Investment Opportunity Village at Coventry

Shopping Center for Sale
Catylist Listing ID: 30163937
Property Subtypes: Strip Center
Building Size (RSF): 71,386 SF
Gross Land Area: 9.24 Acres
Sale Price: $5,150,000
Unit Price: $72.14 PSF
Property Use Type: Investment
Building Name: Village at Coventry
Sale Terms: Cash to Seller
Cap Rate: 7.73%
Last Updated: 11/15/2017

Overview / Comments

BND Commercial is pleased to present The Village at Coventry mixed-use real estate investment for sale. This unique property is well located on the southwest side of Fort Wayne, in the northwest corner of the intersection of Interstate 69 & US Highway 24, adjacent to a new 126,000 square foot Kroger Marketplace and across I-69 from the Lutheran Hospital Campus. The area boasts significant single and multi-family residential development and serves as the main housing market for The General Motors - Fort Wayne Truck Assembly Plant which is located one interchange to the south along I-69 and is undergoing a significant expansion.
The Village at Coventry is a well-maintained multi-tenant facility, located on approximately 11 acres and includes a free standing 1,750 square foot corporate Starbuck’s with a drive-thru and the potential for an additional outlot. The 74,331-square foot, two-story former shopping mall is constructed into the side of a hill allowing parking and direct access to both levels and the 55,050 square feet of rentable space is currently over 97% occupied. The tenants are a combination of local and regional retail and office users, with the largest tenant being a national education provider, Bradford Schools, Inc.
In 1969, Bradford acquired the International Business College which began in 1889 in Fort Wayne, and still operates the Fort Wayne and Indianapolis schools under the name. Bradford offers career academic programs to specifically meet the changing trends and requirements of the modern business world, having recently added the Vet-Tech Institute at the Village location, one of only two similar training facilities in the State. Bradford operates 12 schools in 7 states, including 7 Vet-Tech Institutes, and has a long history of success.
The asking price for The Village at Coventry Investment is $5,150,000 or $67.69 per square foot. This is based on a projected Net Operating Income of $398,089 and an Overall Capitalization Rate of 7.73%. This purchase includes additional leased pylon signs along I-69 and at the entrance to the center. The Village at Coventry offers a strong market location and the upside potential of developing an additional outlot as well as conversion of the significant common areas of the facility into rentable space. Contact BND Commercial for further information on the investment, or for other investment opportunities.

Attachments & Media

Financials

Finance Data Year 2015
Real Estate Taxes - Annual($) $114,682 (Annual)
Tax Value Land $1,409,000
Tax Value Improvements $2,267,800
Assessed Value - Total($) $3,676,800 (Annual)
Finance Data Year 2013
Real Estate Taxes - Annual($) $114,444 (Annual)
Tax Value Land $1,409,000
Tax Value Improvements $2,242,300
Assessed Value - Total($) $3,651,300 (Annual)
Finance Data Year 2011
Real Estate Taxes - Annual($) $109,532 (Annual)
Tax Value Land $1,207,700
Tax Value Improvements $2,285,600
Assessed Value - Total($) $3,493,300 (Annual)
Finance Data Year 2010
Real Estate Taxes - Annual($) $107,877 (Annual)
Tax Value Land $1,207,700
Tax Value Improvements $2,274,800
Assessed Value - Total($) $3,482,500 (Annual)
Finance Data Year 2009
Real Estate Taxes - Annual($) $112,353 (Annual)
Tax Value Land $1,207,700
Tax Value Improvements $2,470,600
Assessed Value - Total($) $3,678,300 (Annual)

Additional Details

Nearest MSA: Fort Wayne
County: Allen
Tax ID/APN: 02-11-23-328-001.002-075
Zoning: SC - SHOPPING CENTER
Retail Clientele: General, Family, Business, Recreation, Other
Property Located Between: I-69 and Liberty Mills
Property Visibility: Excellent
Largest Nearby Street: Highway 24
Traffic/Vehicle Count: 26,100
Highway Access: Hwy 24 adjacent property
Total Number of Buildings: 2
Number of Stories: 2
Property Condition: Excellent
Year Built: 1987
Year Renovated: 2011
Roof Type: Gable
Construction/Siding: Brick, Steel Frame
Parking Ratio: 9.3 (per 1000 SF)
Parking Type: Structure
Total Parking Spaces: 706
Heat Type: Other
Heat Source: Other
Air Conditioning: Package Unit
Water Service: Municipal
Sewer Type: Municipal
Legal Description: 9.242 A IRR TR E OF COVENTRY LN S 1/2 SEC 23

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,195 31,657 64,063
Median Age: 42.98 40.58 38.42
Households: 3,078 12,958 25,636
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