FOR SALE RETAIL SPRINGBORO PIKE SHOPPING CENTER 452 Springboro Pike Dayton, OH 45449 PROPERTY HIGHLIGHTS 35,000 SF Shopping Center $2,950,000 8.6% Cap Rate Strong Demographics National Retailers Less than a mile from Dayton Mall & Interstate 75 PRESENTED BY: Chuck Ciolino, CCIM Managing Director 513.561.4080 chuck.ciolino@svn.com OH #700347164 Michael Costantini Senior Advisor 513.383.8413 michael.costantini@svn.com Tryfon Christoforou Senior Advisor 513.490.6881 tryf.christoforou@svn.com All SVN Offices Independently Owned & Operated.
INVESTMENT HIGHLIGHTS Investment Highlights INVESTMENT SUMMARY SVN 3CRE Commercial Realty Advisors are pleased to offer for sale to qualified investors a 35,000 SF shopping center in Dayton, Ohio. The Property was redeveloped in 2008 and is situated on 4.74 acres. The leases are net and designed to limit landlord responsibilities to roof and structure. The Property has a base rental rate of $7.72 SF which is below the market base rent rate of $11 to $14 SF. With strong demographics and located within the Dayton Mall and national retail cluster, this Property offers investors an opportunity for stability and growth in income and return on investment. INVESTMENT HIGHLIGHTS 35,000 SF Shopping Center PROPERTY SUMMARY SALE PRICE: $2,950,000 CAP RATE: 8.6% NOI: $252,704 LOT SIZE: BUILDING SIZE: 4.74 Acres 35,000 SF 2008 Redeveloped new construction 25 foot pylon sign Net leases with escalations Ingress/Egress (curb cut) at traffic light Located near the epicenter of The Dayton Mall Average HH Income: $67,000 (1, 3, & 5 mile radius) Strong Demographics and Retail Cluster Area 30,000 daily traffic count CEILING HEIGHT: 16 FT 300 ft frontage on Springboro Pike RENOVATED: 2008 MARKET: SUB MARKET: Dayton Miamsburg TRAFFIC COUNT: 30,000 2
PROPERTY OVERVIEW Property Overview Physical Description Property Name: 452 Springboro Pike Shopping Center Type of Ownership: Fee Simple Property Type: Retail APN: K46 01516 0001 Gross Leasable Area: 35,000 SF Construction Year Renovated: 2008 Number of Stories: 1 Foundation: Concrete Parking Surface: Blaoktop 86 spaces Roof: Rubber Membrane Building Class: Zoning: Walls: Ceilings: Floor Coverings: Restrooms: B Retail Interior Finish Metal Drywall 16 FT Concrete, Tile, Carpet Each Tenants space has a bathroom Water: Electrical: Gas: Utilities One House Meter Each tenant has a meter Each tenant has a meter 3
LOCATION OVERVIEW LOCATION OVERVIEW Dayton MSA has a combined population of over 841,000 (2010 Census) and is the 61 rd largest city in the United States. Dayton is situated within the Miami Valley region of Ohio just north of Cincinnati- Northern Kentucky MSA. Miamisburg is a city in Montgomery County in the state of Ohio. A part of the Dayton, MSA its population is over 21,000 per the 2010 Census. Miamisburg is known for its large industry and retail commercial developments, including the Dayton Mall. Ohio borders are with 500 miles of 60 percent of all the country s population and manufacturing infrastructure, making the Dayton area a logistical center for manufacturers, suppliers, and commercial real estate development. As the chart above indicates, Dayton s economy is fueled by companies from various business sectors. Dayton has been rated the #3 city in the country for health care excellence. Recently, Dayton was ranked the No. 1 MSA area in the nation for economic development. Also, Site Selection magazine ranked Dayton as one of the best place in the United States for college graduates to find a job. Employer # of Employees 1 Wright Patterson Air Force Base 27,400 2 Premier Health Partners 14,135 3 Kettering Health Network 5,029 4 Montgomery County 4,559 5 The Kroger Company 4,100 Per the census, there are 7,950 households and 5,565 families residing in the city. The racial makeup of the city was 93% White, 3% African American, 1% Asian, and 3% for other races. 4
FINANCIAL SUMMARY Financial Summary INVESTMENT OVERVIEWVIEW Price $2,950,000 Price per SF $84.29 CAP Rate 8.6% Cash-on-Cash Return (yr 1) 12.46 % Total Return (yr 1) $148,027 Debt Coverage Ratio 1.41 OPERATING DATA Gross Income $343,915 Operating Expenses $91,211 Net Operating Income $252,704 Pre-Tax Cash Flow $73,538 FINANCING DATA Down Payment $590,000 Loan Amount $2,360,000 Debt Service $179,166 Debt Service Monthly $14,930 Principal Reduction (yr 1) $74,489 5
INCOME & EXPENSES Income & Expenses (Actual 2015 P&L) INCOME SUMMARY Base Rent (with a 9.78% vacancy) $264,574 Recapture $79,341 GROSS INCOME $343,915 EXPENSE SUMMARY CAM $27,676 Real Estate Taxes $57,403 Insurance $6,132 GROSS EXPENSES $91,211 NET OPERATING INCOME $252,704 6
RENT ROLL Rent Roll TENANT NAME UNIT NUMBER UNIT SIZE (SF) LEASE START LEASE END ANNUALAL BASE RENT % OF GLA PRICE PER SF/YR Dayton Fire Systems 1 5,000 7/1/2009 12/31/2016 $57,750 14.29 $11.55 State Farm 2 2,040 1/1/2016 12/31/2020 $12,689 5.83 $6.22 Lumber Liquidators 3 8,000 2/1/2008 1/31/2018 $73,440 22.86 $9.18 Pure Couture Taylor Monroe 4 7,712 1/1/2012 12/31/2017 $55,912 22.03 $7.25 Vacant 5 3,423 9.78 United Developers Group 6 5,560 11/1/2015 10/31/2018 $44,480 15.89 $8.00 Its All Hair Salon 7 2,519 2/1/2016 1/31/2021 $20,303 7.2 $8.06 Totals/Averages 34,254 $264,574 $7.7272 7
RENT COMPS SUMMARY Rent Comps Summary SUBJECT PROPERTY PRICE/SF/YEAR/YEAR AVAILABLE AILABLE SF BLDG SF 452 Springboro o Pike Shopping Centerer 452 Springboro Pike $7.72/SF/YR 3423 SF 35,000 SF Dayton, OH 45449 RENT COMPS PRICE/SF/YEAR/YEAR AVAILABLE AILABLE SF BLDG SF 1 2 3 Alex Elm Plaza 1901-1917 S. Alex Road West Carrollton, OH 45449 Corner's at t the Mall 243 Springboro Pike West Carrollton, OH 45449 Clock Tower Plaza 202 Springboro Pike West Carrollton, OH 45449 $12.00 2,250 SF 14,500 SF $11.50 5,000 SF 151,779 SF $12.00 2,880 SF 13,104 SF PRICE/SF/YEAR/YEAR AVAILABLE AILABLE SF BLDG SF TOTALS/AVERAGES $11.83 3,377 SF 59,794 SF 8
RENT COMPS MAP Rent Comps Map SUBJECT PROPERTY 452 Springboro Pike Dayton, OH 45449 1 ALEX ELM PLAZA 2 1901-1917 S. Alex Road West Carrollton, OH 45449 CORNER'S AT THE MALL 3 243 Springboro Pike West Carrollton, OH 45449 CLOCK TOWER PLAZA 202 Springboro Pike West Carrollton, OH 45449 9
TENANT PROFILES Tenant Profiles Dayton Fire Systems Largest supplier of indoor and outdoor fireplaces in the Central and Southwest Ohio marketplace. GLA: 5000 SF Lease Commence: 7/1/09 Lease Expiration: 12/31/16 Base Rent: $57,750 SF (Annual); $4,812.50 (Monthly); Recapture: Prorated share of CAM, Insurance, and Property Taxes State Farm Insurance Headquarter in Illinois, State Farm is an American group of insurance and financial services company. The group's main business is State Farm Mutual Automobile Insurance Company, a mutual insurance firm that specializes in selling Auto, Life, and Fire insurance. GLA: 2040 SF Lease Commence: 1/1/16 Lease Expiration: 12/31/2020 Base Rent: $12,675.60 (Annual); $1,056.30 (Monthly) Recapture: Prorated share of CAM; Insurance; and Property Tax Pure Couture Prom & Pageant Pure Couture Prom & Pageant was founded 2009. They are Dayton's largest dress shop with over 6,000 dresses in stock. They carry the latest styles from top designers like Sherri Hill, Rachel Allen, Blush, Mac Duggal, Tiffany Princess and more. GLA: 7712 SF Lease Commence: 1/1/12 Lease Expiration: 12/31/2017 Base Rent: $55,912 (Annual) $4,659.33 (Monthly) Recapture: Prorated share of CAM, Insurance, and Property Tax 10
TENANT PROFILES Tenant Profiles Unified Developers Group Unified Developers Group has combined real estate experience of over 100 years within six different markets, including Atlanta, Chicago, Milwaukee, Cincinnati and Dayton. Within Ohio alone, UDG has developed, constructed, and added value to 10 different commercial retail properties totaling 400,000 square feet, in addition to the development of 2,500 residential units across 26 subdivisions. GLA: 5560 SF Lease Commencement: July 1, 2009 Lease Expiration: 10/31/18 Base Rent: $44,480 (Annual) $3,706.67 (Monthly) Recapture:: Prorated share of CAM, Insurance, Property Taxes It's All About Hair Trendy Salon in Dayton dedicated to serving a diverse clientele. They nurture every length, texture, color and style. Locally owned and operated business. GLA: 2519 SF Lease Commencement: 2/1/16 Lease Expiration: 1/31/2021 Base Rent: $20,300.37 (Annual) $1,691.69 (Monthly) Recapture: Prorated share of CAM, Insurance, and Property Tax Lumber Liquidators Headquartered in Virginia, Lumber Liquidators was started in 1993. The company has grown to be one of the largest retailers of hardwood flooring in the United States. It expanded to more than 220 Lumber Liquidators stores with over 1,000 employees in 45 states and Canada. Area served: United States and Canada Products : Hardwood flooring NYSE: LL $15.13 GLA: 8000 SF Base Rent: $73,440 (Annual) $6,120 (Monthly) Recapture: Prorated share of CAM, Insurance, and Property Tax 11
RETAILER MAP Retailer Map 12
RETAILER MAP Retailer Map 13
LOCATION MAPS Location Maps 14
LOCATION MAPS 15
DEMOGRAPHICS MAP Demographics Map 1 Mile 3 Miles 5 Miles Total Population 8,010 60,574 137,556 Population Density 2,550 2,142 1,751 Median Age 41.7 39.4 40.4 Median Age (Male) 41.0 38.7 39.5 Median Age (Female) 42.2 39.9 41.3 Total Households 3,845 26,681 59,147 # of Persons Per HH 2.1 2.3 2.3 Average HH Income $61,076 $66,959 $71,773 Average House Value $139,976 $174,263 $192,682 * Demographic data derived from 2010 US Census 16
DEMOGRAPHICS REPORT Demographics Report 1 MILE 3 MILES 5 MILES Total households 3,845 26,681 59,147 Total persons per hh 2.1 2.3 2.3 Average hh income $61,076 $66,959 $71,773 Average house value $139,976 $174,263 $192,682 1 MILE 3 MILES 5 MILES Total population 8,010 60,574 137,556 Median age 41.7 39.4 40.4 Median age (male) 41.0 38.7 39.5 Median age (female) 42.2 39.9 41.3 1 MILE 3 MILES 5 MILES Total population - White / % White 6,773 / 84.6% 52,412 / 86.5% 120,772 / 87.8% Total population - Black / % Black 687 / 8.6% 4,171 / 6.9% 8,102 / 5.9% Total population - Asian / % Asian 228 / 2.8% 2,023 / 3.3% 4,462 / 3.2% Total population - Hawaiian / % Hawaiian 0 / 0.0% 0 / 0.0% 0 / 0.0% Total population - Indian / % Indian 0 / 0.0% 12 / 0.0% 51 / 0.0% Total population - Other / % Other 260 / 3.2% 917 / 1.5% 1,744 / 1.3% 1 MILE 3 MILES 5 MILES Total population - Hispanic 251 / 3.1% 1,458 / 2.4% 2,543 / 1.8% * Demographic data derived from 2010 US Census 17
ADDITIONAL PHOTOS Additional Photos 18
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ADVISOR BIO Advisor Bio & Contact 1 Michael Costantini Senior Advisor SVN Commercial Realty Advisors, Inc. As a Seller the objective is to sell your property at its highest price in the shortest amount of time. As a buyer, you want to find a deal to meet your goals and have an upside..either way we have the deal-making ability and instincts to deliver the goods. Michael Costantini is an experienced commercial broker specializing in retail real estate and is a partner in SVN 3CRE. With over 15 years experience and a track record of producing optimal results, Michael has the knowledge, expertise and negotiating skills to get the results his clients desire. Memberships & Affiliations His industry affiliations include the International Council of Shopping Centers (ICSC); the National Association of Realtors (NAR); the Ohio Association of Realtors (OAR); and the Cincinnati and Dayton Board of Realtors. Phone: 513.383.8413 Fax: 513.561.8812 Cell: 513.383.8413 Email: michael.costantini@svn.com Address: 7800 Laurel Avenue, Suite 150 Cincinnati, OH 45243 The SVN 3CRE team of Michael Costantini, Tryfon Christoforou and Chuck Ciolino bring clients a tailored knowledgeable approach to forming and successfully executing their commercial real estate investment strategy. The SVN 3CRE team has completed over a billion dollars of real estate transactions and their list of retail clients include Scene 75 Entertainment, Walgreens, CVS, Dollar General, Kmart, Men's Warehouse, and National Amusements to name a few. SVN 3CRE has extensive expertise in disposition and acquisition of retail assets ranging from 10,000 to 400,000 square feet. SVN 3CRE has extensive experience in local and regional Midwest markets and operates under the banner of SVN. Because SVN s national and global reach includes primary, secondary, and tertiary markets, SVN 3CRE has an advantage in locating investment options on behalf of its clients as well as being able to list their properties on a national basis to the entire 100,000-strong brokerage and investment community via real-time syndication to major listing websites, social media platforms, and email campaigns. Michael holds a bachelor s degree and a master s degree in business administration from Xavier University. 22
ADVISOR BIO Advisor Bio & Contact 2 Tryfon Christoforou Senior Advisor SVN Commercial Realty Advisors, Inc. Tryfon Christoforou is an experienced commercial broker specializing in multifamily real estate and is a partner in of 3CRE Commercial Realty Advisors. He brings broad experience in commercial real estate to his work in addition to multifamily properties, his background includes mortgages, investment, and ownership of investment property. By leveraging his diverse work experience in real estate to bring every client the best return possible, Tryfon has established himself as a top performer. Memberships & Affiliations Phone: 513.490.6881 Fax: 513.561.8812 Cell: 513.490.6881 Email: tryf.christoforou@svn.com Address: 7800 Laurel Avenue, Suite 150 Cincinnati, OH 45243 Tryfon has built a reputation as a service-oriented broker who is committed to personally guiding his clients through every phase of the real estate transaction process from start to finish. He has built long-term relationships with clients based on collaboration, hard work, an ethical approach, and dedication to a step-by-step method to working with every investor to maximize results. The SVN 3CRE team of Michael Costantini, Tryfon Christoforou and Chuck Ciolino bring clients a tailored knowledgeable approach to forming and successfully executing their commercial real estate investment strategy. The SVN 3CRE team has completed over a billion dollars of real estate transactions and include: Glenbury 660 units (Fairfield, OH); Polos on Park 440 units (Tallahassee, FL); Arbors of Watermark 420 units (Columbus, OH); Forest Ridge 335 units (Cincinnati,OH) 3CRE have extensive experience in local and regional Midwest markets and assets and operates under the banner of SVN. Because SVN s national and global reach includes primary, secondary, and tertiary markets, 3CRE has an advantage in locating investment options on behalf of its clients as well as being able to list their properties on a national basis. Tryfon holds a BSBA, Marketing from University of Cincinnati, Ohio. His affiliations include the National Apartment Association, NAR, OAR, and the Cincinnati and Dayton Board of Realtors. He was born in Melbourne, Australia and is of Greek heritage. He is a passionate world traveler and calls Cincinnati his home. 23
DISCLAIMER The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the Sperry Van Ness Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the Sperry Van Ness Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the Sperry Van Ness Advisor. Neither the Sperry Van Ness Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the Sperry Van Ness Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the Sperry Van Ness Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the Sperry Van Ness Advisor from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.