6760 Shier Rings Road NOAH’S Dublin, OH 43016 …...The Tenant Noah’s develops and operates...
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The Tenant in Common (TIC) interests offered and sold by Rockwell Debt-Free Properties constitute interests in real property.
They do not constitute securities. Consequently, federal and state laws regulating the sale of securities do not apply with respect
to the sale of TIC interests, and purchasers of TIC interests will not be entitled to the protections afforded to purchasers of
securities under federal and state securities laws. Nothing in the attached offering documents should be construed as an offer or
a solicitation of an offer to buy or sell securities.
Representative Photo
Debt-Free TIC Property
6760 Shier Rings Road
Dublin, OH 43016
Purchase Price $5,930,000
NOAH’S
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EXECUTIVE SUMMARY
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The Tenant Noah’s develops and operates innovative event and conference space for business, corporate and community events as well as weddings, anniversaries, birthday parties and other social gatherings. Automated features and state of the art technology and functionality make each room customizable. Noah’s offers boardrooms, conference rooms, game rooms, and a beautiful reception area that can accommodate upwards of 350 people. Noah’s provides a refreshing experience for their customers by offering unmatched Four Star space that energizes and sparks the imagination. Noah’s is best for delivering high-tech, upscale, impeccably clean, well-managed, flexible space that is the very best in their class. Noah’s booking fees are approximately 25% less than its competition and each location hosts an average of 30,000 plus visitors at over 300 events annually.
Noah’s is a great place for off-site meetings, trainings, expos, conferences or any other business activity. You can choose from fabulous board rooms, spacious conference rooms or game rooms for breakout sessions and break time. Noah’s provides a space that allows brides to create the wedding of their dreams and a variety of rooms to help embrace all styles and designs.
Noah’s is the first event center to take its business model and hit the road nationally. Noah’s provides a functionality that meets personal, business, and professional needs. Noah’s is a unique gathering place that provides guests with a beautiful, fully-automated facility, resourcing the public with an event destination center, business venue, recreation center, reception hall, personal great room, and more, all
within one state-of-the-art facility.
The Vision “Our unique, affordable, diverse, and creative accommodations allow guests an opportunity to spend quality, wholesome time with family, friends and business associates. Memorable experiences add wonderful variety to life. Our values and vision compel us to stay at the leading edge of technological advancements in customer service, building design, maintenance, and scheduling in order to enhance the Noah’s experience for all our customers, employees, and investors.”
-William “Bil” Bowser (Founder, Senior Executive)
NOAH’S
EXECUTIVE SUMMARY
noahseventvenue.com
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noahseventvenue.com
The Future The small event and conference industry as it exists today is a “Mom and Pop” industry without product consistency. Noah Corporation believes it can consolidate this industry much like other industries, such as Home Depot with the hardware industry, have consolidated their respective markets. Noah’s has found the small meeting and event business to be recession-resistant because the services they offer cater to one-time life events or necessary business events where their clients simply find the necessary resources to fulfill their needs.
Noah’s now has, and will continue to have, a competitive advantage over the marketplace because they simply do not try to support more than their core business, which is the rental of facility time as needed by their patrons. Noah’s does not have food service, as they allow their users to choose their cuisine, decorations, beverages and outside entertainment. This strategy allows them to partner with local entrepreneurs in order to provide the level of event services patrons envision. This strategy has also proven remarkably effective in turning those same partnering talents into a tremendous marketing force for Noah’s. Noah’s is further unrestricted by the noise and service limitations associated with hotels and one-off reception halls.
Risk Analysis Noah Corporation has demonstrated their ability to examine and modify their business to achieve maximum profitability. They have demonstrated their ability to build, market and pre-book events. Noah’s business is largely absent of accounts receivable. Reservations are generally paid in advance with less than 6% of their current sales as a receivable. Their business is also absent traditional inventory. Noah’s anticipates revenues to well exceed the debt service and operating cost with their breakeven well below their currently operating occupancy levels.
The Lease Noah’s has committed to lease the property for an initial term of 20 years. During the initial term of the lease, the base rent shall increase by 2% each year. The lease also includes two options to extend the lease for a period of 10 years each.
One of the many appealing aspects of this lease is that Noah’s pays directly all of the taxes, insurance premiums and all of the maintenance costs of the building. Therefore, the property co-owners have no active management duties, rendering this triple-net lease property a hassle-free, real estate investment.
NOAH’S
EXECUTIVE SUMMARY
Some of the lease specifics are:
Lease payment schedule: Monthly
Lease guarantor: Noah Corporation
Initial lease term: 20 years
Renewal options: Two 10-year options
Rent increases: 2% annual escalations
Lot Size: 2 acres
Building Size: 9,500 square feet
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PROPERTY DESCRIPTION
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rockwelltic.com
The affluent community of Dublin is located in the heart of the Columbus, Ohio Metropolitan Area, one of the fastest growing regions in America. Home to more than two million residents, the area serves as the state capitol as well as its commercial and cultural center. Driven by both the public and private sectors and a robust ecosystem of entrepreneurs, the local economy is thriving. The state government, including Ohio State University, accounts for more than 80,000 jobs in the area. It is also headquarters for a host of financial services, insurance, retail and manufacturing companies including Key Bank, Nationwide Insurance, Honda and Wendy’s. Because of its affordable cost of living, strong job market and excellent educational system, including more than 50 colleges, universities and institutions of higher learning, it was recently named by Forbes as one of the “Best Places for Business and Careers.” Fox Business News also recognized Dublin as the best small city in America to start a business.
Included in the Noah’s floor plan are the following; the main hall, the board room/bride’s room, the game room/large conference room, and the theatre/medium conference room. The four-star interior and exterior are impeccably clean and well-maintained and provide a comfortable and classy environment for customers. Each room is also well-equipped technologically with state of the art audio visual equipment as well as security and lighting.
Before the first event will occur in this brand-new building, Noah’s is expected to pre-book approximately $400,000 in future events. Consumers love the flexibility that Noah’s offers, as they are able to do their own event planning and catering or outsource it to a professional.
Noah’s operations at this facility are very recession-resistant as it serves to support important life events and essential business meetings while allowing patrons to customize the use of the space to meet their specific needs and conform to their individual budget. Noah’s corporate clients include: Intel, Apple, Wells Fargo, Home Depot, PepsiCo and American Express.
In summary, this top-quality; state-of-the-art, commercial building is located in a highly desirable area that is experiencing tremendous growth. Noah Corporation has committed to a long-term lease and is poised to execute an innovative business model that is meeting a previously underserved need and is ideally positioned for sustainable success at this location now and in the future.
Noah’s Corporation is quickly becoming a national brand, with active expansion in several markets. Today you can find Noah’s operating in Alabama, North Carolina, Texas, Colorado, Utah, Arizona, Oklahoma, Florida, Kansas, Iowa, Nebraska, Wisconsin, Michigan, Arkansas, Kentucky, New Mexico, Pennsylvania, Tennessee, South Carolina, Virginia, Ohio, and Illinois with other projects in various phases of site acquisitions and development.
NOAH’S
PROPERTY DESCRIPTION
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NOAH’S
PROPERTY DESCRIPTION
noahseventvenue.com
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BEV
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© 2
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Shel
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Arch
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Inc.
ISSU
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NOAH’S
PROPERTY DESCRIPTION
noahseventvenue.com
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NOAH’S
PROPERTY DESCRIPTION
noahseventvenue.com
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NOAH’S
PROPERTY DESCRIPTION
noahseventvenue.com
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NOAH’S
PROPERTY DESCRIPTION
noahseventvenue.com
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LEASE PROFILE
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Lease Term: 20 years base term - 2.0% annual increases
Average Cap Rate: 8.50% over the initial lease termRenewal Options – Two, 10-year options
Options to Extend: Lessee shall have the right and option to renew this lease for two additional periods of 10 years, immediately following the expiration of the initial term of this lease. The base rent shall increase 2.0% each successive year during the renewal periods.
Operating Expenses and Utilities
Taxes: Tenant shall be responsible for all real property taxes, general and special assessments, water and sewer charges, or any other governmental charges and fees associated with membership in a property owners association that may be levied or assessed against the Premises, the Facility, or any improvements related thereto by any lawful authority for each calendar year or portion thereof commencing on the Commencement Date.
Insurance: Tenant agrees to carry, during the Initial Term and any Renewal Term hereof, all risk property insurance with the Landlord as the named insured (“Landlord’s Property Insurance”) covering fire and extended coverage, vandalism and malicious mischief, sprinkler leakage and all other perils of direct physical loss or damage insuring the improvements and betterments located in or on the Premises and all appurtenances thereto (excluding Tenant’s Property) for the full replacement value thereof.
Tenant shall furnish Landlord with a certificate of such Landlord’s Property Insurance, and such insurance shall provide Landlord with thirty (30) days written before and termination or change in such insurance.
Tenant also agrees to carry commercial general liability insurance on the Premises during the Initial Term and any Renewal Term covering both Tenant and Landlord as their interest may appear, giving Landlord and Tenant a minimum of thirty (30) days written notice by the insurance company prior to cancellation, termination or change in such insurance. Such insurance may have a deductible of not more than $10,000 and shall be for limits of not less than $1,000,000 per person and $1,000,000 per accident or occurrence for bodily injury and $250,000 for property damage per accident or occurrence.
NOAH’S
LEASE PROFILE
noahseventvenue.com
YEAR ANNUAL RENT CAP RATE
CONSTRUCTION TERM $415,100 7.00%
JULY 2018 $415,100 7.00%
JULY 2019 $423,402 7.14%
JULY 2020 $431,870 7.28%
JULY 2021 $440,507 7.43%
JULY 2022 $449,318 7.58%
JULY 2023 $458,304 7.73%
JULY 2024 $467,470 7.88%
JULY 2025 $476,819 8.04%
JULY 2026 $486,356 8.20%
JULY 2027 $496,083 8.37%
YEAR ANNUAL RATE CAP RATE
JULY 2028 $506,005 8.53%
JULY 2029 $516,125 8.70%
JULY 2030 $526,447 8.88%
JULY 2031 $536,976 9.06%
JULY 2032 $547,716 9.24%
JULY 2033 $558,670 9.42%
JULY 2034 $569,843 9.61%
JULY 2035 $581,240 9.80%
JULY 2036 $592,865 10.00%
JULY 2037 $604,722 10.20%
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Repairs and Maintenance
Maintenance, Repair, and Replacement at Lessor’s Sole Cost: (Absolute NNN-Lease)
Tenant agrees to keep all of the Premises, including without limitation, the roof, doors, window casements, glazing, interior walls, floors, ceilings, carpets, interior plumbing, interior pipes, electrical wiring, HVAC systems, alarms and fire suppression systems, utility lines, the exterior and interior of the Facility and the improvement’s located therein, the interior walls and interior decorating in good condition and repair. Tenant agrees to repair or pay for the repair of any representatives, vendors, customers and invitees. Tenant shall also be responsible to pay all janitorial and cleaning costs to keep the Premises clean and fee of debris. If repairs for which the Tenant is responsible are not completed within twenty days after Tenant has received written notice from landlord of such state of disrepair, or if such repairs cannot reasonably be completed within such twenty-day period and Tenant shall fail to commence such repairs within twenty days after notice and proceed diligently thereafter, then Landlord may perform such repairs and charge 105% of the amount of the actual cost thereof to Tenant as Additional Rent.
*A full copy of the Noah’s Lease provided upon request.
NOAH’S
LEASE PROFILE
noahseventvenue.com
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D U B L I N , O H I O
A B O U T T E N A N T S - I N - C O M M O N
D E S C R I P T I O N
Noah Corporation develops and operates innovative event and conference center space for business, corporate and community events as well as weddings, anniversaries, birthday parties and social gatherings. Noah’s provides their customers with high tech, upscale, impeccably clean, well-managed, flexible, four-star space that is the very best in their class. You can learn more about Noah’s by visiting www.noahseventvenue.com.
The affluent community of Dublin is located in the heart of the Columbus, Ohio Metro Area, one of the fastest growing regions in America. Home to over two million residents, the area serves as the state capitol as well as its commercial and cultural center. Driven by both the public and private sectors and a robust ecosystem of entrepreneurs, the local economy is thriving. The state government, including Ohio State University, accounts for more than 80,000 jobs in the area. It is also headquarters for a host of financial services, insurance, retail and manufacturing companies including Key Bank, Nationwide Insurance, Honda and Wendy’s. Because of its affordable cost of living, strong job market and excellent educational system, including more than 50 colleges, universities and institutions of higher learning, it was recently named by Forbes as one of the “Best Places for Business and Careers.” Fox Business News also recognized Dublin as the best small city in America to start a business.
Tenants-in-Common or TIC ownership allows multiple buyers to purchase an undivided percentage of a single piece of property. Each buyer receives his own deed to the property and benefits from all of the income, tax shelters and appreciation it provides. This Rockwell property has the following characteristics:
• $150,000 minimum investment amount• Property is offered debt-free• Long-term, corporate-guaranteed lease• No closing costs• Satisfies IRS requirements for 1031 exchanges
Noah’sDUBLIN, OH
L E A S E I N F O R M A T I O N
LEASE GUARANTOR Noah Corporation
INITIAL LEASE TERM 20 years
RENT INCREASES 2% annual escalations
RENEWAL OPTIONS Two 10-year options
LEASE T YPE Absolute Triple Net (NNN)
Toll Free: 1-877-568-1031 | Phone [email protected] | www.RockwellTIC.com
YEAR ANNUAL RENT CAP RATE
CONSTRUCTION TERM $415,100 7.00%
JULY 2018 $415,100 7.00%
JULY 2019 $423,402 7.14%
JULY 2020 $431,870 7.28%
JULY 2021 $440,507 7.43%
JULY 2022 $449,318 7.58%
JULY 2023 $458,304 7.73%
JULY 2024 $467,470 7.88%
JULY 2025 $476,819 8.04%
JULY 2026 $486,356 8.20%
JULY 2027 $496,083 8.37%
JULY 2028 $506,005 8.53%
JULY 2029 $516,125 8.70%
JULY 2030 $526,447 8.88%
JULY 2031 $536,976 9.06%
JULY 2032 $547,716 9.24%
JULY 2033 $558,670 9.42%
JULY 2034 $569,843 9.61%
JULY 2035 $581,240 9.80%
JULY 2036 $592,865 10.00%
JULY 2037 $604,722 10.20%
P R O P E R T Y I N F O R M AT I O N
TENANT Noah Corporation
LOCATION Dublin, OH
PROPERT Y T YPE Single-tenant, freestanding
BUILDING/LOT SIZE 9,500 sq. ft.
PURCHASE PRICE $5,930,000
ROCKWELL DEBT-FREE PROPERTIES8494 South 700 East, Ste 200 · Sandy, UT 84070
A V E R A G E R E T U R N : Initial Term: 8.50%