10691 Carter Road Traverse City, MI 49684
E X C L U S I V E
O F F I C E
O F F E R I N G
W ESTPORT C ENTRE 10691 Carter Road Traverse City, MI 49684
OFFERING SUMMARY INVESTMENT HIGHLIGHTS
100 Percent Occupied Multi-Tenant Professional Office Centre
All Tenants on Modified NNN Leases with Limited Landlord Exposure or Operating Expense
2.45 Acre Parcel with Scenic Views of Traverse City Bay Built in 2004 and Recently Renovated with Above Ground Capital Improvements
Ample Surface Parking with Easy Access
A Must See Property with Beautiful Interior and Exceptional Placement
Strong Occupancy of Credit Tenants Including Chevron
Offices Nationwide
Price Down Payment Loan Amount Loan Type Interest Rate/Amortization Loan Amount Loan Type Interest Rate Rentable SF Price Per Rentable SF Year Built Parcel Size
$4,800,000 (30%) $1,440,000 $3,570,000 Other 5.500%/20 Years $3,360,000 Other
Listed by:
0.000% 25,446 $188.63 2004 2.45 Acres
Cap Rate - Current
10.03%
Net Cash Flow After Debt Service - Current
12.78%
Total Return - Current
19.37%
Two Towne Square, Suite 450 Southfield, MI 48076 • Tel: (248) 415 -2600 Fax: (248) 352-3813
JOHN J GODWIN, CCIM Vice President Investments Senior Director National Office and Industrial Properties Group Tel: (248) 415-2618 Fax: (248) 281-0462 License: MI 6502112435, MI 6502339209 [email protected] www.marcusmillichap.com/JohnJGodwin
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Detroit, Inc. © 2012 Marcus & Millichap (Activity ID: T0290172 Property ID: 1758674)
1 0 6 9 1 C AR TE R R O AD • T R AV E RS E C I T Y, M I 4 9 6 8 4 OPERATING DATA
INVESTMENT OVERVIEW Marcus & Millichap is pleased to present the Westport Professional Building, a multi-tenant office property located in Traverse City, Michigan. The property consists of 25,446 square feet, was built in 2004 and sits on approximately 2.45 acres of land. Current occupancy is 100 percent with tenant leases through at least 2015. Chevron, the largest occupant, has a lease through September 2020. All current tenants are on modified NNN leases with limited landlord exposure or operating expense. Westport sits at the corner of Carter Road and South West Bay Shore Drive which allows scenic views of Traverse City Bay.
Income Base Rent Occupied Space Gross Potential Rent Expense Reimbursements Other Income Gross Potential Income Effective Gross Income Total Expenses Net Operating Income Reserves Net Cash Flow Before Debt Service Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service Principal Reduction Total Return
EXPENSES Real Estate Taxes Insurance Utilities Repairs & Maintenance Contract Services Management Fee Total Expenses Expenses per SF
MAJOR TENANTS Current $479,920 $479,920 $115,666 $3,704 $599,290 $599,290 $118,003 $481,287 $2,545 $478,742 $294,690 1.63 12.78% / $184,052 $94,871 19.37% / $278,923
$52,000 5,000 12,100 24,603 14,300 10,000 $118,003 $4.64
Legacy Financial Bruce Swogger Chemical Bank Chevron
Two Towne Square Suite 450 Southfield, MI 48076 Tel: (248) 415-2600 Fax: (248) 352-3813 www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Detroit, Inc. © 2012 Marcus & Millichap (Activity ID: T0290172 Property ID: 1758674)
O F F I C E
O F F E R I N G
W ESTPORT C ENTRE 10691 Carter Road Traverse City, MI 49684
OFFERING SUMMARY INVESTMENT HIGHLIGHTS
100 Percent Occupied Multi-Tenant Professional Office Centre
All Tenants on Modified NNN Leases with Limited Landlord Exposure or Operating Expense
2.45 Acre Parcel with Scenic Views of Traverse City Bay Built in 2004 and Recently Renovated with Above Ground Capital Improvements
Ample Surface Parking with Easy Access
A Must See Property with Beautiful Interior and Exceptional Placement
Strong Occupancy of Credit Tenants Including Chevron
Offices Nationwide
Price Down Payment Loan Amount Loan Type Interest Rate/Amortization Loan Amount Loan Type Interest Rate Rentable SF Price Per Rentable SF Year Built Parcel Size
$4,800,000 (30%) $1,440,000 $3,570,000 Other 5.500%/20 Years $3,360,000 Other
Listed by:
0.000% 25,446 $188.63 2004 2.45 Acres
Cap Rate - Current
10.03%
Net Cash Flow After Debt Service - Current
12.78%
Total Return - Current
19.37%
Two Towne Square, Suite 450 Southfield, MI 48076 • Tel: (248) 415 -2600 Fax: (248) 352-3813
JOHN J GODWIN, CCIM Vice President Investments Senior Director National Office and Industrial Properties Group Tel: (248) 415-2618 Fax: (248) 281-0462 License: MI 6502112435, MI 6502339209 [email protected] www.marcusmillichap.com/JohnJGodwin
www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Detroit, Inc. © 2012 Marcus & Millichap (Activity ID: T0290172 Property ID: 1758674)
1 0 6 9 1 C AR TE R R O AD • T R AV E RS E C I T Y, M I 4 9 6 8 4 OPERATING DATA
INVESTMENT OVERVIEW Marcus & Millichap is pleased to present the Westport Professional Building, a multi-tenant office property located in Traverse City, Michigan. The property consists of 25,446 square feet, was built in 2004 and sits on approximately 2.45 acres of land. Current occupancy is 100 percent with tenant leases through at least 2015. Chevron, the largest occupant, has a lease through September 2020. All current tenants are on modified NNN leases with limited landlord exposure or operating expense. Westport sits at the corner of Carter Road and South West Bay Shore Drive which allows scenic views of Traverse City Bay.
Income Base Rent Occupied Space Gross Potential Rent Expense Reimbursements Other Income Gross Potential Income Effective Gross Income Total Expenses Net Operating Income Reserves Net Cash Flow Before Debt Service Debt Service Debt Coverage Ratio Net Cash Flow After Debt Service Principal Reduction Total Return
EXPENSES Real Estate Taxes Insurance Utilities Repairs & Maintenance Contract Services Management Fee Total Expenses Expenses per SF
MAJOR TENANTS Current $479,920 $479,920 $115,666 $3,704 $599,290 $599,290 $118,003 $481,287 $2,545 $478,742 $294,690 1.63 12.78% / $184,052 $94,871 19.37% / $278,923
$52,000 5,000 12,100 24,603 14,300 10,000 $118,003 $4.64
Legacy Financial Bruce Swogger Chemical Bank Chevron
Two Towne Square Suite 450 Southfield, MI 48076 Tel: (248) 415-2600 Fax: (248) 352-3813 www.marcusmillichap.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Detroit, Inc. © 2012 Marcus & Millichap (Activity ID: T0290172 Property ID: 1758674)
