Highly Attractive Location at the Entrance to Walmart, Sam's Club and Home Depot
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- May Eaton
- 5 years ago
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1 Advisory Proposal Suburban Retail Center Highly Attractive Location at the Entrance to Walmart, Sam's Club and Home Depot One Single-Tenant Retail Building and Two Multi-Tenant Retail Buildings Totaling 23,024 Sq Ft Brunswick Triangle is part of the first phase of the Mission Hills Community Developed by Investco Development Mission Hills Master Planned Community is a 30 Year Redevelopment of the 4,700 Acre Former Utopia International Airport High Traffic Counts of Over 65,000 Vehicles per Day On Main Street, Major Arterial Sponsored By: BRENDAN REMAX Senior Vice President brendan@remax.com Each office CA: is independently owned and operated. RE/MAX BOWLING GREEN 2425 Scottsville Rd,Ste 116 Bowling Green, KY (270) Each office independently owned and operated
2 TABLE OF CONTENTS S e c t i o n I Property Overview S e c t i o n I I Comparables S e c t i o n I I I Investment Outlook S e c t i o n I V Investment Details S e c t i o n V Investment Returns S e c t i o n V I Charts And Graphs S e c t i o n V I I Agent Introduction
3 S E C T I O N I P r o p e r t y O v e r v i e w
4 PROPERTY DESCRIPTION Brunswick Triangle Retail Center Brunswick Triangle Retail Center is an opportunity for an investor to acquire high profile retail shop space with an assumable loan at the entrance to a Walmart, Sam s Club and Home Depot anchored development in Utopia s Mission Hills neighborhood. The offering consists of one single tenant retail building and two multi-tenant retail buildings totaling 23,024 square feet, located on 113,256 square feet (2.60 acres) of land. Current tenants include Panera Bread, Cingular Wireless, American Family Insurance, the UPS Store, Panda Express, Moneytree, Sports Clips,and Westerra Credit Union. All leases are triple-net providing extremely limited management responsibilities. The highly attractive assumable loan with Morgan Stanley has an interest rate of 5.17%, an amortization of 30 years, and is due September 1, The assumption fee is 1% and required down payment is approximately 36% of the purchase price. The retail center is part of the first phase developed by INVEST Development Enterprises in the Mission Hills Master Planned Community. This project is a 4,700 acre redevelopment of the former Utopia International Airport. The redevelopment will span over the next 30 years and will include 8,000 single family homes, 4,000 apartments, 3 million square feet of retail space and 10 million square feet of commercial and industrial space. Other retailers in the immediate area include: PetSmart, Office Depot, McDonald s, Ross Dress for Less, Radio Shack, Big 5 Sporting Goods, Famous Footwear, Party America, Arby s, IHOP, and many more. The immediate area is also home to 6 hotels (Courtyard by Marriott, Red Lion, Renaissance, Guesthouse, Radison, and Doubletree). The subject property benefits greatly from the 65,000+ vehicles that pass through the intersection of 36th Avenue and Main Street on a daily basis. Main Street is a major north/south arterial in Denver which connects to Interstate 70 just.5 miles away from the property. P. 4
5 PROPERTY PHOTOS Great New Listing In High Traffic Location All National High Quality Credit Tenants P. 5
6 MAPS AND AERIALS P. 6
7 MAPS AND AERIALS P. 7
8 S E C T I O N I I C o m p a r a b l e s
9 SALES COMPARABLES 16% Cap Rate 14% 12% 10% 8% 6% Avg % 2% Subject $376 Price per Sq. Ft. $329 $282 $235 $188 Avg. $ $141 $94 $47 Subject P. 9
10 SALES COMPARABLES S Suburban Retail Center 2261 San Juan Road San Diego, CA Sale Price $8,500,000 Tenants 9 Price/Tenant $944,444 Price/SqFt $ Cap Rate 7.21% Year Built Sale Date 7/1/2010 Garfield Square 4211 Jackdaw Street San Diego, CA Sale Price $6,500,000 Tenants 8 Price/Tenant $812,500 Price/SqFt $ Cap Rate 8.0% Year Built 1982 Major Tenants Home Depot Party Center Hallmark NOTES Excellent Condition 2 Sale Date 6/1/2010 Lincoln Retail Center 4319 Arista Street San Diego, CA Sale Price $8,000,000 Tenants 12 Price/Tenant $666,667 Price/SqFt $ Cap Rate 7.5% Year Built 1991 Major Tenants Lowes New York Bagels H&R Block P. 10
11 SALES COMPARABLES 3 Sale Date 4/15/2010 Washington Circle Power Center 4470 Teralta Place San Diego, CA Sale Price $10,000,000 Tenants 14 Price/Tenant $714,286 Price/SqFt $ Cap Rate 8.2% Year Built 1978 Major Tenants Applebee's CVS DrugStore Stater Brothers 4 On Market Hamilton Shopping Center 4077 Ibis Street San Diego, CA Sale Price $8,750,000 Tenants 7 Price/Tenant $1,250,000 Price/SqFt $ Cap Rate 7.75% Year Built 1999 Major Tenants Ralph's Grocery Walgreens 5 On Market Jefferson Circle Shopping Cent 4130 Randolf Street San Diego, CA Sale Price $9,000,000 Tenants 9 Price/Tenant $1,000,000 Price/SqFt $ Cap Rate 7.85% Year Built 2001 Major Tenants Party SuperStore Jack's Garage Nike Town P. 11
12 SALES COMPARABLES 6 Sale Date 4/28/2010 Pasqua Apartments 4319 Arista Street San Diego, CA Sale Price $2,000,000 Tenants 24 Price/Tenant $83,333 Price/SqFt $ Cap Rate 7.43% Year Built Sale Date 1/1/1900 White Mall 4077 Ibis Street San Diego, CA Sale Price $8,250,000 Tenants 9 Price/Tenant $916,667 Price/SqFt $ Cap Rate 7.54% Year Built 1962 Major Tenants Lowes The Ascot Shop 8 Sale Date 1/1/1900 Noonan Center 2495 San Diego Avenue San Diego, CA Sale Price $8,000,000 Tenants 9 Price/Tenant $888,889 Price/SqFt $ Cap Rate 7.14% Year Built 1962 Major Tenants Ralphs Grocery The Gap P. 12
13 SALES COMPARABLES 9 Sale Date 3/28/2010 O'Connor Apartments 4470 Teralta Place San Diego, CA Sale Price $2,200,000 Tenants 30 Price/Tenant $73,333 Price/SqFt $ Cap Rate 7.24% Year Built 1958 P. 13
14 SALES COMPARABLES S 2261 San Juan Road, San Diego, CA ($8,500,000) Jackdaw Street, San Diego, CA ($6,500,000) Arista Street, San Diego, CA ($8,000,000) Teralta Place, San Diego, CA ($10,000,000) Ibis Street, San Diego, CA ($8,750,000) Randolf Street, San Diego, CA ($9,000,000) Arista Street, San Diego, CA ($2,000,000) Ibis Street, San Diego, CA ($8,250,000) San Diego Avenue, San Diego, CA ($8,000,000) Teralta Place, San Diego, CA ($2,200,000) P. 14
15 RENT COMPARABLES CHARTS 100% 90% Occupancy Avg % 70% 60% 50% 40% 30% 20% 10% Subject Average Rent per Sq. Ft Avg Subject P. 15
16 RENT COMPARABLES S Suburban Retail Center 2261 San Juan Road San Diego, CA Avg Rent/rsf $28.93 Range/rsf $ $34.39 RSF 23,024 Occupancy 99% Tenants 9 Year Built 1978 Major Tenants 1 NOTES Excellent Condition Garfield Square 4211 Jackdaw Street San Diego, CA Avg Rent/rsf $15.50 Range/rsf $ $0.00 RSF 22,000 Occupancy 95% Tenants 8 Year Built 1982 Major Tenants Home Depot Party Center Hallmark 2 Jefferson Circle Shopping Cent 4130 Randolf Street San Diego, CA Avg Rent/rsf $15.85 Range/rsf $ $16.75 RSF 32,000 Occupancy 93% Tenants 9 Year Built 2001 Major Tenants Party SuperStore Jack's Garage Nike Town P. 16
17 RENT COMPARABLES 3 Hamilton Shopping Center 4077 Ibis Street San Diego, CA Avg Rent/rsf $15.75 Range/rsf $ $16.50 RSF 31,000 Occupancy 94% Tenants 7 Year Built 1999 Major Tenants Ralph's Grocery Walgreens 4 Washington Circle Power Center 4470 Teralta Place San Diego, CA Avg Rent/rsf $18.00 Range/rsf $ $19.50 RSF 35,000 Occupancy 90% Tenants 14 Year Built 1978 Major Tenants Applebee's CVS DrugStore Stater Brothers 5 Lincoln Retail Center 4319 Arista Street San Diego, CA Avg Rent/rsf $16.50 Range/rsf $ $17.00 RSF 32,000 Occupancy 96% Tenants 12 Year Built 1991 Major Tenants Lowes New York Bagels H&R Block P. 17
18 RENT COMPARABLES S 2261 San Juan Road San Diego, CA Jackdaw Street San Diego, CA Randolf Street San Diego, CA Ibis Street San Diego, CA Teralta Place San Diego, CA Arista Street San Diego, CA P. 18
19 S E C T I O N I I I I n v e s t m e n t O u t l o o k
20 EXECUTIVE SUMMARY ACQUISITION COSTS Purchase Price, Points and Closing Costs $8,577,553 Investment - Cash $1,822,216 First Loan $6,755,337 INVESTMENT INFORMATION Purchase Price $8,500,000 Price per Tenant $944,444 Price per Sq. Ft. $ INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $1,075,483 Total Vacancy and Credits ($57,261) Operating Expenses ($394,598) Net Operating Income $623,624 Debt Service ($507,787) Capital Expenses and Costs ($78,793) Expended Reserves $0 Cash Flow Before Taxes $37,044 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 2.01% Optimal Internal Rate of Return (yr 10) 16.29% Debt Coverage Ratio 1.23 Capitalization Rate 7.34% Gross Income / Square Feet $46.71 Gross Expenses / Square Feet ($17.14) Operating Expense Ratio 38.75% P. 20
21 PRO FORMA SUMMARY TENANT ANNUAL SCHEDULED INCOME Tenant Actual Market 7-11 $46,285 $50,000 Sports Clip $42,000 $42,000 Westerra C/U $45,239 $45,239 Panera Bread $149,500 $149,500 Money Tree $143,430 $143,430 Cingular $66,250 $66,250 Jimmy John's $50,000 $60,000 INVESTMENT SUMMARY Price: $8,500,000 Am. Farm. Insurance $46,200 $46,200 Panda Express $77,144 $77,144 TOTALS $666,047 $679,762 Year Built: 1978 Tenants: 9 RSF: 23,024 Price/RSF: $ Lot Size: 42,000 sf Floors: 2 APN: Cap Rate: 7.21% Market Cap Rate: 9.46% FINANCING SUMMARY Loan Amount: $6,755,337 Down Payment: $1,744,663 Loan Type: Fixed Interest Rate: 6.5% Term: 30 years Monthly Payment: $42,316 DCR: 1.21 ANNUALIZED INCOME Actual Market Gross Potential Rent $666,047 $679,762 Less: Vacancy ($57,261) ($20,393) Reimbursements $377,254 $377,254 Misc. Income $21,600 $0 Effective Gross Income $1,007,640 $1,036,623 Less: Expenses ($394,598) ($232,455) Net Operating Income $613,042 $804,168 Debt Service ($507,787) ($507,787) Net Cash Flow after Debt Service $105,255 $296,381 Principal Reduction $76,751 $76,751 Total Return $182,006 $373,132 ANNUALIZED EXPENSES Actual Market CAM Charges $105,639 $73,639 Taxes $30,000 $17,645 Electrical Repairs $45,000 $0 Water Sprinkler Replacement $20,000 $0 General CAP EX $23,024 $0 Pavement Care $10,000 $0 Management Fees $13,935 $13,935 Pavement Upkeep $22,000 $0 Taxes - Real Estate $125,000 $127,236 Total Expenses $394,598 $232,455 Expenses Per RSF $17.14 $10.10 P. 21
22 TENANT MIX REPORT TENANT MIXES Suite Tenants Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly $3,857 $3,857 $4,167 $4, Sports Clip 1500 $3,500 $3,500 $3,500 $3, Westerra C/U 1513 $3,770 $3,770 $3,770 $3, Panera Bread 5000 $12,458 $12,458 $12,458 $12, Money Tree 4620 $11,952 $11,952 $11,952 $11, Cingular 2500 $5,521 $5,521 $5,521 $5, Jimmy John's 2000 $4,167 $4,167 $5,000 $5, Am. Farm $3,850 $3,850 $3,850 $3, Panda Express 2243 $6,429 $6,429 $6,429 $6, ,024 $55,504 $56,647 TENANT MIX TENANT MIX SQUARE FEET 7-11 Sports Clip Westerra C/U Panera Bread Money Tree Cingular Jimmy John's Am. Farm. Insurance Panda Express 7-11 Sports Clip Westerra C/U Panera Bread Money Tree Cingular Jimmy John's Am. Farm. Insurance Panda Express TENANT MIX INCOME TENANT MIX MARKET INCOME 7-11 Sports Clip Westerra C/U Panera Bread Money Tree Cingular Jimmy John's Am. Farm. Insurance Panda Express 7-11 Sports Clip Westerra C/U Panera Bread Money Tree Cingular Jimmy John's Am. Farm. Insurance Panda Express P. 22
23 S E C T I O N I V I n v e s t m e n t D e t a i l s
24 CASH FLOW ANALYSIS Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 GROSS SCHEDULED INCOME $1,075,483 $1,123,650 $1,156,246 $1,187,231 $1,218,406 $1,232,279 $1,270,144 $1,308,263 $1,342,832 $1,375,088 Lease-up Vacancy ($11,571) $0 $0 $0 $0 $0 $0 $0 $0 $0 Rent Abatement ($28,631) $0 $0 $0 $0 ($33,021) ($8,943) ($4,471) $0 $0 Turnover Vacancy ($17,059) $0 $0 $0 $0 ($33,021) ($8,943) ($4,471) $0 $0 Total Operating Expenses ($394,598) ($402,351) ($410,257) ($418,320) ($426,543) ($434,929) ($443,481) ($452,202) ($461,097) ($470,168) NET OPERATING INCOME $623,624 $721,300 $745,990 $768,911 $791,863 $731,308 $808,778 $847,118 $881,735 $904,920 Loan Payment ($507,787) ($507,787) ($507,787) ($507,787) ($507,787) ($507,787) ($507,787) ($507,787) ($507,787) ($507,787) Capital Expenses ($20,000) $0 $0 $0 $0 $0 $0 $0 $0 ($15,000) Capital Costs ($58,793) $0 $0 $0 $0 ($33,322) ($10,000) ($16,439) $0 $0 NET CASH FLOW (b/t) $37,044 $213,513 $238,202 $261,124 $284,076 $190,199 $290,991 $322,892 $373,948 $382,133 Cash On Cash Return b/t 2.01% 11.59% 12.93% 14.17% 15.42% 10.32% 15.80% 17.53% 20.30% 20.58% Footnotes: b/t = before taxes;a/t = after taxes P. 24
25 ANNUAL PROPERTY OPERATING DATA Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rental Income $676,630 $699,412 $723,809 $746,432 $769,080 $786,065 $808,227 $834,868 $857,684 $880,536 Expense Reimbursements $377,254 $402,351 $410,257 $418,320 $426,543 $423,122 $438,511 $449,669 $461,097 $470,168 Miscellaneous Income $21,600 $21,888 $22,181 $22,479 $22,783 $23,092 $23,406 $23,726 $24,052 $24,384 GROSS SCHEDULED INCOME $1,075,483 $1,123,650 $1,156,246 $1,187,231 $1,218,406 $1,232,279 $1,270,144 $1,308,263 $1,342,832 $1,375,088 Lease-up Vacancy ($11,571) $0 $0 $0 $0 $0 $0 $0 $0 $0 Rent Abatement ($28,631) $0 $0 $0 $0 ($33,021) ($8,943) ($4,471) $0 $0 Turnover Vacancy ($17,059) $0 $0 $0 $0 ($33,021) ($8,943) ($4,471) $0 $0 GROSS OPERATING INCOME $1,018,222 $1,123,650 $1,156,246 $1,187,231 $1,218,406 $1,166,236 $1,252,258 $1,299,320 $1,342,832 $1,375,088 Expenses CAM Charges ($105,639) ($107,752) ($109,907) ($112,105) ($114,347) ($116,634) ($118,967) ($121,346) ($123,773) ($126,248) Taxes ($30,000) ($30,600) ($31,212) ($31,836) ($32,473) ($33,122) ($33,785) ($34,461) ($35,150) ($35,853) Electrical Repairs ($45,000) ($45,900) ($46,818) ($47,754) ($48,709) ($49,684) ($50,677) ($51,691) ($52,725) ($53,779) Water Sprinkler Replacement ($20,000) ($20,400) ($20,808) ($21,224) ($21,649) ($22,082) ($22,523) ($22,974) ($23,433) ($23,902) General CAP EX ($23,024) ($23,484) ($23,954) ($24,433) ($24,922) ($25,420) ($25,929) ($26,447) ($26,976) ($27,516) Pavement Care ($10,000) ($10,200) ($10,404) ($10,612) ($10,824) ($11,041) ($11,262) ($11,487) ($11,717) ($11,951) Management Fees ($13,935) ($14,074) ($14,215) ($14,357) ($14,501) ($14,646) ($14,792) ($14,940) ($15,090) ($15,241) Pavement Upkeep ($22,000) ($22,440) ($22,889) ($23,347) ($23,814) ($24,290) ($24,776) ($25,271) ($25,777) ($26,292) Taxes - Real Estate ($125,000) ($127,500) ($130,050) ($132,651) ($135,304) ($138,010) ($140,770) ($143,586) ($146,457) ($149,387) TOTAL OPERATING EXPENSES ($394,598) ($402,351) ($410,257) ($418,320) ($426,543) ($434,929) ($443,481) ($452,202) ($461,097) ($470,168) P. 25
26 ANNUAL PROPERTY OPERATING DATA Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 NET OPERATING INCOME $623,624 $721,300 $745,990 $768,911 $791,863 $731,308 $808,778 $847,118 $881,735 $904,920 P. 26
27 DETAILED GENERAL EXPENSES Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total Expenses ($394,598) ($402,351) ($410,257) ($418,320) ($426,543) ($434,929) ($443,481) ($452,202) ($461,097) ($470,168) CAM Charges ($105,639) ($107,752) ($109,907) ($112,105) ($114,347) ($116,634) ($118,967) ($121,346) ($123,773) ($126,248) Taxes ($30,000) ($30,600) ($31,212) ($31,836) ($32,473) ($33,122) ($33,785) ($34,461) ($35,150) ($35,853) Electrical Repairs ($45,000) ($45,900) ($46,818) ($47,754) ($48,709) ($49,684) ($50,677) ($51,691) ($52,725) ($53,779) Water Sprinkler Replacement ($20,000) ($20,400) ($20,808) ($21,224) ($21,649) ($22,082) ($22,523) ($22,974) ($23,433) ($23,902) General CAP EX ($23,024) ($23,484) ($23,954) ($24,433) ($24,922) ($25,420) ($25,929) ($26,447) ($26,976) ($27,516) Pavement Care ($10,000) ($10,200) ($10,404) ($10,612) ($10,824) ($11,041) ($11,262) ($11,487) ($11,717) ($11,951) Management Fees ($13,935) ($14,074) ($14,215) ($14,357) ($14,501) ($14,646) ($14,792) ($14,940) ($15,090) ($15,241) Pavement Upkeep ($22,000) ($22,440) ($22,889) ($23,347) ($23,814) ($24,290) ($24,776) ($25,271) ($25,777) ($26,292) Taxes - Real Estate ($125,000) ($127,500) ($130,050) ($132,651) ($135,304) ($138,010) ($140,770) ($143,586) ($146,457) ($149,387) P. 27
28 S E C T I O N V I n v e s t m e n t R e t u r n s
29 FINANCIAL INDICATORS Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Gross Rent Multiplier Capitalization Rate 7.34% 8.49% 8.78% 9.05% 9.32% 8.60% 9.52% 9.97% 10.37% 10.65% Cash On Cash Return b/t 2.01% 11.59% 12.93% 14.17% 15.42% 10.32% 15.80% 17.53% 20.30% 20.58% Cash On Cash Return a/t 2.01% 11.59% 12.93% 14.17% 15.42% 10.32% 15.80% 17.53% 20.30% 20.58% Debt Coverage Ratio Gross Income per Sq. Ft. $46.71 $48.80 $50.22 $51.56 $52.92 $53.52 $55.17 $56.82 $58.32 $59.72 Expenses per Sq. Ft. ($17.14) ($17.48) ($17.82) ($18.17) ($18.53) ($18.89) ($19.26) ($19.64) ($20.03) ($20.42) Net Income Multiplier Operating Expense Ratio 38.75% 35.81% 35.48% 35.23% 35.01% 37.29% 35.41% 34.80% 34.34% 34.19% Loan To Value Ratio 96.38% 82.31% 78.53% 75.10% 71.80% 76.45% 67.87% 63.52% 59.72% 56.83% Footnotes: b/t = before taxes; a/t = after taxes P. 29
30 CUMULATIVE ANALYSIS Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Equity (appreciation) ($1,570,843) ($485,558) ($211,226) $43,461 $298,478 ($374,356) $486,421 $912,417 $1,297,061 $1,554,666 Equity (loan reduction) $76,751 $158,572 $245,798 $338,785 $437,915 $543,593 $656,252 $776,352 $904,386 $1,040,878 CASH FLOW (a/t) $37,044 $250,557 $488,759 $749,884 $1,033,959 $1,224,158 $1,515,149 $1,838,040 $2,211,989 $2,594,122 Totals - To Date ($1,457,048) ($76,429) $523,330 $1,132,130 $1,770,352 $1,393,395 $2,657,821 $3,526,810 $4,413,436 $5,189,666 Invested Capital ($1,842,216) ($1,842,216) ($1,842,216) ($1,842,216) ($1,842,216) ($1,842,216) ($1,842,216) ($1,842,216) ($1,842,216) ($1,857,216) ROIC - To Date % -4.15% 28.41% 61.45% 96.10% 75.64% % % % % Footnotes: a/t = after taxes; ROIC = Return On Invested Capital P. 30
31 S E C T I O N V I C h a r t s A n d G r a p h s
32 PROPERTY EQUITY ANALYSIS $4,400,000 $3,960,000 $3,520,000 $3,080,000 $2,640,000 $2,200,000 $1,760,000 $1,320,000 $880,000 $440,000 Year Legend Initial Equity Equity (loan reduction) Equity (appreciation) P. 32
33 EQUITY VS. DEBT $6,700,000 $6,030,000 $5,360,000 $4,690,000 $4,020,000 $3,350,000 $2,680,000 $2,010,000 $1,340,000 $670,000 Year Legend Equity Loan Principal Balance P. 33
34 OPERATING INCOME ANALYSIS $1,400,000 $1,260,000 $1,120,000 $980,000 $840,000 $700,000 $560,000 $420,000 $280,000 $140,000 Year Legend GROSS OPERATING INCOME NET OPERATING INCOME NET CASH FLOW (b/t) P. 34
35 GROSS INCOME VS. OPERATING EXPENSES $1,400,000 $1,260,000 $1,120,000 $980,000 $840,000 $700,000 $560,000 $420,000 $280,000 $140,000 Year Legend GROSS SCHEDULED INCOME Total Operating Expenses P. 35
36 CUMULATIVE WEALTH ANALYSIS $5,200,000 $4,680,000 $4,160,000 $3,640,000 $3,120,000 $2,600,000 $2,080,000 $1,560,000 $1,040,000 $520,000 Year Legend Equity (loan reduction) Equity (appreciation) CASH FLOW (a/t) P. 36
37 LEASE EXPIRATION ANALYSIS 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% Year Legend Percentage of Expired Space Percentage of Expired Base Rent P. 37
38 S E C T I O N V I I A g e n t I n t r o d u c t i o n
39 BROKER OPINION OF VALUE PROPERTY SUMMARY Brunswick Triangle Retail Center is an opportunity for an investor to acquire high profile retail shop space with an assumable loan at the entrance to a Walmart, Sam s Club and Home Depot anchored development in Utopia s Mission Hills neighborhood. The offering consists of one single tenant retail building and two multi-tenant retail buildings totaling 23,024 square feet, located on 113,256 square feet (2.60 acres) of land. Current tenants include Panera Bread, Cingular Wireless, American Family Insurance, the UPS Store, Panda Express, Moneytree, Sports Clips,and Westerra Credit Union. All leases are triple-net providing extremely limited management responsibilities. The highly attractive assumable loan with Morgan Stanley has an interest rate of 5.17%, an amortization of 30 years, and is due September 1, The assumption fee is 1% and required down payment is approximately 36% of the purchase price. The retail center is part of the first VALUATION SUMMARY Valuation Method Conservative Average Aggressive Income Valuation $6,929,157 $7,795,302 $8,908,917 Sales Comparison Valuation $2,878,000 $4,840,220 $6,802,441 $/SF Income Valuation $ $ $ Sales Comparison Valuation $ $ $ P. 39
40 BROKER OPINION OF VALUE STABILIZED INCOME Amount Percent $/SF Gross Scheduled Income $1,075, % $ Vacancy ($57,261) 5.3% $2.49 Gross Operating Income $1,018, % $ Total Operating Expenses ($394,598) 38.8% $ Management Fees $0.0% $ Replacement Reserves $0.0% $0.00 Net Operating Income $623,624 $27.09 INCOME VALUATION ANALYSIS Price Cap Rate $/SF Conservative Cap Rate $6,929, % $ Average Cap Rate $7,795, % $ Aggressive Cap Rate $8,908, % $ Average Market Value $7,795, % $ P. 40
41 BROKER OPINION OF VALUE SALES COMPARISON METHOD OVERVIEW SALES COMPARISON Subject Property Adddress 2261 San 4211 Jackdaw 4319 Arista 4470 Teralta 4077 Ibis 4130 Randolf 4319 Arista San Diego CA San Diego CA San Diego CA San Diego CA San Diego CA San Diego CA San Diego CA Sale Price $8,500,000 $6,500,000 $8,000,000 $10,000,000 $8,750,000 $9,000,000 $2,000,000 Sale Price/SF $ $ $ $ $ $ $ Sale Date n/a n/a n/a Cap Rate RSF 23,024 22,000 32,000 35,000 31,000 32,000 16,000 Year Built Floors 2 n/a n/a SALES COMPARISON ADJUSTMENTS Subject Sale Price $8,500,000 $6,500,000 $8,000,000 $10,000,000 $8,750,000 $9,000,000 $2,000,000 Adjustment Type Average Average Average Average Average Average Adjustment Amount 0% 0% 0% 0% 0% 0% Adjusted Sale Price $6,500,000 $8,000,000 $10,000,000 $8,750,000 $9,000,000 $2,000,000 Adjusted Sale Price/SF $ $ $ $ $ $ ADJUSTED SALES COMPARISON ANALYSIS Adj. Sale Price Adj. Sale Price/SF Conservative Value $2,878,000 $ Average Value $4,840,220 $ Aggressive Value $6,802,441 $ NOTES P. 41
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