The Shoppes at Narrow Bridge
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The shoppes at Narrow bridge For more info on this opportunity please contact: DAVE LUCAS JOSEPH CACCAMO a neighborhood strip [email protected] | (415) 274-7390 [email protected] | [415] 274-7394 CA BRE #: 01389761 CA BRE#: 01191110 retail center CHRIS KOSTANECKI ZEB RIPPLE 1414 Jenkins Road, Chattanooga, TN 37421 [email protected] | (415) 274-2701 [email protected] | (415) 274-2702 CA BRE# 01002010 CA BRE# 01242540 In conjunction with TN Licensed Broker: Doug Stanfield, The Stanfield York Company Capital Pacific collaborates. Click here to meet the rest of our San Francisco team. (404) 255-8066 [email protected] THE SHOPPES AT NARROW BRIDGE IS A NEWER CONSTRUCTION NEIGHBORHOOD STRIP RETAIL CENTER LOCATED AT THE INTERSECTION Investment Highlights OF TWO MAJOR ARTERIALS IN CENTRAL CHATTANOOGA, TN PRICE: $4,250,000 CAP: 8.71% HEAVILY TRAFFICKED RENTABLE SF . 23,972 SF LOCATION WITH PRICE PER SF . $182.25 translates EXCELLENT to YEAR BUILT . 2006 DESIRABLE PARKING RATIO . 5.17 TENANTS VISIBILITY PHENOMENAL LOCATION Phenomenal location at the heavily trafficked intersection of East Brainard Road and Jenkins Road Excellent visibility from both East Brainerd Road and Jenkins Road Strong ingress/egress with left hand turn access into two curb cuts NATIONAL AND REGIONAL TENANTS Desirable tenant mix of both regionally and nationally branded tenants Annual increases in most leases with varying lease expirations across entire rent roll Pad tenant is on ground lease that expires in 2016 One remaining shop vacancy with current leasing activity EXCELLENT SITE Newer construction building (2006) with contemporary design Flexible site plan offering space sizes for many different tenant uses Dense neighborhood location with nearly 100,000 in a 5 mile radius Ample parking with a ratio of 5.17 SHOPPES AT NARROW BRIDGE | 2 Aerial WILCOX THE TERRACE AT HAMILTON PLACE THE OVERLOOK AT HAMILTON PLACE GOLF RANGE Boyd-Buchanan Dalewood School Middle School HAMILTON PLACE MALL 153 Shallowford Road THE SHOPPES AT HAMILTON PLACE CHATTANOOGA AIRPORT 11 64 2 Gunbarrel Road THE SHOPPES AT NARROW BRIDGE 75 320 E Brainerd Road East Brainerd AUDREY EASTGATE E Brainerd Road 74 Elementary ELLIS HOME TOWN CENTER 320 BRAINERD MARKET CENTER CONCORD GOLF CLUB 27,830 DAILY JenkinsRoad 24 29,460 DAILY CHATTANOOGA CITY CENTER 75 SHOPPES AT NARROW BRIDGE | 3 Site Plan HERITAGE PARK STORAGE AUDREY UNDER LOI ELLIS HOME Jenkins Road E Brainerd Road SHOPPES AT NARROW BRIDGE | 4 Income & Expense Current Price: $4,250,000 PROPOSED LOAN SCENARIO: Capitalization Rate: 8.71% Loan Amount $3,093,750 Price Per Square Foot: $182.25 Interest Rate 4.60% Down Payment 25% $1,062,500 Amortization 20 Year Loan Amount 73% $3,093,750 Term 10 Year Total Leased (SF): 94.64% 22,069 Lender Type Bank Total Vacant (SF): 5.36% 1,250 Debt Service $236,880 Total Rentable Area (SF): 100.00% 23,319 Monthly Debt Service $19,740 INCOME PSF Pre-Tax Cash Flow $133,258 Scheduled Rent $16.03 $373,710 Debt Coverage Ratio 1.56 New lease signed August 15 2014 $3.60 $39,600 Cash on Cash 12.54% Estmated CAM Collection $3.47 $76,514 Principal Paydown (Year 1) $96,587 Increase in CAM Collection on new lease $4.93 $8,360 Total Return $229,844 EFFECTIVE GROSS INCOME $498,184 Yield 21.63% Market Vacancy Reserve (2.5%) ($12,455) An actual loan quoate was obtained from a lender ADJUSTED GROSS INCOME $485,729 willing to finance the purchase at the above terms. See EXPENSES PSF Agent for details. Quote Provided by Jeff Schmidt at Hamilton City Property Taxes -$1.01 ($23,569) Capstone Financial. City of Chattanooga Property Taxes -$0.94 ($21,886) Insurance Expense -$0.65 ($15,242) Utilities -$0.77 ($17,839) Waste Services -$0.22 ($5,185) Supplies -$0.08 ($1,975) Property Supervisory Services -$0.39 ($9,110) CASH PROPOSED FLOW & LOAN TERMS Property Contractural Services -$0.25 ($5,840) Property Management Fee (3% of EGI) -$0.64 ($14,946) TOTAL OPERATING EXPENSES -$4.96 ($115,592) NET OPERATING INCOME $370,138 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. Buyer must verify the information and bears all risk for any inaccuracies. SHOPPES AT NARROW BRIDGE | 5 Rent Roll Trade Name Sq. Ft. Percent of GLA Lease Start Lease Expiration Monthly Base Rent Monthly Rent/SF Annual Rent/SF Annual Rent Annual CAM CAM/SF Brusters - GROUND LEASE GL 0.00% 5/1/2006 4/30/2016 $2,994.75 $35,937.00 $2,519.40 (980 sf food service building) Option 5/1/2016 4/30/2021 $3,294.23 $39,530.70 Option 5/1/2021 4/30/2026 $3,623.65 $43,483.77 Option 5/1/2026 4/30/2031 $3,986.01 $47,832.15 Option 5/1/2031 4/30/2036 $4,384.61 $52,615.36 Daylight Donuts 1,370 5.88% 9/11/2011 9/10/2017 $2,169.17 $1.58 $19.00 $26,030.00 $5,206.00 $3.80 Option Exercised 9/11/2014 9/10/2017 $2,299.32 $1.68 $20.14 $27,591.80 Option 9/11/2017 9/10/2020 $2,437.28 $1.78 $21.35 $29,247.36 Lupi's Pizza Pies, Inc. 2,740 11.75% 8/1/2013 7/31/2020 $4,395.42 $1.60 $19.25 $52,745.00 $10,412.00 $3.80 Increase 8/1/2016 7/31/2020 $4,566.67 $1.67 $20.00 $54,800.04 VIP Spa Nails 1,370 5.88% 9/15/2007 8/31/2017 $2,378.55 $1.74 $20.83 $28,542.59 $5,206.00 $3.80 Increase 1/1/2015 12/31/2015 $2,426.12 $1.77 $21.25 $29,113.44 Increase 1/1/2016 12/31/2016 $2,474.64 $1.81 $21.68 $29,695.70 Increase 1/1/2017 8/31/2017 $2,524.14 $1.84 $22.11 $30,289.62 River City Pottery 4,110 17.63% 7/1/2010 6/30/2014 $5,651.25 $1.38 $16.50 $67,815.00 $15,618.00 $3.80 Increase 7/1/2014 6/30/2017 $6,216.33 $1.51 $18.15 $74,596.00 Pure Barre Fitness 1,646 7.06% 8/23/2010 8/31/2015 $2,606.17 $1.58 $19.00 $31,274.00 $6,254.80 $3.80 Increase 9/1/2013 8/31/2015 $2,743.33 $1.67 $20.00 $32,920.00 Option 9/1/2015 8/31/2020 $2,880.50 $1.75 $21.00 $34,566.00 Option/Increase 9/1/2018 8/31/2020 $3,017.67 $1.83 $22.00 $36,212.00 Audrey Ellis Home 1,239 5.31% 2/1/2013 1/31/2016 $1,858.50 $1.50 $18.00 $22,302.00 $4,150.65 $3.35 (fixed cam) Dollar Store*(New Lease) 2,200 9.43% 9/1/2014 8/31/2017 $3,300.00 $1.50 $18.00 $39,600.00 $3.80 PROPOSED 9/1/2015 8/31/2016 $3,399.00 $1.55 $18.54 $40,788.00 9/1/2016 9/1/2017 $3,501.67 $1.59 $19.10 $42,020.00 Option 9/1/2017 8/31/2018 Similar Annual Bumps Increase 9/1/2018 8/31/2019 Increase 9/1/2019 8/31/2020 SuperCuts 1,920 8.23% 11/1/2013 10/31/2018 $2,240.00 $1.17 $14.00 $26,880.00 $7,296.00 $3.80 Option 11/1/2018 10/31/2023 $2,464.00 $1.28 $15.40 $29,568.00 Option 11/1/2023 10/31/2028 $2,710.40 $1.41 $16.94 $32,524.80 Mojo Burrito 2,984 12.80% 9/1/2010 8/31/2017 $4,724.67 $1.58 $19.00 $56,696.00 $11,339.20 $3.80 Increase 9/1/2015 8/31/2017 $5,197.13 $1.74 $20.90 $62,365.56 Body Martial Arts 2,240 9.61% 1/1/2014 12/31/2019 $1,299.20 $0.58 $6.96 $15,590.40 $8,512.00 $3.80 Back Storage Spaces 250 1.07% MTM MTM $75.00 $1.50 $18.00 $900.00 $0.00 Vacant Storage Spaces 250 1.07% $75.00 $1.50 $18.00 $900.00 Vacant Storage Spaces 250 1.07% $75.00 $1.50 $18.00 $900.00 Vacant Storage Spaces 250 1.07% $75.00 $1.50 $18.00 $900.00 Vacant Storage Spaces 250 1.07% $75.00 $1.50 $18.00 $900.00 Vacant Storage Spaces 250 1.07% $75.00 $1.50 $18.00 $900.00 Current Totals: 23,319 100.00% Monthly Rent $31,142.49 Annual Rent $373,709.84 Occupied 22,069 94.64% Proforma Rent $4,500.00 Vacant 1,250 5.36% Total CAM Collections: $76,514.05 *New Lease results in the loss of of 653sf of leaseable area, now dead space 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. Buyer must verify the information and bears all risk for any inaccuracies. SHOPPES AT NARROW BRIDGE | 6 Tenants Bruster’s Supercuts Inc. Bruster’s Ice Cream is a chain of ice cream The national haircut chain is a subsidiary parlors whose ice cream and frozen of Regis Corporation, the world’s largest yogurt is made from a milk-based mix operator of hair salons.