value added multi-tenant retail center for sale (SEC Gilbert Rd & Southern Ave) PRICE: $4,995,000 ($126 PSF) E Baseline Rd
center features The center is constructed of block with a decorative brick facade. The walkway is covered by an attractive copper colored metal roof and features a decorative bronze fascia on the underside. The property has relatively good visibility from Gilbert Rd. and features a multi-tenant monument sign on Gilbert Rd. There are 23 suites although some tenants occupy more than one suite. HIghlights 60.7% Leased $126 PSF 43,111 VPD on Gilbert Rd Great Value Added Potential with Current 39% Vacancy Current Capitalization Rate of 6.4% at 61% Occupancy; Potential Capitalization Rate of 10.4% at 93% Occupancy property details Attractive 39,618 SF Multi-Tenant Retail Building 3.33 Acre Parcel Constructed in 1986 Zoning: LC, City of Mesa (Formerly called C-2) Suites can be used for Retail, Office, or Medical
Southern Ave University Dr Rural Rd zona Ave Country Club 7th S McDowell Rd Mesa Dr Gilbert Rd Elliot Rd Warner Rd Ray Rd U
DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Population 20,622 160,074 401,372 Households 6,808 55,628 146,623 Average Age 33.0 35.2 36.5 Median HHI $51,767 $51,328 $53,841 Daytime Employees 5,799 54,788 141,056
value added multi-tenant retail center for sale PROFORMA INCOME & EXPENSE Item Annualized Amount Comments Projected 2017 Rent at Existing 61% Occupancy $445,416 Based on Lease Summary Attached on an Annualized Basis Including CAM Payments ($37,118/mo x 12) CAM Reimburesment from Two Pad Buildings Under Different Ownership Projected 2017 Total Income at Existing Occupancy $10,269 Based on Actual NNN Reimbursement 1/2017-5/2017 Annualized $455,685 Projected 2017 Expenses at Existing Occupancy Excluding Real Estate Taxes $90,916 Based on 1/2017-5/2017 (Actual) Expenses Annualized Minus Interest Expense and Owner s Internal Overhead Allocations 2016 Real Estate Taxes $44,285 Based on Maricopa County Assessor s Web Site Projected 2017 Total Expenses at Existing Occupancy Projected 2017 Net Operating Income at 61% Occupancy $135,201 $3.41 PSF $320,484 6.4% Capitalization Rate at 61% Occupancy Potential Additional Income from Lease up to 93% Occupancy $199,097 93% x 39,618 SF = 36,845 SF Occupied at 93% Occupancy 36,845 SF - 23,925 SF Currently Leased = 12,920 Additional SF to Lease for 93% Occupancy Additional 12,920 SF x ($12 NNN + $3.41 CAM) = $199,097 Additional Income at 93% Leased Potential Net Operating Income at 93% Leased $519,581 10.4% Indicated Capitalization Rate at 93% Occupancy
value added multi-tenant retail center for sale Suite breakdown, rates, & comments Lease Lease Lease Monthly $ Total Suite Tenant Start End Sq. Ft. Rent PSF Payment (w/nnn) Notes 101-103 Blood Systems, Inc. 8/1/2013 7/31/2018 5,689 $8,305.94 17.52 $10,668.70 104 Blood Systems, Inc. 8/1/2013 7/31/2018 see above Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 10% Admin Fee(cam,taxes,Insurance); 2 (3 yrs) Option. Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 10% Admin Fee(cam,taxes,Insurance); 2 (3 yrs) Option. 105A Barbara De Carmine (Bridal Supply) 5/1/2015 4/30/2018 1,623 $1,278.89 9.46 $1,722.54 105 Sienna Physical Medicine, LLC 9/1/2015 8/31/2018 2,317 $2,386.51 12.36 $2,987.24 Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 4% of Gross Income. 15% Admin Fee. 2 options to renew, 1 yr each 106-110 DSI Renal, Inc. 11/20/1993 6/30/2020 11,904 $13,888.00 14.00 $18,520.47 Reimburses Pro-Rata Share of CAM,Taxes,Insurance; 4% Mgmt Fee. 10% Admin Fee(CAM) 111 Vacant 2,022 112 Vacant 1,310 113 Vacant 1,310 114-115 Vacant 3,541 116 Vacant 1,617 117 Vacant 1,632 118-119 Vacant 1,611 120 Vacant 811 121-122 Vacant 1,622 124 Active Bodies 10/9/2008 10/31/2018 2,392 $2,238.91 11.23 $3,218.66 Reimburses Pro-Rata Share of CAM,Taxes,Insurance & Management 5% of Gross Income. No Admin Fee. Rent Assistance 4/1-12/31/09; 2nd rent asst from 1/10-8/10; 3rd Rent Asst 9/1/10-1/31/11; 4th RentAsst 2/1/11-9/30/11. 5th RentAsst from 10/1/2011-01/31/20 Totals: 28,098.25 14.09 $37,118.00 TOTAL LEASED 60.70% 23,925.00 TOTAL VACANT 39.30% 15,476.00 BLDG TOTAL: 100.00% 39,401.00