BUFFALO CANYON RETAIL CENTER

Transcription

1 BUFFALO CANYON RETAIL CENTER GAS STATION ANCHORED RETAIL CENTER 10,000 SF RETAIL CENTER OFFERING MEMORANDUM N Buffalo Drive Las Vegas, NV 89128

2 2 OFFERING MEMORANDUM BUFFALO CANYON RETAIL CENTER INVESTMENT OVERVIEW Virtus Commercial is pleased to present BUFFALO CANYON RETAIL CENTER, a 10,000 square feet multiple tenant retail center anchored by a Phillips 76 Gas Station/Convenience Store. Located in the prestigious Summerlin neighborhood at the hard corner of North Buffalo Drive and Vegas Drive, traffic counts exceed 60,000 cars per day North Buffalo Drive is currently 100% occupied and consists of Town Center/Phillips 76 Gas Station and six inline suites. Just east of the Subject Property is a busy Albertson s Grocery, CVS, Auto Zone and Family Dollar Store that drive traffic to the immediate area. The Subject Property has immediate access via Summerlin Parkway and Highway 95, both being just minutes away. Population and household growth projections for the 1-mile radius will yet again outperform the county for the next five years as the Summerlin submarket continues to grow.

3 VEGAS DR BUFFALO CANYON RETAIL CENTER OFFERING MEMORANDUM 3 PROPERTY OVERVIEW Property Type No. of Buildings Square Feet Occupancy Gas and Retail 1 10, % Nevada Medical Group (Pending Expansion) Barks & Bubbles Vegas Vapor Construction Wood Frame Glasgow & Glasgow DC Parking Spots Shared 38 Glamour Luna LLC Ratio 3.80 Year Built Acres Town Center Grocer Parcel Number(s) Zoning C-1 Located just off of Summerlin Parkway on the SW hard corner of North Buffalo Drive and Vegas Drive. Minutes from the Summerlin neighborhood and surrounded by rooftops with excellent visibility. North N BUFFALO DR +/- 60,000 cars per day

4 4 OFFERING MEMORANDUM BUFFALO CANYON RETAIL CENTER AREA OVERVIEW

5 BUFFALO CANYON RETAIL CENTER OFFERING MEMORANDUM 5 LOCATION OVERVIEW See & Do Summerlin is one of Las Vegas newer neighborhoods, and as a master-planned community, it includes a wealth of parks and outdoor recreation. Golf courses are scattered throughout the area, although not all are open to the public. Angel Park is both open to the public and a popular place to get in time on the greens. Red Rock Canyon, just to the west of Summerlin, is place to bike, hike, picnic, enjoy a horseback ride, take on world-class climbing, or simply enjoy a drive. Shop Tivoli Village is Summerlin s newest shopping plaza, and the word village is a telling sign. It s an outdoor shopping plaza, with an assortment of shops, businesses, and restaurants. Across the street from Tivoli, Boca Park has a Target, but it also has REI, liquor stores and a grocery store, and plenty of restaurants. Small shops are scattered throughout Summerlin, including a places like the local shopping plaza across from the Red Rock Resort that has a Costco and Lowe s Home Improvement.

6 6 OFFERING MEMORANDUM BUFFALO CANYON RETAIL CENTER DEMOGRAPHICS 60,000 TRAFFIC COUNT (cars per day) 186,328 POPULATION (3 mile radius) 67,155 DAYTIME EMPLOYEES (3 mile radius) $48,835 AVERAGE HH INCOME (3 mile radius) AVERAGE AGE (3 mile radius)

7 BUFFALO CANYON RETAIL CENTER OFFERING MEMORANDUM 7 OCCUPANCY SUMMARY RENT ROLL - SSG Properties LLC Unit Lease Name Lease Type 1571 Town Center Grocery Glamour Luna LLC James Glasgow Nevada Medical Group* Lease From Lease To Term (Months) Area Base Rent Rent Recovery Misc Deposit 07/01/ /31/ ,500 16, , /01/ /28/ , , /01/ /31/ , , /01/ /30/ ,630 2, , (Pending Expansion)* N/A -- 1,344 1, Cyrilla Pet Spas Vegas Vapor Emporium CELL AP Wireless Infrastr 03/16/ /31/ , , /01/ /31/ , , /24/ /24/ SUMMARY TABLE Units Percentage Area Percentange Base Rent Rent Recovery Misc Charges Occupied 8 100% 10, % 25, , Deposit Vacant 0 0% 0 0% s 8 10,000 25, ,477.90

8 8 OFFERING MEMORANDUM BUFFALO CANYON RETAIL CENTER ANNUAL PROPERTY OPERATING DATA Type: Gas/C-Store Sq Ft: 10,000 Yr Built: 2000 Acres: 1.13 Zoning: C-1 Const: Wood Frame Parking: Surface Spots: 38 Ratio: 3.8 PRICING SUMMARY Price: $3,975, Price/SF: $ Net Operating Income (NOI): $297, Current CAP Rate: 7.50% FINANCING ANALYSIS Interest Rate: 5.25% Amortization (yrs): 25 Loan to Value: 65% Term (yrs): 10 Loan Amount: $2,583, Loan Payment: $185, Down Payment: $1,391, Net Cash Flow: $112, Cash on Cash Return: 8.06% Year 1 Principal Paydown: $51, Return Year 1: 11.75% Debt Service Coverage Ratio (DSCR): 1.60 PROPERTY OPERATING DATA Income Per Sq Ft Annual s Base Rent $ $ 308, CAM/Tax/Ins Rembursement $ 8.44 $ 84, Other Income: Sewer Billback $ 0.30 $ 3, Sign Rent $ 0.20 $ 1, Income Per Sq Ft/Month $ 3.32 $ $ 398, Current Occpancy % Vacancy Factor 5.00% $ (15,439.39) Effective Income Per Sq Ft/Month $ 3.19 $ $ 382, Expenses Maintenance & Repairs $ 2.39 $ 23, Utilities $ 1.83 $ 18, Sewer Billback $ 0.30 $ 3, Property Taxes $ 1.46 $ 14, Property Insurance $ 0.52 $ 5, Property Management $ 1.99 $ 19, Expenses Per Sq Ft/Month $ 0.71 $ 8.49 $ 84, Net Operating Income $ $ 297,953.24

9 BUFFALO CANYON RETAIL CENTER OFFERING MEMORANDUM 9 NET OPERATING INCOME ACTUAL HISTORICAL NOI COMPARISON 2017 $ 226, $ 257, $ 278, $ 237, $ 184, $ 166, $ 206, $ 202, $ 239,459.63

10 BUFFALO CANYON RETAIL CENTER EXCLUSIVE SALES BROKER CHRIS EMANUEL President / Broker chris@virtusco.com 1333 N Buffalo Drive, Suite 120 Las Vegas, NV