Fdw Package
Transcript of Fdw Package
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Smith Attaway
Family DollarWare Shoals, SC
Investment Overview
Transactional Excellence
Representational Picture
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Family DollarTable of Contents
Pages Section Title
1 Asset Overview
2 Asset Financials
3 Lease/Tenant Overview4 Financing Terms
5 Comparables
6 Competition Map
7 Demographic Report
The information herein is believed to be true, however Smith Attaway LLC will not represent any information
herein. It is up to Individual investors to VERIFY ALL information prior to making an investment decision
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Deal Overview
The Subject property is a Property is a Family Dollar located in the Greenville, SC MSA. Specifically Ware Shoals, SC, Which is located
South of Greenville in Greenwood County. The property was developed for Family Dollar in the Spring 2008. In the Year and a Half that
the store has been open it has become a top 10 store in the State of South Carolina (there are 203 total store in SC), in terms of store sales.
The Lease is guaranteed by Family Dollar Inc through June 2017. Family Dollar Inc. has a net worth of over $4,100,000,000 and last year
produced sales revenues in excess of $7,800,000,000. After the Original lease term expires Family Dollar has two five year options to
extend there lease. During each of those option periods Family Dollars rent will increase by 10% each five years.
The Things the Buyer is going to need to get comfortable with are as follows:
1.) Flat 10 Year Lease- Family Dollar signed a flat 10 year lease in June of 2008. There will not be an opportunity to increase the NOI on
the property until Family Dollar exercises there first option. While there is no Guarantee that the Family Dollar will exercise there option
we do know that the store is in the top 10 in the state out of 203 store, which would make it seem fairly likely that they would exercise the
option.
2.) Location: Ware Shoals is not a major city it's a small town suburb of Greenville, SC which is one of the fastest growing cities in the
country. Its the ideal town for a Family Dollar store as there is a large working class population and very little competition. The city ofWare Shoals has only one grocery store and no other dollar store competition, which has helped lead to the strong store sales. Greenville
and Ware Shoals are both going to continue to grow as more business, and retirees come to South Carolina for the higher quality of life at
a lower price
On the following pages you will find a detailed financial overview of this asset including information on both Family dollar Corporate.
Should you have any further questions please feel free to contact us. Thank you for your interest and we look forward to hearing from you
in the near future
Best regards,
Andrew Ackerman
Co-Founder/PresidentSmith Attaway Company
(770)842-6904
The information herein is believed to be true, however Smith Attaway LLC will not represent any information herein. It is up to Individual investors to
VERIFY ALL information prior to making an investment decision
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Financial & Tenant Summary
Net Operating Income
Expenses
Effective Gross Income
Square Feet
Price Per Square Foot
Cap RatePrice $799,333
9.00%
$71,940
Loan Summary
Financial Summary
Loan to Value 75%
$87
9,180
$73,440
$1,500
Down PaymentInterest Rate
Amortization (Years)
Term (Years)
Annual Debt Service
Cash flow after Debt Service $16,165
55,775
5
20
7.00%$599,499
8.09%Cash on Cash Return
Tenant Summary
Tenant Name:Corporate Guarantee
Publicly Traded
Years in Business
Number of Locations
Credit Rating BBB-
6,655
50 Years
Yes
YesFamily Dollar
6/1/2008Lease Commencement
Lease Summary
Lease Type
Rent Increases during Option periodsOption Periods (With CPI Increase)
Lease Expiration 6/30/2017
Two (2) X Five (5) year options10%
Triple Net (NNN)
The information herein is believed to be true, however Smith Attaway LLC will not represent any information herein. It is up to
Individual investors to VERIFY ALL information prior to making an investment decision
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Lease Overview
Tenant Name Family Dollar
Building Size (Sqft) 9,180
$73,440
$8.00
6/1/2008
6/30/2017
10 Years
8 Years
No
Yes
6,655
6,655
Yes
$4.1 Billion
$1.8 Billion
Triple Net (NNN)
CAM, Taxes, Insurance
Roof, Structure & Parking lot
6/1/2008
Annual Rent
Rent Per Square foot
Lease Commencement
Lease Expiration
Lease Term
Term Remaining on lease (Years)
Franchisee/licensee
Corporate Guarantee
Number of Stores
Number of Company Owned
Publicly Traded
Net Worth
Sales Revenue
Lease Type
Tenant Responsibility
Landlord Responsibility
Year Built
The information herein is believed to be true, however Smith Attaway LLC will not represent any information herein. It is up to
Individual investors to VERIFY ALL information prior to making an investment decision
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Leverage: 75%
Price $799,333
Equity Required: 25% $599,499
Loan Amount $199,834
Prime Interest Rate 3.25%
Add'l BP 3.75%Interest Rate 7.00%
Term 5
Amortization 20
Origination Fee $5,995
Debt Coverage Ratio 1.29
Annual Debt Service $55,775
Cash Flow After Debt Service $16,164.99
Cash on Cash Return 8.09%
*** Loan information may vary depending on the financial strength of the purchaser and the
financial markets fluctuating all perspective purchasers should speak to their bankers to obtain
an accurate loan quote.
Prospective Loan
The information herein is believed to be true, however Smith Attaway LLC will not represent any information herein. It
is up to Individual investors to VERIFY ALL information prior to making an investment decision
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Cap Rate Comparison
7.40%7.60%7.80%8.00%8.20%8.40%8.60%8.80%9.00%9.20%
Subject Property Belleville, IL Family
Dollar
Center, CO Family
Dollar
Detriot, MI Family
Dollar
Jeanerette, LA Family
Dollar
Cockrell, TX Family
Dollar
Akron, OH Family
Dollar
Property
CapRate
Lease Term Remaining Comparison
0
2
4
6
810
Subject Property Belleville, IL FamilyDollar
Center, CO FamilyDollar
Detriot, MI FamilyDollar
Jeanerette, LA FamilyDollar
Cockrell, TX FamilyDollar
Akron, OH FamilyDollar
Property
LeaseTermRemainin
g
Price Per Square Foot Comparison
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
Subject Property Belleville, IL Family
Dollar
Center, CO Family
Dollar
Detriot, MI Family
Dollar
Jeanerette, LA
Family Dollar
Cockrell, TX Family
Dollar
Akron, OH Family
Dollar
Property
PricePerSF
Rent Comprables
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
Subject Property Belleville, IL Family
Dollar
Center, CO Family
Dollar
Detriot, MI Family
Dollar
Jeanerette, LA Family
Dollar
Cockrell, TX Family
Dollar
Akron, OH Family
Dollar
Property
RentPerSF
The information herein is believed to be true, however Smith Attaway LLC will not represent any information herein. It is up to Individual investors to VERIFY ALL information prior tomaking an investment decision
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Investment Highlights
8% Cash on Cash Return
Top 5 Store in South Carolina In Terms of
Store Sales
Rent Increases in the Option
Periods Concrete Parking Lot
Brand New Construction
Family Dollar Corporate Guarantee ($4.1
Billion Dollar Guarantee)
Location Highlights
Located In Greenville MSA
No Competition From Dollar Store
Competitors
Located in the Center Heart of
Ware Shoals, SC
Located in one of the Fastest Growing States
in the Country
0
The information herein is believed to be true, however Smith Attaway LLC will not represent any information
herein. It is up to Individual investors to VERIFY ALL information prior to making an investment decision
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O c t o b e r 2 0 0 8 o n : - 8 2 . 2 2 9 0 1 8 / L a t : 3 4 . 3 8 1 4 4 9
3 9 G r e e n w o o d A v e 1 . 0 0 M i l e 3 . 0 0 M i l e s 5 . 0 0 M i l e s
W a r e S h o a l s , S C
o p u l a t i o n
P o p u l a t i o n ( 1 9 9 0 ) 5 0 2 3 , 4 0 3 6 , 6 6 5
P o p u l a t i o n ( 2 0 0 0 ) 4 9 5 3 , 4 8 1 7 , 1 9 4
E s t i m a t e d P o p u l a t i o n ( 2 0 0 8 ) 4 9 6 3 , 4 3 1 7 , 0 7 4
P r o j e c t e d P o p u l a t i o n ( 2 0 1 3 ) 4 9 0 3 , 3 6 9 6 , 9 4 7
F o r c a s t e d P o p u l a t i o n ( 2 0 1 8 ) 4 8 7 3 , 3 0 5 6 , 8 0 7
H i s t o r i c a l A n n u a l G r o w t h ( 1 9 9 0 - 2 0 0 0 ) - 7 - 0 . 1 % 7 9 0 . 2 % 5 2 9 0 . 8
H i s t o r i c a l A n n u a l G r o w t h ( 2 0 0 0 - 2 0 0 8 ) 0 0 . 0 % - 5 0 - 0 . 2 % - 1 2 0 - 0 . 2
H i s t o r i c a l A n n u a l G r o w t h ( 2 0 0 8 - 2 0 1 3 ) - 6 - 0 . 2 % - 6 2 - 0 . 4 % - 1 2 7 - 0 . 4
E s t . P o p u l a t i o n D e n s i t y ( 2 0 0 8 ) 1 6 2 . 6 8 p s m 1 2 3 . 4 6 p s m 9 1 . 6 8 p s m
T r a d e A r e a S i z e 3 . 0 5 s q m i 2 7 . 7 9 s q m i 7 7 . 1 5 s q m i
R a c e & E t h n i c i t y ( 2 0 0 8 )
N o n H i s p a n i c : W h i t e 3 7 0 7 4 . 7 % 2 , 5 4 0 7 4 . 0 % 5 , 4 6 9 7 7 . 3
N o n H i s p a n i c : B l a c k / A f r i c a n A m e r i c a n 1 0 0 2 0 . 3 % 7 4 0 2 1 . 6 % 1 , 3 2 5 1 8 . 7
N o n H i s p a n i c : A s i a n & P a c i f i c I s l a n d e r 2 0 . 4 % 1 0 0 . 3 % 2 2 0 . 3
N o n H i s p a n i c : A m e r I n d i a n & A K N a t i v e 2 0 . 3 % 6 0 . 2 % 1 2 0 . 2
N o n H i s p a n i c : O t h e r R a c e 1 6 3 . 3 % 9 5 2 . 8 % 1 5 1 2 . 1
H i s p a n i c : W h i t e 4 0 . 9 % 3 4 1 . 0 % 8 3 1 . 2
H i s p a n i c : B l a c k / A f r i c a n A m e r i c a n 1 0 . 2 % 6 0 . 2 % 1 0 0 . 1
H i s p a n i c : A s i a n & P a c i f i c I s l a n d e r 0 0 . 0 % 0 0 . 0 % 0 0 . 0
H i s p a n i c : A m e r I n d i a n & A K N a t i v e 0 0 . 0 % 0 0 . 0 % 0 0 . 0
H i s p a n i c : O t h e r R a c e 0 0 . 0 % 0 0 . 0 % 0 0 . 0
e m o g r a p h i c S o u r c e : A p p l i e d G e o g r a p h i c S o l u t i o n s / T I G E R G e o g r a p h y
1 . 0 0 M i l e
1 9 9 0 2 0 0 0 2 0 0 8 2 0 1 3 2 0 1 8
4 8 24 8 44 8 64 8 84 9 04 9 24 9 44 9 64 9 85 0 05 0 2
5 0 43 . 0 0 M i l e s
1 9 9 0 2 0 0 0 2 0 0 8 2 0 1 3 2 0 1 8
3 , 2 6 0 3 , 2 8 0 3 , 3 0 0 3 , 3 2 0 3 , 3 4 0 3 , 3 6 0 3 , 3 8 0 3 , 4 0 0 3 , 4 2 0 3 , 4 4 0 3 , 4 6 0 3 , 4 8 0
3 , 5 0 0 5 . 0 0 M i l e s
1 9 9 0 2 0 0 0 2 0 0 8 2 0 1 3 2 0 1 8
6 , 5 0 0
6 , 6 0 0
6 , 7 0 0
6 , 8 0 0
6 , 9 0 0
7 , 0 0 0
7 , 1 0 0
7 , 2 0 0
7 , 3 0 0
1 . 0 0 M i l e
7 5 %
0 %
2 0 %
0 %3 %1 %
3 . 0 0 M i l e s
7 4 %
0 %
2 2 %
0 %3 %1 %
5 . 0 0 M i l e s
N H W h i t e
N H A s i a n
N H B l a c k
N H A m e r I n d i a n
N H O t h e r R a c e
H i s p a n i c s 7 7 %
0 %
1 9 %
0 %2 %1 %
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O c t o b e r 2 0 0 8 o n : - 8 2 . 2 2 9 0 1 8 / L a t : 3 4 . 3 8 1 4 4 9
7 3 9 G r e e n w o o d A v e 1 . 0 0 M i l e 3 . 0 0 M i l e s 5 . 0 0 M i l e s
W a r e S h o a l s , S C
A g e D i s t r i b u t i o n ( 2 0 0 8 )
T o t a l P o p u l a t i o n 4 9 6 3 , 4 3 1 7 , 0 7 4
A g e 0 t o 4 y r s 3 7 7 . 5 % 2 4 1 7 . 0 % 4 7 2 6 . 7
A g e 5 t o 9 y r s 3 6 7 . 3 % 2 3 7 6 . 9 % 4 6 4 6 . 6
A g e 1 0 t o 1 4 y r s 3 4 7 . 0 % 2 3 9 7 . 0 % 4 6 4 6 . 6
A g e 1 5 t o 1 9 y r s 3 0 6 . 0 % 2 1 4 6 . 2 % 4 3 6 6 . 2
A g e 2 0 t o 2 4 y r s 2 6 5 . 3 % 1 8 3 5 . 3 % 4 0 0 5 . 7
A g e 2 5 t o 2 9 y r s 2 8 5 . 7 % 2 0 8 6 . 0 % 4 3 9 6 . 2
A g e 3 0 t o 3 4 y r s 2 4 4 . 9 % 1 6 9 4 . 9 % 3 7 7 5 . 3
A g e 3 5 t o 3 9 y r s 2 3 4 . 7 % 1 9 1 5 . 6 % 4 0 8 5 . 8
A g e 4 0 t o 4 4 y r s 3 9 7 . 8 % 2 4 6 7 . 2 % 5 1 4 7 . 3
A g e 4 5 t o 4 9 y r s 3 5 7 . 1 % 2 6 0 7 . 6 % 5 3 9 7 . 6
A g e 5 0 t o 5 4 y r s 3 3 6 . 6 % 2 4 9 7 . 3 % 5 3 2 7 . 5
A g e 5 5 t o 5 9 y r s 2 9 5 . 8 % 2 2 4 6 . 5 % 5 1 3 7 . 3
A g e 6 0 t o 6 4 y r s 3 2 6 . 5 % 1 9 8 5 . 8 % 4 1 2 5 . 8
A g e 6 5 t o 6 9 y r s 1 8 3 . 6 % 1 4 2 4 . 1 % 3 0 6 4 . 3
A g e 7 0 t o 7 4 y r s 1 9 3 . 7 % 1 2 7 3 . 7 % 2 5 9 3 . 7
A g e 7 5 t o 7 9 y r s 2 0 4 . 1 % 1 1 9 3 . 5 % 2 1 2 3 . 0
A g e 8 0 t o 8 4 y r s 1 2 2 . 5 % 7 3 2 . 1 % 1 3 9 2 . 0
A g e 8 5 y r s p l u s 1 9 3 . 9 % 1 1 2 3 . 3 % 1 8 8 2 . 7
M e d i a n A g e 4 0 . 0 y r s 3 9 . 7 y r s 3 9 . 7 y r s
e m o g r a p h i c S o u r c e : A p p l i e d G e o g r a p h i c S o l u t i o n s / T I G E R G e o g r a p h y
M a l e F e m a l e
0 - 4
5 - 9
1 0 - 1 4
1 5 - 1 9
2 0 - 2 4
2 5 - 2 9
3 0 - 3 4
3 5 - 3 9
4 0 - 4 4
4 5 - 4 9
5 0 - 5 4
5 5 - 5 9
6 0 - 6 4
6 5 - 6 9
7 0 - 7 4
7 5 - 7 9
8 0 - 8 4
8 5 +
0 1 0 2 0
M a l e F e m a l e
0 - 4
5 - 9
1 0 - 1 4
1 5 - 1 9
2 0 - 2 4
2 5 - 2 9
3 0 - 3 4
3 5 - 3 9
4 0 - 4 4
4 5 - 4 9
5 0 - 5 4
5 5 - 5 9
6 0 - 6 4
6 5 - 6 9
7 0 - 7 4
7 5 - 7 9
8 0 - 8 4
8 5 +
0 4 0 8 0 1 2 0 1 6 0
M a l e F e m a l e
0 - 4
5 - 9
1 0 - 1 4
1 5 - 1 9
2 0 - 2 4
2 5 - 2 9
3 0 - 3 4
3 5 - 3 9
4 0 - 4 4
4 5 - 4 9
5 0 - 5 4
5 5 - 5 9
6 0 - 6 4
6 5 - 6 9
7 0 - 7 4
7 5 - 7 9
8 0 - 8 4
8 5 +
0 7 0 1 4 0 2 1 0 2 8 0 3
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O c t o b e r 2 0 0 8 o n : - 8 2 . 2 2 9 0 1 8 / L a t : 3 4 . 3 8 1 4 4 9
3 9 G r e e n w o o d A v e 1 . 0 0 M i l e 3 . 0 0 M i l e s 5 . 0 0 M i l e s
W a r e S h o a l s , S C
o u s e h o l d T y p e ( 2 0 0 8 )
T o t a l H o u s e h o l d s 1 8 5 1 , 2 9 1 2 , 7 2 7
F a m i l y H o u s e h o l d s 1 1 9 6 4 . 2 % 8 5 4 6 6 . 1 % 1 , 8 5 1 6 7 . 9
F a m i l y H o u s e h o l d s W i t h C h i l d r e n 5 4 4 5 . 8 % 3 9 9 4 6 . 8 % 8 7 3 4 7 . 2
F a m i l y H o u s e h o l d s N o C h i l d r e n 6 4 5 4 . 2 % 4 5 4 5 3 . 2 % 9 7 8 5 2 . 8
N o n - F a m i l y H o u s e h o l d s 6 6 3 5 . 8 % 4 3 7 3 3 . 9 % 8 7 5 3 2 .
N o n - F a m i l y W i t h C h i l d r e n 0 0 . 0 % 1 0 . 2 % 4 0 . 4
N o n - F a m i l y N o C h i l d r e n 6 6 1 0 0 . 0 % 4 3 6 9 9 . 8 % 8 7 1 9 9 . 6
d u c a t i o n a l A t t a i n m e n t ( 2 0 0 8 )
E l e m e n t a r y o r S o m e H i g h S c h o o l 8 6 2 5 . 8 % 5 8 4 2 5 . 2 % 1 , 1 4 1 2 3 . 6
H i g h S c h o o l G r a d u a t e 1 2 9 3 8 . 7 % 9 5 6 4 1 . 2 % 2 , 0 4 7 4 2 . 3
S o m e C o l l e g e o r A s s o c i a t e s D e g r e e 7 4 2 2 . 2 % 4 9 1 2 1 . 2 % 1 , 0 7 1 2 2 .
B a c h e l o r o r G r a d u a t e D e g r e e 4 4 1 3 . 4 % 2 8 7 1 2 . 4 % 5 7 8 1 2 . 0
o u s e h o l d I n c o m e ( 2 0 0 8 )
E s t . A v e r a g e H o u s e h o l d I n c o m e $ 4 4 , 4 4 3 $ 4 5 , 5 0 1 $ 4 7 , 6 0 4
E s t . M e d i a n H o u s e h o l d I n c o m e $ 3 3 , 5 5 0 $ 3 5 , 5 1 8 $ 3 7 , 9 8 7
H H I n c o m e $ 0 t o $ 9 , 9 9 9 2 0 1 0 . 6 % 1 5 8 1 2 . 3 % 2 8 6 1 0 . 5
H H I n c o m e $ 1 0 , 0 0 0 t o $ 3 4 , 9 9 9 7 7 4 1 . 9 % 4 9 1 3 8 . 0 % 1 , 0 0 2 3 6 . 7
H H I n c o m e $ 3 5 , 0 0 0 t o $ 4 9 , 9 9 9 2 7 1 4 . 7 % 1 9 5 1 5 . 1 % 4 3 3 1 5 . 9
H H I n c o m e $ 5 0 , 0 0 0 t o $ 7 4 , 9 9 9 3 3 1 7 . 9 % 2 4 4 1 8 . 9 % 5 2 5 1 9 . 2H H I n c o m e $ 7 5 , 0 0 0 t o $ 9 9 , 9 9 9 1 5 8 . 3 % 1 1 3 8 . 8 % 2 7 4 1 0 .
H H I n c o m e $ 1 0 0 , 0 0 0 t o $ 1 4 9 , 9 9 9 1 0 5 . 2 % 7 0 5 . 4 % 1 6 2 5 . 9
H H I n c o m e $ 1 5 0 , 0 0 0 o r M o r e 3 1 . 4 % 1 9 1 . 5 % 4 5 1 . 6
e m o g r a p h i c S o u r c e : A p p l i e d G e o g r a p h i c S o l u t i o n s / T I G E R G e o g r a p h y
1 . 0 0 M i l e
0
1 0
2 0
3 0
4 0
5 0
6 0
7 0
8 03 . 0 0 M i l e s
05 0
1 0 01 5 02 0 02 5 03 0 03 5 04 0 04 5 05 0 0
5 . 0 0 M i l e s
F a m H H w / C h i l d
F a m H H n o C h i l d
N o n - F a m w / C h i l d
N o n - F a m n o C h i l
01 0 02 0 03 0 04 0 05 0 06 0 07 0 08 0 09 0 0
1 , 0 0 0 1 , 1 0 0
1 . 0 0 M i l e
2 6 %
3 9 %
2 2 %
1 3 %
3 . 0 0 M i l e s
2 5 %
4 1 %
2 1 %
1 2 %
5 . 0 0 M i l e s
E l e m e n t a r y / S o m e H S
H S G r a d u a t e
S o m e C o l l / A s s o c . D e g r e e
B a c h e l o r / G r a d u a t e D e g r e e
2 4 %
4 2 %
2 2 %
1 2 %
H o u s e h o l d I n c o m e D i s t r i b u t i o n ( i n 1 , 0 0 0 ' s )
1 . 0 0 M i l e
3 . 0 0 M i l e s
5 . 0 0 M i l e s
$ 0 t o $ 1 0 $ 1 0 t o $ 3 5 $ 3 5 t o $ 5 0 $ 5 0 t o $ 7 5 $ 7 5 t o $ 1 0 0 $ 1 0 0 t o $ 1 5 0 $ 1 5 0 P l u s
0 . 0 % 5 . 0 %
1 0 . 0 % 1 5 . 0 % 2 0 . 0 % 2 5 . 0 % 3 0 . 0 % 3 5 . 0 % 4 0 . 0 % 4 5 . 0 %
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Atlanta, Georgia 30326
Phone: (770)842-6904
Email:[email protected]
Exclusively Listed & Presented By:
The Pinnacle Building3455 Peachtree Rd Suite 500
The information herein is believed to be true, however Smith Attaway LLC will not represent any information
herein. It is up to Individual investors to VERIFY ALL information prior to making an investment decision