For Sale
Franklin Village Shopping
Center
Waco, Texas
For Additional Information Contact:
Vaughan S. Ford
Senior Vice President
Henry S. Miller Commercial
3050 Post Oak Blvd., Suite 150
Houston, Texas 77056
Telephone: 713/386-1078
Facsimile: 713/626-5277
www.henrysmiller.com
email: [email protected]
Franklin Village Shopping Center
Waco, Texas
Executive Summary
LOCATION:
Southwest corner of Franklin Drive (US 84) and New Road,
Waco, Texas
PROPERTY DESCRIPTION:
47,344 square foot retail center anchored by PetsMart,
CompUSA, and Family Christian Store.
Goody’s Family
Clothing is a shadow anchor store containing approximately
50,000 square feet. Outback Steakhouse is an out parcel.
Franklin Village is situated on 9.83 Acres of land.
YEAR BUILT:
LEASED:
NET OPERATING INCOME:
VALUE @ 8.25% CAP:
TERMS OF SALE:
1997
100%
$552,517.00
$6,697,175.00
All cash
HENRY S. MILLER COMMERCIAL
Since 1914
Franklin Village Shopping Center
Waco, Texas
Income & Expense 2004 Proforma
Annual Rent
CAM Contributions
Tax Contributions
Wtr/Sewer & Trash Removal
$599,542
46,715
91,000
13,803
EFFECTIVE GROSS INCOME
$751,060
Less Expenses:
Taxes
Insurance
CAM
Utilities
Repairs
Miscellaneous
Management - 4% EGI
Total Expenses
NET OPERATING INCOME
90,807
7,707
46,715
13,803
9,469
0
30,042
198,543
$552,517
HENRY S. MILLER COMMERCIAL
Since 1914
Franklin Village Shopping Center
Waco, Texas
Rent Roll
TERM
TENANT
PRORATED
BASE RENT
ANNUAL
RENT PER
SQ FT/YR
BASE RENT
INCREASE
(DATE)
BASE RENT
INCREASE
(AMOUNT)
FROM
TO
20946
05/04/97
01/31/18
16,966.26
203,595.12
9.72
02/01/03
02/01/08
02/01/13
16,966.26
17,839.01
18,711.76
Comp USA
7160
11/08/97
11/30/04
8,055.00
96,660.00
13.50
12/01/02
8,055.00
Planet Beach
1200
04/01/01
03/31/06
1,450.00
17,400.00
14.50
07/01/01
1,450.00
Pier I (Closed)
8000
06/20/97
06/30/07
9,335.08
112,020.96
14.00
08/01/02
9,335.08
05/28/98
05/27/13
1,939.00
23,268.00
0.00
06/01/04
06/01/05
06/01/06
06/01/07
1,939.00
1,973.00
2,057.00
2,119.00
PetsMart Inc.
Weinerschnitzel
SQ. FT.
UNIT INFO
BASE RENT
Ground Lease
Family Christian Stores
5600
01/16/99
01/15/09
6,767.00
81,204.00
14.50
05/01/01
6,767.00
Star Nails
1400
03/01/02
02/28/07
1,808.33
21,699.96
15.50
06/01/02
03/01/05
1,808.33
1,925.00
Maggie Moos
1400
06/01/00
05/31/05
1,866.66
22,399.92
16.00
10/01/02
1,866.66
WingStop
1638
08/16/02
08/31/07
1,774.50
21,294.00
13.00
09/01/02
1,774.50
TOTALS
47,344
49,961.83
599,542.00
12.66
HENRY S. MILLER COMMERCIAL
Since 1914
Franklin Village Shopping Center
Waco, Texas
(Closed)
HENRY S. MILLER COMMERCIAL
Since 1914
Franklin Village Shopping Center
Waco, Texas
Market Summary
Franklin Village Shopping Center is located at the southwest corner of Franklin Avenue and New Road in
Waco, Texas. The subject shopping center is across New Road from the newest Wal-Mart Super Center in
Waco. Lowe’s Home Center and numerous restaurants are also located at this main intersection. Within a
five minute drive is Richland Mall anchored by Dillard’s, JC Penny, Sears, and Bealls. Also in the
immediate trade area are Mervyns, Toys R US, Barnes & Noble, Circuit City, Best Buy, Home Depot,
Talbot’s, Office Max, Steinmart, Michaels, and Galaxy Theatres.
The City of Waco is located in the heart of Texas, just 90 miles south of Dallas and 100 miles north of the
State Capital, Austin. Waco has a city population of approximately 114,000 and a metropolitan area of
approximately 250,000 people. Waco is home for Baylor University, chartered in 1845 by the Republic of
Texas. Baylor is the oldest institution of higher learning in the State of Texas. Current student enrollment
exceeds 13,000. The 400 plus acre campus is located within a 10 – 15 minute drive from the subject
property.
Demographic Summary
3 - Mile Radius
5 - Mile Radius
Population
69,888
126,955
Housing Units
28,584
51,314
$ 42,472
$ 43,997
32.5
32.1
Household Income
Median Age
Traffic Counts
24 Hours
Franklin Avenue
24,000
New Road
18,875
Total
42,875
HENRY S. MILLER COMMERCIAL
Since 1914
Franklin Village Shopping Center
Waco, Texas
HENRY S. MILLER COMMERCIAL
Since 1914
Franklin Village Shopping Center
Waco, Texas
HENRY S. MILLER COMMERCIAL
Since 1914
Approved by the Texas Real Estate Commission for Voluntary Use
Texas law requires all real estate licensees to give the following information about brokerage services to prospective
buyers, tenants, sellers and landlords.
INFORMATION ABOUT BROKERAGE SERVICES
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker
represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should
know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent
represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the
buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist
you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker
is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:
The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written
listing agreement, or by agreeing to act as a subtenant by accepting an offer of sub agency from the listing broker. A
subagent may work in a different real estate office. A listing broker of subagent can assist the buyer but does not
represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent
anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any
material information known to the agent.
IF THE BROKER REPRESENT THE BUYER:
The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a
written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and
must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not
want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the
agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:
A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License
Act.
The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written
consent must state who will pay the broker and, in conspicuous bold or underlined print, set froth the broker’s
obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The
Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
1.
2.
3.
4.
shall treat all parties honestly;
may not disclose that the owner will accept a price less than the asking price unless authorized in writing to
do so by the owner;
may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless
authorized in writing to do so by the buyer; and
may not disclose any confidential information or any information that a party specifically instruct the broker
in writing not to disclose unless authorized in writing to disclose the information or required to do so by The
Texas Real Estate License Act or a court order or if the information materially relates to the condition of the
property.
With the parties= consent, a broker acting as an intermediary between the parties may appoint a person who is
licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out
instructions of one party and another person who is licensed under that Act and associated with the broker to
communicate with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly
establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker
will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a
fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the
duties and responsibilities of the broker, you should resolve those questions before proceeding.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s
records.
Buyer, Seller, Landlord or Tenant
Date
The information contained in this presentation, while based upon data supplied by the owner and from
other sources deemed reliable, is subject to error, omission and commissions and is not, in any way,
warranted by Henry S. Miller Commercial Company. Any contract to purchase should be subject to the
Purchaser’s verification of all data pertinent to this property.
The property, which is the subject of this presentation is subject to prior sale, change in price or
removal from the market at any time without notice. This presentation is for your use in determining
your interest and what investment opportunity might exist for you, but at all times remains the property
of Henry S. Miller Commercial Company.
Any income projections provided in this presentation are an expression of potential future performance.
Prospective purchasers should perform such investigation as they might require and a purchaser
decision should not rely on the projections that are provided by Henry S. Miller Commercial Company.
For legal or tax advice, consult a CPA or attorney.
Henry S. Miller Commercial hereby notifies all interested parties and prospective purchasers of this
offering, that Henry S. Miller Commercial represents the seller of this offering and the subsequent sale
of this property.