SEALED BID AUCTION

SEALED BID AUCTION

JANUARY 2021 | MINIMUM BID: $5,700,000

CROSSROADS CENTER RETAIL BUSINESS PARK | MINI STORAGE

164,480 SF | 18.4 ACRES | 11% CAP RATE 939-946 W Andrews Ave, Henderson, NC 27536

Sale Procedures

Confidentiality & Disclaimer Statement

Sealed Bid: This is a sealed bid sale with all bids due prior to the posted dates. Auction sale dates will be posted on the property webpage on and subject to change. Participation is subject to the Auction Terms and Conditions posted on the auction website. Bids must be placed via the online form and require an upload of a standard proof of funds document. The high bidder may be determined by seller at its sole discretion based on a combination of highest price and most favorable terms. Buy Now price is $6,000,000.

Click to View Auction Website

Sale Terms:

Diligence: All bids may have a due diligence period of up to 7 days.

Closing: Closing on or before January 28, 2021.

Zetabid,Inc., collectively Zetabid ("Zetabid") have been retained by the seller ("Seller") as its exclusive auctioneer involving this property. This brochure has been prepared from information supplied to Zetabid by the Seller, listing broker and other 3rd party sources. Each potential buyer must obtain their own independent verification of all information contained herein .

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. Until a mutually executed Purchase and Sale Agreement exists, no party shall have any obligation to each other.

Closing Costs: Buyer to pay all closing costs (title, recording fees, closing agent, etc.).

CONTACTS

Financing: Terms may not have a financing contingency (you may get a loan but not contingency).

All inquiries shall be directed to

Earnest Money Deposit: Minimum of 5%.

Reserve: Minimum reserve price is $5,700,000. Seller, at Seller's sole discretion may accept any bid above or below the reserve price.

ERIC KOESTERER

Director of Auction Operations Zetabid, Inc.

ekoesterer@

MICHAEL DAVIN

President Zetabid, Inc. 424-888-6068x101 mdavin@

Diligence: A document vault may be accessed from the website once you have registered. Some Information investors may need to evaluate the property will not be included in the document vault and must be obtained by the buyer at buyer's expense.

Brokers: A 1% cooperating brokerage fee (on the bid amount) is offered to broker's representing a buyer bidding in the auction. Commissions will not be paid to brokers who are principals in the buying entity or not included on the sealed bid form.

Showings: Site tours are available on an appointment basis.

Charity Sale: Seller is a non-profit charity under contract with ownership to complete a charitable donation sale. Closing to be concurrent. Charity providing discounted price in exchange for a quick closing to monetize their donation/gift.

Contracts: Winning bidder will be contacted and asked to execute the Purchase and Sale Agreement via DocuSign. If winning bidder does not execute the PSA within twenty-four hours the Seller may declare the second-place bidder as the winning bidder.

Executive Summary

Zetabid is pleased to present the Crossroads Center for sealed bid auction. This 100% leased multi-tenant retail/business park sits on 2 parcels of freeway adjacent land and located in the bedroom community of Henderson on the I85 freeway at the Andrews Avenue exit only 45 minutes North of the Raleigh/Durham market. Mix of local long-term tenants in fifty-five retail/office units which enjoys historically high occupancy with many of the leases below market (selfmanaged by original owner retiring but willing to manage through any transition period). Space is always in high demand (currently with a waiting list and 100% occupied through the COVID pandemic) as the center has the best location in Henderson with 32,000 cars per day traffic on I85, and 15,000 on Andrews. There is also a 21,000 square foot mini storage complex with 246 units located at the back of the property.

The center was previously priced over 6.9M and is now part of a charity donation sale which allows a huge discount to market for investors who can close prior to January 28, 2021. With gross revenues over $1M a year and 40% +/- expenses, this is a double-digit cap rate opportunity for a fully leased stable investment just outside of the booming Raleigh market. The diversity of its local service retail tenant base mitigates vacancy risk compared to other commercial investments. Most of the tenants are on short term leases at the owners' mandate, but the vast majority have been operating onsite for many years.

Please visit for property and auction details along with our due diligence vault to review current rent roll, P/L history and other important documents.

Key Details

Minimum Bid Amount

Buy It Now Price:

$5,700,000 $6,000,000

Year Built

1986 - 2005

Gross Building Area 164,480

Price Per SF

$34.65

Annual Rent PSF

$7.70 MG

Site

18.4 Acres

Proforma 2020 Gross $1,100,912

Rents

PF 2020 NOI

$627,620

Going In Cap Rate

11.01%

Occupancy

100%

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Financial Summary

Proforma Projection Base Rent CAM Reimbursement Income Gross Potential Rent Inc. Less Vacancy/Collection Effective Gross Income Operating Expenses Advertising Insurance Taxes Cleaning and General Maint Repairs Property Management Utilities

Total Expenses Net Operating Income

2.50% 4%

2021 $ 1,100,912

$ 1,100,912 $ 27,523

$ 1,073,389

$ 3,911 $ 22,900 $ 91,475 $ 83,358 $ 132,501 $ 44,036 $ 65,832 $ 445,769 $ 627,620

Proforma Cap Rate @ Min Bid 5.7M

11.01%

Notes: Expenses based on 3 year actual, Cap rate based on minimum bid amount.

RENT ROLL

Tenant

Southeast Complex 939 W Andrews (1986 Built)

QP Enterprise/Hemp Source Major Auto Insurance Allure Hair Extensions

941 W Andrews (1986 Built) African Hair Braiding Values 2U Nuestro Porvenir, Inc. Happy Nails & Spa Geter's Barber College No Limits (Combined spaces) Emohcee Headquarters, LLC Healthy Treats No Limits

Rentable SF % of Center Lease Type Lease Start Lease End Monthly

Monthly PSF Annual PSF

900 900 900 2,700

1,500 1,500 1,500 1,500 2,280 1,440

780 1,500 3,000 15,000

0.6% 0.6% 0.6%

1.0% 1.0% 1.0% 1.0% 1.6% 1.0% 0.5% 1.0% 2.1%

MG 3/15/2020 3/14/2021

MG

3/1/2016 2/28/2021

MG

9/1/2016 8/30/2020

MG

8/1/2002 5/31/2020

MG

9/1/2018 8/31/2020

MG 11/1/2018 2/28/2021

MG

7/1/2011 9/30/2021

MG

8/1/2011 4/30/2021

MG 12/1/2015 2/28/2021

MG 5/15/2020 5/14/2021

MG 11/1/2010 8/30/2021

MG

8/1/2013 2/28/2021

$ 800 $ 775 $ 725 $ 2,300

$ 1,190 $ 1,000 $ 1,000

$ 820 $ 1,650 $ 1,350

$ 700 $ 1,000 $ 2,800 $ 11,510

$ 0.89 $ 0.86 $ 0.81

$ 0.79 $ 0.67 $ 0.67 $ 0.55 $ 0.72 $ 0.94 $ 0.90 $ 0.67 $ 0.93

$ 10.67 $ 10.33 $ 9.67

$ 9.52 $ 8.00 $ 8.00 $ 6.56 $ 8.68 $ 11.25 $ 10.77 $ 8.00 $ 11.20

914 W Andrews - Back Building (1975 Built) Baldies Barber Shop Divine Styles Beauty Salon

680 740 1,420

0.5% 0.5%

MG 12/1/2012 5/31/2021 MG 11/1/2009 5/31/2021

$ 500 $ 600 $ 1,100

$ 0.74 $ 0.81

$ 8.82 $ 9.73

943 Andrews (1987 Built) Beautysmart Sky Pawn (Sony LLC) Daymark Recovery Services Halls and Restrooms Ultimate Home Care NuMe Counseling Crawford Properties Office (owner) 3D tech Jamie Lee Washington

945 Andrews (1978 Built) Nails to Tails Dog Grooming Henderson Children's Resource Diana's Tax Service Securing Resources for Consumers NC Department of Corrections ACI Support Specialists, LLC Michael's Florist Crossroads Event Center Home Town Hardware

10,000 5,000 11,160

200 600 540 560 960 480 29,500

509 3,331 1,920 1,920 1,920 1,920 2,136 4,689 9,095 27,440

7.0% 3.5% 7.8% 0.1% 0.4% 0.4% 0.4% 0.7% 0.3%

0.4% 2.3% 1.3% 1.3% 1.3% 1.3% 1.5% 3.3% 6.4%

MG

1/1/2017 9/30/2022

MG 11/1/2015 11/1/2025

MG

8/1/2011 9/30/2021

MG

MG 5/16/2017 1/30/2021

MG

6/1/2019 5/31/2021

MG

2/1/2017 11/30/2020

MG 10/1/2019 9/30/2020

$ 5,560 $ 1,550 $ 5,900

$ $ 625 $ 625

$ $ 1,000

$ 800 $ 16,060

MG 10/1/2010 9/30/2020

MG

6/1/1995 5/31/2020

MG 12/1/2005 2/28/2021

MG

3/1/2018 2/28/2021

FS

6/1/2005 5/31/2021

MG 10/1/2020 9/30/2121

MG

6/1/2016 5/31/2021

MG

3/1/2018 2/28/2021

MG

5/1/1986 12/30/2021

$ 450 $ 1,200 $ 1,075 $ 1,300 $ 1,375 $ 1,322

$ 850 $ 2,050 $ 3,500 $ 13,122

$ 0.56 $ 0.31 $ 0.53

$ $ 1.04 $ 1.16

$ $ 1.04 $ 1.67

$ 0.88 $ 0.36 $ 0.56 $ 0.68 $ 0.72 $ 0.69 $ 0.69 $ 0.44 $ 0.38

$ 6.67 $ 3.72 $ 6.34

$ $ 12.50 $ 13.89

$ $ 12.50 $ 20.00

$ 10.61 $ 4.32 $ 6.72 $ 8.13 $ 8.59 $ 8.26 $ 4.78 $ 5.25 $ 4.62

Northwest Complex 944 Andrews (2008 Built)

Happy Allstate Insurance Agency

946 Andrews (1993 Built) Parham's Western United Home Care

1,800 2,400 4,200

4,000 1,600

1.3% 1.7%

2.8% 1.1%

MG 10/1/1990 2/28/2023

MG

7/1/2008 6/30/2021

$ 1,900 $ 2,500 $ 4,400

MG

4/1/1984 5/24/2022

MG 2/16/2017 9/30/2021

$ 1,000 $ 1,025

$ 1.06 $ 1.04

$ 0.25 $ 0.64

$ 12.67 $ 12.50

$ 3.00 $ 7.69

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