BRAND NEW CONSTRUCTION Absolute NNN Investment Opportunity Operated by Opening Fall 2020 - Tenant Currently Paying Rent During Fixturization Period

3875 W. Craig Road | North , LAS VEGAS MSA ACTUAL SITE EXCLUSIVELY PRESENTED BY

PATRICK R. LUTHER, CCIM Managing Principal SRS National Net Lease Group [email protected] D: 949.698.1115 | M: 480.221.4221 610 Newport Center Drive, Suite 1500 Newport Beach, CA 92660 NV License No. S.0169792

Corporate Broker: Tammy Lord, SRS Real Estate Partners | NV License No. 1001815

2 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC TABLE OF CONTENTS

INVESTMENT SUMMARY Offering Summary 5 Investment Highlights

PROPERTY OVERVIEW Aerials Site Plan 9 Location Map

AREA OVERVIEW 14 Demographics

FINANCIALS Rent Roll 22 Brand Profile

3 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC PROPERTY PHOTO

4 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC INVESTMENT SUMMARY

SRS Real Estate Partners, LLC is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, freestanding, newly constructed, Red Dragon investment property located in North Las Vegas, NV (Las Vegas MSA). The tenant, Nevada Restaurant Services, Inc., recently executed a brand new 10-year lease with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features a 10% rental increase in July 2025 and at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed by Nevada Restaurant Services, Inc., and is absolute NNN with zero landlord responsibilities, making it an ideal, management-free investment opportunity for a passive investor. The building is expected to open Fall 2020 and will feature state-of-the art, brand new construction with modern amenities and design. The Red Dragon operates under the Dotty’s brand, one of Nevada’s most successful gaming and tavern companies currently operating 190+ locations. Red Dragon is the Dotty’s brands Asian concept. Food and beverage programs cater to and feature an Asian menu. The concept requires additional tenant improvements and build out features, at tenant cost, beyond the typical Dotty’s location. Contact agent for details. The Red Dragon brand currently has 8 locations. Red Dragon is strategically located along W. Craig Road, the most traveled east/west arterial in North Las Vegas, with over 52,000 vehicles passing by daily. The subject property is ideally situated within the extremely dense surrounding 5-mile trade area in North Las Vegas that features a population of 426,500+, a work force of 121,000+, and an average annual household income of over $75,100. Surrounded in all directions by residential communities, the Red Dragon is poised to take advantage of the large potential consumer base in the area, offering a clean and modern gaming experience to patrons. In addition, nearby national/credit tenants include a Walmart SuperCenter, The Home Depot, Burlington, Albertsons, Walgreens, and more. These well-known tenants help drive consumer traffic to the surrounding trade area and promote a cross shopping conducive environment for Red Dragon.

5 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC PROPERTY PHOTOS

6 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC OFFERING SUMMARY

OFFERING

Pricing $3,273,000

Net Operating Income $180,000

Cap Rate 5.50%

Guaranty Corporate

Tenant Nevada Restaurant Services, Inc.

Lease Type Absolute NNN

Landlord Responsibilities Roof, Structure, Parking, & Common Areas*

Sales Reporting Yes - Contact Agent For Details

Note: Subject to full reimbursement by tenant

PROPERTY SPECIFICATIONS

Rentable Area 5,000 SF

Land Area 1.26 Acres

3875 W. Craig Road Property Address North Las Vegas, NV 89032

Year Built 2020

Parcel Number 139-06-714-006

Ownership Fee Simple (Land & Building)

7 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC INVESTMENT HIGHLIGHTS

Corporate Guaranteed Lease | Options To Extend | 10% Rental Increases | Brand New Construction • Nevada Restaurant Services, Inc. corporate guaranteed lease • Brand new 10-year lease with 4 (5-year) option periods to extend • 10% rent increases in year 6 and at the beginning of each option period help to hedge against inflation • Building is expected to open Fall 2020 and will feature state-of-the art, brand new construction with modern amenities and design

Absolute NNN | Fee Simple Ownership | Landlord Reimbursed for All Maintenance • Tenant pays for CAM, taxes, insurance and reimburses landlord for all maintenance of the premises • Landlord responsible for Roof, Structure, Parking, & Common Areas repairs • Ideal, low management investment for any passive investor

High Quality National/Credit Tenants in Trade Area | Cross Shopping Conducive Environment • National/credit tenants in the area include Walmart SuperCenter, The Home Depot, Burlington, Albertsons, Walgreens, and more • Strong tenants in surrounding trade area drive additional traffic towards the subject property and help promote cross shopping in the area

Dense Demographics In 5-mile Trade Area | Surrounded by Residential Consumer Base • More than 426,500 residents and 121,000 employees support the trade area • $75,100 average household income • Surrounded in all directions by residential communities, providing a direct consumer base for the subject property to draw from

8 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC PROPERTY OVERVIEW

Location Parking

North Las Vegas, Nevada There are approximately 53 parking spaces on (Las Vegas MSA) the owned parcel. Clark County The parking ratio is approximately 10.6 stalls per 1,000 SF of leasable area.

Access Parcel 1 Access Point: W. Craig Road/ State Hwy 573 Parcel Number: 139-06-714-006

Acres: 1.30 2 Access Points: Craig Crossing Drive Square Feet: 56,628 SF

Traffic Counts Construction

W. Craig Road: 52,000 Vehicles Per Day Year Built: June 2020

Improvements Zoning There is approximately 5,000 SF Commercial of existing building area

9 SRS REAL ESTATE PARTNERS, LLC NORTH MESA PLAZA GATEWAY PLAZA

NORTH LAS VEGAS

RICHARD C PRIEST ELEMENTARY 6,800 CHEYENNE VEHICLES PER DAY HIGH SCHOOL

ALLEN LN. NORTH MESA PLAZA LUCILE S BRUNER CRAIG CROSSING DR. ELEMENTARY

W. CRAIG RD.

DESERT OAKS PLAZA 52,000 VEHICLES PER DAY

10 SRS REAL ESTATE PARTNERS, LLC STEVE COZINE ELEMENTARY 32,100 SCHOOL VEHICLES PER DAY 11,100 EVA M WOLFE VEHICLES PER DAY

ELEMENTARY

CLAYTON ST. ST. CLAYTON CLAYTON ALLEN LN. ALLEN SCHOOL LN. ALLEN

LEGACY TRADITIONAL ADDELIAR SCHOOL D GUY III ELEMENTARY 8,100 VEHICLES PER DAY

W. LONE MOUNTAIN RD. GATEWAY PLAZA

52,000 VEHICLES PER DAY

W. CRAIG RD.

RICHARD C PRIEST PARSON ELEMENTARY ELEMENTARY CHEYENNE SCHOOL 6,800 HIGH SCHOOL

VEHICLES PER DAY

N. DECATURDECATUR N. N. BLVD.BLVD.

NORTH MESA NORTH MESA PLAZA SWAINSTON PLAZA MIDDLE SCHOOL

11 SRS REAL ESTATE PARTNERS, LLC W. CRAIG RD.

52,000 VEHICLES PER DAY

CRAIG CROSSING DR.

PYLON SIGN

12 SRS REAL ESTATE PARTNERS, LLC LOCATION MAP

NORTH LAS VEGAS

LAS VEGAS 17 min 8 miles

2019 ESTIMATED POPULATION 1 Mile 16,540 3 Miles 160,518 5 Miles 426,526 2019 AVERAGE HOUSEHOLD INCOME 1 Mile $76,141 3 Miles $75,846 5 Miles $75,107 2019 ESTIMATED TOTAL EMPLOYEES 1 Mile 2,760 3 Miles 35,923 5 Miles 121,166

13 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

NORTH LAS VEGAS, NEVADA

Located at the northern tip of the , North Las Vegas is one of Nevada’s fastest growing cities. North Las Vegas is characterized by its friendly atmosphere, development opportunities, civic pride and responsive government. Located in Clark County, the 100.48 square-mile City is surrounded by majestic mountains, desert valleys and an underlying current of dynamic growth. The City of North Las Vegas is the 4th largest city in Nevada with a population of 243,535 as of July 1, 2018.

The tourism industry, which is based on legalized gambling and related forms of entertainment, and conventions continues to be the largest component of Southern Nevada’s economic base. However, construction, manufacturing, and other service related industries help to diversify the economy.

North Las Vegas is home to Ellis Air Force Base, known as the “Home of the Fighter Pilot”. It is also the location of the North Las Vegas airport, which is the second busiest airport in Nevada, even though it focuses mainly on regional air travel, scenic tours, and general aviation as opposed to commercial air flights.

An interesting museum in North Las Vegas is the Nevada Test Site History Center, which contains a wealth of information about the US nuclear testing program and the tests conducted in Nevada from the 1950’s to the early 1990’s. Just a very short drive away is the , noted for its variety and quality of entertainment options of all kinds, including resort hotels, restaurants, casinos, and theaters. Also in the area are dozens of golf courses and several lakes located within a radius of less than 20 miles.

14 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

LAS VEGAS, NEVADA

Founded in 1905 and incorporated in 1911, is located in the southern part of the state. The City currently occupies a land area of 133.2 square miles and has a population of 632,912 as of July 1, 2016 and is the largest city in the state of Nevada.

Las Vegas’ pioneering spirit, enterprising nature and can-do attitude are helping pave the road to economic recovery in Southern Nevada. Currently, gaming, tourism and educational instruction remain the leading areas of employment for Southern Nevadans. Las Vegas offers a market area of more than 51 million people within one day’s drive. It is a convenient Western U.S. location near other key high-tech markets such as Denver, Los Angeles, Phoenix, Salt Lake City, San Diego and San Francisco.

Las Vegas’ McCarran International Airport is the eighth busiest airport in North America, according to Airports Council International. With more than 30 air carriers, McCarran provides nonstop service to domestic and worldwide destinations, helping quickly meet business needs. The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant industries. Las Vegas has 68 parks. The city owns the land for, but does not operate, four golf courses.

Clark County is a county in the U.S. state of Nevada. As of the 2010 census, the population was 1,951,269, with an estimated population of 2,114,801 in 2015. It is by far the most populous county in Nevada, accounting more than two-thirds of its residents. Las Vegas, Nevada’s most populous city, has been the county seat since the county was established.

15 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

WORLD CLASS ATTRACTIONS

The Las Vegas Strip The 2.5-mile-long central section of Las Vegas Boulevard, which runs through the city from northeast to southwest, known as the Strip, is lined with huge entertainment palaces, many built with a defining theme and home to performance venues, luxury hotel rooms, and fine dining. Fremont Street Experience In old , Fremont Street is a pedestrian-only area with all kinds of unique sites. A five-block section of Fremont Street is covered over FREEMONT STREET EXPERIENCE THOMAS & MACK CENTER with a canopy of LED lights that illuminate the sky. Stratosphere Tower The Stratosphere Tower is an unmistakable sight on the Las Vegas skyline. The tower rises up 1,149 feet. Caesar’s Palace and The Colosseum Perhaps one of the best known of all the Las Vegas hotel resorts, Caesar’s Palace continues to evolve. Currently Caesar’s Palace is a massive complex in the middle of the Strip, complete with every imaginable entertainment option CAESAR’S PALACE STRATOSPHERE TOWER High Roller Ferris Wheel on The High Roller Ferris wheel is at the far end of the Linq Promenade, just off the Strip. This huge Ferris wheel stands 550 feet high and takes thirty minutes for one full rotation. Thomas & Mack Center Thomas & Mack Center is an arena located on the campus of the University of Nevada, Las Vegas in Paradise, Nevada. It is home of the UNLV Runnin’ Rebels basketball team of the Mountain West Conference. HIGH ROLLER FERRIS WHEEL LAS VEGAS STRIP

16 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

T-Mobile Arena Multi-purpose indoor arena 20,000 seats | 16 acres 650,000 SF arena used for entertainment events Situated on 16 acres with 20,000 seats and 44 luxury suites Las Vegas Golden Knights | Stanley Cup T-Mobile Arena is home to the Las Vegas Golden Knights, a NHL professional hockey team 150 events hosted annually The arena cost $375 million to build and is located right on the strip T-Mobile Arena hosts 100-150 events annually T-MOBILE ARENA Raiders Stadium Multi-purpose indoor arena Southern Nevada Tourism Infrastructure Committee estimates the total cost of the stadium to be approximately $1.9 billion The Raiders will be Las Vegas’ first NFL team The stadium will consist of approximately 65,000 seats - Stadium is located on 62 acres west of the Mandalay Bay Construction began in 2017 and is expected to be completed before the RAIDERS STADIUM Raiders 2020 NFL season

MSG Sphere Multi-purpose indoor arena Construction on the venue began in 2018 and will be complete by 2021. The venue is being built in partnership between The Madison Square Garden Company and Las Vegas Sands Corporation. The MSG Sphere will be located adjacent to The Venetian Las Vegas and just off the Las Vegas Strip. Once complete, the sphere-shaped venue will have a capacity of MSG SPHERE MSG SPHERE 18,000 and will feature LED screens inside and outside of the venue.

17 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

Downtown Las Vegas Exposition Center

• Brand New Downtown Exposition Center (350,000 SF) • The City Council approved the 350,000 SF Exposition Center - Estimated completion in 2020 • The site is located adjacent to the existing World Market Center buildings

Las Vegas Convention Center

• 3.2 Million Square Feet • 144 Meeting Rooms • The Las Vegas Convention Center encompasses approximately 3.2 million SF with exhibit space of 2 million SF and meeting space of nearly 250,000 SF • 144 meeting rooms handle seating capacities ranging from 20 to 2,500

• Projected $860 M Expansion Additional 1.4 Million SF • Phase Two is an $860 million expansion project that will add 1.4 million SF to the current convention center facility • Slated to be completed in 2021

• Las Vegas Hosts Approximately 22,000 Conventions Annually • Las Vegas hosts about 22,000 meetings, conventions, and trade shows each year • Las Vegas is the number 1 trade show destination in the country for the 24th consecutive year

18 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

Las Vegas Strip The Las Vegas Strip is a stretch of South Las Vegas Boulevard in Clark County, Nevada that is known for its concentration of resort hotels and casinos. The Strip is approximately 4.2 miles in length, located immediately south of the Las Vegas city limits in the unincorporated towns of Paradise and Winchester. However, the Strip is often referred to as being in Las Vegas.

Many of the largest hotel, casino, and resort properties in the world are located on the Strip. The boulevard’s cityscape is highlighted by its use of contemporary architecture, lights, and a wide variety of attractions. Its hotels, casinos, restaurants, residential high-rises, entertainment offerings, and skyline have established the Strip as one of the most popular and iconic tourist destinations in the world and is one of the driving forces for Las Vegas’ economy. Most of the Strip has also been designated as an All- American Road and is considered a scenic route at night.

Las Vegas Strip Revenue: $6.5 billion • There are 151,000 guest rooms in the extended • Casinos on the Las Vegas Strip earned $6.5 billion from gamblers last year • Over 42.2 million visitors in Las Vegas in 2017

19 SRS REAL ESTATE PARTNERS, LLC AREA OVERVIEW

Mccarran International Airport McCarran International Airport is an international airport in Paradise, Nevada and is the main airport for public and military use in the Las Vegas Valley, a metropolitan area in the U.S. state of Nevada, about 5 miles south of Downtown Las Vegas. The airport is owned by Clark County and operated by the Clark County Department of Aviation. It is named after the late U.S. Senator Pat McCarran, a member of the Democratic Party who contributed to the development of aviation both in Las Vegas and on a national scale. LAS covers 2,800 acres of land

The airport was built in 1942 and opened to airline flights in 1948. It has expanded since then and has employed various innovative technologies, such as common-use facilities. The airport has four runways and two passenger terminals. East of the passenger terminals is the Marnell Air Cargo Center, and on the west side of the airport are fixed-base operators and helicopter companies.

The airport has nonstop flights to cities in North America, Europe, and Asia. It is an operating base for Allegiant Air and a crew and maintenance base for Frontier Airlines, Southwest Airlines, and Spirit Airlines.

Primary commercial airport • Only 16 miles away from McCarran International Airport • McCarran International Airport consists of 4 runways and two passenger terminals

48.5 million passengers in 2017 • 8th Busiest airport in the U.S. • McCarran breaks the record with 48.5 million passengers in 2017

20 SRS REAL ESTATE PARTNERS, LLC AREA DEMOGRAPHICS

1 MILE 3 MILES 5 MILES POPULATION 2019 Estimated Population 16,540 1,60,518 4,26,526 2024 Projected Population 17,741 1,72,948 4,57,460 2010 Census Population 15,095 1,44,647 3,85,561 Projected Annual Growth 2019 to 2024 1.41% 1.50% 1.41% Historical Annual Growth 2010 to 2019 1.07% 1.15% 1.14% HOUSEHOLDS & GROWTH 2019 Estimated Households 5,714 53,281 1,40,682 2024 Projected Households 6,123 57,166 1,50,232 2010 Census Households 5,224 48,552 1,28,901 Projected Annual Growth 2019 to 2024 1.39% 1.42% 1.32% Historical Annual Growth 2010 to 2019 1.06% 1.04% 0.98% RACE & ETHNICITY 2019 Estimated White 58.34% 50.98% 51.26% 2019 Estimated Black or African American 17.12% 22.20% 20.95% 2019 Estimated Asian or Pacific Islander 5.67% 6.59% 6.29% 2019 Estimated American Indian or Native Alaskan 0.86% 0.75% 0.72% 2019 Estimated Other Races 15.49% 14.86% 17.16% 2019 Estimated Hispanic 33.92% 31.45% 35.38% INCOME 2019 Estimated Average Household Income $76,141 $75,846 $75,107 2019 Estimated Median Household Income $62,782 $61,774 $57,993 2019 Estimated Per Capita Income $25,702 $25,218 $24,844 DAYTIME POPULATION 2019 Estimated Total Businesses 321 2,958 9,338 2019 Estimated Total Employees 2,760 35,923 1,21,166

21 SRS REAL ESTATE PARTNERS, LLC RENT ROLL

LEASE TERM RENTAL RATES SQUARE LEASE LEASE RECOVERY TENANT NAME BEGIN INCREASE MONTHLY PSF ANNUALLY PSF OPTIONS FEET START END TYPE

Nevada Restaurant 5,000 7/1/2020 6/30/2030 Current - $15,000 $3.00 $180,000 $36.00 Absolute NNN 4 (5-Year) Services, Inc.

10% Increase at Beg. (Est.) (Est.) 7/1/2025 10% $16,500 $3.30 $198,000 $39.60 of Each Option

FINANCIAL INFORMATION

Price $3,273,000

Net Operating Income $180,000

Cap Rate 5.50%

Lease Type Absolute NNN

PROPERTY SPECIFICATIONS

Year Built June 2020

Rentable Area 5,000 SF

Land Area 1.30 Acres

3875 W. Craig Road Address North Las Vegas, NV 89032

22 ACTUAL SITE SRS REAL ESTATE PARTNERS, LLC BRAND PROFILE

dottys.com Company Type: Private Locations: 190+

Red Dragon is the Dotty’s brands Asian concept. Food and beverage programs cater to and feature an Asian menu. The Red Dragon brand currently has 8 locations.

Dotty’s is a chain of slot machine parlors with approximately 190 locations in Nevada, Oregon, and Montana. The chain caters to women aged 35 and older, with a clean, well-lit atmosphere.

Dotty’s Casino is one of Nevada’s most successful gaming and tavern companies. The Dotty’s brand currently encompasses 5 different concepts including Dotty’s Casino (its flagship operation), La Villita Casino (a Mexican theme), Points! Casino (where points are earned and redeemed for products), Bourbon Street (a French Quarter theme) and Red Dragon Casino (a Chinese theme).

23 REPRESENTATIVE PHOTO SRS REAL ESTATE PARTNERS, LLC 275+ 25+ #1 2K+ 485 $1.5B

RETAIL OFFICES LARGEST REAL ESTATE RETAIL NET LEASE NET LEASE PROFESSIONALS SERVICES FIRM TRANSACTIONS PROPERTIES SOLD TRANSACTION VALUE in North America company-wide in 2019 in 2019 exclusively dedicated in 2019 to retail

This document has been prepared by SRS Real Estate Partners, LLC (SRS) and has been approved for distribution by all necessary parties. Although effort has been made to provide accurate information, SRS and those represented by SRS make no guarantees, warranties, or representations as to the completeness of the materials presented herein or in any other written or oral communications transmitted or made available. Documents may have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither SRS or those represented by SRS represent that this document is all inclusive or contains all of the information you may require. Any financial projections and/or conclusions presented herein are provided strictly for reference and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in economic performance, local market conditions, economic and demographic statistics, or futher business activities since the date of preparation of this document. Recipients of this document are urged to undertake their own independent evaluation of the subject and/or asset(s) being shared in this document.

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