vickers plaza shopping center 2310-2340 vickers …...westward properties, as exclusive agent, is...

westwardp r o p e r t i e s RETAIL CENTER FOR SALE

VICKERS PLAZA SHOPPING CENTER2 3 1 0 - 2 3 4 0 V I C K E R S D R I V E | C O L O R A D O S P R I N G S , C O

westwardp r o p e r t i e s VICKERS PLAZA SHOPPING CENTER

2310-2340 VICKERS DRIVE | COLORADO SPRINGS

CONTENTS• Offering Procedures• Executive Summary• Location• Rent Roll• Tenant Profile• Financial Analysis

westwardprop.comTHE INFORMATION IN THIS OFFERING MEMORANDUM ARE FROM SOURCES DEEMED BY WESTWARD PROPERTIES TO BE RELIABLE. BROKERS AND PROSPECTIVE BUYERS SHOULD PERFORM THEIR OWN DUE DILIGENCE AND TREAT THE INFORMATION CONTAINED HEREIN ONLY AS MARKETING MATERIAL WHICH SHOULD NOT BE SOLELY RELIED UPON FOR UNDERWRITING OR ANALYSIS PURPOSES. A FULL SET OF DUE DILIGENCE DOCUMENTATION IS AVAILABLE TO PROSPECTIVE BUYERS WHO EXECUTE A SEPARATE CONFIDENTIALITY AGREEMENT.



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OFFERING PROCEDURESWestward Properties is pleased to offer 2130 Vickers Drive for sale at a list price of $2,750,000.00.

Seller will provide a package of due diligence documents to any interested party who executes a separate non-disclosure agreement.

Interested parties may offer on the property by submitting (a) The buyer’s offer as a letter of intent which specifies desired purchase price, closing terms, earnest money amount and any contingencies as well as (b) a brief description of the purchaser and/or purchasing entity and (c) proof of funds equal to no less than 20% of the prospective buyer’s bid price.

Seller will not except an earnest money deposit below $25,000, to be held in escrow at a title company of Seller’s choosing. All bids will be consid-ered based on their price, terms, and buyer’s ability to close.

Please feel free to contact the brokerage team with any questions.

WESTON THOMASPrincipal

[email protected]

COLIN THOMASAssociate Broker

[email protected]



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EXECUTIVE SUMMARYWestward Properties, as exclusive agent, is pleased to present the outstanding opportunity to acquire this 20,341 SF fully-leased retail center (“the Property”). Well located just off of Colorado Springs’ Academy Blvd, the Property represents a unique opportunnity to own a recently-updated, fully-leased project in the heart of Colorado Springs. Located minutes from I-25, seconds from Academy blvd, and moments from National dining and shopping options, The Property is well-positioned in the redeveloping North Academy corridor. At $2,750,000 this is an opportunity to acquire a center with great access, proximity to national retail and a newly updated exterior at and 7.87% cap rate (based on in-place rent) and a per square foot price substantially below replacement cost.

BUILDING SQUARE FOOTAGE 20,341

LAND AREA (ACRES) 1.77

ASKING PRICE $2,750,000.00 ($135 PSF)

# OF TENANTS 10

OCCUPANCY % 100%

NET OPERATING INCOME (NOI) $235,672.50

CAP RATE 7.87%

AVERAGE LEASE TERM 4.1 YEARS

YEAR BUILT 1984

3 Mi 5 Mi 7 Mi

HOUSEHOLD INCOME $78,504 $79,260 $83,568

POPULATION (2017) 15,943 106,948 263,654

HOUSEHOLDS (2017) 6,563 43,459 104,801

HOUSEHOLDS (2022 EST) 6,999 46,401 111,964

GROWTH 2010-2017 8.92% 9.55% 10.20%

GROWTH EST 2017 - 2022 6.65% 6.75% 6.85%

THE INFORMATION IN THIS OFFERING MEMORANDUM ARE FROM SOURCES DEEMED BY WESTWARD PROPERTIES TO BE RELIABLE. BROKERS AND PROSPECTIVE BUYERS SHOULD PERFORM THEIR OWN DUE DILIGENCE AND TREAT THE INFORMATION CONTAINED HEREIN ONLY AS MARKETING MATERIAL WHICH SHOULD NOT BE SOLELY RELIED UPON FOR UNDERWRITING OR ANALYSIS PURPOSES. A FULL SET OF DUE DILIGENCE DOCUMENTATION IS AVAILABLE TO PROSPECTIVE BUYERS WHO EXECUTE A SEPARATE CONFIDENTIALITY AGREEMENT.

100

Location & MarketOverview

Cascade-ChipitaPark

U. S. AIR FORCE ACADEMY

Hurrican CanyonNatural Area

Pikes Peak

CheyenneMountain

CheyenneMountainState Park

Broadmoor Hotel/Golf Club

Rampart Reservoir

NorthCaramountReservoir

CrystalCreekReservoir

EisenhowerGolf Course

FORT CARSON

PETERSONAIR FORCE BASE

Silver Spruce Golf Course

CITY OF COLORADOSPRINGS

MUNICIPAL AIRPORT

24

WOODLANDPARK

NORTHGATE

U. S. AIR FORCE ACADEMY

GLENEAGLE

BRIARGATE

STRATMOORHILLS

STRATMOOR

ELSMERE

Hogden Rd.

Black Forest Rd.

BLACKFOREST

Black Forest Rd.

Vollmer

Rd.

E. Woodmen Rd.

N. Powers Blvd.N

. Powers Blvd.

S. Powers Blvd.

E. Woodmen Rd.

N. Academy Blvd.

N. Academ

y Blvd.N. N

evad

a Av

e.

Briargate Pkwy.

24

N.Gate Blvd.

InterQuest Pkwy.

.dR tropriA

E. Fountain Blvd.

DOWNTOWNCOLORADO

SPRINGS

OLD COLORADO CITY

Ute ValleyPark

PalmerPark

Research Pkwy.

Briargate Blvd.

INTERQUEST

SITE



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LOCATIONColorado Springs, CO is located 60 miles South of Denver, and

is home to five military bases including The United States Air

Force Academy and Petersen Air Force Base which is home to

NORAD/NORTHCOMM US Missle Defense making Colorado

Springs home to citizens from all over the nation. The military

population in Colorado Springs are some of the best educated

and highest paid in the armed forces. Featuring 2 universities:

The University of Colorado at Colorado Springs and Colorado

College, the city bosts an ever-growing millenial population who

come for an education and stay for a vibrant resturant scene and

access to a mutitude of outdoor activities at the base of Pikes

Peak.

Vickers Place is located in northern Colorado Springs, just off

of the City’s North Academy Corridor. This area has seen huge

amounts of investment in recent years as developers and investors

seek to take advantage of existing rooftops to meet a growing

demand for service-oriented neighborhood retail.

Population (City Limits)

Median Age Median Household Income

Median Home Price

Median Residential Rent

465,101(99% urban)

34.8 $56,079 $228,600 $985






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RENT ROLL

THE INFORMATION IN THIS OFFERING MEMORANDUM ARE FROM SOURCES DEEMED BY WESTWARD PROPERTIES TO BE RELIABLE. BROKERS AND PROSPECTIVE BUYERS SHOULD PERFORM THEIR OWN DUE DILIGENCE AND TREAT THE INFORMATION CONTAINED HEREIN ONLY AS MARKETING MATERIAL WHICH SHOULD NOT BE SOLELY RELIED UPON FOR UNDERWRITING OR ANALYSIS PURPOSES. A FULL SET OF DUE DILIGENCE DOCUMENTATION IS AVAILABLE TO PROSPECTIVE BUYERS WHO EXECUTE A SEPARATE CONFIDENTIALITY AGREEMENT.

TENANT SUITE SIZE RATE (PSF/YR) ANNUAL RENT LEASE EXP.Regenesis 2310 1,443 $15.00 $21,645.00 10/2021Academy of Children’s Theater*

2312 3,344 $12.00 $40,128.00 12/2018

Goosebumps 2318 2,385 $13.00 $31,005.00 10/2027Superior Barber 2322 998 $11.50 $11,477.00 08/2022Happy Hounds 2330 716 $11.00 $7,876.00 09/2022Allstate 2332 1,075 $10.50 $11,287.50 09/2021Walk the Talk* 2334 2,004 $10.00 $20,040.00 01/2020All About Dance 2336 2,937 $11.00 $32,307.00 08/2020Paralyzed Veterans 2336B 1,839 $13.00 $23,907.00 06/2021Church of God 2340 3,600 $10.00 $36,000.00 04/2022

20,341 $235,672.50*Landlord will gurantee rents at the stated rates through the end of the Lease term. Tenant’s actual rents are lower than those stated in the rent roll. Se due diligence documents for actual lease rates.



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TENANT PROFILES

TENANT SUITE SIZE RATE (PSF/YR) ANNUAL RENT LEASE EXP.Regenesis 2310 1,443 $15.00 $21,645.00 10/2021Academy of Children’s Theater*

2312 3,344 $12.00 $40,128.00 12/2018

Goosebumps 2318 2,385 $13.00 $31,005.00 10/2027Superior Barber 2322 998 $11.50 $11,477.00 08/2022Happy Hounds 2330 716 $11.00 $7,876.00 09/2022Allstate 2332 1,075 $10.50 $11,287.50 09/2021Walk the Talk* 2334 2,004 $10.00 $20,040.00 01/2020All About Dance 2336 2,937 $11.00 $32,307.00 08/2020Paralyzed Veterans 2336B 1,839 $13.00 $23,907.00 06/2021Church of God 2340 3,600 $10.00 $36,000.00 04/2022

20,341 $235,672.50

Regenesis of Wellness Primary care, aesthetic, weight loss, and wellness services regenesisforwellness.com

Academy of Children’s Theater

Academy of Children’s Theater- Offers programs that help children build skills in acting.actcolorado.net

Goosebumps Cryotherapy Offering cryotherapy service for treating pain, sports recovery, anti aging and weight loss.goosebumpscryotherapy.com

Superior Barber The second location of a popular local mens & womens barber shop. facebook.com/Superiorbarbers/

Happy Hounds Full-service dog groomer. In this location since 1996.happy-hounds.org

Allstate Allstate Insuranceagents.allstate.com/tony-hernandez-colorado-springs-co.html

Walk the Talk A local chapter of Alchoholics Anonymous offering classes and support groups severl times per week.http://www.coloradospringsaa.org/

All About Dance A hub for dance lessons in Colorado! Many styles of partner dancing: Country, Swing, Ballroom, and Latin varieties. Lessons offered every day of the week!allaboutdanceco.com

Paralyzed Veterans Nonprofit leading advocate for quality health care, spinal cord research and education, veterans bene-fits, and civil rights for veterans and all people with disabilities. mscpva.org

Church of God Local chapter of the Seventh Day Adventist church.cscog7.org




Purchase Price $2,750,000

Net Operating income $235,672.50

Cap Rate 8.57%

Estimated Down Payment $550,000

Estimated Interest Rate 5.5%

Estimated Amortization Period 25 Years

Estimated Annual Debt Service $176,562.48

Net Income less Debt Service $73,553.46

Cash-on-Cash Return 13.37%

FINANCIAL ANALYSIS



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For questions, tours, or to receive a copy of detailed due diligence information please contact the brokerage team:

WESTON THOMASPrincipal

[email protected]

COLIN THOMASAssociate Broker

[email protected]

vickers plaza shopping center 2310-2340 vickers …...westward properties, as exclusive agent, is...

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