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Algonquin, Illinois 60102

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Algonquin, Illinois 60102 BROADSMORE CENTER | AFFLUENT SUBMARKET 2375 - 2397 S. Randall Road, Algonquin, Illinois 60102 E E L L T T N N U U H H N RANDALL RD | 32,700 VPD D D P P V V 0 0 0 0 5 5 , , 4 4 1 1 | | D D R R Y Y R R B B O O Subject Property Subject R R D D E E R R O O M M S S D D A A Subject Property Subject N RANDALL RD | 32,700 VPD Broadsmore Center | Affluent Submarket 2375 - 2397 S. Randall Road, Algonquin, Illinois 60102 FINANCIAL SUMMARY PROPOSED FINANCING Price $2,146,000 LT V 70% Cap Rate 7.50% Interest Rate | Amortization 4.00% | 25 Years Price/ SF $137.75 Down Payment $643,800 Gross Leasable Area 15,579 SF First Trust Deed/Mortgage $1,502,200 Year Built 2004 Debt Service $95,150 Lot Size 2.16 Acres +/- Debt Coverage Ratio 1.69 Parcel Number 03-08-103-003 Net Cash Flow After Debt Services | Return % $65,709 | 10.21% Parking 79 Surface Spaces +/- Principal Reduction $35,712 Total Return | Return % $101,421 | 15.75% Current Rent $171,535 Total Reimbursements $79,730 Vacancy/Collection Allowance (Actual) ($22,116) Effective Gross Income $251,264 Expenses $90,405 NOI (Starting 11/1/2021) $160,859 CASH FLOW YEAR ONE - STARTING 11/1/2021 Base Rent Current Per SF Occupied Space $171,535 $12.49 Available Space $22,116 $12.00 Gross Potential Rent $193,651 $12.43 Expense Reimbursements Real Estate Taxes $40,539 $2.60 Insurance $4,425 $0.28 CAM $25,023 $1.61 Management Fee $8,467 $0.54 Administrative Fee $1,275 $0.08 Total Expense Reimbursements $79,730 $5.12 Gross Potential Income $273,380 $17.55 Vacancy/Collection Allowance (Actual) ($22,116) ($1.42) Effective Gross Income $251,264 $16.13 Expenses Real Estate Taxes $46,573 $2.99 Insurance $5,084 $0.33 CAM $28,748 $1.85 Management Fee (4% EGI) $10,000 $0.64 Total Expenses $90,405 $5.80 Net Operating Income $160,859 $10.33 REIMBURSEMENTS Annual Expense Reimbursements Tenant Mgmt Fee Admin Fee Gross Income Taxes Insurance CAM Total PSF Vacant $0 $0 $0 $0 $0.00 $0 $0 $0 Trek Bicycles $9,454 $1,032 $5,836 $16,322 $1.05 $2,171 $0 $18,493 Beardsley's Barber Shop $3,794 $414 $2,342 $6,549 $0.42 $730 $0 $7,280 Chicago Academy of Permanent Makeup $3,898 $426 $2,406 $6,730 $0.43 $924 $0 $7,654 Enterprise Rent-A-Car $3,898 $426 $2,406 $6,730 $0.43 $0 $0 $6,730 Affordable Beds $11,698 $1,277 $7,221 $20,195 $1.30 $3,043 $1,275 $24,513 Pro Dance Elite Studios $7,797 $851 $4,813 $13,460 $0.86 $1,600 $0 $15,060 Total $40,539 $4,425 $25,023 $69,987 $4.49 $8,467 $1,275 $79,730 RENT ROLL Term of Rent Schedule SF % of % of Renewal Lease Tenant /Suite # Start End Occupancy Monthly Annual Rent/ Leased Total SF Period Changes on Increase Total Rent Options Type (Yrs) Rent Rent SF Vacant 1,843 11.83% - - - Base Current $1,843 $22,116 $12.00 - 11% N/A - Retail, Suite 2375 - - - - - - Notes: Assumed market rent. Trek Bicycles 3,338 21.43% 12/1/2012 1/31/2022 9 Years Base Current $3,162 $37,944 $11.37 - 20% None Net Retail, Suite 2377-2381 - - - - - - Notes: N/A Beardsley's Barber Shop 1,269 8.15% 3/1/2020 6/30/2025 5 Years Base Current $966 $11,592 $9.14 - 6% 1, 5-Year Net Retail, Suite 2383 - 3/1/2022 $981 $11,766 $9.27 1.5% - 3/1/2023 $995 $11,943 $9.41 1.5% - 3/1/2024 $1,010 $12,122 $9.55 1.5% Option 1 7/1/2025 $1,025 $12,304 $9.70 1.5% Notes: N/A Chicago Academy of Permanent 1,304 8.37% 5/1/2021 7/31/2024 3 Years Base Current $1,350 $16,200 $12.42 - 8% 1, 3-Year Net Makeup Retail, Suite 2385 - 5/1/2022 $1,377 $16,524 $12.67 2% - 5/1/2023 $1,405 $16,854 $12.93 2% Option 1 8/1/2024 $1,433 $17,192 $13.18 2% - 8/1/2025 $1,461 $17,535 $13.45 2% Notes: N/A Enterprise Rent-A-Car 1,304 8.37% 4/1/2006 12/31/2025 20 Years Base Current $1,902 $22,820 $17.50 - 12% 3, 3-Year Net Retail, Suite 2387 - 1/1/2022 $1,930 $23,162 $17.76 1.5% - 1/1/2023 $1,959 $23,510 $18.03 1.5% - 1/1/2024 $1,989 $23,862 $18.30 1.5% - 1/1/2025 $2,018 $24,220 $18.57 1.5% Notes: Rent increases of 1.5 percent continue through option periods. Tenant has right to terminate lease with 90 days prior written notice and a fee equal to two months of the current rent at the time of termination. RENT ROLL Term of Rent Schedule SF % of % of Renewal Lease Tenant /Suite # Start End Occupancy Monthly Annual Rent/ Leased Total SF Period Changes on Increase Total Rent Options Type (Yrs) Rent Rent SF Affordable Beds 3,913 25.12% 10/1/2012 2/28/2022 9 Years Base Current $4,657 $55,878 $14.28 - 29% 2, 1-Year Net Retail, Suite 2391 Option 1 3/1/2022 $4,750 $56,996 $14.57 2% Option 2 3/1/2023 $4,845 $58,135 $14.86 2% Notes: Tenant has right to terminate lease with 90 days notice. Pro Dance Elite Studios 2,608 16.74% 9/4/2020 7/31/2023 3 Years Base Current $2,173 $26,080 $10.00 - 14% 1, 5-Year Net Retail, Suite 2397 - 9/1/2021 $2,206 $26,471 $10.15 1.5% - 9/1/2022 $2,239 $26,868 $10.30 1.5% Option 1 8/1/2023 $2,273 $27,271 $10.46 1.5% - 8/1/2024 $2,307 $27,680 $10.61 1.5% Notes: N/A Occupied 13,736 88% $171,535 $12.49 Vacant 1,843 12% $22,116 $12.00 Total 15,579 100% $193,651 $12.43 INVESTMENT HIGHLIGHTS • Multi-Tenant Shopping Center with a Mix of National, Regional and Local Tenants ° 88 Percent Occupied • Neighborhood Shopping Center with Excellent Mix of National, Regional and Local Tenants ° Aesthetically Appealing High Quality Brick Construction Value-Add ° Aesthetically Appealing High-Quality Brick Construction Opportunity ° Opportunity to Add Value and Cap Rate Growth Through Leasing the Remaining 1,843 Square ° Currently 88 Percent Occupied Feet of Vacant Space ° Opportunity to Add Value Through Leasing the Remaining 1,843-Square Foot End-Cap Space ° All Tenants Operating Under Net Leases with Management Fee Reimbursement • All Tenants Operating Under Net Leases with Annual Rental Increases ° Priced Well-Below Replacement Cost at Only $137.75 per Square Foot for the Building ° Five Out of Six Tenants Have Option Periods Available Heavily Traveled • Property Features Excellent Real Estate Fundamentals • Situated Along the Heavily Traveled Randall Road Retail Corridor | 32,700 Vehicles Passing per Day ° Affluent Demographics | Average Household Income of $142,822 Within One-Mile Radius ° The Premier Shopping, Food and Entertainment District in the Northwest Suburbs ° Positioned Along Randall Road which Features Daily Traffic Counts of 32,700 Vehicles ° Located on One of the Main Road Ways Off of Interstate 90, Randall Road is One of the Most Heavily Traveled Roads in the Northwest Suburbs ° High Visibility Site with Over 335 Feet of Street Frontage • ° Abundant Parking in the Front and Rear of the Property | Approximately 79 Surface Spaces Abundance of Retailers ° Modest, Replaceable Rents Averaging $12.49 per Square Foot Offering an Investor Additional Security • Adjacent to the Algonquin Corporate Campus ° A Premier Development Opportunity with Great Access to Algonquin’s Amenities • Situated in the Middle of One of Chicagoland’s Most Prominent Shopping Corridors ° Campus Includes Properties Ranging from One to 100 Acres of Fully Serviced, Shovel-Ready Land ° Less Than Two Miles from Algonquin Commons | Outdoor Shopping Mall with Over 60 Shops | Anchored by Dick’s Sporting Goods, DSW, Nordstrom Rack, Trader Joe’s and ROSS Dress for Less Affluent • Affluent Demographics Demographics ° Notable Retailers Include Costco, Target, Walmart, Dick’s Sporting Goods, Woodman’s, Menards, ° Average Household Income Within One Mile is $142,822 Discount Tire, ROSS Dress for Less, Dollar Tree, JCPenney, HomeGoods, The Home Depot and More MSA Chicago MSA LOCATION HIGHLIGHTS | ALGONQUIN, IL • Included in the Chicago Metropolitan Statistical Area • Significant Capital Contributions to Randall Road Corridor ° Situated in McHenry and Kane Counties | More Than $15 Million in Active Construction Permits | ° One Hour West of Chicago Off Interstate 90 Walmart Remodel, New Burger King, Urgent Care Center and Much More • Dense Trade Area | The Retail Epicenter of McHenry and Northern Kane County • Many Town Developments Including the Algonquin Corporate Campus, East Algonquin Redevelopment Corridor, Randall • 4.1 Million Highly Skilled Workers Within a 30-Minute Drive Road Retailer Corridor, Old Town and Algonquin Markers Park ° Algonquin is in the Midst of a Five-Year, $30 Million • Village Offers a Highly Engaged Business Environment Reinvestment in the Downtown and a High Quality of Life Along with a Government that is ° $46 Million Randall Road Widening Construction Project Responsive, Sustainability Minded and Fiscally Responsible is Scheduled to be Completed by June 2021 • Nearly Two Million Square Feet of Retail Space Along Randall Road Corridor REGIONAL MAP Lake Michigan Subject Property DEMOGRAPHICS 48 Miles to Downtown Chicago Population 1-Mile 3-Miles 5-Miles 2020 Population 7,104 40,944 143,768 2025 Population 7,344 42,136 146,017 Households 1-Mile 3-Miles 5-Miles 2020 Households 2,343 13,647 46,940 2025 Households 2,436 14,129 47,951 Daytime Population 1-Mile 3-Miles 5-Miles 2020 Population 4,184 34,185 115,599 Income 1-Mile 3-Miles 5-Miles 2020 Median HH Income $112,840 $111,371 $94,817 2020 Average HH Income $142,822 $139,192 $117,021 AL I AER E E L L T T N N U U H H D D P P V V 0 0 0 0 5 5 , , 4 4 1 1 | | D D R R Y Y N RANDALL RD | 32,700 VPD Subject Property Subject AL I AER N RANDALL RD | 32,700 VPD Subject Property Subject BR R R G G O D D N N A A to Randall Randall to Contributions Contributions Capital Capital Road Corridor Corridor Road Along Randall Randall Along Retail Space Space Retail Square Feet of of Feet Square Two Million Million Two County County Northern Kane Kane Northern of McHenry and and McHenry of Retail Epicenter Epicenter Retail Trade Area |
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