steak and shake · 2020-03-31 · steak and shake contents exclusively marketed by: ted dowding...
TRANSCRIPT
Steak and Shake4297 Cattleman Road, Sarasota FL 34232
6.5% Rent-to-Sales | Major Retail Thoroughfare | 21-Year Operating History
O F F E R I N G M E M O R A N D U MTED DOWDINGManaging Broker(858) 999-7431Lic: [email protected]
Steak and ShakeCONTENTS
Exclusively Marketed by:
TED DOWDINGManaging Broker(858) 999-7431Lic: [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Investment Summary Offering Summary 3 Investment Highlights 4 Locator Map 5 Regional Map 6 Aerial Map 7
02 Tenant Overview BRAND PROFILE 8 Lease Summary 9 Demographics 10
Steak and Shake | Offering Summary 3
OFFERING SUMMARYPRICE $2,000,000
CAP RATE 5.70 %
NOI $113,080
TENANT Steak & Shake
LEASE TERM REMANING 7 Years
LOCATIONS 550
PROPERTY SUMMARYADDRESS 4297 Cattleman Road,
Sarasota, FL, 34232
COUNTY Sarasota
PRICE 2,000,000
CAP RATE 5.70 %
NOI $113,080
LEASE TYPE Abs NNN
LEASE TERM REMAINING 7 years
RENEWAL OPTIONS 2 x 5
TRAFFIC COUNTS 59,500 at Cattlemen and Beeline Ridge
ZONING TYPE CG - Commercial, General
OWNERSHIP TYPE Fee Simple
Steak and Shake | Investment Highlights 4
Investment Hightlights• Low Rent to Sales Ratio 6.5% | 21-Year Operating History | Established
Location with a Proven Track Record
• Combined Traffic Counts Exceeding 59,000 at Cattlemen Rd and BeelineRidge Rd | Less Than a Half-Mile From I-75 with ADT of 120,000
• High-Growth with Very Strong Demographics | Dense Infill Location with139,793 People Living in a 5-Mile Radius | Household Income Exceeding$87,000
• Major Retail Corridor | Surrounded by Numerous Medical Facilities andNational Retailers | Including Publix, Burlington, Panera, Bealls Outlet,LA Fitness, Mcdonalds, Wells Fargo, Dunkin', Starbucks, and many more.
Steak and Shake | BRAND PROFILE 8
HEADQUARTERS Indiana
YEAR FOUNDED 1934
OWNERSHIP Corporate
WEB SITE www.steaknshake.com
LOCATIONS 550
GUARANTY Steak and Shake Inc
REVENUE 595 Million
BRAND PROFILE
Steak n Shake was founded in 1934 in Normal, Illinois. Gus Belt, thefounder of Steak n Shake, was a quality restaurateur who owned arestaurant/gas station called Shell's Chicken. Central Illinois had plentyof chicken and beer restaurants so Gus soon realized he needed to beunique and different. With a little help from his friends, he started Steakn Shake in February of 1934.
The Steak stood for STEAKBURGER™ sandwich. Gus would wait forthe busiest time in his counter-only restaurant, wheel in a barrel ofsteaks (including round steak, sirloin steak, and T-bones) and grind thesteaks into burgers right in front of the guests. Hence, the origin of thefamousslogan "In Sight It Must Be Right."
The STEAKBURGER™ sandwich is still the finest burger servedanywhere in the world-the finest of steaks ground into pucks, andthrough the art of grilling on a very hot grill, turned into a burgerbeyond comparison.
The Shake in Steak n Shake refers to a creamy, real-milk, hand-dippedMilk Shake that has endured as the best Milk Shake on the planet. GusBelt used to put the Multi-Mixers Shake machines in the windows of hisrestaurant so cars driving by had to stop for a Milk Shake.
Steak n Shake had to make changes in order to accommodate their everincreasing demand for the high quality food served on glass and chinaat reasonable prices by friendly servers. His first move was to purchasea chain of restaurants in Central Illinois called "Goal Post" and convertthem to Steak n Shakes. He then added curb service because everyrestaurant had a never ending line to occupy one of the coveted seats.
Demand became greater and greater and soon Gus expanded toGalesburg in 1939. He also sold his first franchise in the late 30's. St.Louis, Indianapolis, Northern Illinoi...
Steak and Shake | Lease Summary 9
LEASE ABSTRACTTENANT Steak & Shake
GUARANTOR Corporate Operated
LEASE TERM REMAINING 7 Years
RENEWAL OPTIONS 2 x 5
CURRENT RENT $113,080
RENT CURRENT RENT $113,080/Year
Rent Schedule
YEAR 1-5 $113,080/Year $9,423/Month
YEAR 6-7 $113,080/Year $9,423/Month
OPTION 1 (8-12) $113,080/Year $9,423/Month
OPTION 2 (YEAR 13-17) $113,080/Year $9,423/Month
Steak and Shake | Demographics 10
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 7,169 48,708 121,193
2010 Population 7,597 53,531 128,335
2019 Population 8,689 59,317 139,793
2024 Population 9,338 64,241 149,571
2019 African American 167 918 2,881
2019 American Indian 16 116 410
2019 Asian 217 1,510 3,198
2019 Hispanic 829 5,622 16,387
2019 Other Race 176 1,106 4,263
2019 White 7,971 54,426 126,035
2019 Multiracial 137 1,209 2,940
2019-2024: Population: Growth Rate 7.25 % 8.05 % 6.80 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 218 1,551 5,103
$15,000-$24,999 359 2,228 5,973
$25,000-$34,999 220 1,913 5,603
$35,000-$49,999 437 3,336 9,095
$50,000-$74,999 717 4,670 11,863
$75,000-$99,999 558 3,338 8,173
$100,000-$149,999 575 3,778 8,407
$150,000-$199,999 257 1,947 4,142
$200,000 or greater 325 2,306 4,474
Median HH Income $69,425 $66,860 $59,478
Average HH Income $95,517 $96,992 $87,032
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 3,084 21,065 59,072
2010 Total Households 3,242 22,790 58,256
2019 Total Households 3,668 25,067 62,833
2024 Total Households 3,931 27,103 66,982
2019 Average Household Size 2.37 2.36 2.20
2000 Owner Occupied Housing 2,597 16,894 41,340
2000 Renter Occupied Housing 360 2,889 12,307
2019 Owner Occupied Housing 2,803 19,412 45,134
2019 Renter Occupied Housing 865 5,654 17,698
2019 Vacant Housing 309 3,098 10,927
2019 Total Housing 3,977 28,165 73,760
2024 Owner Occupied Housing 3,002 20,691 48,190
2024 Renter Occupied Housing 930 6,412 18,792
2024 Vacant Housing 316 3,080 11,133
2024 Total Housing 4,247 30,183 78,115
2019-2024: Households: Growth Rate 6.95 % 7.85 % 6.45 %
Source: esri
Steak and Shake | Demographics 11
2019 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2019 Population Age 30-34 480 2,903 6,817
2019 Population Age 35-39 439 2,977 6,969
2019 Population Age 40-44 386 2,913 6,699
2019 Population Age 45-49 486 3,478 7,882
2019 Population Age 50-54 575 3,979 9,130
2019 Population Age 55-59 691 4,793 11,114
2019 Population Age 60-64 706 4,958 11,629
2019 Population Age 65-69 658 4,704 11,479
2019 Population Age 70-74 586 4,128 10,368
2019 Population Age 75-79 471 3,206 7,995
2019 Population Age 80-84 363 2,282 5,822
2019 Population Age 85+ 401 2,623 7,199
2019 Population Age 18+ 7,361 49,978 119,339
2019 Median Age 51 51 53
2019 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $75,994 $69,530 $60,705
Average Household Income 25-34 $96,119 $90,541 $79,908
Median Household Income 35-44 $91,024 $84,925 $73,235
Average Household Income 35-44 $115,887 $112,277 $98,167
Median Household Income 45-54 $92,550 $91,152 $78,809
Average Household Income 45-54 $122,038 $122,540 $109,103
Median Household Income 55-64 $79,031 $77,185 $67,820
Average Household Income 55-64 $104,509 $107,347 $97,363
Median Household Income 65-74 $67,724 $64,367 $59,784
Average Household Income 65-74 $97,546 $96,117 $88,712
Average Household Income 75+ $58,777 $64,720 $60,693
2024 POPULATION BY AGE 1 MILE 3 MILE 5 MILE
2024 Population Age 30-34 624 3,720 8,112
2024 Population Age 35-39 539 3,388 7,463
2024 Population Age 40-44 464 3,373 7,630
2024 Population Age 45-49 436 3,225 7,260
2024 Population Age 50-54 541 3,836 8,583
2024 Population Age 55-59 615 4,347 10,000
2024 Population Age 60-64 738 5,358 12,555
2024 Population Age 65-69 724 5,530 13,374
2024 Population Age 70-74 694 4,899 12,210
2024 Population Age 75-79 609 4,150 10,302
2024 Population Age 80-84 469 2,925 7,216
2024 Population Age 85+ 484 3,026 7,839
2024 Population Age 18+ 7,932 54,358 128,252
2024 Median Age 52 53 54
2024 INCOME BY AGE 1 MILE 3 MILE 5 MILE
Median Household Income 25-34 $81,509 $78,143 $69,023
Average Household Income 25-34 $108,320 $103,604 $91,827
Median Household Income 35-44 $101,746 $100,085 $84,140
Average Household Income 35-44 $128,466 $130,495 $115,013
Median Household Income 45-54 $102,991 $105,379 $89,852
Average Household Income 45-54 $139,449 $141,732 $126,130
Median Household Income 55-64 $87,179 $89,221 $79,038
Average Household Income 55-64 $120,810 $126,574 $114,664
Median Household Income 65-74 $76,170 $73,281 $67,204
Average Household Income 65-74 $112,648 $111,556 $102,976
Average Household Income 75+ $68,034 $76,607 $71,450
Steak and Shake
CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietaryand strictly confidential. It is intended to be reviewed only by the party receiving itfrom TD Commercial Group and it should not be made available to any otherperson or entity without the written consent of TD Commercial Group.
By taking possession of and reviewing the information contained herein therecipient agrees to hold and treat all such information in the strictest confidence.The recipient further agrees that recipient will not photocopy or duplicate any partof the offering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to TD Commercial Group. This offeringmemorandum has been prepared to provide summary, unverified financial andphysical information to prospective purchasers, and to establish only a preliminarylevel of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligenceinvestigation. TD Commercial Group has not made any investigation, and makes nowarranty or representation with respect to the income or expenses for the subjectproperty, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence ofcontaminating substances, PCBs or asbestos, the compliance with local, state andfederal regulations, the physical condition of the improvements thereon, orfinancial condition or business prospects of any tenant, or any tenant’s plans orintentions to continue its occupancy of the subject property.
The information contained in this offering memorandum has been obtained fromsources we believe reliable; however, TD Commercial Group has not verified, andwill not verify, any of the information contained herein, nor has TD CommercialGroup conducted any investigation regarding these matters and makes no warrantyor representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verifyall of the information set forth herein. Prospective buyers shall be responsible fortheir costs and expenses of investigating the subject property.
Exclusively Marketed by:
TED DOWDINGManaging Broker(858) 999-7431Lic: [email protected]
powered by CREOP