Spartanburg Corners - Spartanburg, SC by STRIVE

SPARTANBURG CORNERS SPARTANBURG, SC

PRICING & FINANCIAL ANALYSIS

SPAR TANB U R G CO R NE R S

Spartanburg Corners 200 Dawn Redwood Dr Spartanburg, SC 29307

OFFERING SUMMARY Price

$945,000

Current Net Operating Income

$11,322

Price PSF

$80.04

Pro forma Yield

14.35%

Pro forma Net Operating Income Occupancy Year Built Gross Leasable Area Lot Size

$135, 632 34.0% 2004 11,806 SF 1.02 Acres

F I N A N C I A L A N A LY S I S

PRICING & FINANCIAL ANALYSIS

SPAR TANB U R G CO R NE R S

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space

CURRENT 100%

GROSS POTENTIAL RENT

PSF

EXPENSES

CURRENT

PSF

$52,734

$4.47

Real Estate Taxes

$48,078

$4.07

$52,734

$4.47

Insurance

$4,994

$0.42

Cleaning

$1,309

$0.11

Building Services

$1,220

$0.10

Expense Reimbursements

CAM

CAM Recoveries

$2,537

$0.21

$452

$0.04

$1,698

$0.14

Utilities

$1,454

$0.12

Real Estate Tax Recoveries

$16,342

$1.38

Landscaping

$3,200

$0.27

Total Expense Reimbursements

$21,029

$1.78

General & Admin

$0.00

EFFECTIVE GROSS REVENUE

$73,760

$6.25

$7,183

$0.61

$2,183

$0.18

$62,438

$5.29

Management Fee Recoveries Insurance Recoveries

Operating Expenses

Management Fee

Total CAM Management Fee Total Insurance Total Real Estate Taxes Total Recoverable Expenses Net Operating Income

Total CAM

3.00%

$7,183

$0.61

$2,183

$0.18

$4,994

$0.42

$48,078

$4.07

$62,438

$5.29

$11,322

$0.96

Total Expenses

3.00%

F I N A N C I A L A N A LY S I S

RE NT RO L L

Tenant

SPAR TANB U R G CO R NE R S

Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Available

100

1,283

10.87%

$0.00

0.00%

Available

200

1,415

11.99%

$0.00

0.00%

Game Stop

300

1,571

13.31%

11/04

01/20

$17,292

$1,441

$11.01

$8,114

$5.16

$25,406

34.44%

Nails USA

400

1,221

10.34%

11/07

7/21

$20,790

$1,733

$17.03

$6,457

$5.29

$27,247

36.94%

Available

500

2,000

16.94%

$0.00

0.00%

K BBQ

600

1,221

10.34%

10/17

10/20

$14,652

$1,221

$12.00

$6,457

$5.29

$21,109

28.62%

Available

700

1,400

11.86%

$0.00

0.00%

Available

800

1,695

14.36%

$0.00

0.00%

Total Count/GLA

11,806

100%

$52,734

$4,395

$73,763

100.00%

Occupied

4,013

34.0%

Available

7,793

66.0%

$13.14

4,013

100.0%

Total Avg Rent

$21,029

F I N A N C I A L A N A LY S I S

ESTIMATED REIMBURSEMENT REVENUE

Tenant

Suite

SQ FT

CO LU M B IA CO R NE R S

% of SQFT

CAM

Management Fee

Insurance

Real Estate Taxes

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Available

100

1,283

10.87%

$0.00

Available

200

1,415

11.99%

$0.00

Game Stop

300

1,571

13.31%

$88

$0.67

$0.00

$55

$0.42

$533

$4.07

$676

$5.16

Nails USA

400

1,221

10.34%

$62

$0.61

$19

$0.18

$43

$0.42

$414

$4.07

$538

$5.29

Available

500

2,000

16.94%

$0.00

K BBQ

600

1,221

10.34%

$62

$0.61

$19

$0.18

$43

$0.42

$414

$4.07

$538

$5.29

Available

700

1,400

11.86%

$0.00

Available

800

1,695

14.36%

$0.00

11,806

100%

$211

TOTALS

$38

$141

$1,362

$1,752

F I N A N C I A L A N A LY S I S

PRO FORMA PRICING & FINANCIAL ANALYSIS

INCOME & EXPENSES Base Rent - Occupied Space

SPAR TANB U R G CO R NE R S

PRO FORMA 100%

PSF

EXPENSES

PRO FORMA

PSF

$146,250

$12.39

Real Estate Taxes

$48,078

$4.07

$146,250

$12.39

Insurance

$4,994

$0.42

CAM Recoveries

$7,279

$0.62

Cleaning

$1,309

$0.11

Management Fee Recoveries

$1,893

$0.16

Building Services

$1,220

$0.10

$4,994

$0.42

Utilities

$1,454

$0.12

Real Estate Tax Recoveries

$48,078

$4.07

Landscaping

$3,200

$0.27

Total Expense Reimbursements

$62,243

$5.27

General & Admin

$0.00

$198,070

$16.78

$7,183

$0.61

$2,183

$0.18

$7,183

$0.61

$62,438

$5.29

$2,183

$0.18

$4,994

$0.42

$48,078

$4.07

$62,438

$5.29

$135,632

$11.49

GROSS POTENTIAL RENT Expense Reimbursements

CAM

Insurance Recoveries

EFFECTIVE GROSS REVENUE Operating Expenses

Management Fee

Total CAM Management Fee Total Insurance Total Real Estate Taxes Total Recoverable Expenses Net Operating Income

Total CAM

1.10%

Total Expenses

1.10%

F I N A N C I A L A N A LY S I S

PRO F ORMA REN T R OLL

Tenant

Suite

SPAR TANB U R G CO R NE R S

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Lease Up

100

1,283

10.87%

$15,396

$1,283

$12.00

$6,785

$5.29

$22,181

10.64%

Lease Up

200

1,415

11.99%

$16,980

$1,415

$12.00

$7,483

$5.29

$24,463

11.73%

Game Stop

300

1,571

13.31%

11/04

01/20

$17,292

$1,441

$11.01

$8,114

$5.16

$25,406

12.19%

Nails USA

400

1,221

10.34%

11/07

07/21

$20,790

$1,733

$17.03

$6,457

$5.29

$27,247

13.07%

Lease Up

500

2,000

16.94%

$24,000

$2,000

$12.00

$10,577

$5.29

$34,577

16.58%

K BBQ

600

1,221

10.34%

10/17

10/20

$14,652

$1,221

$12.00

$6,457

$5.29

$21,109

10.12%

Lease Up

700

1,400

11.86%

$16,800

$1,400

$12.00

$7,404

$5.29

$24,204

11.61%

Lease Up

800

1,695

14.36%

$20,340

$1,695

$12.00

$8,964

$5.29

$29,304

14.06%

Total Count/GLA

11,806

100%

$146,250

$12,188

$208,493

100.00%

Occupied

11,806

100.0%

Available

0.0%

$12.39

11,806

100.0%

Total Avg Rent

$62,243

F I N A N C I A L A N A LY S I S

PRO F ORMA ES TI MAT ED R EN T R EI MB U RSE M ENTS

Tenant

Suite

SQ FT

% of SQFT

SPAR TANB U R G CO R NE R S

CAM

Management Fee

Insurance

Real Estate Taxes

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Lease Up

100

1,283

10.87%

$65

$0.61

$20

$0.18

$45

$0.42

$435

$4.07

$565

$5.29

Lease Up

200

1,415

11.99%

$72

$0.61

$22

$0.18

$50

$0.42

$480

$4.07

$624

$5.29

Game Stop

300

1,571

13.31%

$88

$0.67

$0.00

$55

$0.42

$533

$4.07

$676

$5.16

Nails USA

400

1,221

10.34%

$62

$0.61

$19

$0.18

$43

$0.42

$414

$4.07

$538

$5.29

Lease Up

500

2,000

16.94%

$101

$0.61

$31

$0.18

$71

$0.42

$679

$4.07

$881

$5.29

K BBQ

600

1,221

10.34%

$62

$0.61

$19

$0.18

$43

$0.42

$414

$4.07

$538

$5.29

Lease Up

700

1,400

11.86%

$71

$0.61

$22

$0.18

$49

$0.42

$475

$4.07

$617

$5.29

Lease Up

800

1,695

14.36%

$86

$0.61

$26

$0.18

$60

$0.42

$575

$4.07

$747

$5.29

11,806

100%

$607

TOTALS

$158

$416

$4,007

$5,187

F I N A N C I A L A N A LY S I S

TE NA NT INF ORMAT I ON

SPAR TANB U R G CO R NE R S

DBA

GameStop

Entity on Lease

GameStop, Inc

Corporate/Franchise

Corporate

Locations

7,100+

Credit Rating

Not Rated

Public/Private

NYSE: GME

Line of Business

GameStop is an American video game, consumer electronics, and wireless services retailer. The companyâ&#x20AC;&#x2122;s retail stores primarily operate under the GameStop, EB Games, ThinkGeek, and Micromania brands. In addition to retail stores, GameStop also owns Game Informer, a video game magazine; Simply Mac, an Apple products reseller; and Spring Mobile, an AT&T wireless reseller.

PROPERTY DESCRIPTION

I N VE S TMENT HI GHLI GHT S

• Walmart Center

Supercenter

SPAR TANB U R G CO R NE R S

Shadow-Anchored

Strip

• Extremely High Value-Add Opportunity with Lease Up of Existing Vacancy

• Quality Construction – Built in 2004

• Priced Significantly Below Replacement Cost

• Located in the Prime Retail Corridor of Spartanburg

• Surrounding National Retailers Include Walmart Supercenter, LIDL (newly constructed), The Home Depot, Dollar Tree, Verizon, Tractor Supply, McDonald’s, Wendy’s, and Many More.

PROPERTY DESCRIPTION

S I T E PL A N

SPAR TANB U R G CO R NE R S

GameStop

PROPERTY DESCRIPTION

A E R I AL MA P

SPAR TANB U R G CO R NE R S

N AI

PROPERTY DESCRIPTION

LO C AL MA P

SPAR TANB U R G CO R NE R S

PROPERTY DESCRIPTION

REG IONA L MA P

SPAR TANB U R G CO R NE R S

PROPERTY DESCRIPTION

M A R KET S U MMARY

SPAR TANB U R G CO R NE R S

Greenville, SC

OVERVIEW Situated in the foothills of the Blue Ridge Mountains, Greenville, South Carolina is located roughly equidistant between Atlanta (145 miles southwest), and Charlotte, North Carolina (100 miles northeast) and is the largest city and the county seat of Greenville County in the upstate region of South Carolina, in the United States. With an estimated population of 67,453 as of 2016, it is the sixth-largest city in the state. The population of the surrounding area was 400,492 as of 2010, making it the thirdlargest urban area in South Carolina as well as the fastest growing. Greenville was the 4th fastest growing city in the United States between 2015 and 2016, as ranked by the Census Bureau. Greenville is the largest city in the Greenville-Anderson-Mauldin Metropolitan Statistical Area. The MSA had a population of 884,975 in 2016, making it the largest in South Carolina and the third largest in The Carolinas. Greenville’s economy was formerly based largely on textile manufacturing, and the city was long known as “The Textile Capital of the World”. In the last few decades, favorable wages and tax benefits have

lured foreign companies to invest heavily in the area. Now, Greenville is the North American headquarters for Michelin, AVX Corporation, Ameco, CertusBank, and Scansource. 3M and Honeywell also have facilities located in Greenville. In addition, General Electric has a gas turbine, aviation and wind energy manufacturing operations and Lockheed Martin has an aircraft and logistics center in Greenville. Greenville has been named one of the “Top 100 Arts Small Towns in the United States”. Greenville’s theaters and event venues regularly host major concerts and touring theater companies. Four independent theaters present several plays a year. A number of local artists operate studios and galleries in the city, especially the Village of West Greenville near downtown. The Metropolitan Arts Council and Upstate Visual Arts provide a number of public events that focus on the visual arts, including the First Fridays Art Walk, Greenville Open Studios, and the West Greenville Arts Festival. Greenville is also home to a thriving social dance scene with regular social dances held weekly.

PROPERTY DESCRIPTION

D E M OG RA PHIC STAT I ST I CS

SPAR TANB U R G CO R NE R S

1 MILE

3 MILE

5 MILE

3,295 3,168 3,190 4.01% -0.69% 86

27,155 26,009 25,605 4.41% 1.58% 1,139

66,563 63,404 60,210 4.98% 5.30% 2,740

2,381 693 2 50 7 35 0

20,248 4,927 74 351 22 387 0

38,830 21,929 189 1,398 30 1,028 9

1,559 1,497 1,506 4.14% -0.60% 793 704 $69,616 $44,816

12,153 11,630 11,461 4.50% 1.47% 7,210 4,420 $73,488 $48,572

27,378 26,034 24,712 5.16% 5.35% 15,263 10,771 $58,324 $38,759

349 510 248 87 88 70 61 85

2,901 3,085 2,260 1,079 601 368 502 833

8,591 7,157 4,489 2,110 1,297 664 692 1,036

Population: 2023 Projection 2018 Estimate 2010 Census Growth 2018-2023 Growth 2010-2018 2018 Population Hispanic Origin

2018 Population by Race: White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:

Households: 2023 Projection 2018 Estimate 2010 Census Growth 2018 - 2023 Growth 2010 - 2018 Owner Occupied Renter Occupied 2018 Avg Household Income (National Avg - $75,558) 2018 Med Household Income (National Avg - $53,889)

2018 Households by Household Inc: <$25,000 $25,000 - $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $125,000 $125,000 - $150,000 $150,000 - $200,000 $200,000+ Demographic data Â© CoStar 2018

PROPERTY DESCRIPTION

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 tenantâ&#x20AC;&#x2122;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: ӽӽ that the owner will accept a price less than the written asking price; ӽӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽӽ 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