Einstein s Oilery. 5.75% CAP $1,825, year lease. tokcommercial.com. OFFERED BY: Holly Chetwood, CCIM

Transcription

1 1805 W. Island green drive Meridian, idaho offering memorandum Einstein s Oilery ABSOLUTE NNN LEASED 5.75% CAP $1,825, year lease OFFERED BY: Holly Chetwood, CCIM John Stevens, ccim holly@ john@

2 Table of Contents ABSOLUTE NNN LEASED SECTION 1 Client Registration SECTION 2 Property Offering & Financials SECTION 3 Property Photos & Plans SECTION 4 Demographic & Market Info Confidentiality Agreement The Offering 1 Financial Summary 2 Rent Roll 3 Tenant Profiles 4 Property Photographs 6 Property Site Map 7 Aerial Views 8 Demographics 11 Boise Area Information 13 The information presented has been obtained from sources believed reliable. You are responsible for confirming its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction depends on many factors which should be evaluated through investigation by your advisors.

3 SIGN AND RETURN VIA OR FAX TO: Confidentiality Agreement John Stevens, CCIM and Holly Chetwood, CCIM Thornton Oliver Keller Commercial, 250 S. 5th, 2nd Floor, Boise, ID (208) Fax: In connection with the offering of the, 105 W. Island Green Drive, Meridian, ID (the Property ) for sale, the undersigned ( Interested Party ) has requested copies of the investment offering package (the Investment Package ) and certain other information for purposes of evaluating the potential purchase of the Property (the Potential Transaction ). The Investment Package together with all other documents, communications, or information furnished by the owner of the Property ( Owner ) or its agent, Thornton Oliver Keller Commercial ( TOK ), to the Interested Party regarding the Property, including without limitation, rent rolls, expenses, tax returns, marketing plans, surveys, and service contracts shall be collectively referred to herein as Protected Information ). In consideration of the foregoing and other good and valuable consideration, Interested Party hereby agrees that the Protected Information when received in whatever form or media shall be deemed confidential. Interested Party shall not directly or indirectly disclose Protected Information to any person or entity; provided Interested Party may disclose the Protected Information to the Interested Party s legal counsel and prospective lender, and, if applicable, the Interested Party s partners, members, or shareholders, for purposes of evaluating the Potential Transaction, so long as such persons have agreed in writing to be bound by the terms hereof or are subject to a confidentiality and nondisclosure agreement, the terms of which are at least as restrictive as the terms hereof. The Interested Party shall (i) treat such Protected Information as strictly confidential, (ii) use the information solely for the purpose of evaluating the Potential Transaction, and (iii) exercise the same degree of care in the protection of such Protected Information as the Interested Party exercises with respect to its own confidential or proprietary information, but in no event may such degree of care be less than reasonable given the nature of Protected Information. Notes, documents, summaries and reports referencing or relating to Protected Information may be made and kept by Interested Party; provided they continue to be subject to the confidentiality, non-disclosure, and destruction provisions set forth herein. The undersigned shall not make copies of Protected Information except for those copies required for use by the Interested Party in the Potential Transaction. In the event Interested Party elects not to proceed with the Potential Transaction, Interested Party shall immediately destroy all Protected Information, including any copies thereof. Neither Owner nor TOK makes any representations or warranties, express or implied, as to the accuracy or completeness of the Protected Information or any other information provided to Interested Party and Interested Party hereby assumes all risks associated with any reliance on the same and waives any and all claims or recourse Interested Party may have against Owner or TOK with respect to the same. Interested Party hereby agrees to defend, indemnify and hold Owner, TOK, John Stevens, Holly Chetwood and their respective affiliates, agents, employees, successors and assigns, harmless from and against and all claims, causes of action, damages, losses, liabilities, and expenses, including, without limitation, reasonable attorneys fees, arising out of or related to Interested Party s breach of the terms and conditions of this agreement. This document may be executed in counterparts, each of which together shall constitute one and the same document. Provided, further, this document may be executed electronically and delivered by facsimile or electronic mail, and any such signature shall have the effect of an original signature. The undersigned has/have caused this document to be executed as of the date set forth below. INTERESTED PARTY (POTENTIAL PURCHASER): By: Date: Address: Print Name: Title: Telephone: Company: INTERESTED PARTY (BROKER): By: Date: Address: Print Name: Title: Telephone: Company:

4 The Offering Offering Overview Property Overview Summary Offering Price: $1,825,000 Capitalization Rate: 5.75% Net Operating Income: $105,000 Tenant: Term: L & F Enterprises, Inc. dba 15 years Rent: $105,000 annually, with 10% increases every 5 years 4, 5-year options to renew Summary Property Name: Property Address: Property Description: Building Size: Parcel Size: Zoning: 1805 W. Island Green Drive Meridian, Idaho Full Service Automotive Oil & Lube Facility 3,178 SF Total 2 Bays Mezzanine & Basement Acres C-C Narrative Thornton Oliver Keller is pleased to exclusively offer the newlyconstructed for sale as an absolute NNN lease with a 15 year initial term. The Property is located at 1805 W. Island Green Drive in Meridian Idaho. Shadow anchored by Fred Meyer and the soon-to-be developed Winco, other nearby retailers include Primary Health, Carl s Jr., Dollar Tree, Sprint, Black Rock Coffee Bar, Verizon, Starbucks, McDonald s and many more. Highlights Brand New Construction Absolute NNN - No Landlord Responsibilities Personally Guaranteed by Both Partners The asset is offered at an 5.759% cap rate. The offering is a tremendous opportunity for an investor or 1031 exchange buyer to achieve stable returns in today s low-yield environment with no management involvement. ABSOLUTE NNN [1]

5 Financial Summary Price $1,825,000 Price Per Square Foot: $ Capitalization Rate: 5.759% Total Rentable Area (SF): 3,178 Lot Size (AC): Stabilized Income Scheduled Rent: Per Square Foot $33.00/SF NNN Equals Net Operating Income $105,000 financial information is available upon execution of a confidentiality agreement [2]

6 Rent Roll TERM DATES RENT SUMMARY Lease Years Start End Yearly Rent Monthly Rent Monthly Rent/SF Yearly Rent/SF Annual Return 1 thru 5 9/6/2017 9/30/2022 $105, $8, $2.75 $ % 6 thru 10 10/1/2022 9/30/2027 $115, $9, $3.03 $ % 11 thru 15 10/1/2027 9/30/2032 $127, $10, $3.33 $ % Option 1 10/1/2032 9/30/2037 $139, $11, $3.66 $ % Option 2 10/1/2037 9/30/2042 $153, $12, $4.03 $ % Option 3 10/1/2042 9/30/2047 $169, $14, $4.43 $ % Option 4 10/1/2047 9/30/2052 $186, $15, $4.88 $ % [3]

7 Tenant Profile is a homegrown, Idaho company founded right here in the Treasure Valley. The first Einstein s location opened in 2007 on Fairview Avenue in Meridian. Since then, our team has worked tirelessly to expand to 8 locations in Boise, Meridian, Garden City, Nampa, and Caldwell. Because of our local roots, we will always be deeply committed to and grateful for this community. It has truly made us what we are! History: was founded by Michael Meuret and Stephen Taylor, who met while employed by a chain of 5 franchised automotive maintenance centers which they managed together. During their tenure they became frustrated with the limited opportunities afforded them within the franchise structure and dreamed of one day launching a business of their own. They envisioned a company that would revolutionize the automotive oil change industry which is often characterized by dingy facilities, dishonest practices, and mediocre service. They aimed to accomplish this by providing a customer experience that was unparalleled and truly extraordinary. To embody this brand to be, they chose Albert Einstein, the very antithesis of the status quo; an extraordinary individual who lived on the cutting edge and staunchly resisted anything ordinary or boring. was born. Values & Mission: Serving our customers: At we believe changing your oil should be enjoyable rather than a chore and that you should always leave with the utmost confidence that the job was done right. To that end, we invite you to relax in your car and watch our technicians at work on TV monitors mounted next to your vehicle. You can also enjoy a free beverage of your choice and a newspaper or surf the web on one of our complimentary in service tablets. You never need an appointment and you ll be in and out before you know it. Plus, we only use products of the highest quality so that every Einstein s service meets or exceeds your vehicle s warranty requirements. Serving our employees: We are deeply committed to improving the lives of our employees both personally and professionally. That s why in addition to offering industry leading pay, benefits, and advancement opportunities; dedicates 10% of all profits to our employees and their families through an annual profit sharing bonus. Serving our community and our world: The Einstein s team is passionate about investing in our neighborhoods and beyond. That s why we donate at least 25% of all profits to charitable organizations throughout the Treasure Valley and around the world. Some of our favorite causes include local schools, St Jude Children s Research Hospital, local food banks, youth sports programs, and orphan care in Africa and India. At your oil change helps change the world! [4]

8 Tenant Profile -NOW OPEN! SUBJECT PROPERTY NOW OPEN [5]

9 Construction Photos REPRESENTATIVE PHOTOS [6]

10 Property Site Plan SD THIS DRAWING CONTAINS INFORMATION WHICH IS THE PROPRIETARY PROPERTY OF ALC ARCHITECTURE. NO UNAUTHORIZED REUSE OR DUPLICATION OF THESE PLANS OR ANY INFORMATION CONTAINED HEREIN, WITHOUT THE EXPRESS WRITTEN CONSENT OF ALC ARCHITECTURE. THIS DRAWING IS NOT TO BE USED FOR CONSTRUCTION UNTIL IT IS SIGNED BY THE ARCHITECT. COPYRIGHT ENLARGED SITE PLAN SCALE: 1" = 20'-0" NOTE: SEE SHEET G1.2 FOR KEYNOTE INFORMATION. [7]

11 Site Aerial SITE [8]

12 Meridian Area Map SITE [9]

13 Aerial Locator Map [10]

14 Property Demographics Site Map Site Demographics Radii W Island Green Dr, Meridian, Idaho, Rings: 1, 3, 5 mile radii Prepared by Esri Latitude: Longitude: Mile Demographic Snapshot 2017 Population: Avg HH Income: Employees: Median Age: 1 Mi. 7,008 $101, Mi. 55,643 $93,462 4, Mi. 128,501 $88,888 43, Mile [11]

15 mile radius 1 mile radius 3 mile radius 5 Summary Census Population 5,482 7,008 8,302 Households 1,551 1,955 2,309 Families 1,341 1,664 1,951 Average Household Size Owner Occupied Housing Units 1,291 1,585 1,869 Renter Occupied Housing Units Median Age Trends: Annual Rate Area State National Population 3.45% 1.25% 0.83% Households 3.38% 1.19% 0.79% Families 3.23% 1.11% 0.71% Owner HHs 3.35% 1.23% 0.72% Median Household Income 1.31% 1.07% 2.12% Summary Census Population 41,328 55,643 64,241 Households 13,270 17,608 20,237 Families 10,914 14,287 16,298 Average Household Size Owner Occupied Housing Units 11,024 14,191 16,288 Renter Occupied Housing Units 2,246 3,417 3,948 Median Age Trends: Annual Rate Area State National Population 2.92% 1.25% 0.83% Households 2.82% 1.19% 0.79% Families 2.67% 1.11% 0.71% Owner HHs 2.79% 1.23% 0.72% Median Household Income 1.66% 1.07% 2.12% Summary Census Population 104, , ,870 Households 35,603 43,371 48,747 Families 27,998 33,680 37,615 Average Household Size Owner Occupied Housing Units 27,644 32,639 36,732 Renter Occupied Housing Units 7,959 10,732 12,014 Median Age Trends: Annual Rate Area State National Population 2.43% 1.25% 0.83% Households 2.36% 1.19% 0.79% Families 2.23% 1.11% 0.71% Owner HHs 2.39% 1.23% 0.72% Median Household Income 1.75% 1.07% 2.12% 1.5 Income Profile & Demographics Annual Rate (in percent) Household Population Income Households Families 20 $50K - $74K Population 21.0% by Age W Island Green Dr, Meridian, $35K - $49K Ring: 59.3% mile radius Idaho, 16 $25K - $34K 5.3% Trends $15K - $24K 3.3% <$15K 4.7% 102 $75K 1.8- $99K 15.5% $200K % $150K - $199K 6.2% $100K - $149K % Household Population Income Households Families 20 Annual Rate (in Percent percent) Population by Age $25K - $34K 7.0% $50K - $74K Source: 14U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 a 22.3% $15K - $24K 5.0% 12 <$15K 6.1% Esri Percent 8 6 $75K - $99K 413.4% 2 0 $35K - $49K 10.0% $200K+ 6.4% $150K - $199K 7.4% [12] Percent Percent $100K - $149K 22.4% Household Income $15K - $24K Source: U.S. Census Bureau, Census 2010 Summary File 7.1% 1. Esri forecasts for 2017 a $50K - $74K 19.2% 2017 Esri $75K - $99K 13.4% $35K - $49K 10.8% Demographic and Inc $25K - $34K 8.2% $100K - $149K 20.8% <$15K 7.8% $200K+ 6.0% $150K - $199K 6.8% 20 Percent 2

16 Boise Area Information BOISE, IDAHO - Boise is not only the capital of Idaho, but the center of commerce, politics, population, cultural events, and the blue field that personifies the Boise State Broncos. As a high desert community resting at the foot of the mountains, it is surrounded by thriving bedroom communities rich in their own histories and economies, bringing the metro area population to approximately 696,000. Experts estimate the MSA population will exceed 748,000 by Although Boise is famous for the potato market, it has an equally vibrant economic environment for high-tech, healthcare, education, transportation, service, tourism, and retail industries. Many nationally and globally recognized corporations have a home in Boise including Micron Technology, Hewlett Packard, DirecTV, Albertsons, J.R. Simplot Company, MotivePower, Materne, Heartland RVs, and many others. Forbes consistently ranks Boise as one of the top places in the country to do business, high quality of life, raising a family, entertainment, and recreation. Boise has seen increased development with The Village at Meridian, the Eighth & Main Building, and the under construction City Center Plaza and JUMP Project. And don t forget our three time Fiesta Bowl winning team, the Boise State Broncos! AREA PROFILE KEY CITIES WITHIN THE BOISE AREA MSA Boise 228,930 Meridian 98,300 Eagle 26,930 Nampa 96,820 Caldwell 54,120 Total MSA Population (2017) 695,765 Source: Compass 2017 Population Estimates and 2017 Boise Valley Spotlight. EMPLOYMENT AND INCOME Total Employment (Boise-Nampa MSA 4/17) 314,440 State Unemployment Rate as of April % Per Capita Income $26,306 Median Household Income $53,059 Average Household Income $79,273 Source: Dept. of Labor and STDBonline. TOP EMPLOYERS St. Luke s Micron Technology, Inc. West Ada School District Boise School District Boise State University Saint Alphonsus Health System Walmart City of Boise HP Inc. J.R. Simplot Company Source 2017 Boise Valley Spotlight HOUSING Single-Family Homes sold in Ada Co. (2016) 10,777 Median Home Price $225,673 Single-Family Homes sold in Canyon Co. (2016) 4,056 Median Home Price $156,330 Source: Intermountain MLS and STDBonline. NATIONAL ACCOLADES #1 Lowest Cost Metro in Pacific U.S. - KPMG Competitive Alternatives, 2016 #2 Best Capitol to Live In - WalletHub, 2017 #1 City for New Home Sales (Meridian) - Curbed, 2017 #6 Best Downtown - Livability, 2016 Top 10 Hottest Travel Destinations of Vogue Magazine, 2017 #6 Top States for Job Growth - Forbes, 2016 #3 Popular U.S. Growth Cities - U-Haul, 2017 Best Run City in America (Nampa #1, Boise #3) - WalletHub, 2017 [13]