CROSSVILLE OUTLET MALL - LoopNet...CROSSVILLE OUTLET MALL 228 INTERSTATE DRIVE, CROSSVILLE TN 38555...
Transcript of CROSSVILLE OUTLET MALL - LoopNet...CROSSVILLE OUTLET MALL 228 INTERSTATE DRIVE, CROSSVILLE TN 38555...
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
FOR SALE $4,150,000 – 11% CAP
Perfect shopping mall for an Absentee Owner – Turn key operation! A 151,000 sq. ft. Enclosed shopping Mall consisting of 30 spaces on a 12 acres lot
DO NOT COMMUNICATE WITH THE TENANTS UNDER ANY CIRCUMSTANCES
Current 11 % CAP – 93% OCC ($9/ FT Land – $32.0 / FT Building)
Contact for More Information: Tel. 877-337-6869
Email: [email protected]
Great Opportunity – current 11% CAP rate!
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
151,000 square feet, 94 % occupied enclosed mall located on 12 acres of prime, high visibility real estate
The mall is strategically positioned on heavily traveled Highway I-40 (Nashville – Knoxville TN) offering superb visibility with nearly a half a mile of frontage on Exit 320
Offered at 11% CAP rate with 24 % Cash-on-Cash and 18 % projected return at 93% occupancy.
Turnkey operation has been set up especially for an absentee Owner, ideal for out of State purchaser.
Located 90 minutes from Nashville and 60 minutes from Knoxville.
Existing onsite management, maintenance and janitorial are fully trained to run the mall.
The staff includes a general manager, maintenance crew, janitor and ground maintenance run the operation.
The sales price includes inventory of tools, material and supplies.
We will teach you both on & off site management.
The price includes the present business of booking events and weddings in the Event center (not on the Rent Roll).
All rents and CAM charges are collected by the 5th of each month.
Gross annual income $1,010,000 and annual expenses of $425,000 with an NOI of $567,000
Motivation to sell is to purchase an asset in California.
Commission to selling broker 3 % submitting a viable offer with proof of funds.
Occupancy of 93% with present four (4) vacancies.
Long term tenants, however they renew their leases on or about their lease expiration date for short terms.
The price includes the web site WWW.CrossvilleOutletCenter.Com
INVESTMENT HIGHLIGHTS
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
EXECUTIVE SUMMARY
Crossville Outlet Mall is located on Exit 320 on I 40, half way between Nashville and Knoxville Tennessee. One stop shopping
for both local and transitional travelers that are looking for bargain prices up to 70% discounts.
A little goes an extraordinary long way at the Crossville outlet mall. The shoppers try the latest fashions on for size at one of
the largest clothiers, such as Vanity Fair V F Outlet, Uniform Destination, Bon Worth, Maurice’s, Easy Spirit, Legg’s Hanes
Bali, Dress Barn and for used cloths in Second Chance. The present tenants are:
Seller motivation to sell this property is to purchase an already identified enclosed mall. Seller has so much faith in this
project that is willing to train the new buyer for on and off site management for a period of one year including three site
visits free of charge.
Present tenants are:
V F Outlet
Right Choice INS
Tools & More
Kitchen Collection
Uniform Destination
Subway
Crossville Model Railroad
Pet Supply World
Bon Worth
Maurice’s
Eco ATM
Leggs Hanes Bali
Cake distribution company
Dress Barn
Picture Perfect & Frame
Coffee Bar
Vitamin World
TENANT SUMMARY
There are a total of 30 spaces in Crossville Outlet Mall
Subway does plenty of business.
Bounce Partyz Activity Center caters to families with kids.
CC Golf simulators can show the golfers to be the best on the field.
The event center is a place to hold weddings and functions.
Crossville Model Railroad is the largest indoor mini railroad in the area catering to families.
Tools and More has all types of tools and is a small version of Home Depot
Kitchen collection expanded their space covering all types of kitchen accessories.
Bon Worth expanded their business under a new ownership.
V F Outlet just renewed additional 3 years lease.
Although the leases seems short term, both national and local tenants do renew towards the end of each year.
Rack Room Shoes
Bounce Partyz
C C Golf
Revolution Church
Ice-cream shop
Right Choice Insurance
Bamboo Pillows
Event Center
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
PROPERTY EXECUTIVE SUMMARY (continued)
Crossville Outlet Mall operates with a crew consisting of a general manager, maintenance supervisor and janitorial
crew. The mall has five entrances and exits and is open seven days a week.
The general manager and maintenance supervisor have their own offices within the mall. All maintenance issues
including but not limited to HVAC, plumbing, electrical and interior tenant improvements is handled in-house.
The mall has a security alarm system (Tyco) that monitors all entrances and exits.
Crossville Outlet Mall is represented in multiple Bill Boards (CBS, Lamar and Flynn) from Knoxville to Crossville on I 40
West and Nashville to Crossville on I 40 East.
The mall is also represented in local Cinema and publication, multiple welcome centers and ad rack centers in
neighboring states.
The mall has gone through both interior and exterior renovations covering the interior light replacements in all the
halls, façade and painting of all hallways plus the exterior painting and signage. The mall is a member of American Bus
Association (ABS) that brings tour busses to the mall.
Crossville Outlet Mall is owned by an absentee owner and it is a dream for another absentee owner! It is a turnkey operation with onsite management,
maintenance, janitorial and security staff already in place.
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
Crossville Outlet Mall - FINANCIAL SUMMARY SUMMARY FIANCING
Price: 5,150,000
Down Payment: 25.00% $1,200,000 SBA
Existing Loan Amount:
$3,600,000 new
Number of Units: 30 Interest Rate:
5.0% Adj
Current CAP Rate: 12% Annual Payment:
$ 200,000
Pro forma CAP Rate: 13.4% Payments
Gross Leasable Area: 151,000 Year Built:
1988
Cost Per Gross RSF: $2 Approx. Lot Area (Acre):
12
Cost per sq ft of land $9.00 / ft Lease type:
NNN
OPERATING DATA
CURRRENT PRO FORMA
Scheduled Gross Income: $1,010,000
$ 1,082,000
*
$ - 0.00%
* Gross Operating Income: $ 1,010,000
$ 1,082,000
Less Expenses: $ 425,000 42%
$ 425,000 38%
*
Net Operating Income: $585,037 $ 657,000
Less Loan Payments: $200,000
$200,000
Pre-Tax Cash Flow: $385,037 24 % **
$ 457,000 45 %
**
*As a percent of Scheduled Gross Income **As a percent of Down Payment
OPERATING DATA EXPENSES
CURRENT MARKET RENT Taxes: $ 24,420.00
Insurance: $ 49,000.00
No. of Units
Sq. Ft.
$ / Mo
Monthly Utilities: $ 304,800.00 26 Occupied
Current
100% Occupied 4 Vacant 3500
Income
Income Payroll: $ 46,780.00
$90,000 *
$102,783
NOTE: The income includes the CAM reimbursements and % rents Present Cap: 9.5%
Total Expenses: $ 425,000 Projected Cap: 13.7%
Present Vacancies: #105, # 106, # 107 (10,000 Sq ft @ $6/ft/yr)
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555
CROSSVILLE OUTLET MALL
228 INTERSTATE DRIVE, CROSSVILLE TN 38555