value added multi-tenant retail center for sale

Transcription

1 value added multi-tenant retail center for sale (SEC Gilbert Rd & Southern Ave) PRICE: $4,995,000 ($126 PSF) E Baseline Rd

2 center features The center is constructed of block with a decorative brick facade. The walkway is covered by an attractive copper colored metal roof and features a decorative bronze fascia on the underside. The property has relatively good visibility from Gilbert Rd. and features a multi-tenant monument sign on Gilbert Rd. There are 23 suites although some tenants occupy more than one suite. HIghlights 60.7% Leased $126 PSF 43,111 VPD on Gilbert Rd Great Value Added Potential with Current 39% Vacancy Current Capitalization Rate of 6.4% at 61% Occupancy; Potential Capitalization Rate of 10.4% at 93% Occupancy property details Attractive 39,618 SF Multi-Tenant Retail Building 3.33 Acre Parcel Constructed in 1986 Zoning: LC, City of Mesa (Formerly called C-2) Suites can be used for Retail, Office, or Medical

3 Southern Ave University Dr Rural Rd zona Ave Country Club 7th S McDowell Rd Mesa Dr Gilbert Rd Elliot Rd Warner Rd Ray Rd U

4 DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Population 20, , ,372 Households 6,808 55, ,623 Average Age Median HHI $51,767 $51,328 $53,841 Daytime Employees 5,799 54, ,056

5 value added multi-tenant retail center for sale PROFORMA INCOME & EXPENSE Item Annualized Amount Comments Projected 2017 Rent at Existing 61% Occupancy $445,416 Based on Lease Summary Attached on an Annualized Basis Including CAM Payments ($37,118/mo x 12) CAM Reimburesment from Two Pad Buildings Under Different Ownership Projected 2017 Total Income at Existing Occupancy $10,269 Based on Actual NNN Reimbursement 1/2017-5/2017 Annualized $455,685 Projected 2017 Expenses at Existing Occupancy Excluding Real Estate Taxes $90,916 Based on 1/2017-5/2017 (Actual) Expenses Annualized Minus Interest Expense and Owner s Internal Overhead Allocations 2016 Real Estate Taxes $44,285 Based on Maricopa County Assessor s Web Site Projected 2017 Total Expenses at Existing Occupancy Projected 2017 Net Operating Income at 61% Occupancy $135,201 $3.41 PSF $320, % Capitalization Rate at 61% Occupancy Potential Additional Income from Lease up to 93% Occupancy $199,097 93% x 39,618 SF = 36,845 SF Occupied at 93% Occupancy 36,845 SF - 23,925 SF Currently Leased = 12,920 Additional SF to Lease for 93% Occupancy Additional 12,920 SF x ($12 NNN + $3.41 CAM) = $199,097 Additional Income at 93% Leased Potential Net Operating Income at 93% Leased $519, % Indicated Capitalization Rate at 93% Occupancy

6 value added multi-tenant retail center for sale Suite breakdown, rates, & comments Lease Lease Lease Monthly $ Total Suite Tenant Start End Sq. Ft. Rent PSF Payment (w/nnn) Notes Blood Systems, Inc. 8/1/2013 7/31/2018 5,689 $8, $10, Blood Systems, Inc. 8/1/2013 7/31/2018 see above Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 10% Admin Fee(cam,taxes,Insurance); 2 (3 yrs) Option. Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 10% Admin Fee(cam,taxes,Insurance); 2 (3 yrs) Option. 105A Barbara De Carmine (Bridal Supply) 5/1/2015 4/30/2018 1,623 $1, $1, Sienna Physical Medicine, LLC 9/1/2015 8/31/2018 2,317 $2, $2, Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 4% of Gross Income. 15% Admin Fee. 2 options to renew, 1 yr each DSI Renal, Inc. 11/20/1993 6/30/ ,904 $13, $18, Reimburses Pro-Rata Share of CAM,Taxes,Insurance; 4% Mgmt Fee. 10% Admin Fee(CAM) 111 Vacant 2, Vacant 1, Vacant 1, Vacant 3, Vacant 1, Vacant 1, Vacant 1, Vacant Vacant 1, Active Bodies 10/9/ /31/2018 2,392 $2, $3, Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 5% of Gross Income. No Admin Fee. Rent Assistance 4/1-12/31/09; 2nd rent asst from 1/10-8/10; 3rd Rent Asst 9/1/10-1/31/11; 4th RentAsst 2/1/11-9/30/11. 5th RentAsst from 10/1/ /31/20 Totals: 28, $37, TOTAL LEASED 60.70% 23, TOTAL VACANT 39.30% 15, BLDG TOTAL: % 39,401.00