NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX David Cook, SIOR, SEC Managing Director

Transcription

1 NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX David Cook, SIOR, SEC Managing Director Steve Fithian, CCIM, CPM, SEC Managing Director SVN DAVID COOK CO, LLC DALLAS PARKWAY, SUITE 100, DALLAS, TX OFFERING MEMORANDUM

2 PROPERTY INFORMATION 3 Property Summary Property Description LOCATION INFORMATION 6 Regional Map Location Maps Aerial Map FINANCIAL ANALYSIS 10 Financial Summary Income & Expenses Rent Roll SALE COMPARABLES 14 DEMOGRAPHICS 15 Demographics Report Demographics Map ADVISOR BIOS 18 Advisor Bio & Contact Advisor Bio & Contact Back Page NORWOOD PLAZA 1848 NORWOOD PLAZA, HURST, TX OFFERING MEMORANDUM

3 1 PROPERTY INFORMATION 1848 Norwood Plaza Hurst, TX NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 3

4 Property Summary OFFERING SUMMARY Sale Price: $995,000 Cap Rate: 3.21% NOI: $31,935 Lot Size: 1.1 Acres Year Built: 1988 Building Size: 17,728 SF Price / SF: $56.13 PROPERTY OVERVIEW This building has a definite pride of ownership value. Its attractive design includes a terra cotta colored brick exterior with bronze tint glass windows. Its interior design allows for efficient space planning that maximizes the corner spaces for executive offices. Each tenants space has individual HVAC which provides individual comfort and cost control. This office building also offers a unique opportunity for an investor or user/investor. Eight tenants with staggered lease terms and rental rates as low as 35% below market allows a new owner the opportunity to significantly increase rents or a buyer could occupy the vacant space and over time expand into additional space as needed. PROPERTY HIGHLIGHTS Great Location Quick Access to 183, 121 & DFW Airport Perfect for User/Investor Attractive Design Below Market Rents Priced Well Below Replacement NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 4

5 Property Description PROPERTY OVERVIEW This building has a definite pride of ownership value. Its attractive design includes a terra cotta colored brick exterior with bronze tint glass windows. Its interior design allows for efficient space planning that maximizes the corner spaces for executive offices. Each tenants space has individual HVAC which provides individual comfort and cost control. This office building also offers a unique opportunity for an investor or user/investor. Eight tenants with staggered lease terms and rental rates as low as 35% below market allows a new owner the opportunity to significantly increase rents or a buyer could occupy the vacant space and over time expand into additional space as needed. LOCATION OVERVIEW This property is conveniently located near the intersection of Norwood Drive and Interstate 121 with excellent access to Hwy 183, 121 and Loop 820. Down town Dallas, Las Colinas, DFW International Air Port and down town Fort Worth are all with in a short drive. INVESTOR HIGHLIGHTS * Great Upside For Investor or User * Below Market Rents Due to Hwy Construction * Expanded Hwy Enables Quick Metro Access * Eight Tenants With Staggered Lease Terms * 2,500 SF Available for Owner Occupant * Elevator For Easy Second Floor Access. NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 5

6 2 LOCATION INFORMATION 1848 Norwood Plaza Hurst, TX NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 6

7 Regional Map Norwood Plaza NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 7

8 Location Maps NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 8

9 Aerial Map Norwood Plaza NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 9

10 3 FINANCIAL ANALYSIS 1848 Norwood Plaza Hurst, TX NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 10

11 Financial Summary INVESTMENT OVERVIEW NORWOOD PLAZA Price $995,000 Price per SF $56.13 CAP Rate 3.2% NOI Before Debt Service $31,935 OPERATING DATA NORWOOD PLAZA Gross Scheduled Income $160,645 Expense Reimbursements $6,966 Total Scheduled Income $167,611 Actual Vacancy Cost $24,950 Gross Income $142,660 Operating Expenses $110,725 Net Operating Income $31,935 Proposed Debt Service $49,775 Pre-Tax Cash Flow -$17,840 FINANCING DATA NORWOOD PLAZA Down Payment $248,750 New Proposed Loan (75% LTV at 4.5% amortized over 25 yr.) $746,250 Debt Service $49,775 Debt Service Monthly $4,147 Principal Reduction (yr 1) $16,531 NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 11

12 Income & Expenses INCOME SUMMARY NORWOOD PLAZA PER SF Gross Scheduled Income $160,644 $9.06 Expense Reimbursements $6,966 $0.39 Gross Income $167,610 $9.45 EXPENSE SUMMARY NORWOOD PLAZA PER SF Electricity $25,519 $1.44 Heating and A/C $4,138 $0.23 Plumbing $1,625 $0.09 Repairs $2,121 $0.12 Pest Control $984 $0.06 Water & Sewer $2,088 $0.12 Trash Removal $1,429 $0.08 Landscaping $4,934 $0.28 Lighting $3,514 $0.20 Security $277 $0.02 Janitorial $27,679 $1.56 Elevator Maint. $2,996 $0.17 Management Fee $3,565 $0.20 Taxes (2016) $20,732 $1.17 Insurance $7,107 $0.40 Gross Expenses $110,725 $6.25 Net Operating Income $31,935 $1.80 NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 12

13 Rent Roll TENANT NAME UNIT NUMBER UNIT SIZE (SF) LEASE START LEASE END ANNUAL RENT % OF BUILDING PRICE PER SF/YR COMMENTS New Millenium Concept 100 2,230 2/1/2013 7/7/2020 $17, $8.00 New Millenium Concept 101 1,297 4/1/2017 3/31/2020 $15, $12.07 Sergio L. San Pedro/ Air /1/ /30/2021 $6, $8.49 Gumm Psychological Services 112 2,198 5/1/2013 3/31/2018 $18, $8.50 VACANT 114 2,495 $24, $10.00 Michael S. Handler 205 1,946 10/15/2013 9/30/2018 $14, $7.60 Richard Ryan Sellers 205B 850 9/1/2017 8/31/2022 $10, $12.00 Morris & Hadley, Inc ,277 1/1/ /31/2017 $13, $10.60 The New Villa Group 213 1,596 8/28/ /31/2022 $12, $7.75 C R Parr & Associates 214 3,058 12/1/2014 1/30/2020 $25, $8.50 Totals/Averages 17,727 $160,645 $9.06 $0 NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 13

14 4 SALE COMPARABLES 1848 Norwood Plaza Hurst, TX NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 14

15 5 DEMOGRAPHICS 1848 Norwood Plaza Hurst, TX NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 15

16 Demographics Report 1 MILE 3 MILES 5 MILES Total population 10, , ,677 Median age Median age (male) Median age (female) Total households 4,196 41,099 90,220 Total persons per HH Average HH income $84,541 $81,604 $87,002 Average house value $179,743 $196,741 $235,373 * Demographic data derived from 2010 US Census NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 16

17 Demographics Map POPULATION 1 MILE 3 MILES 5 MILES Total population 10, , ,677 Median age Median age (male) Median age (Female) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 4,196 41,099 90,220 # of persons per HH Average HH income $84,541 $81,604 $87,002 Average house value $179,743 $196,741 $235,373 * Demographic data derived from 2010 US Census NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 17

18 6 ADVISOR BIOS 1848 Norwood Plaza Hurst, TX NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 18

19 Advisor Bio & Contact DAVID COOK, SIOR, SEC Managing Director PROFESSIONAL BACKGROUND David Cook, SIOR, SEC serves as Managing Director of Sperry Van Ness / David Cook Co. LLC, specializing in the sale of office, industrial and retail properties in the Dallas/Fort Worth area. With over 40 years of experience and having been an SIOR since 1988, David has secured over 2,500 successful transactions. In 2007 and 2008 alone his investment sales totaled over $100,000,000. Since joining Sperry Van Ness his sales have placed him among the top 100 brokers every year. In 2007 David achieved the highest honors by making "Partner's Circle" and also winning the "Outstanding Client Satisfaction Award". In 2008 he made Partner's Circle again and his production earned him the number two spot in the nation out of 1,000 Sperry Van Ness brokers. Prior to joining Sperry Van Ness, David founded the David Cook Company. Previously, he was with Darrow Hildreth, Inc., for eight years as executive vice president. During his career Cook has represented both landlords and tenants, sold properties to and for both investors and users and successfully negotiated build to suits for several companies. His experience and insights have enabled him to handle every aspect of very difficult commercial transactions Dallas Parkway Suite 100 Dallas, TX T C david.cook@svn.com TX # Cook is a former director of the North Texas Association of Commercial Realtors. He is presently on the board of Evantell, a nonprofit faith ministry. He received his bachelor's degree in business administration, with an emphasis in real estate and finance from Southern Methodist University and a Masters of Theology from Dallas Theology Seminary in Dallas, Texas. NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 19

20 Advisor Bio & Contact STEVE FITHIAN, CCIM, CPM, SEC Managing Director PROFESSIONAL BACKGROUND Steve Fithian serves as Senior Advisor and Managing Director for SVN Trinity Advisors. With over 25 years of commercial real estate experience, Fithian specializes in selling and overseeing investment property sales that include multifamily, mini-warehouse, office, retail, undeveloped land and finished lots. He also organizes, manages, and acts as the general partner in property partnerships. Fithian holds the designation of Certified Commercial Investment Member (CCIM) and is the former chairperson of the North Texas Chapter CCIM Membership Committee. In 2011, he was named a counselor to the Society of Exchange Counselors. The Society of Exchange Counselors is a marketing group consisting of approximately 100 investment brokers from various parts of the country who have proven their skills at solving clients' problems Race Street, Suite 100 Fort Worth, TX T C steve.fithian@svn.com TX # Fithian also is a member of the Texas Association of REALTORS where he was appointed a member of the 2004 Regulatory & Private Property Rights Task Force. In addition, he is a member and former chairman of the Society of Commercial REALTORS in Fort Worth. In 2008, he received the Charles D. Tandy Commercial REALTOR of the Year Award, which is given by the Society of Commercial REALTORS to the REALTOR who best exemplifies the highest professional standards for commercial real estate. In 2002, he was awarded the William C. Jennings Award for Commercial Transaction of the Year in Texas by the Texas Association of REALTORS. Fithian has also received several sales awards from SVN including Partner's Circle awards in 2005, 2006, and 2014, and the Achiever's Award in 2007, 2008, 2009 and Fithian is a licensed broker in Texas and California, and is a certified public accountant. Additionally, he earned a Bachelor of Arts in economics with an emphasis in accounting from Claremont McKenna College. NORWOOD PLAZA 1848 NORWOOD PLAZA HURST, TX SVN David Cook Co, LLC Page 20

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