3400 s hualapai way - offering memorandum
TRANSCRIPT
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 1
OFFERING MEMORANDUMROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 2
TABLE OF CONTENTSInvestment highlights 3
Lease summary 4
Photos 5
Financial analysis 6
Property information 7
Property aerials 8-9
Site plan 10
Tenant overview 11
Location overview 12
Market & area overview 13
OFFERING MEMORANDUMROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 3
INVESTMENT HIGHLIGHTS
PROPERTY OVERVIEW:
This newly constructed 100% net Leased investment includes a brand new premier architectural building on long term Leases to the following notable Tenants: Roberto’s Taco Shop (drive-thru), Marco’s Pizza and Bowl of Heaven. All three Tenants are on an initial Lease term of 10 years with two five year options to renew. High quality, 2015 built multi-Tenant building with NNN Leases provide for minimal management obligation. This brand new building totals 4,785 square feet and resides on 0.63 acres located within the highly desired Summerlin South area of Las Vegas. With a modern prototype design, this property offers pride of ownership and is a unique multi-Tenant asset.
TENANT INFO: • Roberto’s Taco Shop (Family owned and operated with over 65 stores)
• Marco’s Pizza (Franchise with over 500 Stores in 35 states)
• Bowl of Heaven (Franchise with 20 stores in 4 states and growing)
STABLE INCOME - EASE OF MANAGEMENT: • Brand new NNN Lease with Options
• Attractive Rental Increases
• Minimal Management Responsibilities – Ease of Management
• New multi-Tenant building built in 2015
EXCELLENT RETAIL LOCATION- STRONG DEMOGRAPHICS: • Irreplaceable Street Visibility on S. Hualapai
• Highly Desired Summerlin South Location
• Minutes from Downtown Summerlin and Red Rock Resort and Casino
• 2015 Estimated Population/ 3 Mile- 124,780
PERFECT 1031 EXCHANGE PROPERTY: • No Existing Financing in Place – Brand New Construction 2015 –
Pride of Ownership
• Brand New NNN Leases in Place with Options – Rental Increases – Effective Inflation Hedge
• Strong Retail Location – Minutes from Downtown Summerlin and Red Rock Resort and Casino
• Rare Opportunity to Own a smaller multi-Tenant Asset in Las Vegas, Nevada
ROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 4
LEASE SUMMARY
LEASE SUMMARY
Tenant Trade Names Roberto’s Taco Shop, Marco’s Pizza & Bowl of Heaven
Occupancy 100%
Number of Tenants 3
Building Size 4,785 SF
Land Size 0.63 Acres
Parcel Numbers 163-18-122-010
Lease Term: Roberto’s Taco Shop, Marco’s Pizza & Bowl of Heaven 10 Years
Options to Renew Two 5 Year Options
Current Base Rent $177,930.00 Per Year
Construction Year 2015
Lease Type Multi-Tenant NNN Investment
Market Summerlin/West Las Vegas
ROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 5
PHOTOSROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 6
FINANCIAL ANALYSISROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
TENANT BLDG SUITE SQUARE FEET % PROJECT DATE LEASE TERM % INCREASE ANNUAL
RENTMONTHLY
RENTANNUAL RENT PSF
MONTHLY RENT PSF
OPTIONS TO RENEW
Roberto’s Taco Suite A 1890 39.498% 120 Months 10% Every 5 Years $73,710.00 $6,142.50 $39.00 $3.25
2 Five Year Options -
10% Increases Every 5 Yrs
Marco’s Pizza Suite B 1395 29.154% 120 Months 2% Annually $50,220.00 $4,185.00 $36.00 $3.002 Five Year Options -
2% Annually
Bowl of Heaven Suite C 1500 31.348% 120 Months 3% Annually $54,000.00 $4,500.00 $36.00 $3.00
2 Five Year Options -
Increase 3% Annually
Total 4,785 100.000% $177,930.00 $14,827.50 $111.00 $9.25
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 7
PROPERTY INFORMATION
ADDRESS:
3400 S. Hualapai Way, Las Vegas, NV 89117
MARKET/SUBMARKET
Summerlin/West Las Vegas
PRICE
$2,965,500.00
CURRENT NOI
$177,930.00
CAP RATE
6%
PARCEL
163-18-122-010
BUILDING AREA
4,785 SF
LAND AREA
0.63 Acres
VISIBILITY AND FRONTAGE
Excellent visibility along S. Hualapai Way
YEAR BUILT/RENOVATED
Built in 2015 (New Construction)
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This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein.Information on roads and other non-assessed parcels may be obtainedfrom the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds,but only contains the information required for assessment. See therecorded documents for more detailed legal information.
MAP
LEG
END
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK CO., NV.
Scale: 1" = 200 ' 02/09/2011
T21S R60E 18 N 2 NW 4 163-18-1
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PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBERPLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL
176
190192
124126 125
136135 138137 139
161166 162163164165
174 177 178
191195 194 193
123128 127
173 175
140
Michele W. Shafe - Assessor
ROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 8
PROPERTY AERIALROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
S. TOWN CENTER
DESERT INN
W. SAHARA
I-215SUMMERLIN
THEODGE
At Hualapai
S. HUALAPAI
SITE
STARBUCKS TRUE LOGOS. GENERATED BY CHI NGUYEN (CHISAGITTA)
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 9
PROPERTY AERIALROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
S. T
OW
N C
ENTE
R
DESERT INN
W. SAHARA
I-215
STARBUCKS TRUE LOGOS. GENERATED BY CHI NGUYEN (CHISAGITTA)
THEODGE
At Hualapai
S. H
UA
LAPA
I
SITE
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 10
SITE PLANROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 11
TENANT OVERVIEW
Roberto’s was the first, and continues to be the best. San Diego’s first walk up and drive-thru taco shop has set the standard for fresh, authentic and inexpensive Mexican food. A passion for good ingredients, friendly service and a welcoming environment is what made Roberto’s a pioneer of classic Mexican food 40 years ago, and it is what keeps the famous taco shops thriving today. While always remaining loyal to traditional Mexican food, Roberto’s began as a family operated business in 1964 and continues to be family run, with over 65 Roberto’s taco shops today. Roberto’s remains the pioneer in fast, traditional Mexican food with taco shops in California, Nevada and Utah. There are over 40 locations through-out Las Vegas, N. Las Vegas and Henderson alone.
Headquartered in Toledo, OH, Marco’s Pizza (Marco’s Franchising, LLC) is the fastest-growing pizza company in the U.S. (based on the number of stores signed into development since 2007). Marco’s was founded by native Italian, Pasquale “Pat” Giammarco, and is committed to making Authentic Italian pizza with fresh ingredients. The company has grown from its roots as a beloved Ohio brand to operate more than 500 stores in 35 states, and the Bahamas. In the summer of 2014 Puerto Rico and India are slated to open the first of many Marco’s stores in those locales. Marco’s was recently voted number 3 by Consumer Reports, and is fast becoming recognized as one of the top-performing restaurant franchises in the country in addition to have the best, “Authentic” Italian pizza.
Bowl of Heaven originated in Rancho Santa Margarita, California in 2010. As of 2015 they have 20 locations in 4 markets. Bowl of Heaven serves Hawaiian-influenced açaí bowls, enhanced by “exotic superfruits.” In addition they offer fresh juices and smoothies made with fresh fruits and vegetables in several creative combinations. Bowl of Heaven’s popularity is rapidly growing along with many future locations already in the pipeline.
ROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 12
LOCATION OVERVIEW
POPULATION 1-MILE 3-MILE 5-MILE
Estimated Population (2015) 20,879 124,780 269,411
Projected Population (2020) 22,155 134,000 289,656
Historical Annual Growth 2010-2015 109 0.1% 3,197 0.5% 6,750 0.5%
Projected Annual Growth 2015-2020 1,276 1.2% 9,220 1.5% 20,245 1.5%
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
Estimated Households (2015) 8,568 53,224 111,610
Projected Households (2020) 8,873 55,865 117, 332
Historical Annual Change 2000-2015 2,603 2.9% 23,246 5.2% 39,558 3.7%
Projected Annual Growth 2013-2018 305 0.7% 2,641 1.0% 5,721 1.0%
INCOME 1-MILE 3-MILE 5-MILE
Avg. Household Income 2015 $86,126 $87,878 $83,174
Median Household Income 2015 $66,631 $63,882 $62,906
DAYTIME DEMOS 1-MILE 3-MILE 5-MILE
Total # of Businesses 2015 493 4,989 11,235
Total # of Employees 2015 3,783 48,299 103,212
Employee Pop per Business 7.7 to 1 9.7 to 1 9.2 to 1
Residential Pop per Business 42.4 to 1 25.0 to 1 24.0 to 1
ROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
LOCATION OVERVIEW:
This building is located at 3400 South Hualapai Way just South of Desert Inn, bordering the highly desirable Summerlin South area of Las Vegas. As a multi-Tenant pad, this location enjoys irreplaceable street visibility along South Hualapai Way. This property is surrounded by many of the most affluent residential communities in Las Vegas, some of which include, The Ridges, Red Rock Country Club and Willow Creek. The Summerlin area is also home to nine golf courses, cultural facilities, medical facilities, public and private schools, business parks and Downtown Summerlin, a 100+ acre outdoor mall with several high end restaurants and boutique shops.
FOR INFORMATION PLEASE CONTACT: 702-755-1790 OR 702-378-1375 13
AREA PROFILEROBERTO’S TACO SHOP, MARCO’S PIZZA & BOWL OF HEAVEN | MULTI-TENANT NNN LEASE (FEE SIMPLE)3400 S. HUALAPAI WAY, LAS VEGAS, NV 89117
Las Vegas is the most populous city in the U.S. state of Nevada and the county seat of Clark County. Las Vegas is an internationally renowned major resort city known primarily for gambling, shopping, and fine dining and is the leading financial and cultural center for Southern Nevada. The city bills itself as The Entertainment Capital of the World, and is famous for its consolidated casino–hotels and associated entertainment. A growing retirement and family city, Las Vegas is the 31st-most populous city in the United States, with a population at the 2014 census of 583,756. The 2014 population of the Las Vegas metropolitan area was 2,027,868. Today, Las Vegas is one of the top tourist destinations in the world.
Established in 1905, Las Vegas was incorporated as a city in 1911. Las Vegas often refers to the city plus some areas beyond the city limits, especially the resort areas on and near the Las Vegas Strip, and sometimes the entire Las Vegas Valley. The 4.2 mi (6.8 km) stretch of South Las Vegas Boulevard known as the Strip is mainly in the unincorporated communities of Paradise, Winchester, and Enterprise. Las Vegas is situated within Clark County in an arid basin on the desert floor, surrounded by dry mountains. The Spring Mountains lie to the west. Within the city there are many lawns, trees, and other greenery. The city enjoys abundant sunshine year-round: it has an average of about 300 sunny days per year.
The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant Industries. In the second quarter of 2012, something new was on the horizon for Downtown Las Vegas. Tony Hsieh, CEO of Zappos, purchased the former City Hall building, thus turning that property into Zappos corporate headquarters in Downtown Las Vegas. Since then Mr. Hsieh has put in a lot of money and effort revitalizing Downtown Las Vegas which is known as the Downtown Project. This recent project has transformed Downtown, bringing new restaurants, retail, tech buildings, annual, monthly and weekly events and a large park made out of shipping containers (Container Park) which has an outdoor hangout space that offers shopping, restaurants and a small outdoor concert venue. The Downtown project has changed Downtown Las Vegas and has increased the number of local and out of town visitors to the many events, restaurants and retail shops this area has to offer.
IN 2014, MORE THAN 41 MILLION PEOPLE VISITED LAS VEGAS.