gas station nnn offering · garito and company is pleased to offer for sale a 100% fee simple...
TRANSCRIPT
Timothy GaritoPrincipalD: 407.777.9660 [email protected]
Dave BaltarBroker AssociateD: (407) [email protected]
Newly Remodeled NNN Chevron
1631 Taylor Rd
GAS STATION NNN OFFERING
Port Orange, FL 321 28
This confidential Offering Memorandum was prepared by Garito and Company, LLC . It contains selected information pertaining to the Property and does not purport to be all-inclusive, nor to contain all the information that a prospective investor may desire. This presentation is not an offer to sell or a solicitation to buy any securities, and is subject; to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the actual return on this investment.
Except for any historical information, such matters discussed herein are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results to differ materially from those projected, and could result in the loss of principal. Each prospective investor is to rely upon its own investigation, evaluation and judgment as to the advisability of the investment described herein.
Sources of information contained within this Offering Memorandum came from: CoStar, Integrated Realty Resources, Google, Esri and the US Census Bureau.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers and/or to terminate discussions with any party at any time with or without notice. The Owner shall have no legal commitment or obligation to any investor or Broker reviewing this Offering Memorandum or making an offer to invest in the Property unless a written agreement has been fully executed, delivered, and approved by the Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived.
This Offering Memorandum is the property of Garito and Company, LLC and and may only be used by parties approved by Garito and Company, LLC. The Property is being privately offered and by accepting this Offering Memorandum, the party in possession hereof agrees that its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Garito and Company, LLC and Owner. The terms and conditions set forth apply to this Offering Memorandum in its entirety.
DISCLOSURE
Closing Costs: Closing costs will be divided as customary and included in the contract.
PURCHASE CONTRACT:
Seller will prepare the purchase and sale agreement.
TRANSACTION:
• “As-Is, Where-Is” sale; Representations and Warranties Shall not survive closing
• Due Diligence period : 30 days or less
• Closing Period: 30 days or less
• Seller will provide draft of lease after fully executed LOI
Dave BaltarBroker AssociateD: [email protected]
OFFERED EXCLUSIVELY BY:
Timothy GaritoPrincipalD: 407-777-9660 ext. [email protected]
14 E Washington St, STE 402Orlando, FL 32801United States
Garito & Company, LLC www.garitoco.com
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 3
OFFERING SUMMARYINTRODUCTION
Garito and Company is pleased to offer for sale a 100% fee simple interest in a gas station located at 1631 Taylor Rd, Port Orange, FL 32128. The location is leased for 5 years with one 5 year, and one 2-year option and 3% annual increases.
INVES TMENT H IG HLIG HTS
• Strategic Location
The property is right off at I-95, which has over 65,000 AADT
• Great Visibility
The gas station has excellent visibility from Taylor Road
• Traffic Generating Neighbors
Excellent visibility with traffic generating neighbors like Publix, Target, Chic- Fil-A, Kohls, Bob Evans, and directly adjacent to Advent Health Hospital development.
• Great Lease Terms
A new 5 year lease with $96,000 NOI and annual increases of 3.5%
SITE SPECIFICATI IONSAddress: 1631 Taylor Rd, Port Orange, FL 32128
Total GLA: 3,000 SF
Site Area: 0.52 ± Acres
Lease Expiration: 2025
Increases: 3.5% every year
Options: One 5 year option, one 2 year option
PRICINGTenant Name: Chevron
Franchisee:
Grantor: Personal Guarantee
Ownership Type/Lease Type: Fee Simple/NNN
Landlord Responsibilities: None
Store Opening: October 2020
Lease Term Remaining: 5 years
Price: $1,195,000
Year-One NOI: $96,000
Cap Rate: 8.03%
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 4
GAS STATION | ABSOLUTE NNN LEASE OFFERING
1631 Taylor Rd, Port Orange, FL 32128
FINANCIAL SUMMARY
SUMMARYTenant Name: Chevron
Square Footage: 3,000 SF
Store Opens: October 2020
Lease Term Remaining: 5 years
Rent Commencement: TBD
Year 1 NOI: 96,000
Options: One 5 year option, one 2 year option
Increases: 3.5% every year
Lease Expiration: 2025
O PERATING SUMMARYNet Operating Income CAP Rate
Years 1 $96,000 8.03%
Years 2 $99,360 8.31%
Years 3 $102,838 8.61%
Years 4 $106,437 8.91%
Years 5 $110,162 9.22%
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 5
PEOPLE & DEMOGRAPHICS VOLUSIA COUNTY
POPULATION 1 MILE 3 MILE 5 MILE VOLUSIA FLORIDAEst. Population (2018) 7,016 50,883 93,366 105,015 20,600,000
Proj. Population (2023) 1.74% 22,600,000
Proj. Annual Population Growth (2018-2023) 1,988,319 (1.9%)
Est. Households (2018) 2,763 21,244 40,177 250,495 8,216,632
Median Age 44.3 47.3 47.4 50.3 41.0
HOUSEHOLD INCOMEEst. Avg. Household Income (2018) $73,483 $66,953 $63,113 $41,714 $72,504
Est. Median Household Income (2018) $61,425 $54,044 $49,589 $46,901 $52,516
EDUCATIONAny College (Some College or Higher) 996 8,338 15,839 n/a 58.5%
College Degree + (Bachelor Degree or Higher) 1,077 6,719 11,844 28.4%
WORKFORCECivilian Employed 3,083 21,967 40,139 n/a n/a
Civilian Unemployed 145 1,163 2,320 n/a n/a
Civilian Non-Labor Force 2,518 19,710 37,341 n/a n/a
Armed Forces 0 23 25 n/a 92,249
HOUSINGOwner-Occupied Median Home Value $188,552 $171,103 $158,268 $173,300 $180,290
Housing Units Owner-Occupied 2,132 16,098 28,573 69.8% 66.6%
Housing Units Renter-Occupied 631 5,145 11,604 n/a 33.4%
* Source: 2018 US Census Report
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 6
MAP
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 7
MAPSITE LOCATION
* Source: 2018 Google Earth
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 8
TENANT OVERVIEW
CHEVRON
Founded: 1879No. of Stores: More than 7,800 Chevron® and Texaco® retail stations across the United StatesHeadquarters: San Ramon, CaliforniaWebsite: https://www.chevronwithtechron.com/
Chevron Corporation is an American multinational energy corporation. It is headquartered in San Ramon, California, and active in more than 180 countries. Chevron is one of the world’s largest oil companies; as of 2019, it ranked eleventh in the Fortune 500 list of the top US closely held and public corporations and 28th on the Fortune Global 500 list of the top 500 corporations worldwide.
PORT ORANGE GAS S TATION | INVES TMENT OFFERING 9
PORT ORANGE
Port Orange is a city in Volusia County, Florida, United States. The city’s population was estimated at 64,252 in 2018 by the U.S. Census Bureau. The city is part of the Deltona–Daytona Beach–Ormond Beach metropolitan area; the metropolitan area’s population in 2010 was 590,289. Port Orange is a principal city in the Fun Coast region of the state of Florida. According to the United States Census Bureau, the city has a total area of 28.7 square miles, of which 26.6 square miles is land and 2.0 square miles is water.
IMMEDIATE TRADE AREA
The gas station is strategically located across from Publix Supermarket, Kohls, and Mcdonalds. It’s less than 1 mile from Target, Chick-Fil-A, Starbucks, Panda Express, Party City, Olive Garden, and more.
Timothy GaritoPrincipalD: 407-777-9660 ext. [email protected]
Dave BaltarBroker AssociateD: (407) [email protected]