Morse Road Retail Center | Columbus, Ohio

Morey Rotfus 203 E. Broad Street Columbus, Ohio 43215 800.783.9568 The Gilbert Group 614.228.2222 x14 Real Estate [email protected] Property Highlights Morse Road Retail Center | 2181-2185 Morse Road | Columbus, Ohio

• Available for Sale or Lease

• Located near heavily traveled Morse Road & Cleveland Avenues

• Available Space: 6,375 and 4,000 SF Lat: 40.12454 Long: -83.03732 Zoom: 28.37 mi 28.37 Zoom: -83.03732 Long: 40.12454 Lat: Logos are for identification purposes only and may be trademarks of their respective companies.

May 2013

This map was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty • Total Building Size: 10,375 SF

• Average Household Income 1 mile: $38,278 3 mile: $48,149 10 min.: $56,917

• 2013 Estimated Population 1 mile: 19,513 3 mile: 129,730 10 min.: 367,501

• 2013 Estimated Households 1 mile: 7,806 Lat: 40.01907 Long: -82.96973 Zoom: 56.82 mi 3 mile: 54,466 10 min.: 152,785

• Average Daily Traffic Counts: 39,200 VPD

• Nearby Tenants: Kroger Menards Big Lots

Logos are for identification purposes only and may be trademarks of their respective companies. Aldi Family Dollar Aaron’s Rent

September 2013

This map was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty The Gilbert Group Real Estate

Site Plan Morse Road Retail Center | Columbus, Ohio

2185 Morse Road 2181 Morse Road

4,000 SF 6,375 SF

Morse Road

The Gilbert Group Real Estate

The above information has been obtained from the property owner or other sources that we deem reliable. Although we have no reason to doubt its accuracy or completeness, no warranty is made The Gilbert Group regarding the information and the property is offered "As Is". This submission may be modified or withdrawn at any time by the property owner. Real Estate Morse Road Retail Center | Columbus, Ohio Lat: 40.06026 Long: -82.96330 Zoom: 1.77 mi Logos are for identification purposes only and may be trademarks of their respective companies.

The Gilbert Group Real Estate September 2013

This map was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty Offering Memordandum

2181-2185 Morse Road Columbus, Ohio

…Creating…Creating RealReal EstateEstate SolutionsSolutions SinceSince 1977…1977…

Morey Rotfus 203 East Broad Street Columbus, Ohio 43215 p. 614.228.2222 f. 614.228.5325 [email protected] GilbertGorupRealEstate.com

2181-2185 MORSE ROAD

CONFIDENTIALITY & DISCLAIMER

The information in the following brochure is strictly confidential. It is intended to be reviewed only by the party receiving it from The Gilbert Group Inc., Real Estate and should not be shared with others without the written consent of The Gilbert Group Inc., Real Estate. This marketing brochure has been prepared to provide summary information regarding the subject property to prospective purchasers. Although The Gilbert Group Inc., Real Estate has taken time to insure that the information is reliable, we have not independently verified the information provided by the seller and cannot warranty its completeness or accuracy. Prospective buyers must independently complete their own due diligence research to determine physical, legal and financial feasibility for continued use of the premises. Thank you for taking the time to review our offering memorandum.

We look forward to serving you.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR AGENT FOR MORE DETAILS.

2181-2185 MORSE ROAD

TABLE OF CONTENTS

INVESTMENT SUMMARY………………..……SECTION 1

PROPERTY OVERVIEW……………………….SECTION 2

FINANCIAL OVERVIEW………………………SECTION 3

DEMOGRAPHIC INFORMATION....………….SECTION 4

2181-2185 MORSE ROAD

INVESTMENT SUMMARY – Section 1

GROSS LEASABLE AREA: 10,375 SF

LAND: 0.62 Acres

YEAR BUILT: 1975

TENANTS: Eagle Wholesalers, Halal Market

NET OPERATING INCOME: $83,038

PRICE: $925,000

CAPITALIZATION RATE: 8.98%

FINANCING: ALL CASH OR PROPOSED NEW LOAN 75% LTV AT 6.50% WITH 25 YEAR AMORITIZATION.

2181-2185 MORSE ROAD

PROPERTY OVERVIEW – Section 2

The Gilbert Group is pleased to offer for sale the Morse Road Retail Center. The Morse Road Retail Center is a well maintained property situated on one of Columbus’s busiest retail corridors. Located near national retailers such as Kroger, Big Lots, Aldi, Walgreens and CVS the subject property is a true convenience shopping center that serves the large population base in northern Columbus. The Morse Road Retail Center is well stabilized as both tenants are on net leases extending approximately three more years.

Morse Road is a major east/west retail corridor that has recently received a facelift. The $9.3 million, first phase of the beautification project was funded by the City and Ohio Public Works Commission. Along Morse Road, a 1.2 mile stretch from Indianola to Karl, residents and businesses have new pavement, sidewalks, wheelchair ramps, new street trees and new medians that are planted and seeded. The Toys R Us Center is located within the completed Phase I. The City plans to begin work on Phase II of the Morse Road Streetscape in 2008, a 1.5 mile stretch from Karl Road to Cleveland Avenue. In addition to these improvements, local community groups have spearheaded an effort to create a Special Improvement District (“SID”) along Morse Road. This SID allows for the property owners to be subject to a special tax that will generate approximately $175,000 per year to keep grass mowed, trees trimmed and litter picked up after a $20 million beautification project is finished. The SID allows for a higher level of maintenance then the City of Columbus typically provides.

The former Northland Mall site east of the Toys R Us Center has begun its transformation. A partnership was recently announced to redevelop the remaining 54 acres at the former Northland Mall as an $80 million project dubbed "Northland Village.” Consistent with the original Northland Park vision plan created together with community leaders, the remaining property at Northland will become a mixed-use neighborhood of stores, restaurants and offices, tied together by park-like common areas and three anchor tenants, including the existing Ohio Department of Taxation and the recently announced Menards. When complete, Northland Village will include more than 550,000 square-feet of new development and generate more than 800 jobs onsite, in addition to the 1,000+ jobs already at the Ohio Department of Taxation. Of the total square footage, approximately 300,000 square feet will likely be occupied by retail and approximately 250,000 square feet will be office, including a substantial amount of office above retail.

2181-2185 MORSE ROAD

INVESTMENT HIGHLIGHTS

Morse Road is currently being revitalized Morse Road

Historically 100 % occupied

Dense Population - 131,029 people within three miles

Traffic count of 45,000 vehicles per day

Found on one of Columbus’s busiest retail corridors

Nearby Retailers: Kroger, Big Lots, Aldi, Walgreens, Family Dollar, CVS

Columbus, Ohio’s state capital, is the state’s fastest growing metro area. The Columbus metro ranks seventh in economic strength and is the only market in the Midwest in the top ten. The region’s economic diversity and the presence of the state capital and Ohio State University helps the economy. The metro area is home to six Fortune 500 companies including Cardinal Health, Nationwide, and Limited Brands. Other strong employers in the Columbus metro include Ohio State University, JP Morgan Chase, Honda of America, Abercrombie and Fitch, and the Kroger Co.

Solid economic fundamentals will continue to support the retail market in Columbus for the next few years. Strong job growth is expected in the government and higher paying professional and business services sectors, which account for larger than a third of the employment base. Additionally, the median household income remains moderately high, compared to the cost of living. These factors will continue to support retail sales growth over the next year.

2181-2185 MORSE ROAD

SITE PLAN

2181-2185 MORSE ROAD

FINANCIAL OVERVIEW – Section 3 RENT ROLL

Percent Annual Remaining Unit Tenant Start Date End Date Size (SF) of Total Base Rent Rent/SF Escalations Remaining Renewal Options 2181 Eagle Wholesalers 6/1/2009 5/31/2016 6,375 61.4% $47,038 $7.38 - 2185 Halal Market 6/1/2009 5/31/2016 4,000 38.6% $36,000 $9.00

Subtotal - Leased 10,375 100.0% $83,038 $8.00 Vacant 0 0.0% $0 N/A

Totals 10,375 100.0% 83,038 $8.00

2181-2185 MORSE ROAD

2010 Pro Forma Income Leased Space Size (sf) Rate Total Base Rent 10,375 $8.00 $83,038 Expense Reimbursements $2.22 $22,995 Total Leased $10.22 $106,033

Total Gross Income 10,375 $106,033 Vacancy 0.00% $0

Stabilized Gross Income $106,033

Expenses Management 5.00% ($0.52) ($5,395) CAM ($0.20) ($2,056) Insurance ($0.20) ($2,056) Real Estate Tax ($1.30) ($13,488) Total Expenses ($2.22) ($22,995)

Net Operating Income $83,039

Purchase Price (Value) $925,000

Implied Capitalization Rate 8.98%

Equity $231,250 Loan Request Amount $693,750 Interest Rate 6.50% Term 5 Amortization 25 Annual Debt Service $56,211 Loan Balance at End of Term $628,275

Ratios Value/sf $89.16 Loan/sf $66.87 Loan/Value 75.00% Debt Service Coverage 1.48 Default Ratio [(Expenses + Debt Service)/Total Gross Income] 74.70% Loan Balance at End of Term/sf $60.56 Cash Flow & Principal Rededuction $38,282 Cash on Cash Return 16.55%

2181-2185 MORSE ROAD

DEMOGRAPHICS – Section 4

2181-2185 MORSE ROAD