perimeter park - loopnet...c-101 2,000 $1,485.26 $17,823.12 $8.91 2/28/2021 3/1/2015-2/28/2021 c-102...

Perimeter Park 6234 Perimeter Dr. Chattanooga, TN

6234 Perimeter Dr. Chattanooga, TN

Deal Summary:

-Listing Price:$2,592,000

-Location: 6234 Perimeter Dr. Chattanooga,

Hamilton County, TN

-Square Footage: 28,704

-Office / Warehouse / Flex Space

-Tenancy: Multi-Tenant

-Cap. Rate: 7.5%

-2% Commission Paid to Buyers Broker



Investment Highlights

-100% occupied project

-Close proximity to Chattanooga Airport

and Highway 153

-Below market rents

-Expenditures of $444,273.05 for capital

repairs and replacements to the project

made in 2018 and 2019

-A portion of the project is occupied by

regional credit tenants

-Purchase price is below reproduction cost

Cost of Capital Expenditures

1. Foundation Repairs $54,581.25

2. Landscape sprinkler system and back flow preventer $5,523.50

3. Replacement of 13 HVAC Systems $61,664.77

4. Replacement of security lights in front area of buildings $2,815.00

5. Replacement of all awnings $6,140.00

6. Installation of sign light and security lights behind buildings $6,670.00

7. Electrical system repairs $9,255.00

8. Replacement of rear security door $820.00

9. Installation of new landscaping $10,462.00

10. Removal of trash, debris and holly bushes $4,970.00

11. Power washing concrete areas in front of office suites $1,625.00

12. Repairs to wall behind Building D $6,450.00

13. Tree removal and clearing of fence line $3,150.00

14. Gutter repairs and cleaning of Buildings B, C and D $225.00

15. Painting of all buildings, retaining walls and staining of fence $33,975.55

16. Installation of new concrete drive entrance $26,750.00

17. Engineering inspections related to new concrete drive entrance $1,160.60

18. Support walls and securing areas related to structural repairs $6,885.00

19. Installed 5 security cameras, computer system and security closet $4,750.00

20. Installation of 1.5 inches asphalt overlay in the entire parking lot $55,485.00

21. Masonry repairs to all building and retaining walls $27,525.36

22. Installation of new security fencing and gates $19,290.02

23. Tenant improvement cost to relocate tenant in the Project $11,100.00

24. Installation of new roof systems on all buildings $83,000.00

Total Cost of Capital Repairs and Replacements $444,273.05


Location


Aerial


Aerial *zoomed in


Survey


Property Photos



Rent Roll

Suite Sq.Ft. Monthly Rent Annual Rent Rent Per./sq.ft. Lease Exp. Current Term

A-102 2,000 $1,470.88 $17,650.56 $8.83 10/31/2020 11/1/2017-10/31/2020

A-103 1,000 $954.81 $11,457.72 $11.46 3/31/2022 4/1/2018-3/31/2022

A-104 1,000 $995.00 $11,940.00 $11.94 4/30/2022 5/1/2018-4/30/2022

B-

101,102,10

3 & 104 4,000 $3,275.00 $39,300.00 $9.83 7/31/2022 3/1/2019-8/31/2022

C-101 2,000 $1,485.26 $17,823.12 $8.91 2/28/2021 3/1/2015-2/28/2021

C-102 2,000 $1,660.00 $19,920.00 $9.96 4/14/2022 4/15/2019-4/14/2022

D-101 4,704 $2,822.40 $33,868.80 $7.20 1/31/2023 1/13/2014-1/31/2023

E-101 &

102 2,000 $1,667.00 $20,004.00 $10.00 2/28/2021 3/1/2019-2/28/2021

E-103 1,000 $850.00 $10,200.00 $10.20 6/30/2020 7/15/2017-6/30/2020

E-104 1,000 $978.50 $11,742.00 $11.74 12/31/2020 1/1/2019/-12/31/2020

F-101 1,000 $870.00 $10,440.00 $10.44 9/30/2020 10/1/2018-9/30/2020

F-102, 103

& 104 3,000 $2,850.90 $34,210.80 $11.40 1/31/2023 8/1/2018-7/31/2023

G-101 &

102 2,000 $1,577.33 $18,927.96 $9.46 10/31/2020 11/1/2018 - 10/31/2020

G-103 &

104 2,000 $1,615.75 $19,389.00 $9.69 11/30/2021 10/1/2018 - 11/30/2021

TOTALS 28,704 $23,072.83 $276,873.96

Monthly Annual Avg. per sqft.

Total: $23,072.83 $276,873.96 $9.65

Perimeter Park

6234 Perimeter Dr. Chattanooga, TN 37421


Income

Suite Annual Rent

A-102 $17,650.56

A-103 $11,457.72

A-104 $11,940.00

B-101,102,103 & 104 $39,300.00

C-101 $17,823.12

C-102 $19,920.00

D-101 $33,868.80

E-101 & 102 $20,004.00

E-103 $10,200.00

E-104 $11,742.00

F-101 $10,440.00

F-102, 103 & 104 $34,210.80

G-101 & 102 $18,927.96

G-103 & 104 $19,389.00

*Based on actual rental income

Total: $276,873.96

Less 3.0% Vacancy: $8,306.22

Effective Gross Income: $268,567.74

Expense

Description Annual Cost

Accounting $1,200.00

Management & Bookkeeping $3,000.00

Dumpster $1,034.00

Utilities (water & sewer) $14,000.00

Fiber Optics (cameras) $720.00

Insurance $5,400.00

Property Tax $34,107.00

Landscape Maintenance $3,600.00

Parking Lot Sweeping $3,360.00

Trash & Weed control between buildings/parking lot $1,200.00

Misc. Repairs $1,200.00

Postage, Courier Service and Office Supplies $1,000.00

Capital Replacement Reserve ($0.05 per sqft.) $1,435.00

Leasing Commissions and Tenant Improvements ($0.10 per sqft.) $2,870.00

Total: $74,126.00

Net Operating Income (Excluding vacancy factor): $202,747.96

Net Operating Income (less 3.0% vacancy) : $194,441.74

2020 Pro Forma for Perimeter Park

6234 Perimeter Dr. Chattanooga, TN 37421

Contact Information

Interfund Group, Inc.

2211 Norfolk St. Ste. 626 Houston, TX 77098

Please contact either:

Ron Waedemon

Email: [email protected]

Tel: 713-960-9887

or

W.C. “Cort” Padon IV

Email: [email protected]

Tel: 832-689-2000


mailto:[email protected]

mailto:[email protected]

perimeter park - loopnet...c-101 2,000 $1,485.26 $17,823.12 $8.91 2/28/2021 3/1/2015-2/28/2021 c-102...

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