FOR SALE $2,750,000 EXISTING CAR WASH OPERATION INCLUSIVE OF ALL FIXTURES & EQUIPMENT 1.316 ACRES PRIME ADDISON LOCATION INVESTMENT SUMMARY
OVERVIEW PROPERTY PROFILE: ADDRESS: 15209 Addison Road Addison, Texas 75001 LAND: 1.316 Acres (2-Parcels) BUILDING SIZE: Main Building: 7,760 SF Warehouse: Car Wash: Total: 7,688 SF 4,420 SF 19,868 SF SPECIALIZED EQUIPMENT: Available Upon Request ROOF CONDITION: Replaced in 2016 with a 15-year warranty INVESTMENT OVERVIEW Stream Realty Partners, L.P. is pleased to present to qualified investors the opportunity to acquire a 100% fee simple interest in 15209 Addison Road, a full-service, autodetail and car wash facility located in Addison, Texas. Situated on approximately 1.316 acres of land along Addison Road, the Property consists of 19,868 square-feet of building improvements, and an extensive list of equipment and fixtures critical to the operations of a full-service car wash. INVESTMENT HIGHLIGHTS > SITE AND BUILDING FUNCTIONALITY The existing car wash facility and associated equipment provide a rare opportunity for an operator or investor to expand a footprint in an urban, infill location. The main building features a second floor office space providing room for additional service lines or supplemental income. > LOCATION Located immediately to the south of the Addison Airport and north of restaurant row, the Property benefits from excellent access to the Dallas North Tollway to the east and LBJ Freeway (I-635) to the south, making it an irreplaceable site in the heart of the affluent and business friendly city of Addison, Texas. > LIKELY SALE PRICE BELOW REPLACEMENT COST The asking price allows an existing car wash operator or investor to acquire a functional property at a substantial discount to replacement cost,estimated to be in excess of $500/SF (not including equipment), in a trade area with minimal additional land purchase opportunities. 2
LOCATION MAP Lake Lewisville 121 PLANO FLOWER MOUND LEWISVILLE 75 Fort Worth Alliance Airport ROANOKE Addison Airport ADDISON ROAD 114 Grapevine Lake SOUTHLAKE 121 35E CARROLTON 190 Addison Airport ADDISON ARAPAHO ROAD 35W KELLER BELT LINE ROAD INWOOD ROAD 635 RICHARDSON 287 MIDWAY ROAD 820 NORTH RICHLAND HILLS COLLEYVILLE BEDFORD MONTFORD DRIVE EULESS Dallas Fort Worth International Airport 183 161 114 IRVING 12 35E Dallas Love Field UNIVERSITY PARK HIGHLAND PARK 75 635 Fort Worth Meacham Airport FORT WORTH 121 12 35E DALLAS CBD 30 CBD 30 30 820 ARLINGTON 12 45 35W GRAND PRAIRIE 20 35E 20 20 287 3
ADDISON ROAD SITE PLAN 15215 Addison Road (0.3042 Acres) 15209 Addison Road (1.012 Acres) CARPORT WAREHOUSE 7,760 SF OFFICE / CAR WASH (2-STORIES) 7,735 SF 4
RETAIL MAP ADDISON CIR WILEY POST RD ADDISON AIRPORT FESTIVAL WAY SPECTRUM DR O RD PAH AR A D OR MIDW AY RD MONFORT DR ADDISON RD A QUORUM DR PAH RA BELTLINE RD BELTLINE RD RD LVD RK B DMA LAN OOD 15209 ADDISON ROAD INW OFFERING SUMMARY E BELTWOOD PKWY BELTWAY DR S T R E A M R E A LT Y PA R T N E R S BELTLINE RD 5
BELTLINE ROAD AERIAL OVERVIEW 75 635 75 GALLERIA PRESTON CENTER CBD 635 QUORUM / BENT TREE BELTLINE ROAD INWOOD ROAD METRO ADDISON INDUSTRIAL ARAPAHO ROAD ADDISON ROAD 6
AERIAL OVERVIEW ARAPAHO ROAD ADDISON ROAD 7
BUILDING PHOTOS Carport Carwash Exterior - Front 1 st Floor Primary Waiting Area 2 nd Floor Office 1 st Floor Secondary Waiting Area Car Wash Viewing Area 8
BUILDING PHOTOS Carwash Entrance Carwash Exterior - Rear Carwash Warehouse Interior - Detailing Warehouse Interior Warehouse Exterior 9
ADDISON AREA OVERVIEW DEMOGRAPHIC SUMMARY 1 Mile 3 Miles 5 Miles Total Population 10,414 134,169 411,942 Projected Growth (2017-2022) 7.6% 7.3% 9.5% Daytime Employees 5,782 63,454 176,251 Average HH Income 89,781 104,523 101,882 Median HH Income 72,167 81,181 80,858 Median Age 37 45 46 TRAFFIC COUNTS (VPD) OVERVIEW Addison, Texas is an incorporated town in Dallas County, Texas. Located in Dallas County s Platinum Corridor along the Dallas North Tollway between LBJ Freeway (I-635) and the President George Bush Turnpike (Highway 190), Addison is a compact urban center, encompassing 4.4 square miles. Addison is located 13 miles north of downtown Dallas, 16 miles northeast of DFW Airport, 11 miles north of Love Field Airport and about one mile from The Dallas Galleria. Addison is home to several major corporations, including Mary Kay Cosmetics, and offers quality office buildings, upscale shopping, beautifully landscaped residential communities, award-winning parks, 22 hotels and 180 restaurants, all within a 5 minute drive from anywhere in town. The Addison Airport is home to more than 700 based aircraft with 90,000+ annual flights, located 15 minutes from downtown Dallas. Serving the general-aviation public with 7,200 feet of runway, an FAA control tower, 24-hour Customs services, and no landing fees. Addison features a relatively young and highly educated population. About 75 percent of Addison residents have attended college, and about 47 percent have a Bachelor s degree or higher, with another 13 percent having achieved at least a high school diploma. The median age in Addison is 32.5 years with a median household income of $55,816. According to 2010 U.S. Census estimates, 54 percent of Addison residents are White, 25 percent are Hispanic, 12 percent are Black/African American and 7 percent are Asian. The North Central Texas Council of Governments estimates that the population of Addison will approach 19,000 by 2020. (source: AddisonTexas.net) Dallas North Tollway 205,342 Belt Line Rd 59,116 MAJOR LOCAL EMPLOYERS COMPANY Mary Kay Cosmetics (HQ) Bank of America MBNA (RO) Concentra Operating Corp. (HQ) Glazer s Family of Companies (HQ) Dallas Marriott Quorum United Surgical Partners (HQ) National Business Research Institute (HQ) Greenhill School INDUSTRY Cosmetics Finance Medical Spirits Hospitality Medical Market Research Education (Private School) 10
DALLAS / FORT WORTH ECONOMIC OVERVIEW The Dallas / Fort Worth (DFW) economy is one of the most diverse in the nation with key players in major long-term growth industries including aerospace/defense, transportation, healthcare, financial services, technology, distribution and trade. The DFW metroplex ranks at or near the top of all U.S. metros in business relocations and job growth, as well as other measures of economic vitality. DFW s economic configuration has two predominant characteristics that provide the basis for its strength. First, DFW s economy is incredibly well diversified, minimizing the market risk against a downturn in any particular industry as witnessed in the recent recession. This has led to DFW s current unemployment rate of 3.7% versus a U.S. unemployment rate of 4.8% as of December 2016. Second, most of the Metroplex s primary industries are well positioned for expansion in the near future. These primary industries include energy, high-tech electronics, telecommunications, financial services, defense, transportation/distribution and wholesale trade. DFW s central location is convenient to North America s five largest business centers: New York, Chicago, Los Angeles, Mexico City, and Toronto. The region s location in the Central Time Zone, one hour behind the East Coast and two hours ahead of the West, lengthens the productive working day for companies doing business on the coasts. Aspects that make DFW an ideal business location include DFW International Airport (the third-busiest in the world), home to American Airlines, the world s largest airline, Fort Worth s Alliance Airport, one of the largest freight-only airports and master-planned distribution systems in the world, and Dallas Love Field, home to Southwest Airlines, the preeminent low-fare carrier in the United States; access to a multitude of interstate highway systems; proximity to national employment centers; pro business local governments; and an advantageous business-tax structure, which includes no state income tax. All of these are contributing factors to DFW s economic outperformance of other major metro areas. The DFW area is the fourth-largest U.S. metropolitan statistical area with approximately 6.81 million residents, according to recent estimates by the U.S. Census Bureau. The DFW economy supports approximately 3.4 million jobs and is home to the corporate headquarters of 20 firms in the Fortune 500. PERCENTAGE OF LABOR MARKET GROWTH - 2Q 2017 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Dallas Atlanta San Francisco Washington Miami Phoenix Los Angeles Boston United States Philadelphia New York Chicago Houston Initially set up to protect DFW International Airport from competition at Love Field, the Wright Amendment restricted direct flights from Love Field to only airports in Texas, Oklahoma, Arkansas, Louisiana, New Mexico, Kansas, Mississippi, Alabama and Missouri. Effective October 2014, the Wright amendment was lifted, therefore allowing Southwest Airlines national access out of Love Field. DFW has the fourth largest gross metropolitan product (GMP) in the United States, and roughly the tenth largest GMP in the world. DFW s prominent location in Texas has produced an astounding 38% of all net new jobs in the U.S. since June 2009, according to the Federal Reserve Bank. 11
DALLAS / FORT WORTH ECONOMIC OVERVIEW (CONT.) DFW s broad economic base and proactive business climate continues to attract both people and businesses to the Metroplex. DFW is expected to remain on its long-term growth trends for the near and extended future, outpacing the state and the nation on all major measures, and continuing to remain strong and balanced even in unfavorable market conditions. In addition, DFW has a large, young, educated and growing workforce with more people moving in from out of state at a feverish pace. The diverse and resilient local economy, access to skilled workers, and low costs of living and conducting business should continue to drive business startups, expansions, and relocations to the area. DFW s central U.S. location, extensive transportation system, and low costs of living and doing business will continue to place Dallas in the forefront of expansion and economic growth in the future. POPULATION GROWTH PROJECTIONS (2015-2020) RANK MSA 2015-2020 ANNUALIZED 1 Dallas-Fort Worth, TX 758,800 151,760 2 Atlanta-Roswell, GA 692,300 138,460 3 Houston-Sugarland, TX 681,800 136,360 4 Phoenix-Scottsdale, AZ 572,800 114,560 5 Orlando-Kissimmee, FL 409,200 81,840 6 Los Angeles-Glendale, CA 355,700 71,140 7 New York-Jersey City, NY-NJ 354,500 70,900 8 Austin-Round Rock, TX 312,600 62,520 9 Charlotte-Gastonia, NC-SC 297,600 59,520 10 Las Vegas-Henderson, NV 289,900 57,980 DFW'S LARGEST EMPLOYERS 34,698 Employees 24,700 Employees 20,000 Employees 19,230 Employees 17,097 Employees 15,800 Employees 14,126 Employees 13,500 Employees 13,122 Employees 12,000 Employees 10,097 Employees 9,100 Employees 8,700 Employees 8,674 Employees 8,134 Employees 7,964 Employees 7,022 Employees 12
CONFIDENTIALITY STATEMENT AND DISCLAIMER TERMS & CONDITIONS: OFFERING: Seller is seeking bids for its fee simple interest in the 15209 Addison Road. TERMS: All cash on an as-is, where-is basis. The information contained in this package is furnished solely for the purpose of review by a prospective purchaser of 15209 Addison Road in Addison, Texas (the Property ) and is not to be used for any other purpose or made available to any other person without the express written consent of Stream Realty Partners, L.P., Property Owner or any of their respective affiliates ( Stream ). The information contained in this package is from sources deemed reliable, but is not guaranteed by Stream or Owner in any way and is subject to change in price, corrections, errors and omissions, prior sale, or withdrawal without notice. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather a general outline of the pertinent provisions contained herein. Prospective purchasers should rely upon their own financial projections and conclusions without reliance upon the material contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material used in the construction or maintenance of the Property or located at the site. No copies of this package may be made in whole or in part without the prior written consent of Stream or the Property Owner. This package is the property of Stream and may be used only by parties approved by Stream or the Property Owner. The Property is privately offered and, by accepting this package, the party in possession hereof agrees that the package and its contents are of a confidential nature and will be held and treated in the strictest confidence. INVESTMENT SALES: Jamie Jennings Managing Director 214.267.0452 jjennings@streamrealty.com James Mantzuranis Vice President 214.267.0494 jmantzuranis@streamrealty.com Andrew Rabinovich Senior Financial Analyst 214.560.5111 andrew.rabinovich@streamrealty.com SUBMIT OFFER TO: Jamie Jennings, James Mantzuranis Stream Realty Partners, L.P. 2001 Ross Avenue Suite 400 Dallas, Texas 75201 Facsimile: 214.210.1452 or 214.210.1415 jjennings@streamrealty.com jmantzuranis@streamrealty.com COMPANY INFORMATION: Please provide a complete acquisition history/resume. PROPERTY TOURS: Please contact the Investment Sales team to schedule a property tour. 13
INFORMATION ABOUT BROKERAGE SERVICES Texas Real Estate Commission (11-2-2015) INFORMATION ON BROKERAGE RELATIONSHIPS Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts a buyer s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner s agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner s agent anything the buyer would not want the owner to know because an owner s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer s agent anything the owner would not want the buyer to know, because a buyer s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: shall treat all parties honestly; may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by the Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. TEXAS LAW REQUIRES THAT ALL REAL ESTATE LICENSEE S PRESENT THIS INFORMATION TO PROSPECTIVE SELLERS, LANDLORDS, BUYERS OR TENANTS. THE BROKER NAMED BELOW REPRESENTS: X OWNER BUYER OWNER AND BUYER BROKERAGE COMPANY: Stream Realty Partners, L.P. BROKER OR SALES ASSOCIATE: Jamie Jennings DATE: November 29, 2017 ACKNOWLEDGMENT: Please acknowledge your receipt of this information, for Broker s records: Date: OWNER (LANDLORD) OR BUYER (TENANT) OR AUTHORIZED REPRESENTATIVE This form is promulgated by the Texas Real Estate Commission for mandatory use by real estate licensees. Brokers must conduct transactions without regard to race, color, sex, religion, handicap, familial status or national origin. TREC AGENCY DISCLOSURE 14