Post on 06-Jun-2020
MARKET SQUARE II MACON GA
Offered by W. Scott Wilson Properties, LLC
478-951-9460
Offer Price $1,875,000.00
e II
Retail
Asset Summary Report
Market Square Phas 1372 Gray Highway Macon, GA 31211
INVESTMENT OVERVIEW 3
PROPERTY OVERVIEW 6
MARKET OVERVIEW 8
RENT ROLL 9
FINANCIAL OVERVIEW 10
TABLE OF CONTENTS
MARKET SQUARE PHASE II INVEST MENT 3
OVER VIEW INVESTMENT OVERVIEW
The opportunity is a community shopping center located in Macon, Georgia . Constructed in 1988, the Property features
two, single -story buildings consisting of 22,543 gross sq. ft. and situated on 4.35 a cres. The Property is currently 78.00%
occupied with eight tenants . Two tenants, Kool Smiles and OneMain Financial, have been in place since 2006 with
the remaining tenants being at the Property approximately two to eight years. Three suites are currently vacant, and
range in size from approximately 1200 to 2,400 sq. ft. The Property is illuminated with both pole mounted lighting
and building mounted lighting . The current owner has been diligent with upkeep and maintenance on the Property
; among these items include a new 3-ton HVAC roof top unit, repairs have been made to the parking lot, new
brick and stucco, light fixtures switched to LED, downspouts reworked, and roof leaks repaired . The billboard on
Gray Highway and the cell tower located behind the center are not included in this offering.
Market Square Phase II has high visibility on Gray Highway, which sees an average of 39,000 vehicles at its intersection
with Lexington Street, 0.57 miles south of the shopping center . The Property is accessible directly off Gray Highway,
and also has accessibility off Shurling Drive via a small a ccess road . In addition, it's location near two other major
retail destinations, Market Square I and Walmart Supercenter, provides great additional foot traffic . Market
Square I, anchored by Goody's, Dollar General, Farmers, and Aaron's, is inline with the Property, while Walmart is
located directly across Gray Highway .
The Property is located in Georgia’s fourth largest city, Macon . The city is the county seat of Bibb County and according
to the U. S. Census Bureau had a 2016 estimated population of 152,760. Macon is considered “The Heart of
Georgia” due to its location near the center of the state. Atlanta is 85 miles to the northwest, Athens is
90 miles to the north, Columbus is 102 miles to the southeast, and Augusta is 121 miles to the northeast . Savannah
is 167 miles to the southeast . Ma con is served by three interstate highways ; Interstate16, connecting Macon to
Savannah and coastal Georgia ; Interstate 75, connecting Macon with Atlanta to the north and Valdosta to the
south; and Interstate 475, a city bypass highway situated west of Macon . A small local airport, Macon Downtown
Airport, is 5.5 miles southeast of the Property, and Middle Georgia Regional Airport is 12.8 miles south. Hartsfield-Jackson
Atlanta International Airport is 78.4 miles to the northwest . Warner Robins, home of Robins Air Force Base, is 22
miles to the south.
The most recent NOI for the period ending December 2017 was $182,586 and current in place NOI is $184,584
. The investment offers potential upside with the opportunity to lease up 4,800 sq. ft. of vacant space at market rates.
INVESTMENT DETAIL S
Property Address
1372 Gray Highway
Number of Units /Suites
11
Property Type /Subtype Retail / Strip Center Assessor's Parcel Number R062-0246
Year Built 1988 Lot Size (Acres) 4.35
Gross Square Footage 22,543 Occupancy 78.00%
Net Rentable Area 22,264 Occupancy As of Date 8/27/2018
Number of Buildings 2 Most Recent NOI* $184,584
Number of Stories 1
*Most Recent NOI: Reflects financials for the period
*NAV: Not Available NAP: Not Applicable
Through July 31st, 2108
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MARKET SQUARE PHASE II INVESTMENT
4
OVERVIEW
AREA MAPS
Regional
Local
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MARKET SQUARE PHASE II INVESTMENT
5
OVERVIEW
AERIAL PHOTOS
MARKET SQUARE PHASE II PROPER TY 6
OVERVIE W PROPERTY DESCRIPTION
Market Square Phase II (the “Property”) is a 22,543 gross sq. ft. community shopping center located in Macon, Georgia.
Constructed in 1988, the Property is situated on one parcel totaling 4.35 a cres of land at 1372 Gray Highway, less
than three miles northeast of downtown Macon .
As of the August 2018 rent roll, the Property is currently 780% leased by a mix of local and regional tenants . The
Property’s largest tenant is Kool Smiles (36.94% of NRA; 51.86% of total revenue), which has been in-place since
August 2006 with a current lease expiration of January 2021. The second largest tenant, Downtown Opticians
(10.51% NRA; 11.26% of total revenue) has been in-place since August 2010 with a current lease expiration of March
2019. The Property features regional tenants which include OneMain Financial and Direct Insurance . Local tenants
within the shopping center include Moon’s Wings & Seafood, who just renewed for 5 years, Lynn Nails, and Sign & T-
Shirt Shop. The Property is zoned C-2, General Commercial District .
The Property is located in a very accessible location off Gray Highway and less than 2.1 miles from Interstate 16. In
close proximity to the Property is Interstate 75, connecting Macon to Atlanta . Surrounding land uses include residential
properties and vacant land with scattered retail to the north, retail followed by residential to the south, multi-family
homes and residential to the west, and retail followed by multi-family and single family homes to the east. Commercial
and retail properties are primarily located along Gray Highway . Immediate retailers in the area include Walmart
Supercenter, Dollar Tree, Dollar General, Roses, Walgreens, CVS, and Murphy Express. Other businesses include
BB&T, Bank of America, Sun Trust Bank, WMAZ-TV Station, and Jiffy Lube. Located nearby are the Bibb County
Sheriff’s Office, US Army National Guard, Macon -Bibb County Health Department, Shurling Branch Library, and Bibb
County Meals on Wheels.
PROPERTY SPECIFICATIONS
Property Address
1372 Gray Highway
Gross Square Footage
22,543
City, ST ZIP Macon, GA 31211 Net Rentable Area 22,264
County Bibb Number of Bldgs. 2
Property Type/Subtype Retail / Strip Center Number of Stories 1
Ownership Type Fee Simple Number of Units/Suites 11
SITE DESCRIPTION
Lot Size (Acres)
4.35
Access
Curb cuts off Gray Hwy and
Shurling Dr
Parking Type Surface Traffic Counts (VPD) 39,000 (Gray Hwy/Lexington
St)
Ground Lease No Landscaping Trees, shrubs, and grass
Parking Surface Asphalt Flood Zone Zone X
Zoning C-2 (General Commercial
District)
Exterior Lighting Pole and building mounted Assessor's Parcel Number R062-0246
*NAV: Not Available NAP: Not Applicable
MARKET SQUARE PHASE II PROPERTY
OVERVIEW
7
PROPERTY PHOTOS
• The Property is located in Bibb County, Macon, Georgia .
• Retail market rents in Bibb County ranged from $6.45 to $6.95 in Q3 2017, which is consistent with the same period one-
year earlier.
• The top three leading industries in Bibb County are healthcare, financial services, and educational services.
The Property is located in Macon, Georgia, in Bibb County, approximately two and a half miles northeast of downtown
Macon and 90 miles southeast of downtown Atlanta . According to the U.S. Census Bureau as of 2016 the population in
Bibb County was estimated at 152,760. Healthcare acc ounts for a large part of the employment sector in Ma con with
over 7,000 individuals . The corporate office of GEICO, a nationally recognized insurance company, is located just outside
city limits and provides jobs for over 5,000 residents . Over 35 schools are located within Bibb County with Bibb County
Board of Education employing nearly 2,000 people . Amazon, an American electronic commerce and cloud computing
company, is opening a new fulfillment center in the county, creating over 600 full- time jobs. Additional industries that
make a large economic impact in the county of Bibb include the local government, manufacturing, and financial
services.
Local attractions in Bibb County include various recreation activities, parks, art galleries, and museums . For recreation,
Bibb County offers Lake Tobesofkee, golf, hiking, family picnics, and hockey at the Macon Mayhem . The Ocmulgee Wetland
offers 702 a cres which allows visitors a glimpse into an ecosystem including plants, animal, birds, and reptiles.
The estimated 2017 population for the one, three, and five-mile radius is 5,258, 28,650, and 69,836, respectively . Since
2000, the population within a one, three, and five-mile radius of the Property has experienced an average annual growth
rate of -0.77%, -0.51%, and -0.59%, respectively . The annual projected growth rate over the next five years within the
one, three, and five-mile radius of the Property is -0.12%, -0.07%, and -0.13%, respectively . Comparatively, the projected
growth rates of Bibb County, the SMA, and the state of Georgia over the next five years are 0.17%, 0.19%, and 1.03%,
respectively . The estimated 2017 average household income for the one, three, and five-mile radius of the Property is
$31,702, $44,624, and $47,452, respectively . Comparatively, the average household income for Bibb County, the SMA,
and the state of Georgia are $59,171, $60,955, and $74,512, respectively .
Demographics
1 Mil e
3 Mil e
5 Mil e
Population (2017 Est.) 5,258 28,650 69,836
2017 - 2022 Forecasted Change (%) -0.61% -0.37% -0.67%
Average Household Income $31,702 $44,624 $47,452
Median Household Income $19,289 $27,027 $28,163
# of Persons per Household 2.18 2.24 2.37
Median Age of Population/Distribution by Age 37.0 36.8 35.2
Percent of owned residences 31.03% 42.52% 49.02% Source: Claritas 2017
Existing Inventory (Sq. Ft.)
Vacancy
Market Rent
Absorption
Delivered
Under (New) Construction
Bibb County
History
15.10 MM - 15.20 MM
10.25% - 10.75%
$6.45 - $6.95
6,000 - 8,500
0
3,500 - 6,500
MARKET SQUARE PHASE II MARKET
OVERVIEW
8
MARKET HIGHLIGHTS
MARKET DETAILS
DEMOGRAPHICS
MARKET SQUARE PHASE II
9
RENT ROLL
RENT ROLL
Unit /Suite
No.
Tenant Name
Tenant
Sq. Ft.
% of
Total Sq.
Ft.
Lease
Start
Lease End
Annual Rent
Annual
Rent per
Sq. Ft.
% of Total
Op
tions
Terms
100 Hair salon 0 900 4.04% 9/1/18 8/31/19 $8,400 $9.33 4.00% N NAV
210 Va cant 0 1,200 5.39% Va cant Va cant $0 $0.00 0.00% N NAV
200 Downtown Opticians Retail 2,340 10.51% 8/11/2010 3/31/2019 $24,996 $10.68 11.26% N NAV
220 Kool Smiles Retail 8,224 36.94% 8/30/2006 1/31/2021 $115,136 $14.00 51.86% N NAV
230 Direct Insurance Retail 1,200 5.39% 6/28/2010 11/30/2018 $18,000 $15.00 8.11% N NAV
240 Sign & T-Shirt Shop Retail 1,200 5.39% 3/1/2015 9/30/2019 $12,300 $10.25 5.54% N NAV
250 Va cant 0 1,200 5.39% Vacant Vacant $0 $0.00 0.00% N NAV
260 Lynn Nails Retail 1,200 5.39% 12/1/2011 11/30/2020 $16,800 $14.00 7.57% N NAV
270 One Main Financial Retail 1,200 5.39% 9/1/2006 9/30/2021 $18,000 $15.00 8.11% 1 5
300 Moon Wing Retail 1,200 5.39% 11/1/2009 10/31/2018 $16,800 $14.00 7.57% N NAV
310 Va cant 0 2,400 10.78% Va cant Va cant $0 $0.00 0.00% N NAV
Leased 17464 78.00% $230,432 $13.19 100.00%
Va cant 4,800 22.00% $0 $0.00 0.00%
Total 22,264 100.00% $230,432 $10.35 100.00%
Notes: Rent Roll as of August 27th, 2018
ROLLOVER SCHEDULE
Year
No. of Tenants
Expiring
Expiring
Sq. Ft.
% of Total
Sq. Ft.
Cumul ative of
Total
Sq. Ft.
Cumul ative
% of Total Sq.
Ft.
Annual Base Rent
Annual Base
Rent Per Sq.
Ft.
MTM 0 0 0.0% 0 0.0% $0 $0.00
2017 0 0 0.0% 0 0.0% $0 $0.00
2018 1 1,200 5.0% 1,200 5.0% $18,000 $15.00
2019 3 4,400 19.94% 5,600 25.15% $45,696 $10.38
2020 1 1,200 5.4% 7,140 32.1% $16,800 $14.00
Thereafter 2 10,624 48.00% 17,754 79.00 % $149,936 $14.11
Va cant 3 3,900 17.5% 22,264 100.0% $0 $0.00
Totals / Wtd. Avg. 11 22,264 100% 22,264 100.00% $230,432 $10.34
MARKET SQUARE PHASE II FINANCIAL
OVERVIEW
10
CASH FLOW SUMMARY
A B C D E F G H I J K L M
1
2 Market Square
3 Profit & Loss Comparasion
4 2015-2018
5
6
7 Jan - Dec 15
Jan - Dec 16
Jan - Dec 17
Jan - July
18
8
Income
9 Rent Income
247,628.97
222,440.70
207,926.04
129,518.69
10 CAM Reimbursement 14,736.00
14,736.00
14,736.00
8,596.00
11 Water Reimbursement 6,421.20
7,415.00
7,159.00
4,024.71
12 Total Utility Reimbursement 21,157.20
22,151.00
21,895.00
12,620.71
13 Total Income
268,786.17
244,591.7
0
229,821.04
142,139.40
14 Gross Profit
268,786.17
244,591.70
229,821.04
142,139.40
15 Expense
16 Parking Lot Sweeping 2,600.00
2,400.00
2,400.00
1,400.00
17 Fire Alarm/Sprinkler Inspection 300.00
300.00
300.00
300.00
18 Insurance
5,863.92
3,653.94
3,753.96
1,924.98
19 Lawn Maintenance 1,775.00
1,150.00
1,869.00
1,308.00
20 Repairs
3,200.00
4,700.00
3,800.00
937.00
21 Taxes
22,237.15
22,966.49
18,389.21
18,389.22
22 Utilities
23 Electric 4,859.00
4,648.21
3,887.00
2,167.02
24
Water/Sewer 10,514.56
12,187.05
12,832.00
7,022.40
25 Total Utilities 15,373.56
16,835.26
16,719.00
9,189.42
26
Total Expense
51,349.63
52,005.69
47,231.17
33,448.62
2
7
Net Income
217,436.54
192,586.0
1
182
,589.87
108,690.78
Notes: YTD 2018 reflects income and expenses through July 2018 per seller.
Market Square Phase II
1372 Gray Highway
Maacon, GA 31211
SCOTT WILSON
W. Scott Wilson Properties LLC
(478) 951-9460
scott@wswprop.com
BRIAN GONZALEZ
Ten-X
(305) 509-6143
bgonzalez@ten -x.com
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted
subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by the owner .