BANK OF AMERICA - NET LEASED ASSET 22 BULL STREET SAVANNAH, GA 31401 SVN GASC 6001 Chatham Center Drive, Suite 120, Savannah, GA 31405 OFFERING MEMORANDUM
PROPERTY INFORMATION 3 Executive Summary Property Details Complete Highlights Additional Photos LOCATION INFORMATION 8 Regional Map Location Maps Aerial Map FINANCIAL ANALYSIS 12 Income & Expenses Demographics Map ADVISOR BIOS 15 Advisor Bio & Contact Advisor Bio & Contact SVN GASC 6001 Chatham Center Drive, Suite 120, Savannah, GA 31405 OFFERING MEMORANDUM
FOR SALE RETAIL BANK OF AMERICA - NET LEASED ASSET 22 Bull Street Savannah, GA 31401 1 PROPERTY 1 PROPERTY INFORMATION INFORMATION 22 Bull Street Savannah, GA 31401 22 BULL STREET SAVANNAH, GA 31401 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. SVN GASC Page 3
Executive Summary OFFERING SUMMARY Sale Price: Subject to Offer NOI: $220,367 Lot Size: 0.18 Acres Year Built: 1907 Building Size (RSF): 21,626 Zoning: B-C-1 PROPERTY OVERVIEW The subject property represents a gross square footage amount of +/-24,699 square feet, which is situated on +/-7,920 square feet of land and 100% occupied by Bank of America with a lease expiration date of 6/30/2023 and tenant renewal options thereafter. Net Operating Income for 2018 is projected at $220,368, which is considered below market based on a rentable square footage amount of +/-21,626 at $10.19 per square foot annually. Bank of America has 10 locations throughout the Savannah market with the subject location representing 39% of total deposits. LOCATION OVERVIEW Located in Historic Downtown Savannah on Johnson Square, which is the first square in Oglethorpe s original plan. Johnson Square is known today as the hub of the financial district and most lending institutions with a presence in Savannah are located here. The property is surrounded by Bryan Street to the North, Bull Street to the West and Drayton Street to the East that includes a number of parking options for patrons. In addition, many tourists visit Johnson Square on their way to nearby attractions on Broughton Street, Bay Street and River Street, which are 2 blocks away. Market: Savannah Submarket: Downtown 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 4
Property Details SALE PRICE SUBJECT TO OFFER PROPERTY DETAILS LOCATION INFORMATION Street Address 22 Bull Street City, State, Zip Savannah, GA 31401 County/Township Chatham Market Savannah Submarket Downtown Cross Streets Bull Street & Bryan Street Property Type Retail Property Subtype Free Standing Building Zoning B-C-1 Lot Size 7,920 SF APN# 2-0004 -23-001 BUILDING INFORMATION Building Size (RSF) 21,626 SF Occupancy % 100% Tenancy Single Year Built 1907 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 5
Complete Highlights SALE HIGHLIGHTS Bank of America Lease NOI: $220,368 Johnson Square 39% of deposit share for BOA in Savannah market Under market rents 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 6
Additional Photos 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 7
FOR SALE RETAIL BANK OF AMERICA - NET LEASED ASSET 22 Bull Street Savannah, GA 31401 2 LOCATION 2 LOCATION INFORMATION INFORMATION 22 Bull Street Savannah, GA 31401 22 BULL STREET SAVANNAH, GA 31401 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. SVN GASC Page 8
Regional Map 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 9
Location Maps 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 10
Aerial Map 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 11
FOR SALE RETAIL BANK OF AMERICA - NET LEASED ASSET 22 Bull Street Savannah, GA 31401 3 FINANCIAL ANALYSIS 3 FINANCIAL ANALYSIS 22 Bull Street Savannah, GA 31401 22 BULL STREET SAVANNAH, GA 31401 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. SVN GASC Page 12
Income & Expenses INCOME SUMMARY PER SF Rental Income $193,219 $8.93 Management Fees $10,975 $0.51 CAM Reimbursement (including Tax & Insurance) $221,233 $10.23 Capital Expenditures Reimbursement $24,572 $1.14 Gross Income $450,001 $20.81 EXPENSE SUMMARY PER SF Utilities $61,312 $2.84 Taxes $73,930 $3.42 Insurance $5,211 $0.24 CAM (including Property Management) $89,179 $4.12 Gross Expenses $229,633 $10.62 Net Operating Income $220,367 $10.19 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 13
Demographics Map POPULATION 1 MILE 3 MILES 5 MILES Total population 8,239 63,221 111,427 Median age 28.7 33.2 34.1 Median age (Male) 29.2 31.3 32.0 Median age (Female) 28.8 35.4 36.1 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 3,463 25,225 43,287 # of persons per HH 2.4 2.5 2.6 Average HH income $51,771 $43,626 $45,026 Average house value $257,589 $259,251 $208,445 * Demographic data derived from 2010 US Census 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 14
FOR SALE RETAIL BANK OF AMERICA - NET LEASED ASSET 22 Bull Street Savannah, GA 31401 4 ADVISOR BIOS 4 ADVISOR BIOS 22 Bull Street Savannah, GA 31401 22 BULL STREET SAVANNAH, GA 31401 All SVN Offices Independently Owned and Operated The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. SVN GASC Page 15
Advisor Bio & Contact ADAM BRYANT, CCIM Partner PROFESSIONAL BACKGROUND Adam Bryant, CCIM is a Partner with SVN GASC, specializing in the sale and leasing of land, office, retail and investment properties in Savannah, Georgia and surrounding areas including Effingham County. Bryant earned a Master of Business Administration as well as a Bachelor of Business Administration from Georgia Southern University. In addition, he has completed the Certified Commercial Investment Member (CCIM) designation by the CCIM Institute, one of the leading commercial real estate associations in the world. The CCIM designation is awarded to commercial real estate professionals upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying industry experience. Since joining SVN GASC in 2006, Bryant has completed more than $100 million in transaction volume and is a past recipient of the SVN Partner's Circle Award in recognition of outstanding sales while being ranked in the Top 10 producers in the nation of completed transactions at SVN. Bryant also serves as President for the Savannah / Hilton Head Realtors Commercial Alliance (RCA) Board. 6001 Chatham Center Drive, Suite 120 Savannah, GA 31405 T 912.667.2740 adam.bryant@svn.com GA #279255 EDUCATION -Master of Business Administration (MBA) - Georgia Southern University -Bachelor of Business Administration (BBA) - Georgia Southern University MEMBERSHIPS & AFFILIATIONS Certified Commercial Investment Member (CCIM) 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 16
Advisor Bio & Contact TOM DEMINT, CCIM Partner PROFESSIONAL BACKGROUND Tom DeMint serves as a Senior Advisor for SVN GASC, specializing in retail, office, multifamily, and hospitality assets. DeMint utilizes over 30 years of Real Estate Development, Operating and Brokerage experience to assist clients and customers throughout the Southeast. Prior to joining SVN, DeMint served as President of The Thomas E. DeMint Company, which provided real estate site selection, brokerage and investment services. Clients and customers include: Easlan Capital, Batson Cook Development Company, Carolina Holdings, Inc, Marriott Corporation, Intercontinental Hotels, Manor Care Hotels, Choice Hotels, Earth Fare Foods, Food Lion, Metromedia Restaurant Group (Steak & Ale, Bennigans), Applebee's, and Adams & Wilson (CVS). The company also co-developed and operated a Fairfield Inn, Holiday Inn Express, and a vacation rental business in Myrtle Beach, SC in a partnership with Easlan Capital and The Burroughs & Chapin Company. DeMint received a BA from The University of Tennessee and an MBA from Clemson University. He holds the CCIM designation and is a licensed real estate broker in South Carolina, North Carolina, and Georgia. 1538 Fording Island Road, Suite 107 Hilton Head Island, SC 29926 T 843.816.7191 C 843.816.7191 tdemint@svn.com SC #8142 EDUCATION BA - University of Tennessee MBA - Clemson University MEMBERSHIPS & AFFILIATIONS Board of Directors - SC CCIM Chapter Board of Directors - Savannah Hilton Head Realtors Commercial Alliance. 22 BULL STREET, SAVANNAH, GA 31401 SVN GASC Page 17