24,877 SF
TYPE INVESTMENT SALE WITH NNN LEASES RETAIL/OFFICE $5,000,000, 6% CAP RATE, $200/SF INVESTMENT OVERVIEW INVESTMENT OFFERING IS FIRST FLOOR RETAIL AND SECOND FLOOR OFFICE SPACES, PRIVATELY OWNED CONDOS ON TOP FLOOR LOCATED IN THE HEART OF COLLEYVILLE ON MAIN STREET IN. MULTI-USE BUILDING FIRST FLOOR 100% OCCUPIED, MULTI-TENANT TRIPLE NET LEASES IS LOCATED IN, A 24 ACRE, EUROPEAN-STYLED VILLAGE WITH MULTI-USE BUILDINGS AND A MEDITERRANEAN ARCHITECTURAL STYLE. IT IS NEARLY 100% DEVELOPED WITH NEW BUILDINGS DELIVERED IN 2016. THE VILLAGE IS HOME TO THE COLLEYVILLE CITY HALL AND LIBRARY, NUMEROUS SPECIALTY BOUTIQUES, SHOPS, FIRST -CLASS RESTAURANTS, OFFICES AND LUXURY RESIDENCES. COLLEYVILLE, TEXAS IS ONE OF THE MOST AFFLUENT AREAS IN DALLAS/ FORT WORTH AND THE UNITED STATES BOASTING EXCELLENT DEMOGRAPHICS AND WAS RECENTLY NAMED AS ONE OF THE "100 BEST TOWNS IN AMERICA" BY MONEY MAGAZINE. CONSTRUCTION OF WAS COMPLETED IN 2002 WITH A TOTAL BUILDING AREA OF 24,877 SF ON FLOORS 1 AND 2. THIS MULTI-USE BUILDING IS DESIGNED WITH 11,064 SF OF RETAIL ON THE FIRST FLOOR; 13,813 SF OF UPSCALE OFFICE SPACE ON THE SECOND FLOOR AND LUXURY RESIDENCES ON THE THIRD FLOOR. ALSO OFFERS AN UNDERGROUND PARKING GARAGE. THIS OFFERING IS FOR THE PURCHASE OF THE FIRST AND SECOND FLOORS WHICH ARE CURRENTLY 100% AND 94% OCCUPIED, RESPECTIVELY. ALL EXISTING LEASES ARE NNN WITH STAGGERED MATURITIES AND AN AVERAGE RENT OF $14.90/SF FOR THE FIRST FLOOR RETAIL SPACE AND $13.50/SF FOR THE SECOND FLOOR OFFICE SPACE.
SIZE 24,875 RSF 11,064 RSF 1ST FLOOR RETAIL 13,811 RSF 2ND FLOOR OFFICE LOCATION OVERVIEW 16 MILES FROM THE FORT WORTH CBD 3 MILES FROM DFW AIRPORT 25 MILES FROM THE DALLAS CBD MAJOR THOROUGHFARES TEXAS HIGHWAY 26 (COLLEYVILLE BLVD.) TEXAS HIGHWAY 121 FM 3029 (PRECINCT LINE ROAD) EASY ACCESS TO HIGHWAYS 183,360 AND 114 TARRANT COUNTY POPULATION: 1.7 MILLION COLLEYVILLE HOUSEHOLD INCOMES: 43% OVER $100,000 20.8% OVER $200,000 COLLEYVILLE IS AN AFFLUENT AND EXCLUSIVE COMMUNITY WEST OF DALLAS AND NORTH AND WEST OF FORT WORTH. IT HAS THE BEST OF BOTH WORLDS, CULTURALLY DIVERSE CITY ACCESS NEARBY WHILE LIVING IN A PEACEFUL SUBURB WHERE CRIME IS VIRTUALLY NONEXISTENT. THE COLLEYVILLE AREA HAS STRONG DEMOGRAPHIC CHARACTERISTICS WITHIN THE DFW METROPLEX. WHITE COLLAR PROFESSIONALS MAKE UP A HIGH PERCENTAGE OF THE AREA'S POPULATION. THE WITHIN 5 MILES EXEMPLARY GRAPEVINE-COLLEYVILLE ISD IMAX THEATER NORTHEAST MALL ANCHORED BY NORDSTROM'S, SAKS FIFTH AVENUE, DILLARD'S AND MACY'S COLLEYVILLE TOWN CENTER AVERAGE INCOME WITHIN A ONE-MILE RADIUS OF THE VILLAGE IS $153,294 AND 49.3% OF THE HOUSEHOLDS WITHIN A FIVE MILE RADIUS HAVE INCOMES ABOVE $100,000. THE AREA HAS ALSO SEEN A 15.0% POPULATION INCREASE SINCE 2000 AND IS ANTICIPATED TO INCREASE ANOTHER 10.9% OVER THE NEXT FIVE YEARS WHICH IS 6.1 % BETTER THAN THE NATIONAL AVERAGE.
DEMOGRAPHICS FOR SALE ESTIMATED VALUE FOR 5 MILE RADIUS (2016) POPULATION: 249,028 POPULATION GROWTH: 5.66% OVER NEXT FIVE YEARS HOUSEHOLDS: 94,286 HOUSEHOLD GROWTH: 5.15% OVER NEXT FIVE YEARS POPULATION AVERAGE HOUSEHOLD INCOME: $91,053 MEDIAN HOUSING VALUE: $238,417 ONE MILE RADIUS THE POPULATION IN THIS AREA IS ESTIMATED TO CHANGE FROM 5,272 TO 5,563 RESULTING IN A GROWTH OF 5.52% BETWEEN 2021 AND THE CURRENT YEAR. OVER THE NEXT FIVE YEARS, THE POPULATION IS PROJECTED TO GROW BY 1.08% ANNUALLY. THE CURRENT YEAR MEDIAN AGE FOR THIS POPULATION IS 46.5. OVER THE PAST 10 YEARS THE POPULATION HAS GROWN BY 18.8%. CURRENTLY, IT IS ESTIMATED THAT 21.9% OF THE POPULATION AGE 25 AND OVER IN THIS AREA HAD EARNED A MASTER'S, PROFESSIONAL, OR DOCTORATE DEGREE AND 34.6% HAD EARNED A BACHELOR'S DEGREE. FIVE MILE RADIUS THE POPULATION IN THIS AREA IS ESTIMATED TO CHANGE FROM 249,028 TO 263,118 RESULTING IN A GROWTH OF 5.66% BETWEEN 2021 AND THE CURRENT YEAR. THE CURRENT YEAR MEDIAN AGE FOR THIS POPULATION IS 40.4. CURRENTLY, IT IS ESTIMATED THAT 14.3% OF THE POPULATION AGE 25 AND OVER IN THIS AREA HAD EARNED A MASTER'S, PROFESSIONAL, OR DOCTORATE DEGREE AND 29.4% HAD EARNED A BACHELOR'S DEGREE. HOUSEHOLDS 5.66% POPULATION GROWTH BY 2021 5.16% HOUSEHOLD GROWTH BY 2021 ONE MILE RADIUS THE NUMBER OF HOUSEHOLDS IN THIS AREA IS ESTIMATED TO CHANGE FROM 1,927 TO 2,025, RESULTING IN AN INCREASE OF 5.08% BETWEEN 2021 AND THE CURRENT YEAR. THE PAST 10 YEARS HAS SEEN A 10.3% GROWTH. FIVE MILE RADIUS: THE NUMBER OF HOUSEHOLDS IN THIS AREA IS ESTIMATED TO CHANGE FROM 94,286 TO 99,150, RESULTING IN AN INCREASE OF 5.16% BETWEEN 2021 AND THE CURRENT YEAR. OVER THE PAST 10 YEARS, THE NUMBER OF HOUSEHOLDS INCREASED BY 18.68% ANNUALLY.
DEMOGRAPHICS INCOME ONE MILE RADIUS: THE AVERAGE HOUSEHOLD INCOME IS ESTIMATED TO BE $166,025 FOR THE CURRENT YEAR, WHILE THE AVERAGE HOUSEHOLD INCOME FOR THE UNITED STATES IS ESTIMATED TO BE $77,008 FOR THE SAME TIME FRAME. THE CURRENT YEAR ESTIMATED PER CAPITA INCOME FOR THIS AREA IS $59,603, COMPARED TO AN ESTIMATE OF $29,472 FOR THE UNITED STATES AS A WHOLE. FULLY 25.3% OF THE HOUSEHOLDS MAKE OVER $200,000 ANNUALLY. FIVE MILE RADIUS THE AVERAGE HOUSEHOLD INCOME IS ESTIMATED TO BE $111,075 FOR THE CURRENT YEAR, WHILE THE AVERAGE HOUSEHOLD INCOME FOR THE UNITED STATES IS ESTIMATED TO BE $77,008 FOR THE SAME TIME FRAME. THE CURRENT YEAR ESTIMATED PER CAPITA INCOME FOR THIS AREA IS $42,250 COMPARED TO AN ESTIMATE OF $29,472 FOR THE UNITED STATES AS A WHOLE. HOUSING ONE MILE RADIUS: IT IS ESTIMATED THAT 88.1% OF THE DWELLINGS IN THIS AREA ARE OWNER-OCCUPIED FOR THE CURRENT YEAR. OVER 49.5% OF THE HOMES ARE IN EXCESS OR $400,000 IN VALUE. FIVE MILE RADIUS IT IS ESTIMATED THAT 88.1% OF THE DWELLINGS IN THIS AREA ARE OWNER-OCCUPIED FOR THE CURRENT YEAR EMPLOYMENT ONE MILE RADIUS FOR THIS AREA, 48.8% OF THE POPULATION IS ESTIMATED TO BE EMPLOYED (AGE 16 AND OVER) FOR THE CURRENT YEAR. THE OCCUPATIONAL CLASSIFICATIONS ARE 80.3% WHITE COLLAR, 9.0% BLUE COLLAR AND 10.7% SERVICE. FOR THE CIVILIAN EMPLOYED POPULATION (AGE 16 AND OVER) IN THIS AREA, IT IS ESTIMATED THAT THEY ARE EMPLOYED 28.1% IN MANAGEMENT, BUSINESS, AND FINANCIAL OPERATIONS; 25.1% IN PROFESSIONAL AND RELATED OCCUPATIONS; AND 27.1% ARE IN SALES AND OFFICE. FIVE MILE RADIUS FOR THIS AREA, 47.9% OF THE POPULATION IS ESTIMATED TO BE EMPLOYED (AGE 16 AND OVER) FOR THE CURRENT YEAR. THE OCCUPATIONAL CLASSIFICATIONS ARE 72.5% WHITE COLLAR, 14.0% BLUE COLLAR AND 13.5% SERVICE.
Suite # Tenant Sq. Ft. Pro-rata Share $/Sq. Ft. Rent CAM, Tax, Dues Monthly Parking Total Monthly Payment NNN $/ Sq. Ft. Lease Comm. Lease Term Security Deposit 200 Caris Foundation 2,637 19.09% $ 14.00 $ 3,076.92 $ 1,255.40 $219.75 $ 4,552.07 $ 6.71 5/1/2012 4/20/2022 $ 4,286.04 280 & 285 Prime Lending 3,211 23.25% $ 15.83 $ 4,235.84 $ 1,528.67 - $ 5,764.51 $ 5.71 4/1/2015 3/31/2018 $ 2,512.14 290 Keller Williams 4,067 29.45% $ 10.75 $ 3,643.35 $ 1,570.88 - $ 5,214.23 $ 4.64 6/1/2012 5/31/2018 $ 6,100.00 293 Zipperlen Investments 1,156 8.37% $ 7.38 $ 711.38 $ - $ - $ 1,000.00 3/1/2016 5/31/2018 $ 600.00 295 Prime Lending 1,000 7.24% $ 23.10 $ 1,925.00 $ - $ 1,925.00 $ - 8/1/2016 3/31/2018 $ 1,925.00 291 Keller Williams 978 7.08% $ 20.75 $ 1,691.13 $ 1,691.13 $ - 12/1/12016 1/31/2018 Vacant 762 5.52% $ - Building Total 13,811 100.00% $ 15.30 $ 15,283.62 $ 4,354.95 $219.75 $ 20,570.59 $ 15,423.18 Suite # Tenant Sq. Ft. Pro-rata Share $/Sq. Ft. Rent CAM, Tax, Dues Monthly Parking Total Monthly Payment NNN $/ Sq. Ft. Lease Comm. Lease Term Security Deposit 100 Zipperlein Investments 1,250 11.30% $ 10.67 $ 1,111.46 $ 597.21 $ 1,708.67 $ 5.73 3/31/2027 110 Zipperlein Investments 1,350 12.20% $ 13.60 $ 1,518.75 $ 6.43.77 $ 2,162.52 $ 5.72 4/1/2014 3/31/2027 $ 1,750.00 150 Zipperlein Investments 3,214 29.05% $ 16.50 $ 4,419.25 $ 1,531.48 $ 5,950.73 $ 5.72 7/1/2008 3/31/2027 $ 2,277.76 175 & 190 Piazza in the Village 5,200 47.00% $ 16.00 $ 6,933.34 $ 2,500.31 $ 9,433.65 $ 5.77 7/1/2013 3/31/2021 195 Piazza in the Village 126 1.14% Building Total 11,140 100.69% $ 14.19 $ 13,982.80 $ 5,272.77 $ - $ 19,255.57 $ 5.74 $ 4,027.76 OVERALL MONTHLY 24,951 $29,978.69 $9,627.72 $39,826.16 OVERALL ANNUAL $359,744.28 $115,532.64 $477,913.92
OFFERING SUMMARY PRICING $5,000,000.00 $201.00/SF GROSS LEASABLE AREA 24,875 SF 11,064 SF - 1 ST FLOOR 13,811 SF - 2 ND FLOOR YEAR BUILT 2002 RENOVATED 2016 PARKING 6 UNDERGROUND SPACES CROSS PARKING AGREEMENT FOR ALL VILLAGE SURFACE PARKING OCCUPANCY 97% (FEBRUARY 2017) CAPITALIZATION RATE 6.5%
INCOME/EXPENSES 2017 INCOME MONTHLY YEARLY BASE RENT (1ST FLOOR) $13,982.60 AVERAGE: $15.06/RSF $167,791.20 CAM CONTRIBUTION $5,272.77 $63,273.24 BASE RENT (2ND FLOOR) $15,995.89 AVERAGE $13.89/RSF $191,950.68 CAM CONTRIBUTION $4,574.70 $54,896.40 EFFECTIVE GROSS INCOME $477,911.52 EXPENSES YEARLY PROPERTY TAXES $66,185.00 INSURANCE (INTERIOR ONLY) $5,000.00 OA DUES (INLC. PROPERTY INSURANCE) $6,700.00 OTHER ORDRINARY OPERATING COSTS $50,112.00 MANAGEMENT AT 5% EGI $23,181.00 TOTAL OPERATING EXPENSES ($6.08/SF) 151,178.00 NET OPERATING INCOME $326,733.52 CAPITALIZATION RATE AT $5,000,000 6.5%
MAJOR TENANT DESCRIPTIONS THE SPA AT THE VILLAGE ONE OF DFW S TOP DAY SPAS AND MED SPAS, OFFERING A FULL RANGE OF SERVICES SINCE 2003. STARTING WITH JUST 1,200 SF, THE SPA NOW UTILIZES NEARLY 7,000 SF. THE SPA IS OWNED BY ZIPPERLEN INVESTMENTS. WWW.SPAATTHEVILLAGE.NET THE PIAZZA IN THE VILLAGE RENOWNED FOR THEIR UNIQUE EVENT SPACE LOCATED IN AN ADJACENT SECTION OF THE VILLAGES AT COLLEYVILLE.. HOSTING WEDDINGS, PARTIES, CORPORATE EVENTS, REHEARSAL DINNERS AND BANQUESTS, THIS FACILITY HAS WON GREAT PRAISE AND NUMEROUS AWARDS! WWW.PIAZZAINTHEVILLAGE.COM CARIS FOUNDATION A TEXAS BASED NONPROFIT THAT WAS ESTABLISHED IN IRVING IN 2002 TO AID IMPOVERISHED POPULATIONS. THEY HAVE JUST RENEWED THEIR LEASE AND HAVE BEEN AT 55 MAIN FOR TEN (10) YEARS. WWW.CARISFOUNDATION.ORG KELLER WILLIAMS ONE OF DALLAS LARGEST RESIDENTIAL BROKERAGES. IT IS EXPECTED THAT THEY WILL TAKE OVER PRIME LENDING S SPACE IN 2018. WWW.KW.COM PRIME LENDING OWNED BY PLAINS CAPITAL BANK WWW.PRIMELENDING.COM
Want to fit this pic in somewhere.