Summary
SA
Community Economic Summary - Employment in the North Platte area is concentrated in the healthcare, transportation, retail, construction, food and manufacturing industries, which collectively comprise 68.9 percent of local employment. The large share of health care is notable as this industry is historically extremely stable. Relative to the overall nation, the North Platte area features comparatively more stable employment in healthcare, transport, construction, manufacturing and education industries. Conversely, the North Platte area is under-represented in the mining, arts, utilities and professional services industries. Comparatively speaking, the North Platte economy performed well during the recession. Total North Platte area employment contracted by only about 3.9 percent, less than the 4.9 percent decline reported by the overall nation. Employment in the North Platte area recovered and surpassed pre-recessionary levels.
M
Subject Property Location Summary - Most necessary services and amenities are located less than 1 mile from the Subject site and the site offers excellent access to public transportation. The Subject is located in the city of North Platte, NE with excellent access to employment, retail, and transportation. The state highways and interstate that run through North Platte are Highway 83, Highway 30 and Interstate 80. The Subject is located approximately 0.2 miles south of Interstate 80.
E PL
Community Demographics Summary - The North Platte area has demonstrated that it is an area of projected population decline by a small amount but growth trends are expected to increase through 2024. As population grows, the need for good quality market rate housing is also expected to increase.
Property Features Summary - The Subject will be new construction and in excellent condition. The Subject will offer an elevator-serviced property, which is marketable to varying tenancies given the accessibility, Overall, the Subject’s proposed unit amenity package is considered marketable in the market. In addition, the severe lack of quality in the market speaks to the superior placement of proposed project in the market place.
Supply Summary - The vacancy rates among the stabilized market rate comparables range from 0 to 6.7 percent with an overall vacancy rate of 4.5 percent. Overall vacancy amongst the comparables is relatively low. Many of the competitive set, reported little to no vacancies. Overall, the low vacancy rates among market rate properties, suggests that the market is strong with demand for additional units such as those proposed at the proposed property and it's 75 units at market rate.
33
www.housing-advisors.com
3/30/2020
