TITLE:
VALUE ADD RETAIL CENTER
CONTROL:
Partner
VALUE:
$1,850,000
LOAN:
$1,152,452
EQUITY:
$697,548
TYPE:
Retail/Commercial
HAVE:
Value add retail center of 35,334 square feet on 2.492 acres in Jackson, the capital of Mississippi and the most populous city in the state with a population of 163,383 in 2019.
ADDRESS:
1315 Ellis Avenue, Jackson, Mississippi
BENEFITS TO NEW OWNER:
Tremendous upside with leasing vacant space. Existing cash flow while working on the upside. Lamar Billboard included.
GROSS SCHEDULED INCOME:
$336,580 Actual
VACANCY LOSS:
$85,436
GROSS EFFECTIVE INCOME:
$251,144
EXPENSES:
$134,497
NOI:
$116,647
DEBT SERVICE:
$103,909
CASH FLOW:
$12,738
CAP RATE:
6.31%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$1,152,452
$9,888
7%
05/15/2040
No
BENEFITS SOUGHT:
Trade into a larger property. Prefer industrial but will consider retail and office. Value add or stabilized properties desired. Will consider land for 10% to 15% of the purchase price.
CAN ADD:
Cash. Can sign on debt. Mgmt and leasing expertise. Land in St. Johns, MI. Residential lots in Willisburg, KY. Opportunity Zoned Development opportunity in Amarillo, TX. Retail Centers in Amarillo, TX; Jackson, MS; Tyler, TX; Longview, TX; Temple, TX.
REMARKS:
Currently 72% occupied. Proforma Cap Rate of 12% when stabilized occupancy is achieved. Only $59.43 psf.
COUNSELOR:
Eric Hillenbrand
SEPG Associates LLC
7515 Holliday Drive West
Indianapolis, Indiana, 46240
Cell: 317-590-0638
Email ehillenbrand@ccim.net
