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1660 East Main Street

Offering Memorandum presented by:

Cole MorrisBrokertel [email protected]

1660 E. Main St.Duncan, SC

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SampleMarketing Packages

I N V E S T M E N T P A C K A G E SI N V E S T M E N T P A C K A G E S

This offering memorandum was prepared by NAI Earle Furman, LLC (“Broker”) solely for the use of prospective purchasers of the real property located at 1660 E. Main St.Duncan, SC 29334 (“Property”). Neither Broker nor the owner (“Owner”) makes any representation or warranty, express or implied, as to the completeness or the accuracy ofthe material contained in the Offering Memorandum.

Prospective purchasers of Property are advised (i) that changes may have occurred in the physical or financial condition of Property since the time this Offering Memorandumwas prepared and (ii) that the projections contained herein were made by Broker and not by Owner and are based upon assumptions of events beyond the control of Brokerand Owner, and therefore may be subject to variation. No representation is made by Broker or Owner as to the accuracy or completeness of the information contained herein,and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of Property. Although the information contained herein isbelieved to be correct, Owner and its employees disclaim any responsibility for inaccuracies, and expect prospective purchasers to exercise independent due diligence inverifying all such information. Further, Broker, Owner, and its employees Owner’s claim any and all liability for representations and warranties, expressed and implied,contained in or for omissions from the memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandumdoes not constitute a representation that there has been no change in the business or affairs of Property or Owner since the date of preparation of the Offering Memorandum.Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

The Offering Memorandum is a solicitation of interest only and is not an offer to sell Property. Owner and Broker expressly reserve the right, at their sole discretion, to rejectany or all expressions of interest or offers to purchase Property and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time withor without notice. Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase Property unless anduntil such offer for Property is approved by Owner pursuant to its Investment Committee authorities and the signature of a duly authorized signatory of Owner is affixed to aReal Estate Purchase Agreement prepared by Owner.

This offering memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you will hold and treat the Offering Memorandum and its contents in thestrictest confidence, (ii) that you will not photocopy or duplicate any part of the Offering Memorandum, (iii) that you will not disclose the Offering Memorandum or any of itscontents to any other entity without the prior authorization of Owner, (iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest ofOwner or Broker.

Disclaimer

ContentsTable of

5 Section 1Property Information

11 Section 2Location Information

16 Section 3Financial Analysis

23 Section 4Demographics

11660 EastMain Street

PROPERTY INFORMATIONPROPERTY INFORMATION›Executive Summary›Additional Photos›Property Details›Rent Roll›Additional Photos›

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Sale Price: $2,300,000

Retail Building Size: 4,800 SF

Self Storage Rentable Size: 29,425 SF

Lot Size: 2.24 Acres

Year Built: 1995

Market: Spartanburg

Submarket: Duncan

OFFERING SUMMARY PROPERTY OVERVIEW

1660 E. Main Street consists of a fully occupied, 4,800 SF retail building, and 29,425 SF of mixed climate andnon-climate self-storage. The property is fully fenced with gated access, and a security system is in place. The retailbuilding consists of 3 tenants that have occupied the building since 2010 and prior, and 1 tenant that was signed to anew 3-year term in May of 2019. The parking lot for the retail buildings was repaved in 2018. The self-storage portionof the property consists of 7,765 SF of climate-controlled storage that was delivered in August of 2018. In addition,there is a total of 22,300 SF of exterior-access, non-climate controlled storage. The property has shown consistentgrowth in occupancy rates since new management was put into place in 2017.

PROPERTY HIGHLIGHTS

• New climate-controlled addition

• 2018 SCDOT Traffic Count: 23,800 VPD

• Retail building 100% leased

• Parking lot repaved in 2018

• Perimeter fencing around entire property

1 PROPERTY INFORMATION

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PhotosAdditional

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SALE PRICE $2,300,000

LOCATION INFORMATION

Building Name Duncan Self-Storage

Street Address 1660 E. Main St.

City, State, Zip Duncan, SC 29334

County Spartanburg

Market Spartanburg

Sub-market Hwy 290 Corridor / Duncan

BUILDING INFORMATION

Building Class C

Tenancy Multiple

Average Retail Bay Size 1,200 SF

Average SS Unit Size 117.7 SF

Year Built 1995, 2018

Construction Status Existing

Free Standing No

PROPERTY INFORMATION

APN # 5-26-00-003.08

Lot Frontage 166.65 ft

Total Lot Size 2.24 AC

PARKING & TRANSPORTATION

Retail Parking Ratio 1 / 200 SF

Number Of Parking Spaces 24

Full Access Highway 290

2018 SCDOT Traffic Count 23,800 VPD

UTILITIES & AMENITIES


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Retail RentMarketing Packages


TenantName

UnitNumber

UnitSize (SF)

LeaseStart

LeaseEnd

AnnualRent

PricePer SF/YR

Wellness Chiropractic Unit A 1,200 10/1/2019 9/30/2024 $15,600 $13.00

Sake Grill Unit B 1,200 9/1/2019 8/31/2022 $14,880 $12.40

Startin' Point Tattoo Unit C 1,200 8/1/2019 7/31/2022 $13,200 $11.00

Staffmark Unit D 1,200 8/1/2019 7/31/2021 $17,700 $14.75

Totals/Averages 4,800 $61,380 $12.79


RollRetail Rent

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LOCATION INFORMATIONLOCATION INFORMATION›Location Maps›Retailer Map›Aerial Maps›Site Plan›

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2 LOCATION INFORMATION

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14




15





FINANCIAL ANALYSISFINANCIAL ANALYSIS›Income & Expenses›Financial Summary›Income & Expenses›Financial Summary›Additional Photos›Additional Photos›

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SampleExpenses - Current Income


Income Summary CURRENT INCOME Per SF

Self-Storage $198,000 $41.25

Retail Income $61,380 $12.79

GROSS INCOME $259,380 $54.04

Expense Summary CURRENT INCOME Per SF

Taxes $28,925 $6.03

Insurance $2,818 $0.59

Utilities $9,241 $1.93

Payroll (Storage) $40,848 $8.51

Office Supplies $3,748 $0.78

Repairs/Maintenance $12,000 $2.50

Sales & Marketing $635 $0.13

Electronic Payment Processing $5,474 $1.14

Other $495 $0.10

GROSS EXPENSES $104,184 $21.71

NET OPERATING INCOME $155,196 $32.33

3 FINANCIAL ANALYSIS

Income &Expenses - Current Income

FinancialSummary - Current Income

Investment Overview CURRENT INCOME

Price $2,300,000

Price per SF $70.12

CAP Rate 6.75%

Cash-on-Cash Return (yr 1) 1.66 %

Total Return (yr 1) $65,268

Debt Coverage Ratio 1.04

Operating Data CURRENT INCOME

Gross Scheduled Income -

Other Income -

Total Scheduled Income $259,380

Vacancy Cost -

Gross Income $259,380

Operating Expenses $104,184

Net Operating Income $155,196

Pre-Tax Cash Flow $6,306

Financing Data CURRENT INCOME

Down Payment $380,000

Loan Amount $1,920,000

Debt Service $148,890

Debt Service Monthly $12,407

Principal Reduction (yr 1) $58,962

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SampleSummary - Current Income



19

Income &Expenses - Market Rates & Occupancy


Income Summary MARKET RATES & OCCUPANCY Per SF

Self-Storage $284,550 $59.28

Retail Income $62,664 $13.06

GROSS INCOME $347,214 $72.34

Expense Summary MARKET RATES & OCCUPANCY Per SF

Taxes $28,925 $6.03

Insurance $2,818 $0.59

Utilities $9,241 $1.93

Payroll (Storage) $40,848 $8.51

Office Supplies $3,748 $0.78

Repairs/Maintenance $12,000 $2.50

Sales & Marketing $635 $0.13

Electronic Payment Processing $5,474 $1.14

Other $495 $0.10

GROSS EXPENSES $104,184 $21.71

NET OPERATING INCOME $243,030 $50.63


Income &Expenses - Market Rates & Occupancy

FinancialSummary - Market Rates & Occupancy

Investment Overview MARKET RATES & OCCUPANCY

Price $2,300,000

Price per SF $70.12

CAP Rate 10.57%

Cash-on-Cash Return (yr 1) 29.39 %

Total Return (yr 1) $152,715

Debt Coverage Ratio 1.85

Operating Data MARKET RATES & OCCUPANCY

Gross Scheduled Income -

Other Income -

Total Scheduled Income (90% Occupancy) $347,214

Vacancy Cost -

Gross Income $347,214

Operating Expenses $104,184

Net Operating Income $243,030

Pre-Tax Cash Flow $111,675

Financing Data MARKET RATES & OCCUPANCY

Down Payment $380,000

Loan Amount $1,920,000

Debt Service $131,355

Debt Service Monthly $10,946

Principal Reduction (yr 1) $41,040

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SampleSummary - Market Rates & Occupancy



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DEMOGRAPHICSDEMOGRAPHICS›Demographics Map & Report›

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POPULATION 1 MILE 5 MILES 10 MILES

Total population 2,055 32,191 154,314

Median age 35.8 38.6 36.9

Median age (Male) 33.2 36.8 36.0

Median age (Female) 37.7 39.7 37.8

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES

Total households 779 12,763 59,690

# of persons per HH 2.6 2.5 2.6

Average HH income $73,470 $61,448 $59,637

Average house value $153,924 $174,319

* Demographic data derived from 2010 US Census

4 DEMOGRAPHICS

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