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4577 Miller Rd Flint, Michigan OFFERING MEMORANDUM 4577 Miller Road Flint, Michigan 48507 Confidentiality and Disclaimer Marcus & Millichap hereby advises all prospective purchasers of properties, including newly-constructed facilities or newly- income or expenses for the subject property, the future projected Net Leased property as follows: acquired locations, may be set based on a tenant’s projected financial performance of the property, the size and square sales with little or no record of actual performance, or footage of the property and improvements, the presence or The information contained in this Marketing Brochure has been comparable rents for the area. Returns are not guaranteed; the absence of contaminating substances, PCB’s or asbestos, the obtained from sources we believe to be reliable. However, tenant and any guarantors may fail to pay the lease rent or compliance with State and Federal regulations, the physical Marcus & Millichap has not and will not verify any of this property taxes, or may fail to comply with other material terms of condition of the improvements thereon, or the financial information, nor has Marcus & Millichap conducted any the lease; cash flow may be interrupted in part or in whole due to condition or business prospects of any tenant, or any tenant’s investigation regarding these matters. Marcus & Millichap makes market, economic, environmental or other conditions. Regardless plans or intentions to continue its occupancy of the subject no guarantee, warranty or representation whatsoever about the of tenant history and lease guarantees, Buyer is responsible for property. The information contained in this Marketing Brochure accuracy or completeness of any information provided. conducting his/her own investigation of all matters affecting the has been obtained from sources we believe to be reliable; intrinsic value of the property and the value of any long-term however, Marcus & Millichap has not verified, and will not verify, As the Buyer of a net leased property, it is the Buyer’s lease, including the likelihood of locating a replacement tenant if any of the information contained herein, nor has Marcus & responsibility to independently confirm the accuracy and the current tenant should default or abandon the property, and Millichap conducted any investigation regarding these matters completeness of all material information before completing any the lease terms that Buyer may be able to negotiate with a and makes no warranty or representation whatsoever regarding purchase. This Marketing Brochure is not a substitute for your potential replacement tenant considering the location of the the accuracy or completeness of the information provided. All thorough due diligence investigation of this investment property, and Buyer’s legal ability to make alternate use of the potential buyers must take appropriate measures to verify all of opportunity. Marcus & Millichap expressly denies any obligation property. the information set forth herein. to conduct a due diligence examination of this Property for Buyer. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it NON-ENDORSEMENT NOTICE Any projections, opinions, assumptions or estimates used in this harmless from any kind of claim, cost, expense, or liability arising Marketing Brochure are for example only and do not represent out of your investigation and/or purchase of this net leased Marcus & Millichap Real Estate Investment Services, Inc. the current or future performance of this property. The value of a property. (“M&M”) is not affiliated with, sponsored by, or endorsed by any net leased property to you depends on factors that should be commercial tenant or lessee identified in this marketing package. evaluated by you and your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or Buyer and Buyer’s tax, financial, legal, and construction advisors The information contained in the following Marketing Brochure is endorsement by, said corporation of M&M, its affiliates or should conduct a careful, independent investigation of any net proprietary and strictly confidential. It is intended to be reviewed subsidiaries, or any agent, product, service, or commercial listing leased property to determine to your satisfaction with the only by the party receiving it from Marcus & Millichap and should of M&M, and is solely included for the purpose of providing suitability of the property for your needs. not be made available to any other person or entity without the tenant lessee information about this listing to prospective written consent of Marcus & Millichap. This Marketing Brochure customers. Like all real estate investments, this investment carries significant has been prepared to provide summary, unverified information risks. Buyer and Buyer’s legal and financial advisors must request to prospective purchasers, and to establish only a preliminary ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE and carefully review all legal and financial documents related to level of interest in the subject property. The information CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE the property and tenant. While the tenant’s past performance at contained herein is not a substitute for a thorough due diligence DETAILS. this or other locations is an important consideration, it is not a investigation. Marcus & Millichap has not made any investigation, guarantee of future success. Similarly, the lease rate for some and makes no warranty or representation, with respect to the 4577 Miller Road, Flint, MI 48507 Table of Contents Investment Highlights 4 Financial Analysis 5 Concept Overview 6 Surrounding Area 7 Location Overview 8 Property Photos 9-11 Surrounding Area Photos 12 Local Map 13 Regional Map 14 Demographics / Market Overview 15-16 Investment Highlights PRICE: $10,901,455 | CAP: 7.15% | RENT: $779,454 About the Investment ✓ Phenomenal Performing Location ✓ Long-Term, 20-Year Absolute Triple Net (NNN) Lease ✓ Approximately 17.6 Years Remaining ✓ Two Percent (2.00%) Annual Rental Increases ✓ Corporate Guarantee ✓ Two (2), Ten (10)-Year Tenant Renewal Options, Bringing the Potential Lease Term to 40 Years About the Location ✓ Dense Retail Corridor | Target, Best Buy, J.C. Penny, Kohl’s, Hobby Lobby, Burlington, Sears, T.J. Maxx, Macy’s, Office Depot, Barnes & Noble, Pet Smart and Many More ✓ Excellent Demographics | Population Exceeds 275,000 Individuals Within a Ten-Mile Radius ✓ Strong Real Estate Fundamentals | Located Less Than Six-Miles from University of Michigan – Flint | 8,000 Students ✓ Strong Traffic Counts | Over 33,000 and 90,000 Vehicles Per Day on Miller Road and U.S Interstate 75. ✓ Bishop International Airport | Located Approximately Two-Miles Away | Serves Over One-Million Passengers Per Year ✓ Positive Location Fundamentals | Located Walking Distance From GM Factory | Over 300 Employees About the Tenant / Brand ✓ Art Van Furniture has been Successfully Operating for Nearly 60 Years ✓ Acquired by Private Equity Firm Thomas H. Lee Partners in March of 2017 ✓ Nearly 200 Stores in Nine States | Illinois, Indiana, Iowa, Kentucky, Maryland, Michigan, Ohio, Pennsylvania, and Virginia | Still Expanding ✓ Revenue of $1.4 Billion ✓ Over 5,700 Employees ✓ Brand Produces High Quality Furniture at Affordable Prices ✓ Growing Industry | $111.47 Billion Furniture Retail Industry with Revenue Growth of 2.5% in 2017 Art Van Furniture – Flint, MI 4 Financial Analysis PRICE: $10,901,455 | CAP: 7.15% | RENT: $779,454 PROPERTY DESCRIPTION RENT SCHEDULE Property Art Van Furniture Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%) Year 1 $734,497 $61,208 - Property Address 4577 Miller Road Year 2 $749,187 $62,432 2.00% City, State, ZIP Flint, Michigan 48507 Year 3 $764,171 $63,681 2.00% Year Built 1974 Year 4 $779,454* $64,955 2.00% Estimated Building Size 56,578 Year 5 $795,043 $66,254 2.00% Estimated Lot Size +/- 3.56 Acres Year 6 $810,944 $67,579 2.00% $827,163 $68,930 2.00% Type of Ownership Fee Simple Year 7 Year 8 $843,706 $70,309 2.00% THE OFFERING Year 9 $860,581 $71,715 2.00% Purchase Price $10,901,455 Year 10 $877,792 $73,149 2.00% CAP Rate 7.15% Year 11 $895,348 $74,612 2.00% Year 12 $913,255 $76,105 2.00% Annual Rent $779,454 Year 13 $931,520 $77,627 2.00% Rent Per Square Foot $13.78 Year 14 $950,151 $79,179 2.00% LEASE SUMMARY Year 15 $969,154 $80,763 2.00% Property Type Net-Leased Miscellaneous Year 16 $988,537 $82,378 2.00% Year 17 $1,008,307 $84,026 2.00% Tenant / Guarantor AVF Parent, LLC Year 18 $1,028,473 $85,706 2.00% Original Lease Term 20 Years Year 19 $1,049,043 $87,420 2.00% Lease Commencement March 1, 2017 Year 20 $1,070,024 $89,169 2.00% Lease Expiration March 31, 2037 *Based off of the March 2020 Rental Increase Lease Term Remaining 17.6 Years INVESTMENT SUMMARY Lease Type Absolute Triple-Net (NNN) Marcus & Millichap is pleased to present the exclusive listing for an Art Van Furniture located at 4577 Miller road in Flint, Michigan. The site consists of roughly 56,578 rentable square feet Roof & Structure Tenant Responsible of building space on estimated 3.56-acre parcel of land. This Art Van Furniture is subject to a Rental Increases 2% Annually 20-year absolute triple-net (NNN) lease, which commenced March 1st, 2017. The current annual rent is $779,454 and is scheduled to increase by two percent annually. There are two, Options to Renew Two (2), Ten (10)-Year Option Periods ten-year tenant renewal options. Art Van Furniture – Flint, MI 5 Concept Overview About Art Van Furniture General Information Founded Eastpointe, MI - 1959 Art Van Furniture Inc. is furniture retail chain that operates nearly 200 stores Website www.artvan.com across the Midwest operating under the following brands: Art Van Furniture, Art Number of Locations Approximately 200 Van PureSleep, Art Van Flooring, Scott Shuptrine Interiors, Levin Furniture, Wolf Furniture, and Gardiner Wolf Furniture.
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