New WALGREENS GRAND RAPIDS MI · 2018. 2. 23. · SVN | Silveri Company | 580 Cascade West Parkway,...
Transcript of New WALGREENS GRAND RAPIDS MI · 2018. 2. 23. · SVN | Silveri Company | 580 Cascade West Parkway,...
SVN | Silveri Company | 580 Cascade West Parkway, S.E., Grand Rapids, MI 49546 SALE BROCHURE
WALGREENSGRAND RAPIDS MI1964 FULLER NEGRAND RAPIDS, MI 49505
Peter ColvinCouncil Chair of Single [email protected]
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 2
OFFERING SUMMARY
Sale Price: $1,895,000
Cap Rate: 9.76%
NOI: $184,989
Year Built: 1999
Building Size: 13,792
Price / SF: $137.40
The SVN Colvin Team is proud to offer this unique opportunity to afford a very nice Walgreen’s at a discount. We areoffering the building for sale as a leasehold interest at a cap rate of 9.75%. There is an August 2017 MAI appraisal fromCBRE Valuation Services for $2,260,000. This attractive looking Walgreen’s is located at the busy intersection of Fullerand Knapp in NE Grand Rapids. There are over 220,000 people within a 5 mile radius.
The land is owned by the Grand Rapids Fire Fighters and leased to the building owner for a fixed amount that co-termswith the Walgreen’s lease. Walgreen’s pays rent of $242,642. The building owner portion is $189,842 after the $52,800land lease payment is subtracted. The cap rate is an estimated 9.75% after a 2% annual reserve of $4,853 is subtractedfor roof, structure and parking lot capital repairs. The estimated NOI after reserve is $184,989. The lease runs from Sept 1,1999 for 75 years with termination rights every five years starting Sept 2019. Landlord is responsible for the roof, structureand parking lot replacement. Walgreen’s has a 10 day right of first refusal.
PROPERTY OVERVIEW
PROPERTY HIGHLIGHTS
• 9.76 Cap!
• Leasehold Interest (full depreciation)
Property Summary
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE, GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 3
INVESTMENT OVERVIEW
Price $1,895,000Price per SF $137.40CAP Rate 9.76%
Estimated NOI $184,989
OPERATING DATA
Gross Scheduled Income $242,642Other Income $0Total Scheduled Income $242,642
Gross Income $242,642Less Ground Lease -$52,800Less Reserve for Roof, Structure and Parking Lot Replacement Estimated Net Operating Income -$4,853Estimated NOI: 9.76% $184,989
Financial Summary
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 4
Additional Photos
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 5
Aerial 1
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Aerial 2
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Location Maps
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE, GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 8
Location Maps
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POPULATION 1 MILE 3 MILES 5 MILES
Total population 12,417 91,564 228,442
Median age 35.7 34.1 32.8
Median age (male) 35.8 34.0 32.1
Median age (Female) 35.7 33.9 33.0
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 5,037 37,949 89,651
# of persons per HH 2.5 2.4 2.5
Average HH income $48,678 $50,671 $54,826
Average house value $123,707 $129,766 $149,643
* Demographic data derived from 2010 US Census
Demographics Map
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 10
Grand Rapids MI
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 11
SVN
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE, GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 12
580 Cascade West Parkway, S.E.Grand Rapids, MI 49546T 616.893.1398C [email protected]
PROFESSIONAL BACKGROUND
Peter and his son Chris have built a very strong national practice helping people buy and sell quality single tenantinvestment real estate leased long term to strong tenants.
Peter serves as the Chairman of the National Single Tenant Group for SVN. He is consistently one of the “Top 10 Advisorsin America” for the company out of 1600 + Advisors.
Peter has over 10 years of investment real estate experience and has completed nearly two billion dollars intransactions.
Peter specializes in 1031 Exchanges. He helps clients exchange their management intensive properties into safe, longterm "mailbox" money passive investments. His SVN Teammates count on Peter to handle their clients' 1031's as well.
Peter hosts The National Single Tenant Call and has been a featured speaker at national conferences and events.
Peter has won numerous local, regional, and national awards, including The CoStar Power Broker Award and The PartnerCircle Award (SVN's highest honor) for many consecutive years. He was voted The SVN Team Player of the Year for backto back years.
Peter and Chris helped create "The Dollar General Fund" which owns new NNN leased Dollar Generals that investors canpurchase units in for long term cash flow.
Peter and Chris co-founded “Easy Leasebacks" which has become a very popular vehicle for growing companies to usereal estate equity to creatively fund their growth.
Colvin earned degrees in business and music from Aquinas College in Grand Rapids, Michigan, where he resides with hiswife, Deb and sons. He enjoys going on adventures with his cool wife Deb, playing football with his college middlelinebacker Cody and playing tennis and growing the business with his son Chris.
EDUCATION
Degrees in Business and Music from Aquinas College in Grand Rapids MI.
PETER COLVIN
Council Chair Of Single Tenant Investments
Advisor Bio & Contact 1
WALGREENS GRAND RAPIDS MI | 1964 FULLER NE, GRAND RAPIDS, MI 49505 SVN | Silveri Company | Page 13
The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be usedfor any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent ofthe SVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.
The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person isauthorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receivingthese materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.
Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the informationcontained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. ThisOffering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct,and there can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representationsor warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or madeavailable to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fullyexecuted and delivered Real Estate Purchase Agreement between it and Owner.
The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor anyof their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this OfferingBrochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.
This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, toreject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with anyentity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on termsacceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing andagreed to release the Owner and the SVN Advisor from any liability with respect thereto.
To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any suchcorrespondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospectivepurchaser proceeds at its own risk.
Disclaimer