FULL RESTAURANT & BAR 15 gaming machines open 24/7

offering memorandum WAHOO’S FISH TACOS

3891 W Flamingo Rd | , NV 89103 The alvino Group of marcus & Millichap ABOUT US

We are a Las Vegas-based commercial real estate group specializing in the acquisition THE ALVINO GROUP DUSTIN R. ALVINO ANDY PASBAKHSH and disposition of net-leased investment properties throughout the U.S. Collectively, FIRST VICE PRESIDENT of INVESTMENTS ASSOCIATE our team consists of the top producing agent in the Marcus & Millichap Las Vegas (702) 215-7120 (702) 215-7106 office, Dustin R. Alvino, as well as Andy Pasbakhsh, Joe Kaszupski, Hamilton Whyte, Jake [email protected] [email protected] License: NV BS.0143692 License: NV S.0189780 Wasserkrug, Tamir Israeli, and Madelyn Rupprecht. LEAD AGENT LEAD AGENT

We have evaluated over one billion worth of real estate across 22 states and growing. JOE KASZUPSKI HAMILTON WHYTE We pride ourselves on being client-focused and results-driven, which is why we have ASSOCIATE ASSOCIATE had tremendous success over the last decade. (702) 215-7102 (702) 215-7107 [email protected] [email protected] License: NV S.0190554 License: NV S.0190848

MARCUS & MILLICHAP TEAM IN JAKE WASSERKRUG TAMIR ISRAELI ASSOCIATE MARKETING COORDINATOR (702) 215-7135 (702) 215-7127 [email protected] [email protected] NET LEASED TEAM License: NV S.0185362 IN NEVADA

MADELYN RUPPRECHT NICK GRAY RETAIL TEAM AGENT ASSISTANT First Vice President, Capital markets IN NEVADA (702) 215-7136 (702) 215-7144 [email protected] [email protected] NMLS: 1152363 | NV: 4096 LAS VEGAS, NEVADA TEAM 390+ MILLION IN SALES VOLUME NATIONWIDE TRANSACTIONS 170+ CLOSINGS NATIONWIDE 22 STATES CLOSED IN Table of contents

Investment Highlights 01 offering details & property information 02 tenant summary 03 rent schedule 04

Flamingo Mixed-use development 05 site plan 06

Property Photos 07

Surrounding Retail 20

Nevada’s Tax Advantage 23

Las Vegas Development Projects 25

Market Overview 27 Property Demographics 36 3891 w flamingo rd 01investment highlights offering details02 Long Term Passive Investment with Zero Outparcel to new 284 Room Delta by Landlord Responsibility — ±18 years left on a Marriott NNN Lease High Barriers to Entry Submarket | Generational Frontage on an Extremely Busy Resort Corridor PRICE CAP RATE NOI PRICE/SF Real Estate - Flamingo Center Mixed-Use Thoroughfare — ±91,500 VPD (2019) on W Market Market $295,000 Market Development Outpad Flamingo

Trophy Retail Location — Outparcel to Flamingo Rare Restaurant which has Tavern/Gaming Center New Mixed-Use Development with license and contains 15 Slot machines | Lease is national tenants including Chick-fil-A, Del Taco, Backed by 6 Local Units and Personal Guarantee Walgreens and Denny’s from Former Golden Entertainment Executive PROPERTY INFORMATION Outparcel to new 360 Unit Elysian Luxury Rapidly Growing Mexican/Brazilian/Asian Fusion Apartments Fast-Casual Concept - 100+ Locations on the West Property Name Wahoo’s Fish Tacos Coast Address 3891 W Flamingo Rd City/State/Zip Las Vegas, NV 89103 Parcel ID 162-19-512-021 Rentable Area 4,205 SF Lot Size .58 AC Parking Spaces & Ratio 14 Spaces | Ratio: 3.51/1,000 SF (Cross Parking Agreement) Traffic COunts W Flamingo Rd: +/- 91,500 VPD (2019) Access Ingress / Egress on Hugh Hefner Drive & Valley View Blvd Year Built 2019 Zoning H-1 Ownership Fee Simple

1 03tenant summary rent schedule04

Tenant Wahoo's Fish Tacos

Ownership Private Lease Year Monthly NOI Yearly NOI Increases Wahoo’s Fish Taco is a U.S.-based restaurant chain that offers Mexican food mixed with Brazilian and Asian flavors. Categorized Lease Type NNN Current - 12/19/2024 $24,583.33 $294,999.96 5% as a “fast casual restaurant”, the quality and preparation time of its food is between that of a fast-food restaurant and a more Roof & Structure Tenant formal restaurant. Wahoo’s provides many vegetarian and some 12/20/2024 - 12/19/2029 $25,812.51 $309,750.12 5% vegan options, such as tofu, banzai veggies and brown rice, and Lease Term 20 Years also provides a kids’ meal menu. They serve Wahoo fish in their 12/20/2029 - 12/19/2034 $27,103.14 $325,237.68 5% tacos, as well as Mahi-mahi. Lease Commencement Date 12/20/19 Wahoo’s was founded in Costa Mesa, California, in 1988 by Chinese- 12/20/2034 - 12/19/2039 $28,458.29 $341,499.48 5% Brazilian brothers Eduardo “Ed” Lee, Renato “Mingo” Lee and Wing Rent Commencement Date 12/20/19 Lam, who mixed traditional Chinese and Brazilian flavors with dishes Option 1 $29,881.21 $358,574.52 5% they encountered while traveling in Mexico. Lease Expiration Date 12/19/39 Option 2 $31,375.27 $376,503.24 5% Wahoo’s has since expanded across California and has opened Term Remaining on Lease ±18 locations in Colorado, Hawaii, Nebraska, Nevada, New Jersey & Pennsylvania. In 2009, Wahoo’s announced plans to add 100 franchise Option 3 $32,944.03 $395,328.36 5% Increases 5% Every 5 Years locations by 2014, but those plans have slowed. By Wahoo’s 25- year anniversary in 2013, they had 64 restaurants in seven states, and would later that year go on to open Wahoo’s first international Options 3 X 5 Year Options restaurant in Tokyo, Japan.

4 FLAMINGO MIXED-USE DEVELOPMENT site06 plan

5 6 7 8 09

PROPERTY PHOTOS 10 11

PROPERTY PHOTOS 12 13

PROPERTY PHOTOS 14 15

PROPERTY PHOTOS 16 17

PROPERTY PHOTOS 18 19 20

UNIVERSITY OF NEVADA, LAS VEGAS

RIO LAS VEGAS FLAMINGO PALM VILLAS

GOLD COAST SUBJECT PROPERTY HOTEL & PROPERTY PHOTOS

PALMS PLACE

W FLAMINGO RD: 91,500 VPD LAS VEGAS NEVADA

21 22 NEVADA’S TAX ADVANTAGE VT #44 ME #33 One of the Nation’s Most Business-Friendly States WA #19

ND #16 NH #6 MT #5 MN #45 Nevada is among the nation’s most business-friendly states, offering many reasons for small businesses and OR #8 WI #26 NY #49 ID #21 SD #2 corporations to conduct business in the state. MI #12 WY #1 PA #29 DE #11 According to Tax Foundation’s 2020 State Business Tax Climate Index, Nevada ranks 7th best. This independent IA #42 NE #28 OH #38 MA #36 study includes five areas of taxation including corporate taxes, individual income taxes, sales taxes, unemployment IN NV #7 insurance taxes, and property taxes (including both residential and commercial). IL #35 #10 WV UT #9 #23 VA #25 RI #39 CO #17 Some Tax Advantages Include: CA #48 KS #34 MO #14 KY #24 CT #47 NC #15 No Corporate Income Tax No Personal Income Tax TN #18 NJ #50 OK #27 SC #30 AZ #20 AR #46 No Taxes on Corporate Shares Nominal Annual Fees NM #22 MD #43 MS #31 AL #40 GA #32 No Franchise Tax No Franchise Tax on Income LA #41 DC #47 TX #13

No Inheritance or Gift Tax Nevada corporations may purchase, hold, sell or FL transfer shares of its own stock. #4 AK #3 No Unitary Tax Nevada corporations may issue stock for capital, services, personal property, or real estate, including HI #37 No Estate Tax leases and options. The directors may determine the value of any of these transactions, and their decision is Competitive Sales and Property Tax Rates final. Note: A rank of 1 is best, 50 is worst. D.C.’s score and rank do not affect other states. The report shows tax systems as of July 1,2019 (the 10 Best Business Tax Climate beginning of Fiscal Year 2020).

Source: https://www.nvsos.gov/sos/businesses/the-nevada-advantage 10 Worst Business Tax Climate Source: Tax Foundation

23 24 LAS VEGAS DEVELOPMENT PROJECTS

Raiders Headquarters Circa Hotel & Casino The Drew Resorts World

UNLV school of medicine Las Vegas Ballpark msg sphere Convention center expansion

25 26 LAS VEGAS

Allegiant Stadium is a domed stadium located in Paradise, Nevada, United States. It serves as the home stadium for the National Football League (NFL)’s Las Vegas Raiders and the University of Nevada, Las Vegas (UNLV) Rebels college football team. It is located on about 62 acres (25 ha) of land west of at Russell Road and Avenue and between Polaris Avenue and Dean Martin Drive, just west of Interstate 15. Construction of the $1.8 billion stadium began on November 13, 2017, and its certificate of occupancy was issued on July 31, 2020. It’s a state-of- the-art facility will host the Pac-12 Championship Games for the 2020 & 2021 season. It will also be the new home of the Las Vegas Bowl. On June 16, 2020, the NFL announced Las Vegas and as the home of the 2021 Pro Bowl.

Photo Credit: Ethan Miller/Getty Images 27 28 A WINNING TEAM

The Vegas Golden Knights are a professional ice hockey team based in the Las Vegas metropolitan area. They compete in the National Hockey League (NHL) as a member of the Pacific Division of Conference.

Founded as an expansion team, they began play in the 2017–18 NHL season. The team is owned by Black Knight Sports & Entertainment, a consortium led by Bill Foley and the Maloof family.

The team plays its home games at T-Mobile Arena on the Las Vegas Strip in Paradise, Nevada.Unlike most expansion teams, the Golden Knights have obtained great success in their first three seasons as a professional team, reaching the Stanley Cup Finals in their very first year in operation.

The team’s name includes “Knights” as a homage to the Black Knights of the United States Military Academy, Foley’s alma mater, and because knights were, according to Foley, “the epitome of the warrior class”.

29 30 LAS VEGAS MARKET OVERVIEW THE ECONOMY

• With all 10 of the nation’s largest located in Las Vegas, tourism Las Vegas is considered one of the premier entertainment cities of the world thanks to its abundance of resorts, and entertainment are the most significant drivers of the Las Vegas restaurants, shopping and entertainment options. Casino closures and convention cancellations during the health economy; however, the economy has diversified into distribution, crisis significantly reduced visitor volume and the number of jobs in the metro during 2020. However, Las Vegas is back-office operations and manufacturing. positioned to quickly record historical levels of tourism and job creation once the pandemic lifts. • The metro’s business-friendly environment, access to Western The Las Vegas-Henderson-Paradise MSA is one of the fastest-growing metros in the nation with a population of nearly markets, growing labor force and availability of high-speed data have 2.3 million. The metro has become a fully diversified economy, with logistics groups, tech firms and manufacturing attracted companies such as Switch, Amazon, K2 Energy, Scientific all taking advantage of Las Vegas’ low cost of business and proximity to major West Coast markets. Games, Tectonics, Virtual Guard, VadaTech and Zappos. • The 2.3 million-square-foot Las Vegas Convention Center is one of the largest in the world and will feature a new underground people mover upon its reopening.

METRO HIGHLIGHTS SHARE OF 2020 EMPLOYMENT

3% 14% 11% 24% 6%

Manufacturing Professional Government Hospitality & Leisure Financial Services

WELL-PAYING JOBS STRONG POPULATION GAINS VAST TOURISM INDUSTRY Office-using positions, most of them The metro continues to draw new Visitor volume reached 42 million in within the professional and business residents amid the economic disruption 2018, ranking Las Vegas among the top 19% 8% 11% 1% 3% services sector, accounted for more than caused by the pandemic. Over the next tourist destinations in the country. Trade, Trans, Utilities Construction Education & Healthcare Information Technology Other Services 20 percent of the metro’s job count at five years, Las Vegas’ populace is forecast the onset of 2021. to increase by nearly 6 percent.

31 32 City demographics population by age (2020 The population will expand by more than 125,000 residents 0-4 Years 6% over the next five years, resulting in the formation of nearly 52,700 households. 5-19 years 19%

The homeownership rate of 53 percent is well below the 20-24 years 6% national rate of 64 percent, creating a strong rental market. 25-44 years 29% Roughly 23 percent of the population age 25 and older have 45-64 years 25% attained a bachelor’s degree, and 8 percent also hold a graduate or professional degree. 65+ Years 15% quality of life Demographics & Projections With approximately 300 days of sunshine annually and an 5.5% Growth 2.3 MM average temperature near 80 degrees, Clark County offers 2020 Population (2020-2025) residents and visitors alike plenty to do besides enjoy the 6.3% Growth 837K resorts and . 2020 Households (2019-2024) U.S. Median: 37.3 Years Water-sports enthusiasts can take advantage of various 2020 Median age 38.2 activities at Lake Mead and the Colorado River, including U.S. Median: $60,300 boating, fishing, water skiing and sailing. Red Rock Canyon 2020 median Household Income $63,000 Conservation Area, located off the Strip, offers outstanding hiking and mountain-climbing opportunities. Las Vegas is City of las Vegas home to the University of Nevada-Las Vegas (UNLV), which has received national recognition for its hotel management, criminal justice and social-work programs. The metro is also home to the NFL’s Raiders, who play at the recently constructed Allegiant Stadium.

33 34 SPORTS PROPERTY DEMOGRAPHICS

AREA POPULATION (2020)

1 Mile 3 Miles 5 Miles 15,182 150,297 397,577 EDUCATION TOTAL HOUSEHOLDS (2020)

1 Mile 3 Miles 5 Miles 7,053 65,340 159,935

ART & ENTERTAINMENT AVERAGE HOUSEHOLD INCOME (2020)

1 Mile 3 Miles 5 Miles $49,298 $57,549 $62,716

35 36 NON-ENDORSEMENT NOTICE POPULATION Race & Ethnicity Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. In 2020, the population in your selected geography is 15,182. The The current year racial makeup of your selected area is as population has changed by 20.65% since 2000. It is estimated follows: 44.55% White, 13.17% Black, 0.82% Native American and CONFIDENTIALITY AND DISCLAIMER that the population in your area will be 15,286.00 five years from 16.55% Asian/Pacific Islander. Compare these to US averages The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified now, which represents a change of 0.69% from the current year. which are: 69.84% White, 12.88% Black, 0.20% Native American information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the The current population is 56.80% male and 43.20% female. The and 5.75% Asian/Pacific Islander. People of Hispanic origin are future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or median age of the population in your area is 37.28, compare this counted independently of race. intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & to the US average which is 38.21. The population density in your Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth area is 4,829.82 people per square mile. People of Hispanic origin make up 43.46% of the current year herein, providing tenant lessee information about this listing to prospective customers. population in your selected area. Compare this to the US ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. average of 18.38%. Households SINGLE TENANT NET LEASE DISCLAIMER Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, There are currently 7,053 households in your selected housing nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or geography. The number of households has changed by 23.30% completeness of any information provided. since 2000. It is estimated that the number of households in The median housing value in your area was $75,060 in 2020, As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due your area will be 7,138 five years from now, which represents a compare this to the US average of $221,068. In 2000, there were diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of change of 1.21% from the current year. The average household 957 owner occupied housing units in your area and there were a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. size in your area is 2.16 persons. 4,763 renter occupied housing units in your area. The median Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the rent at the time was $607. suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents Income for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting Employment his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current In 2020, the median household income for your selected tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. geography is $35,966, compare this to the US average which is In 2020, there are 43,455 employees in your selected area, this By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of currently $62,990. The median household income for your area is also known as the daytime population. The 2000 Census your investigation and/or purchase of this net leased property. has changed by 15.25% since 2000. It is estimated that the median revealed that 33.91% of employees are employed in white-collar household income in your area will be $39,969 five years from occupations in this geography, and 65.84% are employed in blue- SPECIAL COVID-19 NOTICE now, which represents a change of 11.13% from the current year. collar occupations. In 2020, unemployment in this area is 4.59%. All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf In 2000, the average time traveled to work was 23.00 minutes. of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and The current year per capita income in your area is $22,912, its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not compare this to the US average, which is $34,935. The current guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making. year average household income in your area is $49,298, compare this to the US average which is $90,941.

37 PRESENTED BY

DUSTIN R. ALVINO FIRST VICE PRESIDENT OF INVESTMENTS (702) 215-7120 [email protected] License: NV BS.0143692

ANDY PASBAKHSH ASSOCIATE (702) 215-7106 [email protected] License: NV S.0189780

JOE KASZUPSKI ASSOCIATE (702) 215-7102 [email protected] License: NV S.0190554

HAMILTON WHYTE ASSOCIATE (702) 215-7107 [email protected] License: NV S.0190848

JAKE WASSERKRUG ASSOCIATE (702) 215-7135 [email protected] License: NV S.0185362