nnn investment opportunity

NNN INVESTMENT OPPORTUNITY
WENDY’S - TALLAHASSEE, FLORIDA
NIKO MICIN
niko@agmrealestate.com
(206) 210-5208
David Perry: Terra Realty Group, FL Broker of Record
Image for illustrative purposes only
01
NNN LEASE OFFERING MEMORANDUM
AGM, Inc. hereby advises all prospective purchases of net leased property as follows:
This confidential offering memorandum has been prepared by AGM, Inc. for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective
investors may need or desire. No representation is made by AGM, Inc. or the property owner as to the accuracy or completeness of the information contained
herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the property. Although the information
contained herein is believed to be correct, AGM, Inc., owner and their employees and agents disclaim any responsibility for inaccuracies and expect prospective
purchaser to exercise independent due diligence in verifying all such information. Further, AGM, Inc., owner and their employees and agents disclaim any and
all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the confidential offering memorandum or any other
written or oral communication transmitted or made available to recipient. This confidential offering memorandum may include certain statements and estimates
by AGM, Inc. with respect to the projected future performance of the property; these assumptions may or may not be proven to be correct, and there can be no
assurance that such estimates will be achieved.
The confidential offering memorandum does not constitute a representation that there has been no change in the business or affairs of the property or owner
since the date of preparation of the confidential offering memorandum. Analysis and verification of the information contained in the confidential offering memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available upon
request to interested and qualified prospective investors or purchasers.
Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussion
with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing the confidential offering memorandum or making an offer to purchase the property unless and until such offer is approved by owner, a written agreement for the purchase of the property has
been fully executed, delivered and approved by owner and its legal counsel, and any conditions to owner’s obligation thereunder have been satisfied or waived.
This confidential offering memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the
public, are of a confidential nature. This information should not, under any circumstances, be photo copied or disclosed to any third party without the written
consent of AGM, Inc. or owner, or used for any other purpose whatsoever other than to evaluate the possible purchase of the property. By accepting the confidential offering memorandum, you agree that you will not use the confidential offering memorandum or any of the contents in any fashion or manner detrimental
to the interest of owner or AGM, Inc.
BY ACCEPTING THIS CONFIDENTIAL OFFERING MEMORANDUM, YOU AGREE TO RELEASE AGM, INC. AND HOLD IT HARMLESS FROM ANY KIND OF CLAIM, COST, EXPENSE, OR LIABILITY ARISING OUT OF YOUR
INVESTIGATION AND/OR PURCHASE OF THIS NET LEASED PROPERTY.
WENDY’S
1494 CAPITAL CIRCLE NORTHWEST
TALLAHASSEE, FL
Sale Price: $2,950,000
Cap Rate: 5.10%
Lease Type: NNN
Lease Term: 16.5+ years remaining
Options: Four 5-year options
Rent Escalations: 6% every 5 years
NOI: $150,426
NOI 8/1/2018: $159,451
Lease Expiration: July 31, 2033
Property Type: Single tenant, hard corner location
Type of Ownership: Fee Simple
Lot Size: 0.80 Acres
Building Size: 3,066 SF
Year Built: 2006
Construction: Masonry
02
OVERVIEW
- 16.5 years remaining on a brand new 20-Year NNN Lease Agreement
- Experienced Franchisee operating 170+ restaurants nationwide
- Approximately 50 unites in the LLC
- 6% Rental increases every five years
- Store sales in excess of $1,800,000
- Strong retail trade area include Home Depot, Lowe’s, Subway, Sonic, McDonalds, Office
Depot, Taco Bell, KFC, Applebees, Harveys, Steak n’ Shake, and Walmart
- Location also near the auto mall with distributors that include Volvo, Acura, Toyota,
Chevrolet, Dodge, and several smaller vendors
- Outpad to Home Depot shopping center
- High traffic count-excess of 30,000 ADT
- Zero landlord responsibilities
03
INVESTMENT HIGHLIGHTS
04
INVESTMENT SUMMARY
PRICING
Purchase Price
$2,950,000
Cap Rate
5.10%
NOI
$150,426
NOI as of 8/1/2018
$159,451
LOAN INFORMATION
Property will be delivered free and
clear to buyer.
PERIOD
YEARS
ANNUAL RENT
MONTHLY RENT
Current
1-5
$150,426
$12,536
6-10
$159,451
$13,288
11-15
$169,018
$14,085
16-20
$179,159
$14,930
Option 1
21-25
$189,909
$15,826
Option 2
26-30
$201,303
$16,775
Option 3
31-35
$213,382
$17,782
Option 4
36-40
$226,185
$18,849
Tallahassee, the capital of Florida, has a growing population of 186,411
and a metropolitan area population of 375,751. It is also one of the fastest
growing cities in Florida with a 12.4 percent growth rate, higher than both
Miami and Tampa.
Tallahassee is the home of several colleges and universities, notably
Florida State University and Florida A&M University.
Tallahassee is a center for trade and agriculture in the Florida Panhandle
and is served by Tallahassee Regional Airport. With one of the fastest
growing manufacturing and high tech economies in Florida, its
major private employers include a General Dynamics Land Systems
manufacturing facility (military and combat applications) and the
Municipal Code Corporation, which specializes in the publication of
municipal and county legal references.
The area is recognized as a regional center for scientific research, and
is home to the National High Magnetic Field Laboratory, the largest and
highest-powered in the world.
05
INVESTMENT OPPORTUNITY
06
AERIAL MAP
07
AERIAL MAP
08
LOCATION INFORMATION
POPULATION
1 MILE
3 MILE
5 MILE
2012
2,656
41,444
105,718
2017 Projection
2,763
43,114
109,921
HOUSEHOLDS
1 MILE
3 MILE
5 MILE
2012
2017 Projection
1,067
1,120
17,325
18,186
42,006
44,091
HOUSEHOLD INCOME
1 MILE
3 MILE
5 MILE
2012 Average
$35,163
$40,256
$40,843
2012 Median
$32,439
$30,314
$29,063
09
TALLAHASSEE, FLORIDA
POPULATION
In 2012, the population in Tallahassee was 105,718, an increase of 14.59% since 2000. It is estimated that the
population will be 109,921 in 2017. The population is approximately 48.8% male and 51.1% female, with a median
age of 25.2, compared to the U.S. average of 36.9.
HOUSEHOLDS
There are currently 42,000+ households in Tallahassee. This number of households has increased by 11.09% since
2000. It is estimated that the number of households will be 44,091 in 2017, which represents a change of 4.96%.
The average household size is 2.27 persons.
INCOME
In 2012, the median household income for Tallahassee was $29,063 , compared to the U.S. average which is
$53,620. The median household income for the area has changed by 18.46% since 2000. It is estimated that the
median household income will be $31,637 in 2017, which represents a change of 8.85%.
EMPLOYMENT
In 2012, there were 49,429 employees in the area, this is also known as the daytime population. The 2000 Census
revealed that 68.6% of employees were employed in white-collar occupations in this geography, and 31.3% were
employed in blue-collar occupations. In 2012, unemployment in the area was 8.82% . In 2000, the median time
traveled to work was 18.3 minutes.
10
TRAFFIC COUNTS