All Sperry Van Ness® Offices Independently Owned and Operated. Investment Property Offering EAST COURT VILLAGE 3574-3578 Court Street, Pekin, IL 61554 $1,195,000 Presented By: Thomas Vincent, CCIM 1803 Hicks Rd., Suite D Rolling Meadows, IL 60008 (847)963-1031 [email protected]Offering Highlights Shadow Anchored by Major Retailers Wal-mart Super Center- 1/4 Mile East Attractive Masonry 2006 Construction Low Real Estate Taxes 07/26/2011
Transcript
All Sperry Van Ness® Offices Independently Owned and Operated.
Investment Property Offering
EAST COURT VILLAGE 3574-3578 Court Street, Pekin, IL 61554
$1,195,000
Presented By: Thomas Vincent, CCIM 1803 Hicks Rd., Suite D Rolling Meadows, IL 60008 (847)963-1031 [email protected]
Offering Highlights
Shadow Anchored by Major Retailers
Wal-mart Super Center- 1/4 Mile East
Attractive Masonry 2006 Construction
Low Real Estate Taxes
07/26/2011
All materials and information received or derived from Sperry Van Ness/Sentinel Realty Advisors, Inc. (Thomas S. Vincent)(hereinafter collectively “Sperry Van Ness”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by Sperry Van Ness its directors, officers, agents, advisors, or affiliates as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither Sperry Van Ness its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Sperry Van Ness will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Sperry Van Ness makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Sperry Van Ness does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Sperry Van Ness in compliance with all applicable fair housing and equal opportunity laws. Sperry Van Ness/Sentinel Realty Advisors, Inc. (Thomas S. Vincent) is independently owned and operated.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Table of Contents
1 Financial Analysis
Executive Summary
Investment Information
Rent Roll Summary
2 Sales Comparables
Sales Comparables Summary
3 Additional Information
Pictures
Location Map
Demographics Report
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Signalized Corner No Street Frontage No. of Buildings 1
No. of Stories No. of Tenants 3
No. of Parking Spaces Parking Ratio 5:1
07/26/2011
Construction Built in 2006-attractive drivit construction.
Parking Approximately a 5:1 ratio
Traffic Counts Traffic count on Court St: 17,800 cars
Ingress/Egress Property is a pad site on large retail development. Principal access is from Court St, secondary access from Veterans Drive.
Major Tenants Verizon Wireless and Citigroup. Verizon exercised option-5 years remaining. Citibank 18 months remaining. Verizon and Citibank are NNN leases
Area The area is the retail hub of Pekin. A new Wal-Mart Super Center & Menards are located d within 1/4 mile of the site. The property is part of a re-development with several anchors including Hobby Lobby, Tractor Supply and Bergners as well as excellent smaller tenants such as Clare's, Payless Shoes and Hallmark. Other major tenants in the area include Staples, Advance Auto, Sherwin Williams, Starbucks, Applebees as well as several banks. The building faces south, toward Bergner's and the rear elevation front Court St., providing excellent exposure.
Property The building faces south toward Bergner's and the rear elevation fronts Court St. providing excellent exposure.
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Investment Information EAST COURT VILLAGE 3574-3578 Court Street Pekin, IL 61554
Listing Price $1,195,000
Actual CAP 8.95 %
CAP
Price Per S.F. $222.95
Price Per GLA $222.95
Expenses Per S.F. $4.40
GLA 5,360
Building S.F. 5,360
Percent Occupied 100.00 %
Land Acres 0.7500
Loan Amount
Down Payment
Loan Description
Estimated Annualized Operating Data Actual
Scheduled Income $113,880
Tax, CAM, Ins. Reimb. $23,588
Less Vacancy $6,873
Gross Operating Income $130,595
Less Expenses $23,588
Net Operating Income $107,007
Less Loan Payment $0
Pre-Tax Cash Flow $107,007
Cash on Cash Return
Estimated Annualized Expenses Highlights
Actual
Projected Taxes $9,751
Insurance $2,126
Off-Site Management $3,000
Trash $3,053
Snow Removal $1,496
Landscaping $1,542
Lot Sweeping $571
Utilities $2,049
Total Expenses $23,588 $0
Expenses Per S.F. $4.40
Shadow Anchored by Major Retailers Wal-mart Super Center- 1/4 Mile East Attractive Masonry 2006 Construction Low Real Estate Taxes
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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Rent Roll Summary Space Number
Tenant Name Start Date End Date Occupied S.F.
Vacant S.F.
Annual Rent S.F.
Occupied Rent
Vacant Rent
% of Total
Escalations / Options / Comments
1 Verizon 4/1/2006 4/30/2016 3,000 $25.00 $75,000 $0 56.0 % 2 Renewal Options- 5 yr terms with increases
2 Citigroup 7/1/2007 1/31/2013 1,800 $16.00 $28,800 $0 33.6 % 1 Renewal Option- 5 yr term
Property Location Sale Price Year Built Bldg S.F. Price/S.F. CAP Parking Spaces Close Photo
Prairie Pointe 9010 Allen Rd. Peoria,IL
$2,525,150 11,876 $212.63 8.00 % Tenants include Edward Jones, Pizza Factory and Great Harvest Bread
Averages $2,525,150 11,876 $212.63 8.00 %
Sales Comparables - On Market
Property Location Sale Price Year Built Bldg S.F. Price/S.F. CAP Parking Spaces Close Photo
Heritage Crossing 712 N. McLean Blvd. South Elgin,IL 60177
$3,729,000 2009 12,050 $309.46 8.53 % 60
Fox River Grove Center 925 Rt. 22 Fox River Grove ,IL 60021
$2,940,000 2008 14,035 $209.48 8.75 % 70 Automotive tenant on end cap, only retail pocket in community
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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All Sperry Van Ness® Offices Independently Owned and Operated.
Property Location Sale Price Year Built Bldg S.F. Price/S.F. CAP Parking Spaces Close Photo
Kaneville Center 2401 W. Kaneville Rd. Geneva,IL 60134
$3,000,000 17,744 $169.07 7.10 % 85 On Randall Rd. corridor at signalized intersection. Cap rate based on 75% occupancy.
Averages $3,223,000 2009 14,610 $229.34 8.13 % 72
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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All Sperry Van Ness® Offices Independently Owned and Operated.
Averages For All Sales Comparables
Sale Price Year Built Bldg S.F. Price/S.F. CAP Parking Spaces Close
Averages $3,048,538 2009 13,926 $225.16 8.10 % 72
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3 . Additional Information
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Anchors- Claire's & Payless
Nearby Shopping Center- Hobby Lobby
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Anchors- Sprint & Deals
Nearby Bank Building
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Bergner's
Nearby Firestone
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Adjacent Strip Center
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
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All Sperry Van Ness® Offices Independently Owned and Operated.
Location Map
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
Demographics Report 3574 Court Street Pekin, IL 61554
1.00 Mile Ring
3.00 Mile Ring
5.00 Mile Ring
POPULATION 1990 Population 1,771 25,205 40,575
2000 Population 1,827 25,231 42,114 % Population Change 1990-2000 3.16 % 0.10 % 3.79 %
2008 Total Population 1,899 25,020 42,080 2013 Total Population 1,985 25,349 42,565 % Population Change 2000-2008 3.94 % -0.84 % -0.08 % % Population Change 2008-2013 4.53 % 1.31 % 1.15 % 2008 Total Households 872 10,560 16,823 2013 Total Households 907 10,679 16,988 % Households Change 2000-2008 10.80 % 1.61 % 1.99 % % Households Change 2008-2013 4.01 % 1.13 % 0.98 % 2008 White Population 1,836 24,256 39,940 2008 Black Population 2 51 959 2008 American Indian/Alaska Native 2 36 83 2008 Asian/Hawaiian/Pacific Islander 11 115 203 2008 Other Population (Incl 2+ Races) 47 563 897 2008 Hispanic Population 22 326 602 2008 Non-Hispanic Population 1,877 24,694 41,479 2008 Per Capita Income $32,346 $25,264 $24,061 2008 Median Household Income $49,095 $43,794 $43,365 2008 Average Household Income $70,442 $59,858 $60,184 2008 Household Income < $10,000 43 656 969 2008 Household Income $10,000-$14,999 64 807 1,213 2008 Household Income $15,000-$19,999 29 681 1,179 2008 Household Income $20,000-$24,999 41 625 1,096 2008 Household Income $25,000-$29,999 32 586 1,042 2008 Household Income $30,000-$34,999 87 788 1,217 2008 Household Income $35,000-$39,999 43 611 973 2008 Household Income $40,000-$44,999 58 693 1,071 2008 Household Income $45,000-$49,999 47 580 974 2008 Household Income $50,000-$59,999 82 1,126 1,944 2008 Household Income $60,000-$74,999 94 1,448 2,387 2008 Household Income $75,000-$99,999 191 1,407 1,924 2008 Household Income $100,000-$124,999 32 310 447 2008 Household Income $125,000-$149,999 12 135 231
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
2008 Household Income $150,000-$199,999 10 49 69 2008 Household Income $200,000-$249,999 1 11 14 2008 Household Income $250,000-$499,999 5 46 69 2008 Household Income $500,000+ 0 1 1 2008 Average Household Size 2.14 2.31 2.38 2008 Total Owner Occupied Housing Units 657 7,181 12,007 2008 Total Renter Occupied Housing Units 218 3,371 4,822 2008 Total Daytime Population 3,995 18,656 33,520 2008 Total Daytime Work Population 2,485 7,349 13,311 2008 Total Establishments 216 843 1,533
