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Fairhill Center Edmond, OK Confidential Offering Memorandum Fairhill Center Edmond, OK Presented by: Paul Ravencraft Phillip Mazaheri, CCIM George Williams Price Edwards & Company Retail Investment Team FAIRHILL CENTER TABLE OF CONTENTS 1. PROPERTY INFORMATION 3 Executive Summary 4 Property Description 5 Additional Photos 6 2. LOCATION INFORMATION 7 Regional Map 8 Location Maps 9 Aerial Map 10 3. FINANCIAL ANALYSIS 11 Financial Summary 12 Income & Expenses 13 Rent Roll 14 Demographics Report 15 4. DEMOGRAPHICS 16 Demographics Map 17 5. ADVISOR BIOS 18 Retail Investment Team Bio 19 This Offering Memorandum was prepared by Price Edwards & Company (“Broker”) on behalf of Owner, and is confidential and furnished to prospective purchasers of the property described herein subject to the terms of the Confidentiality Agreement previously provided to and executed by such prospective purchasers. This Offering Memorandum isintended solely to assist prospective purchasers in their evaluation of the property and their consideration of whether to purchase the property. It is not to be used for any other purpose or made available to any other person without the prior written consent of Price Edwards & Company. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the property by Owner/Broker and their sources. Financial projections are provided as a reference and are based on assumptions made by Owner/Broker and their sources. Prospective purchasers should make their own projections and reach their own conclusions of value. Certain portions of this Offering Memorandum merely summarize or outline property information and are in no way intended to be complete nor necessarily accurate descriptions. This Offering Memorandum was prepared on the basis of information available to the Owner and Broker in connection with the sale of the property. It contains pertinent information about the property and the surrounding area but does not contain all the information necessary for a complete evaluation of the property. Although the information contained in this Offering Memorandum is believed to be accurate and reliable, neither the Owner nor its Broker guarantees its accuracy or completeness. Because of the foregoing and because the property will be sold on an “as-is” basis, prospective purchasers should make their own independent assessments, investigations, and projections regarding the property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants, and other advisors and should not rely upon such material provided by Owner or Broker. Neither Owner nor Broker not any of their respective officers, advisors, agents, shareholders or principals has made or will make any representation or warranties, express or implied, as to the accuracy or completeness of the Offering Memorandum or any of the contents, and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.The Owner expressly reserves the right, in its sole discretion, to reject any offer to purchase the property or to terminate any negotiations with any party at any tie, with or without notice. The Owner shall have no legal commitment or obligation to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed and delivered and any and all conditions to the Owner’s obligations thereunder have been fully satisfied or waived. The Owner is responsible for any commission due to Brokerin connection with the sale of the property. The Owner shall not be responsible for any commission claimed by any other agent or Broker in connection with a sale of the property. No other party, including the Owner’s Broker, is authorized to make any representation or agreement on behalf of the Owner. This Memorandum remains the property of the Owner and its Broker and may be used only by parties approved by the Owner and its Broker. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as provided herein and as permitted by the express terms of the Confidentiality Agreement. 2 FAIRHILL CENTER Section 1 PROPERTY INFORMATION 1 PROPERTY INFORMATION FAIRHILL CENTER EXECUTIVE SUMMARY OFFERING SUMMARY PROPERTY HIGHLIGHTS Sale Price: $775,000 • Located just off OKCs most desired retail corridor, Memorial Road • Chisolm Creek development located to the south Price / SF: $88.07 • New development in the area • Near multiple roof-tops Cap Rate: 8.77% • Value-add opportunity with re-positioning leases NOI: $67,961 Lot Size: 1.151 Acres DEMOGRAPHICS 1 Mile 3 Miles 5 Miles Year Built: 1986 Total Households: 2,022 28,765 65,672 Total Population: 4,618 68,114 158,939 Building Size: 8,800 SF Average HH Income: $86,510 $67,874 $75,294 4 1 PROPERTY INFORMATION FAIRHILL CENTER PROPERTY DESCRIPTION LOCATION OVERVIEW • Less than a mile from the Chisholm Creek development which includes Cabela’s and Top Golf • 2 miles from Quail Springs Mall • Co-Tenants include State Farm Insurance, DUI School and Assessments, and Platinum Edge Barber • Located just off Memorial Road corridor PROPERTY OVERVIEW Fairhill Center is located off the fast growing Memorial Corridor retail hub in north Oklahoma City, only a short drive from the Kilpatrick Turnpike, one block east of N Western Ave (3.5 miles west of Broadway Extension). This prime property is a 8,800 square foot mixed use strip center and would be great for fast casual dining, sit down restaurants, office or retail. There are two buildings containing a total of of 8,800 square feet. ADD HEADER add text... 5 1 PROPERTY INFORMATION FAIRHILL CENTER ADDITIONAL PHOTOS 6 FAIRHILL CENTER Section 2 LOCATION INFORMATION 2 LOCATION INFORMATION FAIRHILL CENTER REGIONAL MAP 13709 Fairhill Avenue 8 2 LOCATION INFORMATION FAIRHILL CENTER LOCATION MAPS 9 2 LOCATION INFORMATION FAIRHILL CENTER AERIAL MAP 10 FAIRHILL CENTER Section 3 FINANCIAL ANALYSIS 3 FINANCIAL ANALYSIS FAIRHILL CENTER FINANCIAL SUMMARY INVESTMENT OVERVIEW Price $775,000 Price per SF $88.07 CAP Rate 8.8% Cash-on-Cash Return (yr 1) 13.48 % Total Return (yr 1) $40,461 Debt Coverage Ratio 1.44 OPERATING DATA Gross Scheduled Income $73,600 Other Income $13,405 Total Scheduled Income $87,005 Gross Income $87,005 Operating Expenses $19,044 Net Operating Income $67,961 Pre-Tax Cash Flow $20,892 FINANCING DATA Down Payment $155,000 Loan Amount $620,000 Debt Service $47,069 Debt Service Monthly $3,922 Principal Reduction (yr 1) $19,569 12 3 FINANCIAL ANALYSIS FAIRHILL CENTER INCOME & EXPENSES INCOME SUMMARY Expense Reimbursements (not including Taxes and Insurance) - Jim Dunn & Bodine Baptist $3,905 NNNs Reimbursements - OKC Inv., Salon & EXP Realty $9,500 Base Rental Income $73,600 GROSS INCOME $87,005 EXPENSE SUMMARY RDS,I $1,440 OG&E $2,003 Fenix Lawn $944 Repairs and Maintenance (estimated $.50/sf) $4,400 Taxes - Actual 2016 $4,977 Insurance (estimated $.60/sf) $5,280 GROSS EXPENSES $19,044 NET OPERATING INCOME $67,961 13 3 FINANCIAL ANALYSIS FAIRHILL CENTER RENT ROLL TENANT UNIT UNIT LEASE ANNUAL % OF PRICE NAME NUMBER SIZE (SF) END RENT GLA PER SF/YR Jim Dunn (State Farm) 13707-09 2,000 12/31/2017 $15,600 22.73 $7.80 OKC Home Investments 13711 1,000 5/31/2019 $10,000 11.36 $10.00 Bodine Baptist 13713-15 2,000 2/28/2018 $21,000 22.73 $10.50 Vacant 13717 1,000 11.36 Salon 13719 1,000 6/31/2017 $9,000 11.36 $9.00 EXP Realty 13721-23 1,800 5/31/2020 $18,000 20.45 $10.00 Totals/Averages 8,800 $73,600 $8.36 14 4 DEMOGRAPHICS FAIRHILL CENTER DEMOGRAPHICS REPORT 1 MILE 3 MILES 5 MILES Total households 2,022 28,765 65,672 Total persons per hh 2.3 2.4 2.4 Average hh income $86,510 $67,874 $75,294 Average house value $235,930 $180,805 $197,512 1 MILE 3 MILES 5 MILES Total population 4,618 68,114 158,939 Median age 32.4 32.1 34.0 Median age (male) 32.7 30.5 32.1 Median age (female) 32.1 33.4 35.3 * Demographic data derived from 2010 US Census 16 FAIRHILL CENTER Section 4 DEMOGRAPHICS 4 DEMOGRAPHICS FAIRHILL CENTER DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 4,618 68,114 158,939 MEDIAN AGE 32.4 32.1 34.0 MEDIAN AGE (MALE) 32.7 30.5 32.1 MEDIAN AGE (FEMALE) 32.1 33.4 35.3 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 2,022 28,765 65,672 # OF PERSONS PER HH 2.3 2.4 2.4 AVERAGE HH INCOME $86,510 $67,874 $75,294 AVERAGE HOUSE VALUE $235,930 $180,805 $197,512 * Demographic data derived from 2010 US Census 17 FAIRHILL CENTER Section 5 ADVISOR BIOS Retail Investment Team Paul Ravencraft, Phillip Mazaheri CCIM, and George Williams Specialties • Investment Sales • Retail Center Sales • User Sales • Land Sales • Retail Leasing Paul Ravencraft Phillip Mazaheri, CCIM George Williams Direct: (405) 239-1220 Direct: (405) 239-1221 Direct: (405) 239-1270 Email: [email protected] Website: www .retailoklahoma.com Paul Ravencraft, Phillip Mazaheri, CCIM (Certified Commercial Investment Member) and George Williams are the Retail Investment Team for Price Edwards & Company. Our Team has closed over $305,000,000 in investment sales, totaling over 5,700,000 square feet. Our team controls a portfolio of 610,184 square feet of existing and new construction retail leasing projects consisting of 16 properties.
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