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Merchants Nashville TN Merchants – Iconic Restaurant on Click Here to Play Broadway – Downtown Nashville Aerial Video OFFERING MEMORANDUM 401 Broadway, Nashville, Tennessee 37203 Table of Contents Financial Overview Investment Highlights & Overview Lease Summary Concept Overview Location Overview Location Highlights Location Overview Surrounding Aerial Map Property Photos Market Overview Market Overview Population Income Employment Subject Property Financial Overview Merchant’s – Nashville, Tennessee 3 Investment Highlights PRICE: $14,500,000 | CAP: 4.36% | RENT: $632,354 About the Investment ✓ Long-Term, Absolute Triple Net (NNN) Lease | Ten Years Remaining on Base Term ✓ Tenant Recently Extended the Lease Proving Their Long-Term Commitment to the Site ✓ Trophy Real Estate Location | Located on Broadway in Downtown Nashville ✓ Two Percent Annual Rental Escalations ✓ Seven, Five-Year Tenant Renewal Option Periods About the Location ✓ Outstanding Real Estate Fundamentals | Located on Historic Broadway Street in Downtown Nashville | One of the Visited Retail Corridors in the Country ✓ Robust Demographics| Population Exceeds 2256, 588 Individuals Within a 5-Mile Radius ✓ Strong Academic Presence | Within a 7-Mile Radius from Vanderbilt University, Belmont University, Lipscomb Univeristy, Tennessee State Univeristy, and Nashville State Community College| Total Enrollment Exceeds 44,000 Students ✓ Excellent Traffic Counts | Broadway Street and Interstate-40| 33,530 and 126,684 Vehicles Per Day Respectively About the Tenant / Brand ✓ Iconic Nashville Restaurant – Trophy Investment ✓ Exceptional Unit Level Sales ✓ Strategic Hospitality – Experienced and Successful Multi Brand Operator of Upscale Restaurants Throughout Nashville ✓ Merchant’s Restaurant Has Been Operating Since 1988 ✓ A Three Story Building With Each Floor Offering a Different Concept. ✓ First Floor: Bistro Style With Quality Cocktails and Comfortable Food ✓ Second Floor: Traditional Steakhouse With an Expansive Wine List ✓ Third Floor: Private Dining Area that Is Perfect for Any Type of Event Merchant’s – Nashville, Tennessee 4 Financial Analysis PRICE: $14,500,000| CAP: 4.36% | RENT: $632,354 PROPERTY DESCRIPTION RENT SCHEDULE Lease Year(s) Annual Rent Monthly Rent Rent Escalation Property Merchants Restaurant Year 11 $632,354 $52,696 - Property Address 401 Broadway Year 12 $645,001 $53,750 2.00% City, State, ZIP Nashville, TN 37203 Year 13 $657,901 $54,825 2.00% Year 14 $671,059 $55,922 2.00% Building Size (SF) 17,713 Year 15 $684,480 $57,040 2.00% Floors Three Year 16 $698,170 $58,181 2.00% Year 17 $712,133 $59,344 2.00% Lot Size (Acres) +/- 0.11 Acres Year 18 $726,376 $60,531 2.00% THE OFFERING Year 19 $740,904 $61,742 2.00% Net Operating Income (NOI)1 $632,354 Year 20 $755,722 $62,977 2.00% Option 1 CAP Rate 4.36% Year 21 $770,836 $64,236 2.00% Purchase Price $14,500,000 Year 22 $786,253 $65,521 2.00% Year 23 $801,978 $66,831 2.00% LEASE SUMMARY Year 24 $818,017 $68,168 2.00% Property Name Merchants Restaurant Year 25 $834,378 $69,531 2.00% Ownership Fee Simple INVESTMENT SUMMARY Tenant 401 Food, LLC Marcus & Millichap is pleased to present the Broker Opinion of Value for Lease Commencement 1/1/2009 Merchant’s restaurant located at 401 Broadway, Nashville, Tennessee. The site consists of roughly 17,713 rentable square feet of building space on estimated Lease Expiration 12/31/2028 0.11 acre parcel of land. Lease Term Remaining 10+ Years The property has been occupied by Merchants Restaurant since 2009 and the Lease Type Triple-Net (NNN) tenant recently extended the lease early. The property is currently subject to a absolute triple-net lease with more than 10 years remaining on the base term. Roof & Structure Tenant Responsible The current annual rent is $632,354 and is subject to 2.0% rental increases Rental Increases 2.0% Annually annually. There are seven, five-year tenant renewal option periods. The tenant may request the rent be assessed to fair market value one time in each of the Options to Renew Seven (7), Five-Year (5) Option Periods second through seventh tenant renewal option periods. 1 NOI Based on January 2019 Rental Increase Merchant’s – Nashville, Tennessee 5 Tenant Overview About Merchant’s Merchants is a lively three-floor restaurant situated in the heart of downtown Nashville on the corner of Broadway and 4th Avenue. The notable building dates back to 1892 and has a torrid history that mirrors the electric events that have shaped the personality and character of this downtown area. The street-level entrance of Merchants leads to a vibrant black and white bistro, often filled with a cross-section of local business men and women, tourists, and those attending events in the downtown area. The bistro boasts quality cocktails, comfortable food, and impeccable service. The second floor of Merchants is open for lunch and dinner and has a totally different vibe than the bistro. A little fancier and more upscale, it has a separate menu from the bistro. The dining room on the second floor offers more refined dishes, a more expansive wine list, and several top-tier steak options. The third floor of Merchants is private dining space perfectly suited for rehearsal dinners, business dinners, cocktail events or any other reason to gather some of your closest friends together to enjoy company and sustenance. Merchant’s – Nashville, Tennessee 6 Location Overview Merchant’s – Nashville, Tennessee 7 Surrounding Area BROADWAY HISTORIC DISTRICT Merchant’s – Nashville, Tennessee 8 Surrounding Area Tennessee State Capital Historic Downtown Nashville - 100+ Bars and Restaurants John Seigenthaler Pedestrian Bridge Merchant’s – Nashville, Tennessee 9 Surrounding Area Merchant’s – Nashville, Tennessee 10 Location Overview Property Address: 401 Broadway, Nashville, Tennessee 37203 This Merchants Restaurant is located directly on Broadway Street, which has average daily traffic counts of 33,530 vehicles. Intersecting with Broadway, is Interstate-40, which brings in an addition 126,684 vehicles to the immediate area daily. The Merchants property benefits from strong demographics, with over 105,600 people residing within a 3-mile radius of the property, and 225,588 within a 5-mile radius. The foot traffic around the restaurant is also very high with close proximity to the John Seigenthaler Pedestrian Bridge. The subject property is ideally positioned in Nashville’s thriving downtown, know as Lower Broadway. The property benefits from its location on the historic Broadway district. The area is best known for the many music and tourist-related businesses that make the area so unique. Known as Lower Broadway, this portion of Broadway consists of a half-mile strip made up of restaurants, bars, and live music venues. Between the various bars, restaurants, and other notable attractions, the area is ADTC: 126,684 without a doubt the most visited tourist attraction in Nashville. The area benefits from close proximity to the city’s largest event venues including Bridgestone Arena, home of the NHL’s Nashville Predators, the 118,675 square foot Nashville Convention Center, the 1.2 million square foot Music City Center, and Nissan Stadium, home to the NFL’s Tennessee Titans. In addition, Vanderbilt University, a private research university located less than two miles from the subject property, has a total enrollment of 12,686 students. ADTC: 33,530 Nashville is the capital of the state of Tennessee and the county seat of Davidson County. The city is a center of music, healthcare, publishing, banking, and transportation industries, and it is also home to various colleges and universities. Nashville is known as the “home of country music” and has become a major music and production center. The city also hosts the CMA music festival, a four-day event featuring performances by country music stars that is accompanied with other activities for country music fans. Although Nashville is known for its music, the largest industry is health care. Nashville is home to more than 300 health care companies, including Hospital Corporation of America, the world’s largest private operator of hospitals. Vanderbilt university and Medical Center is the city’s largest employer with more than 23,021 total employees. There are numerous universities and colleges located in Nashville, including: Belmont University, Tennessee State University, Lipscomb University, and Nashville State Community College, which have a total enrollment of 31,524. Merchant’s – Nashville, Tennessee 11 Property Photos Merchant’s – Nashville, Tennessee 12 Property Photos Subject Property Merchant’s – Nashville, Tennessee 13 Property Photos Merchant’s – Nashville, Tennessee 14 Local Map Property Address: 401 Broadway, Nashville, Tennessee 37203 Nashville International Airport (BNA) Merchant’s – Nashville, Tennessee 15 Regional Map Property Address: 401 Broadway, Nashville, Tennessee 37203 NJ Merchant’s – Nashville, Tennessee 16 Market Overview Merchant’s – Nashville, Tennessee 17 Market Overview Nashville Overview The Nashville metro, with a population of nearly 2 million, spans 14 counties: Davidson, Smith, Macon, Williamson, Cheatham, Sumner, Dickson, Robertson, Cannon, Rutherford, Hickman, Trousdale, Maury and Wilson. Davidson is the most populous county with 686,200 people and is home to Nashville, the capital city, which has 658,400 residents. The metro is located in the north-central portion of the state of Tennessee in what is known as the Central Basin. The Cumberland River, which snakes through the region, adds to the local economic base and enhances
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