Offering Memorandum
1941 Lovers Gap Road
Vansant, VA 24656
(and adjacent addresses)
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Contact info:
Ryan O'Quinn, President O'Quinn Holdings, LLC 5240 Ambridge Dr. Calabasas, CA 91301 (e) [email protected] (t) 424-235-1797 x 101 |
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Executive Summary
Offering Overview
Offered for sale : Five contiguous property tracts in southwest Virginia with multiple commercial and residential properties and active GSA contracts including the United States Post Office and the Department of Veterans Affairs.
History:
-The O'Quinn Companies was founded in 1962 by Tivis & Delores O'Quinn of Vansant, VA who owned residential real estate, a convenience store, gift shop, fine jewelry store, and accounting firm.
-The company evolved from the parent company to Tivis O'Quinn Enterprises, Inc. and into a multi-faceted corporation with holdings in brick and mortar retail stores and commercial and residential real estate across the USA.
-The property listed has multiple addresses along with both residential and commercial edifices with a primary building located at 1941 Lovers Gap Road in Vansant, VA. The property is 4 miles south of Grundy, VA, the county seat of Buchanan County.
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Tract One
1939 - 1945 Lovers Gap Road Vansant, VA 24656 Two-story commercial brick building 8,000 square feet Year built: 1985 Property Type/Zoning: Commercial Map #: 2HH185046 District: 07 2014 Taxes Paid: $1316.66 Multiple Improvements and additions since 2013 including
Building Highlights
Investment Highlights
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Tract One Office breakdown
1941 Lovers Gap Road Large reception area with sliding glass DirecTV Large Reception office with locked door Controlled access patient rooms Three patient rooms with automatic sinks Multiple outlets Dedicated alarm system File room Computer server room Storage Room Two ADA restrooms 1939 Lovers Gap Road, Suite A First Floor 2000 ft.² office consists of eight offices with recessed lighting, tile floors, pre-wired for PBX and internet-ready Central heating and air conditioning Waiting area (12x18) Reception area (12x12) Conference room (12x 20) Two offices (8x10) Two offices (12x14) One office or file room/copy room (8x18) Small kitchen area New paint May 2014 Ladies room Men’s room Supply room *closet in each office 1943 Lovers Gap Road, Suite B: Second Floor 750 ft.² office space Three offices One large waiting/reception area Two closed–door offices New paint July 2015 Men’s room (in common upstairs area of building) Ladies room (in common upstairs area of building) 1943 Lovers Gap Road, Suite C: Second Floor 500 ft.² office space Large open, closed-door office overlooking property at Vansant Post Office area One large waiting/reception area Flexible for cubicle use as well New paint July 2015 Men’s room (in common upstairs area of building) Ladies room (in common upstairs area of building) 1945 Lovers Gap Road Second Floor 2000 ft.² office space Very large open office space (appx. 1700 ft.²) for cubicles, workstations, etc... One large closed-door office with one-way mirror looking in to workstation space Large walk-in closet/storage room Men’s room (in common upstairs area of building) Ladies room (in common upstairs area of building) Separate, private entrance/exit to building. Elevator access Brand new paint and carpet July 2015 |
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Tract Two
1903 Lovers Gap Road Vansant, VA 24656 One-story commercial brick building 2,500 square feet Year built: 1968 Property Type/Zoning: Commercial/ Government Use Map #: 007 1425 District: 07 2014 Taxes Paid: $256.84 Multiple Improvements and additions including
Investment Highlights
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Tract Three
1911 Lovers Gap Road Vansant, VA 24656 One-story residential brick home with full basement 2,500 square feet Year built: 1978 Property Type/Zoning: Residential Map #: 2HH185048 District: 07 2014 Taxes Paid: $343.57 Multiple Improvements and additions including
Investment Highlights
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Tract Four
1893 Lovers Gap Road
Vansant, VA 24656
One-story residential brick home
1,100 square feet
Year built: 1965
Property Type/Zoning: Residential
Map #: 2HH185047 District: 07
2014 Taxes Paid: $197.80
Multiple Improvements and additions including
Overview
Investment Highlights
Listed at $625/month
Currently occupied
1893 Lovers Gap Road
Vansant, VA 24656
One-story residential brick home
1,100 square feet
Year built: 1965
Property Type/Zoning: Residential
Map #: 2HH185047 District: 07
2014 Taxes Paid: $197.80
Multiple Improvements and additions including
- Upgraded Heating/Cooling system
- New Front Door
- New Paint
- New Carpets
- Washer/Dryer in unit
- New 50 year commercial-grade metal roof October 2015
Overview
- One story, brick, single-family home
- Two bedrooms, one bathroom
- Full kitchen with stove, refrigerator, dining area
- Large living Room
- Sits on 1/3 acre
- Pvt. driveway
- Landscaped Creekside property with back porch
Investment Highlights
Listed at $625/month
Currently occupied
Tract Five
1909 Lovers Gap Road
Vansant, VA 24656
One-story residential brick home
1,100 square feet
Year built: 1965
Property Type/Zoning: Residential
Map #: 2HH185050 District: 07
2013 Taxes Paid: $166.84
Multiple Improvements and additions including
Overview
Investment Highlights
Same tenant for 20 years
Extremely low overhead, maintenance
Tenant pays all utilities
1909 Lovers Gap Road
Vansant, VA 24656
One-story residential brick home
1,100 square feet
Year built: 1965
Property Type/Zoning: Residential
Map #: 2HH185050 District: 07
2013 Taxes Paid: $166.84
Multiple Improvements and additions including
- New plumbing
- New doors. Exterior and interior
- New Deck construction on back
- New 50 year commercial-grade metal roof October 2015
Overview
- One story, brick, single-family home
- Two bedrooms, one bathroom
- Full kitchen with stove, refrigerator, dining area
- Large living Room
- Landscaped Creekside property with creekside deck
Investment Highlights
Same tenant for 20 years
Extremely low overhead, maintenance
Tenant pays all utilities
Tract Six
2627 Lovers Gap Road
Vansant, VA 24656
One-story residential brick home
1,850 square feet
Year built: 1965
Property Type/Zoning: Residential
Map #: District: 07
Multiple Improvements and additions including
Overview
2627 Lovers Gap Road
Vansant, VA 24656
One-story residential brick home
1,850 square feet
Year built: 1965
Property Type/Zoning: Residential
Map #: District: 07
Multiple Improvements and additions including
- Completely New home from the ground up October 2015
- New plumbing and electric
- New doors. Exterior and interior
- New cabinets, new floors, new walls, new paint
Overview
- One story, brick, single-family home
- Three bedrooms, 2.5 bathrooms
- Full kitchen with stove, refrigerator, dining area
- Large living Room
- Oversized family room
- Landscaped Creekside property with creekside deck
- Large lot
Terms of Sale
Offering Price: $1,250,000
The Property is offered free and clear of any existing mortgage.
Prospective buyers are only permitted to visit the Property by appointment. Representatives of O'Quinn Holdings will be available to provide a scheduled tour of the Property prior to submittal of proposals to purchase the Property.
Due Diligence Period
Seller will allow buyer to access and inspect the Property and the seller’s records for the Property during a reasonable due diligence period, after the buyer and seller agree on terms. All costs and expenses incurred by the buyer in conducting such inspections will be the responsibility of the buyer. Both parties shall agree to fully cooperate with each other in their respective efforts during the due diligence period.
Closing 30 days form completion of the due diligence period.
• Price
• Due diligence period
• Closing period
• Deposit
• Contingencies (if any)
• Information regarding sources of funds
• Consents or approvals needed from other parties prior to closing
• Information regarding prior transactions
• Any other information regarding the buyer’s ability to close
Offering Price: $1,250,000
The Property is offered free and clear of any existing mortgage.
Prospective buyers are only permitted to visit the Property by appointment. Representatives of O'Quinn Holdings will be available to provide a scheduled tour of the Property prior to submittal of proposals to purchase the Property.
Due Diligence Period
Seller will allow buyer to access and inspect the Property and the seller’s records for the Property during a reasonable due diligence period, after the buyer and seller agree on terms. All costs and expenses incurred by the buyer in conducting such inspections will be the responsibility of the buyer. Both parties shall agree to fully cooperate with each other in their respective efforts during the due diligence period.
Closing 30 days form completion of the due diligence period.
• Price
• Due diligence period
• Closing period
• Deposit
• Contingencies (if any)
• Information regarding sources of funds
• Consents or approvals needed from other parties prior to closing
• Information regarding prior transactions
• Any other information regarding the buyer’s ability to close
Financials
Total Property taxes paid 2014 $2348.36
Tract One (2014)
Rental Income: $56,962.16
Management Fees: $4821
Cleaning and Maint: $3823.67
Supplies: $371
Subtotal: $48,317.49
*This will increase by $9,600 annually starting 6/15
Adjusted Subtotal: $57,917.49
Tract Two (2014)
Income: $15,000
*will increase per new contract in 2017 and beyond (typically 3.5% annually)
Tract Three (2014)
Rental Income: $7,763.22
Repairs $464.78
Cleaning and Maint. $772.00
Subtotal: $6,526.44
Tracts Four and Five (2014)
Income: $10,380
Cleaning and Maint: $772
Subtotal: $9,608
Tract Six
Income: $8,700
Total 2014 excl. repairs to roof, HVAC and insurance
$89,051.93
*Adjusted income projection for 2016 based on new occupancy and current lease rates
Tract One: $66,000
Tract Two: $15,000
Tract Three: $10,500
Tract Four: $7,800
Tract Five: $6,000
Tract Six: $8,700
*TOTAL: $114,000
*Adjusted income return 2015 based on listed rental prices at www.oquinn.us and 100% occupancy
Tract One: $96,000
Tract Two: $15,600
Tract Three: $10,740
Tract Four: $8,100
Tract Five: $6,600
TOTAL: $145,740
Aerial
Regional Statistical Data
Appalachian School of Law
Geography
According to the U.S. Census Bureau, the county has a total area of 503.8 square miles (1,304.8 km2), of which 502.7 square miles (1,302.0 km2) is land and 1.1 square miles (2.8 km2) (0.2%) is water.[6] It is home to Poplar Gap Park.
Districts
The county is divided into seven supervisor districts: Garden, Hurricane, Knox, North Grundy, Prater, Rock Lick, and South Grundy.
Adjacent counties
Age distribution of Buchanan County, Virginia
As of the census[11] of 2000, there were 26,978 people, 10,464 households, and 7,900 families residing in the county. The population density was 54 people per square mile (21/km²). There were 11,887 housing units at an average density of 24 per square mile (9/km²). The racial makeup of the county was 96.75% White, 2.62% Black or African American, 0.06% Native American, 0.14% Asian, 0.10% from other races, and 0.33% from two or more races. 0.47% of the population wereHispanic or Latino of any race.
Education
CollegesPrivate SchoolsPublic High Schools
All public schools in Buchanan County are operated by Buchanan County Public Schools system.
Grundy, the county seat, is located at 37°16′36″N 82°5′42″W (37.276760, -82.095038).
The town is located at intersection of U.S. Route 460 and State Route 83 directly on the banks of the Levisa Fork River.
Grundy is located in the coalfields of the Appalachian Mountains.
According to the United States Census Bureau, the town has a total area of 5.0 square miles (13.1 km²), all land.
Grundy is located in the Cumberland Plateau Region. The town is in the mountains and located near Poplar Gap Park.
Transportation
Grundy is served by the Grundy Municipal Airport located in Vansant. The airport serves general aviation air traffic. Commercial air traffic can be found at in Beckley, West Virginia and at the Tri-Cities Regional Airport in Tennessee.
Four County Transit maintains a local trolley system that services downtown locations. Stops include the courthouse, Grundy Church of Christ, the former Food City parking lot, the Grundy Community Center, the Appalachian School of Law, and the former downtown parking lot.
Grundy is at the corner of the Levisa Fork and Slate Creek. The Norfolk Southern Railway maintains tracks and runs trains through the town but no trains stop in Grundy.
Grundy is served by U.S. Route 460. The Coalfields Expressway will be built just to the north and east of town.
State Route 83 is also a major highway in the area.
According to the U.S. Census Bureau, the county has a total area of 503.8 square miles (1,304.8 km2), of which 502.7 square miles (1,302.0 km2) is land and 1.1 square miles (2.8 km2) (0.2%) is water.[6] It is home to Poplar Gap Park.
Districts
The county is divided into seven supervisor districts: Garden, Hurricane, Knox, North Grundy, Prater, Rock Lick, and South Grundy.
Adjacent counties
- Mingo County, West Virginia - north
- McDowell County, West Virginia - east
- Tazewell County, Virginia - southeast
- Russell County, Virginia - south
- Dickenson County, Virginia - southwest
- Pike County, Kentucky - northwest
Age distribution of Buchanan County, Virginia
As of the census[11] of 2000, there were 26,978 people, 10,464 households, and 7,900 families residing in the county. The population density was 54 people per square mile (21/km²). There were 11,887 housing units at an average density of 24 per square mile (9/km²). The racial makeup of the county was 96.75% White, 2.62% Black or African American, 0.06% Native American, 0.14% Asian, 0.10% from other races, and 0.33% from two or more races. 0.47% of the population wereHispanic or Latino of any race.
Education
CollegesPrivate SchoolsPublic High Schools
All public schools in Buchanan County are operated by Buchanan County Public Schools system.
- Grundy Senior High School, Grundy
- Twin Valley High School, Pilgrims Knob
- Council High School, Council
- Hurley High School, Hurley
- Twin Valley Elem/Middle School
- Council Elementary School
- Riverview Elementary Middle School
- J.M. Bevins Elementary
- Russel Prater Elementary
- Hurley Elementary
- Hurley Middle School
Grundy, the county seat, is located at 37°16′36″N 82°5′42″W (37.276760, -82.095038).
The town is located at intersection of U.S. Route 460 and State Route 83 directly on the banks of the Levisa Fork River.
Grundy is located in the coalfields of the Appalachian Mountains.
According to the United States Census Bureau, the town has a total area of 5.0 square miles (13.1 km²), all land.
Grundy is located in the Cumberland Plateau Region. The town is in the mountains and located near Poplar Gap Park.
Transportation
Grundy is served by the Grundy Municipal Airport located in Vansant. The airport serves general aviation air traffic. Commercial air traffic can be found at in Beckley, West Virginia and at the Tri-Cities Regional Airport in Tennessee.
Four County Transit maintains a local trolley system that services downtown locations. Stops include the courthouse, Grundy Church of Christ, the former Food City parking lot, the Grundy Community Center, the Appalachian School of Law, and the former downtown parking lot.
Grundy is at the corner of the Levisa Fork and Slate Creek. The Norfolk Southern Railway maintains tracks and runs trains through the town but no trains stop in Grundy.
Grundy is served by U.S. Route 460. The Coalfields Expressway will be built just to the north and east of town.
State Route 83 is also a major highway in the area.
WalMart Super Center - Grundy, VA
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Breaks Interstate Park
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4600 acres. A 5-mile gorge, plunging to 1650 feet, in this “Grand Canyon of the South.”
Bountiful nature, as richly colored as our mosses underfoot, our mountains on the horizon, and our sky overhead. Rivers to raft, heights to scale, camping, birding and porches to be sat on…while smiles form lazily upon contented faces. Expect this and more at Breaks Interstate Park, up in the mountains of Virginia and Kentucky, where uncommon history, heritage and heart offer a welcome that never wears out. |
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Grundy, VA-based company purchased for $1 billion
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