ALBERT PIKE SHOPPING CENTER | 100% LEASED · 2020. 5. 5. · Albert Pike Shopping Center is highly...

30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

1819 ALBERT PIKE ROAD, HOT SPRINGS, AR 71913

ALBERT PIKE SHOPPING CENTER | 100% LEASED

RETAIL SHOPPING CENTER

BRYAN BENDERMANAGING DIRECTOR

D: [email protected]

BENJAMIN SCHULTZSENIOR DIRECTOR


ACTUAL SITE

http://fortisnetlease.com/


BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM DISCLAIMER // 2

DISCLOSURE :

All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.

BRYAN BENDER BENJAMIN SCHULTZMANAGING DIRECTOR SENIOR DIRECTORD: 248.419.3810 D: [email protected] [email protected]

EXCLUSIVELY L ISTED BY:

1819 ALBERT PIKE ROAD, HOT SPRINGS, AR 71913RETAIL SHOPPING CENTER

ARKANSAS BOR:BRIAN GEHRKI | PRINCIPAL BROKER

GEHRKI COMMERCIAL REAL ESTATE501-258-5500

[email protected]

mailto:[email protected]



https://buildout.com/website/Albert-Pike-Shopping-Center-Hot-Springs-AR-For-Sale?tab=map

BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM INVESTMENT OFFERING // 3

INVESTMENT SUMMARY

List Price: $1,599,000

Current NOI: $157,948.26

Initial Cap Rate: 9.88%

Land Acreage: 3.37

Year Built 1978

Building Size: 34,400 SF

Price PSF: $46.48

Lease Type: Net

Lease Term: Varies

INVESTMENT OFFERING

Fortis Net Lease is pleased to present Albert Pike Shopping Center, a shopping center

located in Hot Springs, AR. The Alber Pike Shopping Center is a fully leased 8 tenant

retail shopping center comprised of 34,400 SF. Given the nature of the Net leases there

are minimal landlord responsibilities, as the landlord is responsible for the capital repair

and replacement to the roof and structure, taxes, insurance and CAM.

Albert Pike Shopping Center is highly visible as it is strategically positioned on Alber

Pike Rd, a main thoroughfare in Hot Springs. All tenants will benefit from being located

on Alber Pike Rd, as there is 17,475 cars per day traveling on the street. The population

within 5 miles exceeds 55,000 with the average household income within one mile

being greater than $51,000. The Subject offering represents an ideal opportunity for a

buyer to attain the fee simple ownership of a multi tenant shopping center. This

investment will offer a new owner continued success due to the strength of this

location. List price reflects a 9.88% cap rate based on NOI of $157,949.

PRICE $1,599,000

CAP RATE 9.88%

LEASE TYPE Net

TERM REMAINING Varies

INVESTMENT HIGHLIGHTS

• 8 Tenant Center | 100% Leased

• Net Leases, Minimal Landlord Responsibilities

• 17,475 Cars Per Day Traveling Albert Pike Rd

• Hot Springs is Home to Many Colleges and Universities

• 5 Mile Population Exceeds 55,000 | $51k+ Average Household

Income

• Consumer Spending within Five Miles $499 Million

• Storage Units Add an Additional $15,218 in NOI






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM PROPERTY & LEASE // 4

LEASE SUMMARY

Tenant: Retail Shopping Center

Lease Type: Net

Primary Lease Term: Varies

Landlord Responsibilities: Roof, Structure, Parking Lot, Insurance, andTaxes

Taxes, Insurance & CAM: Landlord

Roof, Structure & Parking: Landlord

Lease Start Date: Varies

Lease Expiration Date: Varies

Lease Term Remaining: Varies

Rent Increases: Varies

Renewal Options: Varies

Lease Guarantor: Varies

Lease Guarantor Strength: Varies

Tenant Website: Varies

INCOME ALBERT PIKE SHOPPING CENTER PER SF

Rent $171,600.00 $4.99

Storage Lockers $15,818.00 $0.46

Gross Income $187,418.00 $5.45

EXPENSE ALBERT PIKE SHOPPING CENTER PER SF

Taxes $11,002 $0.32

CAM $9,620 $0.28

Insurance $6,818 $0.20

Utilities $2,029 $0.06

Gross Expenses $29,469 $0.86

NET OPERATING INCOME $157,948.26 $4.59

FINANCIAL SUMMARY

Year Built: 1978

Lot Size: 3.37 Acres

Building Size: 34,400 SF

Traffic Count: 17,475

Roof Type: Rubber Membrane

Zoning: Commercial

Parking Lot: Asphalt

HVAC Roof Mounted

PROPERTY SUMMARY






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM RENT ROLL // 5

TENANTNAME

UNITNUMBER

UNITSIZE (SF)

ANNUALRENT

% OFGLA

RENTPER SF/YR

LEASESTART

LEASEEND

Pro Copy & Mail Services A 1,200 $8,400.00 3.49 $7.00 5/1/2015 MTM

Tax Office B 1,200 $8,400.00 3.49 $7.00 5/1/2015 MTM

Rinse & Repeat Dirk Gibson C & D 2,400 $12,000.00 6.98 $5.00 6/1/2017 5/31/2022

Karate Eli Burton E 1,200 $8,400.00 3.49 $7.00 4/1/2019 5/31/2020

Photo Finishers Waco Hill F 1,200 $8,400.00 3.49 $7.00 2002 MTM

*Diamond Gymnastics | Seller Master Lease G 8,600 $36,000.03 25.0 $4.19 1/1/2016 12/31/2020

Abilities Unlimited H & I 12,000 $63,000.00 34.88 $5.25 11/1/2017 10/31/2020

AWP Group, Inc. Craig Hendrix

Storage Lockers

J 6,600 $27,000.00

$15,818.00

24.03 $4.09 2007 MTM

Totals/Averages 34,400 $187,418.00 $ 4.99

TOTAL SF34,400

TOTAL ANNUAL RENT$187,418.00

OCCUPANCY RATE100.0%

AVERAGE RENT/SF$ 4.99

NUMBER OF TENANTS8

***Due to low gymnastic attendance, Seller will master lease the vacant space for up to six months if need be.***






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM SITE PLAN // 6







BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM LOCATION MAPS // 7





BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM AERIAL MAP // 8






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM AREA & DEMOGRAPHICS // 12

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 2019 3,047 30,541 55,993

Total Population 2024 3,118 31,319 56,953

Population Growth Rate 2.33% 2.55% 1.71%

Average Age 43.5 41.9 42.0

# Of Persons Per HH 2.0 2.1 2.2

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total Households 1,498 13,834 24,443

Average HH Income $55,275 $46,922 $53,888

Median House Value $99,645 $122,970 $138,165

Consumer Spending (Thousands) $28,545 $257,041 $499,037

Hot Springs is a resort city in the state of Arkansas and the county seat of GarlandCounty.

Hot Springs, Arkansas, and Hot Springs National Park owe their existence to an array ofsprings that still supply naturally heated water for thermal baths. The historic FordyceBathhouse, located on famous Bathhouse Row, serves as the park's visitor center.

Hot Springs National Park is the smallest and oldest of the parks in the National ParkSystem. It dates back to 1832 when Congress established, 40 years ahead ofYellowstone, the first federally protected area in the nation's history. Hot SpringsReservation, which was renamed Hot Springs National Park in 1921, was created toprotect the 47 naturally flowing thermal springs on the southwestern slope of HotSprings Mountain. Visiting the park is free.

Hot Springs, AR, which is the boyhood home of former U.S. President Bill Clinton, islocated in Garland County. Along with the national park it is home base to livethoroughbred racing and gaming at Oaklawn, Magic Springs/Crystal Falls theme andwater parks, the 210-acre Garvan Woodland Gardens, The Gangster Museum of America,and a renowned arts community with plenty of gallery options. The newly-renovatedMid-America Science Museum is a great stop for families and is a winner of the 2016National Medal for Library & Museum Service from the Institute of Museum & LibraryServices.






BRYAN BENDERMANAGING DIRECTOR


BENJAMIN SCHULTZSENIOR DIRECTOR


30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

fortisnetlease.com

EXCLUSIVELY L ISTED BY:

TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN

$6B 3,000+ 345K 43

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ALBERT PIKE SHOPPING CENTER | 100% LEASED · 2020. 5. 5. · Albert Pike Shopping Center is highly...

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