- - In Cooperation with Guggenheim Commercial Real Estate Group - Ohio EXCLUSIVELY PRESENTED BY: 7001 ORCHARD LAKE ROAD SUITE 110 WEST BLOOMFIELD MI 48322
. Well Maintained Neighborhood Shopping Center that Consists of 23,249 Sq. Ft. and is Situated on 1.13 Acres. Stabilized Asset that is 100% Leased. Located on the NWC of Kent-Ravenna Road (S.R.59) and Sixth Avenue. Strong Tenant Mix that Includes Subway, UPS Store, Famous Hair, Check Into Cash and is Shadow Anchored by Acme Market. Close Proximity to Kent State University. Traffic Counts on East Main Street: 20,453 CPD DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 11,692 population 36,756 population 79,995 population 48,010 average hh income $ 61,623 average hh income $ 67,807 average hh income 25,315 median hh income 40,763 median hh income 48,406 median hh income $ $ $ $ Committed to Brokerage Excellence for over 25 Years 7001 ORCHARD LAKE ROAD SUITE 110 WEST BLOOMFIELD MI 48322
INTRODUCTION Acme Kent Plaza is a neighborhood Shopping Plaza consisting of 23,249 sq. ft. located at a premier intersection in the city of Kent, Portage County, Ohio. Portage County is the home of more than 152,000 people and encompasses a land area of approximately 500 square miles. The convenient access to greater Cleveland, Akron / Canton and Warren / Youngstown metropolitan areas makes Portage County a great place to live and an excellent business location. Acme Kent Plaza is located at the northwest corner of Kent Ravenna Road (S.R.59) and Sixth Avenue, which is in close proximity to Kent State University. This Plaza is shadow anchored by Acme Market. The Plaza was built in 1984 and is situated on a site of approximately 1.13 acres that is part of an established community consisting of several student apartment complexes,hotels, office and retail / restaurant businesses. This potential acquisition offers the opportunity to own a landmark property near Kent State University in an area with a large amount of student housing in a well established neighborhood. Acme Kent Plaza is currently 100% occupied.
EXECUTIVE SUMMARY Address: Location: Total Building Sizes: Site: 1675-1707 East Main Street Kent, Portage County, Ohio N.W. Corner of Kent-Ravenna Road (S.R.59) and Sixth Avenue 23,249 Sq. Ft. 1.13 Acres Built: 1984 Parking: 118 Zoning: C-1 Total Annual Real Estate Taxes 2016: $45,066.48 Annual Rental Income: $285,170.52 Purchase Price and Terms: $2,950,000 Million Cash (Mortgage must be assumed) Capitalization (Based on Pro Forma): 9.85%
INCOME AND EXPENSE SUMMARY (2017) GROSS INCOME Annual Rental Income $285,170.52 Reimbursements (Existing): - Common Area Expenses $ 35,244.00 - Property Taxes $ 45,066.48 - Insurance $ 8,448.00-15% of CAM $ 5,286.60 Total Income $379,215.60 OPERATING EXPENSES - Common Area Expenses $ 35,244.00 - Property Taxes $ 45,066.48 - Insurance $ 8,448.00 Total Operating Expenses $ 88,758.48 NET OPERATING INCOME $290,457.12
RENT ROLL (2017) UNIT TENANT S.F. S.F. MONTHLY MISC. TOTAL Admin Admin Original START POSS/ SECURITY OPTIONS RENEWAL # MIN. BASE MONTHLY TENANT CHARGES Chgs Chgs Lease LEASE O.F.B. DEPOSIT NOTICE RENT RENT C.A.M. TAXES INS. CHARGES PER MONTH C.A.M. INS. Term EXPIRATION DATE 1675 Media Dynamics, Inc. 1600 11.25 1,500.00 255.00 262.00 60.00 2,077.00 15% 15% 5 03/01/17-02/28/22 02/01/94 0.00 One (1) 5 year at $11.75 / SF 120 days notice 1677 Credit Corp of 2000 12.75 2,125.00 306.00 345.00 69.00 2,845.00 15% 0% 3 10/01/15-09/30/18 08/01/03 0.00 Two 3-yrs @ 120 days notice Ohio, LLC [1] $14.00/sf and $15.00/sf respectively 1679 Alex Barba 1600 11.00 1,466.67 255.00 262.00 60.00 2,043.67 15% 15% 4 03/01/17-02/28/18 03/01/17 2,000.00 None dba Blacksheet Tattoo Studios 13.00 1,733.33 03/01/18-02/28/19 14.00 1,866.67 03/01/19-02/29/20 15.00 2,000.00 03/01/20-02/28/21 1681 Laundrobar LLC 3600 11.00 3,300.00 512.00 593.00 136.00 4,541.00 15% 15% 5 10/01/13-09/30/18 11/01/98 0.00 Two 5-yrs @ 120 days notice 1683 $11.50/ sf and $12.00/sf, respectively 1687 Chen Xiang Huang, dba 1200 13.25 1,325.00 192.00 197.00 45.00 1,759.00 15% 15% 3 03/01/14-02/28/19 11/21/89 1,000.00 One (1) 5 year renewal Ming Cheng option upon 120 days notice @ current fair market value. Landlord responsible to repair/replace Tenant's HVAC Unit if it fails. 1691 Dr. Terry Then, D.D.S. 1200 14.50 1,450.00 192.00 197.00 45.00 1,884.00 15% 15% 5 02/01/15-01/31/20 01/15/85 1,100.00 1695/ United States of America 4200 14.86 5,201.00 5,201.00 15% 15% 5 10/1/2012-09/30/17 10/01/07 0.00 Lessee has right to After 1 year, Landlord 1689 terminate on 30 to reconcile days notice. "Renegotiable Costs" with Tenant. (See Para 6 of Lease for details.) 1699 Ming's Bubble Tea, LLC 1576 10.00 1,346.17 253.00 260.00 60.00 1,919.17 15% 15% 39 mths 02/01/17-01/31/18 11/16/15 2,758.00 Two 3 years each @ $11.65/sf 180 days notice 10.25 1,379.00 02/01/18-01/31/19 and $12.92/sf, respectively. 10.50 1701 J & K Subway, Inc. 1600 12.60 1,680.00 222.00 262.00 52.00 16.67 2,232.67 0% 0% 2 08/01/15-07/31/17 05/04/93 0.00 Nine terms Automatic renewals unless 13.09 1,745.00 08/01/17-07/31/19 Tenant gives 90 days prior 13.35 1,780.00 08/01/19-07/31/21 (Annual rates for option written notice of intent not 13.62 1,816.00 08/01/21-07/31/23 periods are set forth in to renew. 13.89 1,852.00 08/01/23-07/31/25 the adjacent columns.) 14.16 1,888.00 08/01/25-07/31/27 14.43 1,924.00 08/01/27-07/31/29 14.70 1,960.00 08/01/29-07/31/31 14.97 1,996.00 08/01/31-07/31/33 15.24 2,032.00 08/01/33-07/31/35 1703 Sierra Knight 2000 11.00 1,833.33 321.00 330.00 76.00 2,560.33 15% 15% 5 12/01/16-11/30/18 11/01/16 2,166.67 None N/A dba Silly Vapes 13.00 2,166.67 12/01/18-11/30/21 1705 Regis Corp. 1180 11.25 1,106.25 190.00 195.00 45.00 1,536.25 15% 15% 5 08/28/12-08/31/17 08/28/02 0.00 09/01/17-08/31/22 @ 04/30/17 dba Famous Hair [2] $12.00 / sf 1707 Bahama Tans, LLC 1493 11.50 1,430.79 239.00 246.00 56.00 1,971.79 15% 15% 5 12/01/15-11/30/16 12/01/15 1,430.79 None TOTALS 23,249 23,764.21 2,937.00 3,149.00 704.00 16.67 30,570.88 10,455.46 ANNUAL TOTALS 285,170.52 35,244.00 37,788.00 8,448.00 200.04 366,850.56 [1] Tenant has the right to terminate upon 60 days prior written notice in the event that a change in laws or regulations restricts the economic viability of Tenant's business. Tenant has been granted the exclusive right to provide "payday advance services", etc. in the Shopping Center. [2] Tenant has been granted the exclusive right to operate a hair salon or barber shop in the Shopping Center. Occupancy: Totals: Other: Total # of Suites 12 Total Actual Rent $23,764.21 / month $285,170.52 / year Average Rent / SF $12.27 Total # of Occupied Suites 12 Total Potential Rent $23,764.21 / month $285,170.52 / year Month-to-Month Leases SF 0 Total # of Vacant Suites 0 Variance $0.00 / month $0.00 / year SF Expiring in 2017 6,980 Total Square Feet 23,249 SF Expiring in 2018 5,600 Total SF Occupied 23,249 100.00% SF Expiring in 2019 2,776 Total SF Vacant 0 0.00% SF Expiring in 2020+ 7,893 Updated 2/16/2017 2017 Rent Rolls\Akron\Acme Kent Plaza
NOT INCLUDED IN SALE
EAST MAIN STREET
In Cooperation with Guggenheim Commercial Real Estate Group - Ohio 7001 ORCHARD LAKE ROAD SUITE 110 WEST BLOOMFIELD MI 48322