DOLLAR GENERAL SOUTHPORT CENTER - LoopNet...The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only

DOLLAR GENERAL SOUTHPORT CENTER5030 Southport Supply Rd SE • Southport, NC 28461

Offering Memorandum

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended tobe reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any otherperson or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared toprovide summary, unverified information to prospective purchasers, and to establish only a preliminary level ofinterest in the subject property. The information contained herein is not a substitute for a thorough due diligenceinvestigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, withrespect to the income or expenses for the subject property, the future projected financial performance of theproperty, the size and square footage of the property and improvements, the presence or absence of contaminatingsubstances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of theimprovements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans orintentions to continue its occupancy of the subject property. The information contained in this Marketing Brochurehas been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will notverify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regardingthese matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information set forthherein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified inthis marketing package. The presence of any corporation's logo or name is not intended to indicate or implyaffiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates orsubsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included forthe purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DOLLAR GENERAL SOUTHPORT CENTERSouthport, NCACT ID Y0170182

DOLLAR GENERAL SOUTHPORT CENTER

3

INVESTMENT

OVERVIEW


#

EXECUTIVE SUMMARY

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Brunswick County Board Educatn 2,000

County of Brunswick 663

Bald Head Island Limited 400

Craft Shop 325

Walmart 300

Military Ocean Terminal 265NOVANT HEALTH BRUNSWICK MEDICA 237

McDonalds 230

Forte Institute LLC 220

Brunswick Community College 205

Bald Head Island L P 200

Eugene Ashley High School 170

DEMOGRAPHICS

3-Miles 10-Miles 15-Miles

2016 Estimate Pop 8,252 34,502 72,006

2016 Census Pop 7,446 30,761 64,055

2016 Estimate HH 3,858 15,298 31,323

2016 Census HH 3,443 13,541 27,701

Median HH Income $45,651 $51,604 $51,718

Per Capita Income $31,095 $31,591 $31,423

Average HH Income $65,927 $70,960 $71,983

VITAL DATA

CURRENT CASH FLOW

Price $895,000 CAP Rate 9.28% 9.83%

Down Payment 100% / $895,000 Net Operating Income $83,015 $88,021

Loan Type All CashNet Cash Flow After Debt Service

9.28% / $83,015 9.83% / $88,021

Gross Leasable Area (GLA) 12,750 SF Total Return 9.28% / $83,015 9.83% / $88,021

Price/SF $70.20

Current Occupancy 100.0%

Year Built / Renovated 1981

Lot Size 1.85 acre(s)

4

MAJOR TENANTS

TENANT GLA LEASE EXPIRATION LEASE TYPE

Dollar General 8,000 3/31/2019 NN


#

OFFERING SUMMARY

34,000+ Vehicles Per Day on Southport Supply Road

24,000+ Vehicles Per Day of Long Beach Road

Freeway Expansion Beginning In The Area

Close Proximity To Major Retailers In The Area

Offer Investors a Great Opportunity for Re-Development With The Short Term

Leases

Myrtle Beach MSA

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to present Dollar General Strip Center in Southport North Carolina.

This investment consists of a multi-tenant retail center with three tenants which was built in 1981. Dollar General recently extended the lease for 2 years. The other two

tenants in the center are local tenants (Golf Cart Outlet and a Thrift Shop) that are on month-to-month leases. The lease is structured as double-net whereas tenant is

responsible real estate taxes, insurance, lawn maintenance, all utilities except for gas, all maintenance, repairs and replacement of HVAC system up to $1,000. Landlord is

responsible for roof, structure, parking lot replacement, and all other CAM besides for lawn maintenance and insurance.

Dollar General has occupied at this location for 16 years since 10/1/2001.

Golf Cart Outlet and Thrift Shop reimburse for $300/year each for utilities.

Southport is a city in Brunswick County, North Carolina, United States, near the mouth of the Cape Fear River. It is part of the Myrtle Beach metropolitan area. According

to the 2010 census the population within 3 miles of this location was 7,446 and within 10 miles the population was 30,761.The population in this area has grown by almost

90% since the year 2000. Southport is the location of the North Carolina Fourth of July Festival, which attracts 40,000 to 50,000 visitors annually.’

Getting to and from Bald Head Island:

Bald Head Island is only accessible via passenger ferry or private yacht. No passenger cars are allowed, the standard mode of transportation is golf cart, bicycle or tram.

Below are some helpful information in navigating to the island. Information provided by: http://www.baldheadassociation.com/transportation

INVESTMENT OVERVIEW

5

LOCAL MAP


6

REGIONAL MAP


7

AERIAL PHOTO


8


9

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


10

TENANT SUMMARY

OPERATING STATEMENT

Tenant Name Suite

% Annual

Renewal OptionsSquare Bldg Lease Dates Rent per Total Rent Total Rent Changes Changes Lease

Feet Share Comm. Exp. Sq. Ft. Per Month Per Year on to Type

Dollar General 2 8,000 62.7% 10/1/01 3/31/19 $7.64 $5,093 $61,110 At Option $64,165.56 NN One - Three Year

Woodell Thrift Store 3 & 4 2,350 18.4% 12/1/15 MTM $8.43 $1,650 $19,800 N/A N/A Gross None

Golf Cart Outlet 1 2,400 18.8% 12/30/15 MTM $8.00 $1,600 $19,200 N/A N/A Gross None

Total 12,750 $7.85 $8,343 $100,110

Income Current Cash Flow

Scheduled Base Rental Income 100,110 100,110

Expense Reimbursement Income

CAM 1,200 1,200

Insurance 2,157 2,157

Real Estate Taxes 3,171 3,171

Total Reimbursement Income $6,528 35.1% $6,528 35.1%

Potential Gross Revenue 106,638 106,638

General Vacancy (5,006) 5.0% 0 0.0%

Effective Gross Revenue $101,632 $106,638

Operating Expenses Current Cash Flow

Utilities 550 550

Repairs & Maintenance 2,000 2,000

Landscaping 1,920 1,920

Insurance 3,440 3,440

Real Estate Taxes 5,057 5,057

Management Fee 3,050 3.0% 3,050 2.9%

Total Expenses $18,617 $18,617

Expenses as % of EGR 18.3% 17.5%

Net Operating Income $83,015 $88,021

FINANCIAL ANALYSIS


PRICING DETAIL

11

Summary Operating Data

Price $895,000

Down Payment $895,000 100% Income Current Cash Flow

Number of Suites 3 Scheduled Base Rental Income $100,110 $100,110

Price Per SqFt $70.20 Total Reimbursement Income 6.5% $6,528 6.5% $6,528

Gross Leasable Area (GLA) 12,750 SF

Lot Size 1.85 Acres Potential Gross Revenue $106,638 $106,638

Year Built/Renovated 1981 Effective Gross Revenue $101,632 $106,638

Occupancy 100.00% Less: Operating Expenses 18.3% ($18,617) 17.5% ($18,617)

Net Operating Income $83,015 $88,021

Returns Current Cash Flow

CAP Rate 9.28% 9.83%

Cash-on-Cash 9.28% 9.83% Cash Flow $83,015 $88,021

Debt Coverage Ratio N/A N/A Debt Service $0 $0

Net Cash Flow After Debt Service 9.28% $83,015 9.83% $88,021

Principal Reduction $0 $0

Total Return 9.28% $83,015 9.83% $88,021

Operating Expenses Current Cash Flow

CAM $7,070 $7,070

Insurance $3,440 $3,440

Real Estate Taxes $5,057 $5,057

Management Fee $3,050 $3,050

Total Expenses $18,617 $18,617

Expenses/Suite $6,206 $6,206

Expenses/SF $1.46 $1.46


12

MARKET

COMPARABLES

8


SALES COMPARABLES MAP

13

DOLLAR GENERAL SOUTHPORT CENTER(SUBJECT)

Post Office & Dollar General CenterDollar General, Goodwill & Auburn Hills Liquor

Dollar General Strip Center

Dollar General Center -River Falls, WIDollar Tree Strip Center -Jackson MS

SALES COMPARABLES

1

2

3

4

5

14

Avg. 10.92%

0

1

3

4

6

7

8

10

11

13

14

DollarGeneral

SouthportCenter

Post Office& DollarGeneralCenter

DollarGeneral,

Goodwill &Auburn

HillsLiquor

DollarGeneral

StripCenter

DollarGeneralCenter- River

Falls, WI

DollarTree StripCenter -

Jackson MS

Average Cap Rate

PROPERTY NAMEDOLLAR GENERAL SOUTHPORT CENTER

SALES COMPARABLES

Avg. $59.11

$0.00

$9.40

$18.80

$28.20

$37.60

$47.00

$56.40

$65.80

$75.20

$84.60

$94.00

DollarGeneral

SouthportCenter

Post Office& DollarGeneralCenter

DollarGeneral,

Goodwill &Auburn

HillsLiquor

DollarGeneral

StripCenter

DollarGeneralCenter- River

Falls, WI

DollarTree StripCenter -

Jackson MS

Average Price Per Square Foot

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


15

SALES COMPARABLES

Annual Per SF

Income $102,730 $8.06

Expenses $19,449 $1.53

NOI $83,281 $6.53

Occupancy 100.0%

Tenants Lease Type

Asking Price: $895,000 Dollar General NN

Price/SF: $70.20

CAP Rate: 9.28%

Year Built: 1981

DOLLAR GENERAL SOUTHPORT CENTER5030 Southport Supply Rd SE, Southport, NC, 28461

1

Annual Per SF

Expenses $118,432 $2.22

Close Of Escrow: 3/28/2017

Sales Price: $2,000,000

Price/SF: $37.52

CAP Rate: 12.74%

Year Built: 1973

POST OFFICE & DOLLAR GENERAL CENTER1211 Towanda Avenue, Bloomington, IL, 61702

2

Annual Per SF

Expenses $42,771 $2.50



Price/SF: $73.10

CAP Rate: 9.46%

Year Built: 2001

DOLLAR GENERAL, GOODWILL & AUBURN HILLS LIQUOR19940 West Kellog Driive, Goddard, KS, 67052

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


16

SALES COMPARABLES

3

Annual Per SF

Expenses $27,750 $1.70


Sales Price: $667,500

Price/SF: $40.88

CAP Rate: 12.64%

Year Built: 1956

DOLLAR GENERAL STRIP CENTER497-503 West Main Street, Batavia, OH, 45103

4

Annual Per SF

Expenses $27,982 $2.30


Sales Price: $625,000

Price/SF: $51.31

CAP Rate: 10.48%

Year Built: 1962

DOLLAR GENERAL CENTER - RIVER FALLS, WI320 Main Street, River Falls, WI, 54022

5

Annual Per SF

Expenses $29,681 $2.29



Price/SF: $92.74

CAP Rate: 9.30%

Year Built: 1985

DOLLAR TREE STRIP CENTER - JACKSON MS1305 Ellis Avenue, Jackson, MS, 39204


17

MARKET

OVERVIEW

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2016 Experian

Created on July 2017

POPULATION 3 Miles 10 Miles 15 Miles 2021 Projection

Total Population 9,500 38,637 80,373

2016 Estimate


2010 Census


2000 Census


Current Daytime Population

2016 Estimate 12,708 34,868 65,843

HOUSEHOLDS 3 Miles 10 Miles 15 Miles 2021 Projection

Total Households 4,493 17,249 35,248

2016 Estimate


Average (Mean) Household Size 2.13 2.20 2.27

2010 Census


2000 Census


Occupied Units

2021 Projection 4,493 17,249 35,248

2016 Estimate 5,262 27,567 50,815

HOUSEHOLDS BY INCOME 3 Miles 10 Miles 15 Miles 2016 Estimate

$150,000 or More 4.70% 6.05% 6.42%

$100,000 - $149,000 8.56% 10.83% 11.58%

$75,000 - $99,999 11.68% 12.48% 12.07%

$50,000 - $74,999 19.69% 20.79% 20.07%

$35,000 - $49,999 14.58% 15.31% 15.73%

Under $35,000 39.35% 33.18% 32.70%

Average Household Income $65,927 $70,960 $71,983

Median Household Income $45,651 $51,604 $51,718

Per Capita Income $31,095 $31,591 $31,423

HOUSEHOLDS BY EXPENDITURE 3 Miles 10 Miles 15 MilesTotal Average Household Retail Expenditure $55,160 $59,457 $59,966

Consumer Expenditure Top 10 Categories

Housing $14,797 $15,717 $15,878

Transportation $10,057 $10,896 $11,011

Shelter $8,053 $8,530 $8,701

Food $5,876 $6,334 $6,396

Health Care $4,564 $4,936 $4,731

Personal Insurance and Pensions $4,127 $4,682 $4,893

Utilities $3,831 $4,009 $4,032

Entertainment $2,463 $2,759 $2,737

Cash Contributions $1,888 $1,973 $1,889

Apparel $1,376 $1,470 $1,489

POPULATION PROFILE 3 Miles 10 Miles 15 Miles Population By Age

2016 Estimate Total Population 8,252 34,502 72,006

Under 20 16.36% 15.79% 18.34%

20 to 34 Years 12.52% 11.84% 14.08%

35 to 39 Years 4.09% 4.43% 5.30%

40 to 49 Years 9.96% 10.89% 12.16%

50 to 64 Years 25.33% 26.78% 25.07%

Age 65+ 31.74% 30.27% 25.05%

Median Age 55.51 54.98 50.09

Population 25+ by Education Level

2016 Estimate Population Age 25+ 6,578 27,665 55,277

Elementary (0-8) 2.26% 1.69% 1.98%

Some High School (9-11) 8.50% 6.38% 6.76%

High School Graduate (12) 25.44% 27.02% 25.85%

Some College (13-15) 23.71% 23.42% 23.54%

Associate Degree Only 8.17% 8.06% 9.54%

Bachelors Degree Only 19.82% 20.82% 20.59%

Graduate Degree 10.28% 11.90% 11.09%

18

DOLLAR GENERAL SOUTHPORT CENTER - SOUTHPORT, NC

Documents

DOLLAR GENERAL SOUTHPORT CENTER - LoopNet...The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only