actual site photo · 2017. 7. 27. · roof & structure landlord responsible lease term 10 years...

Actual Site Photo

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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. References to squarefootage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes onlyand do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Services, Inc. © 2015Marcus & Millichap ACT Y0260215

Table of Contents | 2

Financial Overview Property Overview Market Overview Financial Overview………………3 Investment Overview…………6 Vincennes Overview…………13Tenant Overview………………...4 Property Photos………………7 Demographics……………….14-15Lease Abstract……………………5 Aerial Photos…………………8

Floor Plan…………………….9Market Aerial Photo………….10Maps…………………………11-12






Price $1,325,000

Gross Leaseable Area (GLA) 1,617 SF

Price/ SF $819.42

Cap Rate 6.25%

Net Operating Income $82,800

Year Built/Renovated: 2001/2016

Lot Size 0.72 Acres

Type of Ownership Fee Simple

Financial Overview | 3

Lease Type Double Net

Roof & Structure Landlord Responsible

Lease Term 10 Years

Rent Commencement December 14, 2015

Lease Expiration December 31, 2025

Term Remaining 8.5 Years

Increases 5% in Year 11; 10% in Options

Options Three, Five-Year

Option to Terminate None

Option to Purchase None

Right of First Refusal None

Term Annual Rent Monthly Rent

8/13/2015 to 8/31/2020 $82,800.00 $6,900.00

9/1/2021 to 8/31/2025 $86,940.00 $7,245.00

Option I: 9/1/2026 to 8/31/2031 $95,634.00 $7,969.50

Option II: 9/1/2031 to 8/31/2036 $105,197.40 $8,766.45

Option III: 9/1/2036 to 8/31/2041 $115,717.14 $9,643.10

NET OPERATING INCOME $82,800.00

Total Return






Tenant Overview | 4

Headquarters Basking Ridge, NJ

Stock Symbol NYSE, NASDAQ: VZ

Revenue $131.6 Billion (2015)

Employees 76,400

Locations 2,330+

Website www.verizonwireless.com

Square Footage 1,617 SF

Rent Commencement December 14, 2015

Lease Expiration December 31,2025

Options Three, Five-Year

Headquarters Carmel, IN

Locations 1,160

Website www.tccrocks.com

Verizon Wireless

The Cellular Connection, LLC formerly known as Moorehead Communications, Inc.

The Cellular Connection, LLC formerly known as Moorehead Communications, Inc.and doing business as The Cellular Connection is the largest Verizon PremiumWireless Retailer in the country with over 1,160 locations across 41 states. Theirlong-standing relationship with Verizon Wireless allows the company to make itsservices more accessible to customers while offering unparalleled customer serviceand competitive pricing.

The Cellular Connection, LLC is the 12th largest privately-held company in the Stateof Indiana with over $1 Billion in annual revenues.

Verizon Wireless is an innovative wireless communications company that connectspeople and business with the most advanced wireless technology and serviceavailable. Verizon launched the nations' first 3G wireless broadband network. Theywere also the first tier-one wireless provider in the nation to build and operate a 4GLTE network. The 4G LTE customers can access the Internet, stream media fasterthan ever and experience their mobile world in real-time.As the nation's largest wireless company, they serve 106.2 million retail connectionsand operate more than 1,700 retail locations in the United States. Globally, Verizonoffers voice and data services in more than 200 destinations.Verizon Wireless is wholly owned by Verizon Communications Inc. and isheadquartered in Basking Ridge, New Jersey.

Verizon Communications Inc. (NYSE, NASDAQ: VZ) is a global leader in deliveringbroadband and other wireless and wireline communications services to consumer,business, government and wholesale customers.

http://www.verizonwireless.com

http://www.tccrocks.com/





Common Area Maintenance Tenant responsible for operating costs and any common area utilities, maintain, repair and replace all signage, maintain and repair sidewalks, landscaping, curbing, all common areas, snow and ice removal, parking lot light, trash enclosure, gutters, downspouts, soffits, and any exterior lighting

Real Estate Taxes Landlord pays; tenant reimburses on a monthly basis as additional rent.

Insurance Landlord pays; tenant reimburses on a monthly basis as additional rent.

Utilities Tenant directly responsible for the payment of utilities.

Capital ExpendituresLandlord shall be responsible for any necessary maintenance, repair or replacement of the roof and roof membrane, structural portions of the building.

Parking Areas Landlord shall be responsible for repairing, restriping, resealing and replacing parking areas, curbs and entrances when such actions are necessary by commercially reasonable standards. In the event of potholes, substantial cracks, or other necessary repairs, tenant shall notify landlord in writing.

Tenant responsible to maintain pylon sign and lighting and maintain and repair the sidewalks, landscaping, curbing, all common areas, snow and ice removal, parking lot lighting, trash enclosure, gutters, downspouts, soffits, and any exterior lighting. Landlord shall not be required to reseal the parking lot during the first five years of the lease term and not more than once per five years thereafter. Landlord shall have no obligation to replace the parking lot unless it is in such state of disrepair that it is deemed below commercial standards and completely unsafe by a certified paving contractor or professional engineer.

HVACTenant is responsible for repair and replacement of HVAC after 5-15.17.

Estoppel Tenant shall have 15 Days to provide an executed Estoppel


Lease Summary | 5




Investment Overview | 6

Investment Highlights

Original 10-Year Lease | 8.5+ Years Remaining

Corporately Guaranteed Lease by The Cellular Connection, LLC | Over 1,160 Locations in 41 States

Minimal Landlord Responsibilities | Tenant Reimburses for Expenses

Wal-Mart Supercenter Located Across the Street

Positioned Near Several National Retailers: Office Max, Kohl’s, Steak ‘n Shake, Applebee’s & Arby’s

Moorehead Communications (TCC) is the 12th LargestPrivate-Held Company in Indiana.

Excellent Exposure with Immediate Accessibility to U.S. Route 41

Marcus & Millichap is pleased to exclusively present this single-tenant net-leasedVerizon Wireless located in Vincennes, Indiana. The subject property is a 1,617-square foot single-tenant retail building on a 0.72 acre parcel of land. Theproperty is on a new 10-year lease with The Cellular Connection, LLC dba TCC on adouble-net (NN) lease basis. The rent commenced on December 14, 2015. There isa 5% rent increase in year six and 10% increases in each of the three five-yearrenewal options. The tenant is responsible for CAM, Real Estate Taxes, Insurance,and HVAC while the landlord is responsible for roof and structure.

The site is ideally located just off of U.S. Route 41, which is a north-south highwaythat runs from Miami, Florida all the way up to the Upper Peninsula of Michigan.The building has excellent exposure, positioned across the street from the Wal-Mart Supercenter and next to several national retailers including Kohl’s, OfficeMax, Dollar Tree, Maurice's, Hibbett Sports, Ponderosa Steakhouse, Applebee’s,KFC, Steak ‘n Shake, Arby’s and Sherwin Williams.

Vincennes is the county seat of Knox County, and is located on the lower WabashRiver, nearly halfway between Evansville and Terre Haute. Founded in 1732,Vincennes is the oldest continually inhabited European settlement in Indiana andone of the oldest settlements west of the Appalachians.

The Cellular Connection, LLC formerly known as Moorehead Communications anddoing business as, TCC is the largest Verizon Premium Wireless Retailer in thecountry with over 1,160 locations across 41 states and is the 12th largestprivately-held company in the state of Indiana. The company is headquartered inCarmel, Indiana.




Actual Property Photos | 7




Aerial Site Photos | 8




Floor Plan | 9




Market Aerial | 10




Local Map | 11






Regional Map | 12






City of Vincennes | 13

Vincennes University is a public university established in 1801. VU is the oldest publicinstitution of higher learning in the Northwest Territory and in Indiana. Since 1889, VUhas been a two-year university, although baccalaureate degrees in seven select areasare available. Unlike most other two-year higher-education institutions, however, theVU's campus in Vincennes is a residential campus and has been since its establishment.VU was chartered in 1806 as the Indiana Territory's four-year university and remainedthe state of Indiana's sole publicly funded four-year university until the establishment ofIndiana University in 1820. From 1999 to 2005, Vincennes University was in a state-mandated partnership with what became the Ivy Tech Community College

The Vincennes community can best be summed up as “Small Town Living with Big CityFlair”. Vincennes offers many of the amenities found in larger cities but is coupled withthe same type of citizen interaction and environment that is found in small townsacross the Midwest. To the right is Vincennes' most recognizable landmark, The GeorgeRogers Clark National Historical Park Rotunda. The City of Vincennes is also one of only3 communities in the entire state of Indiana with a National Park within our City limits.The George Rogers Clark National Historic Park & Monument is located in thesouthwestern corner of the City. Anchored by the Good Samaritan Hospital, Vincennes’health care capabilities are comparable to larger cities.

Vincennes, is a city in and the county seat of Knox County,Indiana, United States. It is located on the lower WabashRiver in the southwestern part of the state, nearly halfwaybetween Evansville and Terre Haute. Vincennes is the oldestcontinually inhabited European settlement in Indiana andone of the oldest settlements west of the Appalachians.Founded in 1732 by French fur traders, notably, François-Marie Bissot, Sieur de Vincennes for whom the Fort wasnamed. During the 18th and 19th centuries, the French,British and American nations built and occupied a number offorts at Vincennes, Indiana. These outposts commanded astrategic position on the Wabash River.



The current year racial makeup of your selected area is as follows: 91.30%White, 4.49% Black, 0.04% Native American and 1.30% Asian/PacificIslander. Compare these to US averages which are: 70.77% White,12.80% Black, 0.19% Native American and 5.36% Asian/Pacific Islander.People of Hispanic origin are counted independently of race.

People of Hispanic origin make up 2.17% of the current year populationin your selected area. Compare this to the US average of 17.65%.


Demographic Summary | 14

Population

Households

Income

Race and Ethnicity

Employment

In 2016, the population in your selected geography is 24,574. Thepopulation has changed by -1.05% since 2000. It is estimated that thepopulation in your area will be 24,540.00 five years from now, whichrepresents a change of -0.14% from the current year. The currentpopulation is 50.93% male and 49.07% female. The median age of thepopulation in your area is 36.18, compare this to the US average which is37.68. The population density in your area is 312.52 people per squaremile.

There are currently 9,696 households in your selected geography. Thenumber of households has changed by -1.19% since 2000. It is estimatedthat the number of households in your area will be 9,724 five years fromnow, which represents a change of 0.29% from the current year. Theaverage household size in your area is 2.28 persons.

In 2016, there are 13,796 employees in your selected area, this is also knownas the daytime population. The 2000 Census revealed that 55.31% ofemployees are employed in white-collar occupations in this geography, and44.92% are employed in blue-collar occupations. In 2016, unemploymentin this area is 5.25%. In 2000, the average time traveled to work was 18.00minutes.

Geography: 5 Miles

Demographic data © 2012 by Experian/Applied Geographic Solutions.

In 2016, the median household income for your selected geography is$45,575, compare this to the US average which is currently $54,505. Themedian household income for your area has changed by 48.75% since2000. It is estimated that the median household income in your area willbe $54,851 five years from now, which represents a change of 20.35%from the current year.

The current year per capita income in your area is $24,062, compare thisto the US average, which is $29,962. The current year average householdincome in your area is $58,038, compare this to the US average which is$78,425.




Demographic Report | 15

HOUSEHOLDS BY EXPENDITURE 3 Miles 5 Miles 10 Miles

Total Average Household Retail Expenditure

$54,574 $56,342 $57,797

Consumer Expenditure Top 10 Categories

Housing $14,045 $14,400 $14,782

Transportation $9,097 $9,342 $9,503

Shelter $7,810 $7,966 $8,214

Food $6,323 $6,489 $6,637

Personal Insurance and Pensions $4,423 $4,709 $4,924

Health Care $4,354 $4,549 $4,663

Utilities $3,438 $3,537 $3,598

Entertainment $2,127 $2,205 $2,293

Cash Contributions $1,781 $1,930 $1,959

Household Furnishings and Equipment

$1,414 $1,480 $1,511

POPULATION PROFILE 3 Miles 5 Miles 10 Miles

Population By Age

2016 Estimate Total Population 20,372 24,574 30,617

Under 20 26.86% 26.37% 26.21%

20 to 34 Years 24.07% 22.42% 21.32%

35 to 39 Years 4.90% 4.91% 5.05%

40 to 49 Years 10.22% 10.50% 10.89%

50 to 64 Years 18.68% 19.71% 20.35%

Age 65+ 15.27% 16.09% 16.18%

Median Age 34.19 36.18 37.42

Population 25+ by Education Level

2016 Estimate Population Age 25+ 12,532 15,511 19,676

Elementary (0-8) 4.37% 4.13% 3.78%

Some High School (9-11) 10.17% 9.28% 8.95%

High School Graduate (12) 34.78% 33.37% 35.20%

Some College (13-15) 18.82% 18.91% 18.42%

Associate Degree Only 16.04% 16.68% 16.45%

Bachelors Degree Only 8.35% 9.27% 9.54%

Graduate Degree 5.80% 6.86% 6.40%

POPULATION 3 Miles 5 Miles 10 Miles

2021 Projection

Total Population 20,219 24,540 30,494

2016 Estimate


2010 Census


2000 Census


Current Daytime Population

2016 Estimate 31,289 34,903 39,069

HOUSEHOLDS 3 Miles 5 Miles 10 Miles

2021 Projection

Total Households 7,929 9,724 12,094

2016 Estimate


Average (Mean) Household Size 2.26 2.28 2.33

2010 Census


2000 Census


Occupied Units

2021 Projection 7,929 9,724 12,094

2016 Estimate 8,902 10,771 13,474

HOUSEHOLDS BY INCOME 3 Miles 5 Miles 10 Miles

2016 Estimate

$150,000 or More 2.66% 3.29% 3.36%

$100,000 - $149,000 8.90% 9.93% 10.22%

$75,000 - $99,999 10.45% 11.45% 11.81%

$50,000 - $74,999 19.66% 19.94% 21.12%

$35,000 - $49,999 15.59% 15.48% 15.64%

Under $35,000 42.30% 39.27% 37.17%

Average Household Income $53,585 $58,038 $59,415

Median Household Income $42,806 $45,575 $47,270

Per Capita Income $22,281 $24,062 $24,410



Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has

Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any

information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing

Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this

Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased

property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the

property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the

property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including

newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not

guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to

market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value

of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be

able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your

investigation and/or purchase of this net leased property.

NET LEASED DISCLAIMER

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended

to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus &

Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be

made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepare to provide summary, unverified information to prospective

purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has

not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and

square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the

improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this

Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, not has Marcus &

Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers

must take appropriate measures to verify all of the information set forth herein.

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actual site photo · 2017. 7. 27. · roof & structure landlord responsible lease term 10 years...

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