Brand new aspen dental [ actual store ] bite size medical deal in new york aspen dental is the largest dental tenant in the us 3018 NY Route 417, Olean, NY 14760 [ www.capitalpacific.com ]
PROperty Summary 10-year corporate lease - pad to regional shopping center with the home depot, walmart supercenter, old navy, bj s wholesale and many others. Listing Team Contact Info John Andreini jandreini@capitalpacific.com (415) 274-2715 CA BRE# 01440360 PRICE: $1,659,259 CAP: 6.75% Rentable SF...3,500 SF Price per SF...$474.07 land area...0.616 Acres YEAR BUILT...2015 Current Rent...$32.00/SF Lease Expiration...11/30/2025 In conjunction with NY Licensed Broker: Donna Martinek, Transitional Resource Specialists (412) 298-6229 dmfm2012@gmail.com Capital Pacific collaborates. Click Here to meet the rest of our San Francisco team. [ actual store ] aspen dental 2
core characteristics corporate credit tenant Aspen Dental has over 500 locations in 33 states outstanding financial performance Revenues and net income continue to improve annually Strategic trade area Ideally situated within the Home Depot, Walmart Supercenter, Old Navy, BJ s Wholesale, Carmike Cinema s anchored shopping center home of St. bonaventure university,which is 1-mile away Approximately 2,500 undergraduates 10-year corporate lease Rental increases of 10% in year 6 and in each of the three 5-year option periods. Tenant responsible for interior non-structural portions, all CAM s, taxes, insurance, HVAC and parking lot repairs and maintenance. Landlord responsible for roof and structure located on primary east / west arterial in town very rare new york location The Olean statistical trade area comprises 239,000 residents aspen dental has over 500 locations in 33 states National Tenant [ actual store ] aspen dental 3
aerial Allegany Limestone Elementary Ext neighboring tenants include The home depot, walmart & Aldi BARTLETT COUNTRY CLUB lo N Un ion S ffa Bu 17 tree t 86 16 ad Ro OLEAN CENTER MALL Wayne Street re et Olean Middle School Olean Senior High School 81,900 DAILY 417 W State Street 417 tre et 16,200 DAILY ns Archbishop Walsh High School Washington West Elementary nio St SU ain N 12th Street 7 41 EM 16 86 BUFFALO aspen dental 4
income & expense PRICE $1,659,259 Price Per Square Foot: $474.07 Capitalization Rate: 6.75% Total Rentable Area (SF): 3,500 Lot Size (AC): 0.62 STABILIZED INCOME Per Square Foot Scheduled Rent $32.00 $112,000 Effective Gross Income $32.00 $112,000 LESS Per Square Foot Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $112,000 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. [ surrounding area retail ] aspen dental 5
rent roll RENTAL INCREASES TENANT INFO LEASE TERMS RENT SUMMARY Tenant Name Sq. Ft. Term Current Rent Monthly Rent Yearly Rent Monthly Rent/FT Yearly Rent/FT Aspen Dental 3,500 12/1/2015 11/30/2020 $112,000 $9,333 $112,000 $2.67 $32.00 12/1/2020 11/30/2025 $10,267 $123,200 $2.93 $35.20 Option 1 12/20/2025 11/30/2030 $11,293 $135,520 $3.23 $38.72 Option 2 12/1/2030 11/30/2035 $12,422 $149,066 $3.55 $42.59 Option 3 12/1/2035 11/30/2040 $13,665 $163,975 $3.90 $46.85 Totals: 3,500 $112,000 $9,333 $112,000 $2.67 $32.00 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. [ surrounding area retail ] aspen dental 6
site plan Site Plan Key Parcel outline: Land Area: 0.62 Ac Building Area: 3,500 SF Ingress/Egress: Easement Area NOT A PART MONUMENT SIGN 417 West State Street 16,200 DAILY This site plan is a rendering that has been created based on sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies. aspen dental 7
tenant overview about aspen dental Aspen Dental Management Inc. (ADMI) provides non-clinical business support services to independently owned and operated dental practices in approximately 33 states. This includes finding the right location, payroll and benefits, equipment, accounting and marketing. This model leaves independent, licensed practitioners free to concentrate on patient care. www.aspendental.com Aspen Dental has more than 500 locations that offer patients a full range of denture and dental services, from preventive care to general dentistry to restoration. In 2015 alone, Aspen Dentalbranded practices recorded nearly 3.7 million patient visits and welcomed nearly 785,000 new patients. [ actual store ] aspen dental 8
photos Subject property is adjacent to walmart supercenter, the home depot, aldi and many others aspen dental 9
location & demographics Olean, NY Overview Olean is the largest city in Cattaraugus County, New York, and serves as its financial, business, transportation and entertainment center. It is also one of the principal cities of the Southern Tier region of New York, which generally borders Pennsylvania west of Delaware County. Dresser-Rand, global leader in compressor technology for applications in the power industry, operates a manufacturing facility in Olean, which is one of the largest employers in the Southern Tier. Cutco Cutlery Corporation, established in 1949, is headquartered also in Olean and manufactures all of its knives in the city. St. Bonaventure University is located just a few miles west of Olean. It has roughly 2,400 undergraduate and graduate students and over 500 faculty and administrative staff. Population 1-Mile 3-Mile 5-Mile 2015 3,657 19,643 23,799 2015 Household incomes 1-Mile 3-Mile 5-Mile Average $53,996 $51,825 $53,593 Top Employers Dresser-Rand Upper Allegany Health System Seneca Allegany Casino & Hotel Cutco Corp. St. Bonaventure University Olean aspen dental 10
A unique HUMAN RESULTS-DRIVEN client experience The capital pacific experience - our daily commitment to our clients [ www.capitalpacific.com ] [ actual store ] John Andreini jandreini@capitalpacific.com (415) 274-2715 CA BRE# 01440360 Rick Sanner rsanner@capitalpacific.com (415) 274-2709 CA BRE# 01792433 Bob Sanner bsanner@capitalpacific.com (415) 274-2717 CA BRE# 00869657 In conjunction with NY Licensed Broker: Donna Martinek, Transitional Resource Specialists (412) 298-6229 dmfm2012@gmail.com Capital Pacific collaborates. Click Here to meet the rest of our San Francisco team. chris kostanecki zeb ripple chris peters john andreini dave lucas joe caccamo zandy smith gregg steele jack navarra karla zens [ Copyright 2016 Capital Pacific ]