Family Dollar 5158 Wv-10, Barboursville, West Virginia
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FAMILY DOLLAR 5158 WV-10, BARBOURSVILLE, WEST VIRGINIA REPRESENTATIVE PHOTO OFFERING MEMORANDUM 12,860 STUDENTS DAIRY QUEEN DOWNTOWN HUNTINGTON Guyan Golf & Country Club 64 Barboursville Park Huntington High School HERSHEL WOODY WILLIAMS VA MEDICAL CENTER Creekside Golf Course The information in this package 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2021 Marcus Millichap. MARCUS & MILLICHAP 2 // Family Dollar Executive Summary 5158 WV-10, Barboursville, WV 25504 FINANCIAL SUMMARY ANNUALIZED OPERATING DATA Price $1,083,900 Lease Years Annual Rent Cap Rate Cap Rate 8.35% Current - 6/30/2027 $90,501.00 8.35% Building SF 8,320 SF Options Annual Rent Cap Rate Net Cash Flow 8.35% $90,501 Option 1 $99,551.10 9.18% Year Built 2017 Option 2 $109,506.21 10.10% Lot Size 1.04 Acres Option 3 $120,456.83 11.11% LEASE SUMMARY Option 4 $132,502.51 12.22% Lease Type Double-Net (NN) Lease Option 5 $145,752.77 13.45% Tenant Family Dollar Stores of West Virginia, Inc. Option 6 $160,328.04 14.79% Guarantor Corporate Roof & Structure Landlord Responsible Base Rent $90,501 Lease Commencement Date January 10, 2017 Net Operating Income $90,501 Lease Expiration Date June 30, 2027 Total Return 8.35% $90,501 Lease Term Remaining 6 Years Rental Increases 10% in Each Option Period Renewal Options 6, 5 Year Options MARCUS & MILLICHAP 3 // Family Dollar 1,100 CPD HEATH CREEK RD RICH OIL GAS STATION 5,200 CPD WV-10 10 MARCUS & MILLICHAP 4 // Family Dollar Property Description DEMOGRAPHICS 3-miles 5-miles 10-miles Population 2025 Projection 4,274 15,758 91,268 2020 Estimate 4,356 15,944 92,393 Households 2025 Projection 1,581 6,598 38,560 2020 Estimate 1,605 6,615 38,793 Income REPRESENTATIVE PHOTO 2020 Est. Average $69,649 $70,956 $61,713 Household Income 2020 Est. Median $56,895 $53,845 $41,799 INVESTMENT HIGHLIGHTS Household Income 2020 Est. Per Capita » 6 Years Remaining on Corporate Lease Term $25,661 $29,665 $26,257 Income » 10% Rental Increases in Each 5-Year Option Period » 92,393 Residents within a 10-Mile Radius - Serving the Barboursville Trade Area in the Huntington-Ashland MSA (Tri-State Area) » 10 Miles South of Barboursville’s Primary Retail Corridor - Home to Huntington Mall and Numerous National Retailers Including Target, Home Depot, and Kroger » Limited Competition - Subject Property is the Only Discount/Dollar Store in a 5-Mile Radius » Situated Along WV-10 with Direct Access to Interstate 64 and Downtown Huntington » Average Household Income Exceeds $70,000 within a 5-Mile Radius MARCUS & MILLICHAP 5 // Family Dollar REPRESENTATIVE PHOTO Tenant Overview Chesapeake, Virginia Dollar Tree 8,000+ www.familydollar.com Headquarters Parent Company Locations Website As one of the nation’s fastest growing retailers, Family Dollar offers a compelling or as free-standing buildings, all convenient to the Company’s customer base. assortment of merchandise for the whole family, ranging from household cleaners In 2015, Dollar Tree acquired Family Dollar. Headquartered in Chesapeake, to name brand foods, from health and beauty aids to toys, from apparel for every Virginia, Dollar Tree is the largest and most successful single price-point retailer age to home fashions, all for everyday low prices. While shoppers can find many in North America, operating thousands of stores across 48 U.S. states and five items at $1 or less, most items in the store are priced below $10, which makes Canadian provinces. Dollar Tree’s strategic rationale behind the Family Dollar shopping fun without stretching the family budget. acquisition include creating a leading discount retailer in North America, targeting The relatively small footprint of many Family Dollar stores allows the Company a broader range of customers and geographies, leveraging complementary to open new stores in rural areas and small towns, as well as in large urban merchandise expertise, generating significant synergy opportunities, and neighborhoods. Within these markets, the stores are located in shopping centers enhancing financial performance and improved growth prospects. MARCUS & MILLICHAP 6 // Family Dollar Location Overview 10 Miles to Huntington Mall 11 Miles to Marshall University 49 Miles to Charleston, West Virginia 52 Miles to Yeager Airport Barboursville is a village in West Virginia’s Cabell County, located near Huntington, the banks of the Ohio River and spans seven counties in West Virginia, Kentucky, the state’s second-largest city. The village is home to an estimated 4,260 and Ohio. The region is home to over 361,580 residents. residents. Huntington Mall, the largest indoor mall in West Virginia with over 1.5 The Tri-State region is approximately midway between Pittsburgh, Pennsylvania million square feet of retail space, is located in Barboursville, contributing to the and Louisville, Kentucky along a strategic east-west corridor. The region is home village’s economy. Several other retail corridors are situated in the village with to an efficient transportation network consisting of the Tri-State Airport, a large major tenants including Target, Home Depot, Menards, and Kroger. tonnage barge port on the Ohio River, superior rail networks, and an interstate Barboursville is part of the Huntington-Ashland, WV-KY-OH, Metropolitan highway system connecting the region to the Midwest, East Coast, and Southern Statistical Area (MSA). This metropolitan area, referred to locally as the “Tri-State markets. The region is a hub of higher education, commerce, recreation, and Area,” is located in the Appalachian Plateau region of the United States along healthcare. MARCUS & MILLICHAP 7 // Family Dollar [ exclusively listed by ] Alex Van Krevel Mark J. Ruble Chris N. Lind Francis McGuire Associate Advisor Executive Managing Director Senior Vice President Broker of Record 614.360.9070 602 687 6766 602 687 6780 License: WV0019009 [email protected] [email protected] [email protected] Offices Nationwide www.marcusmillichap.com NET LEASED DISCLAIMER entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees By accepting this Marketing Brochure, you agree to treat the information contained herein regarding the lease terms as that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject confidential and proprietary and to only use such information to evaluate a potential purchase of this net leased property. property at this time, please return this offering memorandum to Marcus & Millichap. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, This offering memorandum has been prepared to provide summary, unverified financial and physical information Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any about the accuracy or completeness of any information provided. investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in due diligence examination of this Property for Buyer. this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not regarding these matters and makes no warranty or representation whatsoever regarding the