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SINGLE-TENANTCORPORATE GUARANTEED ASSETFOR SALE
4501 E. Sunset Rd. Henderson, NV 89014
Laramie BrackenSenior Vice President, Brokerage ServicesNRE License # [email protected]
Brenda OlsonSenior Vice President, Brokerage ServicesNRE License # [email protected]
OFFERING MEMORANDUM
Gatski Commercial Real Estate Services (the “Broker”) has been retained as the Exclusive Agent by the Seller of the Property (the “Seller”) to extend qualified principals the opportunity to acquire a fee simple interest in the property referred to as 4501 E Sunset Rd. (“Property”) in Henderson, Nevada.
This Offering Memorandum presents property information that we were provided by Seller and certain documents are described in summary form. It contains selected information pertaining to the Property which Broker feels is pertinent to the pricing. It does not purport to be all inclusive or to contain all of the information, which prospective purchasers and/or lenders may desire. It should also be noted that all market analysis projections are provided for general reference purposes and are based on assumptions relating to the general economy, competition and other factors beyond our control and, therefore, are subject to material variation.
No representation or warranty, expressed or implied, is made by the Seller, Broker, or any of their respective affiliates as to the accuracy or completeness of the information contained herein, as to engineering or environmental matters or as to the future performance of the Property. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of the potentially hazardous material located at the Property site or used in the construction or maintenance of the Property.
The Property is being sold in its as is, where is condition without representation or warranty.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers and will be conducted by appointment only Contact Broker for additional information.
DISCLOSURE
EXECUTIVE SUMMARY
ATTRACTIVERENT SCHEDULE
2% annual increases
MINIMAL MANAGEMENT
Absolute net lease in place
LONG TERM LEASE
8+ years remaining
DEMOGRAPHICS 1 Mile 3 Miles 5 Miles
2020 Population 17,061 157,767 377,113
Average Household Income $73,307 $80,515 $77,616
Total Households 7,496 60,713 147,044
STRATEGICALLY POSITIONEDThe property is located in the busy East Sunset retail
corridor with traffic counts exceeding 40,000 vehicles per day, and close proximity to the
I-95/93/515 Freeway.
EXCEPTIONAL DEMOGRAPHICSThe average household income within a three-mile
radius is $80,515, 12.5% higher than the average in the Henderson submarket.
This is an excellent opportunity to own an absolute triple net corporately guaranteed asset leased to Monro, Inc. (NASDAQ: MNRO), a leading independently-owned and operated auto service and tire provider. The asset is centrally located in the busy Henderson submarket, and features an internet resistant and “essential” retail business. The demographics, traffic counts, visibility, and favorable lease terms make this an attractive addition to any investor portfolio. Monro acquired all 14 Superior Tire locations in Nevada in the 4th Quarter of 2019 adding an estimated $20 million in annualized sales to an already impressive portfolio of 1,283 stores spanning the US and featuring an additional 10 of the nation’s leading auto service and tire brands. A detailed description of Monro Corporation is available in the Tenant Summary section of this Offering Memorandum.
INVESTMENT OVERVIEW:Sale Price: $1,995,000Cap Rate: 5.9% based on year 2 NOI
Year 2 NOI $117,638Rent Increases 2% annually
SITE INFORMATION:Property Address: 4501 E Sunset Road,
Henderson, NVBuilding Size: +/- 5,700 SF
Lot Size: +/- 35,134 SFAPN: TBD – subdivision in progress
PROPERTY OVERVIEW4501 E. Sunset Rd. Henderson, NV 89014
RENT SCHEDULE:Period: Rent/SF/pm Rent/SF/annual Monthly Rent Annual Rent
8/1/2020 - 11/30/2020 $1.35 $16.20 $7,688.76 $30,755.04 partial 12/1/2020 - 7/31/2021 $1.69 $20.28 $9,610.95 $76,887.60 partial8/1/2021 - 7/31/2022 $1.72 $20.64 $9,803.17 $117,638.048/1/2022 - 7/31/2023 $1.75 $21.00 $9,999.23 $119,990.768/1/2023 - 7/31/2024 $1.79 $21.48 $10,199.22 $122,390.648/1/2024 - 7/31/2025 $1.83 $21.96 $10,403.20 $124,838.408/1/2025 - 7/31/2026 $1.86 $22.32 $10,611.27 $127,335.248/1/2026 - 7/31/2027 $1.90 $22.80 $10,823.49 $129,881.888/1/2027 - 7/31/2028 $1.94 $23.28 $11,039.96 $132,479.528/1/2028 - 9/30/2028 $1.98 $23.76 $11,260.76 $22,521.52 partial
ABOUT
Headquartered in Rochester, NY, Monro, Inc. is a leading independently-owned and operated auto service and tire provider in the United States. The Company went public in 1991 and trades on the NASDAQ under the symbol MNRO. While Monro, Inc. has enjoyed a steady history of success, the company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Monro, Inc. brand portfolio features 10 quality brands, the majority offering complete auto care and service at significant savings compared to dealers and local repair shops. Additional information about this tenant can be found at:corporate.monro.com
9,154TEAM MEMBERS
34 STATES
1,283+ LOCATIONS
$1.2B FISCAL 2019 SALES
MONRO NATIONAL BRANDS
SUBJECT PROPERTY
E. Sunset Rd.
4501 E. Sunset Rd. Henderson, NV 89014
AERIAL MAP
HENDERSON, NEVADA’S FASTEST GROWING CITY
Henderson, a suburb in the Las Vegas MSA, is the fastest growing, and second largest city in Nevada. The population is estimated at 325,000 and growing approximately 3% annually. The Median Household Income of $72,844 is $14,000 above the median of the State of Nevada. The Median Property Value sits at $339,900 which is a 10% annual increase over 2018, and more than $47,000 above the median for the State of Nevada. Henderson is also diversifying its commerce by adding the Las Vegas Raiders 320,000 square foot
practice facility, the Vegas Golden Knights ice center, a new Amazon fulfillment Center, the Union Village Development which includes Henderson Hospital, 2.4 million square feet of manufacturing space for California company Haas Automation, a Smith’s distribution center, and at least 36 additional multifamily projects underway according to the City of Henderson Development website. Google has also broken ground on a $600 million dollar data center, further contributing to the diversification and growth of the city.
#1 RANKEDfastest growing city
in NevadaSource: Las Vegas Review Journal
MEDIAN HOUSEHOLD INCOME $72,884
$14K+ above State of Nevada
PROJECTS UNDERWAYLas Vegas Raiders practice facilityVegas Golden Knights ice center
Union Village DevelopmentGoogle data center | Hass Automation
Source: NVBusiness.com
Additional Sources: Bureau of Labor Statistic and CoStar.com
Laramie BrackenSenior Vice President, Brokerage ServicesNRE License # [email protected]
Brenda OlsonSenior Vice President, Brokerage ServicesNRE License # [email protected]
Disclaimer: No warranty or representation, expressed or implied, is made as to the accuracy of the information stated within this marketing piece – an independent due diligence study should be conducted.
4755 DEAN MARTIN DRIVE | LAS VEGAS, NEVADA 89103 P: 702.221.8226 | F: 702.221.1256 | GATSKICOMMERCIAL.COM
