President Midwest Division Manager National Director, Manufactured Home Communities Group
ADG MULTIFAMILY
5
S E C T I O N
01
HILLTOP
P PORTFOLIO
# OF UNITS # OF RETAIL UNITS VACANT LOTS 8
ADG MULTIFAMILY
35 1 4 1 4
# OF SELF STORAGE SPACES
# OF SINGLE FAMILY HOMES
EXECUTIVE SUMMARY
HILLTOP PORTFOLIO 14
PARCELS
$150,481 PORTFOLIO NOI
AVERAGE RENT PER SQFT
93%
OCCUPANCY
PRO-FORMA RENT PER SQFT
MULTIFAMILY
$1.50
MULTIFAMILY
$1.63
RETAIL
$2.66
RETAIL
$7.97
SELF STORAGE
$2.68
SELF STORAGE
$8.10
SINGLE FAMILY
$1.01
SINGLE FAMILY
$1.08
ADG MULTIFAMILY
9
HILLTOP PORTFOLIO
INVESTMENT HIGHLIGHTS Marcus & Millichap is pleased to present the Hilltop Portfolio, a scattered-site, mixed-use portfolio located in the Hilltop submarket of Columbus. The portfolio consists of 35 1-bedroom units, 1 single-family home, 4 retail spaces, 1 self-storage space, and 4 vacant lots. The asset is currently 93% occupied with 27,962 rentable sqft. on a total of 1.952 acres. The portfolio offers an opportunity to increase income through an utility implementation strategy that has began implementation within the portfolio. Also, the portfolio offers a potential investor a value-add opportunity with the commercial & self-storage space.
GREATER HILLTOP HIGHLIGHTS
Southwest Quadrant of Columbus within I-270 and minutes away from Downtown amenities Rental Rates Grew 17.6% Y-O-Y which lead all Columbus Sub-markets Y-O-Y occupancy continues to remain high at 94.7% 64 Affordable Units to be delivered in 2022
10
ADG MULTIFAMILY
UTILITY IMPLEMENTATION The Hilltop Portfolio has starting implementing an utility fee for the Gas & Water of $25 each. An incoming investor can implement a utility fee across the market rate multifamily units and capture nearly $9,600 of additional income per year. Additionally, the owner currently pays electric for 13/35 of the multifamily units. An incoming investor can finishing implementing tenants paying electric resulting in an increase in NOI.
COMMERCIAL VALUE-ADD OPPORTUNITY RETAIL
There are currently 3 retail spaces being leased month to month and 1 vacant space for a total of 4 Retail Spaces. Current retail occupancy in the local market is 78%. Current month to month leases sit on average $7.00/SQFT below market. By implementing a build out plan at nearly $280k at cost to the investor, and with proper marketing, it is estimated that you can recapture roughly $41,925 per year. The ROI at that rate is roughly 14.97%.
SELF-STORAGE
Along with that opportunity is a similar opportunity with the single self storage space. The current tenant is on a month to month lease as well and sits on average $3.40/SQFT below market. With proper marketing, it is estimated that you can recapture roughly $4,200 per year.
ADG MULTIFAMILY
11
H I L LT O P P O R T F O L I O
WELL PRESERVED ASSET Current ownership of the Hilltop Portfolio has kept the property well-maintained as the owners invest time, energy, and effort into preserving the common areas. Ownership is continuing to invest in the preservation of this asset by investing in property upgrades on an as needed basis. SINCE 2018, OWNERSHIP HAS INVESTED $79,628 ACROSS THE FOLLOWING CAPITAL EXPENDITURES: 346 Lechner Ave. • New Water Heater – Jan. 2020 • Toilet/Bathroom Upgrades – Feb. 2020 354 Lechner Ave. • Window Upgrades Top Two Stories – Feb. 2020 • Interior Renovations – Mar. 2020 & Jul. 2020 361 Lechner Ave. • Interior Renovations – Dec. 2020 376 Wrexham Ave. • Furnace Parts Upgrade – Sept. 2020 380 Wrexham Ave. • Rebuilt Main Plumbing Stack – Oct. 2021 • Rebuilt One Unit Plumbing – Nov. 2019 • Interior Renovations – N/A
12
ADG MULTIFAMILY
388 Lechner Ave. • Gas Line Rebuild – Oct. 2020 • Interior Renovations – Oct. 2021 • 396 Lechner Ave. • New Electric Heaters – Jan. 2021 • Interior Renovations – N/A • 395 Wrexham Ave. • Boiler Parts Upgrade – Dec. 2019 • Bathroom Upgrades – Sep. 2020 • 2012 Sullivant Ave. • Plumbing Upgrades – Sept. 2020 & Dec. 2021 • New 75-Gallon Water Tank – Jan. 2021 • New Exterior Doors – N/A • Interior Renovations – N/A 2016 Sullivant Ave. • Plumbing Upgrades – Jun. 2021
ADG MULTIFAMILY
13
S E C T I O N
02
FINANC
IAL BREAKDOWN
H I L LT O P - F I N A N C I A L S
UNIX MIX SUMMARY AV E R A G E E F F E C T I V E
MARKET
P RO J E CT E D
N O . O F U N I TS
T E N TA B L E S F
T O TA L S F
RENT/UNIT
RENT/SF
T O TA L R E N T POTENTIAL
SUMMARY One Bedroom Commercial Single Family House
35 Units 5 Units 1 Units
445 SF 2,298 SF 892 SF
15,580 SF 11,490 SF 892 SF
$665.88 $510.00 $900.00
$1.50 $0.22 $1.01
$23,306 $2,550 $900
$681.86 $510.00 $900.00
$1.53 SF $0.22 SF $1.01 SF
$23,865 $2,550 $900
$726.57 $1,482.00 $965.00
$1.63 SF $0.64 SF $1.08 SF
$25,430 $7,410 $965
Totals / Wtd. Averages
41 Units
682 SF
27,962 SF
$652.58
$0.96 SF
$26,756
$666.22
$0.98 SF
$27,315
$824.51
$1.21 SF
$33,805
UNIT TYPE
RENT/UNIT
UNIT DISTRIBUTION
RENT/SF
TOTA L R E N T P OT E N T I A L
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
UNIT RENTS
13%
Avg. Effective
16
ADG MULTIFAMILY
$1,482
One Bedroom
$510
One Bedroom
$726
Commercial
$665
87%
Commercial Pro Forma Projection
H I L LT O P - F I N A N C I A L S
UNIX MIX BREAKDOWN AV E R A G E E F F E C T I V E
MARKET
P RO J E CT E D
NO. OF UNITS
T E N TA B L E S F
T O TA L S F
RENT/UNIT
RENT/SF
T O TA L R E N T POTENTIAL
ONE BEDROOM 1BR/1BA - 380 Wrexham 1BR/1BA - 396 Lechner 1BR/1BA - 380 Wrexham 1BR/1BA - 388 Lechner 1BR/1BA - 2012-1/2 Sullivant 1BR/1BA - 361 Lecher 1BR/1BA - 395-397 Wrexham 1BR/1BA - 354 Lechner & 376 Wrexham
4 Units 2 Units 1 Units 2 Units 16 Units 2 Units 4 Units 4 Units
250 SF 250 SF 300 SF 300 SF 474 SF 480 SF 543 SF 616 SF
1,000 SF 500 SF 300 SF 600 SF 7,584 SF 960 SF 2,172 SF 2,464 SF
$656.25 $660.00 $725.00 $687.50 $661.31 $662.50 $663.75 $675.00
$2.63 SF $2.64 SF $2.42 SF $2.29 SF $1.40 SF $1.38 SF $1.22 SF $1.10 SF
$2,625 $1,320 $725 $1,375 $10,581 $1,325 $2,655 $2,700
$650.00 $670.00 $725.00 $725.00 $675.00 $675.00 $650.00 $700.00
$2.60 SF $2.68 SF $2.42 SF $2.42 SF $1.42 SF $1.41 SF $1.20 SF $1.14 SF
$2,600 $1,340 $725 $1,450 $10,800 $1,350 $2,600 $2,800
$700.00 $720.00 $780.00 $780.00 $725.00 $725.00 $700.00 $750.00
$2.80 SF $2.88 SF $2.60 SF $2.60 SF $1.53 SF $1.51 SF $1.29 SF $1.22 SF
$2,800 $1,440 $780 $1,560 $11,600 $1,450 $2,800 $3,000
Totals / Wtd. Averages
35 Units
445 SF
15,580 SF
$665.88
$1.50 SF
$23,306
$676.14
$1.52 SF
$23,665
$726.57
$1.63 SF
$25,430
COMMERCIAL 2012-1/2, 395-399 2012-1/2, 2020 Sullivant 2012-1/2, 2006 Sullivant 2012-1/2, 2016 Sullivant 2012-1/2, 2012 Sullivant
1 Units 1 Units 1 Units 1 Units 1 Units
1,000 SF 1,344 SF 2,515 SF 2,571 SF 4,060 SF
1,000 SF 1,344 SF 2,515 SF 2,571 SF 4,060 SF
$400.00 $300.00 $600.00 $600.00 $650.00
$0.40 SF $0.22 SF $0.24 SF $0.23 SF $0.16 SF
$400 $300 $600 $600 $650
$400.00 $300.00 $600.00 $600.00 $650.00
$0.40 SF $0.22 SF $0.24 SF $0.23 SF $0.16 SF
$400 $300 $600 $600 $650
$660.00 $675.00 $1,675.00 $1,700.00 $2,700.00
$0.66 SF $0.50 SF $0.67 SF $0.66 SF $0.67 SF
$660 $675 $1,675 $1,700 $2,700
Totals / Wtd. Averages
5 Units
2,298 SF
11,490 SF
$510.00
$0.22 SF
$2,550
$510.00
$0.22 SF
$2,550
$1,482.00
$0.64 SF
$7,410
SINGLE FAMILY HOUSE 3BR/1BA - 346 Lechner
1 Units
892 SF
892 SF
$900.00
$1.01 SF
$900
$900.00
$1.01 SF
$900
$965.00
$1.08 SF
$965
Totals / Wtd. Averages
1 Units
892 SF
892 SF
$900.00
$1.01 SF
$900
$900.00
$1.01 SF
$900
$965.00
$1.08 SF
$965
UNIT TYPE
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
RENT/UNIT
RENT/SF
TOTA L R E N T P OT E N T I A L
ADG MULTIFAMILY
17
INCOME EXPENSE
H I L LT O P - F I N A N C I A L S
INCOME & EXPENSES
CURRENT GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT OTHER INCOME Homefull Income Utility Passthrough Other Income Uncategorized Late fee Laundry Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2020 Taxes Paid Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric
Gas Water & Sewage Trash Removal
Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Snow Removal Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME
$327,780 RR ($6,708) $321,072 RR
YEAR 1 7,995 (164) 7,831
$393,996 ($7,880) $374,452
11.24% 0.00% 86.72%
162 115 68 59 42 41 488 8,319 (880) 0 7,439
$16,632 Note 3 $14,400 Note 4 $2,884 $2,472 $1,792 $1,751 $39,931 $414,383 ($18,723) ($7,489) $388,172
% of EGI
Per Unit
585 0 585 179
$24,000 $0 $24,000 $12,300
$20,435 T12 $18,171 T12 $14,937 T12 $53,543 $84,866 $82,982
6.70% 5.96% 4.90% 17.56% 27.82% 31.56%
498 443 364 1,306 2,070 2,024
$452 $5,200 $1,682 $7,334 $18,566 $1,091 $14,373 $0 $2,836 $15,000 $10,455 $69,655 $154,521 $150,481
0.15% 1.70% 0.55% 2.40% 6.09% 0.36% 4.71% 0.00% 0.93% 4.92% 3.43% 22.84% 50.66% 49.34%
11 127 41 179 453 27 351 0 69 366 255 1,699 3,769 3,670
$6,648 $4,717 $2,800 $2,400 $1,740 $1,700 $20,005 $341,077 ($36,075) $0 $305,002
Note 2 T3 T3 T3 T3 T3 T12
$24,000 Auditor $0 $24,000 $7,323 T12
T12 T12 T12 T12 T12 T12 T12 T12 Note 1
2.05% 2.07% 1.47% 0.87% 0.75% 0.54% 0.53% 6.23%
7.87% 0.00% 7.87% 2.40%
2.00% 4.44% 3.85% 0.77% 0.66% 0.48% 0.47% 10.66%
9,610 (192) 9,133
5.00% 2.00% 91.00%
406 351 70 60 44 43 974 10,107 (457) (183) 9,468
% of EGI
Per Unit
$20,844 $18,534 $15,236 $54,614 $90,914 $96,579
5.37% 4.77% 3.93% 14.07% 23.42% 26.51%
508 452 372 1,332 2,217 2,356
$1,435 $4,100 $1,435 $6,970 $20,500 $3,075 $32,800 $4,100 $3,075 $27,172 $10,664 $108,356 $199,270 $188,901
0.37% 1.06% 0.37% 1.80% 5.28% 0.79% 8.45% 1.06% 0.79% 7.00% 2.75% 27.91% 51.34% 48.66%
35 100 35 170 500 75 800 100 75 663 260 2,643 4,860 4,607
6.18% 0.00% 6.18% 3.17%
585 0 585 300
YEAR 2 $405,816 ($8,116) $397,700 $17,131 $14,832 $2,971 $2,546 $1,846 $1,804 $41,129 $438,829 ($19,885) ($7,954) $410,990
$24,000 $0 $24,000 $12,546
YEAR 3 9,898 (198) 9,700
$417,990 ($8,360) $409,631
5.00% 2.00% 91.00%
418 362 72 62 45 44 1,003 10,703 (485) (194) 10,024
$17,645 $15,277 $3,060 $2,623 $1,901 $1,858 $42,363 $451,994 ($20,482) ($8,193) $423,319
% of EGI
Per Unit
2.00% 4.31% 3.73% 0.75% 0.64% 0.46% 0.45% 10.34%
5.84% 0.00% 5.84% 3.05%
585 0 585 306
$24,000 $0 $24,000 $12,797
2.00% 4.31% 3.73% 0.75% 0.64% 0.46% 0.45% 10.34%
10,195 (204) 9,991
5.00% 2.00% 91.00%
430 373 75 64 46 45 1,033 11,024 (500) (200) 10,325
% of EGI
Per Unit
5.84% 0.00% 5.84% 3.11%
585 0 585 312
$21,261 $18,905 $15,541 $55,707 $92,252 $97,865
5.17% 4.60% 3.78% 13.55% 22.45% 24.84%
519 461 379 1,359 2,250 2,387
$21,686 $19,283 $15,851 $56,821 $93,618 $99,177
5.28% 4.69% 3.86% 13.83% 22.78% 25.17%
529 470 387 1,386 2,283 2,419
$1,464 $4,182 $1,464 $7,109 $20,910 $3,137 $33,456 $4,182 $3,137 $28,769 $10,877 $111,577 $203,830 $207,160
0.36% 1.02% 0.36% 1.73% 5.09% 0.76% 8.14% 1.02% 0.76% 7.00% 2.65% 27.15% 49.59% 50.41%
36 102 36 173 510 77 816 102 77 702 265 2,721 4,971 5,053
$1,493 $4,266 $1,493 $7,252 $21,328 $3,199 $34,125 $4,266 $3,199 $29,632 $11,095 $114,096 $207,714 $215,606
0.36% 1.04% 0.36% 1.76% 5.19% 0.78% 8.30% 1.04% 0.78% 7.00% 2.70% 27.55% 50.54% 52.46%
36 104 36 177 520 78 832 104 78 702 271 2,762 5,066 5,259
UNDERWRITING NOTES
#
NOTE
1
Replacement & Reserves: added based on market norm of $255 per unit per year
2
Homefull Income: Homefull is a non-profit organization designed to provide services to assist people in finding safe and appropriate housing and other aspects of life
3
Assumption of 9 multifamily tenants from Homefull at a rate of $829 per month
4
Utility Implementation at $50 for both Gas & Water ($25 Each) for market rate multifamily units
#
NOTE
UNDERWRITING NOTES
Rent Roll/T3 Income CURRENT T12 Expenses
YEAR 1
Stabilized Occupancy & Other Income Self-Storage Rental Increase Normalized Expenses Begin Retail Renovation
YEAR 2
Rental Growth Factor of 3% Expense Increase of 2% Completion of Retail Renovations & Lease-Up Finished Retail Renovation & Lease Up
YEAR 3
Rental Growth Factor of 3% Expense Increase of 2%
ADG MULTIFAMILY
19
S E C T I O N
03
LOCAL C
COMPETITORS
HILLTOP PORTFOLIO
RENT COMPETITORS 1
2003 W BROAD STREET
2
400-410 S GLENWOOD AVE
3
THE EVERGREENS
2003 West Broad Street Columbus, OH UNIT MIX
RENT
SF
RENT/SF
Year Built: 1959 1x1 $650 350 $1.86 Units: 12 Occupancy: 100% Common Ammenities: Laundry Facilities, On-Site Parking Unit Features: White/Black Appliances, Laminate Floor, Laminate Countertops, Wood Cabinates, Hardwood Floors, Bathroom Vanity, Bathroom Tub Surround
COMPARABLES RENT ANALYSIS $400-$800
1 Bed LOW
HIGH SUBJECT
COMP
400-410 South Glenwood Avenue, Columbus, OH Year Built: 1955 Units: 6
UNIT MIX
RENT
SF
RENT/SF
1x1 2x1
$700 $700
700 700
$1.00 $1.00
Occupancy: 100%
COMPARABLES RENT ANALYSIS $400-$800
1 Bed LOW
HIGH SUBJECT
Common Ammenities: Laundry Facilities, On-Site Parking Unit Features: White/Black Appliances, Hardwood/Vinyl Flooring, Bathroom Vanity, Bathroom Tub Surround, Laminate
COMP
802 Harrisburg Pike, Columbus, OH Year Built: 1964 Units: 77 Occupancy: 80%
UNIT MIX
RENT
SF
RENT/SF
Studio 1x1 2x1
$700 $750 $895
500 650 900
$1.40 $1.15 $0.99
Common Ammenities: Laundry Facilities, On-Site Parking Unit Features: White Appliance Package, LVP/Carpet Flooring, Laminate Countertops, Bathroom Vanity, Wood Cabinates, Bathroom Tub Surround
COMPARABLES RENT ANALYSIS $400-$800
1 Bed LOW
HIGH SUBJECT
COMP
HILLTOP PORTFOLIO
RENT MATRIX
One Bedroom Property The Evergreens Subject Pro Forma The Kingsford Apartments
Year Built 1964 1937 1974/2021
# Units 38 35 12
Avg SF 650 445 600
Avg Rent $750 $727 $725
Avg Rent/SF $1.15 $1.63 $1.21
400-410 S Glenwood Ave. Apple Run Apartments Subject Average Effective 2003 W Broad St. 308 Wrexham Ave. 3333 W Broad St. 204 Souder Ave.
1955 1990 1937 1959/2010 1957 1959 1963
4 9 35 12 8 20 4
700 580 445 350 500 650 400
$700 $699 $666 $650 $650 $600 $460
$1.00 $1.21 $1.50 $1.86 $1.30 $0.92 $1.15
S E C T I O N
04
LOC
AL MARKET
LOCAL MARKET
COLUMBUS, OH Appealing apartment market performances are seen in much of the Midwest in the Covid-19 era. That’s certainly the case in Columbus, where solid apartment demand and limited apartment deliveries are yielding healthy occupancy rates and rental growth. The market managed to avoid a severe leasing slowdown seen in many markets immediately following the initial Covid-19 outbreak in mid-March. Sustainable leasing activity yielded absorption of 3,519 units in 2020, in line with last year’s demand figure and the five-year average. Recession resistant job sectors, such as government and education, have limited the impact of the pandemic on Columbus and will continue to do so into the near term. Annual supply and demand are likely to continue to keep pace with each other aligning with historical norms. Columbus is amongst the top 10 apartment markets across the country that best withstood the negative pressures brought on by the Covid-19 Pandemic. This classification was determined by a number of metrics, the primary ones being; monthly collections, occupancy, rental rate change, and employment. Occupancy is expected to remain tight around 95% over the long term and rent growth is expected to around 2.5% to 3.5% through 2021.
DEMOGRAPHICS POPULATION: 2,110,000 (.39%) MEDIAN AGE: 36.1 MSA MEDIAN HHI: $64,052 1 - YEAR GROWTH: .05% MSA MEDIAN HOME VALUE: $196,700 1 - YEAR GROWTH: 7.9%
TOTAL UNITS IN MSA: 18,364 UNITS MEDIAN 2020 DELIVERIES: 3,633 UNITS AVERAGE OCCUPANY: 95.9% OCCUANY GROWTH: 0.5% AVERAGE RENT IN 2020: $1,026 RENT GROWTH: 3.5% YOY
ECONOMIC OVERVIEW Columbus is the capital city of Ohio and offers a stable business environment that is reliable and fosters the growth of corporate operations. The city houses the headquarters for 17 fortune 1000 companies and five fortune 500 companies. In addition, over 50 companies headquartered in the city employ over 1,000 people. Corporations are attracted to the city for the significant talent found in the area with a concentration of software developers, financial specialists and customer service representatives well above the national average. The stable economic anchors found in the MSA helped the economy grow an estimated average of 3.4% annually (in inflation-adjusted dollars) during the five years ending 1st quarter 2020, prior to the pandemic. During that same pre-Covid five-year period, the employment base grew at an average annual pace of 1.7% gaining an average of 18,200 jobs per year.
NOTABLE EMPLOYERS
NATIONWIDE CARDINALHEALTH VERTIV
LBRANDS DISCOVER BATTELLE
DEMOGRAPHIC OVERVIEW Columbus recorded population growth of 6.9% from 2014 to 2019, well above the U.S. average pace (2.9%). The city’s fastest-growing age group during that period was the 55+ population, which increased 14.8% compared to the U.S. average of 11.9%. Meanwhile, the 20-34 year old cohort, a key renter demographic, grew by 5.9% from 2014-2019 comfortable outpacing the national average of 1.6%. This key age group made up a larger portion of the Columbus population compared to the national average at 22.4% compared to 20.4%. These characteristics create a large renting population and a strong workforce for Columbus with 40.5% of the working age population having a bachelor’s degree or higher compared to the national average of 33.1%.
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