677 N State Street Lindon, Utah 84042
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Offering Memorandum 677 N STATE STREET LINDON, UTAH 84042 Ty Miller Chris Hatch Tanner Olson [email protected] [email protected] [email protected] 801.930.6792 801.930.6751 801.930.6752 CONTENTS The Offering 03 Tenant Summary 06 Investment Summary 07 Property Summary 08 Location Overview 09 E 1100 N N 600 W N 1300 W St PLEASENT GROVE JUNIOR HIGH W State St 25,000 vpd N 2000 W St Proctor Ln Center St E 200 S 5,800 vpd PLEASENT GROVE HIGH SCHOOL State St 15 677 N STATE STREET S 1300 W 700 N 21,000 vpd 34,000 vpd S Main St 184,000 vpd N 1000 W 184,000 vpd Center St OAK CANYON JUNIOR HIGH 2000 N 2000 N 15 State St 600 S 1600 N TIMPANOGOS 400 W HIGH SCHOOL E 50 S N 1300 W St E 1100 N N 600 W E 500 N W State St N 2000 W St 21,395 vpd Proctor Ln d v 14,000 vpd l B ve ro G nt sa E 200 S 29,000 vpd Plea 800 15 EMPLOYEES S Main St State St S 500 E St 34,000 vpd 184,000 vpd 33,000 vpd 700 N 21,000 vpd 677 N STATE STREET State St S 1300 W N 1000 W 15 Highlights | 5 HIGHLIGHTS IDEAL LOCATION NATIONAL CREDIT TENANTS • Outparcel to Wal-Mart Center • 100% occupied with credit tenants • Great visibility located on light anchored corner of State St & 700 N • Built in 2005 • High traffic counts exceeding 33,000 AADT on State St and 15,000 AADT on 700 N • Replaceable Rents • Dense population and high median household income • NNN Leases • Surrounding retail tenants include Wal-Mart, Smiths Food & Drug, McDonalds, Taco Bell, Wendy’s, Arby’s, Wells Fargo Bank, Jiffy Lube and many more Tenant Summary | 6 TENANT SUMMARY Little Caesar is the third-largest pizza chain in the United States, behind Pizza Hut and Domino’s Pizza. It operates and franchises pizza restaurants in the United States and internationally in Asia, the Middle East, Australia, Canada, Latin America and the Caribbean. The company was founded in 1959 and is based in Detroit, Michigan. www.littlecaesars.com LOCATIONS | 5,400+ FOUNDED | 1959 Sally Beauty Holdings, Inc. is an American international specialty retailer and distributor of professional beauty. Through the Sally Beauty Supply and Beauty Systems Group businesses, the Company sells and distributes through over 4,000 stores, including approximately 200 franchised units, throughout the United States, the United Kingdom, Belgium, Canada, Chile, Peru ,Puerto Rico, Mexico, France, Ireland, Spain and Germany. www.sallybeauty.com LOCATIONS | 4,000+ FOUNDED | 1964 Tenant Summary | 7 TENANT SUMMARY Sport Clips (also known as SportClips) is an American-based chain of haircut salons (barbershops) which caters primarily to men and boys. Headquartered in Georgetown, Texas, the chain has over 1,000 franchised stores as of January 2013. www.sportclips.com LOCATIONS | 1,000+ FOUNDED | 1993 Seagull Book, formerly called Seagull Book & Tape, is an American retail chain bookstore focusing on products for members of The Church of Jesus Christ of Latter-day Saints (LDS Church), with over two dozen stores in Utah, Idaho, Arizona, and Nevada. It was the second largest LDS bookstore until being acquired in 2006 by market-leader Deseret Book, and since then Seagull has continued to operate as a discount chain, distinct from Deseret Book branded retail stores. www.seagullbook.com LOCATIONS | 25+ FOUNDED | 1987 Crumbl Cookies is a bakery focusing on specialty cookie deliveries. The chocolate chip cookie is the most well known cookie option, but on any given day will have a menu of 10 other options to choose from. Founded in 2017 Crumbl Cookies now has 25 locations throughout Utah. www.crumblcookies.com LOCATIONS | 25 FOUNDED | 2017 700 North State Street Investment Summary | 9 INVESTMENT SUMMARY RENTABLE SF 9,038 SF PRICE $2,881,920 TERM REMAINING LITTLE CAESARS - 5 YEARS CAP 6.0% SPORTS CLIPS - 8 YEARS SALLY BEAUTY - 4 YEARS CRUMBL COOKIES - 4 YEARS SEAGULL BOOK - 2 YEARS LEASE TYPE TRIPLE NET (NNN) NOI $172,915 700 North State Street REPRESENTATIVE PHOTO PROPERTY SUMMARY ADDRESS 677 N STATE STREET | LINDON, UTAH YEAR BUILT 2005 BLDG. AREA 9,038 SF LEASE TYPE NNN LOT SIZE 1.25 AC Property Summary | 10 RENT ROLL TENANT SF AVG. BASE RATE AVG. MONTHLY ANNUAL LED Little Ceasars 1,550 $20.75 $2,680.00 $32,160 30-Sep-24 Crumbl 1,475 $20.00 $2,458.00 $29,496 30-Oct-23 Sport Clips 1,500 $16.50 $2,063.00 $24,756 1-Jul-27 Sally Beauty 1,513 $22.50 $2,837.00 $34,044 6/31/2023 Seagull Book 3,000 $20.52 $5,130.00 $61,560 31-Dec-20 TOTAL 9,038 $20.05 $15,168 $182,016 INVESTMENT SUMMARY Annual Base Rent $182,016 Vacancy (5%) $(9,100.80) NOI $172,915 Cap Rate 6.00% Net Purchase Price $2,881,920 Investment Summary | 11 DEMOGRAPHICS 1 MILE 3 MILE 5 MILE POPULATION 9,982 73,315 165,471 AVG. HOUSEHOLD INCOME $91,876 $92,480 $90,408 HOUSEHOLDS 2,882 21,268 48,476 BUSINESSES 498 2,866 5,725 DAYTIME POPULATION 6,943 50,755 116,195 677 NORTH STATE STREET UTAH In 2013, the U.S. Census Bureau estimated that Utah had the second fastest-growing population of any state. St. George was the fastest-growing metropolitan area in the United States from 2000 to 2005. Utah also has the 14th highest median average income and the least income inequality of any U.S. state. A 2012 Gallup national survey found Utah overall to be the “best state to live in” based on 13 forward-looking measurements including various economic, lifestyle, and health-related outlook metrics. Approximately 62% of Utahns are reported to be members of The Church of Jesus Christ of Latter-day Saints or LDS (Mormons), which greatly influences Utahn culture and daily life. The LDS Church’s world headquarters is located in Salt Lake City. Utah is the only state with a majority population belonging to a single church. Affiliated Business Disclosure and Confidentiality Agreement This Offering Memorandum has been prepared by Legend Investment Group (LIG) for use by a limited number of parties and has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by LIG, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and therefore are subject to variation. No representation is made by LIG or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, LIG, Owner and their employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors. Owner and LIG each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived. This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or LIG and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or LIG. If you have no interest in the property, please return the Offering Memorandum forthwith. Ty Miller [email protected] 801.930.6792 Chris Hatch [email protected] 801.930.6751 Tanner Olson [email protected] 801.930.6752 1686 S.