Waterloo Station Shopping Center FOR SALE · Mike Atkins Commercial Real Estate Michael Atkins...

Mike Atkins Commercial Real Estate

Michael Atkins 540-349-8888 Office 540-661-2288 Mobile

[email protected] www.MikeAtkinsCRE.com

Mike Atkins Commercial Real Estate RE/MAX Regency

Michael Atkins MBA ACP

540-349-8888 Office 540-661-2288 Cellular

Email: [email protected]

403 Holiday Ct. Warrenton, VA 20186

Information contained herein is believed to be accurate but should not be relied upon without verification.

Waterloo Station Shopping Center

FOR SALE Retail Center

Asking $9,600,000

346 Waterloo Street

Warrenton, VA 20186 Shown by appointment only!

http://mikeatkinscre.com/videos-and-tours/

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Multi-Unit Retail Center

• CAP 4.29

• $12 SF

• 346 Waterloo Street Warrenton, VA 20186

• Assessor’s Parcel Number - 6984-04-5860-000

• Zoning - Commercial / General

• Number of Stories - 1

• 1984 Year Built

• Fee Simple Ownership

• Concrete Foundation

• Concrete/Brick Exterior

• Asphalt Parking Surface

• Hard Corner

• Signalized Intersection

• 47,030 SF Rentable Building Area

• 4.83 Acres

• Parking

• 100% Occupancy

• Upside Potential

• All information contained herein is subject to attached confidentiality agreement

As of May 5, 2017




Property Details

Structure Size 47,030 SF Rentable Building Area

Land Area 4.83 Acres

Zoning Commercial / General

Year Built 1984

Construction Concrete and Brick

Parking 50-100

APN 6984-04-5860-000

Use Shopping Center

Excellent opportunity to own this 16-unit retail center on a high traffic intersection. Currently at

100% Occupancy with some recent rent increase. Smaller units are typically easier to rent and

more units gives an owner a greater diversity of tenants.

Site is at the gateway to Old Town Warrenton and located in the center of Piedmont Region of

Virginia less than one hour west of Washington, DC.

Location, Location, Location

Waterloo Station Shopping Center is the Gateway to Town of Warrenton, Snowbird Route from

the North to the South and last stop before heading to the beautiful Shenandoah Mountains. It is

at the junction of U.S. Route 15, U.S. Route 17, U.S. Route 29, and U.S. Route 211. The town is

in the Piedmont region of Virginia, east of the Blue Ridge Mountains. Surrounded by Virginia

wine and horse county, Warrenton is a popular destination outside of Washington, D.C.




Great Exposure

Waterloo Station Shopping Center has deep roots in the Warrenton area. It was built by Jim

Rankin, a long time veteran and business man of the area. To this date, Rankin Furniture is a

main tenant.

Carousel




Café Torino

Andrea Ferrero's True Taste of Italy - Where the Locals Eat: Café Torino

Serving the community authentic northern Italian dishes for nine years, Andrea and Amber Ferrero

at Café Torino set up a family style restaurant that actively engages each customer in Torino

energy. Rarely can you find a restaurant that encourages an open atmosphere and sharing

conversations among separate tables. “We introduce people to other people,” laughed

Amber. This encouragement helps make relationships among customers, creating a Torino

Family. The Ferrero’s Originally from Torino, Italy, Andrea studied at culinary school to be a chef;

with a change of mind after graduating, he pursued training as a pastry chef. Coming to the U.S.

in 1991, Andrea began working in Warrenton as the pastry chef for Fantastico’s Restaurant, where

he met his wife, Amber. The two brought Café Torino to our community in June of 2001. Located

in the front corner of the Waterloo Shopping Center near Carousel Ice Cream, they provide an

eclectic menu featuring hot dishes, sandwiches, pasta, salads and specials to satisfy any taste.




Andrea and Amber Ferrero

“We enjoying being innovative in the kitchen,” Amber explained, often collaborating with her

husband.

Café Torino is open for breakfast, serving (in our opinion) the best scrambled eggs in town. With

only one breakfast dish, scrambled eggs, bacon, and fresh bread this simple dish will surely not

disappoint. Fresh croissants, aromatic coffee and espresso are also available.

A hot spot for lunch, grab a seat and dine in or choose to carry out. Lunch provides a variety of

filling items, their most popular are Penne with Chicken and Asparagus and the Bolognese Sauce,

made from fillet trimmings. They serve sandwiches, salads and hot dishes including fish. Sweets

like raspberry or chocolate mousse, traditional cannoli’s, tiramisu, fruit tarts, and cookies are

tantalizingly set on display and are the perfect complement to any lunch.

“We serve dinner in a casual atmosphere, but we like to dress up the plates,” Andrea said.

White tablecloths, table service, candle light and flavorful dinner entrees transform this café into

a dinner destination. Open for dinner on Thursday, Friday and Saturday evenings, offering quite

a different menu that features fresh salmon, tilapia, steak and recently added flounder. Updating

the menu with seven newly created entrees, all items are served fresh from that morning, including

basil, sage and rosemary grown from their garden.

“Cooking is like reading music; if you know the notes you can make your own symphony,”

Andrea explained.

Warrenton has thoroughly enjoyed the “symphony” from Andrea and Amber Ferrero for almost a

decade. Reservations for dinner are suggested but certainly not required. They also cater private

parties Italian style and create classic wedding cakes.




Rankin’s Furniture

China Jade, Treasure Box, Joe & Vinnie’s Pizza




Warrenton Youth Soccer

Fox Den Antique Mall




MARKET OVERVIEW

The Town of Warrenton

Warrenton is a town in Fauquier County, Virginia, United States. The population was 9,611 at the

2010 census, up from 6,670 at the 2000 census. The estimated population in 2015 was 9,897.

Warrenton is the county seat of Fauquier County. It is at the junction of U.S. Route 15, U.S. Route

17, U.S. Route 29, and U.S. Route 211. The town is in the Piedmont region of Virginia, east of the

Blue Ridge Mountains. Surrounded by Virginia wine and horse county, Warrenton is a popular

destination outside of Washington, D.C.

The Partnership for Warrenton Foundation is a community non-profit organization committed to

building Main Street district of thriving business, history, and social activities. Developing and

promoting events that foster economic success and enriching the well-being and vitality of our

community. The Partnership for Warrenton envisions a vibrant, beautified Old Town Warrenton

with a focus on a dynamic, organized district of retail and restaurants that preserves and builds

upon our historic character. Such vitality fosters opportunities for growth: economically, socially,

and culturally. This vision supports and attracts businesses and visitors, and just as importantly,

directly enhances the quality of life for the residents of our community.




FINANCIALS

INCOME* 567,079

EXPENSES** 154,725

NET OPERATING EXPENSES 411,494

* 2016 Rent Roll

TENANT LEASE EX RENT CAM Water – Y/N GAS – Y/N

Artistic Prof March $2,057.21 $296.06 Meter Split/Rankin

Treasure Box Jan $3,677.44 included $25 No

Café Torino Jan $3,261.82 included Meter No

China Jade Oct $5,244.45 $796.60 Meter No

Fox Den Mall Oct $6,295.35 $389.48 $35 No

Fox Den II Oct $2,868.04 $200.30 No No

Aspirations July $1,216.64 $99.85 No No

Grapevine July $1,999.50 $214.77 $25 No

Jos & Vinnie’s Pizza Sept $1,678.73 $362.61 $25 No

Rankings Furniture April $5,500.00 included No No

Rankins Furniture II April $2,000.00 included No Split/Art

Waterloo Café March $2,219.34 $270.88 Meter No

Angle Tips Oct $1,946.88 included Meter No

Carousel Oct $2,024.51 $386.97 Pay own No

NDE June $1,459.97 $254.60 Pay own No

WYSC March $3,000.00 included Pay own No

Monthly Total $46,049.88 $3,245.12

Annual Total $552,598.56 $6,045.72

**Real Estate Taxes: Calculated based on Fauquier County and Town of Warrenton tax rate and

property assessment. Insurance: Given from 2016 Tax Return. Calculations does not include

Depreciation, Interest and Management Fee

Cleaning and Maintenance 18,171

Insurance 9,796

Repairs 31,092

Taxes 64,651

Utilities 23,349

Other 7,666




PRICING

The asking price is $9,600,000. Pricing is based on the current net operating income of $411,494.

The pricing takes into consideration not only the current income being produced, but also the

location, expansion, client upgrade and full occupancy.

Source - 2016 Partnership Tax Return

Gross rents 567,079

Less total expenses -503,505

Management fee included -

Add back: Interest 253,354

Depreciation 94,566

Net Operating Income 411,494

Price 9,600,000

Waterloo Station Shopping Center FOR SALE · Mike Atkins Commercial Real Estate Michael Atkins...

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