REGIONAL ANALYSIS OF CINCINNATI OHIO
The subject property is located within the influence of the Greater Cincinnati PMSA
(Primary Metropolitan Statistical Area). A MSA is a geographic area with a
significant population nucleus, along with any adjacent communities that have a
high degree of economic and social integration with that nucleus. The Cincinnati-
Middletown PMSA includes 15 counties in three states (Ohio, Kentucky, and
Indiana). These counties are Warren, Hamilton, Clermont, Butler, and Brown
(Ohio); Boone, Bracken, Campbell, Kenton, Gallatin, Grant, and Pendleton
(Kentucky); and Dearborn, Franklin, and Ohio (Indiana).
The value of real property is influenced by the interaction of four basic forces.
These forces include social trends, economic circumstances, environmental
conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.
Social Trends
Social forces are trends that are exerted primarily through population
characteristics. Real property values are affected not only by population changes
and characteristics, but also by various forms of human activity.
Population and Area: Population growth trends influence employment growth,
income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.
The PMSA has an overall increasing trend which is generally seen as beneficial to
an area with respect to overall real estate value.
Higher Education:
Institutions of higher learning typically are not as vulnerable to economic
downswings, and they help to provide an area with a more solid employment base.
Institutions of higher learning typically are not as vulnerable to economic
downswings and help provide an area with a more stable employment base. The
Cincinnati PMSA has many universities and colleges. University of Cincinnati is the
largest with and enrollment of ±33,000, followed by Miami University of Ohio with
±20,500, and Northern Kentucky University with ±12,500 students. There are five
other colleges and universities as well as twelve additional local colleges and
technical schools that serve the area.
Recreational and Regional Attractions:
Recreational and regional attractions enhance an area’s quality of life. These
activities may also have a significant economic impact on an area by increasing the
demand for services and retail trade created by visitors.
The Cincinnati PMSA is home to a large number of cultural and entertainment
opportunities. Cincinnati Art Museum is one of many museums in the area. It
offers special temporary exhibitions along with their usual displays. The art
museum even has a Cincinnati wing that celebrates accomplishments of Cincinnati
artists. Cincinnati Museum Center is another museum in the area and it features a
History museum that includes Natural History, Science History, a Children’s
museum, and an Omnimax theater.
Cincinnati is home to a National Football League team, the Cincinnati Bengals, and
a Major League Baseball team, the Cincinnati Reds. The Cincinnati Bengals’, Paul
Brown Stadium, covers ±22 acres and is 157 feet high. The stadium has seating
for 65,535. The Cincinnati Reds just opened a new field called The Great
American Ball Park, which has a seating capacity of 42,059.
Economic Forces
Economic forces are the fundamental relationships between current and
anticipated supply and demand and the economic activities in which the population
participates in order to satisfy its wants, needs, and demands through its purchase
power.
The chart below indicates the employment by sector for both the state and the MSA
per the US bureau of labor. As shown the overall employment composition for both
the MSA and state are similar and diverse indicating a stable economic base.
Industries:
The twenty-nine largest employers in the Cincinnati PMSA are detailed in the chart
to the right. The largest employer is the U.S Government with 15,642 employees.
Other large employers include the University of Cincinnati, Kroger, Proctor &
Gamble, and the Health and Alliance of Greater Cincinnati. The largest employers
are shown in the chart below.
Unemployment:
The following chart shows the historical unemployment rates for the MSA, state,
and US from 2000 to 2008. As shown, the unemployment rate for the MSA is in line
with the rates of the state and nation. There has been an increase in
unemployment for all three in 2008.
Environmental Forces
Environmental forces are both natural and manmade forces that influence real
property values. Some environmental forces include climactic conditions, natural
barriers to future development, primary transportation systems, and the nature and
desirability of the immediate areas surrounding a property.
Highway Transportation:
Interstate 74 runs from Cincinnati through Indianapolis to the Quad City area. I-71
runs from Cleveland through Cincinnati to Louisville. I-75 extends north past
Detroit and south to Atlanta and Miami. I-275 is Cincinnati's outerbelt (it was
completed in the early 1980s); I-471 is a short commuter highway, as is the Ronald
Reagan Highway (SR 126).
Cincinnati lies on the north side of the Ohio River. Much of its early development is
owed to the Ohio River, as shipping was the most economical mode of bulk
transportation in the pre-automotive days. The Port of Cincinnati is open to this
day. It is generally navigable throughout the year, handling about 46 million tons of
commerce annually.
There are a number of railroad systems through the PMSA. CSX Transportation,
Norfolk Southern Corporation, Conrail, and the Indiana and Ohio RR/RY serve the
area with 175 miles of mainline track.
Cincinnati is serviced by the Cincinnati/Northern Kentucky International Airport. It is
a major airport and one of the major HUBs for Delta.
Governmental Forces
Governmental, political and legal actions at all levels have an impact on property
values. The legal climate of a particular time or in a particular place may
overshadow the natural market forces of supply and demand.
Outlook
Overall, Cincinnati shows an increasing population with a diverse and stable
economic base. It is a major metropolitan base in Ohio and is well connected via
highways, airports, river, and rail. There are numerous cultural activities in the city
as well.
Another feature of Cincinnati which affects the real estate of Cincinnati is that the
city is somewhat hilly and the topography has always been an impediment to new
development. Due to this, it has kept supply in relative check whereas many other
Midwest markets are over-built. In other words, relative to other real estate
markets in the Midwest, in terms of city size, Cincinnati has one of the strongest
real estate markets.
Based on the data, the subject market is seen as an overall favorable one.
SUBJECT MARKET AREA AND ANALYSIS:
Neighborhood is defined as follows: A group of complementary land uses; a
congruous grouping of inhabitants, buildings, or business enterprises.
The subject property is located on the west side of SR 4/Dixie Highway on a side-
service street, about a mile north of I-275, and 15 miles north of the Cincinnati
CBD. This location is in Butler County.
Major highways in the area include I-275, I-75, and I-71. I-275 is the Cincinnati
outer-belt. I-71 is a north south highway that runs through the entire Midwest and
provides access from Cincinnati to Dayton to Toledo and Detroit to the north and
Lexington, Knoxville, and Atlanta to the south. I-71 is a northeast southwest
highway that is about 5 miles to the east of the subject. This highway runs from
Cleveland to Louisville and through Cincinnati.
Major thoroughfares in the area include Dixie Highway, Princeton-Glendale Road,
Kemper Road, and Mulhauser Road. Both Dixie Highway and Princeton-Glendale
Road are north south roads with interchanges to I-275. These roads are
commercially developed and provide access to secondary roads in the market.
Kemper Road is just south of I-275 and runs east to west and connects Dixie
Highway and Princeton-Glendale Road. This road developed with numerous retail
properties including the Tri County Mall. Mulhauser Road is an east west road that
connects Dixie Highway to Princeton-Glendale Road. This road is developed with
numerous industrial and office properties.
The area around the subject is about 90% developed. The area benefits from the
excellent accessibility of I-275, I-75 and I-71. Because of the accessibility, this area
has strong office and industrial development. And to serve the workforce in the
area is numerous retail and residential development. Most of the development has
been built since 1975. The development to the south is generally older, while the
development to the north is generally newer.
Off the secondary roads from Dixie Highway and Princeton Glendale Road, north of
I-275 are numerous office and industrial properties. The connector roads and
secondary roads between these two thoroughfares in this area are developed with
large (40,000 SF and larger) office and industrial properties. On Dixie Highway
and Princeton Glendale Road in this area are numerous retail properties and
smaller offices. Further to the north, the area is less developed and there is some
newer single family development, multi-family development, and neighborhood
shopping centers to serve that area.
The subject is on a side service street on the west side of Dixie Highway. To the
immediate north of the subject are several single tenant retail properties including:
United Dairy Farmer’s (UDF), Reed Academy Marshall Arts, Splash and Dash Car
Wash, Charlie’s Throttle Stop Bar and Grill and Sabor Peruano, a Peruvian
restaurant.
To the south of the subject are more single tenant office and retail properties
including: Olive Garden, a vacant building that used to be the site of All Floors, and
an office occupied by Mass Marketing Inc.
On the east side of Dixie Highway is Furniture Fare, a 200,000 SF retail/warehouse
and Broyhill retail building. There is a three story multi-tenant office building and to
the south of that is a Yahmaha and Suzuki dealership. Additionally there are
numerous other industrial properties.
To the west of the subject, accessible via Mack Road are numerous multi-family
properties and single family residential. The multi-family development includes
Wedgewood South Apartments, Crosswinds Apartments, South Pointe Apartments,
Linden Hill Apartments, and Fairgreen Apartments.
Overall, the location of the subject is an excellent one for a single tenant office or
retail property because it has excellent visibility, access, and it is in a strong area
for office and retail development.
A church use will also benefit from being located on a major corridor with a strong
population base on the secondary roads and development.
The subject property is located within the influence of the Greater Cincinnati PMSA
(Primary Metropolitan Statistical Area). A MSA is a geographic area with a
significant population nucleus, along with any adjacent communities that have a
high degree of economic and social integration with that nucleus. The Cincinnati-
Middletown PMSA includes 15 counties in three states (Ohio, Kentucky, and
Indiana). These counties are Warren, Hamilton, Clermont, Butler, and Brown
(Ohio); Boone, Bracken, Campbell, Kenton, Gallatin, Grant, and Pendleton
(Kentucky); and Dearborn, Franklin, and Ohio (Indiana).
The value of real property is influenced by the interaction of four basic forces.
These forces include social trends, economic circumstances, environmental
conditions, and governmental controls and regulations. The interaction of these
four forces influences the value of every parcel of real estate in the market.
Social Trends
Social forces are trends that are exerted primarily through population
characteristics. Real property values are affected not only by population changes
and characteristics, but also by various forms of human activity.
Population and Area: Population growth trends influence employment growth,
income levels, and many other key demand parameters analyzed in determining
commercial real estate productivity.
The PMSA has an overall increasing trend which is generally seen as beneficial to
an area with respect to overall real estate value.
Higher Education:
Institutions of higher learning typically are not as vulnerable to economic
downswings, and they help to provide an area with a more solid employment base.
Institutions of higher learning typically are not as vulnerable to economic
downswings and help provide an area with a more stable employment base. The
Cincinnati PMSA has many universities and colleges. University of Cincinnati is the
largest with and enrollment of ±33,000, followed by Miami University of Ohio with
±20,500, and Northern Kentucky University with ±12,500 students. There are five
other colleges and universities as well as twelve additional local colleges and
technical schools that serve the area.
Recreational and Regional Attractions:
Recreational and regional attractions enhance an area’s quality of life. These
activities may also have a significant economic impact on an area by increasing the
demand for services and retail trade created by visitors.
The Cincinnati PMSA is home to a large number of cultural and entertainment
opportunities. Cincinnati Art Museum is one of many museums in the area. It
offers special temporary exhibitions along with their usual displays. The art
museum even has a Cincinnati wing that celebrates accomplishments of Cincinnati
artists. Cincinnati Museum Center is another museum in the area and it features a
History museum that includes Natural History, Science History, a Children’s
museum, and an Omnimax theater.
Cincinnati is home to a National Football League team, the Cincinnati Bengals, and
a Major League Baseball team, the Cincinnati Reds. The Cincinnati Bengals’, Paul
Brown Stadium, covers ±22 acres and is 157 feet high. The stadium has seating
for 65,535. The Cincinnati Reds just opened a new field called The Great
American Ball Park, which has a seating capacity of 42,059.
Economic Forces
Economic forces are the fundamental relationships between current and
anticipated supply and demand and the economic activities in which the population
participates in order to satisfy its wants, needs, and demands through its purchase
power.
The chart below indicates the employment by sector for both the state and the MSA
per the US bureau of labor. As shown the overall employment composition for both
the MSA and state are similar and diverse indicating a stable economic base.
Industries:
The twenty-nine largest employers in the Cincinnati PMSA are detailed in the chart
to the right. The largest employer is the U.S Government with 15,642 employees.
Other large employers include the University of Cincinnati, Kroger, Proctor &
Gamble, and the Health and Alliance of Greater Cincinnati. The largest employers
are shown in the chart below.
Unemployment:
The following chart shows the historical unemployment rates for the MSA, state,
and US from 2000 to 2008. As shown, the unemployment rate for the MSA is in line
with the rates of the state and nation. There has been an increase in
unemployment for all three in 2008.
Environmental Forces
Environmental forces are both natural and manmade forces that influence real
property values. Some environmental forces include climactic conditions, natural
barriers to future development, primary transportation systems, and the nature and
desirability of the immediate areas surrounding a property.
Highway Transportation:
Interstate 74 runs from Cincinnati through Indianapolis to the Quad City area. I-71
runs from Cleveland through Cincinnati to Louisville. I-75 extends north past
Detroit and south to Atlanta and Miami. I-275 is Cincinnati's outerbelt (it was
completed in the early 1980s); I-471 is a short commuter highway, as is the Ronald
Reagan Highway (SR 126).
Cincinnati lies on the north side of the Ohio River. Much of its early development is
owed to the Ohio River, as shipping was the most economical mode of bulk
transportation in the pre-automotive days. The Port of Cincinnati is open to this
day. It is generally navigable throughout the year, handling about 46 million tons of
commerce annually.
There are a number of railroad systems through the PMSA. CSX Transportation,
Norfolk Southern Corporation, Conrail, and the Indiana and Ohio RR/RY serve the
area with 175 miles of mainline track.
Cincinnati is serviced by the Cincinnati/Northern Kentucky International Airport. It is
a major airport and one of the major HUBs for Delta.
Governmental Forces
Governmental, political and legal actions at all levels have an impact on property
values. The legal climate of a particular time or in a particular place may
overshadow the natural market forces of supply and demand.
Outlook
Overall, Cincinnati shows an increasing population with a diverse and stable
economic base. It is a major metropolitan base in Ohio and is well connected via
highways, airports, river, and rail. There are numerous cultural activities in the city
as well.
Another feature of Cincinnati which affects the real estate of Cincinnati is that the
city is somewhat hilly and the topography has always been an impediment to new
development. Due to this, it has kept supply in relative check whereas many other
Midwest markets are over-built. In other words, relative to other real estate
markets in the Midwest, in terms of city size, Cincinnati has one of the strongest
real estate markets.
Based on the data, the subject market is seen as an overall favorable one.
SUBJECT MARKET AREA AND ANALYSIS:
Neighborhood is defined as follows: A group of complementary land uses; a
congruous grouping of inhabitants, buildings, or business enterprises.
The subject property is located on the west side of SR 4/Dixie Highway on a side-
service street, about a mile north of I-275, and 15 miles north of the Cincinnati
CBD. This location is in Butler County.
Major highways in the area include I-275, I-75, and I-71. I-275 is the Cincinnati
outer-belt. I-71 is a north south highway that runs through the entire Midwest and
provides access from Cincinnati to Dayton to Toledo and Detroit to the north and
Lexington, Knoxville, and Atlanta to the south. I-71 is a northeast southwest
highway that is about 5 miles to the east of the subject. This highway runs from
Cleveland to Louisville and through Cincinnati.
Major thoroughfares in the area include Dixie Highway, Princeton-Glendale Road,
Kemper Road, and Mulhauser Road. Both Dixie Highway and Princeton-Glendale
Road are north south roads with interchanges to I-275. These roads are
commercially developed and provide access to secondary roads in the market.
Kemper Road is just south of I-275 and runs east to west and connects Dixie
Highway and Princeton-Glendale Road. This road developed with numerous retail
properties including the Tri County Mall. Mulhauser Road is an east west road that
connects Dixie Highway to Princeton-Glendale Road. This road is developed with
numerous industrial and office properties.
The area around the subject is about 90% developed. The area benefits from the
excellent accessibility of I-275, I-75 and I-71. Because of the accessibility, this area
has strong office and industrial development. And to serve the workforce in the
area is numerous retail and residential development. Most of the development has
been built since 1975. The development to the south is generally older, while the
development to the north is generally newer.
Off the secondary roads from Dixie Highway and Princeton Glendale Road, north of
I-275 are numerous office and industrial properties. The connector roads and
secondary roads between these two thoroughfares in this area are developed with
large (40,000 SF and larger) office and industrial properties. On Dixie Highway
and Princeton Glendale Road in this area are numerous retail properties and
smaller offices. Further to the north, the area is less developed and there is some
newer single family development, multi-family development, and neighborhood
shopping centers to serve that area.
The subject is on a side service street on the west side of Dixie Highway. To the
immediate north of the subject are several single tenant retail properties including:
United Dairy Farmer’s (UDF), Reed Academy Marshall Arts, Splash and Dash Car
Wash, Charlie’s Throttle Stop Bar and Grill and Sabor Peruano, a Peruvian
restaurant.
To the south of the subject are more single tenant office and retail properties
including: Olive Garden, a vacant building that used to be the site of All Floors, and
an office occupied by Mass Marketing Inc.
On the east side of Dixie Highway is Furniture Fare, a 200,000 SF retail/warehouse
and Broyhill retail building. There is a three story multi-tenant office building and to
the south of that is a Yahmaha and Suzuki dealership. Additionally there are
numerous other industrial properties.
To the west of the subject, accessible via Mack Road are numerous multi-family
properties and single family residential. The multi-family development includes
Wedgewood South Apartments, Crosswinds Apartments, South Pointe Apartments,
Linden Hill Apartments, and Fairgreen Apartments.
Overall, the location of the subject is an excellent one for a single tenant office or
retail property because it has excellent visibility, access, and it is in a strong area
for office and retail development.
A church use will also benefit from being located on a major corridor with a strong
population base on the secondary roads and development.
Real estate appraisal services provided by American Appraisers Corp
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States covered by American Appraisers
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Questions about real estate appraisal and appraisers
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_American
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___Corporation
__Appraisers
___Corporation
(502) 267-6320 Office
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY. 40299
(502) 267-6344 Fax
10507 Watterson Tr., 2nd Flr
Louisville, KY. 40299
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