Tenant
Single Tenant ___________
ABSOLUTE NNN INVESTMENT
Sanford, Florida
REPRESENTATIVE PHOTO
OPPORTUNITY
PEP BOYS | SANFORD, FLORIDA
CONTENTS | 2
CONTENTS INVESTMENT SUMMARY....................3 HIGHLIGHTS......................................4 PROPERTY DESCRIPTION.....................5 AERIAL VIEW & SITE PLAN..................6 AREA OVERVIEW..............................10 RENT ROLL......................................11
EXCLUSIVELY MARKETED BY DAN ELLIOT | Senior Vice President SRS National Net Lease Group
SEAN LUTZ | Senior Vice President SRS National Net Lease Group
CHRIS MIGELY | Associate SRS National Net Lease Group
155 N. Wacker Drive, Suite 3660 | Chicago, IL 60606
155 N. Wacker Drive, Suite 3660 | Chicago, IL 60606
155 N. Wacker Drive, Suite 3660 | Chicago, IL 60606
D: 312.279.5342
D: 312.279.5345
D: 312.279.5344
[email protected] | License No. 475144985
[email protected] | License No. 475132482
[email protected] | License No. 475162508 Broker of Record: John Artope | FL License No. BK3172617
This Offering Memorandum has been prepared by SRS and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to
REPRESENTATIVE PHOTO
in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes 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 the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
PEP BOYS | SANFORD, FLORIDA
PEP BOYS - SANFORD, FLORIDA SRS National Net Lease Group is pleased to present the rare opportunity to acquire Pep Boys, a corporate guaranteed, absolute NNN leased, investment property located in Sanford, Florida. The tenant, Pep Boys, has approximately 2.5 years remaining in the initial term, with 4 (5-year) option periods. The lease features below-market rents and 5% rental increases at the beginning of each option period. The lease also features a corporate guaranty from Pep Boys, and is absolute NNN with zero landlord responsibilities.
REPRESENTATIVE PHOTO
The subject site is located near the signalized, hard corner intersection of S. French Avenue and W. 1st Street (32,600 VPD). S. French Avenue is a main thoroughfare through Sanford. Additionally, the subject site is located within Downtown Sanford and is within walking distance of City Hall. The asset has excellent visibility & access on a corner site. Sanford is a port city in the central region of Florida and is the county seat of Seminole County. The city has a direct population of approximately 55,000 people. It is a principal city of the Orlando–Kissimmee–Sanford, FL MSA, which has a total population of nearly 2.2 million people. The 5-mile trade area is supported by a dense population of approximately 59,000 with an average household income of $61,000.
INVESTMENT SUMMARY | 3
OFFERING Pricing:
$1,150,000
Net Operating Income:
$80,514
Cap Rate:
7.00%
Guaranty:
Corporate
Lease Type:
Abs. NNN
Landlord Responsibilities:
None
PROPERTY SPECIFICATIONS Rentable Area:
8,520 SF
Land Area:
0.37 Acres
Property Address:
555 W. 1st Street, Sanford, FL 32771
Year Built:
2004
Parcel Number:
25-19-30-5AG-0308-0010
Ownership:
Fee Simple (Land and Building)
PEP BOYS | SANFORD, FLORIDA
Corporate Guaranteed Lease with Below-Market Rent
• ~2.5 years remaining in the initial term • 4 (5-year) option periods with 5% increases at the beginning of each option period • Below-market rent providing potential upside • Corporate guaranty by Pep Boys
Absolute NNN Lease | Zero Landlord Responsibilities
• Tenant pays for all CAM, insurance, taxes, and maintains all aspects of the building • No landlord responsibilities • Ideal, management-free investment for an out of state, passive investor
Near Signalized, Hard Corner / Main Thoroughfare
• Near the signalized, hard corner of S. French Avenue and W. 1st Street (32,600 VPD) • S. French Avenue is a major thoroughfare through Sanford, FL • Located within Downtown Sanford • Located within the Orlando - Kissimmee - Sanford MSA, 3rd largest in Florida with a population of approximately 2.2 million
Dense Population In The 5-Mile Trade Area
REPRESENTATIVE PHOTO
• More than 59,000 residents and 47,000 employees support the trade area • Strong average household income of $61,000 • Income tax free state encourages consumer spending
HIGHLIGHTS | 4
PEP BOYS | SANFORD, FLORIDA PROPERTY DESCRIPTION PARCEL
Parcel: 25-19-30-5AG-0308-0010 Acres: 0.37 Square Feet: 16,117 SF
ZONING
RC1 - Restricted Commercial
ACCESS
There are two (2) access points with one (1) along W. 1st Street and one (1) along Laurel Avenue.
TRAFFIC COUNTS
W. 1st Street:...........................................................................................................................................................................9,600 N. French Avenue/ U.S Highway 17 & 92/ State Highway 46 & 15:..........................................................................................23,000
IMPROVEMENTS
There is approximately 8,520 SF of existing building area.
PARKING
REPRESENTATIVE PHOTO
There are approximately 9 parking spaces on the owned parcel. The parking ratio is approximately 1.06 per 1,000 SF of leasable area.
YEAR BUILT 2004
PROPERTY DESCRIPTION | 5
PEP BOYS | SANFORD, FLORIDA
AERIAL VIEW | 6
PEP BOYS | SANFORD, FLORIDA
AERIAL VIEW | 7
PEP BOYS | SANFORD, FLORIDA
LOCATION MAP | 8
2015 ESTIMATED POPULATION
3 Mile.......................................................... 40,015 5 Mile.......................................................... 95,957
2015 AVERAGE HOUSEHOLD INCOME
3 Mile.........................................................$49,220 5 Mile.........................................................$61,026
SANFORD
2015 ESTIMATED TOTAL EMPLOYEES
3 Mile.......................................................... 18,369 5 Mile.......................................................... 47,347
ORLANDO
KISSIMMEE
PEP BOYS | SANFORD, FLORIDA
SITE PLAN | 9
S. Laurel Ave.
S. French Ave.
W. 1st St.
PEP BOYS | SANFORD, FLORIDA
AREA OVERVIEW | 10
DEMOGRAPHICS
CITY OF SANFORD Sanford is a City in the central region of the U.S. state of Florida. It is the county seat of Seminole County. Sanford is bounded in the East by Orlando-Sanford International Airport, in the North by Lake Monroe, in the West by Interstate 4, and in the South by Seminole State College and the City of Lake Mary. According to the United States Census Bureau, the city has a total area of 26.5 square miles. Estimated Population as of July 1, 2015 was 58,111. The City of Sanford has been a major business and transportation hub of central Florida. The Orlando Sanford International Airport is the largest private employer in the City, and has ranked as the fastest growing airport in the country for a number of years since 2000. Its 350 acre industrial park is one of six located in the City which are part of Foreign Trade Zone #250. The FTZ allows significant tax benefits for companies involved in import and export or using imported materials in their operations.
DISTANCE TO POINTS OF INTEREST
1 MILE
3 MILES
Univeristy of Tulsa
Univeristy of Tulsa
2 MILES
4 MILES
Tulsa Zoo
1/4 MILE
Tulsa Zoo
1 MILE
2015 Estimated Population 2020 Projected Population 2010 Census Population 2000 Census Population Projected Annual Growth 2015 to 2020 Historical Annual Growth 2010 to 2015
6,670 7,004 6,587 7,049 0.98% 0.20%
40,015 41,987 38,196 31,984 0.97% 0.75%
95,957 101,836 89,320 65,998 1.20% 1.15%
2015 Estimated Households 2020 Projected Households 2010 Census Households 2000 Census Households Projected Annual Growth 2015 to 2020
2,636 2,781 2,639 2,862 1.08%
14,406 15,049 14,059 12,094 0.88%
35,664 37,694 33,808 24,728 1.11%
2015 Estimated White 2015 Estimated Black or African American 2015 Estimated Asian or Pacific Islander 2015 Estimated American Indian or Native Alaskan 2015 Estimated Other Races 2015 Estimated Hispanic
40.11% 52.05% 1.23% 0.57% 2.91% 11.96%
47.69% 39.84% 2.27% 0.60% 5.86% 20.27%
62.03% 24.84% 3.41% 0.55% 5.41% 21.93%
2015 Estimated Average Household Income 2015 Estimated Median Household Income 2015 Estimated Per Capita Income
$41,614 $25,590 $18,686
$49,220 $35,924 $18,626
$61,026 $46,265 $23,448
638 6,403
1,710 18,369
4,113 47,347
2015 Estimated Total Businesses 2015 Estimated Total Employees 1/2 MILE
2 MILES
1 Mile 3 Miles 5 Miles
PEP BOYS | SANFORD, FLORIDA
RENT ROLL | 11 Starbucks
Pep Boys
Starbucks Corporation operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company oper-
Company Type: ............................. Private Website:..................... www.pepboys.com Pep Boys has been the nation’s leading automotive aftermarket chain since 1921. With in four Americas, Europe, Africa, and China/Asia Pacific. Starbucks stores offer coffee and tea beveragover 7,500 service bays in over 800 locations in 35 states andates Puerto Rico,segments: Pep Boys offers Locations: ........................................800+ roasted whole name-brand tires; automotive maintenance and repair; partses, andpackaged expert advice for the Do- bean and ground coffees, and other bottled beverages. Its stores also provide fresh food offerings asPep pastries, It-Yourselfer; commercial auto parts delivery; and fleet maintenance andsuch repair. Boys isbreakfast sandwiches, and lunch items. As of August 27, 2015, Starbucks operates 21,000 headquartered in Philadelphia. It was acquired by Icahn Enterprises Holdings L.P. stores. Starbucks was founded in 1985 and is headquartered in Seattle, Washington.
Tenant Name
Square Feet
Lease Start
Lease End
Begin
Monthly
Annually
Recovery Type
Options: 4 (5-year)
Pep Boys
8,520
11/1/2009
10/31/2019
Current
$6,710
$80,514
Abs. NNN
Option 1: $84,540/Yr
(corporate)
Option 2: $88,767/Yr Option 3: $93,205/Yr
REPRESENTATIVE PHOTO
Option 4: $97,865/Yr
FINANCIAL INFORMATION
PROPERTY SPECIFICATIONS
Price:................................................................................................................$1,150,000 Net Operating Income:..........................................................................................$80,514 Cap Rate:..................................................................................................................7.00% Lease Type:................................................................................................. Absolute NNN
Address:.....................................................................555 W. 1st Street, Sanford, FL 32771 Year Built:...................................................................................................................2004 Rentable Area:...........................................................................................................8,520 Parcel Number:.......................................................................... 25-19-30-5AG-0308-0010
REPRESENTATIVE PHOTO
ABSOLUTE NNN INVESTMENT
Sanford, Florida
REPRESENTATIVE PHOTO
OPPORTUNITY
PEP BOYS | SANFORD, FLORIDA
CONTENTS | 2
CONTENTS INVESTMENT SUMMARY....................3 HIGHLIGHTS......................................4 PROPERTY DESCRIPTION.....................5 AERIAL VIEW & SITE PLAN..................6 AREA OVERVIEW..............................10 RENT ROLL......................................11
EXCLUSIVELY MARKETED BY DAN ELLIOT | Senior Vice President SRS National Net Lease Group
SEAN LUTZ | Senior Vice President SRS National Net Lease Group
CHRIS MIGELY | Associate SRS National Net Lease Group
155 N. Wacker Drive, Suite 3660 | Chicago, IL 60606
155 N. Wacker Drive, Suite 3660 | Chicago, IL 60606
155 N. Wacker Drive, Suite 3660 | Chicago, IL 60606
D: 312.279.5342
D: 312.279.5345
D: 312.279.5344
[email protected] | License No. 475144985
[email protected] | License No. 475132482
[email protected] | License No. 475162508 Broker of Record: John Artope | FL License No. BK3172617
This Offering Memorandum has been prepared by SRS and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to
REPRESENTATIVE PHOTO
in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes 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 the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
PEP BOYS | SANFORD, FLORIDA
PEP BOYS - SANFORD, FLORIDA SRS National Net Lease Group is pleased to present the rare opportunity to acquire Pep Boys, a corporate guaranteed, absolute NNN leased, investment property located in Sanford, Florida. The tenant, Pep Boys, has approximately 2.5 years remaining in the initial term, with 4 (5-year) option periods. The lease features below-market rents and 5% rental increases at the beginning of each option period. The lease also features a corporate guaranty from Pep Boys, and is absolute NNN with zero landlord responsibilities.
REPRESENTATIVE PHOTO
The subject site is located near the signalized, hard corner intersection of S. French Avenue and W. 1st Street (32,600 VPD). S. French Avenue is a main thoroughfare through Sanford. Additionally, the subject site is located within Downtown Sanford and is within walking distance of City Hall. The asset has excellent visibility & access on a corner site. Sanford is a port city in the central region of Florida and is the county seat of Seminole County. The city has a direct population of approximately 55,000 people. It is a principal city of the Orlando–Kissimmee–Sanford, FL MSA, which has a total population of nearly 2.2 million people. The 5-mile trade area is supported by a dense population of approximately 59,000 with an average household income of $61,000.
INVESTMENT SUMMARY | 3
OFFERING Pricing:
$1,150,000
Net Operating Income:
$80,514
Cap Rate:
7.00%
Guaranty:
Corporate
Lease Type:
Abs. NNN
Landlord Responsibilities:
None
PROPERTY SPECIFICATIONS Rentable Area:
8,520 SF
Land Area:
0.37 Acres
Property Address:
555 W. 1st Street, Sanford, FL 32771
Year Built:
2004
Parcel Number:
25-19-30-5AG-0308-0010
Ownership:
Fee Simple (Land and Building)
PEP BOYS | SANFORD, FLORIDA
Corporate Guaranteed Lease with Below-Market Rent
• ~2.5 years remaining in the initial term • 4 (5-year) option periods with 5% increases at the beginning of each option period • Below-market rent providing potential upside • Corporate guaranty by Pep Boys
Absolute NNN Lease | Zero Landlord Responsibilities
• Tenant pays for all CAM, insurance, taxes, and maintains all aspects of the building • No landlord responsibilities • Ideal, management-free investment for an out of state, passive investor
Near Signalized, Hard Corner / Main Thoroughfare
• Near the signalized, hard corner of S. French Avenue and W. 1st Street (32,600 VPD) • S. French Avenue is a major thoroughfare through Sanford, FL • Located within Downtown Sanford • Located within the Orlando - Kissimmee - Sanford MSA, 3rd largest in Florida with a population of approximately 2.2 million
Dense Population In The 5-Mile Trade Area
REPRESENTATIVE PHOTO
• More than 59,000 residents and 47,000 employees support the trade area • Strong average household income of $61,000 • Income tax free state encourages consumer spending
HIGHLIGHTS | 4
PEP BOYS | SANFORD, FLORIDA PROPERTY DESCRIPTION PARCEL
Parcel: 25-19-30-5AG-0308-0010 Acres: 0.37 Square Feet: 16,117 SF
ZONING
RC1 - Restricted Commercial
ACCESS
There are two (2) access points with one (1) along W. 1st Street and one (1) along Laurel Avenue.
TRAFFIC COUNTS
W. 1st Street:...........................................................................................................................................................................9,600 N. French Avenue/ U.S Highway 17 & 92/ State Highway 46 & 15:..........................................................................................23,000
IMPROVEMENTS
There is approximately 8,520 SF of existing building area.
PARKING
REPRESENTATIVE PHOTO
There are approximately 9 parking spaces on the owned parcel. The parking ratio is approximately 1.06 per 1,000 SF of leasable area.
YEAR BUILT 2004
PROPERTY DESCRIPTION | 5
PEP BOYS | SANFORD, FLORIDA
AERIAL VIEW | 6
PEP BOYS | SANFORD, FLORIDA
AERIAL VIEW | 7
PEP BOYS | SANFORD, FLORIDA
LOCATION MAP | 8
2015 ESTIMATED POPULATION
3 Mile.......................................................... 40,015 5 Mile.......................................................... 95,957
2015 AVERAGE HOUSEHOLD INCOME
3 Mile.........................................................$49,220 5 Mile.........................................................$61,026
SANFORD
2015 ESTIMATED TOTAL EMPLOYEES
3 Mile.......................................................... 18,369 5 Mile.......................................................... 47,347
ORLANDO
KISSIMMEE
PEP BOYS | SANFORD, FLORIDA
SITE PLAN | 9
S. Laurel Ave.
S. French Ave.
W. 1st St.
PEP BOYS | SANFORD, FLORIDA
AREA OVERVIEW | 10
DEMOGRAPHICS
CITY OF SANFORD Sanford is a City in the central region of the U.S. state of Florida. It is the county seat of Seminole County. Sanford is bounded in the East by Orlando-Sanford International Airport, in the North by Lake Monroe, in the West by Interstate 4, and in the South by Seminole State College and the City of Lake Mary. According to the United States Census Bureau, the city has a total area of 26.5 square miles. Estimated Population as of July 1, 2015 was 58,111. The City of Sanford has been a major business and transportation hub of central Florida. The Orlando Sanford International Airport is the largest private employer in the City, and has ranked as the fastest growing airport in the country for a number of years since 2000. Its 350 acre industrial park is one of six located in the City which are part of Foreign Trade Zone #250. The FTZ allows significant tax benefits for companies involved in import and export or using imported materials in their operations.
DISTANCE TO POINTS OF INTEREST
1 MILE
3 MILES
Univeristy of Tulsa
Univeristy of Tulsa
2 MILES
4 MILES
Tulsa Zoo
1/4 MILE
Tulsa Zoo
1 MILE
2015 Estimated Population 2020 Projected Population 2010 Census Population 2000 Census Population Projected Annual Growth 2015 to 2020 Historical Annual Growth 2010 to 2015
6,670 7,004 6,587 7,049 0.98% 0.20%
40,015 41,987 38,196 31,984 0.97% 0.75%
95,957 101,836 89,320 65,998 1.20% 1.15%
2015 Estimated Households 2020 Projected Households 2010 Census Households 2000 Census Households Projected Annual Growth 2015 to 2020
2,636 2,781 2,639 2,862 1.08%
14,406 15,049 14,059 12,094 0.88%
35,664 37,694 33,808 24,728 1.11%
2015 Estimated White 2015 Estimated Black or African American 2015 Estimated Asian or Pacific Islander 2015 Estimated American Indian or Native Alaskan 2015 Estimated Other Races 2015 Estimated Hispanic
40.11% 52.05% 1.23% 0.57% 2.91% 11.96%
47.69% 39.84% 2.27% 0.60% 5.86% 20.27%
62.03% 24.84% 3.41% 0.55% 5.41% 21.93%
2015 Estimated Average Household Income 2015 Estimated Median Household Income 2015 Estimated Per Capita Income
$41,614 $25,590 $18,686
$49,220 $35,924 $18,626
$61,026 $46,265 $23,448
638 6,403
1,710 18,369
4,113 47,347
2015 Estimated Total Businesses 2015 Estimated Total Employees 1/2 MILE
2 MILES
1 Mile 3 Miles 5 Miles
PEP BOYS | SANFORD, FLORIDA
RENT ROLL | 11 Starbucks
Pep Boys
Starbucks Corporation operates as a roaster, marketer, and retailer of specialty coffee worldwide. The company oper-
Company Type: ............................. Private Website:..................... www.pepboys.com Pep Boys has been the nation’s leading automotive aftermarket chain since 1921. With in four Americas, Europe, Africa, and China/Asia Pacific. Starbucks stores offer coffee and tea beveragover 7,500 service bays in over 800 locations in 35 states andates Puerto Rico,segments: Pep Boys offers Locations: ........................................800+ roasted whole name-brand tires; automotive maintenance and repair; partses, andpackaged expert advice for the Do- bean and ground coffees, and other bottled beverages. Its stores also provide fresh food offerings asPep pastries, It-Yourselfer; commercial auto parts delivery; and fleet maintenance andsuch repair. Boys isbreakfast sandwiches, and lunch items. As of August 27, 2015, Starbucks operates 21,000 headquartered in Philadelphia. It was acquired by Icahn Enterprises Holdings L.P. stores. Starbucks was founded in 1985 and is headquartered in Seattle, Washington.
Tenant Name
Square Feet
Lease Start
Lease End
Begin
Monthly
Annually
Recovery Type
Options: 4 (5-year)
Pep Boys
8,520
11/1/2009
10/31/2019
Current
$6,710
$80,514
Abs. NNN
Option 1: $84,540/Yr
(corporate)
Option 2: $88,767/Yr Option 3: $93,205/Yr
REPRESENTATIVE PHOTO
Option 4: $97,865/Yr
FINANCIAL INFORMATION
PROPERTY SPECIFICATIONS
Price:................................................................................................................$1,150,000 Net Operating Income:..........................................................................................$80,514 Cap Rate:..................................................................................................................7.00% Lease Type:................................................................................................. Absolute NNN
Address:.....................................................................555 W. 1st Street, Sanford, FL 32771 Year Built:...................................................................................................................2004 Rentable Area:...........................................................................................................8,520 Parcel Number:.......................................................................... 25-19-30-5AG-0308-0010
REPRESENTATIVE PHOTO
