Existing Successful Antique Mall (Needful Things) Business ...

8000 Corporate Center Drive, Suite 110, Charlotte, North Carolina 28226-4205 Phone: 704.544.4884 / Fax: 704.544.6520 / Website: www.torquayrealtyusa.com

Existing Successful Antique Mall (Needful Things) Business and Real Estate

Possible Future Commercial Redevelopment Site or Conversion Property

2.07 +/‐ Acres, with Two‐Story 48,075 SF Former Textile Manufacturing Facility

Located at 10 Francis Road, Hendersonville, North Carolina

Location: North side of Francis Road at Highway 64E, near I‐26 (Exit 49A), in Hendersonville, NC.

Tax Parcel: REID #9974799 or PIN #9579584304 Henderson County.

Land Size: 2.07 (+/‐) acres being 1.83 acres plus 0.24 acres in private road owned in fee title.

Zoning: C‐3 Commercial Highway Business. Permitted uses – hotels, motels, restaurants

including drive thru, retail stores, gas marts, and self‐storage.

Signaled Intersection: Signaled intersection at Highway 64 and Francis Road in front of the property.

Improvements: Two‐story former textile manufacturing property built in 1983 with 48,075 square feet,

currently operated as a retail antique mall known as Needful Things.

Comments: There is a 50‐foot wide easement leading to the property from Francis Road. There is a

30‐foot wide easement in front of subject serving self‐storage facility situated behind

the improvements.

The traffic count along US Highway 64 in front of the subject property was about 37,000

cars per day on average in 2016. The site is at the main I‐26 Exit for Hendersonville, NC.

Tourism is very strong in Henderson County with $294M spent in 2017. The county

ranks 14th in travel impact among all 100 NC counties. The travel and tourism industry

directly employs more than 2,440 in Henderson County. Total payroll generated by

tourism is $56M in the county. The primary tourism months are June – October.

Contact: Fred H. Beck, CCIM or Mark A. Morgan

704‐544‐4884


The largest antique mall in Hendersonville NC going on 22 years in business!

The property is situated in the beautiful mountains of Western North Carolina.

Hendersonville is the city of Four Seasons with a robust tourist economy and a

great retirement destination.


INTERIOR SUBJECT PHOTOS


Needful Things Antique Mall Pro‐Forma At Stabilized Occupancy


Monthly Annual

Aug 2020 Rent Roll Income 20,340$ 244,080$

Aug 2020 Rent Roll Commissions 8,000$ 96,000$

Seller Leaseback Space after the sale 4,750$ 57,000$

Likely Seller Generated Commissions not included above 1,000$ 12,000$

Total Revenue 34,090$ 409,080$

Total Expense Estimate 163,558$

Net Income 245,522$

Seller's temporary leased back space is prime space. Could achieve higher rents than shown.

Current Revenue And Expenses As Of August 2020

Seller's leaseback of space will be at current asking rates

Seller has not marketed the vacant space for lease in the past. Only used word of mouth.


Seller will agree to operate the antique mall business on behalf of the new owner, with current

staff in place for an unspecified period of time for an agreed upon monthly fee, if desired.


NEIGHBORHOOD MAP


AERIAL MAP OF AREA AROUND THE PROPERTY


CLOSE‐UP MAP OF THE PROPERTY


RESTAURANT MAP AT THE SUBJECT I‐26/HWY INTERCHANGE


COMPARABLE SALES MAP


METROPOLITAN PROFILE HENDERSONVILLE & HENDERSON COUNTY, NORTH CAROLINA

INTRODUCTION

The value of real property is directly related to historic, economic, demographic, and political forces within its metropolitan area. Those forces are analyzed by the appraiser and used in determining appreciation (or depreciation), highest and best use, reconciliation to the three approaches, and the final value estimate. The following narrative is provided to illustrate the metropolitan components of the market, which influence property values.

LOCATION

The subject is located in the town of Hendersonville in Henderson County, in the western portion of North Carolina. This area is situated in the lower Appalachian Mountains of Western North Carolina between the Blue Ridge and Smokey Mountain ranges. It is bordered on the east by Rutherford and Polk Counties, on the west by Haywood and Transylvania Counties, on the north by Buncombe County and on the south by the South Carolina state line. The Asheville-MSA is comprised of Buncombe, Henderson, Madison, and Haywood Counties.

HENDERSONVILLE • DISTANCE TO SELECT CITIESAsheville, NC North 16 milesGreenville, SC South 32 milesHickory, NC Northeast 83 milesKnoxville, TN Northwest 119 milesSOURCE: Synergos Technologies, Inc. | www.ersys.com


POPULATION

Historical and projected population statistics for the area obtained from The Nielsen Company are summarized in the following table. Current estimates and future projections are based on Census 2010 data applied to an urban growth simulation model.

The table shows the trend in area population from 2000 to 2019 and projections between 2018 and 2024. Between 2000 and 2010, the population increased in each area at annual rates ranging from 0.9% to 1.8%. Between 2010 and 2019, the population continued to increase in each data set. The population trends posted over the past four years are projected to continue through 2024, with annual growth rates of 1.1% in Hendersonville, 1.1% in Henderson County and 1.1% in the MSA.

HOUSEHOLDS

Historical and projected household statistics for the area obtained from The Nielsen Company are summarized in the following table. Again, current estimates and future projections are based on Census 2010 data, which are applied to an urban growth simulation model.

The previous discussion of area population trends is also applicable to household trends. Between 2000 and 2010, the number of households increased within each area at annual rates ranging from 1.6% to 2.0%. Household growth continued between 2010 and 2019. Nielsen projects households to continue increasing over the next five years at growth rates similar to the previous four years.

AREA POPULATION STATISTICSCensus Census Annual Estimate Annual Projection Annual

Area 2000 2010 Change 2019 Change 2024 ChangeHendersonville 12,012 13,137 0.9% 16,033 2.2% 16,933 1.1%Henderson County 89,190 106,740 1.8% 118,055 1.1% 124,916 1.1%Asheville MSA 369,176 424,858 1.4% 465,894 1.0% 491,661 1.1%Source: Claritas, LLC

AREA HOUSEHOLD STATISTICSCensus Census Annual Estimate Annual Projection Annual

Area 2000 2010 Change 2019 Change 2024 ChangeHendersonville 5,186 6,054 1.6% 7,526 2.4% 8,008 1.2%Henderson County 37,319 45,448 2.0% 50,511 1.2% 53,551 1.2%Asheville MSA 154,291 179,917 1.5% 198,780 1.1% 210,398 1.1%Source: Claritas, LLC


2019 EMPLOYMENT STATISTICS

The following current estimated employment statistics were obtained from The Nielsen Company.

EST. 2019 EMPLOYMENT STATISTICSHendersonville Henderson County Asheville MSA

Description Total % Tot Total % Tot Total % TotOVERALL CLASSIFICATION

For-Profit Private Workers 4,304 66.5% 34,487 67.1% 139,426 65.1%Non-Profit Private Workers 585 9.0% 4,212 8.2% 18,553 8.7%Local Government Workers 469 7.2% 3,223 6.3% 11,360 5.3%State Government Workers 279 4.3% 2,449 4.8% 11,045 5.2%Federal Government Workers 47 0.7% 456 0.9% 3,620 1.7%Self-Employed Workers 791 12.2% 6,516 12.7% 29,830 13.9%Unpaid Family Workers 0 0.0% 42 0.1% 302 0.1%Total Employment 6,475 100% 51,385 100% 214,136 100%

INDUSTRY CLASSIFICATIONArchitect/Engineer 56 0.9% 804 1.6% 2,814 1.3%Arts/Entertainment/Sports 135 2.1% 1,182 2.3% 5,998 2.8%Building & Grounds Maintenance 288 4.4% 1,637 3.2% 8,332 3.9%Business/Financial Operations 184 2.8% 1,963 3.8% 8,858 4.1%Community/Social services 172 2.7% 1,062 2.1% 4,776 2.2%Computer/Mathematical 99 1.5% 846 1.6% 3,719 1.7%Construction/Extraction 298 4.6% 2,863 5.6% 11,568 5.4%Education/Training/Library 462 7.1% 3,056 5.9% 11,829 5.5%Farming/Fishing/Forestry 146 2.3% 928 1.8% 1,805 0.8%Food Preparation/Serving 435 6.7% 3,235 6.3% 16,523 7.7%Health Practitioner/Technician 361 5.6% 2,930 5.7% 16,074 7.5%Healthcare Support 198 3.1% 1,477 2.9% 6,582 3.1%Maintenance Repair 239 3.7% 2,023 3.9% 7,774 3.6%Legal 81 1.3% 262 0.5% 1,738 0.8%Life/Physical/Social Science 40 0.6% 206 0.4% 2,009 0.9%Management 507 7.8% 5,149 10.0% 18,829 8.8%Office/Administrative Support 715 11.0% 6,007 11.7% 24,927 11.6%Production 560 8.6% 4,348 8.5% 14,395 6.7%Protective Services 82 1.3% 891 1.7% 3,382 1.6%Sales/Related 812 12.5% 5,981 11.6% 24,930 11.6%Personal Care/Services 199 3.1% 1,206 2.3% 5,646 2.6%Transportation/Moving 407 6.3% 3,329 6.5% 11,628 5.4%Total Employment 6,475 100% 51,385 100% 214,136 100%

Source: Claritas, LLC


LABOR FORCE

The following statistics were obtained from the US Bureau of Labor Statistics and represent the most current data available as of the report date.

Over the previous ten years, the highest unemployment rate in Henderson County was 9.1% posted in 2010, at the beginning of the recent national economic decline. This rate remained lower than those posted by many other metropolitan areas in the nation. Since that high more than three years ago, the unemployment rate has steadily decreased to a low of 3.0 in April 2019 and is currently lower than both state and national levels. No significant increase in unemployment is expected within the foreseeable future.

2019 INCOME STATISTICS

Current area income statistics are summarized in the following table.

AREA LABOR FORCE STATISTICSAnnual Average Year: 2010 2011 2012 2013 2014 2015 2016 2017 2018 Apr'19Henderson County

Total Civ Labor Force 48,301 48,402 48,589 49,054 49,410 50,682 52,301 53,527 54,476 56,279Total Employment 43,901 44,291 44,949 46,007 46,914 48,275 50,070 51,507 52,712 54,574Total Unemployment 4,400 4,111 3,640 3,047 2,496 2,407 2,231 2,020 1,764 1,705Unemployment Rate 9.1% 8.5% 7.5% 6.2% 5.1% 4.7% 4.3% 3.8% 3.2% 3.0%Asheville MSA

Total Civ Labor Force 208,969 210,007 212,029 213,778 213,746 218,280 224,867 229,130 233,402 240,922Total Employment 190,173 192,255 195,797 200,170 203,067 208,189 215,675 220,865 226,144 234,079Total Unemployment 18,796 17,752 16,232 13,608 10,679 10,091 9,192 8,265 7,258 6,843Unemployment Rate 9.0% 8.5% 7.7% 6.4% 5.0% 4.6% 4.1% 3.6% 3.1% 2.8%STATE & NATIONAL RATES

North Carolina 10.9% 10.3% 9.3% 8.0% 6.3% 5.7% 5.1% 4.5% 3.9% 4.0%United States 9.9% 9.3% 8.5% 7.9% 6.7% 5.0% 4.7% 4.1% 3.9% 3.9%Source: US Bureau of Labor Statistics

2019 HOUSEHOLD INCOME STATISTICSArea Average MedianHendersonville $61,946 $46,515Henderson County $76,546 $57,641Asheville MSA $74,395 $54,110Source: Claritas, LLC


MAJOR EMPLOYERS

The largest employers in Henderson County are presented in the following table.

TRANSPORTATION

The major transportation route through Hendersonville is Interstate Highway 26 which connects Charleston, South Carolina with Asheville and the Tri-Cities area of Virginia/Tennessee. Major US routes influencing the development of Hendersonville and Henderson County include US 64, US 176, and US 25. US 64 is designated Chimney Rock Road in the eastern part of the county and Brevard Road west of downtown Hendersonville. It intersects with I-26 at Exit 49, ½ mile north of the subject. US 64 is an east-west route across the state from the Outer Banks to Chattanooga, Tennessee and is a principal component of Hendersonville’s downtown street network. US 176 is generally parallel to, and southwest of, I-26 from Spartanburg, South Carolina to Hendersonville. US 25 was the primary north-south transportation artery prior to completion of I-26 through the region in the 1960’s. It is west of I-26 between Greenville and east of I-26 between Hendersonville and Asheville. The only state route of significance is NC Highway 191 which links Hendersonville with Asheville where it is known as Brevard Road.

LARGEST EMPLOYERS • HENDERSON COUNTYCompany Product/Service EmployeesHenderson Co Board Of Public Ed Education & Health Services 1,000+Margaret R Pardee Memorial Hosp Education & Health Services 1,000+Park Ridge Health Education & Health Services 1,000+Ingles Markets Inc Trade, Transp., & Utilities 500-999County Of Henderson Public Administration 500-999Charter Hr Inc Professional & Business Services 500-999Wilsonart International Inc Manufacturing 500-999Wal-Mart Associates Inc Trade, Transp., & Utilities 500-999Meritor Heavy Vehicle Systems Llc Manufacturing 500-999Continental Automotive Systems Inc Manufacturing 500-999Ge Lighting Solutions Llc Manufacturing 250-499Blue Ridge Community College Education & Health Services 250-499Mountain Bean Growers Inc Natural Resources & Mining 250-499U P M-Raflatac Inc Manufacturing 250-499Carolina Village Inc Education & Health Services 250-499Fayetteville Ind Maint Corp Professional & Business Services 250-499City Of Hendersonville Public Administration 100-249Four Seasons Hospice Education & Health Services 100-249Van Wingerden International Inc Trade, Transp., & Utilities 100-249Lfc Agricultural Services Inc Natural Resources & Mining 100-249Borgwarner Thermal Systems Inc Manufacturing 100-249Sandy Ridge Berry Farms Llc Natural Resources & Mining 100-249Kimberly Clark Corp Manufacturing 100-249Flavor 1st Growers & Packers, Inc Natural Resources & Mining 100-249Mcdonalds Restaurants Leisure & Hospitality 100-249Source: NC Employment Securities Commission


INSTITUTIONS

Given the sizable retired population in Henderson County, healthcare remains an important economic influence in the county. Currently there are over twenty retirement centers and nursing homes in Henderson County. Hospitals include the Margaret R. Pardee Memorial Hospital, a modern 262-bed facility which includes a 40-bed extended care unit, and Park Ridge Hospital, a 103-bed full service general and acute care facility. The area offers 24-hour ambulance service and on-call emergency medical service. The Henderson/Hendersonville school system consists of twenty schools with an enrollment of 13,000 students. There are four high schools, four middle schools and twelve elementary schools. There is a two-year community college located in downtown Hendersonville. Within a 50-mile radius there are fourteen institutions of higher education.

UTILITIES

Utility companies serving the area include the Public Service Gas Company of North Carolina, BellSouth Telephone and electrical service provider, Duke Energy. The city of Hendersonville is served by municipal water and sewer. Police and fire protection is provided by the city and county which have their own departments.

SUMMARY

The Hendersonville and Asheville areas have a thriving tourist population and are one of the most sought after retirement locations in North Carolina. The moderate summer climate, along with the spring and fall botanical displays, enhance the livability of the area. Generally the area is not overpopulated and most housing has the allure of mountainous terrain and moderate housing prices compared to larger metropolitan areas. In summary, Hendersonville and Henderson County has been hit by the recent economic downturn with unemployment rates that have not been seen since the 1990’s. However, there are signs of change as this county has experienced steady growth through the years. This growth has been aided by progressive attitudes by leaders of the community (both in the public and private sectors), by the continued diversification of the economic base, and by the availability of land suitable for development. The transportation routes serving the community have also aided this growth, to some extent. The area possesses adequate government services, cultural activities, educational and recreational facilities, and financial resources necessary for future growth.


AREA DEMOGRAPHICS

SELECTED NEIGHBORHOOD DEMOGRAPHICSRadius 1 mile 3 miles 5 milesPopulation

2024 Projection 5,256 27,369 65,1672019 Estimate 4,876 25,894 61,6372010 Census 4,141 23,376 55,796Annual Change | 2010-2019 2.36% 1.47% 1.43%Annual Change | 2019-2024 1.51% 1.11% 1.12%

Households2024 Projection 2,553 12,216 28,5952019 Estimate 2,354 11,494 26,9302010 Census 1,968 10,225 24,106Annual Change | 2010-2019 2.59% 1.69% 1.60%Annual Change | 2019-2024 1.64% 1.23% 1.21%

Additional Demographics2019 Est. Average Household Income $54,515 $59,448 $67,6362019 Est. Median Household Income $43,674 $46,267 $51,1202019 Est. Median Home Value $170,171 $178,214 $204,9102019 Est. College Graduates 15.3% 16.5% 18.6%

Source: Claritas, LLC


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