Morgen Square 1101 S. Broadway Street, Yankton, SD For Sale: $2,950,000

Transcription

1 2500 W 49th Street Suite 100 Sioux Falls, SD naisiouxfalls.com Dennis Breske CCIM, MBA, SIOR dbreske@naisiouxfalls.com Marcus Mahlen Broker Associate mmahlen@naisiouxfalls.com

2 AMENITIES SPECS Located in Yankton s premier retail trade area 45,656 sq. ft. retail/office/industrial center 8,383 net rentable sq. ft. available for lease Land size is 4.8 acres (209,451 sq. ft.) Ideal for a 1031 exchange Tax Increment Financing Benefits - contact broker for details 208 paved parking spaces Monument & building signage High-credit tenant mix: Jimmy Johns, Domino s, Fastenal Strong historical occupancy Contact Agent For Detailed Financial Information LOCATION Located on S. Broadway Street (Hwy 81) in Yankton, SD High traffic location with excellent exposure and access Area neighbors include Taco Johns, Karl s TV & Appliance, Floor to Ceiling Store & Broadway Inn 2017 traffic count Broadway Avenue: 3,006 vpd (highest daily traffic count in Yankton!) PRICING List Price is $2,950,000 ($64.61/Sq. Ft.) 2017 Real Estate Tax: $54, Potential Net Operating Income: $275, Actual Projected Net Operating Income: $259,435 Fastenal Domino s Jimmy Johns SE South Dakota Tourism Midwest Bank Orthopedic Institute Tenants South Point Casino Linda s Angel Crossing Peloton Therapy Scott Family Dentistry SD Department of Health Restore Church Total Income $440,497 $442,138 $420,956 Net Operating Income $279,556 $267,317 $254, (projected) Total Income $394,684 $362,231 $433,392 Net Operating Income $223,453 $170,276 $259,435

3 AERIAL W 23rd Street W 15th Street Broadway Avenue - 3,006 vpd W 11th Street

4 SITE PLAN Land Size: 4.8 acres 209,451 sq. ft. Building Sizes: Building 1: 8,154 sq. ft. Building 2: 13,867 sq. ft. Building 3: 13,635 sq. ft. Building 4: 10,000 sq. ft. Year Built: Building 1: 2008 Building 2: 2002 Building 3: 2002 Building 4: 2006 Zoning: B-2, I-1 Flood Plain: Zone X not in a flood plain Construction: Buildings 1 & 2 are wood-framed buildings. Buildings 3 & 4 are steel-framed buildings, brick veneer Roof: Asphalt Shingles Occupancy: 81.64% TIF: $99, in remaining payments (expected to be paid in full by 2020) 2018 Projected NOI: $259,435 Cap Rate: 8.79% Building #4 Building #3 Building #1 Building #2 W 11th Street Broadway Avenue N

5 FLOOR PLANS Building #1 7,698 Total Lease Spaces (N.R.S.F.) 8,154 Total Gross Building Sq. Ft. 73 Sq. Ft. Spaces 60 Sq. Ft. Landlord Spaces Landlord Space 60 Sq. Ft. SD DOH 9/30/19 Ryken Suite 106 2,577 N. R. S. F. Ortho Institute 8/31/21 Area 73 Sq. Ft. Available Suite 104 1,748 N.R.S.F. $10.00/Sq. Ft. NNN Parking Lot Jimmy Johns 9/1/27 Broadway Avenue N Area 73 Sq. Ft.

6 FLOOR PLANS Suite 111, 107, & 109 4,182 N.R.S.F South Point Casino 3/31/24 Suite 101B 1,345 N.R.S. F. All State Insurance 4/30/2019 Suite 101A 1,369 N.R.S.F. Domino s 6/2/24 Suite 105 2,165 N.R.S.F. Scott F Dentistry 5/31/22 Landlord Space 64 Sq. Ft. Area 149 Sq Ft. Suite 103B 2,240 N.R.S.F. Linda s Angel Crossing 1/31/21 Area 73 Sq. Ft. Suite 103C 732 N.R.S.F. 5/31/19 Area 306 Sq Ft. Suite 103A 806 N.R.S.F. A Salon Near Me 2/28/19 Building #2 12,841Total Lease Spaces (N.R.S.F.) 13,867 Total Gross Building Sq. Ft. 455 Sq. Ft. Spaces 64 Sq. Ft. Landlord Spaces Parking Lot N

7 FLOOR PLANS Landlord Space 50 Sq. Ft.. Suite 117 6,822 N.R.S.F. Fastenal 4/30/19 Lease Pending Building #3 13,159 Total Lease Spaces (N.R.S.F.) 13,635 Total Gross Building Sq. Ft. 79 Sq. Ft. Spaces 50 Sq. Ft. Landlord Spaces Parking Lot Suite 115B 4,598 N.R.S.F. Peloton Therapy 7/31/19 Suite Area113 1, Sq. N.R.S.F. Ft. SE SD Tourism 11/30/18 Parking Lot N

8 FLOOR PLANS Restore Church 5/31/2019 Ramp Available Suite 121 3,387 N.R.S.F. $6.50/Sq. Ft. NNN - Back Space $8.00/Sq. Ft. NNN - Front Space Only Building #4 9,630 Total Lease Spaces (N.R.S.F.) 10,000 Total Gross Building Sq. Ft. 0 Sq. Ft. Spaces 50 Sq. Ft. Landlord Spaces Available Area Suite Sq. 3,248 Ft. N.R.S.F. $6.50/Sq. Ft. NNN - Back Space $8.00/Sq. Ft. NNN - Front Space Only Broadway Avenue N

9 AREA MAP N Transit Distances 50 Miles I Miles Lewis & Clark State Recreation 80 Miles Sioux Falls, SD 64 Miles Sioux City, IA

10 PHOTOS

11 DEMOGRAPHICS

12 Listing Agent Pro-Forma Total Potential Rent Calculation Projected Projected Size Base Rental Rate/Sq.Ft. Annual Base Rent Building 1 7,698 $9.00 $69,282 Building 2 12,841 $9.00 $115,569 Building 3 13,159 $5.00 $65,795 Building 4 9,630 $5.00 $48,150 $298,796 Vacancy Factor 10% $29,880 Projected Effective Base Rent $268,916 Non Reimbursable Expenses Management Fee 0.05 $13, Accounting $2,500 Miscellaneous $5,000 Projected Net Operating Income $247,971 Value at 9% Cap Rate $2,755, Value at 10% Cap Rate $2,479, Value at 11% Cap Rate $2,254, Plus present Value of TIF Funds $80,000 Value at 9% $2,835, Value at 10% $2,559, Value at 11% Cap Rate $2,334,278.00