Multi-tenant Net Leased Retail Center for Sale

Transcription

1 Multi-tenant Net Leased Retail Center for Sale 7355 & 7365 S BUFFALO DRIVE LAS VEGAS, NV PRICE: $11,724,

2 offering memorandum 7355 & 7365 S BUFFALO DR., LAS VEGAS, NV table of contents Investment highlights 3 Lease summary 4 Photos 5 Rent roll 6 Site plan 7 Property aerial 8 Tenant overview 8-16 Location overview 17 Market & area overview 18 2

3 investment highlights 7355 & 7365 S BUFFALO DR., LAS VEGAS, NV TENANT INFO STABLE INCOME EASE OF MANAGEMENT All Tenants on an Initial Lease Term of 10+ Years Attractive Rental Increases Minimal Management Responsibilities Ease of Management New Free Standing and Multi-Tenant Retail Building built in 2017 EXCELLENT RETAIL LOCATIONS STRONG DEMOGRAPHICS PROPERTY OVERVIEW This offering includes a multi-tenant net leased retail investment at 100% occupancy located in booming Southwest Las Vegas. The property includes two brand new retail buildings totaling 18,440 square feet, residing on approximately 2.05 acres. All 8 Tenants are on an initial Lease Term of 10+ years with renewal options. Perfectly positioned on S. Buffalo Dr. and Warm Springs Rd., this property services the affluent Master Planned communities of Rhodes Ranch and Mountains Edge. This net leased investment is perfect for an investor looking for a stable income property with minimum management responsibilities. Gateway to the Affluent Master Planned Communities of Rhodes Ranch and Mountains Edge Excellent Visibility on Buffalo and Warm Springs Surrounding Retailers Include: 7-Eleven, PetCo, Von s, Chase, Walgreens, Burger King, Walmart, Home Depot, Marshall s, Babies R Us, and many more! PERFECT 1031 EXCHANGE PROPERTY No Existing Financing in Place Brand New Construction Pride of Ownership Brand new 10+ Year Leases in Place with Options Rental Increases Effective Inflation Hedge Strong Retail Location Surrounded by Residential Rare Opportunity to Acquire a Quality Multi-Tenant Net Leased Investment in Las Vegas, Nevada. 3

4 property summary 7355 S BUFFALO DR., LAS VEGAS, NV PROPERTY SUMMARY INLINE Tenant Trade Names: Occupancy: 100% Number of Tenants: 6 Building Size: Land Size: Market/Submarket: 14,840 SF 1.61 Acres Southwest Las Vegas Parcel Number: NOI: $547, Price: $9,128, Cap Rate: 6% Construction Year: 2017 Lease Type: NNN 4

5 inline photos 7355 S BUFFALO DR., LAS VEGAS, NV

6 inline rent roll 7355 S BUFFALO DR., LAS VEGAS, NV TENANT SUITE SQUARE FOOTAGE % PROJECT RENT START END DATE LEASE TERM % INCREASE ANNUAL RENT MONTHLY RENT ANNUAL RENT PSF MONTHLY RENT PSF OPTIONS TO RENEW A 1,512 11% 03/18/18 09/30/ % Every 5 Years $60, $5, $40.20 $ Five Year Options B 1,400 9% 11/1/17 10/31/ % $42, $3, $30.00 $ Five Year Options C 4,500 30% 03/16/17 03/31/ % $186, $15, $41.41 $ Five Year Options D-F 5,096 34% 06/30/17 04/30/ % Every 5 Years $155, $12, $30.60 $ Five Year Options G 2,332 16% 10/15/18 10/31/ % Every 5 Years $97, $8, $42.00 $ Five Year Options N/A N/A N/A 1/1/18 12/31/37 20 $100 Every 5 Years $4, $ Five Year Options TOTAL SQUARE FOOTAGE: 14, % NOI: $547, $45,

7 property summary 7356 S BUFFALO DR., LAS VEGAS, NV PROPERTY SUMMARY PAD Tenant Trade Names: Occupancy: 100% Number of Tenants: 2 Building Size: Land Size: Market/Submarket: 3,606 SF 0.44 Acres Southwest Las Vegas Parcel Number: NOI: $129, Price: $2,596, Cap Rate: 5% Construction Year: 2017 Lease Type: NNN 7

8 pad photos 7355 S BUFFALO DR., LAS VEGAS, NV

9 pad rent roll 7356 S BUFFALO DR., LAS VEGAS, NV TENANT SUITE SQUARE FOOTAGE % PROJECT RENT START END DATE LEASE TERM % INCREASE ANNUAL RENT MONTHLY RENT ANNUAL RENT PSF MONTHLY RENT PSF OPTIONS TO RENEW Pad 1,803 50% 1/9/19 7/31/ % Every 5 Years $64, $5, $36.00 $ Five Year Options Pad 1,803 50% 1/9/19 7/31/ % Every 5 Years $64, $5, $36.00 $ Five Year Options TOTAL SQUARE FOOTAGE: 3,606 NOI: $129, $10,

10 site plan 10

11 site plan RHODES RANCH COUNTRY CLUB I-215 S. DURANGO SITE S. BUFFALO W. WARM SPRINGS NEVADA TRAILS W. ROBINDALE 11

12 tenant overview Fist of Fusion Island Grill started off serving ribs under the name Ronnie Que s at festivals all over Southern California. Shortly after they bought their first food truck and called it Truck Norris. Truck Norris became a success immediately and was voted in the top 15 food trucks in Los Angeles. After a lawsuit from Chuck Norris, they renamed their food truck Fist of Fusion and have since expanded to their first brick and mortar location in L.A. They have now grown into their second retail location in Southwest Las Vegas. 12

13 tenant overview Power Hour 360 is a gym that offers innovative group training for all fitness levels. They offer classes beginning at 30 minutes up to one hour in a high intensity environment. This gym offers monthly memberships, class packs from sessions and also a one session drop in rate. They even have an app that can be downloaded that tracks personal performance. There are now 4 convenient locations throughout Las Vegas and Henderson. 13

14 tenant overview PT s Gold is owned and operated by Golden Entertainment, Inc. (NASDAQ:GDEN). This gaming bar has 15 bar top video gaming devices, 19 high-definition televisions, and will employ 20 team members. This Tavern is Golden Entertainment s 55th location and one step closer to their store goal of 60 locations by the end of The PT s brand is the most recognized Tavern brand, and has been a local Las Vegas favorite for over a decade. 14

15 tenant overview In 2004, Sola Salon Studios was established with the opening of their first location. Now with over 350 desirable locations open nationwide, Sola Salon Studios is proud to offer salon professionals the freedom and benefits of salon ownership without many of the risks associated with opening a traditional salon. Sola Salon Studios is an innovative salon model in which experienced hairdressers, estheticians, nail stylists, massage therapists and other likeminded salon professionals come together under one roof to take their careers to the next level. To date, they have provided more than 8,000 professionals with premium, individual salon spaces in which they own and operate high-quality salons. 15

16 tenant overview The original Goodwich was created in an 8 x 12 kiosk in the parking lot of Dino s, one of Las Vegas oldest dive bars. It was founded by two friends in 2014 that shared an undeniable passion for the restaurant industry. With the realization and combined years of experience, much of it in fine dining, they created a sandwich concept based on the foundation of great restaurant food; flavor, texture and balance. It was and still is their dream to show each and every guest their passion for great food that brought them together to create the Goodwich. The Goodwich has a large loyal following at their Soho Lofts location in Downtown 16

17 tenant overview FUKU Burger started off as Las Vegas s first gourmet food truck and has since been voted Las Vegas s Best Burger. Their menu is small, simple and consists of an all American burger with a Japanese Twist along with a few sides. Their truck can be hired to cater special events, they can also be found at their first brick and mortar location in Chinatown and now at their second location in Southwest Las Vegas. As the FUKU brand expands so does their following. 17

18 tenant overview Jogasaki Sushi Burrito food truck, originated out of Los Angeles and was the first sushi burrito concept to hit the market. Their unique menu consists of familiar sushi combinations as well as more adventurous items with a Mexican flare such as spicy tuna nachos and salmon ceviche tacos. Jogasaki chose Southwest Las Vegas as their first brick and mortar location to break into the Las Vegas market. 18

19 tenant overview The Water Bottle exists to provide premium filtered water in a more environmentally and economically friendly way. Distributing water directly from the source to consumers provides a fresher and superior product with less waste, less energy consumed, and less carbon dioxide produced. Founded in 2012, The Water Bottle Kiosk now has 12 operating locations in Las Vegas, 2 more under development, one in Arizona and plans to continue to expand in both markets. 19

20 location overview POPULATION 1-MILE 3-MILE 5-MILE Estimated Population (2017) 7, , ,495 Projected Population (2022) 8, , ,772 Historical Annual Growth Projected Annual Growth % 21, % 45, % % 11, % 29, % HOUSEHOLDS 1-MILE 3-MILE 5-MILE Estimated Households (2017) 3,063 42, ,945 Projected Households (2022) 3,197 44, ,857 Historical Annual Change , % 37, % 72, % LOCATION OVERVIEW This multi-tenant Net Leased Investment is located in the Southwest Las Vegas Submarket and is perfectly positioned on Buffalo Dr. with visibility from Warm Springs Rd. This property also enjoys easy access to I-215 and I-15 freeways, McCarran International Airport and The Strip. Surrounding residential Master Planned Communities in the immediate area are Rhodes Ranch Guard Gated Golf Community (1,330 acres) and Mountains Edge (3,000 acres). Notable retail Tenants in the area include: Vons, Bank of America, US Bank, Wells Fargo, Taco Bell, Home Goods, Glazier s, Walgreens, Petco and many more. This Southwest area of town has quickly become a vibrant commercial destination with a strong retail demand generator. Projected Annual Growth % 2, % 6, % INCOME 1-MILE 3-MILE 5-MILE Avg. Household Income 2017 $81,906 $82,536 $78,468 Median Household Income 2017 $69,404 $69,594 $65,1173 DAYTIME DEMOS 1-MILE 3-MILE 5-MILE Total # of Businesses ,878 10,612 Total # of Employees ,864 39, ,370 Employee Pop per Business 13.4 to to to 1 Residential Pop per Business 20.4 to to to 1 20

21 area profile Las Vegas is the most populous city in the U.S. state of Nevada and the county seat of Clark County. Las Vegas is an internationally renowned major resort city known primarily for gambling, shopping, and fine dining and is the leading financial and cultural center for Southern Nevada. The city bills itself as The Entertainment Capital of the World, and is famous for its consolidated casino hotels and associated entertainment. A growing retirement and family city, Las Vegas is the 31st-most populous city in the United States, with a population at the 2014 census of 583,756. The 2014 population of the Las Vegas metropolitan area was 2,027,868. Today, Las Vegas is one of the top tourist destinations in the world. Established in 1905, Las Vegas was incorporated as a city in Las Vegas often refers to the city plus some areas beyond the city limits, especially the resort areas on and near the Las Vegas Strip, and sometimes the entire Las Vegas Valley. The 4.2 mi (6.8 km) stretch of South Las Vegas Boulevard known as the Strip is mainly in the unincorporated communities of Paradise, Winchester, and Enterprise. Las Vegas is situated within Clark County in an arid basin on the desert floor, surrounded by dry mountains. The Spring Mountains lie to the west. Within the city there are many lawns, trees, and other greenery. The city enjoys abundant sunshine year-round: it has an average of about 300 sunny days per year. The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant Industries. In the second quarter of 2012, something new was on the horizon for Downtown Las Vegas. Tony Hsieh, CEO of Zappos, purchased the former City Hall building, thus turning that property into Zappos corporate headquarters in Downtown Las Vegas. Since then Mr. Hsieh has put in a lot of money and effort revitalizing Downtown Las Vegas which is known as the Downtown Project. This recent project has transformed Downtown, bringing new restaurants, retail, tech buildings, annual, monthly and weekly events and a large park made out of shipping containers (Container Park) which has an outdoor hangout space that offers shopping, restaurants and a small outdoor concert venue. The Downtown project has changed Downtown Las Vegas and has increased the number of local and out of town visitors to the many events, restaurants and retail shops this area has to offer. IN 2014, MORE THAN 41 MILLION PEOPLE VISITED LAS VEGAS 21