Package - Family Dollar - ver1 .xlsx
Offering Memorandum
Colorado Springs, CO - Family Dollar and Goodwill
List Price: $893,000 David Ma Modern Real Estate
(303) 513-1374 [email protected]
Property Summary
Just listed is this 100 percent occupied retail investment property located in Colorado Springs, Colorado. The subject property sits on a 19,000-square foot lot on the southwest corner of West Kiowa Street and North Spruce Street. The property offers great visibility from Interstate -25, Colorado's busiest highway. There are two stand alone buildings that equal up to 10,930-square feet. This investment property is currently occupied by Family Dollar and Goodwill , both tenants offering strength and stability to their respective leases. Family Dollar currently occupies 10,120 square feet (92%) of this retail space and have been for the last six and half years. The business has had great success in this location achieving strong documented sales. Goodwill occupies the remaining 830 square feet (8%) of the space. Colorado Springs is Colorado's second most populous city and the 48th most populous city in the United States. In 2009, the Colorado Springs MSA had an estimated population of 609,000. The city is located approximately 60 miles south of Denver on Interstate 25.
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Tenant Summary
"Family Dollar Stores, Inc. operates a chain of self-service retail discount stores for low to lowermiddle income consumers in the United States. The company offers consumables, including household chemicals, paper products, candy, snacks and other food, health and beauty aids, hardware and automotive supplies, pet food, and supplies; and home products, which comprise domestics, housewares, giftware, and home decor. It also provides apparel and accessories, including men's and women's clothing, boys and girls clothing, infants clothing, shoes, and fashion accessories; and seasonal and electronics, such as toys, stationery and school supplies, seasonal goods, and personal electronics. As of February 3, 2010, it operated approximately 6,600 stores in 44 states and the District of Columbia. The company was founded in 1959 and is headquartered in Matthews, North Carolina. " (Yahoo Finance)
"Goodwill Industries of Colorado Springs is ranked among the top ten Goodwill's in the U.S. and Canada for the number of people we put to work in 2009. Goodwill offers over 20 diverse programs for individuals with disabilities, individuals with disadvantages, senior citizens and families. 2009 Highlights: Programs promoting personal and financial independence served 72,269 individuals. Goodwill helped 4,300 people move from welfare to work. Nearly 90 percent of our annual operating revenue was channeled into programs and services. In partnership with the El Paso County Department of Human Services, Goodwill created two new employment programs with nearly $800,000 in funding to promote job creation. These programs allow us to place 50 recipients of welfare into jobs with local employers, including Goodwill. Goodwill's retail operation rose to new heights by serving over 1 million customers, a 7% increase over the previous year." (Goodwill.com)
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Financial Overview
Location
Operating Income 2011
16-22 N Spruce St Colorado Springs, CO
Gross Rent Expense Reimbursement Potential Gross Income Expenses Net Income Debt Service Net Cash Flow Cash on Cash % Principle Reduction Total Return Total Return %
Price Down payment Rentable SQFT Price /SF CAP Rate Year Built Lot Size Type of Ownership
35%
$893,000.00 $312,550.00 10,930 $81.70 9.16% 1957 .44 Acres Fee Simple
Tenant Summary
Financing
Tenant Trade Name Ownership Tenant Lease Guarantor Lease Type Lease Term Lease Commencement Rent Commencement Date Lease Expiration Date Lease Remaining on Lease
Family Dollar Corporate Family Dollar Family Dollar Double Net 10 Year Jan 2004 Jan 2004 Dec 2013 3.25 Years
Tenant Trade Name Ownership Tenant Lease Guarantor Lease Type Lease Term Lease Commencement Rent Commencement Date Lease Expiration Date Lease Remaining on Lease
Goodwill Goodwill Goodwill Gross 3 years Mar 2010 Mar 2010 FEB 2013
David Ma Modern Real Estate
$86,000.00 $21,696.39 $107,696.39 $25,902.87 $81,793.52 $47,030.88 $34,762.64 11.12% $9,638.62 $44,401.26 14.21%
First Trust Deed Loan Amount Loan Type Interest Rate Amortization Loan to Value
$580,450.00 Proposed New Loan 6.5% 25 Years 65%
!"#$%&'()
(303) 513-1374 [email protected]
Rent Roll
Rent Schedule 2011 SQFT 10,120 810 10,930
Annual Rent $74,000.00 $12,000.00 $86,000.00
Monthly Rent $6,166.67 $1,000.00 $7,166.67
Rent PSF $7.31 $14.81 $22.13
Property Tax $17,615.04 $0.00 $17,615.04
Insurance $1,448.32 $0.00 $1,448.32
CAM $2,633.03 $0.00 $2,633.03
$21,696.39 $0.00 $21,696.39
Family Dollar Goodwill Totals Expense Reimbursement Family Dollar Goodwill Totals
Actual Expenses Property Taxes Insurance Property Management CAM Totals
$19,815.44 $1,991.00 $840.00 $3,256.43 $25,902.87
Rental Increases & Option Periods Family Dollar Option Term 1 (5 Years) Option Term 2 (5 Years) Option Term 3 (5 Years) Option Term 4 (5 Years) Option Term 5 (5 Years)
Annual Rent $81,400.08 $88,800.00 $96,200.04 $103,600.08 $111,000.00
Monthly Rent $6,783.34 $7,400.00 $8,016.67 $8,633.34 $9,250.00
Goodwill - Annual Rental Increases Year 2 Year 3
$12,360.00 $12,730.80
$1,030.00 $1,060.90
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Property Map
4
5 3
1
1)
2
El Paso County Building - Human Services Building Administration / Adult Services/ Child Welfare / Personnel
2) 3)
Colorado Springs VA Clinic El Paso County Building - Human Services Building Family Independence Center / Child Care / Financial Assistance / Food Stamps
4) 5)
7 Eleven Denny's
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Recent Sales Family Dollar
Family Dollar
Family Dollar
Family Dollar
Family Dollar
1006 S Main St, Duncanville, TX Price: $541,376 Cap Rate: 9.15% NOI: $49,528 SQFT: 6,400 Price SQFT: 84.59 Year Built: 1974 576 South Cherry Lane, Fort Worth, TX Price: $517,000 Cap Rate: 11.13% NOI: $57,537 SQFT: 8,000 Price SQFT: $64.63 Year Built: 2001 495 Divison Street, Iola, WI Price: $680,000 Cap Rate: 9.26% NOI: $63,000 SQFT: 7,600 Price SQFT: $89.47 Year Built: 2005 331 East Sublett Road, Arlington, TX Price: $820,000 Cap Rate: 9.26% NOI: $75,900 SQFT: 9,180 Price SQFT: $89.32 Year Built: 2005 604 West Houston Street, Linden, TX Price: $77,500 Cap Rate: 9.96% NOI: $77,200 SQFT: 8,000 Price SQFT: $96.88 Year Built: 2010
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 6/28/2010 10 Years 6/30/2015
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Modified Gross 6/22/2009 10 Years 12/31/2011
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 12/22/2009 10 Years 12/31/2015
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 3/24/2010 10 Years 6/30/2015
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 8/26/2010 10 Years 5/31/2020
This information is believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Colorado Springs, CO - Family Dollar and Goodwill
List Price: $893,000 David Ma Modern Real Estate
(303) 513-1374 [email protected]
Property Summary
Just listed is this 100 percent occupied retail investment property located in Colorado Springs, Colorado. The subject property sits on a 19,000-square foot lot on the southwest corner of West Kiowa Street and North Spruce Street. The property offers great visibility from Interstate -25, Colorado's busiest highway. There are two stand alone buildings that equal up to 10,930-square feet. This investment property is currently occupied by Family Dollar and Goodwill , both tenants offering strength and stability to their respective leases. Family Dollar currently occupies 10,120 square feet (92%) of this retail space and have been for the last six and half years. The business has had great success in this location achieving strong documented sales. Goodwill occupies the remaining 830 square feet (8%) of the space. Colorado Springs is Colorado's second most populous city and the 48th most populous city in the United States. In 2009, the Colorado Springs MSA had an estimated population of 609,000. The city is located approximately 60 miles south of Denver on Interstate 25.
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Tenant Summary
"Family Dollar Stores, Inc. operates a chain of self-service retail discount stores for low to lowermiddle income consumers in the United States. The company offers consumables, including household chemicals, paper products, candy, snacks and other food, health and beauty aids, hardware and automotive supplies, pet food, and supplies; and home products, which comprise domestics, housewares, giftware, and home decor. It also provides apparel and accessories, including men's and women's clothing, boys and girls clothing, infants clothing, shoes, and fashion accessories; and seasonal and electronics, such as toys, stationery and school supplies, seasonal goods, and personal electronics. As of February 3, 2010, it operated approximately 6,600 stores in 44 states and the District of Columbia. The company was founded in 1959 and is headquartered in Matthews, North Carolina. " (Yahoo Finance)
"Goodwill Industries of Colorado Springs is ranked among the top ten Goodwill's in the U.S. and Canada for the number of people we put to work in 2009. Goodwill offers over 20 diverse programs for individuals with disabilities, individuals with disadvantages, senior citizens and families. 2009 Highlights: Programs promoting personal and financial independence served 72,269 individuals. Goodwill helped 4,300 people move from welfare to work. Nearly 90 percent of our annual operating revenue was channeled into programs and services. In partnership with the El Paso County Department of Human Services, Goodwill created two new employment programs with nearly $800,000 in funding to promote job creation. These programs allow us to place 50 recipients of welfare into jobs with local employers, including Goodwill. Goodwill's retail operation rose to new heights by serving over 1 million customers, a 7% increase over the previous year." (Goodwill.com)
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Financial Overview
Location
Operating Income 2011
16-22 N Spruce St Colorado Springs, CO
Gross Rent Expense Reimbursement Potential Gross Income Expenses Net Income Debt Service Net Cash Flow Cash on Cash % Principle Reduction Total Return Total Return %
Price Down payment Rentable SQFT Price /SF CAP Rate Year Built Lot Size Type of Ownership
35%
$893,000.00 $312,550.00 10,930 $81.70 9.16% 1957 .44 Acres Fee Simple
Tenant Summary
Financing
Tenant Trade Name Ownership Tenant Lease Guarantor Lease Type Lease Term Lease Commencement Rent Commencement Date Lease Expiration Date Lease Remaining on Lease
Family Dollar Corporate Family Dollar Family Dollar Double Net 10 Year Jan 2004 Jan 2004 Dec 2013 3.25 Years
Tenant Trade Name Ownership Tenant Lease Guarantor Lease Type Lease Term Lease Commencement Rent Commencement Date Lease Expiration Date Lease Remaining on Lease
Goodwill Goodwill Goodwill Gross 3 years Mar 2010 Mar 2010 FEB 2013
David Ma Modern Real Estate
$86,000.00 $21,696.39 $107,696.39 $25,902.87 $81,793.52 $47,030.88 $34,762.64 11.12% $9,638.62 $44,401.26 14.21%
First Trust Deed Loan Amount Loan Type Interest Rate Amortization Loan to Value
$580,450.00 Proposed New Loan 6.5% 25 Years 65%
!"#$%&'()
(303) 513-1374 [email protected]
Rent Roll
Rent Schedule 2011 SQFT 10,120 810 10,930
Annual Rent $74,000.00 $12,000.00 $86,000.00
Monthly Rent $6,166.67 $1,000.00 $7,166.67
Rent PSF $7.31 $14.81 $22.13
Property Tax $17,615.04 $0.00 $17,615.04
Insurance $1,448.32 $0.00 $1,448.32
CAM $2,633.03 $0.00 $2,633.03
$21,696.39 $0.00 $21,696.39
Family Dollar Goodwill Totals Expense Reimbursement Family Dollar Goodwill Totals
Actual Expenses Property Taxes Insurance Property Management CAM Totals
$19,815.44 $1,991.00 $840.00 $3,256.43 $25,902.87
Rental Increases & Option Periods Family Dollar Option Term 1 (5 Years) Option Term 2 (5 Years) Option Term 3 (5 Years) Option Term 4 (5 Years) Option Term 5 (5 Years)
Annual Rent $81,400.08 $88,800.00 $96,200.04 $103,600.08 $111,000.00
Monthly Rent $6,783.34 $7,400.00 $8,016.67 $8,633.34 $9,250.00
Goodwill - Annual Rental Increases Year 2 Year 3
$12,360.00 $12,730.80
$1,030.00 $1,060.90
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Property Map
4
5 3
1
1)
2
El Paso County Building - Human Services Building Administration / Adult Services/ Child Welfare / Personnel
2) 3)
Colorado Springs VA Clinic El Paso County Building - Human Services Building Family Independence Center / Child Care / Financial Assistance / Food Stamps
4) 5)
7 Eleven Denny's
David Ma Modern Real Estate
(303) 513-1374 [email protected]
Recent Sales Family Dollar
Family Dollar
Family Dollar
Family Dollar
Family Dollar
1006 S Main St, Duncanville, TX Price: $541,376 Cap Rate: 9.15% NOI: $49,528 SQFT: 6,400 Price SQFT: 84.59 Year Built: 1974 576 South Cherry Lane, Fort Worth, TX Price: $517,000 Cap Rate: 11.13% NOI: $57,537 SQFT: 8,000 Price SQFT: $64.63 Year Built: 2001 495 Divison Street, Iola, WI Price: $680,000 Cap Rate: 9.26% NOI: $63,000 SQFT: 7,600 Price SQFT: $89.47 Year Built: 2005 331 East Sublett Road, Arlington, TX Price: $820,000 Cap Rate: 9.26% NOI: $75,900 SQFT: 9,180 Price SQFT: $89.32 Year Built: 2005 604 West Houston Street, Linden, TX Price: $77,500 Cap Rate: 9.96% NOI: $77,200 SQFT: 8,000 Price SQFT: $96.88 Year Built: 2010
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 6/28/2010 10 Years 6/30/2015
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Modified Gross 6/22/2009 10 Years 12/31/2011
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 12/22/2009 10 Years 12/31/2015
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 3/24/2010 10 Years 6/30/2015
Lease Type: Sales Date: Lease Term: Lease Expiration Date:
Double Net 8/26/2010 10 Years 5/31/2020
This information is believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
David Ma Modern Real Estate
(303) 513-1374 [email protected]
