BANDERA TRAILS SHOPPING CENTER HELOTES, TX
PRICING & FINANCIAL ANALYSIS
BANDERA TRAILS SHOPPING CENTER
FINANCIAL ANALYSIS
Bandera Trails Shopping Center 11820 Bandera Road Helotes, TX 78023
Offering Summary Price Cap Rate Net Operating Income Price PSF Occupancy Gross Leasable Area Lot Size
8.47% $784,273 $151.86 100% 1999
PROPERTY DESCRIPTION
Year Built
$9,255,000
60,748 SF 6.11 Acres
MARKET OVERVIEW
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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PRICING & FINANCIAL ANALYSIS
Base Rent - Occupied Space
PSF
(100%)
$848,860
$13.97
(0%)
$0
$0.00
$848,860
$13.97
$282,828
$4.66
$6,700
$0.11
$102,034
$1.68
$0
$0.00
$391,562
$6.45
$1,240,422
$20.42
($62,021)
($1.02)
$1,178,401
$19.40
($282,828)
($4.66)
($6,700)
($0.11)
($104,600)
($1.72)
$0
$0.00
($394,128)
($6.49)
Base Rent - Vacant Space GROSS POTENTAL RENT Exp. Reimb. Real Estate Taxes Insurance CAM Mgmt. Fee Total Exp. Reimb. GROSS POTENTIAL INCOME Vacancy Factor
5.00%
EFFECTIVE GROSS INCOME
Expenses
Current
PSF
$282,828
$4.66
$6,700
$0.11
Contract Services
$30,000
$0.49
R&M
$45,250
$0.74
Utilities
$25,750
$0.42
Admin./Misc.
$3,600
$0.06
$104,600
$1.72
$0
$0.00
$394,128
$6.49
Real Estate Taxes Insurance CAM
Total CAM Management Fee (% of GPI)
TOTAL EXPENSES
0.00%
PROPERTY DESCRIPTION
Current
FINANCIAL ANALYSIS
Income & Expenses
BANDERA TRAILS SHOPPING CENTER
Expenses Real Estate Taxes Insurance CAM Mgmt. Fee (% of GPI)
0.00%
Total Expenses
NET OPERATING INCOME
$784,273 MARKET OVERVIEW
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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RENT ROLL
BANDERA TRAILS SHOPPING CENTER
Tenant
Sq Ft
% of Sq Ft
Start
End
Annual Rent
PSF
Escalation Date
Escalation Amount
Options
Lease Type
101
Trinity Title of Texas
5,582
9.2%
2/1/2015
7/31/2017
$139,550
$25.00
-
-
-
NNN
105
Gold's Gym
44,398
73.1%
11/1/2006
10/31/2021
$537,022
$12.15
11/1/2021
$12.50
3x5
NNN
110
Bandera Salon
10,768
17.7%
10/23/2013
10/31/2028
$172,288
$16.00
11/1/2018
$17.00
2x5
NNN
Occupied
60,748
100.0%
0
0.0%
60,748
100.0%
Vacant Total
FINANCIAL ANALYSIS
Suite
$851,274
Lease notes: Trinity Title currently pays $139,550 plus NNN through lease expiration of 7/31/17
PROPERTY DESCRIPTION MARKET OVERVIEW
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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TENANT INFORMATION
BANDERA TRAILS SHOPPING CENTER
Tenant Overview Tenant Ownership Years In Business Headquarters Website
Gold’s Gym International, Inc. Private 51 Years
PROPERTY DESCRIPTION
Number of Locations
700 + Dallas, TX www.goldsgym.com
Tenant Overview Tenant Ownership Years In Business Number of Locations Headquarters Website
Trinity Title of Texas
MARKET OVERVIEW
In April 2005, a partnership was formed between Trinity Title of Texas, LLC and ET Investments, Inc. ET Investments owns and operates title agencies in Colorado, Nevada, Arizona and Texas. This partnership was made possible because of the similar business cultures, ethical beliefs and moral values between the two companies. Initially, Trinity was licensed in Travis, Hays and Williamson Counties. In 2009, Trinity expanded its operations into the greater San Antonio area and most recently to Dallas/ Fort Worth.
FINANCIAL ANALYSIS
Gold’s Gym International, Inc. is an American chain of international coed fitness centers originally started in California by Joe Gold. Each gym features a wide array of exercise equipment, group exercise classes and personal trainers to assist clients. Gold’s Gym has a membership of more than three and a half million, split almost equally between male and female patrons. Its headquarters are in Dallas, Texas.
Private 11 Years 25 San Antonio, TX www.trinitytitletx.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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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INVESTMENT HIGHLIGHTS
BANDERA TRAILS SHOPPING CENTER
FINANCIAL ANALYSIS
• 100% Occupied 3 Tenant Net Lease Retail Center Anchored by Gold’s Gym • 91% of the Center Renewed Early with 2028 Expirations • Shadow to Home Depot & Across the Street from HEB Plus!, Target and Lowe’s Home Improvement
PROPERTY DESCRIPTION
• Located on at the NW Corner of Loop 1604 & Bandera Rd • Surrounding National Retailers Include Home Depot, Target, HEB, Lowe’s, Kohl’s, Old Navy, Pier 1 Imports, Ross, TJ Maxx, PetSmart, Mattress Firm, Starbucks, Chick-Fil-A and Whataburger as well as Many Others • Population within a 5-Mile Radius Exceeds 216,000 - Increased by more than 71% Since 2000 • Average Household Income 3-Mile Radius is over National Average
MARKET OVERVIEW
• High Traffic Area with Traffic Counts Exceed 102,000 & 37,500 Vehicles per Day on N Loop 1604 & Bandera Rd Respectively
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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AERIAL MAP
BANDERA TRAILS SHOPPING CENTER
P
FINANCIAL ANALYSIS
4
W
60
1
O
A B N
N
LO
D D
R
PROPERTY DESCRIPTION
A ER Henry Steubing Elementary School
MARKET OVERVIEW
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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LOCAL MAP
BANDERA TRAILS SHOPPING CENTER
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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REGIONAL MAP
BANDERA TRAILS SHOPPING CENTER
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
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MARKET SUMMARY
BANDERA TRAILS SHOPPING CENTER
FINANCIAL ANALYSIS PROPERTY DESCRIPTION
SAN ANTONIO, TX
The city has characteristics of other western urban centers in which there are sparsely populated areas and a low density rate outside of the city limits. San Antonio is the center of the San Antonio–New Braunfels Metropolitan Statistical Area. Commonly referred to as Greater San Antonio, the metropolitan area has a population of over 2.27 million based on the 2013 US Census estimate, making it the 25th-
largest metropolitan area in the United States and third-largest in the state of Texas. Growth along the Interstate 35 and Interstate 10 corridors to the north, west and east make it likely that the metropolitan area will continue to expand. The US armed forces have numerous facilities in San Antonio: Fort Sam Houston, Lackland Air Force Base, Randolph Air Force Base (which constitute Joint Base San Antonio), and Lackland AFB/Kelly Field Annex, with Camp Bullis and Camp Stanley located outside the city. Kelly Air Force Base operated out of San Antonio until 2001, when the airfield was transferred to Lackland AFB. The remaining portions of the base were developed as Port San Antonio, an industrial/business park. San Antonio is home to six Fortune 500 companies and the South Texas Medical Center, the only medical research and care provider in the South Texas region.
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2015 Vitorino Group
MARKET OVERVIEW
San Antonio (Spanish for “Saint Anthony”), officially the City of San Antonio, is the seventh most populated city in the United States of America and the second most populated city in the state of Texas, with a population of 1,409,019. It was the fastest growing of the top 10 largest cities in the United States from 2000 to 2010, and the second from 1990 to 2000. The city is located in the American Southwest, the south–central part of Texas, and the southwestern corner of an urban region known as the Texas Triangle.
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DEMOGRAPHIC SUMMARY
BANDERA TRAILS SHOPPING CENTER
Geography: 5 miles
FINANCIAL ANALYSIS
Population In the identified area, the 2016 population was 216,831. The rate of change since 2000 was 71.70%. The five-year projection for the population in the area was 236,405 representing a change of 9.03% from 2016 to 2021. The 2016 population was 48.6% male and 51.4% female. The median age in this area was 32.8, compared to the U.S. median age of 38.0.
Households There were 75,786 households in your selected georgraphy in 2016. The number of households changed by 75.03% since 2000. It is estimated that the number of households in your area will be 82,379 in 2021, which represents a change of 8.70% in five years. The average household size in your area was 2.81 persons.
Income PROPERTY DESCRIPTION
In 2016, the median household income for your selected georgraphy was $70,028, compared to the Entire U.S. average, which was $54,149. It is estimated that the median household income in your area will be $78,348 in 2021, which represents a change of 11.88% in five years. The 2016 per capita income in your area was $29,936, compared to the Entire U.S. average, which was $29,472. The 2016 average household income in your area was $84,303, compared to the Entire U.S. average, which was $77,008.
Race and Ethnicity The 2016 racial makeup of your selected area was as follows: 73.5% White, 6.0% Black, 0.6% Native American and 5.5% Asian/Pacific Islander. Compare these to the Entire U.S. Averages which were: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin made up 52.2% of the 2016 population in your selected area. Compare this to the Entire U.S. average of 17.9%.
Housing MARKET OVERVIEW
In 2016, there were 51,029 owner occupied housing units in your area and there were 24,757 renter occupied housing units in your area. Median home value in the area was $170,971, compared to a median home value of $198,891 for the U.S.
Employment In 2016, there were 108,351 employees in your selected area, this is also known as the daytime population. 71.4% of employees were employed in white-collar occupations in this geography, and 12.0% were employed in blue-collar occupations. In 2016, unemployment in this area was 4.1%. Demographic data Š 2016 esri 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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2015 Vitorino Group
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DEMOGRAPHIC STATISTICS
BANDERA TRAILS SHOPPING CENTER 1 Mile
3 Miles
5 Miles
Income
1 Mile
3 Miles
5 Miles
2000 Population
4,502
52,134
126,282
$ 0 - $14,999
6.0%
6.1%
8.8%
2010 Population
8,803
86,061
195,174
$ 15,000 - $24,999
4.2%
4.4%
5.8%
2016 Population
9,396
94,525
216,831
$ 25,000 - $34,999
5.2%
5.4%
7.1%
2021 Population
10,164
103,247 236,405
$ 35,000 - $49,999
9.8%
9.7%
11.7%
$ 50,000 - $74,999
21.5%
19.0%
19.4%
$ 75,000 - $99,999
15.5%
17.7%
17.0%
$100,000 - $149,999
22.7%
23.6%
19.5%
9.6%
7.9%
6.1%
1 Mile
3 Miles
5 Miles
$200,000 +
5.3%
6.1%
4.6%
2000 Households
1,464
16,951
43,299
2016 Median Household Income
$78,956
$81,005
$70,028
2010 Households
3,183
29,373
68,851
2016 Per Capita Income
$32,612
$32,737
$29,936
2016 Households
3,391
31,976
75,786
2016 Average Household Income
$94,176
$95,638
$84,303
2021 Households
3,672
34,758
82,379
2016 Daytime Population
4,947
47,459
108,351
2.77
2.95
2.81
2010 Owner Occupied Housing Units
69.4%
76.1%
67.4%
2010 Renter Occupied Housing Units
26.1%
20.4%
28.0%
2010 Vacant
4.5%
3.6%
4.6%
2016 Owner Occupied Housing Units
66.8%
73.9%
65.0%
2016 Renter Occupied Housing Units
29.9%
23.5%
31.6%
3.3%
2.6%
3.4%
2021 Owner Occupied Housing Units
65.9%
73.5%
64.5%
2021 Renter Occupied Housing Units
30.8%
23.9%
32.1%
3.3%
2.6%
3.3%
2016 Average Household Size
2016 Vacant
Traffic Counts
102,158
MARKET OVERVIEW
2021 Vacant
PROPERTY DESCRIPTION
$150,000 - $199,999 Households
FINANCIAL ANALYSIS
Population
37,536
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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2015 Vitorino Group
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CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Vitorino Group and it should not be made available to any other person or entity without the written consent of Vitorino Group. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Vitorino Group. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Vitorino Group has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Vitorino Group has not verified, and will not verify, any of the information contained herein, nor has Vitorino Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE VITORINO GROUP AGENT FOR MORE DETAILS.
Net Lease Disclaimer Vitorino Group hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, the Vitorino Group has not and will not verify any of this information, nor has the Vitorino Group conducted any investigation regarding these matters. The Vitorino Group makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. The Vitorino Group expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release The Vitorino Group and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
B
Information About Brokerage Services
efore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an
intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
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