tel +1 717 761 5070 x140 cell +1 717 805 3416 fax +1 717 975 9835 Retail Center Sale 6040 Carlisle Pike Mechanicsburg, PA Offering Memorandum presented by: Brad Swidler NAI CIR tel +1 717 761 5070 x140 cell +1 717 805 3416 fax +1 717 975 9835 bswidler@naicir.com
Ollies Bargain Outlet / Just Cabinets PROPERTY INFORMATION Executive Summary Property Description Property Details Complete Highlights Additional Photos
For Sale Retail Property Summary Sale Price: $8,000,000 Cap Rate: 5.6% NOI: $448,000 Lot Size: Building Size: +/- 5 Acres 43,314 SF Zoning: Commercial General - Hampden Township Market: Cross Streets: Harrisburg - West Shore Carlisle Pike & Brondle Property Overview Rare retail investment property for sale on the Carlisle Pike in Mechanicsburg, PA. Possible partial redevelopment opportunity. Existing two retail tenant building (Ollies Bargain Outlet & Just Cabinets Furniture & More) plus a sliver of the property is under a long term ground lease (Sheetz). This is the very first Ollies Bargain Outlet store to ever open. Ollie's has been a staple in the Central Pennsylvania landscape since the late 1970's. This corner property has excellent accessibility to the Carlisle Pike. Site Overview 5 Acres of Prime Commercial Land in the heart of the retail corridor. Neighbors include Home Depot, Sheetz, Lowes, Staples, Steinmart, Marshalls, HomeGoods, Wegmans, Target, Best Buy, Car dealers, Casual restaurants, banks, fast food and many, many more national and local business. Traffic Count: 17,446 NAI CIR 1015 Mumma Road, Lemoyne, PA 17043 +1 717 761 5070 x140 naicir.com
1 TENANT INFORMATION Tenant Description Tenant Overview- Ollies Bargain Outlet Ollie's Bargain Outlet Holdings, Inc (OLLI). operates as a retailer of brand name merchandise. The company offers food products, housewares, books and stationery products, bed and bath products, floor coverings, electronics, and toys; and other products, including hardware, personal health care, candy, clothing, sporting goods, pet products, luggage, automotive, seasonal, furniture, summer furniture, and lawn and garden. As of January 28, 2017, it operated 234 Ollie's Bargain Outlet locations across 19 states in the United States. The company was formerly known as Bargain Holdings, Inc. and changed its name to Ollie's Bargain Outlet Holdings, Inc. in March 2015. Ollie's Bargain Outlet Holdings, Inc. was founded in 1982 and is headquartered in Harrisburg, Pennsylvania. Tenant Overview (Sheetz) Private Sheetz is a private family-owned Mid-Atlantic convenience store chain with more than 500 stores in six states and 17,500 employees. Tenant Overview - Just Cabinets Furniture Just Cabinets was the 1979 vision of Founder, Mort Bernstein. Today, Just Cabinets Furniture & More serves communities throughout the Mid-Atlantic with 15 stores and an unparalleled selection of furniture and cabinetry. They are recognized as the value leader featuring the nation's best kitchen cabinet manufacturers and quality home furnishings. At Just Cabinets Furniture & More, the on hand inventory, low price guarantee, extra-ordinary selection for every room in your home cannot be rivaled. For over 35 years, they remain dedicated to their mission of providing exceptional service, value & selection. 4
1PROPERTY INFORMATION Property Details Site Information PROPERTY ADDRESS: 6040 Carlisle Pike, Mechanicsburg, PA 17050 APN: 10-20-1840-017 TOWNSHIP: ZONING DESCRIPTION: EXTERIOR DESCRIPTION: SITE DESCRIPTION: Hampden Township Commercial General - Hampden Township Block and Steel exterior Level lot. Corner parcel. Traffic controlled intersection. 2 full points of ingress and egress from/to the Carlisle Pike. Cross access with Sheetz. Adjacent to Hampden Commons Power Center (Home Depot, PetsMart, Staples) Building Information WALLS: HANDICAP ACCESS: Concrete block and steel panels Yes OCCUPANCY %: 100.0% NUMBER OF UNITS: INTERIOR DESCRIPTION: 3 (Ollies, Just Cabinets, Sheetz) Concrete floor & exposed ceiling Sale Information: SPACE SIZE: 43,313 SF SALE PRICE: $8,000,000 SALE TERMS: Cash TAXES/SF: $1.21 5
1PROPERTY INFORMATION Complete Highlights Property Highlights Carlisle Pike Land For Sale +/- 5 Acres Zoning CG Partial Redevelopment Long Term Land Lease is an Option BTS - Opportunity Major Retail Trade Area Strong Demographics & Traffic Counts 6
1PROPERTY INFORMATION Additional Photos 7
Ollies Bargain Outlet / Just Cabinets LOCATION INFORMATION Regional Map Location Maps Aerial Map Site Plan
2LOCATION INFORMATION Regional Map 6040 Carlisle Pike 9
2LOCATION INFORMATION Location Maps 10
2 LOCATION INFORMATION Aerial Map 11
2LOCATION INFORMATION Concept Plan 12
Ollies Bargain Outlet / Just Cabinets FINANCIAL ANALYSIS Financial Summary Income & Expenses Rent Roll
3 FINANCIAL ANALYSIS Financial Summary Investment Overview Price $8,000,000 Price per SF $184.70 CAP Rate 5.6% Cash-on-Cash Return (yr 1) - % Total Return (yr 1) - Debt Coverage Ratio - Operating Data Gross Scheduled Income - Other Income - Total Scheduled Income - Vacancy Cost - Gross Income - Operating Expenses - Net Operating Income $448,000 Pre-Tax Cash Flow - Financing Data Down Payment - Loan Amount - Debt Service - Debt Service Monthly - Principal Reduction (yr 1) - 14
3 FINANCIAL ANALYSIS Income & Expenses Income Summary Per SF GROSS INCOME - - Expense Summary Per SF GROSS EXPENSES - - NET OPERATING INCOME $448,000 $10.34 15
3 FINANCIAL ANALYSIS Rent Roll Tenant Name Unit Size (SF) Lease Start Lease End Ollies Bargain Outlet 30,313 8/18 69.98 Just Cabinets Furniture & More 13,000 6/21 30.01 Sheetz (Ground Lease) 1 5/12 5/27 0.0 % Of GLA Totals/Averages 43,314 16
Ollies Bargain Outlet / Just Cabinets DEMOGRAPHICS Demographics Map
4 DEMOGRAPHICS Demographics Map Population 1 Mile 3 Miles 5 Miles TOTAL POPULATION 4,367 47,299 103,057 MEDIAN AGE 40.5 41.9 42.5 MEDIAN AGE (MALE) 39.7 39.8 40.4 MEDIAN AGE (FEMALE) 40.8 44.2 44.2 Households & Income 1 Mile 3 Miles 5 Miles TOTAL HOUSEHOLDS 1,822 20,828 44,316 # OF PERSONS PER HH 2.4 2.3 2.3 AVERAGE HH INCOME $96,095 $83,618 $83,744 AVERAGE HOUSE VALUE $175,525 $210,826 Race 1 Mile 3 Miles 5 Miles % WHITE 89.8% 91.6% 91.2% % BLACK 1.1% 1.7% 2.5% % ASIAN 7.0% 4.6% 4.3% % HAWAIIAN 0.0% 0.2% 0.1% % INDIAN 0.2% 0.1% 0.1% % OTHER 0.4% 0.3% 0.4% Ethnicity 1 Mile 3 Miles 5 Miles % HISPANIC 0.6% 1.5% 2.0% * Demographic data derived from 2010 US Census 18