Freddy s - Meridian, ID (Boise MSA) NNN Year Lease 6% Cap Rate Annual Rent Increases $3,100,000

Transcription

1 Freddy s - Meridian, ID (Boise MSA) NNN Year Lease 6% Cap Rate Annual Rent Increases $3,100,000

2 Summary of Salient Facts Address 3180 Lanark St, Meridian, ID Price Cap $3,100,000 6%Cap Rate 1.5% Annual Rent Increases Rent $186,555 Annual $15,546 per Month Lot Size 35,696 Building Size 3,027 SqFt Year Built 2015 Completion Parking 38 parking stalls with a cross access agreement for parking lot with Mattress Firm

3 Tenant Summary Tenant Trade Name Freddy s Lease Term 15 Years Tenant Lease Guarantor Idaho Steakburgers, LLC Personal Guarantee from high net worth individual. See Listing Broker for details. Lease Commencement Date September 30, 2014 October 23, 2014 Occupancy Lease Expiration Date September 29, 2029 Lease Type NNN. No Landlord Reponsibilities. Term Remaining on Lease Years Current Rent $186,555 Annual $15,546 per Month Rental Increases 1.5% Annual Rental Increases. Tenant Repairs Reimbursements Tenant is responsible for maintaining, repairing, and replacing all structural elements of the Building, including the exterior of the Property, and all other expenses. Tenant pays taxes, insurance, and common area maintenance directly. Options Highlights NNN Lease. No Landlord Responsibilities. Long Lease length remaining. 1.5% Annual rent Increases. Attractive/Newer building. Personal Guarantee & high net worth guarantor. Meridian is the fastest growing city in the State of Idaho. Rapid Job Growth directly north of the site. Two 10-year with 1.5% annual rental increases.

4 Rent Roll Lease Term Annual Rent Monthly Rent Cap Rate Monthly Rent / SqFt Annual Rent / SqFt $178,405 $14, % $4.91 $ $181,081 $15, % $4.99 $ $183,798 $15, % $5.06 $ (current) $186,555 $15, % $5.14 $ $189,353 $15, % $5.21 $ $192,193 $16, % $5.29 $ $195,076 $16, % $5.37 $ $198,002 $16, % $5.45 $ $200,972 $16, % $5.53 $ $203,987 $16, % $5.62 $ $207,047 $17, % $5.70 $ $210,152 $17, % $5.79 $ $213,305 $17, % $5.87 $ $216,504 $18, % $5.96 $ $219,752 $18, % $6.05 $72.60

5 About Meridian, ID This Boise suburb is booming. Meridian has been the fastest-growing city in Idaho for over 20 years, and its community development department is planning for a 98% population increase over the next 30 years. To a large extent, the engine is economic. Unemployment is low, and Moody s Analytics forecasts 9.2% job growth in the county between 2016 and Household income is well above the state median, while median home prices are just under $245,000. Boise is the headquarters for several major companies, such as Boise Cascade LLC, Albertsons, J.R. Simplot Company, Idaho Pacific Lumber Company, Idaho Timber, WinCo Foods, Bodybuilding.com, and Clearwater Analytics. Other major industries are headquartered in Boise or have large manufacturing facilities present. The state government is also one of the city s largest employers. The area s largest private, locally based, publicly traded employer is Micron Technology. Others include IDACORP, Inc., the parent company of Idaho Power, Idaho Bancorp, Boise, Inc., American Ecology Corp., and PCS Edventures.com Inc. Technology investment and the high-tech industry have become increasingly important to the city, with businesses including Hewlett Packard, Healthwise, Bodybuilding.com, CradlePoint, Crucial.com, ClickBank, MetaGeek, MobileDataForce, MarkMonitor, Sybase, Balihoo, Intracon NA, Wire Stone, and Microsoft. The call center industry is also a major source of employment; there are over 20 call centers in the city employing more than 7,000 people, including WDSGlobal (a Xerox company), EDS, Teleperformance, DIRECTV, Taos and T-Mobile.[36] Varney Air Lines, founded by Walter Varney in 1926, was formed in Boise, though headquartered at Pasco, Washington. The original airmail contract was from Pasco to Elko, Nevada, with stops in Boise in both directions. Varney Air Lines is the original descendent company of presentday United Airlines, which still serves the city at the newly renovated and upgraded Boise Airport. ***information gathered from the Time website: ***information gathered from the Wikipedia website:

6 Traffic Count

7 Close Up Aerial E. Lanark Street N. Eagle Road E. Franklin Road

8 About Freddy s We are a fast-casual restaurant franchise, known for our premium, lean, ground beef steakburgers and dessert treats, prepared with freshly-churned chocolate or vanilla frozen custard. As the name implies, the restaurant concept places equal emphasis on both, famously branding this distinct concept as The Taste That Brings You Back. A privately owned and family-oriented company, our restaurant s tasty menu items coupled with exceptional guest service and industry-leading cleanliness standards are why our guests make return visits. Franchise sites are modeled after the original Freddy s location opened in Wichita, Kansas, in A majority of the sites are free-standing buildings ranging from 2,800 to 3,600 square feet, with indoor seating that accommodates roughly 100 guests. Additionally, most locations offer outdoor seating with umbrella-topped tables, as well as drive-thru service. True to the late 1940s and early 1950s, Freddy s sports a classic red-and-white color scheme. Exterior building features include prominent red-and-white striped awnings, red neon lights and Freddy s signature frozen custard cone. Interior design emphasizes retro, displaying cushioned, red-vinyl booths, stools and chairs, complete with chrome backs and legs. Black-and-white checkered tile floors complement walls adorned with genuine photographs of the original Freddy and his family, lending the restaurant a hint of authentic nostalgia. Other interior options include exposed ductwork and a combination of track and low-hanging light fixtures to ensure a space that is comfortably lit. Units offer counter service for dine-in and to-go orders, as well as a separate pick-up counter featuring a kitchen view. You can taste the quality of Freddy s Frozen Custard & Steakburgers menu items and appreciate the wholesome, fun atmosphere in every location. It s all about optimism, patriotism and the upbeat values of our great country and its greatest generation. Captioned photos in the restaurants are genuine photos of co-founder Freddy. The business model revolves around genuine guest hospitality and service with a smile. ***information gathered from the Freddy s website:

9 Aerial Map

10 Close Up Aerial Map

11 Demographics 1 Miles: 3 Miles: 5 Miles: 2010 Population 3,389 79, , Population 3,742 91, , Population 4, , , Households 1,147 27,995 67, Households 1,263 32,163 77, Households 1,357 35,292 85, Average Households Size Owner Occupied Housing Units ,676 49, Renter Occupied Housing Units 337 7,319 17, Owner Occupied Housing Units ,019 55, Renter Occupied Housing Units 415 9,144 22,298

12 Demographics (continued) 1 Miles: 3 Miles: 5 Miles: 2017 Households by Income < $15, ,901 7,409 $15,000 - $24, ,014 6,695 $25,000 - $34, ,087 7,576 $35,000 - $49, ,206 9,790 $50,000 - $74, ,762 14,664 $75,000 - $99, ,174 10,214 $100,000 - $149, ,833 14,033 $150,000 - $199, ,975 4,456 $200, ,210 3,031 Median Household Income $65,219 $60,095 $60,294 Average Household Income $89,070 $77,982 $77,995 Per Capita Income $31,200 $27,639 $27,918

13 Exterior Property Photos 3180 East Lanark St, Meridian, ID 83642

14 Interior Property Photos 3180 East Lanark St, Meridian, ID 83642