This single tenant investment property consists of 2,950 sf professional office situated on .42 acres. This seasoned lease with original inception of March 1998, Cumulus Broadcasting is a publicly traded American broadcasting company and the third largest owner and operator of AM and FM radio stations in the United States. Cumulus lists ownership of 446 stations in 90 media markets and also owns Westwood One. With headquarters located in Atlanta, Georgia, subsidiaries include Cumulus Broadcasting LLC, Cumulus Licensing LLC and Broadcast Software International Inc.
The physical plant consist of 12 Individual Offices, Break Room, Entry Foyer, 2 Rest Rooms and +/- 20 Parking Spaces. Situated convenient to US 17 Bypass on the Frontage Road in Murrells Inlet, SC, Traffic Count consisted of 36,100 ADT for 2017.
H.B. Springs Co. Real Estate reviewed all Lease Terms as related to remaining term as well as renewal option terms. It was further determined that the Tenant was responsible for maintenance, property taxes and property insurance with the Landlord responsible for Roof, Foundation and Capital Improvements Maintenance. A historical analysis of both revenue and expenses of the asset was conducted on behalf of the seller with H.B. Springs Co. Real Estate determining the Net Operating Income to be $45,609.
Market area cap rates for the nature of this type investment was conducted as well as that of comparable sales. Marketing material was developed, and action plan implemented to include aggressive direct mail campaigns to targeted audiences, as well as internet campaign to include marketing platforms specific to the nature of the investment property. The result was a successful campaign resulting in a sale inside of 6 months from the date these efforts were first initiated.