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CBCWORLDWIDE.COM
BEACON COMMONSKING
1
PREPARED BY:
Coldwell Banker CommercialKING1 N. Pack Square Suite 105Asheville, NC 28801
Beacon Commons
Jeff Soto
For Sale
475 S. Church Street
Hendersonville, NC 28792
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BEACON COMMONSKING
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TABLE OF CONTENTS
Confidentiality Statement 3
Executive Summary 4
Property Photos 5
Property Overview 6
Property Description 7
Maps and Aerials 8
Tax Map 9
Financials 10
Rent Roll 11
Demographic 12
Additional Photos 15
Contact Information 17
©2015 Coldwell Banker Real Estate LLC, KING Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, KING Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, KING Coldwell Banker Commercial Affiliates.
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BEACON COMMONSKING
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CONFIDENTIALITY STATEMENT
This offering has been prepared solely for informational purposes. It is designed to assist
a potential investor in determining whether it wishes to proceed with an in-depth
investigation of the subject property. While the information contained herein is from
sources deemed reliable, it has not been independently verified by the Coldwell Banker
Commercial affiliate or by the Seller.
The projections and pro forma budget contained herein represent best estimates on
assumptions considered reasonable under the circumstances. No representations or
warranties, expressed or implied, are made that actual results will conform to such
projections.
This document is provided subject to errors, omissions and changes in the information
and is subject to modification or withdrawal. The contents herein are confidential and are
not to be reproduced without the express written consent.
Interested buyers should be aware that the Seller is selling the Property “AS IS”
CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES
OF ANY KIND OR NATURE. Prior to and/or after contracting to purchase, as appropriate,
buyer will be given a reasonable opportunity to inspect and investigate the Property and
all improvements thereon, either independently or through agents of the buyer’s choosing.
The Seller reserves the right to withdraw the Property being marketed at any time without
notice, to reject all offers, and to accept any offer without regard to the relative price and
terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-
binding letter of intent; (ii) incorporated in a formal written contract of purchase and sale to
be prepared by the Seller and executed by both parties; and (iii) approved by Seller and
such other parties who may have an interest in the Property. Neither the prospective buyer
nor Seller shall be bound until execution of the contract of purchase and sale, which
contract shall supersede prior discussions and writings and shall constitute the sole
agreement of the parties.
Prospective buyers shall be responsible for their costs and expenses of investigating the
Property and all other expenses, professional or otherwise, incurred by them.
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BEACON COMMONSKING
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EXECUTIVE SUMMARY
PROPERTY SPECIFICATIONS
PRICE
THE PROPERTY
475 S. Church Street
Hendersonville NC 28792
Property Type: Office
Class: A
Building Size: 27,672
Land: 3.15 Acres
Number of Stories: 1
Year Built/Renovated: 2005
North Building:
South Building:
14,004
13,668
Sale Price:
North Building:
South Building:
$2,345,000
$1,225,000
$1,120,000
Class: A
MARKET HIGHLIGHTS
Centrally located Class A office space
INVESTMENT HIGHLIGHTS LOCATION HIGHLIGHTS
• Main-level first floor of a two-building mixed-
use commercial and residential master
planned condominium development
• Recent significant renovations
• 68 Parking spaces
• Fully Sprinklered
• CMU Zoning – Central Mixed Use
• Traffic Count 14,000 PDA
• Centrally located downtown
Hendersonville
• 20 miles south of Asheville, NC
• Walkable in town location
CONSTRUCTION
Year Built: 2005
Structure: Concrete and Steel
Interior Painted Drywall
Ceiling: Drop Acoustic tile
Flooring: Carpet and ceramic tile
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PROPERTY OVERVIEW
PROPERTY PHOTOS
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PROPERTY OVERVIEW
PROPERTY SPECIFICATIONS
THE PROPERTY
475 S. Church Street
Hendersonville, NC 28792
Property Type: Office
Class: A
Building Size: 27,672
Land: 3.15 Acres
Number of Stories: 1
Year Built/Renovated: 2005
North Building: 14,004 SF
South Building: 13,668 SF
PRICE
Total Sale Price:
North Building:
South Building:
$2,345,000
$1,225,000
$1,120,000
Total Price/SF
North Building/SF
South Building/SF
$84.74
$87.48
$81.94
LEASE INFORMATION
Suites
Tenancy:
11
8
Percent Leased: 76%
Space Available: 6,536 SF, all space
available 2018
Annual Rent: $12/SF/ Triple NetPROPERTY SPECIFICATIONS
Cross Street: Kanuga Rd
Located: South End
Office Park: Beacon Commons
Land: Hendersonville
Submarket: Asheville MSA
County Henderson
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BEACON COMMONSKING
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Property Description
Beacon Commons is a modern mixed-use commercial and residential master planned condominium development containing of two buildings at the end of Church Street in the heart of downtown Hendersonville. The offering consists of two main-level first floor commercial condominiums totaling 27,672 square feet with CMU Zoning – Central Mixed Use. The North and South buildings are being offered for purchase together or separately. Sixteen privately owned residential condominiums on the second and third floors are not included.
The property is 76% occupied and contain an excellent tenant mix for the surrounding demographics. Current occupants include financial, medical, and legal offices, and other professional services. The North building consists of five suites totaling 14,004 square feet. Four suites are currently tenant occupied. The South building consists of six suites totaling 13,668 square feet. Four suites are currently tenant occupied. Three vacant suites totaling 6,536 square feet are ready for lease, allowing an investor add additional rental income.
The two buildings are connected by a central access point. Each building has security key pad entries, common central corridors with common bathrooms. The property was built in 2005 and has undergone significant renovation, including extensive interior improvements, new monument sign, and common area modifications.
This property is located on 3.15 acres in the heart of the Central Business District with immediate proximity to downtown Hendersonville, excellent signage & visibility, easy ingress/egress, and ample parking. Within half a mile is a recently constructed Publix grocery, CVS, and Walgreens. The central downtown location allows for walkability to many businesses, Restaurants, Retail, Office Professional, and Hospitality. Exterior and grounds are professionally maintained. One of Hendersonville’s truly Class-A properties.
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BEACON COMMONSKING
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MAPS & AERIALS
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BEACON COMMONSKING
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TAX MAP
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BEACON COMMONSKING
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FINANCIALS
BEACON COMMONS
Square Footage 27,672 14,004 13,668
Vacant Leasable SF 6,536 3,422 3,114
INCOME Total North Building South Building
2018 Base Rent $ 193,145 $ 99,946 $ 93,199
CAM Reimbursements 65,027 32,509 32,517
Gross Potential Revenue $ 258,171 $ 132,455 $ 125,716
EXPENSES
Repairs & Maintenance $ 7,620
Utilities 16,195
Contract Services 19,766
Supplies 4,087
Property Taxes 30,983
Property Owners Association 48,147
Property Management 13,419
Total Expenses $ 140,216 $ 70,960 $ 69,257
Additional Income on Vacant ($12NNN) 78,429 41,064 37,365
NET OPERATING INCOME $ 196,383 $ 102,560 $ 93,824
Cap Rate 8.0% 8.0% 8.0%
Value $ 2,454,793 $ 1,281,996 $ 1,172,797
Lease-Up Costs *** (98,036) (51,330) (46,706)
Price $ 2,355,000 $ 1,225,000 $ 1,130,000
$/SF $ 85 $ 87 $ 83
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BEACON COMMONSKING
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RENT ROLL
RENT ROLL
Suite Tenant Square footage Start Date End Date Comments
100 Hilliard Lyons 2893 10/25/12 12/32/21 NNN
201 Harpe Laser &
Wellness
849 8/1/17 7/31/20 NNN
205 Hansa,NC
LLC
1634 8/1/15 7/31/20 NNN
207 Vacant 2004
211 Ionicware, Inc 2112 12/8/16 12/31/20 NNN
300 Vacant 790
Suite Tenant Square Footage Start Date End Date Comments
400 The Vanity
Space
769 4/1/15 6/30/19 Modified Gross
Tenant pays Utilities
500 Sheffron Law 4211 12/1/15 5/31/21 NNN
600 Radon
Association
2370 4/1/16 5/31/19 NNN
700 Movement
Mortgage
2162 11/1/17 10/31/20 NNN
800 Vacant 3422
South Building
North Building
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DEMOGRAPHICS
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DEMOGRAPHICS
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DEMOGRAPHICS
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BEACON COMMONSKING
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ADDITIONAL PHOTOS
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ADDITIONAL PHOTOS
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CONTACT INFORMATION
For more information, please contact:
Jeff Soto
COLDWELL BANKER COMMERCIAL
King
1 N. Pack Square Suite 105
Asheville, NC 28801
Phone: 828-398-5960
Fax: 828-398-5701
Mobile: 828-691-1550