Offering 16 Parcel Portfolio 21 leases Norfolk, Virginia
Revised 9-03-2019
Offering of 16 Parcel Portfolio Page ii
16 Properties* / 21 leases Norfolk, Virginia
The ultimate buyer of these properties gains the opportunity to hit the ground running and be ac- tively engaged in oversight and implementation of a proven real estate portfolio. This cluster of occupied real estate is not a coupon clipping venture.
Besides net operating income of approximately $1,200,000.00, these closely held locally owned real estate holdings involve the full gambit of landlord responsibilities: Marketing signage and social media, interviewing prospects, lease drafting, zoning preservation, intermittent (not daily) maintenance and vendor selection and bidding for items like roofs or ex- pansions, insurance coverage, rent collection, real estate tax payments or protests, annual IRS reporting and distribution of profits to owner(s)/investor(s).
The redacted rent roll on page iii provides basic information with current rent rates available af- ter signing a confidentiality agreement and basic introductions to each other.
*It is conceivable that some tenants may wish to purchase their occupied parcels, thus reducing the portfolio size and purchase price accordingly.
For more information: www.loopnet.com/Listing/6414-E-Virginia-Beach-Blvd-Norfolk-VA/16955297/
History of 16 Parcel Portfolio
Alan Fleder (1914 - 2003) and his brother, Harry (1919 - 2000), started their business careers as furniture merchants in 1945 in downtown Norfolk, Virginia. As the business grew and the post World War II population expanded into suburbs they acquired small suburban locations with the intention of opening additional furniture stores beyond the 3 downtown stores. Many of these parcels had great highway exposure and attracted automobile dealerships and related service facilities. Proximity to the Norfolk International Airport (“ORF”) was conducive to national car rental brands.
Today the users include Avis Car Rent, Leslie’s Pool Supplies, car and truck repair, transmission repair, car stereo installation and used car dealerships.
Rent Roll of 21 Leases on 16 Parcels Page iii
Financials* * It is con- ceivable that some tenants Monthly NOI $100,123 $100,123 $100,123 may wish to Yearly NOI $1,201,477 $1,201,477 $1,201,477 purchase their occu- Avg. Annual Increase x 1.03 x 1.03 x 1.03 pied parcels, thus reducing Cap Rate 4% 5% 6% the portfolio size and pur- Sales Price $30,036,925 $24,029,540 $20,625,272 chase price accordingly. Revised 9-03-2019
LCR = East Little Creek Road NMH = North Military Highway VBB = East Virginia Beach Boulevard
TOTALS 14.85
Tenant Address Acre Rent Lease Lease Rent Incr. Tax Ins Net/1
Start End Incr. Amt. Gro/0 Page 1 881 LCR 0.46 7/3/2014 7/3/2019 7/3/2019 3% 97.78 40.58 0 Page 2 894 LCR 0.47 1/24/2000 12/31/2021 1/1/2020 3% 293.34 33.80 0 Page 2 894 LCR incl. 11/11/2005 10/29/2019 N/A N/A 37.42 0 Page 2 894 LCR incl. 6/9/2016 6/30/2019 7/1/2019 $100 49.50 0 Page 3 900A LCR 0.28 10/28/2016 11/30/2019 12/1/2019 3% 194.38 19.90 0 Page 3 900B LCR incl. 2/1/2019 1/31/2020 2/1/2020 3% 0 Page 4 919 LCR 0.83 9/1/1979 3/31/2019 1/1/2020 3% 136.88 55.08 1 Page 5 Ave J 0.7 3/10/2017 3/31/2019 4/1/2019 3% 375.21 0.26 0 Page 6 946 LCR 0.23 8/11/2011 9/30/2033 10/1/2019 3% 177.50 9.85 1 Page 7 3335 NMH 0.77 10/4/2017 11/30/2020 12/1/2019 3% 368.58 23.52 0 Page 8 3430 NMH 0.8 9/15/1975 8/31/2020 9/1/2019 3% 625.10 1 Page 9 3444 NMH 0.98 8/1/1996 7/31/2025 9/1/2019 3% 138.85 1 Page 10 3462 NMH 1.16 8/1/1996 8/31/2020 9/1/2019 3% 651.04 1 Page 11 3530 NMH 0.6 11/1/2018 10/31/2023 11/1/2019 3% 310.83 23.42 1 Page 12 6939-50 NMH 3.62 9/1/1964 5/31/2020 6/1/2019 3% 2,055.52 1 Page 13 7044 NMH 0.69 5/22/2018 9/30/2020 8/1/2019 3% 417.29 43.12 0 Page 14 6414 VBB 0.46 1/23/1984 10/31/2027 11/1/2019 1.50% 448.13 42.59 1 Page 15a 6420 VBB 0.44 10/1/1980 8/31/2019 8/1/2018 3% 701.27 88.93 0 Page 15b 6430 VBB 0.28 5/9/1997 12/31/2019 1/1/2019 3% 4.45 0 Page 15c 6440 VBB 0.91 6/25/2002 2/1/2018 1.50% 411.86 54.84 1 Page 16 6530 VBB 1.17 10/27/2000 3/30/2019 4/1/2018 1.50% 637.40 44.00 1 Location of Properties, Norfolk, VA Page iv 881 E. Little Creek Rd., Norfolk, VA 23518 Page 1
100’ 200’ 894 A, B, & C E. Little Creek Rd., Norfolk, VA 23518 Page 2
110’
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2 900 A & B E. Little Creek Rd., Norfolk, VA 23518 Page 3
120’
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70’ 919 E. Little Creek Rd., Norfolk, VA 23518 Page 4
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180’ 918 Avenue J, Norfolk, VA 23518 Page 5
304’
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1 946 E. Little Creek Rd., Norfolk, VA 23518 Page 6 100’
100’ 3335 N. Military Highway, Norfolk, VA 23518 Page 7 270’
hway 5’ N. Military Hig 12 3430 N. Military Highway, Norfolk, VA 23518 Page 8 326’ 296’
119’ N. Military Highway 3444 N. Military Highway, Norfolk, VA 23518 Page 9
160’
5’
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151’ N. Military Highway 3462 N. Military Highway, Norfolk, VA 23518 Page 10 275’
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3
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00’ 2 N. Military Highway 3530 N. Military Highway, Norfolk, VA 23518 Page 11
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9
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135’ N. Military Highway 6950-6970 N. Military Highway, Norfolk, VA 23518 Page 12
300’
525’ N. Military Highway 7044 N. Military Highway, Norfolk, VA 23518 Page 13 200’
150’
N. Military Highway 6414 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 14
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135’ E. Virginia Beach Blvd. 6420 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 15a
137’ 115’
E. Virginia Beach Blvd. 6430 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 15b 88’
137’ E. Virginia Beach Blvd. 6440 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 15c
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178’ E. Virginia Beach Blvd. 6530 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 16 204’
250’ E. Virginia Beach Blvd. Offering 16 Parcel Portfolio 21 leases Norfolk, Virginia
Revised 9-03-2019