NORTHVIEW CONCOURSE SAN ANTONIO, TX
PRI CING & F INAN CI AL AN ALYSI S
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
Northview Concourse 7101-7123 San Pedro Ave San Antonio, TX 78216
OFFERING SUMMARY Price Cap Rate Net Operating Income
$6,150,000 7.40% $454,912
Price PSF
$199.65
Occupancy
100.0%
Year Built
1975
Gross Leasable Area
30,804 SF
Lot Size
3.35 Acres
F I N A N C I A L A N A LY S I S
2
PRI CING & F INAN CI AL AN ALYSI S
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space GROSS POTENTIAL RENT
CURRENT 100%
PSF
EXPENSES
CURRENT
PSF
Real Estate Taxes
$138,227
$4.49
$24,537
$0.80
$299
$0.01
$1,090
$0.04
Gen Building maint & repairs
$146
$0.00
$482,876
$15.68
Insurance
$482,876
$15.68
CAM Debris Hauling
Expense Reimbursements
Ext Lighting Repairs
Real Estate Tax Recoveries
$138,227
$4.49
Insurance Recoveries
$17,795
$0.58
Landscaping - Fertilizer
$888
$0.03
CAM Recoveries
$33,624
$1.09
Landscaping - Maint
$4,211
$0.14
Management Recoveries
$22,402
$0.73
Painting Touchup
$135
$0.00
Total Expense Reimbursements
$212,049
$6.88
Parking Lot Repairs
$7,496
$0.24
EFFECTIVE GROSS REVENUE
$694,930
$22.56
Parking Lot Sweeping
$1,920
$0.06
Porter Service
$5,838
$0.19
Pressure Washing
$1,271
$0.04
Operating Expenses Total Insurance
$24,537
$0.80
Roof Repairs
$6,158
$0.20
Total Real Estate Taxes
$138,227
$4.49
Security
$1,786
$0.06
Total CAM
$46,363
$1.51
Window Cleaning
$217
$0.01
Management Fee
$30,890
$1.00
Electric - Building
$6,368
$0.21
Total Recoverable Expenses
$240,017
$7.79
Electric - Parking Area
$3,897
$0.13
Net Operating Income
$454,912
$14.77
Gas
$220
$0.01
Sewer
$1,791
$0.06
Water - Building
$1,828
$0.06
Water - Irrigation
$805
$0.03
Total CAM
$46,363
$1.51
Management Fee
$30,890
$1.00
Total Expenses
$240,017
$7.79
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 Tenant
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
San Antonio Premier Internal
7101 A
2,400
7.79%
04/21
04/26
$43,200
$3,600
$18.00
$18,700
$7.79
$61,900
8.91%
Flower Forrest
7101B
2,400
7.79%
03/09
02/22
$47,139
$3,928
$19.64
$18,700
$7.79
$65,839
9.47%
Connect Hearing
7103A
1,800
5.84%
12/07
11/25
$37,800
$3,150
$21.00
$14,025
$7.79
$51,825
7.46%
Master Lease
7103B
2,150
6.98%
06/21
05/22
$43,000
$3,583
$20.00
$16,752
$7.79
$59,752
8.60%
Red Wing Shoes
7105
2,000
6.49%
04/05
09/25
$31,518
$2,627
$15.76
$15,584
$7.79
$47,102
6.78%
Bird's Pro Mart
7107
3,000
9.74%
01/03
11/22
$55,729
$4,644
$18.58
$23,375
$7.79
$79,104
11.38%
The UPS Store
7113
1,980
6.43%
02/09
01/24
$34,650
$2,888
$17.50
$15,428
$7.79
$50,078
7.21%
Wireless Gallery
7119
3,050
9.90%
10/18
12/23
$48,540
$4,045
$15.91
$23,765
$7.79
$72,305
10.40%
H&R Block
7123
3,560
11.56%
06/97
04/24
$56,832
$4,736
$15.96
$27,739
$7.79
$84,571
12.17%
Club 12
T102
8,464
27.48%
05/91
12/31
$84,468
$7,039
$9.98
$37,981
$4.49
$122,449
17.62%
Total Count/GLA
10
30,804
100%
Totals
$482,876
$40,240
$694,925
100.00%
Occupied
10
30,804
100.0%
Available
0
0
0.0%
$15.68
30,804
100.0%
Total Avg Rent
$212,049
F I N A N C I A L A N A LY S I S
4
E S TI MATED REIMBUR SEMEN T R EVEN U E
Tenant
Suite
SQ FT
% of SQFT
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
Real Estate Taxes
Insurance
CAM
Management Fee
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
San Antonio Premier
7101 A
2,400
7.79%
$897
$4.49
$159
$0.80
$301
$1.51
$201
$1.00
$1,558
$7.79
Flower Forrest
7101B
2,400
7.79%
$897
$4.49
$159
$0.80
$301
$1.51
$201
$1.00
$1,558
$7.79
Connect Hearing
7103A
1,800
5.84%
$673
$4.49
$119
$0.80
$226
$1.51
$150
$1.00
$1,169
$7.79
Master Lease
7103B
2,150
6.98%
$804
$4.49
$143
$0.80
$270
$1.51
$180
$1.00
$1,396
$7.79
Red Wing Shoes
7105
2,000
6.49%
$748
$4.49
$133
$0.80
$251
$1.51
$167
$1.00
$1,299
$7.79
Bird's Pro Mart
7107
3,000
9.74%
$1,122
$4.49
$199
$0.80
$376
$1.51
$251
$1.00
$1,948
$7.79
The UPS Store
7113
1,980
6.43%
$740
$4.49
$131
$0.80
$248
$1.51
$165
$1.00
$1,286
$7.79
Wireless Gallery
7119
3,050
9.90%
$1,141
$4.49
$202
$0.80
$383
$1.51
$255
$1.00
$1,980
$7.79
H&R Block
7123
3,560
11.56%
$1,331
$4.49
$236
$0.80
$447
$1.51
$297
$1.00
$2,312
$7.79
Club 12
T102
8,464
27.48%
$3,165
$4.49
$0
$0.00
$0
$0.00
$0
$0.00
$3,165
$4.49
30,804
100%
$11,519
Totals
$1,483
$2,802
$1,867
$17,671
PROPERTY DESCRIPTION
5
L E A SE PROVIS ION S
Tenant
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
Suite
SQ FT
Base Rental Increases Date
User Restrictions & Exclusive Rights
Renewal Options
Sales Reporting
PSF
Options
Date
PSF
18.54 19.10 19.67
1x5
4/24/2021
FMV
-
San Antonio Premier Internal
7101 A
4/24/2023 2,400 4/24/2024 4/24/2025
Flower Forrest
7101B
2,400
-
-
2x5
3/1/2022 3/1/2027
19.36 21.30
Yes, Annually
Connect Hearing
7103A
1,800
-
-
-
-
-
Yes, Annually
Master Lease
7103B
2,150
-
-
-
-
-
-
Red Wing Shoes
7105
2,000
7/1/2022 7/1/2023 7/1/2024
16.07 16.40 16.72
1x5
10/1/2025
FMV
Yes, Annually
Bird's Pro Mart
7107
3,000
12/1/2021
19.13
1x5
12/1/2022
3% annual bumps
-
The UPS Store
7113
1,980
-
-
-
-
-
Wireless Gallery
7119
3,050
1/1/2022 1/1/2023
16.39 16.89
-
-
-
Yes, Annually
H&R Block
7123
3,560
5/1/2022
16.44
-
-
-
-
Club 12
T102
8,464
1/1/2025 1/1/2028
10.80 11.46
-
-
-
-
Exclusive private postal service, mail box rental, packaging, shipping services, photocopying, and related services
-
F I N A N C I A L A N A LY S I S
6
TE NA NT INF ORMAT I ON
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
DBA
H&R Block
Entity on Lease
H&R Block of South Texas, Inc
Locations
12,000+ Locations
Public/Private
Public
Line of Business
H&R Block is an American tax preparation company operating in Canada, the United States and Australia. The company was founded in 1955 by brothers Henry Bloch and Richard Bloch. As of 2019, H&R Block operates approximately 12,000 retail offices staffed by tax professionals worldwide
DBA
The UPS Store
Entity on Lease
Daystar Ventures 2 LLC
Locations
5,000+ Locations
Public/Private
Public
Line of Business
The UPS Store offers shipping, packaging, printing, shredding, notary services and postal services for individual consumers and small businesses. in 2019 and 2020, The UPS Store was ranked fifth overall among top franchise brands in Entrepreneur Magazine’s Franchise 500 List
PROPERTY DESCRIPTION
7
I N VE S TMENT HI GHLI GHT S
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
• Stabilized Retail Center in North San Antonio • Excellent Positioning off San Pedro Ave – Only Half a Mile from North Star Mall and 3 Miles from San Antonio International Airport • Densely Populated Area – Over 310,000 People in a 5-Mile Radius • Visible to over 30,000 Vehicles per Day on San Pedro Ave • Outstanding Tenant Longevity - 82% of the Tenants Have Been There for Over 11 Years • Staggered Lease Turnover • Complementary Mix of National and Local Credit Tenants • San Antonio is the 7th Largest City in the US • Surrounding
Retailers
Include
Target,
H-E-B,
Starbucks, Apple, Pandora, Shake Shack, Chipotle, Panda
Express,
Sonic,
Pizza
Hut,
T-Mobile,
McDonald’s, Dollar Tree, Big Lots & Many More
PROPERTY DESCRIPTION
8
S I T E PL A N
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
THAMES DR Monument Sign
T102
7123
Suite
Tenant
SQ FT
7101-A San Antonio Premier Medicine
2,400
7101-B Flower Forrest
2,400
7103-A Connect Hearing
1,800
7103-B Master Lease
2,150
7113 7107 7105 7103-B
SAN PEDRO AVE
7119
7103-A 7105
Red Wing Shoes
2,000
7107
Birds Pro-Mart
3,000
7113
The UPS Store #0344
1,980
7119
Wireless Gallery
3,050
7123
H&R Block #43023
3,560
T102
Club 12
8,464
7101-B 7101-A
PROPERTY DESCRIPTION
9
A E R I AL MA P
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
SAN ANTONIO INTERNATONAL AIPROT
SAN PEDRO AVE
30,309 VPD
PROPERTY DESCRIPTION
10
LO C AL MA P
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
PROPERTY DESCRIPTION
11
REG IONA L MA P
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
PROPERTY DESCRIPTION
12
M A R KET S U MMARY
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
San Antonio, TX
OVERVIEW San Antonio is the seventh-most populated city in the United States of America and the secondmost populated city in the state of Texas, with more than 1.5 million residents. From 2016 to 2017, San Antonio was the fastest growing city in the United StatesThe 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.
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 also home to U.S. Air Force Basic Military Training (AFBMT).
San Antonio is the center of the San Antonio– New Braunfels Metropolitan Statistical Area. Commonly called Greater San Antonio, the metro area has a population of 2,550,960 based on the 2019 U.S. census estimate, making it the 24th-largest metropolitan area in the United States and third-largest in 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.
San Antonio hosts over 100,000 students at over 30 institutions of higher education. Publicly supported schools include UT Health San Antonio, Texas A&M University–San Antonio, and the University of Texas at San Antonio (UTSA), San Antonio’s largest university.
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
Additionally, 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. San Antonio has a diversified economy with a gross domestic product of approximately $96.8 billion. This ranks the city fourth in Texas and 38th in the U.S.
PROPERTY DESCRIPTION
13
D E M OG RA PHIC STAT I ST I CS
N ORTH V IE W CO NCO U R SE - SAN ANTO NIO, T X
1 Mile
3 Mile
5 Mile
Population
1 Mile
3 Mile
5 Mile
Households:
2010 Population
12,083
110,311
310,653
2010 Households
5,052
44,374
130,341
2020 Population
13,698
122,945
352,428
2020 Households
5,562
48,891
145,602
2025 Population Projection
14,339
128,387
368,949
2025 Household Projection
5,792
50,910
151,907
Annual Growth 2010-2020
1.20%
1.00%
1.20%
Annual Growth 2010-2020
0.30%
0.50%
0.60%
Annual Growth 2020-2025
0.90%
0.90%
0.90%
Annual Growth 2020-2025
0.80%
0.80%
0.90%
Median Age
37.6
36.2
36.1
Owner Occupied
2,691
24,667
68,130
Bachelor's Degree or Higher
26%
27%
33%
Renter Occupied
3,101
26,243
83,777
18
348
3490
Avg Household Size
2.4
2.4
2.3
2
2
2
$143.6M
$1.3B
$3.9B
U.S. Armed Forces
Avg Household Vehicles
Population By Race
Total Consumer Spending
White
12,278
111,142
307,947
Black
619
5,241
20,466
American Indian/Alaskan Native
198
1,657
4,496
Avg Household Income
$69,069
$73,447
$76,571
Asian
254
2,324
10,981
Median Household Income
$55,429
$51,701
$53,638
25
151
576
< $25,000
1200
10,909
32,227
323
2,430
7,961
$25,000 - 50,000
1297
12,670
35,674
9,207
79,924
203,682
$50,000 - 75,000
1157
9,975
28,357
$75,000 - 100,000
801
5,206
16,079
Hawaiian & Pacific Islander Two or More Races Hispanic Origin
Housing Median Home Value Median Year Built
Demographic data © CoStar 2020
Income
$192,893
$190,897
$226,306
$100,000 - 125,000
430
2,982
9,960
1964
1966
1972
$125,000 - 150,000
314
1,742
5,864
$150,000 - 200,000
196
2,560
8,224
$200,000+
168
2,847
9,217
PROPERTY DESCRIPTION
14
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