610 IRVING PARK RD. ROSELLE, IL A RETAIL INVESTMENT OPPORTUNITY

Transcription

1 A RETAIL INVESTMENT OPPORTUNITY 610 IRVING PARK RD. ROSELLE, IL N Elston Ave., Suite 302, Chicago, IL Phone: Website: essexrealtygroup.com

2 TABLE OF CONTENTS 1. PROPERTY INFORMATION 3 Property Location Aerial Map Aerial Map Investment Overview Location Overview Property Details Property Photos Property Photos 2. FINANCIAL ANALYSIS 12 Rent Roll Unit Mix / Income & Expenses Financial Summary 3. SALE COMPARABLES 16 Sale Comps Map Sale Comp Analysis Sale Comps 4. DEMOGRAPHICS 22 Demographics Map

3 A RETAIL INVESTMENT OPPORTUNITY 610 IRVING PARK RD. ROSELLE, IL SECTION 1 PROPERTY INFORMATION

4 SECTION 1 PROPERTY LOCATION accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 4

5 SECTION 1 AERIAL MAP accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 5

6 SECTION 1 AERIAL MAP accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 6

7 SECTION 1 INVESTMENT OVERVIEW accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 7

8 SECTION 1 LOCATION OVERVIEW Roselle is a village in DuPage County and Cook counties in northeastern Illinois. It was first incorporated in 1922 and is a bedroom community, with residents generally commuting to Chicago or nearby suburbs for their jobs. As a result, the early rural atmosphere of the community has been lost over the past 30 years. As of the 2010 census, the village's population was 22,763. Roselle is a western suburb of Chicago and is part of the Chicago metropolitan area. Only minutes from world-class shopping, art, sporting venues and other entertainment, Roselle provides the quality of life and sense of community usually found only in a small town, but with the convenience of a larger metropolitan area. Roselle is home to Illinois' finest winery, Lynfred Winery, producing world-class, award-winning wines since Winery tours and tastings are available year-round. Their popular Oktoberfest features outstanding food, wine, and competitions for everyone including a grape stomping competition and grape seed-spitting contest. Stop by Roselle's developing Town Center for delicious coffee and tea, and a selection of unique signature shops and restaurants. Roselle is home to festivals and other fun family events, including the annual Rose Festival and Parade (first weekend in June), the Taste of Roselle (first weekend in August), as well as a Concert in the Park Series (Thursdays in July). The subject property is only a short walk from the Roselle Metra stop, located adjacent to the shopping center on Irving Park Road. The Milwaukee District West train line allows for an easy commute directly to the Loop or west all the way to Elgin. accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 8

9 SECTION 1 PROPERTY DETAILS Property Summary ADDRESS: 610 Irving Park Rd. PIN: YEAR BUILT: 1981 LOT SIZE: Approx. 98,881 SF - Per City Zoning Website ZONING: B-3 NO. OF UNITS: 21 accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 9

10 SECTION 1 PROPERTY PHOTOS accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 10

11 SECTION 1 PROPERTY PHOTOS accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 11

12 A RETAIL INVESTMENT OPPORTUNITY 610 IRVING PARK RD. ROSELLE, IL SECTION 2 FINANCIAL ANALYSIS

13 SECTION 2 RENT ROLL Unit Address Tenant Name GLA % of GLA Lease Commencement Lease Expiration Annual Rent Rent ($/SF/YR) Changes On Changes To 610 Guac Mexican Grill 1, % 6/1/2018 5/31/2023 $33,600 $ /1/2019 $34, Peckens TV % 3/1/ /31/2023 $9,900 $ /1/2019 $9, Catering Sensation 2, % 1/1/ /31/2022 $39,600 $ /1/2019 $40, Chiropractic & Rehab Center 1, % 1/1/ /31/2020 $18,103 $ /1/2019 $18, Vacant % Upholstery & Refinishing % 12/1/ /31/2020 $14,400 $ /1/2018 $15, The IDS Group % 4/1/2017 3/31/2019 $12,360 $ /1/2019 $12, Station Fabric Cleaners % 1/1/ /31/2018 $8,346 $ /1/2019 $8, The Hair Den Barber Shop % 2/1/2016 MTM $7,500 $ /1/2018 $7, Ying Massage % 10/1/2017 9/30/2022 $18,000 $ /1/2018 $18, Allstate % 2/1/2015 1/31/2020 $12,420 $ /1/2019 $12, Hairology Salon & Spa 1, % 12/1/ /30/2023 $35,040 $ /1/2018 $36, Dr. Richard Shay 1, % 7/1/2012 5/31/2022 $21,600 $ /1/2018 $22, Lights, Camera, Dancin' Inc. 4, % 8/1/2016 4/30/2026 $49,200 $ /1/2019 $49, Maid Pro % 3/1/2015 2/28/2020 $13,740 $ /1/2019 $14, NAF Services Corp 2, % 2/1/2015 1/31/2021 $33,953 $ /1/2018 $34,972 Lower Level 102 Lights, Camera, Dancin' Inc % Lower Level 107 Vacant % Lower Level Commercial Real Estate Management Office 8, % 7/1/2017 6/30/2022 $75,000 $9.20 7/1/2018 $75,000 Totals / Averages 30, % $402,762 $410,731 accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 13

14 SECTION 2 UNIT MIX / INCOME & EXPENSES Unit Type Count Avg. Size Avg. Rent ($/SF/YR) Current Annual Rent Avg. Pro Forma Rent ($/SF/YR) Pro Forma Annual Income Retail 21 1,445 $13.16 $402,762 $17.00 $520,438 Totals 21 30,614 $402,762 $520,438 Income Summary Current % of SGI PER SF Pro Forma % of SGI PER SF Occupied $402, % $13.16 $520, % $17.00 Vacant Space At Market Rent $12, % $0.40 $0 0.0% $0.00 Gross Potential Rent $415, % $13.56 $520, % $17.00 Vacancy Loss $31, % $1.02 $26, % $0.85 Expected Gross Income (EGI) $383, % $12.54 $494, % $16.15 Expense Summary Current % of SGI PER SF Pro Forma % of SGI PER SF Real Estate Taxes 1 $40, % $1.31 $40, % $1.31 Property Insurance $7, % $0.25 $7, % $0.25 Water $10, % $0.33 $10, % $0.33 Electric $6, % $0.20 $6, % $0.20 Gas $1, % $0.06 $1, % $0.06 Management $15, % $0.50 $19, % $0.65 Engineer $8, % $0.28 $8, % $0.28 Fire Alarm $ % $0.03 $ % $0.03 Landscaping $2, % $0.08 $2, % $0.08 Snow Removal $6, % $0.20 $6, % $0.20 Cleaning & Decorating $2, % $0.08 $2, % $0.08 Gross Expenses $101, % $3.30 $105, % $3.45 Net Operating Income $282, % $9.24 $388, % $ Real Estate Tax Bill accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 14

15 SECTION 2 FINANCIAL SUMMARY INVESTMENT OVERVIEW CURRENT PRO FORMA Price $3,250,000 $3,250,000 Price Per SF $ $ CAP Rate 8.7% 11.97% Cash-on-Cash Return (YR 1) 8.7% 11.97% Total Return (YR 1) 8.7% 12.0% OPERATING DATA CURRENT PRO FORMA Gross Scheduled Income $415,042 $520,438 Total Scheduled Income $415,042 $520,438 Vacancy Cost $31,128 $26,022 Collected Income $383,914 $494,416 Operating Expenses $101,128 $105,548 Net Operating Income $282,786 $388,868 accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 15

16 A RETAIL INVESTMENT OPPORTUNITY 610 IRVING PARK RD. ROSELLE, IL SECTION 3 SALE COMPARABLES

17 SECTION 3 SALE COMPS MAP SUBJECT PROPERTY 610 Irving Park Rd. Roselle, IL West North Avenue Oak Park, IL West 143rd Street Orland Park, IL Dempster Street Skokie, IL West Dempster Street Morton Grove, IL East Dundee Road Palatine, IL East Algonquin Road Schaumburg, IL East Rand Road Arlington Heights, IL North Harlem Avenue Harwood Heights, IL accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 17

18 SECTION 3 SALE COMP ANALYSIS Price PSF $ $ $ $ $ $ $ $ $ $ $ $ $ $ $50.00 $0.00 CAP Rate 10.00% 9.00% 8.00% 7.00% 8.51% 8.10% 6.43% 7.50% 8.44% 7.25% 8.60% 7.83% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 18

19 SECTION 3 SALE COMPS WEST NORTH AVENUE Oak Park, IL Sale Price: $5,825,000 Year Built: 1991 Building SF: 36,170 SF Price PSF $ CAP: 8.51% Closed: 04/03/2017 NOI: - Net leases $495, WEST 143RD STREET Orland Park, IL Sale Price: $4,000,000 Year Built: 2008 Building SF: 16,000 SF Price PSF $ CAP: 8.1% Closed: 06/06/2017 NOI: - Modified gross leases $324, DEMPSTER STREET Skokie, IL Sale Price: $2,025,000 Year Built: 1982 Building SF: 13,900 SF Price PSF $ CAP: 6.43% Closed: 02/21/2017 NOI: - Net leases $130,207 3 accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 19

20 SECTION 3 SALE COMPS WEST DEMPSTER STREET Morton Grove, IL Sale Price: $2,340,000 Year Built: 2005 Building SF: 8,321 SF Price PSF $ CAP: 7.5% Closed: 06/28/2017 NOI: - Net Leases $175, EAST DUNDEE ROAD Palatine, IL Sale Price: $4,340,000 Year Built: 1979 Building SF: 42,500 SF Price PSF $ CAP: 8.44% Closed: 08/31/2017 NOI: - 70% Net leases $366, EAST ALGONQUIN ROAD Schaumburg, IL Sale Price: $2,333,000 Year Built: 2008 Building SF: 9,949 SF Price PSF $ CAP: 7.25% Closed: 02/23/2017 NOI: - Net leases $169,142 6 accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 20

21 SECTION 3 SALE COMPS EAST RAND ROAD Arlington Heights, IL Sale Price: $4,175,000 Year Built: 1990 Building SF: 16,819 SF Price PSF $ CAP: 8.6% Closed: 06/15/2017 NOI: $359, NORTH HARLEM AVENUE Harwood Heights, IL Sale Price: $7,000,000 Year Built: 1988 Building SF: 31,917 SF Price PSF $ Closed: 04/13/ accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 21

22 A RETAIL INVESTMENT OPPORTUNITY 610 IRVING PARK RD. ROSELLE, IL SECTION 4 DEMOGRAPHICS

23 SECTION 4 DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 10,237 92, ,507 MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 3,962 35,421 95,979 # OF PERSONS PER HH AVERAGE HH INCOME $82,129 $87,689 $84,879 AVERAGE HOUSE VALUE $345,374 $336,398 $316,765 * Demographic data derived from 2010 US Census accuracy of the information. References to square footage are approximate.buyer must verify the information and bears all risks for any inaccuracies. 23