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Napa Auto Parts Representative Photo 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. 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. 3 REPRESENTATIVE PHOTO Investment Highlights Contact the team perfeCt for a 1031 investor, this offering is for an absolute NNN NAPA Auto Parts located in Lowell, MI, about 20 minutes from Grand Rapids. Lowell has solid demographics of more than 16,500 people within a 15-mile radius with the household income exceeding $80,000. Lowell is a part of JOE CACCAMO the Great Grand Rapids statistical area, which had the fastest growing economy in the U.S. in 2016, [email protected] according to Headlight Data. Much of this is attributed to long-term investments in education in the PH: 415-274-7394 region. Employment in Lowell is expected to grow 43% over the next ten years. Unemployment in Kent County (in which Lowell is located) is 3.4%. The town is also known for its exceptional school CA BRE#: 01191110 system with only 8.3% of Michigan communities achieving a higher ranking. 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 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. REPRESENTATIVE PHOTO 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 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. 7 Rent Roll 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 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 9 inaccuracies. Site Plan 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.
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