The Blair Center US Highway 98 North, Lakeland, Fl Jack Strollo, CCIM, CPM

Size: px

Start display at page:

Download "The Blair Center US Highway 98 North, Lakeland, Fl Jack Strollo, CCIM, CPM"

Joleen Atkinson
6 years ago
Views:

1 , LARGE PYLON SIGN CLOSE TO I-4 MULTI TENANT FIVE UNITS EXCELLENT FOR OWNER/OCCUPANT 41,500 VPD Vice President, Broker BK S Kentucky Ave, Suite 290 Lakeland, FL (863) (p) (863) (f)

2 Property Description Property Details Property: The Blair Center is a 7,400 sf office building, built in The interior was originally designed for eight independent units, but is currently configured as five. The building sits on.58 of an acre, with excellent exposure to 98N. Roof was replaced in 2004, the water is public and the waste is on-site septic. Retention is underground vaulted, allowing for a 3.15 parking ratio on this small lot. Lakeland Electric is the utility provider. Property has two current tenants, occupying appx 25% of the property. Large monument sign allows for excellent visibility for tenants. Perfect for an owner occupant who wants rental income. North Lakeland has always been limited on office space, and this property has upside potential, as it has been under managed, and an increase rental rates is needed to get to market. All included proforma material are projections for a new owner. Location: Site is located just two miles north of I-4, on busy US Hwy 98 N, which is a fix lane road in this area. There are over 41,500 VPD passing this site. Site is level and high. Easy access with right in/right out. Rear parking area is stabilized, but not paved. The population of the Lakeland-Winter Haven MSA, which includes all of Polk County, has grown by 33.4% since 2000 reaching a population of approximately 645,000 people. The population is projected to continue growing at an annual rate of 1.5% over the next five years as the area continues to gain ground as a key transport and logistics hub for Florida. The City of Lakeland is located in the Lakeland-Winter Haven MSA, which incorporates all of Polk County, the 8th largest county in Florida. Lakeland is 32 miles east of Tampa, the18th largest MSA in the US, and 54 miles from Orlando, the 26th largest MSA in the US. Incorporated in 1885, Lakeland is the largest city in the MSA with just over 100,000 residents. Lakeland is strategically positioned in the heart of the I-4 corridor SuperRegion, which is comprised of Lakeland-Winter Haven MSA, Tampa-St. Petersburg-Clearwater MSA, and Orlando MSA. Within a 100-mile radius reside 8.6 million people and a workforce of 3.4 million. Within the same 100-mile radius, Polk County has access to 500,000 students at three major research universities, numerous colleges, community colleges and technical schools. According to the BLA, 1n 2015, U.S. employment grew 2.0%. Among mid-sized metros, the highest percentage growth is found in Lakeland-FL (4.2%). List Price: $750,000 page 2 of 13

3 Property Photos The Blair Center The Blair Center Reception Monument Sign Foyer Offices Front Parking Rear Access page 3 of 13

4 Floorplan

5 Regional Map page 5 of 13

6 Location Map page 6 of 13

7 Aerial Map page 7 of 13

8 Real Estate Investment Details Analysis Analysis Date September 2016 Property Property Property Address Year Built 1989 The Blair Center Purchase Information Property Type Office Purchase Price $750,000 Fair Market Value $750,000 Tenants 5 Total Rentable Sq. Ft. 7,400 Resale Valuation 3.0% (annual appreciation) Resale Expenses 8.0% Financial Information Down Payment $187,500 Closing Costs $4,000 LT Capital Gain 15.00% Federal Tax Rate 35.0% Discount Rate 4.00% Loans Type Debt Term Amortization Rate Payment LO Costs Balloon $562,500 6 years 20 years 5.0% $3,712 $5,625 Refinance $469, years 20 years 6.0% $3,363 $4,694 Income & Expenses Gross Operating Income $93,236 Monthly GOI $7,770 Total Annual Expenses ($35,730) Monthly Expenses ($2,977) Contact Information jstrollo@resbroadway.com BK The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions. page 8 of 13

9 Annual Property Operating Data Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rental Income $103,596 $106,704 $109,905 $113,202 $116,598 $120,096 $123,699 $127,410 $131,232 $135,169 GROSS SCHEDULED INCOME $103,596 $106,704 $109,905 $113,202 $116,598 $120,096 $123,699 $127,410 $131,232 $135,169 Turnover Vacancy ($10,360) ($10,670) ($10,990) ($11,320) ($11,660) ($12,010) ($12,370) ($12,741) ($13,123) ($13,517) GROSS OPERATING INCOME $93,236 $96,033 $98,914 $101,882 $104,938 $108,087 $111,329 $114,669 $118,109 $121,652 Expenses Property Management Fee ($5,180) ($5,335) ($5,495) ($5,660) ($5,830) ($6,005) ($6,185) ($6,371) ($6,562) ($6,758) Accounting ($300) ($300) ($300) ($300) ($300) ($300) ($300) ($300) ($300) ($300) Building Insurance ($4,200) ($4,326) ($4,456) ($4,589) ($4,727) ($4,869) ($5,015) ($5,165) ($5,320) ($5,480) General Supplies ($100) ($103) ($106) ($109) ($113) ($116) ($119) ($123) ($127) ($130) Legal ($200) ($206) ($212) ($219) ($225) ($232) ($239) ($246) ($253) ($261) Maintenance ($3,500) ($3,605) ($3,713) ($3,825) ($3,939) ($4,057) ($4,179) ($4,305) ($4,434) ($4,567) Repairs ($3,500) ($3,605) ($3,713) ($3,825) ($3,939) ($4,057) ($4,179) ($4,305) ($4,434) ($4,567) Taxes - Real Estate ($15,250) ($15,708) ($16,179) ($16,664) ($17,164) ($17,679) ($18,209) ($18,756) ($19,318) ($19,898) Utilities ($3,500) ($3,605) ($3,713) ($3,825) ($3,939) ($4,057) ($4,179) ($4,305) ($4,434) ($4,567) TOTAL OPERATING EXPENSES ($35,730) ($36,793) ($37,887) ($39,015) ($40,177) ($41,373) ($42,605) ($43,874) ($45,181) ($46,528) NET OPERATING INCOME $57,507 $59,241 $61,027 $62,867 $64,762 $66,714 $68,724 $70,795 $72,928 $75,125 page 9 of 13

10 Annual Property Operating Data Description Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Rental Income $139,224 $143,401 $147,703 $152,134 $156,698 $161,399 $166,241 $171,228 $176,365 $181,656 GROSS SCHEDULED INCOME $139,224 $143,401 $147,703 $152,134 $156,698 $161,399 $166,241 $171,228 $176,365 $181,656 Turnover Vacancy ($13,922) ($14,340) ($14,770) ($15,213) ($15,670) ($16,140) ($16,624) ($17,123) ($17,637) ($18,166) GROSS OPERATING INCOME $125,302 $129,061 $132,933 $136,921 $141,028 $145,259 $149,617 $154,106 $158,729 $163,491 Expenses Property Management Fee ($6,961) ($7,170) ($7,385) ($7,607) ($7,835) ($8,070) ($8,312) ($8,561) ($8,818) ($9,083) Accounting ($300) ($300) ($300) ($300) ($300) ($300) ($300) ($300) ($300) ($300) Building Insurance ($5,644) ($5,814) ($5,988) ($6,168) ($6,353) ($6,543) ($6,740) ($6,942) ($7,150) ($7,365) General Supplies ($134) ($138) ($143) ($147) ($151) ($156) ($160) ($165) ($170) ($175) Legal ($269) ($277) ($285) ($294) ($303) ($312) ($321) ($331) ($340) ($351) Maintenance ($4,704) ($4,845) ($4,990) ($5,140) ($5,294) ($5,453) ($5,616) ($5,785) ($5,959) ($6,137) Repairs ($4,704) ($4,845) ($4,990) ($5,140) ($5,294) ($5,453) ($5,616) ($5,785) ($5,959) ($6,137) Taxes - Real Estate ($20,495) ($21,110) ($21,743) ($22,395) ($23,067) ($23,759) ($24,472) ($25,206) ($25,962) ($26,741) Utilities ($4,704) ($4,845) ($4,990) ($5,140) ($5,294) ($5,453) ($5,616) ($5,785) ($5,959) ($6,137) TOTAL OPERATING EXPENSES ($47,915) ($49,343) ($50,814) ($52,330) ($53,891) ($55,498) ($57,154) ($58,860) ($60,617) ($62,426) NET OPERATING INCOME $77,387 $79,718 $82,118 $84,591 $87,138 $89,761 $92,463 $95,246 $98,112 $101,064 page 10 of 13

11 Internal Rate of Return Analysis BEFORE TAX IRR Time Future Cash Flows Initial Investment ($195,125) End of Year 1 $12,960 End of Year 11 $37,029 End of Year 2 $14,694 End of Year 12 $39,360 End of Year 3 $16,480 End of Year 13 $41,760 End of Year 4 $18,320 End of Year 14 $44,233 End of Year 5 $20,215 End of Year 15 $46,780 End of Year 6 ($18,191) End of Year 16 $49,403 End of Year 7 $28,366 End of Year 17 $52,105 End of Year 8 $30,437 End of Year 18 $54,887 End of Year 9 $32,570 End of Year 19 $57,754 End of Year 10 $34,766 End of Year 20* $1,132,961 IRR = 15.52% * ($60,706 + $1,072,255) AFTER TAX IRR Time Future Cash Flows Initial Investment ($195,125) End of Year 1 $7,708 End of Year 11 $23,300 End of Year 2 $8,745 End of Year 12 $24,450 End of Year 3 $9,590 End of Year 13 $25,623 End of Year 4 $10,453 End of Year 14 $26,819 End of Year 5 $11,335 End of Year 15 $28,037 End of Year 6 ($18,283) End of Year 16 $29,279 End of Year 7 $18,929 End of Year 17 $30,543 End of Year 8 $19,988 End of Year 18 $31,829 End of Year 9 $21,069 End of Year 19 $33,137 End of Year 10 $22,173 End of Year 20* $960,376 IRR = 12.27% * ($34,257 + $926,119) page 11 of 13

12 Demographics POPULATION 1 MILE 3 MILE 5 MILE Male 5,723 (48.03 %) 23,854 (47.68 %) 50,580 (48.11 %) Female 54,552 (51.97 %) 54,552 (52.32 %) 54,552 (51.89 %) Total Population 11,916 50, ,132 AGE BREAKDOWN 1 MILE 3 MILE 5 MILE Ages (5.53 %) 2,880 (5.76 %) 6,608 (6.29 %) Ages (6.29 %) 3,501 (7.00 %) 7,996 (7.61 %) Ages (5.37 %) 3,226 (6.45 %) 7,347 (7.61 %) Ages (5.06 %) 3,068 (6.13 %) 7,014 (6.67 %) Ages (5.30 %) 2,934 (5.86 %) 6,768 (6.44 %) Ages (5.96 %) 2,859 (5.71 %) 6,447 (6.13 %) Ages (6.87 %) 2,810 (5.62 %) 6,106 (5.81 %) Ages (6.86 %) 2,755 (5.51 %) 5,839 (5.55 %) Ages (6.61 %) 2,809 (5.61 %) 5,916 (5.63 %) Ages (6.39 %) 2,875 (5.75 %) 6,167 (5.87 %) Ages (6.28 %) 2,853 (5.70 %) 6,127 (5.83 %) Ages (6.13 %) 2,798 (5.59 %) 5,937 (5.65 %) Ages (5.72 %) 2,649 (5.29 %) 5,481 (5.21 %) Ages (5.17 %) 2,474 (4.95 %) 4,985 (4.74 %) Ages (4.38 %) 2,347 (4.69 %) 4,435 (4.22 %) Ages (3.76 %) 2,175 (4.35 %) 3,845 (3.66 %) Ages (3.16 %) 1,873 (3.74 %) 3,097 (2.95 %) Ages (5.15 %) 3,144 (6.28 %) 5,017 (4.77 %) page 12 of 13

13 Demographics HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE Median Income $49,562 $49,562 $44,617 Less than $10, ,121 2,597 $10,000 -$14, ,296 2,481 $15,000 - $19, ,191 2,876 $20,000 -$24, ,379 2,834 $25,000 - $29, ,067 2,332 $30,000 - $34, ,131 2,194 $35,000 - $39, ,483 2,353 $40,000 - $44, ,231 2,367 $45,000 - $49, ,240 1,919 $50,000 - $59, ,991 3,681 $60,000 - $74, ,496 5,065 $75,000 - $99, ,147 4,703 $100,000 - $124, ,295 2,437 $125,000 - $149, $150,000 - $199, Greater than $200, HOUSING 1 MILE 3 MILE 5 MILE Housing Units 6,026 23,326 47,498 Occupied Units 5,284 20,605 41,108 Owner Occupied Units 2,752 13,441 27,074 Renter Occupied Units 2,532 7,164 14,034 Vacant Units 742 2,721 6,390 RACE DEMOGRAPHICS 1 MILE 3 MILE 5 MILE Population Non Hispanic White 9,628 39,048 76,182 Population Black 1,371 7,145 21,385 Population Am In/Ak Nat page 13 of 13

AVAILABLE FOR LEASE Mayfield Road. Mayfield Heights, Ohio

AVAILABLE FOR LEASE Mayfield Road. Mayfield Heights, Ohio 1,700 SF Retail Space For Lease Property Highlights Below market lease rates Refurbished in 2016 Furniture, fixtures and equipment available for purchase Fully built out restaurant space with hood Excellent