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1031 Propert (#pnnnsBLOCKBUSTERnj 16 D)
1031 Investment Tenant:
Size of Building: 6,565 Square Feet Free-
Land Area: 19,602 Square Feet
Lease Term: 5-Year Primary Lease term.
Options: There are 3 Options Renewal
Periods. Each option is for 5 years.
Lease Type: NNN - ABSOLUTE TRIPLE NET with
NO Landlord responsibilities to the buyer. Tenant is responsible for ALL expenses, including
property taxes, maintenance, repairs, all insurance, roof and structure, and all other costs.
Rent Commencement Date: January 15, 2001
Annual Rental Income (NOI): From years 1
through year 5 $98,474
Rental Increases: Yes
- Year 6 to Year 10 $113,246 Option
- Year 11 to Year 15 $130,000 Option
- Year 15 to Year 20 $149,747 Option
Capitalization Rate (CAP): 16%
Lease Guarantor (Primary Signatory): Blockbuster
Terms of Sale: Cash at Closing
Remarks: Seller looking to sell this property
quickly. New discounted purchase price is $600,000. The net income is expected to be $97,000. The
CAP rate is an estimated 16 percent based on these figures. The rent blockbuster is paying is $15
per square foot, which is approximately $3 above what the previous video tenant was paying. The
current debt on the property is $450,000. In addition, Seller would consider providing some seller
financing. Seller would also consider partnering with someone, however, would prefer to free up his
cash for another transaction.
The building is a one story detached masonry retail store building. The current tenant, will be
moving out after seven years of occupancy. Blockbuster Inc. will be moving in with a 20 year lease
beginning on January 15, 2001. The interior of the building consists of one large open retail
display room with two small rooms partitioned at the rear corners of the building. These two
partitioned areas have the same interior finish as the large front retail store area and are used
for a combination of storage and/or office purposes. There is also a small two fixture lavatory
with an exhaust fan at the rear corner of the building.
Blockbuster Inc will be making $130,000 in improvements on the site and will take occupancy
January 15, 2001.
Next to a Gas Station, new Auto Zone behind, close to CVS, Osco, and a community Hospital.
Age: Approximately 15 years old. Totally renovated in 1995. Building was gutted and fitted with
torch grade rubber roof, as well as new HVAC and electrical system
Parking: Off street parking with over 13,869 square feet or 40 dedicated parking spaces.
Zoning: B-4 General Business: Municipal buildings and governmental uses, retail stores and shops,
personal services shops and stores, restaurants, auditoriums, gyms, banks, professional and
business offices, supermarkets, hardware stores, appliance stores, furniture stores, ect.
Electric: Updated in 1995
Central Air: FHA/gas
Based on a 1, 3, and 5 mile radius, it is apparent that this is a high density population area.
More specifically, it is projected that 11,919, 26,917, and 43,390 people will live within a
respective 1, 3, and 5 mile radius of the site in 2001. From a household perspective, 4,630,
10,399, and 16,477 households are projected for a respective 1, 3 and five mile radius of the site
Area Traffic Count
Based on a 1, 3, and 5 mile radius from 801 North High Street, it is apparent that this is an
extremely high vehicle traffic area. More specifically, it is projected that 10,300, 13,210-23,930,
and 19,260-20,470 vehicles travel within a respective 1, 3, and 5 mile radius of the site in 2001.
ZONING AND NEIGHBORHOOD
The property is located within an area zoned "B-4 General Business" on the latest issue of the
City Map. Permitted uses, area, and yard requirements in a B-4 zone, excerpted from the zoning
ordinance, together with a copy of the zoning map with the subject property identified follows in
As has been the case in many communities, there has been a tendency for retail commercial
businesses to move out of the central business districts into outlying areas, where plentiful on-
site parking is available. The subject property is located approximately mid-way between the
central business district to the south and the areas of newer stores and shopping centers with on-
site parking to the north.
The property enjoys excellent "off street" parking, to the South of the building. There is a Citgo
service station adjoining the subject property to the north. There are one and two family
residential dwellings opposite the subject property, intermixed with several commercial
occupancies, including one combination residence and Real Estate Office. There is a newly
constructed, very large, Rite Aid Pharmacy about two doors to the north of the subject property.
Other improved commercial properties in the immediate area include banks and fast food stores. The
City Liquor store is located about a half block south of the subject property. The property
immediately adjoining the subject property to the south consists of an automotive supply store.
To the north of the subject property is a large Hospital. On both the north and south sides of the
hospital, there are a number of buildings occupied by doctors and other professional people having
business with patients in the hospitals.
For further information on this 1031 Investments property, you may
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page then to our Buyer page and let us know
of your interest in this offering.
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The 1031 Investments contained herein have been obtained from sources of 1031 Investments believed
to be reliable. While we do not
doubt the accuracy of these 1031 Investments, we have not verified it and make no guarantee,
warranty or representation
about the accuracy or completeness of the 1031 Investments information. As a buyer of 1031
Investments, it is your responsibility to
independently confirm the accuracy and completeness. Any projections, opinions, assumptions or
are for example only and do not represent the current or future performance of the 1031
Investments. The value of these
1031 Investments to you depend on factors which should be evaluated by your tax, financial and
legal advisors. You and
your advisors should conduct a careful, independent investigation of these 1031 Investments to
determine to your
satisfaction the suitability of the property for your needs. By requesting further information,
you agree to
indemnify Quality Real Estate and shall hold Quality Real Estate harmless from any kind of claim,
or liability arising out of your investigation and/or purchase of these 1031 Investments.
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