Little Woodrow's
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OFFERING MEMORANDUM LITTLE WOODROW’S AND ACTION BEHAVIOR CENTERS SAN ANTONIO, TEXAS STONE OAK PORTFOLIO NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & 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. Activity ID: ZAA0160385 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. OFFICES THROUGHOUT THE U.S. AND CANADA www.marcusmillichap.com PROPERTY LOGO EXCLUSIVELY LISTED BY TIM SPECK Texas Broker of Record First Vice President District Manager, Dallas Office Direct: (972) 755-5200 // Fax: (972) 755-5210 [email protected] License: TX 9002994 PROPERTY LOGO TABLE OF CONTENTS SECTION PAGE 01 EXECUTIVE SUMMARY 9 02 FINANCIAL ANALYSIS 21 03 PROPERTY DESCRIPTION 27 04 MARKET OVERVIEW 35 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 1 Executive Summary tenant overviews investment highlights aerial maps parking and access 8 EXECUTIVE SUMMARY LITTLE WOODROW’S 606 West Afton Oaks Boulevard San Antonio, Texas 78232 Founded in Houston in 1994, Little Woodrow’s now has eighteen locations throughout Texas, including seven in Houston, five in Austin, and two in San Antonio. The Stone Oak location, San Antonio’s second, has operated since 2016 and has the seventh-highest alcohol sales in the city. The Travel Ledger named Little Woodrow’s Stone Oak the “Best Night Spot” in town. Little Woodrow’s watering holes are known for casual patio bars and wide selection of draft beers, perfect for happy hour and community events. The bar offers a menu of Texas Southern pub grub, including queso, burgers, and chicken wings. Regular patrons can earn a spot on the Big 50 Club Wall of Fame by completing a punchcard with a rotating list of select beers. Owner Danny Evans expanded the concept in 2016 by opening the first Kirby Ice House in Houston’s Upper Kirby district. That brand has a second location in Houston, and a third in Aspen, Colorado, extending Evans’s reach interstate. INVESTMENT HIGHLIGHTS • 9,005 Square Feet • 2.38 Acres • Base Rent Increases Every Five Years • Sales-Based Percentage Rent in Addition to Base Rent • Over Five Years Remaining in Primary Lease Term with Two Five-Year Renewal Options to Follow EXECUTIVE SUMMARY 9 LITTLE WOODROW’S // Alcohol Sales City of San Antonio Rankings Last 12 Months Zip Code 78232 Rankings July 2019 Rank Bar Name Revenue Rank Bar Name Revenue 1 Hospitality International, Inc. $19,059,265 1 Little Woodrow’s $301,087 2 Aramark Sports and Entertainment Services of Texas $8,053,925 2 The Hoppy Monk $122,731 3 Hotel Emma $5,801,562 3 El Bucanero $106,371 4 HRHC, LLC $5,124,429 4 TBD Bar and Social $104,386 5 DH San Antonio Bevco LLC $4,925,691 5 Lucy Cooper’s $94,007 6 Howel at the Moon $4,440,362 6 Chuy’s SA 281 $84,202 7 Little Woodrow’s $4,304,890 7 The Hollow $82,605 8 Mi Tierra Cafe & Bakery $4,264,510 8 Brick House Tavern & Tap $81,234 9 Topgolf USA San Antonio $4,221,542 9 Kirby’s Steakhouse $77,479 10 Grand Riverwalk Beverage LLC $4,807,133 10 Sideliner’s Grill $74,684 10 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 11 12 EXECUTIVE SUMMARY ACTION BEHAVIOR CENTERS 600 North Loop 1604 East San Antonio, Texas 78232 Founders Ryan and Holly Lambert opened the first Action Behavior Centers location in Austin, Texas in 2017, frustrated with long wait times to access local support for a family friend. They are well on their way to attaining their goal of becoming the largest provider of Applied Behavior Analysis (ABA) therapy in Texas, with thirteen locations currently operating, including the Stone Oak center in San Antonio. Action Behavior Centers’ Board Certified Behavior Analysts (BCBAs) provide initial assessment and treatment plans for families, including up to 40 hours per week of ABA therapy. The centers focus on intervening at a young age to teach mainstream behaviors to autistic children. ABA, which draws heavily on classical and operant conditioning methods, is the most widely prescribed therapy for children on the Autism Spectrum and often one of the only treatment options for autism covered by insurance. INVESTMENT HIGHLIGHTS • 14,116 Square Feet • 1.46 Acres • Annual Rent Increases • Over Six Years Remaining in Primary Lease Term • Two Five-Year Renewal Options with 3% Annual Increases to Follow EXECUTIVE SUMMARY 13 EASTBOUND VIEW N. Loop 1604 at U.S. 281 145,469 VPD N. Loop 1604 access at Afton Oaks Blvd. 25,346 VPD d. s Blv Afton Oak 1 mi. to U.S. 281 North Loop 1604 14 EXECUTIVE SUMMARY WESTBOUND VIEW N. Loop 1604 109,760 VPD N. Loop 1604 d. Blv aks n O fto A W. EXECUTIVE SUMMARY 15 Access From Loop 1604 East Ac c . es vd s Bl Fr ks om Oa n W. Afto 16 EXECUTIVE SUMMARY PARKING AND ACCESS Loop 1604 Multiple Ingress and Egress Options C L SYMBOLS LEGEND W e s t A f t o n O a k s B l v d . Reciprocal Parking Lot 2, Block 2, Afton Oaks Subdivision Unit-3 (Volume 9508, Page 4) Site Drawing--Not a Survey Access From Loop 1604 East 14.679 Acre Tract (Volume, Page) EXECUTIVE SUMMARY 17 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap section 2 Financial Analysis portfolio overview property descriptions lease summaries rent summaries OFFERING SUMMARY LITTLE WOODROW’S & ACTION BEHAVIOR CENTERS Total Price Total $8,295,000.00 2 Properties Number of Buildings 2 Gross Leasable Area 23,121 SF Combined Lot Size 3.8 Acres Price Per Square Foot $358.76 Capitalization Rate 5.80% Net Operating Income $481,203.38 20 EXECUTIVE SUMMARY EXECUTIVE SUMMARY 21 PRICING DETAILS // Little Woodrow’s THE OFFERING LEASE SUMMARY Property Little Woodrow’s Stone Oak Property Subtype Net Leased Restaurant Property Address 606 West Afton Oaks Boulevard Tenant Little Woodrow’s Rent Increases Every 5 Years PROPERTY DESCRIPTION Guarantor Corporate Year Built / Renovated 1990 Lease Type Absolute Net Gross Leasable Area 9,005 SF Lease Commencement 1/27/2015 Zoning Commercial Lease Expiration 1//26/2025 Type of Ownership Fee Simple Lot Size 2.38 Acres Lease Term 10 Years Term Remaining on Lease 5+ Years Renewal Options Two 5-Year Options ANNUALIZED OPERATING INFORMATION Landlord Responsibility N/A INCOME Net Operating Income $251,919.38* Tenant Responsibility All Expenses including Roof and Structure *base rent plus percentage rent (trailing 12 months from Sept. 2018-Aug.