FOR SALE - PRICE REDUCTION - LoopNet · Portland, ME 04102 PATRICK CASALINOVA Northeast Commercial...
1
Transcript of FOR SALE - PRICE REDUCTION - LoopNet · Portland, ME 04102 PATRICK CASALINOVA Northeast Commercial...
KW COMMERCIAL50 Sewall Street,Second FloorPortland, ME 04102
PATRICK CASALINOVANortheast Commercial Brokers0: 207.879.9800C: [email protected] #BA919193
KEVIN FLETCHER, CCIMManaging DirectorO: 207.879.9800C: [email protected] #BA903663 - NH # 064279
FOR SALE - PRICE REDUCTION
OFFERING MEMORANDUM
PRESENTED BY:
POLAND, ME
PRICE REDUCTION - OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 2
OFFERING SUMMARY
SALE PRICE: $2,400,000
CAP RATE: 7.16%
NOI: $171,959
LOT SIZE: 3.84 Acres
YEAR BUILT: 2008
BUILDING SIZE: 19,893 SF
ZONING: Downtown
MARKET: Retail
PROPERTY OVERVIEW
Well established community shopping plaza with Anchor Tenant
and class A local businesses. The property offers High visibility
and maximum exposure for its tenants by receiving over 20,000
trips a day and serves both the local and tourist markets. The
property professionally managed and is in excellent condition.
PROPERTY HIGHLIGHTS• National Anchor
• Class A Tenants
• High Traffic Location
• Excellent Condition
• Value Add Position with Rental Upside
Executive Summary
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 3
LOCATION OVERVIEW
The Town of Poland is a vibrant, rural community at
the crossroads of Central and Western Maine. With
excellent access to two of Maine’s three metropolitan
areas, a business-oriented Town Government, a
modern school system, people and where
businesses thrive. Poland teems with a wealth of
recreation opportunities including five lakes, three
golf courses, hiking, snowmobiling, and ATV trails,
hunting, fishing, museums, campgrounds, mineral
camps, a town beach, and more. Poland Crossing is
in a PRIME LOCATION located on buys Route 26
Maine St. next to Poland Regional High School.
Route 26 is the major thoroughfare for year-round
travelers to and from the Southern and Western
Maine regions including destinations like the Oxford
Casino, Oxford Plains Speedway, Sunday River, Mt.
Abrams, and Shawnee Peak ski resorts.
https://www.polandtownoffice.org
https://www.oxfordcasino.com
https://www.oxfordplains.com
https://www.sundayriver.com
http://www.oxfordhillsmaine.com
https://lametrochamber.com
http://polandcrossingmaine.com
Property Description
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 4
SALE PRICE $2,400,000
LOCATION INFORMATION
Building Name Poland Crossing
Street Address 1385 Maine Street
City, State, Zip Poland, ME 04274
County/Township Androscoggin
Market Retail
Retail Clientele General
BUILDING INFORMATION
Owner JTK Holdings, LLC
Building Size 19,893
NOI $171,959
Cap Rate 7.16%
Price / SF $120.65
Year Built 2008
Tenancy Multiple
Gross Leasable Area 19,892 SF
Construction Status Existing
Framing Wood
Condition Excellent
Roof Asphalt Shingle & Rubber Membrane
Number Of Buildings 3
Exterior Walls Vinyl Siding with Brick Facade
Foundation Slab
PROPERTY DETAILS
Property Type Retail
Property Subtype Neighborhood Center
Lot Size 3.84 Acres
APN# 0015-0005
Lot Frontage 615'
Traffic Count 20,000
Traffic Count Frontage 615'
Zoning Downtown
PARKING & TRANSPORTATION
Parking Type Surface
Number Of Spaces 103
Parking Description Ample Surface parking
UTILITIES & AMENITIES
Handicap Yes
HVAC Rooftop Units
Restrooms Multiple
Heating Liquid Propane (Roof Top Units)
Sewer Private
Water Public
Exterior New England style with brick facade and vinyl
siding. Each building and unit is served by its
own HVAC unit and electrical service
Utilities Separately metered utilities
Property Details
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 5
Additional Photos
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 6
Aerial Map
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 7
Retailer Map
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 8
INVESTMENT OVERVIEW POLAND CROSSING FINANCIALS
Price $2,400,000
Price per SF $120.65
CAP Rate 7.2%
Cash-on-Cash Return (yr 1) 6.78 %
Total Return (yr 1) $98,097
Debt Coverage Ratio 1.23
OPERATING DATA POLAND CROSSING FINANCIALS
Gross Scheduled Income $254,587
Other Income $36,239
Total Scheduled Income $290,826
Vacancy Cost (7%) $20,367
Gross Income $270,459
Operating Expenses $98,500
Net Operating Income $171,959
Pre-Tax Cash Flow $35,613
FINANCING DATA POLAND CROSSING FINANCIALS
Down Payment $525,000
Loan Amount $1,875,000
Debt Service $136,346
Debt Service Monthly $11,362
Principal Reduction (yr 1) $62,483
Financial Summary
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 9
Enter comments here...
TENANT
NAME
UNIT
NUMBER
UNIT
SIZE (SF)
LEASE
START
LEASE
END
ANNUAL
RENT
% OF
GLA
PRICE
PER SF/YR
Dunkin Donuts 1 2,240 July 2014 August 2024 $45,360 11.26 $20.25
Subway 2 1,000 July 2014 April 2022 $15,500 5.03 $15.50
Vacant 3 2,760 $33,120 13.87 $12.00
Vacant 4 1,661 $19,932 8.35 $12.00
Family Dollar 5 8,000 July 2014 June 2021 $71,600 40.22 $8.95
Bader Physical Therapy 6 2,160 June 2017 May 2024 $18,748 10.86 $8.68
Northeast Bank 7 2,072 March 2010 Feb. 2025 $50,329 10.42 $24.29
Totals/Averages 19,893 $254,589 $12.80
INCOME SUMMARY POLAND CROSSING FINANCIALS
Gross Income $270,459
EXPENSE SUMMARY POLAND CROSSING FINANCIALS
Building Maintenance $8,000Area Lighting Electricity & Repairs $11,000Insurance $6,500Landscaping/Grounds $8,500Snow Removal $21,000Real Estate Taxes $31,000Management $12,500
Gross Expenses $98,500
Net Operating Income $171,959
Income & Expenses
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 10
TENANT
NAME
UNIT
NUMBER
UNIT
SIZE (SF)
LEASE
START
LEASE
END
ANNUAL
RENT
% OF
GLA
PRICE
PER SF/YR
Dunkin Donuts 1 2,240 July 2014 August 2024 $45,360 11.26 $20.25
Subway 2 1,000 July 2014 April 2022 $15,500 5.03 $15.50
Vacant 3 2,760 $33,120 13.87 $12.00
Vacant 4 1,661 $19,932 8.35 $12.00
Family Dollar 5 8,000 July 2014 June 2021 $71,600 40.22 $8.95
Bader Physical Therapy 6 2,160 June 2017 May 2024 $18,748 10.86 $8.68
Northeast Bank 7 2,072 March 2010 Feb. 2025 $50,329 10.42 $24.29
Totals/Averages 19,893 $254,589 $12.80
Rent Roll
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 11
POPULATION 3 MILES 6 MILES 10 MILES
Total population 3,419 12,467 36,029
Median age 42.7 42.7 42.0
Median age (male) 43.0 42.9 41.8
Median age (Female) 42.4 42.5 42.1
HOUSEHOLDS & INCOME 3 MILES 6 MILES 10 MILES
Total households 1,384 5,025 14,621
# of persons per HH 2.5 2.5 2.5
Average HH income $66,721 $65,133 $63,714
Average house value $182,705 $194,563 $209,388
* Demographic data derived from 2010 US Census
Demographics Map
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 12
50 Sewall Street, Second FloorPortland, ME 04102T 207.879.9800
C 207.890.0713
ME #BA919193
PROFESSIONAL BACKGROUND
Patrick Casalinova is an entrepreneurial graduate of Norwich University with adegree in Business. Patrick is constantly looking for ways to expand his knowledgebase both in the real estate industry and in life. Patrick has set his sights onworking with the top brokers in the industry, and expanding his knowledge baseboth in real estate and in life. Before becoming a licensed REALTOR® in 2011,Patrick worked 11 years in construction gaining extensive experience andknowledge of civil and architectural engineering as well as the municipal landplanning and permitting process. Patrick uses his skills, knowledge and experienceto help his clients achieve their real estate goals.
When not working for his clients, Patrick likes learning about new technologies,volunteering in the community and staying active by enjoying the Maine seasons.
EDUCATION
Bachelor of Science in Business Management, Norwich University
MEMBERSHIPS & AFFILIATIONS
National Association of Realtors, Maine Commercial Association of Realtors,Business Networking International, Oxford Hill Chamber of Commerce Board ofDirectors,
PATRICK CASALINOVA
Northeast Commercial Brokers
Advisor Bio & Contact
POLAND CROSSING |
Each Office Independently Owned and Operated kwcommercial.com 13
50 Sewall Street, Second FloorPortland, ME 04102T 207.879.9800
C 207.754.9311
ME #BA903663
PROFESSIONAL BACKGROUND
Kevin brings over 20 years of experience to his business and has an extensiveknowledge of the Maine Commercial and Investment market. Kevin has completedcomplex commercial transactions from Bangor, ME to Seabrook, NH. Kevin hassold over 300 separate apartment buildings in his career and conductedinvestment transactions ranging from small neighborhood strip malls to investmentdeals with national tenants. Kevin has also assisted in and consulted on a widerange of commercial and residential developments.
Kevin brings a down to earth approach to his business and a hard driving workethic to help satisfy his client's needs with a strong belief in a fiduciary responsibilityto his clients checkbook and not his own.
EDUCATION
*Licensed Real Estate Agent since 1997
*Licensed in both Maine and New Hampshire
*CCIM (Certified Commercial Investment Member) since 2002
*US Army Combat Veteran having served from 1992-1996
MEMBERSHIPS & AFFILIATIONS
*President-Maine Commercial Association of Realtors
*Member-Board of Directors, Maine Association of Realtors
*Commercial Committee Member-National Association of Realtors
*Past Realtor of the Year, Maine Commercial Association of Realtors
*Board of Directors-Auburn Business Development Corporation
KEVIN FLETCHER, CCIM
Managing Director
Advisor Bio & Contact
POLAND CROSSING |
