SHOPPES AT MIDTOWN 864 PARRIS ISLAND GATEWAY BEAUFORT, SC Vonnie Majewski, CCIM Partner

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1 SHOPPES AT MIDTOWN BEAUFORT, SC Vonnie Majewski, CCIM Partner SVN GASC 1538 FORDING ISLAND ROAD, SUITE 107, HILTON HEAD ISLAND, SC OFFERING MEMORANDUM

2 Property Summary OFFERING SUMMARY Sale Price: $1,900,000 Cap Rate: 8.55% NOI: $158,222 Lot Size: 0.99 Acres Year Built: 2008 PROPERTY HIGHLIGHTS AAA Location in Beaufort 100% Leased Retail Building Situated Directly on Parris Island Gateway (Highway 802) Fronting Major Shopping Center Abundant Parking Upward Mobility in Rents Offered at an 8.55 cap Building Size: 9,230 SF Market: Port Royal Submarket: Beaufort Price / SF: $ SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 2

3 Property Description PROPERTY OVERVIEW Great investment opportunity - 100% leased, ten-year new, multi-tenant retail building situated at the front of the very busy Midtown Village Shopping Center in Port Royal / Beaufort. Midtown Village is a Bi-Lo anchored shopping center at the heart of Port Royal's business district. Tenants at the center include McDonalds, Subway, PIzza Hut, Enmark Gas station, Palm Beach Tan, a very busy Marine supply store, a veterinarian, a few restaurants, a couple of clothing stores, a couple of medical providers and a variety of other small shop tenants. There are several points of access to the center and abundant parking for tenants and customers. The property is 100% leased to five tenants, with staggered lease expiration dates, providing investors a stable income stream. Current NOI is $158,222. All leases are NNN and have annual escalation. Several of the tenants have been in the building since the building was completed in In this high growth market, with limited space options and increasing rents, there is upward mobility in rents. LOCATION OVERVIEW The Shoppes at Midtown is situated directly on Parris Island Gateway (Highway 802) in front of the bustling grocery anchored Midtown Village Shopping Center. With its immediate proximity to Parris Island, a large military base, this very busy area boasts a population of approximately 35,000 residents with average household incomes of approximately $65,000 within a 5-mile radius. Port Royal is centrally located, in close proximity to downtown Beaufort and the surrounding Sea Islands in Beaufort County. Beaufort County which was recently recognized as the 12th fastest growing metro in the nation and one of the 25 best places to retire. Future job growth for the next 10 years is expected to be 41.35%. The property is centrally located just minutes from Bluffton / Hilton Head to the south and approximately an hour away from Charleston to the north.. SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 3

4 Location Maps SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 4

5 Aerial Map Shoppes at Midtown SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 5

6 Financial Summary INVESTMENT OVERVIEW Price $1,900,000 Price per SF $ CAP Rate 8.6% Cash-on-Cash Return (yr 1) 8.33 % Total Return (yr 1) $158,221 OPERATING DATA Gross Scheduled Income $197,851 Other Income $0 Total Scheduled Income $197,851 Vacancy Cost $5,502 Gross Income $197,851 Operating Expenses $39,629 Net Operating Income $158,221 Pre-Tax Cash Flow $158,221 SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 6

7 Income & Expenses INCOME SUMMARY NNN Expenses $39,012 Gross Income $39,012 EXPENSE SUMMARY Repairs & Maintenance $0 Landscaping $3,246 Insurance (G/L) $400 Insurance Building $7,059 Water / Sewer $87 Electricity $1,629 Management Fees $3,300 Accounting $2,203 Pest Control $1,138 Taxes and Business License $16,145 Trash Removal $4,420 Gross Expenses $39,629 Net Operating Income $158,221 SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 7

8 Rent Roll TENANT UNIT UNIT LEASE LEASE ANNUAL % OF PRICE NAME NUMBER SIZE (SF) START END RENT GLA PER SF/YR Subway A 1,974 11/1/ /31/2022 $48, $24.48 Grounded Running B 1,343 10/1/ /31/2018 $26, $19.73 The Corp Store C-D 2,890 2/7/2008 3/31/2019 $58, $20.28 Affordable Pet Day Clinic E 1,343 3/1/2008 5/30/2023 $32, $23.85 Amanda Wilson F 1,680 8/1/2017 8/31/2020 $32, $19.28 Totals/Averages 9,230 $197,851 $21.44 SHOPPES AT MIDTOWN, BEAUFORT, SC SVN GASC Page 8