DECEMBER 2018 MINIMUM BID PRICE $6,750,000 CROSSROADS CENTER
AUCTION
DECEMBER 2018
MINIMUM BID PRICE
$6,750,000
CROSSROADS CENTER
164,000 SF Retail/Business Park
939-946 Andrews Ave, Henderson, NC
Executive Summary
Zetabid is pleased to present Crossroads Center, a 98% leased retail/business park for sale via sealed bid auction. Crossroads Center is located on the I85 freeway at the Andrews Ave. exit and is approximately 45 minutes North from the Raleigh/Durham market.
The center contains a mix of long-term local tenants in both retail and office units. Space is always in high demand as the center has the best location in Henderson with 32,000 cars per day traffic on I85, and 15,000 on Andrews. The center sits on two parcels of freeway adjacent land on both sides of Andrews Avenue. Current annual gross rent is $1,045,000 with expenses of $415,000. Many below market leases exist (self-managed by long- time owner retiring soon). A 21,000 square foot mini storage complex is located at the back of the property (with room for expansion).
Please visit our Due Diligence Vault to review current financials, rent rolls, and other important documents. Pre-auction offers are welcome! All bids are subject to a 2.5% Buyer Premium. Broker cooperation is welcome (1%).
Key Details
Year Built Gross Building Area Rentable SF (Est) Site
Aerial Site Plan
1986-2002 164,480 164,480 18.4 Acres
Minimum Bid Amount Current Annual Gross Rent 2018 NOI (actual rents) Going-in Cap Rate % Occupied
$6,750,000 ($41/PSF) $1,045,051 $602,554 8.9% 98%
158
85
RAMSEY ST
GUPTON ST
W ANDREWS AVE PARRISH MILL RD
39
S BECKFORD DR
Financial Summary
Proforma Projection Base Rent Reimbursement Income
Gross Potential Rent Inc. Less Vacancy/Collection
Effective Gross Income
Expenses Advertising Insurance Taxes Cleaning and General Maint Repairs Miscl Utilities
Subtotal Actual
Proforma Expenses Property Management
Total Expenses Net Operating Income Building GLA
Radius Map
220
$26,126.27
4% $142,980
2018 $1,045,051
$1,045,051
2.5% $1,018,925
$10,000 $22,000 $84,814 $84,000 $130,000 $4,800 $40,000 $375,614
$40,757 $416,371 $602,554
Farmville
Hampden Sydney
460 Blackstone
Petersburg 1
Williamsur
Martinsville
Danville 29
Greensboro
Burlington
Asheboro
74
15
South Boston 58
58
943 West Andrews Avenue Henderson, NC
85
Durham
40
Chapel Hill
Cary
64
Apex
540
Raleigh
1
85
South Hill
301
95
Emporia
58
Franklin
Roanoke Rapids
Murfreesboro
MILES
25 50 95
MILES
Ahoskie 13
64 264
95
Rocky Mount Tarboro
Plymouth 64
Wilson 301
Greenville Winterville
17 Washington
Rent Roll
Suite Tenant
Rentable SF % of Center
Southeast Complex
939 W Andrews (1986 Built)
Nuestro Porvenir, Inc
900
0.6%
Major Auto Insurance
900
0.6%
Allure Hair Extensions
900
0.6%
941 W Andrews (1986 Built)
2,700
African Hair Braiding
1,500
1.0%
Values 2U
1,500
1.0%
Values 2U 2
1,500
1.0%
Happy Nails & Spa
1,500
1.0%
Geter's Barber College
2,280
1.6%
No Limits
1,440
1.0%
Healthy Treats (Combined spaces)
2,280
1.6%
No Limits
3,000
2.1%
15,000
914 W Andrews - Back Building (1975 Built)
Baldies Barber Shop
680
0.5%
Divine Styles Beauty Salon
740
0.5%
1,420
943 Andrews (1987 Built)
Beautysmart
7,500
5.2%
Daymark Recovery Services
2,500
1.7%
Sky Pawn (Sony LLC)
5,000
3.5%
Daymark Recovery Services
7,500
5.2%
KARTS
3,660
2.6%
Halls and Restrooms
200
0.1%
Ultimate Healthcare Services
540
0.4%
Three Dimensional Tech
600
0.4%
Crawford Properties Office (owner)
560
0.4%
Vacant
960
0.7%
Ross Rehab / Honey Green Miles
480
0.3%
29,500
945 Andrews (1978 Built)
Nails to Tails Dog Grooming
509
0.4%
Sadie's School of Dance
3,331
2.3%
Diana's Tax Service
1,920
1.3%
SRFC Security
1,920
1.3%
NC Department of Corrections
1,920
1.3%
ACS
1,920
1.3%
Michael's Florist
2,136
1.5%
Crossroads Event Center
4,689
3.3%
Home Town Hardware
9,095
6.4%
27,440
Lease Type
MG MG MG
MG MG MG MG MG MG MG MG
MG MG
MG MG MG MG MG MG MG MG
MG
MG MG MG MG FS MG MG MG MG
Lease Start
8/1/2018 3/1/2016 9/1/2016
8/1/2002 9/1/2018 11/1/2018 7/1/2011 8/1/2011 12/1/2015 11/1/2010 8/1/2013
12/1/2012 11/1/2009
9/1/1991 1/1/2017 11/1/2015 8/1/2011 11/1/1989
2/1/2016 2/1/2017
8/15/2018
10/1/2010 6/1/1995 12/1/2005 3/1/2018 6/1/2005 1/1/2018 6/1/2016 3/1/2018 5/1/1986
Lease End
7/31/2019 2/28/2019 8/30/2019
5/31/2019 8/31/2019 10/31/2019 9/30/2019 4/30/2019 2/28/2019 9/30/2019 2/28/2019
5/31/2019 5/31/2019
7/31/2019 9/30/2019 11/1/2020 9/30/2019 3/31/2019
1/30/2019 1/30/2019
8/14/2019
10/1/2019 5/31/2019 2/28/2019 2/28/2019 5/30/2019 12/31/2018 5/31/2019 2/28/2019 4/30/2019
Base Rent Monthly Monthly PSF Annual PSF
$750 $750 $700 $2,200
$1,175 $1,000 $1,000
$800 $1,650 $1,250
$1,500
$2,700 $11,075
$500 $600 $1,100
$4,000 $1,200 $1,500 $3,800 $3,300
$600 $600
-
-
$525
$15,525
$450 $1,050 $1,050 $1,300 $1,375 $1,200
$800 $2,000 $2,500 $11,725
$0.83 $0.83 $0.78
$10.00 $10.00 $9.33
$0.78 $0.67 $0.67 $0.53 $0.72 $0.87
$0.66
$0.90
$9.40 $8.00 $8.00 $6.40 $8.68 $10.42
$7.89
$10.80
$0.74 $0.81
$8.82 $9.73
$0.53 $0.48 $0.30 $0.51 $0.90
$1.11 $1.00
-
-
$1.09
$6.40 $5.76 $3.60 $6.08 $10.82
$13.33 $12.00
-
-
$13.13
$0.88 $0.32 $0.55 $0.68 $0.72 $0.63 $0.37 $0.43 $0.27 $0.43
$10.61 $3.78 $6.56 $8.13 $8.59 $7.50 $4.49 $5.12 $3.30 $5.13
Suite Tenant Northwest Complex 944 Andrews (2008 Built)
Home Credit II Allstate Insurance Agency United Home Care
946 Andrews (1993 Built) Parham's Western Rescued Direct General Insurance Co. Insurance Partners NC License Plate Agency National Finance Children's Dev. Agency Restaurant 39 The Attic & A1 Travel Home Credit Corp.
946 Andrews (2002 Year Built) Rainbow International Sun Medical Supply B 1 Bingo Trinkets 39 Thrift Shop Vance County Tourism Salon 31 Lincare Propel GPS Reliable Car Sales, Inc Pete Smith Lube and Tire
Mini Storage Units 5'x10' 7.5'x10' 10'x10' 10'x15' 10'x20' Complex SF Business Park SF Average Rent SF
Rentable SF % of Center Lease Type Lease Start Lease End
Base Rent Monthly Monthly PSF Annual PSF
1,800 1,200 1,200 4,200
4,000 1,600 1,600 1,600 1,288 1,912 4,800 4,800 4,800 2,720 29,120
4,000 3,200 4,800 2,400 2,400 1,600 1,668 3,132 2,820 1,580 6,000 33,600 21,500
246 108 28 71 18 21 164,480 142,980 $7.31
1.3% 0.8% 0.8%
2.8% 1.1% 1.1% 1.1% 0.9% 1.3% 3.4% 3.4% 3.4% 1.9%
2.8% 2.2% 3.4% 1.7% 1.7% 1.1% 1.2% 2.2% 2.0% 1.1% 4.2%
15.0%
MG 10/1/1990 1/1/2021 MG 7/1/2008 7/1/2019 MG 7/1/2008 9/30/2019
$1,800 $1,250 $1,200 $4,250
MG 4/1/1984 5/24/2022 MG 8/1/2017 11/1/2018 MG 4/1/1998 5/1/2020 MG 8/1/2012 6/30/2019 FS 10/1/1991 4/30/2019 MG 1/1/2004 5/1/2019 FS 1/1/2004 12/31/2018 MG 6/1/2016 4/30/2019 MG 9/1/1995 9/30/2019 MG 9/1/1999 8/1/2020
$1,000 $975
$1,000 $975 $675
$1,300 $3,313 $2,050 $2,100 $1,800 $15,188
9/15/2016 9/30/2020 6/1/1992 7/31/2021 9/1/2011 10/30/2019 8/1/2012 2/28/2019 9/1/2017 8/31/2019 FS 6/1/1992 6/1/2019 9/1/2011 8/30/2019 4/1/2013 10/1/2017 12/1/2012 8/30/2018 10/1/2018 9/30/2019 5/1/2002 6/1/2019
$2,750 $1,550 $2,275 $1,025 $1,200 $1,100
$875 $1,950 $1,600
$800 $2,900 $18,025 $8,000
$1.00 $1.04 $1.00
$12.00 $12.50 $12.00
$0.25 $0.61 $0.63 $0.61 $0.52 $0.68 $0.69 $0.43 $0.44 $0.66
$3.00 $7.31 $7.50 $7.31 $6.29 $8.16 $8.28 $5.13 $5.25 $7.94
$0.69 $0.48 $0.47 $0.43 $0.50 $0.69 $0.52 $0.62 $0.57 $0.51 $0.48
$0.37
$8.25 $5.81 $5.69 $5.13 $6.00 $8.25 $6.29 $7.47 $6.81 $6.08 $5.80
$4.47
$87,088 Monthy Base Rent $1,045,051 Annual Base Rent
Demographics Population 2018
Households Average Household Income
1 Mile 4,624
1,870 $36,168
3 Mile 1,994
7,938 $42,861
5 Mile 28,253
10,998 $46,553
Traffic Andews
I85
Vehicles Per Day 15,000
32,000
Click below to access auction web page and register to view diligence documents. CLICK TO GET MORE INFORMATION
CLICK TO VIEW DRONE VIDEO
For more information, please contact:
MICHAEL DAVIN President Zetabid, Inc. 424.888.6068 x 101 mdavin@
ERIC KOESTERER Director of Auction Operations Zetabid, Inc. 424.888.6068 x 110 ekoesterer@
The Seller, Zetabid, its employees and agents expressly disclaim as either seller or agent any warranty as to the property. Zetabid nor any of its affiliates or representatives has independently verified any of the information, including any approximations, estimates or projections, contained herein and does not undertake any obligation to independently verify any other written or oral communication.
Auction conducted by Heritage Global Partners in alliance with Zetabid, Inc. under Heritage Global Partners. Click the link above to view auction property web page for detailed property and bidding instructions. All bids/ offers shall be placed using the online sealed bid form. No bid shall be deemed accepted until a mutually executed Purchase and Sale Agreement is created. Subject to Seller's minimum reserve price. Buyer Premium is 2.5% and this amount shall be added to the winning bid amount to create the purchase price.
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