7-Eleven · YOBE FROZEN YOGURT

Atlantic
Ocean
EXCLUSIVE OFFERING | $1,992,000 / 6.00% CAP
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
EXP DALLAS
214.522.7200
JOE CAPUTO
joe@exp1031.com
BOB MOORHEAD
bob@exp1031.com
property. Convenient and accessible 2-tenant building. Significant renovations in 2012 to 3,675+ SF building.
tenant mix / lease structure. 7-Eleven, Inc. brand new, 10-year corporate net lease beginning in 2012. Complimentary tenant mix with 7-Eleven and Yobe
Frozen Yogurt 5-year corporate net lease; commenced December 2012.
location. The subject property is located along Atlantic Boulevard (35,000 Cars / Day) at Florida Highway A1A (28,097 Cars / Day) in the Neptune Beach retail
corridor. The subject property is 2 blocks from public beach access and next to CVS, Walgreens, and Starbucks. The site is also near anchor tenants that include
Publix, Kmart, JoAnn Fabrics, and Winn Dixie. Ace Hardware, Pier One Imports, UPS Store, Wells Fargo, McDonald’s, KFC, Smashburger, Radio Shack, and
Jimmy Johns. Projected 5-year population growth rate within 1-mile radius: 6.4%.
Table of contents | Disclaimer
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
PAGE 1:
COVER
Disclaimer
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT OVERVIEWS
PAGE 4:
RENT ROLL
PAGE 5:
PROPERTY PHOTOS
PAGE 6:
SURVEY
PAGE 7-8:
AERIAL PHOTOGRAPH
PAGE 9:
LOCATION OVERVIEW
PAGE 10-11:
LOCATION MAPS
PAGE 12:
DEMOGRAPHICS
EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located at 301 Atlantic Boulevard, Neptune Beach, FL by the owner of the Property
(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller
and Agent make no representations or warranties as to the accuracy of the information
contained in this Offering Memorandum. The enclosed materials include highly confidential
information and are being furnished solely for the purpose of review by prospective
purchasers of the interest described herein. The enclosed materials are being provided
solely to facilitate the prospective investor’s own due diligence for which it shall be fully and
solely responsible. The material contained herein is based on information and sources
deemed to be reliable, but no representation or warranty, express or implied, is being made
by Agent or Seller or any of their respective representatives, affiliates, officers, employees,
shareholders, partners and directors, as to the accuracy or completeness of the information
contained herein. Summaries contained herein of any legal or other documents are not
intended to be comprehensive statements of the terms of such documents, but rather only
outlines of some of the principal provisions contained therein. Neither the Agent nor the
Seller shall have any liability whatsoever for the accuracy or completeness of the
information contained herein or any other written or oral communication or information
transmitted or made available or any action taken or decision made by the recipient with
respect to the Property. Interested parties are to make their own investigations, projections
and conclusions without reliance upon the material contained herein. Seller reserves the
right, at its sole and absolute discretion, to withdraw the Property from being marketed for
sale at any time and for any reason. Seller and Agent each expressly reserves the right, at
their sole and absolute discretion, to reject any and all expressions of interest or offers
regarding the Property and/or to terminate discussions with any entity at any time, with or
without notice. This offering is made subject to omissions, correction of errors, change of
price or other terms, prior sale or withdrawal from the market without notice. Agent is not
authorized to make any representations or agreements on behalf of Seller. Seller shall
have no legal commitment or obligation to any interested party reviewing the enclosed
materials, performing additional investigation and/or making an offer to purchase the
Property unless and until a binding written agreement for the purchase of the Property has
been fully executed, delivered, and approved by Seller and any conditions to Seller’s
obligations hereunder have been satisfied or waived. By taking possession of and
reviewing the information contained herein, the recipient agrees that (a) the enclosed
materials and their contents are of a highly confidential nature and will be held and treated
in the strictest confidence and shall be returned to Agent or Seller promptly upon request;
and (b) the recipient shall not contact employees or tenants of the Property directly or
indirectly regarding any aspect of the enclosed materials or the Property without the prior
written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be
copied or otherwise reproduced without the prior written authorization of Seller and Agent.
Florida Broker of Record:
Turner Net Properties , Inc. | License # 565084
Investment overview | TENANT OVERVIEW
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
PRICE:
$1,992,000
CAP RATE:
6.00%
NET OPERATING INCOME:
$119,504
BUILDING AREA:
3,675+ Square Feet
LAND AREA:
0.29+ Acres
YEAR BUILT / RENOVATED:
1980 / 2012
LANDLORD RESPONSIBILITY:
Includes Roof and Structure
OWNERSHIP:
Fee Simple Interest
OCCUPANCY:
100%
SUBJECT PROPERTY
Tenant overview
7-ELEVEN | http://www.7-eleven.com
The brand name 7-Eleven is now part of an international chain of convenience stores, operating under Seven-Eleven Japan Co., Ltd., primarily operating
as a franchise. It is the largest chain store operator with more than 45,900 locations operating around the world, surpassing the previous record-holder McDonald’s
Corporation in 2007. Its stores are located in eighteen countries, with its largest markets being Japan, the United States, Canada, the Philippines, Hong Kong,
Taiwan, Malaysia and Thailand. 7-Eleven, Inc. as a former U.S.-originating company, is a subsidiary of Seven-Eleven Japan Co., Ltd, which in turn is
owned by Seven & I Holdings Co. of Japan. The US chain has its headquarters in downtown Dallas, Texas.
7-Eleven operates, franchises and licenses more than 7,000 stores in North America. Of the close to 5,400 stores the company operates and franchises in the
United States, more than 3,600 are franchised. Internationally, 7-Eleven licensees and affiliates operate approximately 34,000 7-Eleven and other
convenience stores in countries including Japan, Australia, Taiwan, Singapore, Philippines, Sweden, Denmark, South Korea, Thailand, Norway, Turkey,
Malaysia, China, Hong Kong and the U.S. territory of Puerto Rico.
7-Eleven focuses on meeting the needs of convenience-oriented customers by providing a broad selection of fresh, high-quality products and services at everyday
fair prices, speedy transactions and a clean and friendly shopping environment. Each store’s selection of about 2,500 different products and services is
tailored to meet the needs and preferences of local customers. Stores typically vary in size from 2,400 to 3,000 square feet and are most often located on corners
for great visibility and easy access. 7-Eleven was No. 2 on Forbes magazine's "Top Franchise for the Money" for 2012, No. 1 in Store Growth by Convenience
Store News for 2012, and No. 3 on Forbes magazine's "Top 20 Franchises to Start" for 2011.
YOBE FROZEN YOGURT | http://www.myyobe.com
7-Eleven is an ideal co-tenant for Yobe Frozen Yogurt, which currently operates 18 locations in Florida, Georgia, South Carolina, and Tennessee. Yobe is in the
process of opening an additional 11 stores in Colorado, Kentucky, North Carolina, New York, Oregon, and Texas domestically as well as another 4 stores
internationally in Beijing, Dubai, London, and Trinidad & Tobago.
3
Rent roll
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
Square
Lease Term
Years
Rent
Rent
Lease
Tenant
Feet
GLA
Begin
End
Remain
Begin
Monthly
PSF
Annually
PSF
Type
7-Eleven, Inc.
2,800
76%
Aug-12
Aug-22
10
Aug-12
$7,917
$2.83
$95,004
$33.93
NNN*
Four (4) Five (5) Year Options
Aug-17
$8,708
$3.11
$104,496
$37.32
Option 1
Aug-22
$9,579
$3.42
$114,948
$41.05
Option 2
Aug-27
$10,537
$3.76
$126,444
$45.16
Option 3
Aug-32
$11,591
$4.14
$139,092
$49.68
Option 4
Aug-37
$12,750
$4.55
$153,000
$54.64
5
Dec-12
$2,041
$2.33
$24,500
$28.00
NNN*
One (1) Five Year Option
Dec-13
$2,041
$2.33
$24,500
$28.00
Dec-14
$2,102
$2.40
$25,235
$28.84
Dec-15
$2,166
$2.48
$25,992
$29.71
Dec-16
$2,230
$2.55
$26,771
$30.60
Dec-17
$2,297
$2.63
$27,574
$31.51
Dec-18
$2,366
$2.70
$28,401
$32.46
Dec-19
$2,437
$2.78
$29,253
$33.43
Dec-20
$2,510
$2.87
$30,131
$34.44
Dec-21
$2,585
$2.95
$31,035
$35.47
Current
$9,958
Opened A ugust 2013
YB Urbana, Inc.
875
24%
Dec-12
Nov-17
dba Yobe Frozen Yogurt
Option 1
Opened December 2012
TOTALS
3,675
100%
Options / Notes
$119,504
*Landlord responsibility includes roof and structure
ADJACENT RETAIL
4
Property photos
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
5
SURVEY
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
6
Aerial photograph
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
Atlantic
Ocean
Atlantic Beach
Elementary School
Atlantic Boulevard (35,000 Cars / Day)
7
Aerial photograph
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
Atlantic Boulevard (35,000 Cars / Day)
Atlantic
Ocean
8
LOCATION OVERVIEW
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
IMMEDIATE TRADE AREA
The subject property is located along Atlantic Boulevard (35,000 Cars / Day) at
Florida Highway A1A (28,097 Cars / Day) in the Neptune Beach retail corridor.
The subject property benefits significantly from a location near numerous
national credit tenants and 2 blocks from public beach access. Atlantic
Boulevard is a primary arterial road and provides the trade area with direct
access to downtown Jacksonville.
The site is well positioned to capture both local and travelling traffic volume as
a result of its location next to the beach and its accessibility. The subject
property is adjacent to a Starbucks, Walgreens, and CVS Pharmacy. The site
is also near anchor tenants that include Publix, Kmart, JoAnn Fabrics, and
Winn Dixie. Ace Hardware, Pier One Imports, UPS Store, Wells Fargo,
McDonald’s, KFC, Smashburger, Radio Shack, and Jimmy Johns are also
nearby.
Residential growth in the immediate trade area has been brisk recently. The
projected growth rate for the 5-year period ending in 2016 is 6.4% within a 1mile radius of the subject property. Additionally, the mean annual household
income within a 1-mile radius is $73,105. The site proximity to Atlantic Beach
Elementary School (504 Students) provides an additional permanent traffic
generator.
NEPTUNE BEACH, FL & VICINITY
Neptune Beach is a beachfront city just east of Jacksonville, FL with a
population of 7,120. The city is located in a cluster of beach communities that
also includes Jacksonville Beach (Population: 21,362), Atlantic Beach
(Population: 13,368), and Ponte Vedra Beach (Population 37,924). Weekends
and holidays see each city's beaches and roadways fill with the outflow from
Jacksonville's revelers. The mix of small shops and restaurants so near the
beach provide visitors and residents the opportunity to shop and dine during
their beach days and evenings.
Ponte Vedra Beach is an upmarket tourist resort area best known for its
association with golf, particularly the Sawgrass development. The crown jewel
of the Sawgrass development is the TPC at Sawgrass golf course which hosts
The Players Championship annually. The course is known for its signature
hole, the par-3, 132-yard 17th, known simply as the "Island Green", one of
golf's most recognizable and difficult holes. Median family income in Ponte
Vedra Beach is $109,181. The Ponte Vedra Beach area is known for being a
very influential area of North Florida, and boasts one of the best school districts
in the state.
Ponte Vedra Beach was 50th on the list of 100 finalists for CNN and Money
Magazine's 2005 List of the Best Places to Live. It was the 1st place in Florida
to be named that year and 1 of only 4 areas in the state to make the cut. As of
August 1, 2012 the average house costs around $720,000.
JACKSONVILLE, FL MSA
The Jacksonville Metropolitan Statistical Area (MSA) consists of 5 counties:
Duval County, Clay County, St. Johns County, Nassau County, and Baker
County in northeast Florida. Jacksonville is the principal city in the MSA and
the largest in the state of Florida by population. Jacksonville proper has
821,784 residents and an MSA population of 1,345,596. The city has an
established track record of robust population growth. Jacksonville proper has
grown at a minimum of 11.7% in every decade since the 1980s. With an area
of 885 square miles, Jacksonville is the 2nd largest city by area in the country
and the largest in the lower 48 states. Infrastructure and harbor improvements
since the late 19th century have made Jacksonville a major military and civilian
deep-water port. Its riverine location facilitates 2 U.S. Navy bases and the Port
of Jacksonville, Florida's 3rd largest seaport. Significant industries in the local
economy include services such as banking, insurance, healthcare and logistics.
As with much of Florida, tourism is also important to the Jacksonville area,
particularly tourism related to golf.
Jacksonville's location on the St. Johns River and the Atlantic Ocean proved
providential in the growth of the city and its industry. The largest city in the
state, it is also the largest deepwater port in the South (as well as the 2ndlargest port on the U.S. East coast) and a leading port in the U.S. for
automobile imports, as well as the leading transportation and distribution hub in
the state. However, the strength of the city's economy lies in its broad
diversification. The area's economy is balanced among distribution, financial
services, biomedical technology, consumer goods, information services,
manufacturing, insurance and other industries.
Jacksonville is home to many prominent corporations and organizations,
including the headquarters of 4 Fortune 500 companies: CSX Corporation,
Fidelity National Financial, Fidelity National Information Services and WinnDixie Stores, Inc. In addition to CSX, the Florida East Coast Railway and the
large short line railroad holding company RailAmerica are also based in
Jacksonville.
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LOCATION MAP
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
10
LOCATION MAP
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
11
DEMOGRAPHICS
7-Eleven ∙ YOBE FROZEN YOGURT
301 ATLANTIC BOULEVARD, NEPTUNE BEACH, FL (JACKSONVILLE)
Demographic snapshot
Radius
1 Mile
3 Mile
5 Mile
2016 Projection
9,088
41,092
101,245
2011 Estimate
8,542
39,139
97,056
2010 Census
8,358
38,536
95,787
Growth 2011-2016
6.40%
5.00%
4.30%
Growth 2010-2011
2.20%
1.60%
1.30%
2016 Projection
4,143
18,050
41,249
2011 Estimate
3,877
17,104
39,164
2010 Census
3,793
16,860
38,650
Growth 2011-2016
6.80%
5.50%
5.30%
Growth 2010-2011
2.20%
1.40%
1.30%
Owner Occupied
2,341
9,799
24,086
Population:
Households:
1,536
7,305
15,078
2011 Avg Household Income
Renter Occupied
$73,105
$68,345
$75,215
2011 Med Household Income
$54,781
$50,457
$57,047
2011 Per Capita Income
$33,731
$30,373
$31,552
Income Less than $15,000
342
1,626
3,074
Income $15,000 - $24,999
342
1,823
3,260
Income $25,000 - $34,999
441
2,107
3,988
Income $35,000 - $49,999
620
2,901
6,154
Income $50,000 - $74,999
733
3,378
8,260
Income $75,000 - $99,999
514
1,939
5,585
Income $100,000 - $149,999
588
2,052
5,489
Income $150,000 - $199,999
156
718
1,828
Income $200,000+
140
561
1,525
DOWNTOWN JACKSONVILLE, FL
2011 Households by Household Inc:
TPC SAWGRASS 17TH HOLE
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