Young's C-Store
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OFFERING MEMORANDUM Young’s C-Store SUMTER SOUTH CAROLINA 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 Young’s C-Store 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. SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making. 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. Crown Point Great Smoky Waynesville Sanford Mountains NP Concord Rutherfordton Albemarle Dunn Benson Carl Sandburg Home NHS Shelby North Belmont Brevard Gastonia Landrum Pinehurst Franklin Cowpens NB Charlotte Mount Olive Clover Kings Mountain NMP Fayetteville Gaffney Springfield York Wingate Raeford Spartanburg Monroe Clinton TABLE OF CONTENTSBerea Wade Hampton NORTH CAROLINARockingham Hope Mills Greenville Rock Hill Walhalla Easley Laurinburg Maxton Simpsonville Union Pageland Fountain Inn Chester Pendleton Lumberton Bennettsville Investment Summary .........................................Belton 5 Great Falls Whitmire Anderson Laurens Young’s C-Store Investment Highlights.........................................7 Dillon Fairmont Winnsboro Hartsville Whiteville Aerial Map .........................................................Hartwell 9 Darlington GreenwoodNewberry Lugoff Commerce Florence Mullins Tenant Summary .............................................. Ninety Six10 NHS Tabor City Calhoun Falls Seven Oaks LocationAthens Map ...................................................13 Columbia Loris Springdale Cayce Southport Sumter Location Overview ............................................14 Congaree Swamp NM Lake City Conway Edgefield Washington SOUTH CAROLINA Location Highlights ...........................................15 Manning Myrtle Beach Kingstree Madison St. Matthews Demographics ..................................................Martinez 16 Aiken Augusta Orangeburg Brookdale Murrells Inlet Andrews South Augusta Williston Georgetown Eatonton Bamberg Barnwell Wrens Milledgeville GEORGIA Moncks Corner Waynesboro Louisville Goose Creek Fairfax Ladson Gordon North Charleston Wadley Walterboro Millen Hampton Mount Pleasant Wrightsville Sylvania Charleston Swainsboro Dublin Statesboro Beaufort Cochran Soperton Metter Parris Island Okatie Vidalia Eastman Claxton Hilton Head Island McRae Reidsville Savannah Fort Pulaski NM Young’sYoung’s C-StoreC-Store INVESTMENT SUMMARY 301 EAST CHARLOTTE AVENUE, SUMTER, SC 29150 PRICE: $751,400 CAP: 6.25% RENT: $46,966 (AVERAGE LEASE TERM CAP 7.90%) OVERVIEW ANNUALIZED OPERATING DATA $751,400 Price Lease Term Annual Rent Gross Leasable Area (GLA) 3,265 SF Current Term $46,966 Net Operating Income $46,966 2021 $47,905 CAP Rate 6.25% 2022 $48,863 Year Built / Renovated 1996/2005 2023 $49,841 2024 $50,837 2025 $51,854 LEASE ABSTRACT 2026 $52,891 Lease Type NNN 2027 $53,949 Lease Term 23 Years 2028 $55,028 Lease Term Remaining 10.5 Years 2029 $56,129 Lease Start 3/27/2008 2030 $57,251 Lease Expiration 3/31/2031 Average Rent $51,956 Renewal Options 1x10 & 1x7 Increase 2% Annually Roof & Structure Tenant Responsible 5 6 Young’sYoung’s C-StoreC-Store INVESTMENT HIGHLIGHTS t GPM Investments, LLC is one of the largest privately-owned companies in the C-Store industry. They operate over 1,400 stores in 22 states+/- t Lease is Guaranteed by GPM Investments - a privately held Young’s C-Store company with over 1,400 locations t Guarantor revenue of $1.9(Bil) t Strategically located near Shaw Air Force Base t 2% annual rent escalations hedges against inflation t True long term NNN lease with no landlord responsibilities 56,511 $58,045 TOTAL AVERAGE POPULATION HOUSEHOLD WITHIN 5-MILE INCOME WITHIN RADIUS 5-MILE RADIUS 15,100 VPD - N LAFAYETTE DRIVE 7 INVESTMENT HIGHLIGHTS This highly visible store is located at the intersection of East Charlotte Avenue and North LaFayette Drive and is directly next to Croswell Drive Elementary School Peace of mind investment Located just 10 miles from Strong operator with more and less than ten miles from Shaw Air opportunity with absolutely Shaw Air Force Base than 1,400 locations and a Force Base. no landlord obligations. and 50-miles from revenue over $1.9(Bil) The tenant signed a 23 year NNN lease Columbia, South Carolina in March of 2008 that offers two percent (State Capitol) annual rent increases. The lease offers an additional ten year option to renew, followed by a seven year renewal option, both with annual rent increases. Under the lease, the tenant is responsible for the payment of all taxes, insurance and CAM on the property, including the roof and structure. The lease is guaranteed by GPM Investments, LLC, which is one of the largest privately owned C-Store operators in the U.S. with over 1,400 locations nationwide and revenue exceeding $1.9(Bil). They operate this particular location under the BP gas brand and as a Young’s Food Store. 8 Ashley Chase Morris College Carolinas Inn Medical Offices Apartments Capstone Self Storage HWY 76 N LAFAYETTE DR - 15,100 VPD Crosswell Drive Elementary School N MAIN ST - 6,100 VPD Young’s C-Store BROAD ST - 14,800 VPD E CHARLOTTE AVE - 2,000 VPD Robinson Family Auto Sales Downtown Sumter Motor Inn Sumter Police Department Sumter Fire Dept. - Headquarters tm Prisma Health Tuomey Hospital BURGER KING N WASHINGTON - 7,000 VPD McDonalds Sumter County Health Department 9 Young’sYoung’s C-StoreC-Store TENANT SUMMARY GPM INVESTMENTS, LLC The company, based in Richmond, VA, operates or supplies stores GPM commenced operations in 2003 and, as of 2013, operated over in Arkansas, Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, 200 fas mart® and shore stop® locations in Connecticut, Delaware, Kentucky, Louisiana, Maryland, Michigan, Missouri, Nebraska, New Maryland, North Carolina, Pennsylvania, Tennessee and Virginia. Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, GPM started on its growth path in August 2013 with the purchase Tennessee, Texas and Virginia and is the 6th largest convenience store of a 263-store convenience store group located in North Carolina, chain in the country. South Carolina, Tennessee and Virginia, which included the brand names of Scotchman®, Young’s, Li’l Cricket, Quick & Easy Everyday Many of the company’s stores have hot, fresh food offerings. Our Shop & Café®,