WALGREENS PHARMACY #19352 Rochester, NY ACT ID ZAA0290374

Offering Memorandum

WALGREENSWALGREENS PHARMACYPHARMACY #19352#19352 670 Thurston Road • Rochester, NY 14619 NON-ENDORSEMENT AND DISCLAIMER NOTICE

Confidentiality and 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 prepared 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, nor 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Non-Endorsement Notice 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.

WALGREENS PHARMACY #19352 Rochester, NY ACT ID ZAA0290374

BOR - John Krueger Regional Manager, Manhattan, Lic.# 10311205789 P: 0335157

2 NET LEASED DISCLAIMER

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.

3 WALGREENS PHARMACY #X

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01 Offering Summary Tenant Summary Location Overview Regional and Local Map Aerial Photo

FINANCIAL ANALYSIS 02 Property Summary Acquisition Financing Walgreens Sales Comparables

MARKET OVERVIEW 03 Market Analysis Demographic Analysis

WALGREENS PHARMACY #19352

INVESTMENT OVERVIEW

WALGREENS PHARMACY |#19352 REBRANDED & RENEWED

OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY

OFFERING SUMMARY Price $2,895,971 MAJOR EMPLOYERS Net Operating Income $202,718 Capitalization Rate – Current 7% Price / SF $255.71 EMPLOYER # OF EMPLOYEES * Rent / SF $17.90 University of Rochester 7,415 Lease Type NNN US Security Associates Inc 4,781 Gross Leasable Area 11,325 SF Blue Cross 4,000 Year Built / Renovated 1997 Wegmans Food Markets Inc 3,163 Lot Size 1.05 acre(s) Excellus Health Plan Inc 3,000

Pizza Hut 2,951 Harris Long Range Radio 2,600 FINANCING County of Monroe 2,369 Down Payment All Cash Harris Corporation 2,150 Net Cash Flow 7.00% / $202,718 Cash on Cash Return 7.00% Global Crossing Bandwidth 2,000 Total Return 7.00% / $202,718 Monroe Community Hospital 2,000 National Technical Institute for the 2,000 Deaf

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles 2018 Estimate Pop 18,603 99,778 267,718 2010 Census Pop 18,608 98,753 265,137 2018 Estimate HH 7,111 39,769 108,010 2010 Census HH 7,110 39,166 106,959 Median HH Income $39,554 $32,892 $38,294 Per Capita Income $20,242 $20,149 $23,178 Average HH Income $51,401 $47,793 $55,584

* # of Employees based on 5 mile radius

WALGREENS PHARMACY #19352

OFFERING SUMMARY INVESTMENT OVERVIEW

Marcus & Millichap is pleased to present this recently acquired and rebranded Walgreens single-tenant, net-leased drug store in the city of Rochester, Monroe County, New York. The tenant is Walgreens Boots Alliance, Inc (NASDAQ: WBA), one of the nation’s largest retail drug store chains with over 9,500 stores located in all 50 states, the District of Columbia, and the U.S. Virgin Islands.

The subject property, Walgreens Pharmacy #19352, was built-to-suit Rite Aid Corporation with rental payments commencing March 4, 1998. The property was triple-net (NNN) leased to Rite Aid Corporation for 20 years with six five-year renewal options and an additional sixth option for three years. The building is approximately 11,325 square feet with a land area of 1.05 acres. The tenant recently exercised their first option to renew and there are five option periods remaining. Landlord is responsible for roof and structure.

The subject property is one of 1,932 locations Walgreens Boots Alliance purchased from Rite Aid Corporation in 2018 for $4.4 billion dollars. After spending $850 million on integration costs including the closure of 750 other locations, another $500 million on re-branding and store improvements, and a further $288 million in anticipated legal fees; Walgreens will have spent over $5.1 million to operate at each of the remaining 1,182 net new Walgreens locations including the subject property, Walgreens Pharmacy #19352.

With its Grand Opening on May 17th, 2019, the subject property became the 367th purchased location re-branded and re-opened as a full-fledged Walgreens Pharmacy. Walgreens branding of the subject property represents an investment of over $5.1 million and shows its commitment to this location.

The price of the property is $2,895,971 at a 7.00 percent cap with an annual rent of $202,718.

INVESTMENT HIGHLIGHTS

§ Newly Acquired and Rebranded by Walgreens Boots Alliance § May 17th, 2019, Walgreens Grand Opening! § Purchase and Rebranding Represents a $5.1 Million Investment § Corporate Guaranteed Lease by Walgreens Boots Alliance, Inc § Single Tenant, Triple-Net (NNN) Leased Property § Net Operating Income of $202,718

7 PROPERTYWALGREENS NAME PHARMACY #19352

PRICINGPRICING ANDAND VALUATIONTENANTVALUATIONTENANT SUMMARY SUMMARY MATRIXMATRIX

Walgreens Boots Alliance, Inc.

CREDIT RATING: B1 www.fdreports.com | www.creditntell.com | February 28, 2019

General Information Key Personnel 108 Wilmot Rd , Deerfield, Illinois, 60015, United Chief Operating Officer Ornella Barra Address States Chairman James A Skinner Executive Vice President & Chief Financial Phone (847) 315-2500 James Kehoe Officer Website www.walgreens.com Chief Operating Officer Alex Gourlay

Store Base Financial Markets U.S. Store Count (8/31/2018) 9,560 Stock Ticker WBA TTM Sales $136,097,000,000 Current Price $49.91 as of 6/3/19 52 Week High/Low $86.31 / $49.31

Whether you get your drugs from the pharmacist or the chemist, Walgreens Boots Alliance has you covered. The company, formed when US-based Walgreen Co. bought its European counterpart Alliance Boots, includes more than 13,200 retail pharmacies (or chemists in some parts of the world) in 11 countries, mostly the US and its territories and the UK, selling prescription and OTC drugs along with health and beauty products and general merchandise. The Alliance Boots part of the company also includes wholesale operations serving more than 230,000 pharmacies, hospitals, and clinics in upwards of 20 countries. Walgreens Alliance Boots was formed in 2014.

Fiscal Year Ended August 31, 2018

8# PROPERTYWALGREENS NAME PHARMACY #19352

PRICINGPRICING ANDANDLOCATIONLOCATION VALUATIONVALUATIONTENANT SUMMARYOVERVIEWOVERVIEW MATRIXMATRIX

670 Thurston Roadd, Rochester, NY 14619

§ Recently Rebranded as Walgreens § Standard & Poor's 'BBB' Tenant § Little Competition § Neighborhood Location

This recently rebranded Walgreens Pharmacy will continue to serve the Rochester market

CLOSE PROXIMITY TO:

9# PROPERTYWALGREENS NAME PHARMACY #19352

PRICINGPRICINGREGIONAL ANDANDLOCATION VALUATIONVALUATIONTENANT AND LOCAL SUMMARYOVERVIEW MATRIXMATRIX MAP 670 Thurston Road, Rochester, NY 14619

10# WALGREENS PHARMACY #19352

AERIAL PHOTO

11 WALGREENS PHARMACY #19352

PROPERTY PHOTO

Marcus & Millichap closes more transactions than any other brokerage firm.

WALGREENS PHARMACY #19352

FINANCIAL ANALYSIS

13 WALGREENS PHARMACY #19352

OFFERINGOFFERING SUMMARY SUMMARY PROPERTY SUMMARY

NOTES Walgreens has spent over $5.1 million to purchase and rebrand this location.

14# WALGREENS PHARMACY #19352

ACQUISITION FINANCING

MARCUS & MILLICHAP CAPITAL WHY MMCC?

CORPORATION CAPABILITIES Optimum financing solutions MMCC—our fully integrated, dedicated financing arm—is committed to to enhance value providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and Our ability to enhance terms. buyer pool by expanding finance options We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of Our ability to enhance financing options. seller control Our dedicated, knowledgeable experts understand the challenges of financing • Through buyer qualification support and work tirelessly to resolve all potential issues to the benefit of our clients. • Our ability to manage buyers finance expectations • Ability to monitor and manage buyer/lender progress, insuring timely, predictable closings • By relying on a world class Closed 1,678 National platform $6.24 billion Access to debt and equity operating billion total more capital set of debt/equity sources financings within the firm’s national sources than and presenting a tightly in 2018 brokerage offices volume in 2018 any other firm underwritten credit file in the industry

WALGREENS PHARMACY #19352

WALGREENS SALES COMPARABLES

16 WALGREENS PHARMACY #19352

COMPARABLES MAP

WALGREENS PHARMACY #19352 (SUBJECT)

1 Walgreens

2 Walgreens

3 Walgreens

4 Walgreens

5 Walgreens

6 Walgreens

SALES COMPARABLES

17 PROPERTYWALGREENS NAME PHARMACY #19352

SALES COMPARABLES SALES COMPARABLES SALES COMPS AVG

Average Cap Rate Average Price Per Square Foot

9.0 $500.00

8.1 $450.00 Avg. 7.09% 7.2 $400.00

6.3 $350.00

5.4 $300.00 Avg. $253.41

4.5 $250.00

3.6 $200.00

2.7 $150.00

1.8 $100.00

0.9 $50.00

0.0 $0.00 Walgreens Walgreens Walgreens-2 Walgreens-3 Walgreens-4 Walgreens-5 Walgreens-6 Walgreens Walgreens Walgreens-2 Walgreens-3 Walgreens-4 Walgreens-5 Walgreens-6 Pharmacy Pharmacy #19352 #19352

PROPERTYWALGREENS NAME PHARMACY #19352

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

WALGREENS WALGREENS WALGREENS PHARMACY #19352 1701 East Paulding Road, Fort Wayne, IN, 46816 3700 34th Street North, St Petersburg, FL, 33713 670 Thurston Road, Rochester, NY, 14619 1 2

rentpropertyname1 rentpropertyname1 rentpropertyname1

SUBJECT PROPERTY Close Of Escrow 2/20/2019 Close Of Escrow 1/15/2019 Asking Price $2,895,971 Sales Price $1,638,000 Sales Price $2,941,176 Price/SF $255.71 Price/SF $127.97 Price/SF $189.45 CAP Rate 7% CAP Rate 8.32% CAP Rate 6.8% GLA 11,325 SF GLA 12,800 SF GLA 15,525 SF Lot Size 1.05 acre(s) Lot Size 1.12 acre(s) Lot Size 2 acre(s) Year Built 1997 Year Built 1992 Year Built 1995 Lease Term Remaining 3.8 Years Lease Term Remaining 4 Years Lease Term Remaining 4 Years

rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 NOTES NOTES Listed and Sold by Marcus & Millichap. Double-Net 'NN' Lease Property. Listed and Sold by Marcus & Millichap. Double-Net 'NN' Lease. NOI=$136,283. 4 years 5 months remaining lease term at sale NOI=$200,000. 4 years 11 months remaining lease term at time of sale.

PROPERTYWALGREENS NAME PHARMACY #19352

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

WALGREENS WALGREENS WALGREENS 15650 San Pablo Avenue, San Pablo, CA, 94806 1819 East Bethany Drive, Allen, TX, 75002 6328 Camp Bowie Boulevard, Fort Worth, TX, 76116

3 4 5

rentpropertyname1 rentpropertyname1 rentpropertyname1

Close Of Escrow 1/4/2019 Close Of Escrow 12/10/2018 Close Of Escrow 10/4/2018 Sales Price $3,900,000 Sales Price $4,200,000 Sales Price $5,585,000 Price/SF $280.47 Price/SF $291.55 Price/SF $404.50 CAP Rate 6.06% CAP Rate 7.97% CAP Rate 6.16% GLA 13,905 SF GLA 14,406 SF GLA 13,807 SF Lot Size 1.61 acre(s) Lot Size 1.72 acre(s) Lot Size 1.1105 acre(s) Year Built 1999 Year Built 2003 Year Built 1998 Lease Term Remaining 5 Years Lease Term Remaining 4 Years Lease Term Remaining 4 Years

rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 NOTES NOTES NOTES Listed and Sold by Marcus & Millichap. Double-Net 'NN' Lease. Listed and Sold by Marcus & Millichap. Triple-Net 'NNN' Lease. Listed and Sold by Marcus & Millichap. Double-Net 'NN' Lease. NOI=$236,274. 5 years remaining lease term at time of sale. NOI=$334,719. 4 years 10 months remaining lease term at time of sale. NOI=$344,000. 4 years 8 months remaining lease term at time of sale.

PROPERTYWALGREENS NAME PHARMACY #19352

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

WALGREENS 6551 Forest Hill Drive, Forest Hill, TX, 76140

rentpropertyname1 rentpropertyname1 rentpropertyname1

Close Of Escrow 8/1/2018 Sales Price $3,150,000 Price/SF $226.54 CAP Rate 7.22% GLA 13,905 SF Lot Size 0 acre(s) Year Built 1997 Lease Term Remaining 4 Years

rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 NOTES Listed and Sold by Marcus & Millichap. Double-Net 'NN' Lease. NOI=$227,472. 4 year 8 months remaining lease term at time of sale.

WALGREENS PHARMACY #19352

MARKET OVERVIEW

22 WALGREENS PHARMACY #19352

NATIONAL NET-LEASED RETAIL REPORT

New Tax Law Provides Spark to Investors; Sale-Leaseback Opportunities Could Increase

New provisions, preservation of old ones may boost investor sentiment. Changes to the tax code, as well as the retention key provisions like tax-deferred exchanges, real estate depreciation and mortgage interest deduction should keep investor sentiment high for single-tenant net-leased retail assets. Additionally, new pieces to the tax code should further boost the appeal of these relatively passive investments. For example, the new 20 percent pass-through deduction enables some active investors using an entity such as an LLC to boost after-tax yields. However, this deduction comes with restrictions based on income and asset base but offers strong potential for those who qualify. Additionally, bonus depreciation is a temporary provision allowing investors to increase their current cash flow by immediately expensing personal property in real estate assets acquired after Sept. 27, 2017.

Changes to tax law could inspire owner/users to seek sale-leasebacks. The most influential change to the tax code on the single-tenant net-leased retail sector may be new restrictions on business interest deductions. This provision could encourage companies to utilize sale-leasebacks as they shape their real estate strategies around lease expenses that remain fully deductible. For owner/users, selling the real estate in which they operate to investors and then leasing it back from them could maximize profitability, as well as unlock equity for reinvestment into current operations and funds for potential expansion plans. Also, the previous tax law allowed companies to deduct all of their interest expenses on their taxes, but the new provisions restrict the deductibility of business interest for companies with gross receipts in excess of $25 million. Now, interest totaling just 30 percent of earnings before taxes, depreciation and amortization can be deducted on taxes, further incentivizing companies to pursue sale-leasebacks.

* Through July ** Forecast

23 WALGREENS PHARMACY #19352

NATIONAL NET-LEASED RETAIL REPORT

Solid Fundamentals Aided by New Concepts

Rents benefit from thinned construction pipeline. Available space in the single-tenant net-leased sector will contract for the ninth consecutive year, pushing national vacancy down to 4.3 percent in 2018. Even though demand remains strong, construction will continue to taper this year, completing 36 million square feet. The percentage of single-tenant construction is reduced for the second year in a row as developers step back construction. With limited retail property completions, rent gains should be strong this year, advancing 4.2 percent to $21.18 per square foot. This increase well exceeds the previous five-year average of 3.2 percent.

Retailer strategies change to match consumer needs. Convenience continues to emerge as a common theme in the single-tenant net-leased retail sector as several types of retailers have adopted this concept to drive foot traffic and sales. For example, drugstores have improved their product selection by including items historically purchased at convenience stores and grocery stores. This strategy has also helped these retailers improve front-store sales and hold a greater edge over online pharmacies. Additionally, dollar stores have added convenience to their affordable product mix by offering instant-consumption items, such as grab-and-go sandwiches and beverage bars.

** Forecast

24 NATIONAL NET-LEASED RETAIL REPORT

Brand Locations

Auto Parts

Bridgestone/Firestone 2,200 O'Reilly Auto Parts 5,019 AutoZone 6,003 Advance Auto Parts 5,183 Pep Boys 980 Dollar Stores Dollar General 14,534 Dollar Tree/Family Dollar 14,835 General Retail Walmart 11,718 Sherwin-Williams 4,620 AT&T 16,000 Verizon Wireless 2,330 Office Depot/Max 1,378 Convenience Stores 7-Eleven 8,707 Circle K 1,481 QuikTrip 762 Wawa 780 Pharmacies CVS 10,091 Walgreens 8,100 Quick-Service Restaurants Dairy Queen 6,400 Starbucks 27,339 McDonald's 37,241 Yum Brands 45,084 Burger King 24,707 Wendy's 6,634 Cap rates shown above are representative of transactions Fast Casual that closed in the past year ending in June. Actual yields will Chili's 1,674 vary by locations, tenant, lease terms and other considerations. Locations sourced from CreditNtell for public Darden Restaurants 1,769 companies and company websites for private companies. Red Lobster 705 Bloomin’ Brands 1,489 * For transactions closed in past year ending in June Sources: CoStar Group, Inc.; CreditNtell; company sources Applebee's 1,756 Ruby Tuesday 560

25 WALGREENS PHARMACY | REBRANDED & RENEWED

NATIONAL NET-LEASED RETAIL REPORT ROCHESTER OVERVIEW

Rochester’s economy benefits from a central location among the population centers of the Northeastern U.S., and the innovative METRO HIGHLIGHTS foundations set by such firms as Kodak, Xerox and Bausch and Lomb. The metro’s post-secondary schools produce an educated workforce UNIVERSITY OF ROCHESTER and generate cutting-edge research that drives the city’s innovation and The University of Rochester is one of the country's top-tier research technology sectors. The metro is composed of six counties: Monroe, universities with more than 28,000 employees and some 10,000 students. Orleans, Wayne, Ontario, Livingston and Yates. Three of them border DIVERSIFYING ECONOMY Lake Ontario. Growing industries include food-and-beverage manufacturing, biotechnology and green innovation.

HEALTH CENTER Located in New York between Buffalo and Syracuse, Rochester Regional Health employs approximately 16,000 workers and includes five hospitals.

ECONOMY

§ Wegmans Food Markets is the third largest local employer following Rochester University and Rochester Regional Health. The expanding supermarket chain has 92 stores on the East Coast. § Founded in Rochester, Xerox Corp. houses roughly 3,400 employees in Monroe County. Its office is located on a 600-acre campus in Webster. § Located in Penfield within Monroe County, Paychex, Inc. is a business-process outsourcing company with thousands of employees within the region. It serves more than half a million small to medium-size businesses nationwide.

DEMOGRAPHICS

2018 2018 2018 2018 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 1.1M 435K 40.0 $56,200 Growth Growth U.S. Median: U.S. Median: 2018-2023*: 2018-2023*: 1.7% 2.7% 38.0 $58,800

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

PROPERTYWALGREENS NAME PHARMACY | REBRANDED & RENEWED

NATIONAL NET-LEASEDMARKETINGDEMOGRAPHICS RETAIL REPORT TEAM Created on June 2019

POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles Total Average Household Retail § 2023 Projection $51,565 $46,142 $52,256 Expenditure Total Population 18,382 98,090 264,474 § Consumer Expenditure Top 10

§ 2018 Estimate Categories Total Population 18,603 99,778 267,718 Housing $15,949 $14,485 $15,841 § 2010 Census Shelter $10,530 $9,629 $10,473 Total Population 18,608 98,753 265,137 Transportation $8,287 $6,996 $8,171 § 2000 Census Food $4,838 $4,586 $5,201 Total Population 19,608 101,087 273,807 Personal Insurance and Pensions $3,975 $3,335 $4,083 § Current Daytime Population Utilities $2,913 $2,576 $2,797 2018 Estimate 13,173 175,270 382,012 Health Care $2,316 $2,106 $2,496 HOUSEHOLDS 1 Miles 3 Miles 5 Miles Entertainment $1,742 $1,626 $1,862 § 2023 Projection Cash Contributions $1,723 $1,265 $1,501 Total Households 7,124 39,575 107,971 Apparel $1,495 $1,446 $1,648 § 2018 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles Total Households 7,111 39,769 108,010 § Population By Age Average (Mean) Household Size 2.58 2.29 2.34 2018 Estimate Total Population 18,603 99,778 267,718 § 2010 Census Under 20 29.18% 26.00% 26.25% Total Households 7,110 39,166 106,959 20 to 34 Years 24.50% 28.79% 27.99% § 2000 Census 35 to 39 Years 5.92% 6.30% 6.26% Total Households 7,104 38,630 108,025 40 to 49 Years 11.62% 10.69% 10.68% § Occupied Units 50 to 64 Years 17.39% 16.22% 16.60% 2023 Projection 7,124 39,575 107,971 Age 65+ 11.39% 12.01% 12.22% 2018 Estimate 7,777 44,385 119,554 Median Age 32.28 32.00 32.21 HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles § Population 25+ by Education Level § 2018 Estimate 2018 Estimate Population Age 25+ 11,600 64,044 171,011 $150,000 or More 2.48% 3.21% 4.64% Elementary (0-8) 2.57% 3.86% 3.69% $100,000 - $149,000 9.02% 7.23% 8.97% Some High School (9-11) 10.25% 13.00% 11.53% $75,000 - $99,999 9.88% 7.90% 9.69% High School Graduate (12) 28.36% 26.88% 26.07% $50,000 - $74,999 18.45% 14.83% 16.24% Some College (13-15) 22.91% 18.53% 17.82% $35,000 - $49,999 16.82% 14.35% 14.03% Associate Degree Only 12.80% 9.28% 9.88% Under $35,000 43.36% 52.46% 46.43% Bachelors Degree Only 13.75% 14.67% 16.30% Average Household Income $51,401 $47,793 $55,584 Graduate Degree 8.57% 11.42% 12.50% Median Household Income $39,554 $32,892 $38,294 Per Capita Income $20,242 $20,149 $23,178

PROPERTYWALGREENS NAME PHARMACY | REBRANDED & RENEWED

NATIONAL NET-LEASEDMARKETINGDEMOGRAPHICS RETAIL REPORT TEAM

Population Race and Ethnicity In 2018, the population in your selected geography is 18,603. The The current year racial makeup of your selected area is as follows: population has changed by -5.13% since 2000. It is estimated that 19.05% White, 73.32% Black, 0.01% Native American and 1.25% the population in your area will be 18,382.00 five years from now, Asian/Pacific Islander. Compare these to US averages which are: which represents a change of -1.19% from the current year. The 70.20% White, 12.89% Black, 0.19% Native American and 5.59% current population is 46.28% male and 53.72% female. The median Asian/Pacific Islander. People of Hispanic origin are counted age of the population in your area is 32.28, compare this to the US independently of race. average which is 37.95. The population density in your area is 5,908.46 people per square mile. People of Hispanic origin make up 5.56% of the current year population in your selected area. Compare this to the US average of 18.01%.

Households Housing There are currently 7,111 households in your selected geography. The median housing value in your area was $72,849 in 2018, The number of households has changed by 0.10% since 2000. It is compare this to the US average of $201,842. In 2000, there were estimated that the number of households in your area will be 7,124 4,268 owner occupied housing units in your area and there were five years from now, which represents a change of 0.18% from the 2,836 renter occupied housing units in your area. The median rent at current year. The average household size in your area is 2.58 persons. the time was $521.

Income Employment In 2018, the median household income for your selected geography is In 2018, there are 5,392 employees in your selected area, this is also $39,554, compare this to the US average which is currently $58,754. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 12.48% 53.48% of employees are employed in white-collar occupations in since 2000. It is estimated that the median household income in your this geography, and 46.35% are employed in blue-collar occupations. area will be $44,532 five years from now, which represents a change In 2018, unemployment in this area is 7.20%. In 2000, the average of 12.59% from the current year. time traveled to work was 21.00 minutes.

The current year per capita income in your area is $20,242, compare this to the US average, which is $32,356. The current year average household income in your area is $51,401, compare this to the US average which is $84,609.

28 PROPERTYWALGREENS NAME PHARMACY #19352

PRICINGPRICING ANDANDLOCATION VALUATIONVALUATIONTENANTMARKETINGDEMOGRAPHICS SUMMARYOVERVIEW MATRIXMATRIX TEAM

CREATED ON JUNE 3, 2019

1 Miles 3 Miles 5 Miles POPULATION 2023 Projection 18,382 98,090 264,474 2018 Estimate 18,603 99,778 267,718 2010 Census 18,608 98,753 265,137 2000 Census 19,608 101,087 273,807

INCOME Average $51,401 $47,793 $55,584 Median $39,554 $32,892 $38,294 Per Capita $20,242 $20,149 $23,178

HOUSEHOLDS 2023 Projection 7,124 39,575 107,971 2018 Estimate 7,111 39,769 108,010 2010 Census 7,110 39,166 106,959 2000 Census 7,104 38,630 108,025

HOUSING 2018 $72,849 $88,213 $108,074

EMPLOYMENT 2018 Daytime 13,173 175,270 382,012 Population 2018 Unemployment 7.20% 8.70% 8.23% 2018 Median Time 21 20 20 Traveled

RACE & ETHNICITY White 19.05% 40.30% 49.80% Native American 0.01% 0.08% 0.05% African American 73.32% 44.15% 33.42% Asian/Pacific Islander 1.25% 6.93% 5.59%

29# PRESENTED BY

John Krueger Broker Manhattan Office Tel: (212) 430-5157 Fax: (212) 430-5110 [email protected] License: NY 10311205789