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Provo College 1450 West 820 North, Provo, Utah

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Provo College 1450 West 820 North, Provo, Utah PROVO COLLEGE 1450 WEST 820 NORTH, PROVO, UTAH BRYCE BLANCHARD EXCLUSIVELY [email protected] MARKETED BY: 801.578.5534 TABLE OF CONTENTS STORY OF THE DEAL Utah continues to be a hotspot for commercial real estate investors based on the incredible fundamentals existing in the Beehive State with the city of Provo right at the heart of such excitement. We are pleased to bring the Provo College building to market for buyers looking for above average yield from a long-term tenant in one of the most notable submarkets in the country. The New Yorker recently proclaimed the region as “the next Silicon Valley” and is home to tech giants like Novell, Qualtrics, Bluehost, and Novatek. Complimenting a great tech and education scene is the superb quality of life found in Provo--ranked as the #2 Greatest Place to Live in America according to Outside Magazine with its access to trails, rivers, mountains, lakes, healthy eating, bike lanes, and green space. Provo is a Google Fiber community and features a thriving post secondary education scene including Brigham Young University and Utah Valley University in Orem just to the north alongside specialized degree and training programs like Provo College. With an average age of only 23.3 years, Provo has THE YOUNGEST POPULATION of any city in the nation. Where better to own an education-based real estate investment? We love that the Provo College curriculum is 100% built for the health care industry which can also be recession-resistant. Established in the building since 1999, the tenant is committed to the campus long term with its convenient location, reasonable rent, strong enrollment, quality build-out, and functional layout for their health-care industry degree programs. PROVO COLLEGE 3 EXECUTIVE SUMMARY • Long-Term Tenant – Since 1999 • Absolute Net Lease structure provides maximum cash flow to owner without any responsibilities • 7.5% cap rate with future rental increases provides strong return at a real estate basis ($180 PSF) far under $5,960,480 replacement cost $ PURCHASE PRICE • 4.11 Acres • Above Market Parking Ratio – 6.2/1,000 SF • Provo College has curriculum and degrees based exclusively on the healthcare Industry which is highly cycle- resilient 7.5% • Located in the education-centric submarket of northwest Provo in immediate proximity to the following: Ivy Hall CAP RATE Academy, Freedom Preparatory Academy, Independence High School, and Freedom Academy • Just over a mile from the Brigham Young University campus • Less than a mile from Intermountain Utah Valley Hospital • Google Fiber Community with access to 1 Gigabit speeds • Salt Lake International Airport, located 45 miles north of Provo, can be easily accessed by the Utah Transit $447,036 Authority (UTA) Commuter Rail Link (FrontRunner) which stretches 80 miles north through Salt Lake County to $ NOI Ogden, Utah. Provo Municipal Airport (PVU) also operates with commercial carrier Allegiant Air, with regularly scheduled flights to Phoenix/Mesa, the San Francisco Bay Area, and Los Angeles. PROVO COLLEGE 4 FINANCIAL ANALYSIS RENT ROLL TENANT SF $ PSF MONTHLY ANNUAL LED COMMENTS - Absolute Net Lease - Rent Increases to $37,942 on 7/1/2020 (1.85% increase), then Provo College 33,065 $13.52 $37,253 $447,036 6/30/2023 increases to $38,631 on 7/1/2021 (1.82% Increase) - Two 5 year renewal options at FMV PROVO COLLEGE 5 FINANCIAL ANALYSIS INVESTMENT SUMMARY & CASH-ON-CASH SCENARIO INVESTMENT SUMMARY NOI $447,036 Cap Rate 7.50% Net Purchase Price $5,960,480 CASH-ON-CASH – SCENARIO Down Payment 2,086,168 New Loan 3,874,312 Annual Loan Service* (269,084) Free 'n Clear Cash Flow 177,952 Cash on Cash Return 8.5% 1st Year Principal Reduction 81,047 1st Year Return Including Principal 12.4% *Assumed a new 4.9% interest, 25 year amortizing loan at 65% LTV (quote provided by The Madison Group) Loan Quote Provided By: Angela Kesselman The Madison Group Associate Director of Finance T. 435 659 2200 C. 801 631 6684 F. 435 729 7171 [email protected] www.madisongroupfunding.com PROVO COLLEGE 6 FINANCIAL ANALYSIS ANNUAL PROCEEDS 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 Capital Investment $(2,086,168) Incoming Cash Flows $447,036 $455,304 $463,572 $463,572 $472,843 $482,300 $491,946 $501,785 $511,821 $522,057 Less: Vacancy & Reserves 0% $- $- $- $- $- $- $- $- $- $- Less: TI's per assumption $25.00 $- $- $- $- $(165,325) $- $- $- $- $- Less: Brokerage Costs 6% $- $- $- $- $(28,938) $- $- $- $- $- Less: Downtime (months) 9 $- $- $- $- $(70,927) $- $- $- $- $- Less: Debt Service* $(269,084) $(269,084) $(269,084) $(269,084) $(269,084) $(269,084) $(269,084) $(269,084) $(269,084) $(269,084) Total Annual Cash Flows $(1,908,216) $186,220 $194,488 $194,488 $(61,430) $213,216 $222,862 $232,701 $242,737 $252,973 SALES PROCEEDS MORTGAGE PAYOFF ASSUMPTIONS NOI at Time of Sale** $532,499 $(2,086,168) Year Payoff Amount Sensitivity Analysis Cap Rate Disposition Price Year of Mortgage* 10 $2,854,360 7.75% $6,870,949 Cost of Sale 4.0% *Assumes sale at the end of year 10 **Assumes NOI of year 11 is underwritten with discount of 0.00% DEAL ANALYSIS Total Cash Flows $(1,908,216) $186,220 $194,488 $194,488 $(61,430) $213,216 $222,862 $232,701 $242,737 $3,994,723 Deal IRR 14.99% PROVO COLLEGE 7 860 North 500 cars/day 820 North 6,300 cars/day PROVO COLLEGE 8 y a d / s r a c 0 0 3 , 6 h t r o N 0 0 8 y a d / 9 s r a y a c d / 0 s 0 r 1 a , c 3 0 0 5 h t r DHI ComputingService, Inc. o N 0 0 5 h t r o N 0 2 8 2,200 cars/day Independence Avenue y a d y / a d s / r s r a a c c 0 IndependenceHigh School 0 0 0 , 0 6 2 4 , 1 9 Trolley Trax Storage, LLC 15¨§¨ 1 1,00 0 c ar s/d ay G en ev a Ro ad PROVO COLLEGE Vi 800 North ne nnector y a r d Co C a n y o Vineyard n R S o t a d a t d a t s o e Center Street a R S E t a r 0 v e 0 e e 8 t n e G Orem University Parkway 2230 North rkway Univer sity Pa L 15 a ¨§ k e v i Utah Lake e w P a e u r t k n s w e e t !\ v a s W y A a 0 E y 0 t i 5 0 s 0 r 9 e v i Center Street n U Provo S t a t e S t r e e L a t ke vi ew P a r k way 18 60 S outh 75 t e e r t S n i Springville a M 10 400 South PROVO COLLEGE Riverton Draper Herriman Heber Bluffdale DRIVE TIME TO: Alpine 15 215 804 Minutes84 Camp Williams Highland Downtown Provo 7 Minutes Cedar Lehi Hills 8 Minutes American Saratoga Fork Wallsburg Springs Pleasant Salt Lake City 40 Minutes Grove Eagle Mountain Lindon Cedar Fort Vineyard Orem Fairfield \! Provo Utah Lake Springville Spanish Mapleton Fork Salem Payson 15 Genola ¨§ Santaquin PROVO COLLEGE 11 Eureka Goshen TENANT PROFILE ABOUT PROVO COLLEGE ACCREDITATIONS AND AWARDS With thousands of graduates along the Wasatch Front, Provo College is committed to healthcare education in Utah. Their mission is to help committed students attain rewarding careers through student-centered training and education of the highest quality. Provo College is accomplishing this mission by teaching the skills that apply directly to the healthcare employers in Utah County. Provo College is known for giving power to students and associates by teaching cutting-edge, competency-based education, and leadership and personal effectiveness skills to have the career and life they desire. Provo College offers high caliber, career-specific programs in medical assisting, Bachelor of Science in Nursing, RN to BSN and Physical Therapist Assistant Associate Degree from this campus. In today’s job market, college graduates with career specific skills are in demand. Provo College’s programs are developed with industry professionals who assist them with curriculum development and graduate recruiting. PROVO COLLEGE 12 AREA OVERVIEW ABOUT PROVO Home to Brigham Young University; hosts of international, Fortune 500 and multi-million dollar companies; world-class recreational and sporting facilities; and as both the largest city and County Seat of Utah County, Provo receives consistent national rankings for job growth, entrepreneurship, affordability and livability. BEST PLACE FOR BUSINESS With a $16 billion economy and home to the third-largest private college, Brigham Young University, Forbes has ranked Provo as the best place in America for business and careers. UNSURPASSED QUALITY OF LIFE Nestled between Utah Lake and the Wasatch Range, Provo has immediate access to some of the greatest outdoor recreational opportunities in the Mountain West. A rejuvenated downtown and bustling music scene provides unique venues for evening gatherings. HIGH-TECH HOTSPOT Recently, The New Yorker proclaimed that Utah is "the next Silicon Valley." Provo punches far above this weight with two of the word's 73 private venture funded companies with valuations over $2B. POPULATION PROVO 2018 ESTIMATED POPULATION 17,714 2023 PROJECTED POPULATION 19,170 2018 EST. DAYTIME POPULATION 17,199 HOUSEHOLDS 2018 ESTIMATED HOUSEHOLDS 5,589 2023 PROJECTED HOUSEHOLDS 6,029 INCOME 2018 EST. AVERAGE HH INCOME $111,339 2018 EST.
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