OFFERING EXCLUSIVE MEMORANDUM LISTING 2406 Williams Street Cape Girardeau, MO 63703

ACTUAL PROPERTY PHOTO

Actual Property Photo The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is in- tended to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Tiktin Real Estate Investment Services. 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 CONFIDENTIALITY herein is not a substitute for a thorough due diligence investigation. Tiktin Real Estate Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses AND DISCLAIMER 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 finan- cial 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, Tiktin Real Estate Investment Services has not verified, and will not verify, any of the information contained herein, nor has Tiktin 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.

NON-ENDORSEMENT NOTICE:

Tiktin Real Estate Investment Services, Inc. (“Tiktin”) is not affiliated with, sponsored by, or endorsed by any com- mercial 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 Tiktin, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Tiktin, 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 TIKTIN REAL ESTATE INVESTMENT SERVICES AGENT FOR MORE DETAILS.

2 FINANCIAL ANALYSIS TABLE OF Pricing Analysis ...... 5 EXECUTIVE SUMMARY CONTENTS Investment Overview 7 Tenant Overview ...... 8-9 PROPERTY DESCRIPTION Property Details ...... 11 Local Aerial ...... 12 Local Retailer Map ...... 13 Local Map 14 Regional Map ...... 15 MARKET OVERVIEW Market Overview ...... 17 COMPETITIVE PROPERTY SET Sales Comparables Map 19 Sales Comparables ...... 20-22 MARKET OVERVIEW Demographic Summary ...... 24-25

3 FINANCIAL ANALYSIS PRICING ANALYSIS

IHOP LEASE SUMMARY FINANCIAL 2406 William Street, Cape Girardeau, MO 63703 Lease Type Absolute Triple Net (NNN) OFFERING PRICE Roof And Structure Tenant Responsible ANALYSIS Price $1,833,000 Lease Guarantor Franchisee Cap Rate 6.50% Original Lease Term 15 Years NOI $119,145 Rent Commencement Date Close of Escrow Gross Leasable Area (GLA) 6,442 SF Lease Expiration Date 15 Years thereafter Price/Rentable SF $284.53 Remaining Lease Term 15 Years Lot Size 1.01 Acres Options 4 (5) Year Year Built/Renovated: 2004/2014 Increases 10% Every 5 Years

ANNUALIZED OPERATING DATA RENT INCREASES ANNUAL RENT MONTHLY RENT CAP RATE Years 1 - 5 ($18.49/SF) $119,145 $9,928 6.50% Years 5 - 10 ($20.34/SF) $131,060 $10,921 7.15% Years 11-15 ($22.37/SF) $133,100 $12,013 7.87%

Option 1 | Years 16 - 20 $158,582 $13,215 8.65% Option 2 | Years 21 - 25 $174,440 $14,536 9.52% Option 3 | Years 26 - 30 $191,884 $15,990 10.47% Option 4 | Years 31- 35 $211,073 $17,589 11.52%

BASE RENT ($18.49/SF) $119,145 TOTAL RETURN 6.50%/$119,145

5 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ■■ Substantial Franchisee Operates 160+ Locations ■■ Low Rent At Only $18.49/PSF ■■ Sale/Leaseback Absolute Triple Net Lease EXECUTIVE With 15 Year base Term SUMMARY ■■ Attractive 10% Increases Every 5 Years ■■ Zero Landlord Responsibilities ■■ Approximately 1.4 Miles from Interstate 55 (I-55) ■■ Outparcel to Schnucks Grocery Anchored Shopping Center ■■ Surrounding Retailers Include K-Mart, Schnucks, Wendy's, Buffalo Wild Wings, Walmart Neighborhood Center, Walgreen's, amongst others

INVESTMENT OVERVIEW Tiktin Real Estate Investment Services is pleased to present this IHOP Restaurant located at 2406 William Street, Cape Girardeau, Missouri. This property consists of a 6,442-square-foot IHOP Restaurant built in 2004, renovated in 2014, and situated on 1.01 Acres. At the close of escrow, seller will sign a 15 year Triple Net (NNN) lease. The lease will provide for zero landlord responsibilities, 10 percent increases every 5 years and four, 5 year options. Annual rent will be initially set at $110,000 per year. This property offers direct frontage, signage and access along William Street and Route 61, which experiences combined traffic counts in excess of 40,104 vehicles per day. Additionally, this IHOP Restaurant is located just 1.4 miles from Interstate 55 (I-55) and is an outparcel to a Schnucks anchored shopping center. The City of Cape Girardeau has become the regional destination for healthcare, education, entertainment, shopping and employment. Cape Girardeau’s population swells to 100,000 daily. Two state-of-the-art hospitals sit within the city limits. Together, these hospitals serve more than one million people from five states. Southeast Missouri State University welcomes more than 10,000 students from the region and across the world every day. Multiple private and parochial schools and more than fifty churches call Cape Girardeau home.

7 TENANT OVERVIEW

Property Property Single Tenant - Restaurant Property Address 2406 William St., Cape Girardeau, MO 63703 TENANT Tenant Tenant Trade Name IHOP Restaurant OVERVIEW Ownership Private Tenant Franchisee Lease Guarantor Franchisee Sales Volume N/A

LEASE Lease Commencement Date Close of Escrow Rent Commencement Date Close of Escrow Lease Expiration Date 15 Years thereafter Lease Type Absolute Triple Net (NNN) Roof and Structure Tenant Responsibility Lease Term 15 Years Year 1 Net Operating Income $110,000 Increases 10 Percent Every 5 Years

OPTIONS Options to Renew 4 (5) Year Options to Terminate N/A Options to Purchase N/A First Right of Refusal N/A

International House of , stylized as its acronym, IHOP, is an American multinational house/ fast casual family restaurant chain that specializes in foods. It is owned by DineEquity, with 99% of the run by independent franchisees. While IHOP's focus is on breakfast foods, it also offers a menu of lunch and dinner items. The company has 1,650 locations in North America, Latin America, the Middle East, Southeast Asia, and Oceania. It is known for many of its locations being open 24 hours a day, 7 days a week.

8 FRANCHISEE OVERVIEW

Principal - Andy Patel Anand D Patel, known as Andy, is the principal of a multi franchisee group which has been involved in the restaurant businesses for more than 29 years. Andy started his restaurant career in the late 1980's with Wendy's Restaurants in Laurel, Maryland. Within 6 months he was promoted to TENANT Assistant Manager, while holding part-time positions at McDonald's, OVERVIEW Domino's and Burger King. In 1992, Andy purchased his first restaurant and helped turn its operating loss into a profit within one year. In 1994, he purchased an IHOP restaurant from Corporate and doubled the revenue within one year. That year, he won an award for highest sales increase across all IHOPs nationwide. In 2002, he bought another restaurant and won the highest sales increase in the country. He has won various awards throughout his career for his management approach including "Franchisee of the Year" from Florida's IHOPs in 1994, 1995, and 2002. Since Andy's first IHOP restaurant purchase, he has expanded his portfolio to 5 IHOP Restaurants, 73 Burger King Restaurants, and 18 Pizza Hut Restaurants. He has also added 9 Applebee's Restaurants in New Mexico, 20 Applebee's Restaurants in Virginia, and recently another 22 Applebee's Restaurants in the Memphis Tennessee area. Andy manages over $250 million in revenue and just over 5,000 active employees with just as much dedication and conviction as he did when he started working in the industry. Besides being a successful Entrepreneur, Andy is a proud family man. He enjoys spending quality time with his beautiful wife of 20 years, Anissa, and 4 children. His favorite pastimes include watching football, basketball, and going to the movies. In addition to work, family, friends, and pastimes, he enjoys donating to various local charities and sits on the board for West Palm Beach Homeland Security.

9 PROPERTY PHOTOS

ACTUAL PROPERTY PHOTO PROPERTY DETAILS

THE OFFERING Property IHOP Restaurant Property Address 2406 Williams Street, Cape Girardeau, MO

SITE DESCRIPTION Gross Building Area: 6,442 SF PROPERTY Lot Size: 1.01 Acres Ownership: FEE SIMPLE DESCRIPTION Year Built/Renovated: 2004/2014 Number of Stories: 1 Stories Parking: 75 Spaces Parking Ratio: 1.16/1,000 SF Topography: FLAT

PARCELS Number of Tax Parcels 1 APN 20-308-00-08-00702-0000

CONSTRUCTION Foundation Concrete Framing Concrete Exterior Concrete Parking Surface Asphalt Roof Flat

MECHANICAL HVAC Central Air Utilities City of Cape Girardeau

ZONING PUD: CI

ACCESS POINTS William Street & Leming Lane

UTILITIES Gas Tenant Electric Tenant Water Tenant Sewer Tenant Trash: Tenant 11 PROPERTY DESCRIPTION

LOCAL AERIAL

12 PROPERTY DESCRIPTION

LOCAL AERIAL

13 PROPERTY DESCRIPTION

LOCAL AERIAL

14 PROPERTY DESCRIPTION

LOCAL AERIAL

15 PROPERTY DESCRIPTION

LOCAL AERIAL

16 PROPERTY DESCRIPTION

LOCAL RETAILER MAP

SUBJECT PROPERTY

17 PROPERTY DESCRIPTION

AERIAL MAP

SUBJECT PROPERTY

18 PROPERTY DESCRIPTION

REGIONAL MAP

SUBJECT PROPERTY

19 MARKET OVERVIEW CAPE GIRARDEAU OVERVIEW Born on the Mississippi River more than 200 years ago, Cape Girardeau, Missouri, has evolved from a tiny trading post to a frontier settlement governed by a French-Canadian commandant to a thriving, culturally-rich MARKET community of 38,000 residents on the world's OVERVIEW only inland cape. Although part of the actual cape was destroyed in the 1800s to make way for the railroads, this memorial "Cape Rock" sits atop the bluff of Girardot's trading post. It was about 1733 that an adventuresome French soldier, Jean D. Girardot, established a trading post in a remote region populated by more than 20 Native American tribes. Girardot chose a promontory rock overlooking the Mississippi River as the site for his trading post. Trappers and river travelers soon discovered this welcome bit of civilization carved out of the vast forest that one day would become Missouri. They called the place "Cape Girardot." The Louisiana Purchase in 1803, easily the greatest discount sale in history, brought the Missouri region into American possession at the cost of 2 cents per acre. As a result, Louis Lorimier donated four acres for the establishment of a seat of justice. In 1806, the city was platted and in 1808 was incorporated into a town. Lorimier died in 1812 and is buried in historic Old Lorimier Cemetery. With the arrival of the steamboat in 1835, Cape Girardeau became a river boom town. It was the busiest port between St. Louis and Memphis. Until the Civil War, the Riverfront bustled with activity as a commercial center and as an inviting port of debarkation for steamboat passengers. During the Civil War, Cape Girardeau was occupied by Union forces who built four forts to protect the city and river. For a brief period in 1863, General Ulysses S. Grant set up headquarters in Cape Girardeau before moving his headquarters to Cairo, Illinois. A minor skirmish was fought just west of town in 1863, but fortunately Cape Girardeau was spared the devastation that claimed other cities. The post-Civil War years brought continued growth: the establishment of public education in 1867, the introduction of rail service, and advances in agriculture and industry. In 1873, a teaching university was founded in Cape Girardeau that is now Southeast Missouri State University. The university now provides higher education for more than 8,000 students in all disciplines. Today, Cape Girardeau is a regional hub for education, commerce, and medical care. Although the city's population is around 37,000 people, it is estimated that as many as 90,000 come to Cape Girardeau daily to work, shop, go to school, or visit the many doctors' offices or two hospitals. In addition, the Bill Emerson Memorial Bridge, which was officially opened in December 2003, carries 26,000 cars in and out of Cape Girardeau every day. 21 SALES COMPARABLES COMPETITIVE PROPERTY SET

SALES COMPARABLES MAP

3

4

SUBJECT PROPERTY

2 1

Recent Sales

Subject Property

1 IHOP - Wylie

2 IHOP - Atlanta

3 IHOP - Bridgeview

4 IHOP - Topeka

23 COMPETITIVE PROPERTY SET

Cap Rate

6.20%

6.00%

5.80% Average 5.87%

5.60%

5.40%

5.20%

5.00%

4.80% Subject IHOP - Wylie IHOP - IHOP - IHOP - Property Atlanta Bridgeview Topeka

Price SF

$1,000.00

$900.00

$800.00 $700.00 Average $617.58 $600.00

$500.00

$400.00

$300.00

$200.00

$100.00

$- Subject Property IHOP - Wylie IHOP - Atlanta IHOP - Bridgeview IHOP - Topeka

24 COMPETITIVE PROPERTY SET

SALES COMPARABLES

Subject Property 2406 William St., Cape Girardeau, MO 63703

Sales Price: $1,833,000 Cap Rate: 6.50% Price/SF: $284.53 Gross Leasable Area (GLA): 6,442 SF Lot Size: 1.01 Acres Year Built/Renovated: 2004/2014

1 IHOP - Wylie 2592 W FM 544, Wylie, Texas 75098

Close of Escrow: 7/19/2017 Sales Price: $2,875,000 Cap Rate: 5.50% Price/SF: $635.36 Gross Leasable Area (GLA): 4,525 SF Year Built: 2017 COMMENTS: At closing this was a Triple Net Lease with approximately 15 years remaining on a sale-leaseback. The guarantor was Argonne Capital and the lease calls for 1% annual increases.

2 IHOP - Atlanta 5516 Peachtree Industrial Blvd., Atlanta, GA 30341

Close of Escrow: 1/5/2018 Sales Price: $3,459,000 Cap Rate: 6.07% Price/SF: $986.03 Gross Leasable Area (GLA): 3,508 SF Year Built/Renovated: 1979/2012 COMMENTS: At closing, this was a Triple Net Lease with approximately 14 years remaining with three, 5-year options and 10% increases every 5 years. 25 COMPETITIVE PROPERTY SET

SALES COMPARABLES

3 IHOP - Bridgeview 7240 W 79th Street, Bridgeview, IL 60455

Close of Escrow: 11/27/2017 Sales Price: $3,225,000 Cap Rate: 5.95% Price/SF: $649.68 Gross Leasable Area (GLA): 4,964 SF Year Built/Renovated: 1990/2010 COMMENTS: At closing this was a Triple Net Lease with approximately 15 years remaining on the lease. IHOP has been at this location since 1997.

4 IHOP - Topeka 1731 SW Wanamaker Road, Topeka, KS 66604

Close of Escrow: 10/18/2017 Sales Price: $2,570,000 Cap Rate: 5.35% Price/SF: $532.31 Gross Leasable Area (GLA): 4,828 SF Year Built: 1999

26 DEMOGRAPHICS MARKET DEMOGRAPHIC POPULATION 1-MILE 5-MILES 10-MILES SUMMARY 2023 Population 7,263 45,491 74,588 OVERVIEW 2018 Population 7,104 44,510 73,091 2010 Population 6,831 42,744 69,814

HOUSEHOLDS 1-MILE 5-MILES 10-MILES 2023 Households 3,365 18,181 29,557 2018 Households 3,298 17,754 28,959 2010 Households 3,205 17,068 27,645 Growth 2018 - 2023 2.03% 2.23% 2.06% Growth 2010 - 2018 2.90% 4.20% 4.75% Owner Occupied Housing Units 1,382 9,959 18,222 Renter Occupied Housing Units 1,915 7,826 10,737 2018 Avg Household Income $52,701 $64,265 $66,636 2018 Med Household Income $36,881 $46,705 $49,319

INCOME 1-MILE 5-MILES 10-MILES $0 - $25,000 1,016 4,667 6,933 $25,000 - $50,000 1,137 4,931 7,807 $50,000 - $75,000 478 3,375 5,710 $75,000 - $100,000 370 2,166 3,858 $100,000 - $125,000 99 684 1,404 $125,000 - $150,000 57 597 935 $150,000 - $200,000 24 599 1,107 $200,000+ 115 767 1,206

28 DEMOGRAPHIC SUMMARY MARKET Geography: 10 Miles OVERVIEW POPULATION In 2018, the population in your selected geography was 73,091. The population has changed by 4.69% since 2010. It is estimated that the population in your area will be 74,588 five years from now, which represents a change of 2.05% from the current year.

HOUSEHOLDS There are currently 28,959 households in your selected geography. The number of households has changed by 4.75% since 2010. It is estimated that the number of households in your area will be 29,557 five years from now, which represents a change of 2.06% from the current year.

INCOME In 2018, the median household income for your selected geography is $49,319, compare this to the U.S. average which is currently $51,972.

The current year per capita income in your area is $26,401, compare this to the U.S. average, which is $26,964. The current year average household income in your area is $66,636, compared this to the U.S. average which is $72.641.

SUBMARKET DATA: ZIP CODE 63703

HOUSING The median sales price for homes within this area is $141,000 compared to the U.S. average which is $234,200.

EMPLOYMENT In 2018, there are 2,035 employees with full time Earnings, 1,964 with part time earning, and 2,939 with no earnings, in your selected area, this is also known as the daytime population.

Source: CoStar Demographics & Zip Codes.

29 EXCLUSIVELY BROKER OF LISTED BY: RECORD: TIKTIN REAL ESTATE INVESTMENT SERVICES Intelica Commercial Real Estate Company Tel: (305) 363-4750 MO License No: 2007035188 Tel: (844) 4 - TIKTIN Fax: (305) 675-0774 www.TiktinRealEstate.com