Aarons Rents - N News, VA

AARON’S RENTS w/ Small Retail Shop
PURCHASE PRICE: $1,694,907
(CAP RATE 7.50%)
*Actual location is shown
Richmond, VA
700 J. Clyde Morris Blvd, Newport News, VA
Purchase Price:
$1,694,907
(Includes Aaron’s plus Retail Space)
Projected
NOI:
$127,118
(with Aaron’s & 2,660 SF of
retail shops 100% Leased)
Tenants:
Aaron’s Rents — 8,780 SF
Tenant #1 (Vacant) — 2,660 SF
Projected
Gross Income:
$131,640
(with Aaron’s & 2,660 SF
retail shop 100% Leased)
Projected
Operating
Expenses:
$4,522
Existing Retail
Building Size:
11,440 SF
Land Size:
Raleigh, NC
PROPERTY HIGHLIGHTS
• 15 Year Lease With Aaron’s And A 10% Rent Increase in
2014
• 30,000+ Vehicle Per Day Traffic Counts
• Great Visibility and Access
• Aaron’s Corporate Guaranteed Lease For Approx. 80% Of
Total Rental Income
• Universal Building Type For Flexibility In Future Long Term
Use and Tenancy
• Minutes From Interstate 64, Airport, Downtown Norfolk, VA
0.50 Acres (Approx.)
21,780 SF (Approx.)
Demographics:
1-MILE 3-MILE
5-MILE
Population:
10,890
77,736
172,169
Median Income:
$46,347
$53,999
$54,940
$51,339
$62,913
$63,890
Average Income:
Aaron’s Rents
Newport News, VA
CONTACT INFORMATION
Tri-Oak Consulting Group
Bill Weitzenkorn, CCIM
W (678) 880-3270
F (678) 807-1927
www.Tri-Oak.com
* The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group no representations or warranties expressed or implied as to the
accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks
for any inaccuracies. Above information is subject to verification and no liability for errors or omissions are assumed.
Aaron’s Rents w/ Shop
PURCHASE PRICE: $1,694,907
(CAP RATE 7.50%)
PROJECTED OPERATING STATEMENT
TENANTS & LEASE TERMS
Total
Square Feet
SF %
Tenant
Since
Lease Term
Lease
Renewals
Aaron’s Rents
8,780
76.75%
2009
09/29/09—10/1/24
3 / 5-Year
Retail Tenant #1
2,660
23.25%
TBD
TBD
TBD
TOTAL
11,440
100%
Tenant
PROJECTED RENT ROLL
Tenant
Gross
Rent PSF Scheduled
Income
Annual
Expenses
Net
Scheduled
Income
Rent
Increases
Aaron’s Rents
$11.05
$97,060
$0
$97,060
10% on 10/1/14
Retail Tenant #1
$13.00
$34,580
$4,522
$30,058
TBD
$131,640
$4,522
$127,118
TOTAL
∗ RE Taxes = $ 10,323 (2010 Tax Bill)
∗ RE Taxes for Retail Tenant #1 = $1.00/SF
∗ Aaron’s lease is Absolute NNN
∗ Retail Tenant # 1 will pay pro rata
∗ CAM Expenses for Retail Tenant #1=
∗ Seller will provide a one year Mas-
(Reimbursable Estimate)
$0.45/SF (Estimate)
∗ Insurance for Retail Tenant #1= $0.25/SF
share of RE tax, CAM, and utilities
ter Lease at $13/SF for the small
retail space
(Estimate)
* The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group makes no representations or warranties expressed or implied as to the
accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks for
any inaccuracies. Above information is subject to verification and no liability for errors or omissions are assumed.
* The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group makes no representations or warranties expressed or implied as to the
accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks for
any inaccuracies. Above information is subject to verification and no liability for errors or omissions are assumed.
* The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group no representations or warranties expressed or implied as to the
accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks
for any inaccuracies. Above information is subject to verification and no liability for errors or omissions are assumed.
Daily Traffic Counts
* The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group no representations or warranties expressed or implied as to the
accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks
for any inaccuracies. Above information is subject to verification and no liability for errors or omissions are assumed.
* The above information has been secured by sources deemed to be reliable, Tri-Oak Consulting Group no representations or warranties expressed or implied as to the
accuracy of the above information. References to square footage or age are approximate. Purchaser must verify the accuracy of the above information and bears all risks
for any inaccuracies. Above information is subject to verification and no liability for errors or omissions are assumed.