Home Depot Ground Lease with Self-Liquidating Debt

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Maryland Rd Home Depot Ground Lease with Self-Liquidating Debt 2250 Easton Rd Willow Grove, PA Price: $15,959,259 NOI: 1,000,000 CAP: 6.27% Phone: 212.972.7457 Fax: 212.686.0078 exp@exp1031.com www.

1 Maryland Rd Home Depot Ground Lease with Self-Liquidating Debt 2250 Easton Rd Willow Grove, PA Price: $15,959,259 NOI: 1,000,000 CAP: 6.27% Phone: Fax: 'Zero Plus' property investment with cash flow and high leverage Self liquidating loan co-terminus with base lease term Investment grade tenant: A- 10% rent increases 203,509 population in 5 miles with $93,735 average household income

2 Investment Property Line Summary Overview Map PROPERTY OVERVIEW: EXP Realty Advisors presents for sale the fee interest in 12 acres of land on which Home Depot constructed a 145,184 sf building in Willow Grove, PA. Upon lease expiration the investor will own both the building and the land. There is an assumable loan which fully amortizes over the base term of the absolute triple net Home Depot ground lease so the property will be owned free and clear at the end of the current base lease term in The property also has $28,360 of cash flow annually which is priced to a 6% yield. The self-liquidating debt is priced to 18.6% over the current debt balance. In total the equity required to purchase this property is only $2,900,000. This site is near the intersection of Interstate 276 and Easton Rd, with average daily traffic counts of 108,405+ vpd & 48,194+ vpd respectively. The Home Depot is an anchor to three outparcels leased to Residence Inn by Marriott, Ruby Tuesday, and a Miller s Ale House which is now under construction. The property is next to Marriott Courtyard. Other tenants in the area are Lowe s, Sam s Club, Walmart, Babies R Us, Toys R Us, Best Buy, Pep Boys, Shell, and PetSmart. LOCATION OVERVIEW: Willow Grove is in Montgomery County, Pennsylvania, and is less than 10 miles from Philadelphia. Philadelphia is the largest city in the Commonwealth of Pennsylvania and the fifth-most-populous city in the United States. Willow Grove is a affluent community in northern Philadelphia. LEASE SUMMARY: Rent Commencement: June 2006 Lease Expiration: May 2036 Current Rent: $1,000,000 Options: Six, (5) year options Options Escalations: 10% Lease Type: NNN Term Annual Rent 6/2006 5/2036 $1,000,000 6/2036 5/2041 $1,100,000 6/2041 5/2046 $1,210,000 6/2046 5/2051 $1,331,000 6/2051 5/2056 $1,464,100 TENANT OVERVIEW: The Home Depot, Inc. (NYSE: HD S&P: A-): The Home Depot, Inc., together with its subsidiaries, operates as a home improvement retailer. The company s stores sell building materials, and home improvement and lawn and garden products. It also offers installation service. The company s installation programs include products, such as carpeting, flooring, cabinets, countertops, and water heaters. In addition, it provides installation services for products sold through its in-home sales programs, including roofing and siding products, windows, furnaces, and central air systems. As of February 23, 2012, it operated 2,253 retail stores in the 50 states of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces, Mexico, and China. The Home Depot, Inc. was founded in 1978 and is based in Atlanta, Georgia. PROPERTY SUMMARY

Area Property Investment History Line Overview Map NNN Ground Rent $1,000,000 Self Liquidating Loan Terms: 30 year self liquidating loan due 2-2036 Balance on 6-1-12 $13,050,259 Annual Debt Service

00% Price for Cash Flow $472,667 Percent Equity over the Debt for Self Liquidating Loan (co-terminus with the lease) Percent equity over the Debt 18.

3 Area Property Investment History Line Overview Map NNN Ground Rent $1,000,000 Self Liquidating Loan Terms: 30 year self liquidating loan due Balance on $13,050,259 Annual Debt Service $971,640 Interest Rate 5.35% Balloon None Cash Flow $28,360 Yield on Cash Flow 6.00% Price for Cash Flow $472,667 Percent Equity over the Debt for Self Liquidating Loan (co-terminus with the lease) Percent equity over the Debt 18.60% Price for Debt $2,427,333 INVESTMENT SUMMARY Price: $ 15,959,259 CAP Rate: 6.27% NNN Ground Rent: $1,000,000 ($6.88 psf) Loan Balance: $13,059,259 (as of ) Debt Service: $971,640 Cash Flow: $28,360 Loan Term: Due 2/36 Total Price Total Equity Required Subject Property $15,950,259 $2,900,000 Interest Rate: 5.35% Amortization: Prepayment: 30 years Defeasance Defeasance: $6,247,604 (as of ) (calculated on ) Bld. Sq Ft: Land Size: Lease Type: 145,184 sf 12 acres Absolute Triple Net Ground Lease INVESTMENT OVERVIEW

4 Property Location Line Map Map LOCATION MAP

5 Area Property Site Plan History Line Map SITE PLAN

6 Whisper Home Depot Valley Ranch Area Property Location History Line Map Map LOCATION MAP

7 Whisper Home Depot Valley Ranch Area Property Location History Line Map Map LOCATION MAP

Property Demographic Line Data Map Radius 3 Mile 5 Mile 10 Mile Population: 2015 Projection 87,414 203,685 1,043,333 2010 Estimate 88,125 203,509 1,056,563 2000 Census 88,780 198,513 1,072,816 Growth

50% 2010 Population by Race: White 71,903 174,710 700,554 Black or African American 8,422 13,826 235,473 American Indian and Alaska Native 190 355 2,535 Asian 4,402 9,318 64,113 Native Hawaiian and

8 Property Demographic Line Data Map Radius 3 Mile 5 Mile 10 Mile Population: 2015 Projection 87, ,685 1,043, Estimate 88, ,509 1,056, Census 88, ,513 1,072,816 Growth % 0.10% -1.30% Growth % 2.50% -1.50% 2010 Population by Race: White 71, , ,554 Black or African American 8,422 13, ,473 American Indian and Alaska Native ,535 Asian 4,402 9,318 64,113 Native Hawaiian and Pacific Islanders Other Race 1,648 2,417 32,351 Two or More Races 1,528 2,802 21, Households: 2015 Projection 33,935 79, , Estimate 34,034 78, , Census 33,603 75, ,980 Growth % 0.50% -1.00% Growth % 4.20% -0.40% Owner Occupied 24,426 58, ,771 Renter Occupied 9,608 19, , Avg Household Income $83,262 $93,735 $80, Med Household Income $70,896 $76,351 $63, Per Capita Income $32,447 $36,314 $31, Households by Household Inc: Income Less than $15,000 1,713 3,767 35,496 Income $15,000 - $24,999 2,240 4,523 33,489 Income $25,000 - $34,999 2,619 5,021 32,161 Income $35,000 - $49,999 4,291 9,097 53,464 Income $50,000 - $74,999 7,065 15,932 83,902 Income $75,000 - $99,999 6,267 13,314 63,545 Income $100,000 - $149,999 7,013 17,690 66,091 Income $150,000 - $249,999 2,285 6,995 28,711 Income $250,000 - $499, ,883 7,573 Income $500,000 or more ,715 Contact Us EXP Realty Advisors 118 East 28 th Street Suite #901 New York, NY Phone: (212) Fax: (212) Our Team Robert P. James President Phone: (212) rob@exp1031.com Daniel de Sa Director of Sales Phone: (212) dan@exp1031.com DEMOGRAPHIC DATA

WELLS FARGO Ground Lease 115 Bulverde Crossing Bulverde, TX (San Antonio MSA)

SUBJECT PROPERTY WELLS FARGO Ground Lease 115 Bulverde Crossing Bulverde, TX 78163 (San Antonio MSA) Price: $2,391,304 l NOI: $137,500 CAP: 5.75% Phone: 212.972.7457 Fax: 212.686.0078 exp@exp1031.com www.exp1031.com