nnn, multi-tenant shopping center for …...102 eyebrow threading studio 103 his & hers...

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MULTI-TENANT NNN LEASES (FEE SIMPLE)STEWART CROSSING — 5051 STEWART AVE., LAS VEGAS, NV 89110

FOR INFORMATION PLEASE CONTACT: ANDREA CATALANO | 702-378-1375

[email protected] DAPPER | 702-755-1790 1


[email protected] DAPPER | 702-755-1790

NNN, MULTI-TENANT SHOPPING CENTER FOR SALE

CAP RATE: 7.25% PRICE: $3,778,080.00

5051 STEWART AVENUE AS VEGAS, NV 89110

OUTPARCEL

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TABLE OF CONTENTSInvestment highlights 3

Lease summary 4

Rent roll 5

Site plans 6-7

Property aerial 8

Tenant overview 9-11

Location overview 12

Market & area overview 13

OFFERING MEMORANDUM

EYEBROW THREADING — STUDIO —

ANCHORED TENANT

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INVESTMENT HIGHLIGHTS

PROPERTY OVERVIEW:

This offering includes a 16,170 square foot multi-Tenant Net Leased Retail Investment at 100% occupancy located on Stewart Ave. and Nellis Blvd. Stewart Crossing was originally constructed in 2001 and recently remodeled in 2016. This property is perfectly positioned as an outparcel of a Walmart anchored Power Center. Stewart Crossing houses a total of 9 Tenants and resides on 1.95 acres. This net leased investment is perfect for an investor looking for a stable income property with minimum management responsibilities.

STABLE INCOME - EASE OF MANAGEMENT: • NNN Leases with Options

• Long term leases in place

• Minimal Management Responsibilities-Ease of Management

• Multi Tenant Free Standing Building Built in 2001

• Recently remodeled in 2016

EXCELLENT RETAIL LOCATION - STRONG DEMOGRAPHICS: • Outparcel of a Walmart Anchored Power Center

• Irreplaceable Street Visibility

• Surrounded by National Credit Tenants

• Adjacent to Dense Residential Communities

• Excellent Traffic Counts – Over 61,000 Cars Per Day

• 2016 Population/ 3 Mile - 215,140

PERFECT 1031 EXCHANGE PROPERTY:

• Low Price Per Square Foot

• Strong NOI

• Pride of Ownership

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LEASE SUMMARY

LEASE SUMMARY

Tenant Trade Names:Palengke Oriental Market, Oh! Curry, Eyebrow Threading Studio, His and Hers Alterations, Icon Barber Shop, Boost Mobile, Nevada Nails, First Class Insurance, The Crepe Station

Occupancy: 100%

Number of Tenants: 9

Building Size: 16,170 SF

Land Size: 1.95 Acres

Market/Submarket: East Las Vegas

Parcel Number: 140-32-701-001

Price: $3,778,080.00

Current NOI: $273,910.80

Cap Rate: 7.25%

Construction Year: 2001

Lease Type: Multi-Tenant NNN Asset

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RENT ROLL

TENANT SUITE SQUARE FOOTAGE

RENT START

END DATE

LEASE TERM

% INCREASE

ANNUAL RENT

MONTHLY RENT

ANNUAL RENT PSF

MONTHLY RENT PSF

OPTIONS TO RENEW

101 1,785 07/01/15 06/30/21 6 Years 3% $27,631.80 $2,302.65 $15.48 $1.29 One Five Year Option

102 1,200 TBD TBD 6 Years 3% $20,160.00 $1,680.00 $16.80 $1.40 One Five Year Option

103 1,200 01/31/14 12/31/21 7 Years 3% $18,000.00 $1,500.00 $15.00 $1.25 N/A

104-106 5,100 12/01/14 12/31/25 10 Years 3% $88,128.00 $7,344.00 $17.28 $1.44 One Five Year Option

107 1,500 11/03/15 11/30/20 5 Years 3 cents PSF every year $23,940.00 $1,995.00 $15.96 $1.33 One Five Year

Option



110 982 03/13/17 09/30/23 6 Years 3% $15,319.20 $1,276.60 $15.60 $1.30 One Five Year Option

111 1,743 09/08/17 03/ 6 Years 3% $34,511.40 $2,875.95 $19.80 $1.65 One Five Year Option

Total Square Footage: 16,170 $273,910.10 $22,825.90

Total Occupied: 16,170 $273,910.10 $22,825.90


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OVERALL SITE PLAN 1

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OVERALL SITE PLAN 2

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STEWART AVENUE

111 110 105, 106 & 107 104 103 102 101108-A108-B

UNIT # SF SPACE101 Oh Curry102 Eyebrow Threading Studio103 His & Hers Alterations104, 105 & 106 Palengke Oriental Market107 Barbershop108 Boost Mobile109 Nevada Nails & Spa110 First Class Insurance Services111 The Crepe Station

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PROPERTY AERIAL

SITESTEWART AVE

NELLIS BLVD

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TENANT OVERVIEW

Oh! Curry is a Japanese curry house that was founded in 2013 by Hideto Ashitani. The authentic Japanese curry has quickly become a popular lunch and dinner spot for many residents in the area. Hideto is planning on opening his second location in the Southwest.

Brand new state of the art Eyebrow Threading Studio coming soon! Eyebrow threading is a technique used to remove unwanted hair at the follicle level and is a safer method of hair removal than waxing. Threading allows for a more defined and precise shape and can create better definition in eyebrows and be a lot gentler on the skin than other methods of hair removal.

His and Hers Alterations is a well-known clothing and alterations store in East Las Vegas. Elsa Bondoc is the founder and operator of this store. She is the creator of all of the clothing within the store and also the seamstress that does all of the alterations. In addition to alterations, she also sells jewelry, hair accessories, and much more!


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TENANT OVERVIEW

Palengke Oriental Market and Restaurant is a modest market supplying produce, seafood & packaged Asian products plus various sundries. This market is the anchor Tenant of Stewart Crossing. Palengke has a tremendous following and has expanded its store twice over the last few years. They have also added a restaurant component which has quickly become known amongst the many customers and residents within the area.

Icon Barber Shop was established in 2015 and has quickly become one of the most popular barber shops on the East side of town. They provide the most cutting edge modern designs, razor fades, hot towel shaves, beard trims, shape ups, gentlemen’s cuts, Mohawks, fohawks and more!

Boost mobile was founded in 2000 and has gained a lot of recognition in the U.S. and Australia with its prepaid wireless services. The company debuted in the U.S. in 2001 as part of a joint venture with Nextel Communications. The company’s strategy of offering unlimited talk time for only $1 made it extremely popular in California and Nevada where the package first became available. Boost Mobile also offers smartphones and phone accessories. The number of wireless subscribers in the United States topped the 350 Million mark in 2014 and the company shows no signs of slowing down.

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TENANT OVERVIEW

Nevada Nails and Spa is an upscale skin and nail salon which has 10 convenient locations servicing the Las Vegas, N. Las Vegas and Henderson area. The business was established in 2011 by Bryan Tran. He and his staff have over 20 years of experience and have a large list of salon services readily available. This salon offers complete nail and skin care. Nevada Nails and Spa specializes in manicures, spa pedicures, acrylic and IBD gel nails, gel manicures, full body waxing and facials.

First Class Insurance Services has four convenient locations across the Las Vegas Valley and has over 20 years of experience in providing all personal and business insurance needs. The services they offer are Auto, Home, Renters, Business and Health Insurance policies tailored specifically for each individual at an affordable rate. Each insurance professional prides themselves on finding the right coverage at the best rates for their many trusted clients.

The Crepe Station offers a variety of Crepes, Panini’s, Smoothies, Coffee and much more! The restaurant was founded in 2015 by William Tejeda and his wife Berta Tejeda. Their first location, located in the center of Las Vegas, quickly became a success with a large following of loyal customers. They have since expanded and now have two convenient locations that service the Las Vegas market.

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LOCATION OVERVIEW

POPULATION 1-MILE 3-MILE 5-MILE

Estimated Population (2016) 31,742 215,140 459,601

Projected Population (2021) 35,375 238,159 508,605

Historical Annual Growth 2010-2016 520 0.3% 9,914 0.8% 29,077 1.1%

Projected Annual Growth 2016-2021 3,633 2.3% 23,019 2.1% 49,004 2.1%

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

Estimated Households (2016) 9,495 69,392 153,431

Projected Households (2021) 10,156 73,878 163,506

Historical Annual Change 2000-2015 497 0.3% 8,561 0.9% 19,732 0.9%

Projected Annual Growth 2013-2018 661 1.4% 4,489 1.3% 10,075 1.3%

INCOME 1-MILE 3-MILE 5-MILE

Avg. Household Income 2016 $51,904 $51,084 $49,710

Median Household Income 2016 $42,593 $42,465 $40,182

DAYTIME DEMOS 1-MILE 3-MILE 5-MILE

Total # of Businesses 2016 703 3,871 13,417

Total # of Employees 2016 5,433 36,135 154,315

Employee Pop per Business 7.7 to 1 9.3 to 1 11.5 to 1

Residential Pop per Business 45.1 to 1 55.6 to 1 34.3 to 1

LOCATION OVERVIEW:

Stewart Crossing is located on Stewart Ave. and Nellis Blvd. and is an outparcel of a Walmart Anchored Power Center. This location enjoys high visibility along the main retail corridor servicing all of the mature residential neighborhoods within the East Las Vegas submarket. This property is near the base of Sunrise Mountain and just minutes away from “The Strip” and Downtown Las Vegas. This mature residential community has quickly become a vibrant commercial destination with a strong retail demand generator. The surrounding residential communities boast strong demographics within a one to three mile radius.

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AREA PROFILE

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

nnn, multi-tenant shopping center for …...102 eyebrow threading studio 103 his & hers...

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