CROSSROADSCENTER939-946 Andrews Ave, Henderson, NC

164,000 SF Retail/Business Park

AUCTIONDECEMBER 2018MINIMUM BID PRICE

$6,750,000

Executive SummaryZetabid is pleased to present Crossroads Center, a 98% leased retail/business park for sale via sealed bid auction. Crossroads Center is located on the I85 freeway at the Andrews Ave. exit and is approximately 45 minutes North from the Raleigh/Durham market.

The center contains a mix of long-term local tenants in both retail and office units. Space is always in high demand as the center has the best location in Henderson with 32,000 cars per day traffic on I85, and 15,000 on Andrews. The center sits on two parcels of freeway adjacent land on both sides of Andrews Avenue. Current annual gross rent is $1,045,000 with expenses of $415,000. Many below market leases exist (self-managed by long- time owner retiring soon). A 21,000 square foot mini storage complex is located at the back of the property (with room for expansion).

Please visit our Due Diligence Vault to review current financials, rent rolls, and other important documents. Pre-auction offers are welcome! All bids are subject to a 2.5% Buyer Premium. Broker cooperation is welcome (1%).

Aerial Site Plan

Key Details

RAMSEY ST

S BECKFORD DR

GU

PTO

N S

T

W A

ND

REWS AVE

85

39

158

PAR

RISH

MILL R

D

Year Built 1986-2002

Gross Building Area 164,480

Rentable SF (Est) 164,480

Site 18.4 Acres

Minimum Bid Amount $6,750,000 ($41/PSF)

Current Annual Gross Rent $1,045,051

2018 NOI (actual rents) $602,554

Going-in Cap Rate 8.9%

% Occupied 98%

Radius Map

RAMSEY ST

S BECKFORD DR

GU

PTO

N S

T

W A

ND

REWS AVE

85

39

158

PAR

RISH

MILL R

D

WashingtonWinterville

Goldsboro

Greenville

Tarboro

Wilson

Raleigh

Durham

Cary

Apex

Chapel Hill

BurlingtonGreensboro

Asheboro

Danville

Martinsville South BostonSouth Hill

Rocky Mount

RoanokeRapids

Emporia

Blackstone

Petersburg Williamsurg

HampdenSydney

Farmville

Franklin

Murfreesboro

Plymouth

Ahoskie

95

40

74

85

85

95

95

540

58

13

17

64

13

301

64

64

421

421

1

264

301

1460

15

58

58

29

220

MILESMILES25 MILESMILES50

943 WestAndrews AvenueHenderson, NC

Financial Summary

Proforma Projection 2018Base Rent $1,045,051

Reimbursement Income -

Gross Potential Rent Inc. $1,045,051

Less Vacancy/Collection $26,126.27 2.5%

Effective Gross Income $1,018,925

Expenses

Advertising $10,000

Insurance $22,000

Taxes $84,814

Cleaning and General Maint $84,000

Repairs $130,000

Miscl $4,800

Utilities $40,000

Subtotal Actual $375,614

Proforma Expenses

Property Management 4% $40,757

Total Expenses $416,371

Net Operating Income $602,554

Building GLA $142,980

Suite Tenant Rentable SF % of Center Lease Type Lease Start Lease End

Base Rent

Monthly Monthly PSF Annual PSF

Southeast Complex

939 W Andrews (1986 Built)

Nuestro Porvenir, Inc 900 0.6% MG 8/1/2018 7/31/2019 $750 $0.83 $10.00

Major Auto Insurance 900 0.6% MG 3/1/2016 2/28/2019 $750 $0.83 $10.00

Allure Hair Extensions 900 0.6% MG 9/1/2016 8/30/2019 $700 $0.78 $9.33

2,700 $2,200 941 W Andrews (1986 Built)

African Hair Braiding 1,500 1.0% MG 8/1/2002 5/31/2019 $1,175 $0.78 $9.40

Values 2U 1,500 1.0% MG 9/1/2018 8/31/2019 $1,000 $0.67 $8.00

Values 2U 2 1,500 1.0% MG 11/1/2018 10/31/2019 $1,000 $0.67 $8.00

Happy Nails & Spa 1,500 1.0% MG 7/1/2011 9/30/2019 $800 $0.53 $6.40

Geter's Barber College 2,280 1.6% MG 8/1/2011 4/30/2019 $1,650 $0.72 $8.68

No Limits 1,440 1.0% MG 12/1/2015 2/28/2019 $1,250 $0.87 $10.42

Healthy Treats (Combined spaces)

2,280 1.6% MG 11/1/2010 9/30/2019 $1,500 $0.66 $7.89

No Limits 3,000 2.1% MG 8/1/2013 2/28/2019 $2,700 $0.90 $10.80

15,000 $11,075

914 W Andrews - Back Building (1975 Built)

Baldies Barber Shop 680 0.5% MG 12/1/2012 5/31/2019 $500 $0.74 $8.82

Divine Styles Beauty Salon 740 0.5% MG 11/1/2009 5/31/2019 $600 $0.81 $9.73

1,420 $1,100

943 Andrews (1987 Built)

Beautysmart 7,500 5.2% MG 9/1/1991 7/31/2019 $4,000 $0.53 $6.40

Daymark Recovery Services 2,500 1.7% MG 1/1/2017 9/30/2019 $1,200 $0.48 $5.76

Sky Pawn (Sony LLC) 5,000 3.5% MG 11/1/2015 11/1/2020 $1,500 $0.30 $3.60

Daymark Recovery Services 7,500 5.2% MG 8/1/2011 9/30/2019 $3,800 $0.51 $6.08

KARTS 3,660 2.6% MG 11/1/1989 3/31/2019 $3,300 $0.90 $10.82

Halls and Restrooms 200 0.1% MG - - -

Ultimate Healthcare Services 540 0.4% MG 2/1/2016 1/30/2019 $600 $1.11 $13.33

Three Dimensional Tech 600 0.4% MG 2/1/2017 1/30/2019 $600 $1.00 $12.00

Crawford Properties Office (owner)

560 0.4% - - -

Vacant 960 0.7% - - -

Ross Rehab / Honey Green Miles

480 0.3% MG 8/15/2018 8/14/2019 $525 $1.09 $13.13

29,500 $15,525

945 Andrews (1978 Built)

Nails to Tails Dog Grooming 509 0.4% MG 10/1/2010 10/1/2019 $450 $0.88 $10.61

Sadie's School of Dance 3,331 2.3% MG 6/1/1995 5/31/2019 $1,050 $0.32 $3.78

Diana's Tax Service 1,920 1.3% MG 12/1/2005 2/28/2019 $1,050 $0.55 $6.56

SRFC Security 1,920 1.3% MG 3/1/2018 2/28/2019 $1,300 $0.68 $8.13

NC Department of Corrections 1,920 1.3% FS 6/1/2005 5/30/2019 $1,375 $0.72 $8.59

ACS 1,920 1.3% MG 1/1/2018 12/31/2018 $1,200 $0.63 $7.50

Michael's Florist 2,136 1.5% MG 6/1/2016 5/31/2019 $800 $0.37 $4.49

Crossroads Event Center 4,689 3.3% MG 3/1/2018 2/28/2019 $2,000 $0.43 $5.12

Home Town Hardware 9,095 6.4% MG 5/1/1986 4/30/2019 $2,500 $0.27 $3.30

27,440 $11,725 $0.43 $5.13

Rent Roll

Suite Tenant Rentable SF % of Center Lease Type Lease Start Lease End

Base Rent

Monthly Monthly PSF Annual PSF

Northwest Complex

944 Andrews (2008 Built)

Home Credit II 1,800 1.3% MG 10/1/1990 1/1/2021 $1,800 $1.00 $12.00

Allstate Insurance Agency 1,200 0.8% MG 7/1/2008 7/1/2019 $1,250 $1.04 $12.50

United Home Care 1,200 0.8% MG 7/1/2008 9/30/2019 $1,200 $1.00 $12.00

4,200 $4,250

946 Andrews (1993 Built)

Parham's Western 4,000 2.8% MG 4/1/1984 5/24/2022 $1,000 $0.25 $3.00

Rescued 1,600 1.1% MG 8/1/2017 11/1/2018 $975 $0.61 $7.31

Direct General Insurance Co. 1,600 1.1% MG 4/1/1998 5/1/2020 $1,000 $0.63 $7.50

Insurance Partners 1,600 1.1% MG 8/1/2012 6/30/2019 $975 $0.61 $7.31

NC License Plate Agency 1,288 0.9% FS 10/1/1991 4/30/2019 $675 $0.52 $6.29

National Finance 1,912 1.3% MG 1/1/2004 5/1/2019 $1,300 $0.68 $8.16

Children's Dev. Agency 4,800 3.4% FS 1/1/2004 12/31/2018 $3,313 $0.69 $8.28

Restaurant 39 4,800 3.4% MG 6/1/2016 4/30/2019 $2,050 $0.43 $5.13

The Attic & A1 Travel 4,800 3.4% MG 9/1/1995 9/30/2019 $2,100 $0.44 $5.25

Home Credit Corp. 2,720 1.9% MG 9/1/1999 8/1/2020 $1,800 $0.66 $7.94

29,120 $15,188

946 Andrews (2002 Year Built)

Rainbow International 4,000 2.8% 9/15/2016 9/30/2020 $2,750 $0.69 $8.25

Sun Medical Supply 3,200 2.2% 6/1/1992 7/31/2021 $1,550 $0.48 $5.81

B 1 Bingo 4,800 3.4% 9/1/2011 10/30/2019 $2,275 $0.47 $5.69

Trinkets 2,400 1.7% 8/1/2012 2/28/2019 $1,025 $0.43 $5.13

39 Thrift Shop 2,400 1.7% 9/1/2017 8/31/2019 $1,200 $0.50 $6.00

Vance County Tourism 1,600 1.1% FS 6/1/1992 6/1/2019 $1,100 $0.69 $8.25

Salon 31 1,668 1.2% 9/1/2011 8/30/2019 $875 $0.52 $6.29

Lincare 3,132 2.2% 4/1/2013 10/1/2017 $1,950 $0.62 $7.47

Propel GPS 2,820 2.0% 12/1/2012 8/30/2018 $1,600 $0.57 $6.81

Reliable Car Sales, Inc 1,580 1.1% 10/1/2018 9/30/2019 $800 $0.51 $6.08

Pete Smith Lube and Tire 6,000 4.2% 5/1/2002 6/1/2019 $2,900 $0.48 $5.80

33,600 $18,025

Mini Storage 21,500 15.0% $8,000 $0.37 $4.47

Units 246

5'x10' 108

7.5'x10' 28

10'x10' 71

10'x15' 18

10'x20' 21

Complex SF 164,480 $87,088 Monthy Base Rent

Business Park SF 142,980 $1,045,051 Annual Base Rent

Average Rent SF $7.31

Traffic Vehicles Per DayAndews 15,000

I85 32,000

Demographics 1 Mile 3 Mile 5 MilePopulation 2018 4,624 1,994 28,253

Households 1,870 7,938 10,998

Average Household Income $36,168 $42,861 $46,553

The Seller, Zetabid, its employees and agents expressly disclaim as either seller or agent any warranty as to the property. Zetabid nor any of its affiliates or representatives has independently verified any of the information, including any approximations, estimates or projections, contained herein and does not undertake any obligation to independently verify any other written or oral communication.

Auction conducted by Heritage Global Partners in alliance with Zetabid, Inc. under Heritage Global Partners. Click the link above to view auction property web page for detailed property and bidding instructions. All bids/ offers shall be placed using the online sealed bid form. No bid shall be deemed accepted until a mutually executed Purchase and Sale Agreement is created. Subject to Seller’s minimum reserve price. Buyer Premium is 2.5% and this amount shall be added to the winning bid amount to create the purchase price.

MICHAEL DAVIN PresidentZetabid, Inc. 424.888.6068 x 101 mdavin@zetabid.com

For more information, please contact:

ERIC KOESTERERDirector of Auction OperationsZetabid, Inc. 424.888.6068 x 110 ekoesterer@zetabid.com

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