Napa Auto Parts Representative Photo

Lowell, MI Representative Photo

bite-size deal with Approximately 6.5 Years remaining on 10.5-year absolute nnn lease 2 Overview Napa Auto Parts

2240 W Main Street | Lowell, MI 49331

$1,125,100 6.00% Price Cap

Leaseable sf Land Area Lease Type 7,788 SF 2.43 AC Absolute NNN

Lease Expiration Year Built Parking 8/31/2024 1995 45 Spaces

6.5 years remaining on 10.5-year absolute NNN lease.

Situated on main retail corridor of Lowell, MI.

Surrounding retailers include Walgreens, McDonald’s, Taco Bell, Dollar Tree, Tractor Supply, Meijer, and numerous other national brands.

Lowell, located in Kent County, is 20 minutes from Grand Rapids.

Kent County and the greater Grand Rapids region had the fastest growing economy in the U.S. last year, and the trend is expected to continue for years to come.

The retail market provides an opportunity to acquire an NAPA Auto Parts in the primary commercial corridor of Lowell. It is surrounded by a plethora of nationally branded retail concepts, including Meijer, McDonald’s, Taco Bell, Tractor Supply, Walgreens, and others. The store was built and opened in 2014 and the primary ten-year term expires in August, 2024. There are four (4) five-year options. There are approximately 8.5% rental increases every five years throughout the primary term and options. The next rental increase occurs on March 1, 2019. The 7,788 square foot store is located on a generous 2.43 acre parcel and features a replaceable current rent of $8.67 per square foot. The lease is corporate. Napa has approximately 6,000 locations and is a division of Genuine Parts Company (NYSE: GPC).

Representative Photo

In conjunction with mi Licensed Broker: Daniel H. Kukes Landmark Investment Sales [email protected] 248.488.2620

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. Buyer must verify the information and bears all risk for any inaccuracies. NAPA AUTO PARTS HAS OVER 6,000 LOCATIONS NATIONWIDE 4 Aerial attwood corporation

cherry n hudson street se

alden nash avenue se creek elementary 11,264 vpd lowell middle 10,401 school vpd

bushnell elementary

city of lowell

21 E main street 9,183 vpd

kent 21 w main street county youth fair fulton street se venue

Segwun A

11,697 grand vpd rapids

5 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. Buyer must verify the information and bears all risk for any inaccuracies. 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. Buyer must verify the information and bears all risk for any inaccuracies. Submarket Overview

Surrounding Retailers

Admiral Petroleum McDonald’s Taco Bell Arby’s Meijer Tractor Supply Co Bernard’s Ace Hardware Mercantile Bank of Michigan Walgreens Family Video Rite Aid GQT Ada-Lowell 5 Theaters River Valley Credit Union Lowell Family Medical Center Sprint Store

business summary

Total 1-Mile 3-Miles 5-Miles

Businesses 151 407 524

Employees 1,756 3,955 4,973

Residential 2,672 11,502 17,637 Population

Key 1-Mile 3-Miles 5-Miles 6 Representative Photo Income & Expense

PRICE $1,125,100 Price Per Square Foot: $144.47 Capitalization Rate: 6.00% Total Rentable Area (SF): 7,788 Lot Size (AC): 2.43 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $8.67 $67,506 Effective Gross Income $8.67 $67,506 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $67,506

TENANT INFO LEASE TERMS RENT SUMMARY

CURRENT MONTHLY YEARLY MONTHLY YEAR TENANT NAME SQ. FT. PERCENT OF GLA RENT RENT RENT RENT/FT RENT/FT

Napa Auto Parts 7,788 03/01/14 02/28/19 $67,506 $5,626 $67,506 $0.72 $8.67

03/01/19 02/28/24 $6,047 $72,569 $0.78 $9.32

03/01/24 08/31/24 $6,501 $78,012 $0.83 $10.02

Option 1 09/01/24 02/28/29 $6,501 $78,012 $0.83 $10.02

03/01/29 08/31/29 $6,989 $83,862 $0.90 $10.77

Option 2 09/01/29 02/28/34 $6,989 $83,862 $0.90 $10.77

03/01/34 08/31/34 $7,513 $90,152 $0.96 $11.58

Option 3 09/01/34 02/28/39 $7,513 $90,152 $0.96 $11.58

03/01/39 08/31/39 $8,076 $96,914 $1.04 $12.44

Option 4 09/01/39 02/28/44 $8,076 $96,914 $1.04 $12.44

03/01/44 08/01/44 $8,682 $104,182 $1.11 $13.38

TOTALS: 7,788 $67,506 $5,626 $67,506 $0.72 $8.67

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. Buyer must verify the information and bears all risk for any inaccuracies. 8 Lease Abstract Premise & Term LEASE TAXES Tenant is responsible for the direct payment of TENANT Napa Auto Parts HIGHLIGHTS property taxes to the taxing authority at least 20 BUILDING SF 7,788 SF days prior to the delinquency date. LEASE TYPE Absolute NNN INSURANCE TERM REMAINING 6.5 Years EXPIRATION August 31, 2024 Tenant is responsible for maintaining the property OPTIONS 4, 5-year options and “all-risk” liability policies alongside a policy of rental value insurance covering a period of six months, with loss payable to Landlord, which insurance shall also cover all real estate taxes Rent and insurance for said period. UTILITIES Tenant is responsible for direct payment of all BASE RENT utilities to the appropriate billing authority. Date Range Monthly Rent Annual Rent TENANT’S OBLIGATIONS 3/1/2014 - 2/28/2019 $5,626 $67,506 Tenant is responsible for all maintenance and 3/1/2019 - 2/28/2024 $6,047 $72,569 repair to the entirety of the Premises, including all 3/1/2024 - 8/30/2024 $6,501 $78,012 interior and exterior, structural and nonstructural repairs and replacement. Option Rents (Estimated) LANDLORD’S OBLIGATIONS Date Range Monthly Rent annual Rent Zero responsibilities. #1. 9/1/2024 - 2/28/2029 $6,501 $78,012 3/1/2029 - 8/31/2029 $6,989 $83,862 #2. 9/1/2029 - 2/28/2034 $6,989 $83,862 3/1/2034 - 8/31/2034 $7,513 $90,152 #3. 9/1/2034 - 2/28/2039 $7,513 $90,152 3/1/2039 - 8/31/2039 $8,076 $96,914 #4. 9/1/2039 - 2/28/2044 $8,076 $96,914 3/1/2044 - 8/1/2044 $8,682 $104,182

21 w main street

7,788 2.43 45 RENTABLE SF Acres SPACES

POLE SIGN

9,183 vpd

21 w main street

private drive

This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 10 Tenant Overview About napa auto parts

The National Automotive Parts Association (NAPA), also known as NAPA Auto Parts was founded by Kenneth Smith in 1925. Currently headquartered in Atlanta, GA, there are over 6,000 NAPA Auto Parts locations in the nation. In addition to the 6,000 stores, NAPA also has over 58 distribution centers and 16,000 NAPA Auto Care Centers.

A division of Genuine Parts Company (NYSE: GPC), NAPA operates NAPA Canaga, Auto Todo in Mexico and Repco in Australia and New Zealand.

Locations in the 6,000 united states About genuine parts company

Genuine Parts Company, founded in 1928, is a service organization engaged in the distribution of auto and industrial replacement parts, office products and electrical materials. GPC has a distribution network of over 2,650 operations worldwide and has approximately 40,000 employees. In 2016, GPC had revenues of $15.3 billion and a net worth of over $3.5 billion. GPC is currently #180 on the Fortune 500 list. fortune 500 Representative Photo list #180

Population 1-mile 3-miles 5-miles 2010 2,538 10,768 16,554

2017 2,672 11,502 17,637

2022 2,772 12,051 18,454

2017 HH Income 1-mile 3-miles 5-miles Grand Rapids Average $57,658 $69,711 $80,109 (23 Min 19 miles) Median $48,685 $58,116 $63,043 Lowell

Top West Michigan employers Employer # of employees Spectrum Health 25,000

Meijer 10,340 Mercy Health 6,200 the average household Amway Corporation 4,000 income within a 5-mile radius Gentex 3,900 is over $80k

lowell is located in the northern portion of the Lowell Charter Township in Kent County, and is in Grand Rapids metropolitan Employment Employment in kent county is area. An estimated 6,515 people (as of July 2016) live in Lowell growth projected to grow 43% over the next ten Charter Township and 642,173 people live in Kent County. Lowell years. The unemployment rate of 3.8% is located less than 30 minutes from Grand Rapids and less than (as of August 2017) is lower than the an hour from the state’s capital, Lansing. Lowell has a rich heritage national average (4.8%). Kent County’s unemployment rate is dating back to the early 1800s. also the 5th lowest county rate in the state of Michigan. Today, Lowell is known for the excellent school system. Currently there are eight different Lowell Area Schools. The district excels 642,000+ in Michigan educational assessment program (MEAP) with only 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. 8.3% of Michigan schools scoring higher. Aside from education, Buyer must verify the information and bears all risk for any Lowell is known for its vibrant art scene and eclectic shopping kent county inaccuracies. (estimated) district. Lowell’s economy is a mix of manufacturing, restaurants and locally owned businesses. 13 We’d love to hear from you.

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In conjunction with mi Licensed Broker: Daniel H. Kukes Landmark Investment Sales [email protected] 248.488.2620

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