Corporate Subway Strip Center - Cordova, TN - Marketing Package - LoopNet
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Corporate Subway Strip Center Cordova, TN James Capital Advisors Corporate Subway Strip Center Marketing Package 1890 Berryhill Rd, Cordova, TN 38106
PROPERTY INFO FINANCIAL SUMMARY
Tenant The Shoppes at Cordova Purchase Price $2,213,230.00
Street Address 1890 Berryhill Rd Cap Rate 8.50%
City Cordova Net Operating Income $188,124.57
State TN Price / SF $127.49
Zip 38016 Rent / SF $10.84
APN D02-09I- -A-00139
GLA 17,360 SF Listing Agent Tony Anderson
Lot Size 1.69 AC Phone Number (424) 325-2615
Year Built 2002 Email SUBMIT OFFER
INVESTMENT HIGHLIGHTS
Rare Subway Corporate Lease
Rare Corporate Subway with recent early lease extension at the request of the tenant - 9 years remain on the base
term.
Strong Demographics
Average household income within 1-mile exceeds $103,000, which is almost double the national average.
Neighboring School
The property sits directly adjacent to Cordova High School, which has over 2,400 students currently enrolled. The
current tenant mix caters to the local area with four restaurants, barbershop and dollar store.
Tenant Base Serves Densely Populated Residential Area
Ideally located in a dense residential area - there are 405,000 people within a ten-mile radius of the subject property.
James Capital Advisors Corporate Subway Strip Center
The Offering 1890 Berryhill Rd, Cordova, TN 38106
James Capital Advisors Corporate Subway Strip Center Property Image 1890 Berryhill Rd, Cordova, TN 38106
INVESTMENT HIGHLIGHTS
Hard Signalized Corner
Catty-corner to Walgreen’s, this property is in a prime location with great visibility on Berryhill Road.
Unique Building Type
The construction features a rare brick exterior and concrete slab with a quality interior finish.
Triple Net (NNN) leases with Annual Increases
This multi-tenant property features staggered lease expirations with annual increases.
Recent Capital Improvements
The asphalt parking lot was recently redone with a fresh seal coat in 2013.
James Capital Advisors Corporate Subway Strip Center
Lease Summary 1890 Berryhill Rd, Cordova, TN 38106
INCOME & EXPENSE INCOME OCCUPIED SPACE $216,961.57 AVAILABLE SPACE AT MARKET $0 GROSS RENT POTENTIAL INCOME $216,961.57 Vacancy Allowance (5%) $11,000 Expense Reimbursements $65,001.28 TOTAL INCOME $270,962.85 EXPENSES Real Estate Taxes $29,237.76 Insurance $9,526.65 Management Fee $13,474.55 CAM $30,136.83 TOTAL OPERATING EXPENSES $82,375.79 NET OPERATING INCOME $188,717.57 James Capital Advisors Corporate Subway Strip Center Income & Expense 1890 Berryhill Rd, Cordova, TN 38106
James Capital Advisors Corporate Subway Strip Center Property Image 1890 Berryhill Rd, Cordova, TN 38106
Rent Schedule LEASE COMMENCEMENT LEASE EXPIRATION ANNUAL RENT (BASE RENT) INCREASES TO GLA LEASE TYPE
Rayford’s 9/20/2007 3/31/2023 $25,578.00 $26,345.34 1,680 (9.68%) NNN
Subway 2/20/2012 8/31/2027 $19,668.43 $20,061.00 1,400 (8.06%) NNN
Mimi’s Nails 2/20/2014 1/31/2021 $19,475.76 $19,475.00 1,400 (8.06%) NNN
China Taste 5/4/2012 3/31/2020 $17,850.00 $18,550.00 1,400 (8.06%) NNN
Dollar Days Plus 9/27/2013 12/31/2019 $19,308.38 $19,308.00 1,400 (8.06%) NNN
CJ’s First Class Cuts 11/1/2015 1/31/2019 $19,475.00 $19,475.00 1,400 (8.06%) NNN
Cordova Catfish 1/1/2016 12/31/2020 $25,256.00 $26,006.88 2,800 (16.13%) NNN
Bare Skincare 6/19/2015 2/28/2021 $16,800.00 $17,150.04 1,400 (8.06%) NNN
Berryhill Quick Mart (Dark) 5/1/2017 4/30/2022 $27,755.00 $27,755.00 2,135 (12.3%) NNN
Fit Body Camp* 1/1/2019 12/31/2024 $25,795.00 $25,795.00 2,345 (13.51%) NNN
TOTAL $216,961.57 17,360 (100%)
* Fit Body Camp LOI signed. Landlord is currently negotiating the lease.
James Capital Advisors Corporate Subway Strip Center
Rent Schedule 1890 Berryhill Rd, Cordova, TN 38106
CORDOVA, TN
Situated in the Memphis MSA
Memphis has a rising population of 670,000 people and offers over 60 well-known and unique tourist attractions.
Wealthy Memphis Suburb
Cordova, one of the wealthiest suburbs in the Memphis area, has an average household income of $103,000 within
a one mile radius of the subject property.
Near Memphis University
Located just 14 miles from the subject property is Memphis University, the third largest college in the state with over
17,000 students enrolled.
LOCATION OVERVIEW
Compelling Memphis Demographics
The Memphis MSA is the second largest MSA in Tennessee and a top-50 MSA by population in the United
States.
Continuously Strong Sales in Surrounding Area
Regardless of the downturn that other metro areas have experienced in recent years, investment activity in the
Memphis-area has remained constant and trends upwards.
Home to FedEx Super Hub
In 2018, FedEx announced an investment of $1 billion to upgrade and expand its Memphis hub, serving as a major
economic driver for the city. FedEx employs 30,000 people in the Memphis-area.
James Capital Advisors Corporate Subway Strip Center
Location Overview 1890 Berryhill Rd, Cordova, TN 38106
James Capital Advisors Corporate Subway Strip Center Retail Aerial 1890 Berryhill Rd, Cordova, TN 38106
James Capital Advisors Corporate Subway Strip Center Site Plan 1890 Berryhill Rd, Cordova, TN 38106
DEMOGRAPHICS
POPULATION 1 MILE 3 MILE 5 MILE 10 MILE
2023 Projection 7,479 59,289 112,254 404,429
2018 Estimate 7,531 59,621 113,147 405,228
2010 Census 7,659 60,191 115,622 402,229
Wealthy Memphis Suburb
Cordova, one of the wealthiest suburbs in the Memphis area, has an average household income of $103,000 within
a one mile radius of the subject property.
HOUSEHOLDS 1 MILE 3 MILE 5 MILE 10 MILE
2023 Projection 2,674 23,577 43,371 153,925
2018 Estimate 2,694 23,724 43,748 154,295
2010 Census 2,745 24,017 44,855 153,453
HOUSEHOLDS
Avg. HH Income $102,998 $89,926 $88,580 $94,421
Med. HH Income $86,319 $73,690 $71,743 $71,687
James Capital Advisors Corporate Subway Strip Center
Demographics 1890 Berryhill Rd, Cordova, TN 38106DISCLAIMER The information contained in this Marketing Brochure has been obtained from sources believed to be reliable. However, James Capital Advisors, Inc. & Blacktide Real Estate Advisors (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants. A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property. Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property. CONFIDENTIALITY This Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker. RELEASE This Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker. from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property. NON-ENDORSEMENT Broker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker. James Capital Advisors Corporate Subway Strip Center Disclaimer 1890 Berryhill Rd, Cordova, TN 38106
Contact Information
Tony Anderson Jeremy Just
Vice President Blacktide Real Estate Advisors
(424) 325-2615
Tony@JamesCapitalAdvisors.com
CA RE Lic. 01936642 Firm Lic. No. 340151
SUBMIT OFFER
James Capital Advisors Corporate Subway Strip Center
Contact Information 1890 Berryhill Rd, Cordova, TN 38106You can also read
