Investment Highlights• Over 14% cash-on-cash return potential with
available market debt
• 96% occupied with historically high occupancy levels and solid tenant mix
• Tremendous upside potential with well below market rents in place ($5.00 PSF average)
• Significantlybelowreplacementcostsat$58PSF
• Primelocationonamajorcorridor(SCHwy81)ata signalized intersection
• Excellent visibility with frontage and access on 3 roads
• Strongtrafficcountsandpopulationwithover22,000carsperdayonHwy81and68,500residentsina5mileradius
• NeighboringpropertiesincludeWalgreens,CVS,Sonic,WellsFargo,BB&T,FirstCitizensBank,DollarGeneral,Chick-fil-A,Publix,andNationalHealthCareCorporation
• NearbymajorpointsofinterestincludeAndersonUniversity(2,900students),AndersonMedicalCenter,AndersonCountyMuseum,McCantsMiddleSchool,andTLHannaHighSchool
Windsor Place82,292SFShoppingCenter-Anderson,SC
$4,750,000•9.0%CapRate
JackJamison,Broker-In-Charge550S.MainStreet,Suite300•Greenville,SC29601
864.263.5414o•864.232.0160f•www.REALTYLINKDEV.com
For investment information:J. Tyson Glasser, CCIM •InvestmentSalesAdvisor
[email protected]•864.263.5427o•404.435.6312c
Investment Property
ATTENTION:Thisbrochurehasbeenpreparedtoprovidesummaryinformationtoprospectivepurchasersandtoestablishapreliminarylevelofinterest in thepropertypresented. Itdoesnot,however,purport topresentallmaterial information regarding thesubjectproperty,and it isnota substitute fora thoroughduediligence investigation. Inparticular,RealtyLink,LLChasnotmadeany investigationandmakesnowarrantyorrepresentationwithrespecttothefinancialconditionorbusinessprospectsofanytenantoranytenant’splansorintentionstocontinueorrenewitsoccupancyofthesubjectproperty.Theinformationcontainedinthisbrochurehasbeenobtainedfromsourceswebelievetobereliable;however,RealtyLink,LLChasnotconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracy or completeness of the information provided.
TheRealtyLinknameisaregisteredtrademarkofRealtyLink,LLC.
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Textandcontent©Copyright2014RealtyLink,LLC.
1520EGreenvilleStreet
Anderson,AndersonCounty,SouthCarolina29621
Table of Contents
Property Summary
Financial Summary
RentRoll
Site Plan
TenantProfiles
Property Photos
Aerial
LocationMaps
MarketProfile
Demographics
Property Summary
Location: Upstate South Carolina along the I-85 corridor halfway between Atlanta and Charlotte
Land Size: +/- 9.58 Acres
Building Size: +/- 82,292 Square Feet
Building Age: Original construction in 1980 and expanded in 1990 with renovations in 2008
Occupancy: 96.3%
Tenant Lineup: Mix of national, regional, and local retailers and service providers
Landlord Responsibility: Roof, Structure, Parking Lot, Management, CAM
Tenant Responsibility: Reimbursement of CAM, Taxes, Insurance
Frontage: E. Greenville Street, Rontowles Road, McLees Road
Signage: Monument on E. Greenville Street and store fronts
Access: Points of entry/exit on E. Greenville Street (1), Rantowles Road (2), McLees Road (1)
Parking: +/- 494 spaces
Zoning: General Commercial
Traffic Counts: +/- 22,000 cars per day on E. Greenville Street in front of property
Demographics: 2013 1-Mile 3-Mile 5-Mile
Population 7,317 38,866 68,549
Households 2,905 15,926 27,637
Average HH Income $61,620 $52,773 $53,672
Median HH Income $44,680 $33,391 $36,220
Financial Summary
Purchase Price: $4,750,000
Price per Square Foot: $57.72
Cap Rate: 9.0%
Base Rental Income: $415,046
Reimbursements: $135,782 ($1.65 PSF)
Vacancy Factor: Existing at 3.7%
CAM, Taxes, Insurance: $102,865 ($1.25 PSF)
Management Fee: $12,451 (3% of Base Rental Income)
Capital Reserves: $8,229 ($0.10 PSF)
Net Operating Income: $427,283 (contact broker for P&L statement)
Assumable Financing: Existing loan can be assumed ($3.4M, 6.5%)
Available Financing: 65-70% loan-to-value ($1.43-1.66M down payment)
(Non-recourse) 5-10 year term
25-30 year amortization
4.75-5.0% interest rate
$193,270 annual debt service (using 65% LTV, 30 year amortization, 4.75% interest)
$234,013 after debt cash flow
14.08% cash-on-cash return
Tenant Financials: Available online or from broker if in possession
RentRoll
Suite Tenant SquareFeet
LeaseStart
LeaseEnd
RentPSF
AnnualRent
Rent Bumps
CAM/Tax/Insurance
Options(5 years each)
A Badcock Furniture & More 19,880 11/1/08 10/31/18 $5.50 $109,340 In Options $34,790 Option 1: $6.27
Option 2: $7.07
B Family Dollar 7,100 1/1/98 12/31/17 $4.63 $32,840 See Notes $6,650 Option 1: TBDOption 2: TBD
C Foothills CrossFit 4,700 7/1/13 6/30/15 $2.67 $12,549 In Options $8,460 Option 1: $3.50 (3 yrs)
Option 2: $4.00
D To Be Leased 3,025 TBD TBD TBD TBD TBD TBD TBD
E Smokers Discount Tobacco 1,550 8/1/08 7/31/15 $8.27 $12,819 None $2,790 None
F #1 Nails 1,665 6/1/09 5/31/16 $8.39 $13,969 3% Annually $2,997 None
G Medical Home Services 4,025 9/1/05 8/30/14 $6.25 $25,156 None $7,245 None
H Bike Street USA 4,425 4/1/11 3/31/16 $6.50 $28,763 2% Annually $7,965 Option 1: $6.76 (2 years)
K Cross Country Home Services 35,922 7/1/08 6/30/15 $5.00 $179,610 In Options $64,660
Option 1: $5.15Option 2: $5.30Option 3: $5.46
82,292 $415,046 $135,557
NotesBadcock - New HVAC units installed in June 2006 and October 2008. $2,500 annual cap on repairs.Family Dollar - Currently paying percentage rent only at 2% of annual sales plus CAM, Taxes, Insurance. 2013 Sales were $1,641,977. Sales have increased on average 4% each year since 2008 renovations.Foothills Crossfit - Owner invested $25-30,000 for buildout and Landlord invested $25,000.Cross Country - National call center with 250+ employees. Tenant has invested $1.5M in the space.
TenantProfiles
CrossCountryHomeServices,Inc.(CCHS)isdedicatedtomakinghomemanagementeasybyofferingafullselectionofhassle-free,cost-effectivehomesolutions,includingwarrantyproductsandmaintenanceplans.Since1978,thecompanyhasbuiltareputationforexcellenceandtodayisoneofthenation’sleadingprovidersoftheseproductsandservices.HeadquarteredinFortLauderdale,Florida,withacustomercarefacilityinAnderson,SouthCarolina,thecompanyhasmorethan650employeesandanationwidenetworkofmorethan40,000carefullyprescreened,independentserviceproviderswhorepair,replaceandmaintainhomeappliancesandsystems.Overthepastfiveyears,CCHShasmorethandoubleditsrevenuesandexperiencedsimilaremployeegrowth.Theyhaveservedmillionsofhomewarrantiesoverthepast10years.CCHSisuniqueinofferingaplanthatcombineswarrantyandmaintenanceintooneprogram,oneofthemostcomprehensiveinthemarket.ThecompanyisamemberofTheCrossCountryGroup,oneofthelargestprivatelyheldprovidersofcustomerserviceprogramsintheUnitedStateswithmorethan150globalcorporateclientsandmorethan75millioncustomers. www.cchs.com
TheW.S.BadcockCorporation(WSBC)isoneofthelargestprivately-ownedhomefurnitureretailersintheUnitedStates.Foundedin1904,WSBChasbeenoperatingfor110years.WSBCisheadquarteredinMulberry,Florida,andemploysmorethan1,200corporateemployees.Therearemorethan300Badcockstoresineightstateswhichoffercustomersafullrangeoffurniture,bedding,appliances,electronics,accessoriesandfloorcoverings.Morethan80%ofstoresareindividuallyownedthroughouruniquedealershipbusinessmodel.Becausetheyconsignalloftheirmerchandisetothedealersanddonotrequireafranchisefee,theirmodeloffersthebenefitsofbusinessownershipandallowsforaquickerstart-upthanthetraditionalfranchisesystem.In2000,theydevelopedanewstoreconceptcalledBadcock&Morethatincludesaproductlineofmorethan4,000items;abrighter,morespaciousstoredisplay;andanewlogo.Whilethephilosophy“Badcockwilltreatyouright”staysthesame,theyintroducedthenewconcepttobetterserveexistingcustomersandtoappealtoabroadercustomerbase.Ofthestoresthathaveconverted,mosthaveseenatleasta20percentsalesincrease.BadcockcontinuestheirexpansionwithplanstotargetnewdealersthroughouttheSoutheast,includingKentuckyandWestVirginia,which to date are untapped markets. www.badcock.com
In1958,a21-year-oldentrepreneurwithaninterestinmerchandisingbecameintriguedwiththeideaofoperatingalow-overhead,self-serviceretailstore.LeonLevinebelievedhecouldofferhiscustomersavarietyofhigh-quality,goodvaluemerchandiseforunder$2.Becausehehadgrownupinhisfamily’sretailstore,heunderstoodvalue,qualityandcustomersatisfaction.InNovember1959,LeonLevineopenedthefirstFamilyDollarstoreinCharlotte,NorthCarolina,andwasonhiswaytobecomingaretailinglegend.Rightfromthestart,hehadawell-developedphilosophyofwhatFamilyDollarwouldbeandhowitwouldoperate,aphilosophyfromwhichheandhismanagementteamhaveneverstrayed.Theconceptisasimpleone,“thecustomersaretheboss,andyouneedtokeepthemhappy.”HecreatedageneralfloorplanthatheusedineachofhisstoresthatallowedcustomerstoeasilyshopfortheirfavoriteproductsinanyFamilyDollarstore.Withthestoresuniformlylaidoutandstocked,storemanagerswereabletofocusonprovidinggoodcustomerservice.Thisconceptforaself-serve,cash-and-carry neighborhood discount store in low to middle income neighborhoods proved so successful that today FamilyDollarisachainwithover8,000storesfromMainetoCalifornia.www.familydollar.com
Site Plan
Former Gas Station /C-Store
(not currently part of sale)
VACAN
T
Smokers Discount Tobacco
#1 Nails
Medical Home Services
To I-85(8 miles)
To Downtown Anderson(8 miles)
Foothills
CrossFit
Residential
Property Photos
Aerial
LocationMaps
MarketProfile
Community Profile
TheCityofAndersonislocatedinthenorthwestcornerofthestateofSouth Carolina on the Piedmont Plateau. It is the county seat located in the geographicalcenterofthecountyandprincipalcityinAndersonCounty.TheCityisideallylocatedonthebusyInterstate85corridor,towhichmuchofitseconomic growth can be attributed. The City lies on the southern border of Interstate85andisapproximately127milesnorthofAtlanta,Georgiaand132milessouthofCharlotte,NorthCarolina.TheCityencompassesapproximately14squaremiles.TheI-85corridorfromAtlantatoCharlotteisnowknownasoneofthenation’shottestgrowthareas.Thisstretchofhighwayisoneoftheheaviesttraveledhighwaysinthesoutheast.BusinessleadersanddevelopmentofficialsinAndersonhavetakenadvantageofthisasset,andvisibleprogressistheresult.AndersonCountywasranked14thoutof50asoneofthe“HottestAmericancitiesforbusinesslocation,”(basedonasurveyofleadingsiteconsultants)accordingtotheJanuary‘01issueofExpansionManagement.
Andersonisamajorcontributortothesuccessoftheupstate.Andersonoffersallofthebasicsuponwhichtobuildathrivingeconomy,includingaffordableland,agoodtransportationsystem,infrastructure,andalargenumberofrecreationalamenities.AndersonCountyhasbeendesignatedanAll-AmericaCitybytheNationalCivicLeague.TheAndersoncommunityoffersthefeelofsmall-townlivingwiththeattractions and business opportunities of larger cities only a short drive away.
Healthcare
AnMedHealthisadynamic,comprehensivehealthsysteminAnderson.Formorethan100years,AnMedHealthhasprovidedhealthcareforresidentsofeightcountiesinupstateSouthCarolinaandnortheastGeorgia.AnMedHealth’smedicalstaffincludesmorethan400physicians,andwithover3,600employees,AnMedHealthisAndersonCounty’slargestemployer.Throughaffiliationswithotherhospitalandhealthsystems,AnMedisabletosharebestpractices,reducecostsandstrengthencommunityhospitals.AnMedHealthiscurrentlyaffiliatedwithCarolinasHealthCareSystem,CannonMemorialHospital,andElbertMemorialHospital.TheAnMedHealthMedicalCenterCampusisatthecornerofEastGreenvilleandNorthFantStreetsindowntownAnderson.ThislocationhasbeenhometoAnMedHealth’sacute,inpatientservicessincetheoriginalAndersonCountyHospitalopenedin1906.TheMedicalCenterCampusincludesAnMedHealthMedicalCenter,
AnMedHealthHeartandVascularCenter,mostofthesystem’ssupportandprofessionalstaff,andanumberofdoctors’officesalongNorthFantStreet.TheAnMedHealthNorthCampusistwomilesuptheroadatthecornerofEastGreenvilleStreetandEastReedRoadinAnderson.TheNorthCampusishometoAnMedHealthWomen’sandChildren’sHospital,wherethousands of babies are born each year. The North Campus is alsowhereyou’llfindmostofouroutpatientanddiagnosticservices.TheNorthCampusincludesAnMedHealthCancerCenter,AnMedHealthRehabilitationHospitalandmorethan30doctors’offices.
MarketProfile
Recreation / Leisure
Andersonisoneofthesoutheast’spremierdestinationsforoutdooradventure.Hikeinanationalpark,takeahotairballoonrideorvisitabotanicalgarden.CometoAndersonandreconnectwithnature.JustashortdrivefromAndersonisLakeHartwellwhereyoucanhavefunonthewater.ManagedbytheU.S.ArmyCorpsofEngineers,thelakehosts10.5millionvisitorsannually.It’s56,000acresbigwith962milesofshoreline.WithoverahalfdozengolfcoursestochoosefromAndersonhasacourseforallskilllevels.ChallengeyourselfatSaludaValleyorenjoythewaterfrontviewsatPineLake.Inaddition,Andersonispackedwithfarms,dairiesandfarmer’smarkets.Fromuniqueboutiquestoahunter’sparadise,Andersonoffersshoppingvenuesforeverytaste.Darlinglittleshopsandhipstoresprovideupscalestyleforfashionistas.MoremainstreamshopperscanenjoytheAndersonMallordepartmentstoresinthelocalshoppingcenters.Kitchengadgets,fabulousshoes,avarietyofantiquesandmorearereadyforperusal.Visitwww.visitanderson.comformoreinformationabouttourismandrecreationopportunitiesinAnderson.
Education
AndersonCounty,SCpublicschoolsserveover30,000studentsatmorethan50schools.Theschoolsystemisdividedintofivedistrictswhichservedifferentgeographicalareaswithinthecounty.TheAndersonCountyBoardofEducationactsasthefiscalagentforcountyschoolsandisgovernedbynineelectedmembers.EachdistrictalsohasanelectedBoardofTrustees.
AndersonUniversityisaselective,comprehensiveuniversityofferingbachelor’s,master’s,anddoctoraldegreesoncampusandonline.Studentscanchooseamong36majors,38concentrations,and25minors,andtheyarerankedasoneofthebestregionalcollegesintheSouthbybothU.S.NewsandWorldReportandThePrincetonReview.Inadditiontotheir“TopTier”academicranking,AndersonUniversityhasbeenrecognizedbyU.S.NewsandWorldReportasoneofthetop35universitiesintheSouthwhosegraduatesaccumulatetheleastamountofeducationaldebt.
LocatedclosetoAndersonisoneofthecountry’smostselectivepublicresearchuniversities.ClemsonUniversityservesauniquelydrivenandhighlyaccomplishedstudentbody.Rankedasthe21stbestnationalpublicuniversitybyU.S.News&WorldReport,Clemsonisascienceandengineering-orientedcollegededicatedtoteaching,researchandservice.Foundedin1889,theyremaincommittedbothtoworld-classresearchandahighqualityoflife.Infact,91percentoftheirseniorssaythey’dpickClemsonagainiftheyhadittodoover.Clemson’sretentionandgraduationratesrankamongthehighestinthecountryforpublicuniversities.They’vebeennamedamongthebestvaluesbyKiplingermagazinein2013,andSmartMoneyin2012rankedusNo.7instudentreturnoninvestment.Thebeautifulcollegecampussitson1,400acresinthefoothillsoftheBlueRidgeMountains,alongtheshoresofHartwellLake.TheyalsohaveresearchfacilitiesandeconomicdevelopmenthubsthroughoutthestateofSouthCarolina—inGreenville,Greenwood,ColumbiaandCharleston.
Demographics
The following pages detail the demographic data for this market
withina1-mile,3-mile,and5-mileradius.
Executive Summary1520 E Greenville St, Anderson, South Carolina, 29621 Prepared by J. Tyson GlasserRings: 1, 3, 5 mile radii Latitude: 34.527306557
Longitude: -82.63644374
1 mile 3 miles 5 milesPopulation
2000 Population 5,565 34,063 59,158
2010 Population 7,234 37,761 66,696
2013 Population 7,317 38,866 68,549
2018 Population 7,454 40,190 71,090
2000-2010 Annual Rate 2.66% 1.04% 1.21%
2010-2013 Annual Rate 0.35% 0.89% 0.85%
2013-2018 Annual Rate 0.37% 0.67% 0.73%2013 Male Population 43.2% 46.0% 47.1%2013 Female Population 56.8% 54.0% 52.9%2013 Median Age 35.8 38.2 38.7
In the identified area, the current year population is 68,549. In 2010, the Census count in the area was 66,696. The rate of change since2010 was 0.85% annually. The five-year projection for the population in the area is 71,090 representing a change of 0.73% annually from2013 to 2018. Currently, the population is 47.1% male and 52.9% female.
Median Age
The median age in this area is 38.7, compared to U.S. median age of 37.3.
Race and Ethnicity2013 White Alone 80.7% 64.5% 65.7%
2013 Black Alone 14.9% 30.1% 28.8%2013 American Indian/Alaska Native Alone 0.2% 0.3% 0.3%2013 Asian Alone 1.4% 1.2% 1.2%2013 Pacific Islander Alone 0.0% 0.0% 0.0%2013 Other Race 1.0% 1.9% 2.1%2013 Two or More Races 1.7% 1.9% 1.9%2013 Hispanic Origin (Any Race) 3.5% 4.6% 4.7%
Persons of Hispanic origin represent 4.7% of the population in the identified area compared to 17.4% of the U.S. population. Persons ofHispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be fromdifferent race/ethnic groups, is 53.1 in the identified area, compared to 62.1 for the U.S. as a whole.
Households
2000 Households 2,190 14,004 23,9322010 Households 2,865 15,485 26,9112013 Total Households 2,905 15,926 27,6372018 Total Households 2,970 16,462 28,6442000-2010 Annual Rate 2.72% 1.01% 1.18%2010-2013 Annual Rate 0.42% 0.87% 0.82%2013-2018 Annual Rate 0.44% 0.66% 0.72%2013 Average Household Size 2.15 2.31 2.39
The household count in this area has changed from 26,911 in 2010 to 27,637 in the current year, a change of 0.82% annually. The five-yearprojection of households is 28,644, a change of 0.72% annually from the current year total. Average household size is currently 2.39,compared to 2.39 in the year 2010. The number of families in the current year is 17,918 in the specified area.
February 07, 2014
©2014 Esri Page 1 of 2
Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.
Executive Summary1520 E Greenville St, Anderson, South Carolina, 29621 Prepared by J. Tyson GlasserRings: 1, 3, 5 mile radii Latitude: 34.527306557
Longitude: -82.63644374
1 mile 3 miles 5 milesMedian Household Income
2013 Median Household Income $44,680 $33,391 $36,2202018 Median Household Income $51,250 $40,635 $44,2272013-2018 Annual Rate 2.78% 4.00% 4.08%
Average Household Income
2013 Average Household Income $61,620 $52,773 $53,6722018 Average Household Income $74,391 $61,464 $62,2992013-2018 Annual Rate 3.84% 3.10% 3.03%
Per Capita Income
2013 Per Capita Income $25,365 $22,026 $21,8412018 Per Capita Income $30,375 $25,546 $25,2702013-2018 Annual Rate 3.67% 3.01% 2.96%
Households by Income
Current median household income is $36,220 in the area, compared to $51,314 for all U.S. households. Median household income isprojected to be $44,227 in five years, compared to $59,580 for all U.S. households
Current average household income is $53,672 in this area, compared to $71,842 for all U.S households. Average household income isprojected to be $62,299 in five years, compared to $83,667 for all U.S. households
Current per capita income is $21,841 in the area, compared to the U.S. per capita income of $27,567. The per capita income is projected tobe $25,270 in five years, compared to $32,073 for all U.S. households Housing
2000 Total Housing Units 2,352 15,861 26,6712000 Owner Occupied Housing Units 1,226 8,185 15,6352000 Owner Occupied Housing Units 964 5,820 8,2972000 Vacant Housing Units 162 1,856 2,739
2010 Total Housing Units 3,160 17,977 30,7912010 Owner Occupied Housing Units 1,540 8,530 16,2352010 Renter Occupied Housing Units 1,325 6,955 10,6762010 Vacant Housing Units 295 2,492 3,880
2013 Total Housing Units 3,209 18,428 31,4202013 Owner Occupied Housing Units 1,509 8,552 16,2972013 Renter Occupied Housing Units 1,396 7,374 11,3402013 Vacant Housing Units 304 2,502 3,783
2018 Total Housing Units 3,294 19,076 32,5502018 Owner Occupied Housing Units 1,524 8,869 17,0072018 Renter Occupied Housing Units 1,446 7,592 11,6382018 Vacant Housing Units 324 2,614 3,906
Currently, 51.9% of the 31,420 housing units in the area are owner occupied; 36.1%, renter occupied; and 12.0% are vacant. Currently, inthe U.S., 56.4% of the housing units in the area are owner occupied; 32.3% are renter occupied; and 11.3% are vacant. In 2010, therewere 30,791 housing units in the area - 52.7% owner occupied, 34.7% renter occupied, and 12.6% vacant. The annual rate of change inhousing units since 2010 is 0.90%. Median home value in the area is $118,238, compared to a median home value of $177,257 for the U.S.In five years, median value is projected to change by 4.47% annually to $147,157.
February 07, 2014
©2014 Esri Page 2 of 2
Data Note: Income is expressed in current dollarsSource: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. Esri converted Census 2000 data into 2010 geography.