CROSSROADSCENTER939-946 Andrews Ave, Henderson, NC
164,000 SF Retail/Business Park
AUCTIONDECEMBER 2018MINIMUM BID PRICE
$6,750,000
Executive SummaryZetabid is pleased to present Crossroads Center, a 98% leased retail/business park for sale via sealed bid auction. Crossroads Center is located on the I85 freeway at the Andrews Ave. exit and is approximately 45 minutes North from the Raleigh/Durham market.
The center contains a mix of long-term local tenants in both retail and office units. Space is always in high demand as the center has the best location in Henderson with 32,000 cars per day traffic on I85, and 15,000 on Andrews. The center sits on two parcels of freeway adjacent land on both sides of Andrews Avenue. Current annual gross rent is $1,045,000 with expenses of $415,000. Many below market leases exist (self-managed by long- time owner retiring soon). A 21,000 square foot mini storage complex is located at the back of the property (with room for expansion).
Please visit our Due Diligence Vault to review current financials, rent rolls, and other important documents. Pre-auction offers are welcome! All bids are subject to a 2.5% Buyer Premium. Broker cooperation is welcome (1%).
Aerial Site Plan
Key Details
RAMSEY ST
S BECKFORD DR
GU
PTO
N S
T
W A
ND
REWS AVE
85
39
158
PAR
RISH
MILL R
D
Year Built 1986-2002
Gross Building Area 164,480
Rentable SF (Est) 164,480
Site 18.4 Acres
Minimum Bid Amount $6,750,000 ($41/PSF)
Current Annual Gross Rent $1,045,051
2018 NOI (actual rents) $602,554
Going-in Cap Rate 8.9%
% Occupied 98%
Radius Map
RAMSEY ST
S BECKFORD DR
GU
PTO
N S
T
W A
ND
REWS AVE
85
39
158
PAR
RISH
MILL R
D
WashingtonWinterville
Goldsboro
Greenville
Tarboro
Wilson
Raleigh
Durham
Cary
Apex
Chapel Hill
BurlingtonGreensboro
Asheboro
Danville
Martinsville South BostonSouth Hill
Rocky Mount
RoanokeRapids
Emporia
Blackstone
Petersburg Williamsurg
HampdenSydney
Farmville
Franklin
Murfreesboro
Plymouth
Ahoskie
95
40
74
85
85
95
95
540
58
13
17
64
13
301
64
64
421
421
1
264
301
1460
15
58
58
29
220
MILESMILES25 MILESMILES50
943 WestAndrews AvenueHenderson, NC
Financial Summary
Proforma Projection 2018Base Rent $1,045,051
Reimbursement Income -
Gross Potential Rent Inc. $1,045,051
Less Vacancy/Collection $26,126.27 2.5%
Effective Gross Income $1,018,925
Expenses
Advertising $10,000
Insurance $22,000
Taxes $84,814
Cleaning and General Maint $84,000
Repairs $130,000
Miscl $4,800
Utilities $40,000
Subtotal Actual $375,614
Proforma Expenses
Property Management 4% $40,757
Total Expenses $416,371
Net Operating Income $602,554
Building GLA $142,980
Suite Tenant Rentable SF % of Center Lease Type Lease Start Lease End
Base Rent
Monthly Monthly PSF Annual PSF
Southeast Complex
939 W Andrews (1986 Built)
Nuestro Porvenir, Inc 900 0.6% MG 8/1/2018 7/31/2019 $750 $0.83 $10.00
Major Auto Insurance 900 0.6% MG 3/1/2016 2/28/2019 $750 $0.83 $10.00
Allure Hair Extensions 900 0.6% MG 9/1/2016 8/30/2019 $700 $0.78 $9.33
2,700 $2,200 941 W Andrews (1986 Built)
African Hair Braiding 1,500 1.0% MG 8/1/2002 5/31/2019 $1,175 $0.78 $9.40
Values 2U 1,500 1.0% MG 9/1/2018 8/31/2019 $1,000 $0.67 $8.00
Values 2U 2 1,500 1.0% MG 11/1/2018 10/31/2019 $1,000 $0.67 $8.00
Happy Nails & Spa 1,500 1.0% MG 7/1/2011 9/30/2019 $800 $0.53 $6.40
Geter's Barber College 2,280 1.6% MG 8/1/2011 4/30/2019 $1,650 $0.72 $8.68
No Limits 1,440 1.0% MG 12/1/2015 2/28/2019 $1,250 $0.87 $10.42
Healthy Treats (Combined spaces)
2,280 1.6% MG 11/1/2010 9/30/2019 $1,500 $0.66 $7.89
No Limits 3,000 2.1% MG 8/1/2013 2/28/2019 $2,700 $0.90 $10.80
15,000 $11,075
914 W Andrews - Back Building (1975 Built)
Baldies Barber Shop 680 0.5% MG 12/1/2012 5/31/2019 $500 $0.74 $8.82
Divine Styles Beauty Salon 740 0.5% MG 11/1/2009 5/31/2019 $600 $0.81 $9.73
1,420 $1,100
943 Andrews (1987 Built)
Beautysmart 7,500 5.2% MG 9/1/1991 7/31/2019 $4,000 $0.53 $6.40
Daymark Recovery Services 2,500 1.7% MG 1/1/2017 9/30/2019 $1,200 $0.48 $5.76
Sky Pawn (Sony LLC) 5,000 3.5% MG 11/1/2015 11/1/2020 $1,500 $0.30 $3.60
Daymark Recovery Services 7,500 5.2% MG 8/1/2011 9/30/2019 $3,800 $0.51 $6.08
KARTS 3,660 2.6% MG 11/1/1989 3/31/2019 $3,300 $0.90 $10.82
Halls and Restrooms 200 0.1% MG - - -
Ultimate Healthcare Services 540 0.4% MG 2/1/2016 1/30/2019 $600 $1.11 $13.33
Three Dimensional Tech 600 0.4% MG 2/1/2017 1/30/2019 $600 $1.00 $12.00
Crawford Properties Office (owner)
560 0.4% - - -
Vacant 960 0.7% - - -
Ross Rehab / Honey Green Miles
480 0.3% MG 8/15/2018 8/14/2019 $525 $1.09 $13.13
29,500 $15,525
945 Andrews (1978 Built)
Nails to Tails Dog Grooming 509 0.4% MG 10/1/2010 10/1/2019 $450 $0.88 $10.61
Sadie's School of Dance 3,331 2.3% MG 6/1/1995 5/31/2019 $1,050 $0.32 $3.78
Diana's Tax Service 1,920 1.3% MG 12/1/2005 2/28/2019 $1,050 $0.55 $6.56
SRFC Security 1,920 1.3% MG 3/1/2018 2/28/2019 $1,300 $0.68 $8.13
NC Department of Corrections 1,920 1.3% FS 6/1/2005 5/30/2019 $1,375 $0.72 $8.59
ACS 1,920 1.3% MG 1/1/2018 12/31/2018 $1,200 $0.63 $7.50
Michael's Florist 2,136 1.5% MG 6/1/2016 5/31/2019 $800 $0.37 $4.49
Crossroads Event Center 4,689 3.3% MG 3/1/2018 2/28/2019 $2,000 $0.43 $5.12
Home Town Hardware 9,095 6.4% MG 5/1/1986 4/30/2019 $2,500 $0.27 $3.30
27,440 $11,725 $0.43 $5.13
Rent Roll
Suite Tenant Rentable SF % of Center Lease Type Lease Start Lease End
Base Rent
Monthly Monthly PSF Annual PSF
Northwest Complex
944 Andrews (2008 Built)
Home Credit II 1,800 1.3% MG 10/1/1990 1/1/2021 $1,800 $1.00 $12.00
Allstate Insurance Agency 1,200 0.8% MG 7/1/2008 7/1/2019 $1,250 $1.04 $12.50
United Home Care 1,200 0.8% MG 7/1/2008 9/30/2019 $1,200 $1.00 $12.00
4,200 $4,250
946 Andrews (1993 Built)
Parham's Western 4,000 2.8% MG 4/1/1984 5/24/2022 $1,000 $0.25 $3.00
Rescued 1,600 1.1% MG 8/1/2017 11/1/2018 $975 $0.61 $7.31
Direct General Insurance Co. 1,600 1.1% MG 4/1/1998 5/1/2020 $1,000 $0.63 $7.50
Insurance Partners 1,600 1.1% MG 8/1/2012 6/30/2019 $975 $0.61 $7.31
NC License Plate Agency 1,288 0.9% FS 10/1/1991 4/30/2019 $675 $0.52 $6.29
National Finance 1,912 1.3% MG 1/1/2004 5/1/2019 $1,300 $0.68 $8.16
Children's Dev. Agency 4,800 3.4% FS 1/1/2004 12/31/2018 $3,313 $0.69 $8.28
Restaurant 39 4,800 3.4% MG 6/1/2016 4/30/2019 $2,050 $0.43 $5.13
The Attic & A1 Travel 4,800 3.4% MG 9/1/1995 9/30/2019 $2,100 $0.44 $5.25
Home Credit Corp. 2,720 1.9% MG 9/1/1999 8/1/2020 $1,800 $0.66 $7.94
29,120 $15,188
946 Andrews (2002 Year Built)
Rainbow International 4,000 2.8% 9/15/2016 9/30/2020 $2,750 $0.69 $8.25
Sun Medical Supply 3,200 2.2% 6/1/1992 7/31/2021 $1,550 $0.48 $5.81
B 1 Bingo 4,800 3.4% 9/1/2011 10/30/2019 $2,275 $0.47 $5.69
Trinkets 2,400 1.7% 8/1/2012 2/28/2019 $1,025 $0.43 $5.13
39 Thrift Shop 2,400 1.7% 9/1/2017 8/31/2019 $1,200 $0.50 $6.00
Vance County Tourism 1,600 1.1% FS 6/1/1992 6/1/2019 $1,100 $0.69 $8.25
Salon 31 1,668 1.2% 9/1/2011 8/30/2019 $875 $0.52 $6.29
Lincare 3,132 2.2% 4/1/2013 10/1/2017 $1,950 $0.62 $7.47
Propel GPS 2,820 2.0% 12/1/2012 8/30/2018 $1,600 $0.57 $6.81
Reliable Car Sales, Inc 1,580 1.1% 10/1/2018 9/30/2019 $800 $0.51 $6.08
Pete Smith Lube and Tire 6,000 4.2% 5/1/2002 6/1/2019 $2,900 $0.48 $5.80
33,600 $18,025
Mini Storage 21,500 15.0% $8,000 $0.37 $4.47
Units 246
5'x10' 108
7.5'x10' 28
10'x10' 71
10'x15' 18
10'x20' 21
Complex SF 164,480 $87,088 Monthy Base Rent
Business Park SF 142,980 $1,045,051 Annual Base Rent
Average Rent SF $7.31
Traffic Vehicles Per DayAndews 15,000
I85 32,000
Demographics 1 Mile 3 Mile 5 MilePopulation 2018 4,624 1,994 28,253
Households 1,870 7,938 10,998
Average Household Income $36,168 $42,861 $46,553
The Seller, Zetabid, its employees and agents expressly disclaim as either seller or agent any warranty as to the property. Zetabid nor any of its affiliates or representatives has independently verified any of the information, including any approximations, estimates or projections, contained herein and does not undertake any obligation to independently verify any other written or oral communication.
Auction conducted by Heritage Global Partners in alliance with Zetabid, Inc. under Heritage Global Partners. Click the link above to view auction property web page for detailed property and bidding instructions. All bids/ offers shall be placed using the online sealed bid form. No bid shall be deemed accepted until a mutually executed Purchase and Sale Agreement is created. Subject to Seller’s minimum reserve price. Buyer Premium is 2.5% and this amount shall be added to the winning bid amount to create the purchase price.
MICHAEL DAVIN PresidentZetabid, Inc. 424.888.6068 x 101 [email protected]
For more information, please contact:
ERIC KOESTERERDirector of Auction OperationsZetabid, Inc. 424.888.6068 x 110 [email protected]
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