GERBER COLLISION & GLASS

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1 GERBER COLLISION & GLASS 1210 DEVEREUX ROAD GLENWOOD SPRINGS, CO O F F E R I N G M E M O R A N D U M BRAY COMMERCIAL REAL ESTATE

2 OFFERING SUMMARY NET OPERATING INCOME $169,932 PRICE PER SQUARE FOOT $376 YEAR BUILT 1981 GROSS LEASEABLE AREA 7,440 SF LAND AREA 1.9 ACRES LEASE TERM 5 YEARS LEASE COMMENCEMENT SEPTEMBER 22, 2015 LEASE EXPIRATION SEPTEMBER 17, 2020 REMAINING TERMS 2 YEARS YEAR Offering Price: $2,800,000 MONTHLY RENT Cap Rate: 6.1% ANNUAL RENT $/SF 2015 (PRIMARY TERM) $13,161 $157,932 $ (OPTION TERMS) $13,819 $165,828 $ (OPTION TERMS) $14,510 $174,120 $23.40 LEASE TYPE ROOF & STRUCTURE INCREASES OPTIONS OPTIONS TO PURCHASE TRIPLE NET LANDLORD 5% EVERY 5 YEARS FOUR RENEWAL TERMS ROFR 2030 (OPTION TERMS) $15,236 $182,832 $ (OPTION TERMS) $15, ,164 $25.69 NET OPERATING INCOME $169,932 2

3 INVESTMENT HIGHLIGHTS Attractive 6.1% Cap Rate NNN Lease Financially-Solid Tenant Located in the bustling town of Glenwood Springs 3

4 TENANT OVERVIEW For over 75 years, vehicle owners have trusted their automotive collision and auto glass repairs to Gerber Collision & Glass. Quality workmanship backed by our National Lifetime Guarantee and outstanding customer service are just a few reasons why our customers choose to bring their vehicles to Gerber. Whether you need our collision repair, auto body repair, or auto glass/windshield replacement and repair service, we will ensure that the repair is done right. We are a team that is dedicated and committed to our mission, continuous improvement, and delivering superior value to our customers. Source: GerberCollision.com 7,440 SQUARE FOOT INDUSTRIAL STEEL BUILDING ON 1.9 ACRES 4

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9 VALUE-ADD BOAT AND RV STORAGE ADDS VALUE TO THIS ALREADY ATTRACTIVE OFFERING ONE ACRE COVERED STORAGE 32 SPACES $18,183 GROSS REVENUE (2017) 30% VACANCY RATE $12,000 NOI CONTRIBUTION 9

10 GLENWOOD SPRINGS, COLORADO Located at the confluence of the Colorado and Roaring Fork Rivers, the historic resort town of Glenwood Springs is famous for the Glenwood Hot Springs Pool, Iron Mountain Hot Springs, Glenwood Caverns Adventure Park, Glenwood Canyon, Hanging Lake, Yampah Vapor Caves, and Sunlight Mountain Resort. Rich with history and culture, Glenwood Springs is home to a vibrant dining scene, boutique shopping, scenic golf courses, and an endless list of outdoor fun. Elevation: 5,746 feet above sea level Population: 9,614 Median Age: 36.8 years Featured in 8 Invigorating Outdoorsy Towns in Where to Retire, 2017 Featured in 1000 Places to See in the U.S. and Canada Before You Die, 2016, 2011 & 2007 editions Ranked #5 in 16 Best Places to Live in America, Outside magazine, 2015 Glenwood Caverns Adventure Park ranked in the top 4 for Best Family Fun, Sunset magazine, 2015 Hanging Lake named in The West s 9 Most Spectacular Waterfalls, Huffington Post 2015 Ranked #16 in America s Favorite Towns, Travel + Leisure, 2014 Source: Glenwood Springs Visitor Center 10

11 DEMOGRAPHICS 10% 0% Annual Unemployment Rate Garfield County, CO 8.5% 7.4% 5.3% 4.2% 3.6% 2.9% MI 3MI 1MI Median Household Income $56,544 $55,000 $45,645 Number of Households 5MI 4,714 3MI 4,307 1MI 1,723 Source: Glenwood Springs Chamber Resort Association by Ribbon Demographics, LLC Source: 2016, DemographicsNow, Gale CENGAGE Learning Source: 2016, DemographicsNow, Gale CENGAGE Learning 2016 Sales Tax Collections $17,600,000 5MI 3MI Average Household Income $80,142 $77,165 5MI 3MI Daytime Population 20,015 19, $16,800,000 1MI $67,301 1MI 10,887 Source: City of Glenwood Springs Finance Dept. Source: 2016, DemographicsNow, Gale CENGAGE Learning Source: 2016, DemographicsNow, Gale CENGAGE Learning 11

12 REAL ESTATE BROKER BRIAN BRAY COMMERCIAL BROKER BRAY COMMERCIAL REAL ESTATE 244 N. 7 TH STREET GRAND JUNCTION, CO OFFICE: (970) CELL: (970) BRIAN@BRAYANDCO.COM BRIANBRAYREALESTATE.COM SALES LEASING MANAGEMENT MARKETING ACQUISITION DEVELOPMENT CONSULTING 12

13 BROKERAGE SERVICES No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, Bray Commercial makes no representation as to the condition of the property (or properties) in question. 13