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CROSSVILLE OUTLET MALL

228 INTERSTATE DRIVE, CROSSVILLE TN 38555

FOR SALE $4,900,000 – 12% CAP

Perfect shopping mall for an Absentee Owner – Turn key operation! A 151,000 sq. ft. Enclosed shopping Mall consisting of 30 spaces on a 12 acres lot

DO NOT COMMUNICATE WITH THE TENANTS UNDER ANY CIRCUMSTANCES

Current 12 % CAP – 93% OCC ($9/ FT Land – $32.0 / FT Building)

Contact for More Information: Tel. 877-337-6869

Email: [email protected]

Great Opportunity – current 12% CAP rate!



151,000 square feet, 94 % occupied enclosed mall located on 12 acres of prime, high visibility real estate

The mall is strategically positioned on heavily traveled Highway I-40 (Nashville – Knoxville TN) offering superb visibility with nearly a half a mile of frontage on Exit 320

Offered at 9.5% CAP rate with 24 % Cash-on-Cash and 18 % projected return at 93% occupancy.

Turnkey operation has been set up especially for an absentee Owner, ideal for out of State purchaser.

Located 90 minutes from Nashville and 60 minutes from Knoxville.

Existing onsite management, maintenance and janitorial are fully trained to run the mall.

The staff includes a general manager, maintenance crew, janitor and ground maintenance run the operation.

The sales price includes inventory of tools, material and supplies.

We will teach you both on & off site management.

The price includes the present business of booking events and weddings in the Event center (not on the Rent Roll).

All rents and CAM charges are collected by the 5th of each month.

Gross annual income $1,010,000 and annual expenses of $425,000 with an NOI of $585,000

Motivation to sell is to purchase an asset in California.

Commission to selling broker 3 % submitting a viable offer with proof of funds.

Occupancy of 93% with present four (4) vacancies.

Long term tenants, however they renew their leases on or about their lease expiration date for short terms.

The price includes the web site WWW.CrossvilleOutletCenter.Com

INVESTMENT HIGHLIGHTS

http://www.crossvilleoutletcenter.com/



EXECUTIVE SUMMARY

Crossville Outlet Mall is located on Exit 320 on I 40, half way between Nashville and Knoxville Tennessee. One stop shopping

for both local and transitional travelers that are looking for bargain prices up to 70% discounts.

A little goes an extraordinary long way at the Crossville outlet mall. The shoppers try the latest fashions on for size at one of

the largest clothiers, such as Vanity Fair V F Outlet, Uniform Destination, Bon Worth, Maurice’s, Easy Spirit, Legg’s Hanes

Bali, Dress Barn and for used cloths in Second Chance. The present tenants are:

Seller motivation to sell this property is to purchase an already identified enclosed mall. Seller has so much faith in this

project that is willing to train the new buyer for on and off site management for a period of one year including three site

visits free of charge.

Present tenants are:

V F Outlet

Right Choice INS

Tools & More

Kitchen Collection

Uniform Destination

Subway

Crossville Model Railroad

Pet Supply World

Bon Worth

Maurice’s

Eco ATM

Leggs Hanes Bali

Cake distribution company

Dress Barn

Picture Perfect & Frame

Coffee Bar

Vitamin World

TENANT SUMMARY

There are a total of 30 spaces in Crossville Outlet Mall

Subway does plenty of business.

Bounce Partyz Activity Center caters to families with kids.

CC Golf simulators can show the golfers to be the best on the field.

The event center is a place to hold weddings and functions.

Crossville Model Railroad is the largest indoor mini railroad in the area catering to families.

Tools and More has all types of tools and is a small version of Home Depot

Kitchen collection expanded their space covering all types of kitchen accessories.

Bon Worth expanded their business under a new ownership.

V F Outlet just renewed additional 3 years lease.

Although the leases seems short term, both national and local tenants do renew towards the end of each year.

Rack Room Shoes

Bounce Partyz

C C Golf

Revolution Church

Ice-cream shop

Right Choice Insurance

Bamboo Pillows

Event Center



PROPERTY EXECUTIVE SUMMARY (continued)

Crossville Outlet Mall operates with a crew consisting of a general manager, maintenance supervisor and janitorial

crew. The mall has five entrances and exits and is open seven days a week.

The general manager and maintenance supervisor have their own offices within the mall. All maintenance issues

including but not limited to HVAC, plumbing, electrical and interior tenant improvements is handled in-house.

The mall has a security alarm system (Tyco) that monitors all entrances and exits.

Crossville Outlet Mall is represented in multiple Bill Boards (CBS, Lamar and Flynn) from Knoxville to Crossville on I 40

West and Nashville to Crossville on I 40 East.

The mall is also represented in local Cinema and publication, multiple welcome centers and ad rack centers in

neighboring states.

The mall has gone through both interior and exterior renovations covering the interior light replacements in all the

halls, façade and painting of all hallways plus the exterior painting and signage. The mall is a member of American Bus

Association (ABS) that brings tour busses to the mall.

Crossville Outlet Mall is owned by an absentee owner and it is a dream for another absentee owner! It is a turnkey operation with onsite management,

maintenance, janitorial and security staff already in place.



Crossville Outlet Mall - FINANCIAL SUMMARY SUMMARY FIANCING

Price: 4,900,000

Down Payment: 25.00% $1,300,000 SBA

Existing Loan Amount:

$3,600,000 new

Number of Units: 30 Interest Rate:

5.0% Adj

Current CAP Rate: 12% Annual Payment:

$ 200,000

Pro forma CAP Rate: 13.4% Payments

Gross Leasable Area: 151,000 Year Built:

1988

Cost Per Gross RSF: $2 Approx. Lot Area (Acre):

12

Cost per sq ft of land $9.00 / ft Lease type:

NNN

OPERATING DATA

CURRRENT PRO FORMA

Scheduled Gross Income: $1,010,000

$ 1,082,000

*

$ - 0.00%

* Gross Operating Income: $ 1,010,000

$ 1,082,000

Less Expenses: $ 425,000 42%

$ 425,000 38%

*

Net Operating Income: $585,037 $ 657,000

Less Loan Payments: $200,000

$200,000

Pre-Tax Cash Flow: $385,037 24 % **

$ 457,000 45 %

**

*As a percent of Scheduled Gross Income **As a percent of Down Payment

OPERATING DATA EXPENSES

CURRENT MARKET RENT Taxes: $ 24,420.00

Insurance: $ 49,000.00

No. of Units

Sq. Ft.

$ / Mo

Monthly Utilities: $ 304,800.00 26 Occupied

Current

100% Occupied 4 Vacant 3500

Income

Income Payroll: $ 46,780.00

$90,000 *

$102,783

NOTE: The income includes the CAM reimbursements and % rents Present Cap: 9.5%

Total Expenses: $ 425,000 Projected Cap: 13.7%

Present Vacancies: #105, # 106, # 107 (10,000 Sq ft @ $6/ft/yr)

crossville outlet mall...bamboo pillows event center crossville outlet mall 228 interstate drive,...

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