FAMILY DOLLAR SHOPPING CENTER ODESSA, TX
PRI C I N G & FI N A NC IA L ANALYS IS
G R ANT AV E NU E C R O SSING
Family Dollar Shopping Center 1017 S Grant Ave Odessa, TX 79761
OFFERING SUMMARY Price Net Operating Income
$1,870,000 $210,541
Price PSF
$85.45
Occupancy
100.0%
Year Built Gross Leasable Area Lot Size
1962 21,885 SF 2.32 Acres
F I N A N C I A L A N A LY S I S
2
PRI C I N G & FI N A NC IA L ANALYS IS
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space
100%
G R ANT AV E NU E C R O SSING
CURRENT
PSF
$218,000
$9.96
Expense Reimbursements
EXPENSES
CURRENT
PSF
Real Estate Taxes
$10,150
$0.46
Insurance
$18,000
$0.82
$2,500
$0.11
Real Estate Taxes
$10,150
$0.46
Insurance
$18,000
$0.82
CAM
$2,500
$0.11
Total CAM
$2,500
$0.11
Total Expense Reimbursements
$30,650
$1.40
Management Fee
$7,460
$0.34
GROSS POTENTIAL INCOME
$248,650
$11.36
Total Expenses
$38,110
$1.74
EFFECTIVE GROSS REVENUE
$248,650
$11.36
Real Estate Taxes
($10,150)
($0.46)
Insurance
($18,000)
($0.82)
CAM
($2,500)
($0.11)
Management Fee
($7,460)
($0.34)
Total Recoverable Expenses
($38,110)
($1.74)
Net Operating Income
$210,541
$9.62
CAM General Maintenance
Operating Expenses
For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com
F I N A N C I A L A N A LY S I S
3
RE NT RO L L
Suite
G R ANT AV E NU E C R O SSING
Tenant
SQ FT
% of SQFT
Start
End
Annual Rent
PSF
Escalation Date
Escalation Amount
Options
Lease Type
1
Family Dollar
8,000
36.6%
10/1/2001 12/31/2026
$44,000
$5.50
1/1/2027
$6.00
1x5
NNN (Excl MGT)
2
Lucky Star
11,985
54.8%
3/1/2020
3/1/2023
$144,000
$12.02
-
-
-
NNN (Excl MGT)
3
Taco Don Che
1,900
8.7%
8/1/2017
3/1/2023
$30,000
$15.79
-
-
-
NNN (Excl MGT)
21,885
100.0%
$218,000
$9.96
0
0.0%
21,885
100.0%
Occupied Vacant Total
TE NA NT INF ORMAT I ON
Tenant
Family Dollar
Entity of Lease
Family Dollar Stores of Texas, L.P.
Corporate/Franchise
Corporate
Locations
Approximately 8,000 Locations Worldwide
Public/Private
Public, Subsidiary of Dollar Tree (NASDAQ: DLTR)
Website
www.familydollar.com
Line of Business
Family Dollar is an American variety store chain. With approximately 8,000 locations, it was the second largest retailer of its type in the United States until it was acquired by Dollar Tree in 2015. Family Dollar stores typically stock household cleaners, food, health and beauty aids, toys, apparel, home fashions and more. Many items are $1 or less, and most items sold by Family Dollar are priced below $10.
F I N A N C I A L A N A LY S I S
4
I N VE S TMENT HI GHLI GHT S
• Healthy Demographics: The Total Population within 5 Miles is 112,216 Residents with over 4% Population Growth in the Last Five Years, while the Average Household Income within 3 Miles is over $83,000.
G R ANT AV E NU E C R O SSING
SNAPSHOT
• 1,900 SF Hard Corner Restaurant Building Included in Sale: Tenant has been Operating at this Location since 2017 and Recently renewed Its Lease for an Additional Two Years. • Surrounding National Retailers: Within Close Proximity of the Property are National Credit Tenants like Stripes, Lowe’s Market, NAPA Auto Parts, Starbucks, Walgreens, Torchy’s Tacos, Texas Home Health, U-Haul and Many, Many More.
13,928
$83,327
Estimated Vehicle Per Day
Average Household Income
• Below Market Rents and Well Below Replacement Cost: The Property Currently Collects between $5 psf to $15 psf in Rents and is Being Sold for $85.45 psf.
13.36%
112,216
• Thoroughfare Frontage: The Property is Situated on 2.32 Acres Along Grant Ave, a Major Thoroughfare Connecting Downtown Odessa to Interstate 20.
Population Growth 2010-2020
Population: 5 Mile Radius
• Family Dollar Longevity: Family Dollar has Operated at this Location for Nearly 20 Years and has over Five years Remaining on Its Current Lease with Renewal Option(s) in 2027. • Traffic Counts: An Average of 13,672 Vehicles Per Day Pass This Property Along Grant Ave.
PROPERTY DESCRIPTION
5
S I T E PL A N
G R ANT AV E NU E C R O SSING
MUSKING
AN
UM AVE
GR VE TA
PROPERTY DESCRIPTION
6
A E R I AL MA P
G R ANT AV E NU E C R O SSING
SAN JACINTO ELEM. SCHOOL LAMAR EARLY EDUCATION AUSTIN ELEMENTARY SCHOOL
ODESSA HIGH SCHOOL
H 8T
ST
GR AN
VP
D
MILAM ELEMENTARY SCHOOL
13
CO U
, 92 8V PD
NTR
,5
05
VP
D
Y RD 46
CAMERON ELEMENTARY SCHOOL
75
VE TA
,0 22
BLACKSHEAR CARVER ELEMENTARY EARLY SCHOOL EDUCATION
ZAVALA ELEMENTARY SCHOOL
ECTOR COLLEGE PREP SUCCESS ACADEMY
TRAVIS MAGNET ELEMENTARY SCHOOL
MARKET OVERVIEW
7
A E R I AL MA P
G R ANT AV E NU E C R O SSING
M USK INGU
AVE
E M AV
GR A NT
MARKET OVERVIEW
8
LO C AL MA P
G R ANT AV E NU E C R O SSING
MARKET OVERVIEW
9
REG IONA L MA P
G R ANT AV E NU E C R O SSING
MARKET OVERVIEW
10
M A R KET S U MMARY
G R ANT AV E NU E C R O SSING
Odessa, TX
OVERVIEW Odessa is a city in and the county seat of Ector County, Texas. It is located primarily in Ector County, although a small section of the city extends into Midland County. Odessa is located along the southwestern edge of the Llano Estacado in West Texas, approximately 250 miles from El Paso and 280 miles from both Austin and San Antonio. Odessa is situated above the Permian Basin, a large sedimentary deposit that contains significant reserves of oil and natural gas. Odessa’s population sits at an estimated 129,928 residents as of early 2021, making it the 28th-most populous city in Texas. Odessa is the principal city of the Odessa metropolitan statistical area, which includes all of Ector County. The metropolitan area is also a component of the larger Midland– Odessa combined statistical area, which had a 2020 population estimate of 349,005. Odessa was founded in 1881 as a water stop and cattleshipping point on the Texas and Pacific Railway. It was incorporated as a city in 1927, after oil was discovered in Ector County on the Connell Ranch southwest of
Odessa. With the opening of the Penn Field in 1929, and the Cowden Field in 1930, oil became a major draw for new residents. In 1925, the population was just 750; by 1929, it had risen to 5,000. For the rest of the 20th century, the city’s population and economy grew rapidly during each of a succession of oil booms (roughly in the 1930s–50s, 1970s, and 2010s). Historically, the Odessa economy has been primarily driven by the area’s oil industry. Many of the city’s largest employers are oilfield supply companies and petrochemical processing companies. In recent decades, city leaders have begun trying to decrease the city’s reliance on the energy industry to moderate the boom-bust cycle and develop greater economic sustainability. Odessa is also home to the University of Texas Permian Basin (UTPB) a public university that is part of the University of Texas System. It’s most recent enrollment was over 7,000 students and 250 teaching faculty.
MARKET OVERVIEW
11
D E M OG RA PHIC STAT I ST I CS
G R ANT AV E NU E C R O SSING
1 Mile
3 Mile
5 Mile
Population
1 Mile
3 Mile
5 Mile
Households:
2010 Population
9,473
55,870
98,989
2010 Households
3,108
19,201
35,935
2020 Population
10,510
62,545
112,216
2020 Households
3,380
21,011
39,854
2025 Population Projection
10,580
63,048
113,325
2025 Household Projection
3,395
21,123
40,154
Annual Growth 2010-2020
1.10%
1.20%
1.30%
Annual Growth 2010-2020
0.10%
0.30%
0.60%
Annual Growth 2020-2025
0.10%
0.20%
0.20%
Annual Growth 2020-2025
0.10%
0.10%
0.20%
Median Age
28.7
29.8
30.4
Owner Occupied
2,249
13,817
25,274
Bachelor's Degree or Higher
4%
8%
13%
Renter Occupied
1,132
7,194
14,580
0
37
37
Avg Household Size
3
2.9
2.7
Avg Household Vehicles
2
2
2
$70.8M
$495M
$972.3M
U.S. Armed Forces
Population by Race
Total Consumer Spending
White
8,756
55,786
99,934
Black
1,391
4,299
7,296
American Indian/Alaskan Native
198
965
1,674
Avg Household Income
$59,300
$75,564
$83,327
Asian
25
404
1,245
Median Household Income
$41,849
$56,201
$62,075
Hawaiian & Pacific Islander
42
212
320
< $25,000
882
4,091
6,833
Two or More Races
99
879
1,748
$25,000 - 50,000
987
5,192
8,991
8,968
45,299
70,304
$50,000 - 75,000
665
4,142
7,628
$75,000 - 100,000
320
2,557
5,656
Hispanic Origin
Housing Median Home Value Median Year Built
Demographic data © CoStar 2020
Income
$73,882
$121,562
$139,490
$100,000 - 125,000
215
1,963
3,857
1960
1960
1968
$125,000 - 150,000
106
939
1,876
$150,000 - 200,000
136
1,081
2,373
$200,000+
69
1,047
2,640
MARKET OVERVIEW
12
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 STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. 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 STRIVE. 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. STRIVE 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, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE 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 STRIVE AGENT FOR MORE DETAILS.
Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial 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. STRIVE 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 commercial 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 commercial 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 tenants 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 tenants 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 leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants 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 STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.
Information About Brokerage Services
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Regulated by the Texas Real Estate Commission
Information available at www.trec.texas.gov IABS 1-0
exclusively listed 469.844.8880
STRIVERE.COM