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23 McGinnis Dr - Pioneer Plaza

18,200 SF Retail Building Offered at $1,015,000 at a 9.17% Cap Rate in Wayne, WV

Highlights

  • Strong-performing SuperWalmart and good strip tenant mix consistently bring traffic to the property
  • Additional developable land provides excellent upside opportunity
  • Cap rate of 9.17%, along with proposed financing, will generate strong (just under 14%) cash returns

Investment Summary

Income-producing component of the sale (the shadow strip) is priced at $1,015,000; the additional developable land is priced at $150,000.

The Offering

  • Listing ID: 16819460
  • Date Created: 8/5/2019
  • Last Updated:

ABOUT 23 McGinnis Dr , Wayne, WV 25570

The center consists of two buildings totaling 18,200 sf. This center and the strong-performing Super WalMart have been the retail focal point of the Wayne community since they were constructed in 1999. The strip has enjoyed a good occupancy history, which has evolved since it was originally built, but has performed very well for the current/original owners. The additional land is ideal for the construction of a QSR, auto supply, or other retail use. It may also be well suited for an unrgent care or other medical office use. Cato is the sole remaining original tenant, but Brown Veterinary Clinic and Rocky Tops Pizza (one of four in the region) are long-time tenants. Sprint will benefit from the recent merger with T-Mobile. China King is four-star Yelp-rated restaurant that fills out the tenant roster.

Marketing Brochure

Download Brochure

More Attachments

Pioneer Plaza final OM 8.2

Financial Summary (Pro forma - 2019)

Annual Annual Per SF
Gross Rental Income $123,553 6.79
Other Income $24,304 1.34
Vacancy Loss $6,178 0.34
Effective Gross Income $141,679 7.78
Taxes $21,290 1.17
Operating Expenses $27,326 1.50
Total Expenses $48,616 2.67
Net Operating Income $93,063 5.11

TRADE AREAS

Talent Base and Commute Times

1 mile 1 mi 3 mile 3 mi 5 mile 5 mi
1 Mile
3 Mile
5 Mile
Total Population
162
5,177
6,491
2010 Population
161
5,450
6,899
2024 Population
160
5,040
6,306
Employees
595
2,161
2,677
Total Businesses
38
193
241
Average Household Income
$47,608
$42,090
$44,115
Median Household Income
$41,428
$31,836
$32,697
Total Consumer Spending
$1.31M
$42.32M
$53.66M
Median Age
45.5
43.9
44.2
Households
61
2,108
2,619
Percent College Degree or Above
11%
6%
7%
Average Housing Unit Value
$133,333
$121,556
$123,977

Major Tenant Information

Tenant SF Occupied Lease End Date
Brown Veterinary Clinic 6,300 September 2020
Cato 3,150 July 2022
China King 3,500 October 2026
Rocky Tops Pizza 2,100 January 2021
Sprint 3,150 May 2021

Traffic

Collection Street Cross Street Traffic Vol Year Distance
Shoals Branch Rd 5th St Rd, SW 719 2018 0.06 mi
State Rte 152 Craig Rd, NW 9,306 2015 0.62 mi
Craig Rd State Rte 152, NE 853 2018 0.68 mi
Wilson Creek Rd State Rte 152, W 2,299 2018 0.83 mi
Co Hwy 17 Wilson Creek Rd, SW 1,153 2018 0.93 mi

Airport

Drive Distance
Tri-State-Milton J. Ferguson Field Airport 32 min 17.7 mi
Walk Score ®
24
Car-Dependent
What is a Walk Score®, Transit Score® & BikeScore®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

John Beeland's Other Listings

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