Multi-tenant Outparcel of Lowe s Retail Center for Sale

Transcription

1 Multi-tenant Outparcel of Lowe s Retail Center for Sale 2877 E CHARLESTON BLVD. LAS VEGAS, NV PRICE: $4,380,

2 offering memorandum table of contents Investment highlights 3 Lease summary 4 Photos 5 Rent roll 6 Property aerial 7 Tenant overview 8-11 Location overview 12 Market & area overview 13 2

3 investment highlights TENANT INFO STABLE INCOME EASE OF MANAGEMENT Stabilized Asset Attractive Rental Increases Minimal Management Responsibilities Ease of Management Free Standing and Multi-Tenant Retail Building EXCELLENT RETAIL LOCATIONS STRONG DEMOGRAPHICS PROPERTY OVERVIEW This offering includes a 7,985 square foot multi-tenant net leased retail investment at 100% occupancy located in Las Vegas, Nevada. Tenants include: 7-Eleven, Dotty s Tavern, Dollar Loan Center and Watermill Express. This building sits on approximately 0.75 acres and is an outparcel of Lowes. All four Tenants have been in place for over 5 years with each servicing the surrounding households within the eastern Las Vegas corridor. This property is perfectly positioned on Charleston Blvd. and is surrounded by residential. Minimum management responsibilities and the quality and stability of all Tenants in place, make this an attractive investment property. Gateway to Downtown Las Vegas Excellent Visibility on Charleston Boulevard Surrounding Retailers Include: Lowe s Home Improvement, Chase Bank, Family Dollar, Boost Mobile, and many more! PERFECT 1031 EXCHANGE PROPERTY No Existing Financing in Place Pride of Ownership Long Term Tenants in Place 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 PROPERTY SUMMARY INLINE Tenant Trade Names: Occupancy: 100% Number of Tenants: 4 Building Size: Land Size: Market/Submarket: 7,985 SF 0.75 Acres East Las Vegas Parcel Number: Price: $4,380, Current NOI: $262, Cap Rate: 6% Construction Year: 2009 Lease Type: Multi-Tenant NNN Asset 4

5 inline photos 5

6 rent roll 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 2, % 04/01/09 03/31/ Months 15% Every 5 Years $91, $7, $34.50 $ Five Year Options B & C 3, % 05/01/10 05/31/ Months 2% Annually $118, $9, $33.77 $ Five Year Options D 1, % 08/18/13 08/31/23 60 Months 3% Annually $44, $3, $24.35 $ Five Year Options 0% 05/06/11 05/05/21 60 Months $100 Every 5 Years $8, $ Five Year Options TOTAL SQUARE FOOTAGE: 7, % NOI: $262, $21,

7 N 28TH STREET property aerial FREMONT ST SITE CHARLESTON BLVD CHARLESTON BLVD 7

8 tenant overview 7-Eleven is a Japanese-owned American international chain of retail convenience stores, headquartered in Irving, Texas. Founded in 1927, 91 years ago, 7-Eleven has become a staple in almost every U.S. City. They are known for the Slurpee and Big Gulp beverages along with offering other items such as coffee, candy, prepared foods, dairy and in some locations gasoline. As of January 2018, 7-Eleven operates, franchises and licenses over 64,319 stores in 18 countries. 8

9 tenant overview Dotty s is a privately held gaming tavern operation that now has approximately 175 locations in Nevada, Oregon and Montana, with another 150 locations planned in Illinois. Dotty s is known for focusing mainly on gaming and caters mostly to women aged 35 and older. They are also known for selling discounted cigarettes along with providing alcoholic beverages to their customers. With over 300,000 customers in its player database, Dotty s is viewed as one of Nevada s most successful gaming tavern operations. 9

10 tenant overview Dollar Loan Center has over 80 locations throughout California, Nevada, South Dakota and Utah. Their signature & title loan locations are like none other in the industry and are set up to make your experience fast, easy and comfortable. Their product has superior terms over payday loan companies, giving customers several benefits and finance options. Dollar Loan Center offers a unique alternative to payday loans getting you up to $2,500 fast to solve any immediate financial problem. Established in 1998, Dollar Loan Center is the leading provider of signature loans and car title loans in the industry. 10

11 tenant overview Watermill Express is the nation s largest drive-up pure drinking water and ice company. Founded in 1984 in Brighton, Colorado, the company serves customers daily at 1,300 locations. Watermill Express customers supply their own containers and purchase water for an average of 25 cents per gallon. Watermill Express is an environmentally friendly alternative to pre-packaged water. By promoting reusable containers, the company prevents the waste of millions of single-use water bottles each year. Since inception, Watermill Express customers have saved over 500,000,000 1-gallon single-use water bottles from our nation s landfills. Watermill Express is the original creator of the drive-up concept over 20 years ago and offers 100% Freshness Guarantee. 11

12 location overview POPULATION 1-MILE 3-MILE 5-MILE Estimated Population (2017) 30, , ,350 Projected Population (2022) 34, , ,233 Historical Annual Growth Projected Annual Growth , % 25, % 56, % 3, % 27, % 65, % HOUSEHOLDS 1-MILE 3-MILE 5-MILE Estimated Households (2017) 11,128 82, ,207 Projected Households (2022) 11,974 88, ,368 Historical Annual Change Projected Annual Growth % 3, % 21, % % 6, % 15, % INCOME 1-MILE 3-MILE 5-MILE LOCATION OVERVIEW This stabilized multi-tenant Net Leased Investment is located in the east Las Vegas submarket and is perfectly positioned on Charleston Blvd. as an outparcel of Lowe s. Within a 3 mile radius, the population exceeds 240,000 people which is steadily trending upwards in the upcoming years. Just east of Fremont Street, This property enjoys high traffic on east Charleston and is just minutes away from Downtown Las Vegas, The Las Vegas Strip, U.S. 95 and I-15 freeways. Avg. Household Income 2017 $29,227 $44,868 $48,700 Median Household Income 2017 $26,782 $36,684 $42,028 DAYTIME DEMOS 1-MILE 3-MILE 5-MILE Total # of Businesses ,758 23,248 Total # of Employees , , ,525 Employee Pop per Business 9.5 to to to 1 Residential Pop per Business 32.0 to to to 1 12

13 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 13