Offering 16 Parcel Portfolio 21 leases Norfolk, Virginia · 2019-10-22 · occupied real estate is...
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Offering 16 Parcel Portfolio 21 leases Norfolk, Virginia Revised 9-03-2019
Transcript of Offering 16 Parcel Portfolio 21 leases Norfolk, Virginia · 2019-10-22 · occupied real estate is...
Offering 16 Parcel Portfolio
21 leases Norfolk, Virginia
Revised 9-03-2019
History of 16 Parcel Portfolio
Page ii
16 Properties* / 21 leases Norfolk, Virginia
The ultimate buyer of these properties gains the opportunity to hit the ground running and be ac-tively engaged in oversight and implementation of a proven real estate portfolio. This cluster of occupied real estate is not a coupon clipping venture. Besides net operating income of approximately $1,200,000.00, these closely held locally owned real estate holdings involve the full gambit of landlord responsibilities: Marketing signage and social media, interviewing prospects, lease drafting, zoning preservation, intermittent (not daily) maintenance and vendor selection and bidding for items like roofs or ex-pansions, insurance coverage, rent collection, real estate tax payments or protests, annual IRS reporting and distribution of profits to owner(s)/investor(s). The redacted rent roll on page iii provides basic information with current rent rates available af-ter signing a confidentiality agreement and basic introductions to each other. *It is conceivable that some tenants may wish to purchase their occupied parcels, thus reducing the portfolio size and purchase price accordingly. For more information: www.loopnet.com/Listing/6414-E-Virginia-Beach-Blvd-Norfolk-VA/16955297/ Alan Fleder (1914 - 2003) and his brother, Harry (1919 - 2000), started their business careers as furniture merchants in 1945 in downtown Norfolk, Virginia. As the business grew and the post World War II population expanded into suburbs they acquired small suburban locations with the intention of opening additional furniture stores beyond the 3 downtown stores. Many of these parcels had great highway exposure and attracted automobile dealerships and related service facilities. Proximity to the Norfolk International Airport (“ORF”) was conducive to national car rental brands. Today the users include Avis Car Rent, Leslie’s Pool Supplies, car and truck repair, transmission repair, car stereo installation and used car dealerships.
Offering of 16 Parcel Portfolio
Page iii Rent Roll of 21 Leases on 16 Parcels
TOTALS 14.85
Tenant Address Acre Rent Lease Lease Rent Incr. Tax Ins Net/1
Start End Incr. Amt. Gro/0 Page 1 881 LCR 0.46 7/3/2014 7/3/2019 7/3/2019 3% 97.78 40.58 0 Page 2 894 LCR 0.47 1/24/2000 12/31/2021 1/1/2020 3% 293.34 33.80 0 Page 2 894 LCR incl. 11/11/2005 10/29/2019 N/A N/A 37.42 0 Page 2 894 LCR incl. 6/9/2016 6/30/2019 7/1/2019 $100 49.50 0 Page 3 900A LCR 0.28 10/28/2016 11/30/2019 12/1/2019 3% 194.38 19.90 0 Page 3 900B LCR incl. 2/1/2019 1/31/2020 2/1/2020 3% 0 Page 4 919 LCR 0.83 9/1/1979 3/31/2019 1/1/2020 3% 136.88 55.08 1 Page 5 Ave J 0.7 3/10/2017 3/31/2019 4/1/2019 3% 375.21 0.26 0 Page 6 946 LCR 0.23 8/11/2011 9/30/2033 10/1/2019 3% 177.50 9.85 1 Page 7 3335 NMH 0.77 10/4/2017 11/30/2020 12/1/2019 3% 368.58 23.52 0 Page 8 3430 NMH 0.8 9/15/1975 8/31/2020 9/1/2019 3% 625.10 1 Page 9 3444 NMH 0.98 8/1/1996 7/31/2025 9/1/2019 3% 138.85 1 Page 10 3462 NMH 1.16 8/1/1996 8/31/2020 9/1/2019 3% 651.04 1 Page 11 3530 NMH 0.6 11/1/2018 10/31/2023 11/1/2019 3% 310.83 23.42 1 Page 12 6939-50 NMH 3.62 9/1/1964 5/31/2020 6/1/2019 3% 2,055.52 1 Page 13 7044 NMH 0.69 5/22/2018 9/30/2020 8/1/2019 3% 417.29 43.12 0 Page 14 6414 VBB 0.46 1/23/1984 10/31/2027 11/1/2019 1.50% 448.13 42.59 1 Page 15a 6420 VBB 0.44 10/1/1980 8/31/2019 8/1/2018 3% 701.27 88.93 0 Page 15b 6430 VBB 0.28 5/9/1997 12/31/2019 1/1/2019 3% 4.45 0 Page 15c 6440 VBB 0.91 6/25/2002 2/1/2018 1.50% 411.86 54.84 1 Page 16 6530 VBB 1.17 10/27/2000 3/30/2019 4/1/2018 1.50% 637.40 44.00 1
Financials*
Monthly NOI $100,123 $100,123 $100,123
Yearly NOI $1,201,477 $1,201,477 $1,201,477
Avg. Annual Increase x 1.03 x 1.03 x 1.03
Cap Rate 4% 5% 6%
Sales Price $30,036,925 $24,029,540 $20,625,272
Revised 9-03-2019
LCR = East Little Creek Road NMH = North Military Highway VBB = East Virginia Beach Boulevard
* It is con-ceivable that some tenants may wish to p u r c h a s e their occu-pied parcels, thus reducing the portfolio size and pur-chase price accordingly.
Location of Properties, Norfolk, VA Page iv
881 E. Little Creek Rd., Norfolk, VA 23518 Page 1
200’
100’
Page 2 894 A, B, & C E. Little Creek Rd., Norfolk, VA 23518
110’
101’
50’
240’
900 A & B E. Little Creek Rd., Norfolk, VA 23518 Page 3
142’
47’
120’
70’
919 E. Little Creek Rd., Norfolk, VA 23518 Page 4
250’
180’
918 Avenue J, Norfolk, VA 23518 Page 5
304’
100’
946 E. Little Creek Rd., Norfolk, VA 23518 Page 6
100
’
100’
3335 N. Military Highway, Norfolk, VA 23518 Page 7
270’
125’ N. Military Highway
3430 N. Military Highway, Norfolk, VA 23518 Page 8 326’
119’
296’
N. Military Highway
3444 N. Military Highway, Norfolk, VA 23518 Page 9
160’
275’
151’ N. Military Highway
3462 N. Military Highway, Norfolk, VA 23518 Page 10
232’
200’
275’
N. Military Highway
3530 N. Military Highway, Norfolk, VA 23518 Page 11
191’
135’ N. Military Highway
6950-6970 N. Military Highway, Norfolk, VA 23518
525’
300’
Page 12
N. Military Highway
7044 N. Military Highway, Norfolk, VA 23518 Page 13
150’
200
’
N. Military Highway
6414 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 14
150’
135’ E. Virginia Beach Blvd.
6420 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 15a
115’
137’
E. Virginia Beach Blvd.
6430 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 15b
88’
137’ E. Virginia Beach Blvd.
6440 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 15c
178’
203’
E. Virginia Beach Blvd.
6530 E. Virginia Beach Blvd., Norfolk, VA 23518 Page 16
204’
250’ E. Virginia Beach Blvd.
Offering 16 Parcel Portfolio
21 leases Norfolk, Virginia
Revised 9-03-2019
