MEINEKE CAR CARE CENTER - LoopNet...Meineke Car Care Center is a subsidiary of Driven Brands, which...
Transcript of MEINEKE CAR CARE CENTER - LoopNet...Meineke Car Care Center is a subsidiary of Driven Brands, which...
Offering Memorandum
MEINEKE CAR CARE CENTER 495 Saint George Ave • Roselle, NJ 07203
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or
name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
MEINEKE CAR CARE CENTER
Roselle, NJ
ACT ID Z0281347
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N E T L E A S E D D I S C L A I M E R
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will
not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee,
warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before
completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus &
Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance
of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to
your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal
and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not
a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based
on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any
guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in
whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting
his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a
replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential
replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services 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.
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Location Overview
Regional and Local Map
Aerial Photo
FINANCIAL ANALYSIS 02
Acquisition Financing
MARKET OVERVIEW 03
Market Analysis
Demographic Analysis
MEINEKE CAR CARE CENTER
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MEINEKE CAR CARE CENTER
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INVESTMENT
OVERVIEW
OFFERING SUMMARY
Price $1,254,817
Net Operating Income $75,289
Capitalization Rate – Current 6.00%
Price / SF $404.78
Rent / SF $24.29
Lease Type Absolute Net
Gross Leasable Area 3,100 SF
Year Built / Renovated 2016
Lot Size 0.27 acre(s)
#
EXECUTIVE SUMMARY
OFFERING SUMMARY
#
FINANCING
Down Payment All Cash
Net Cash Flow 6.00% / $75,289
Cash on Cash Return 6.00%
Total Return 6.00% / $75,289
MEINEKE CARE CARE CENTER
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MEINEKE CAR CARE CENTER
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OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER# OF
EMPLOYEES *
Merck 2,137
Safeway Contracting Inc 1,998
Rape Survival Center 1,800
Trinitas Regional Medical Ctr 1,680
Saint Michaels Medical Ctr Inc 1,400
County of Union 1,381
Board of Education 1,201
Home Depot The 1,050
Westfield Public Schools 1,022
Whitsons Food Service Corp 995
Chelco Group Hong Kong 950
US Post Office 945
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 31,678 203,095 466,834
2010 Census Pop 30,676 194,092 448,124
2017 Estimate HH 11,544 74,412 165,491
2010 Census HH 11,117 70,595 157,900
Median HH Income $60,384 $60,162 $63,776
Per Capita Income $28,107 $30,823 $32,230
Average HH Income $77,107 $83,486 $90,173
* # of Employees based on 5 mile radius
MEINEKE CAR CARE CENTER
OFFERING SUMMARY
Annual 1.5% Increases
Absolute NNN Lease w/ 7+ Years Remaining
Personal Guarantee
Located on Corner of High Traffic Roadway
30,000+ VPD
Heavy Population Density in 5-mile Radius: 466,834 Residents
Average Household Income of $90,173 in 5-mile Radius
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to present the Meineke Car Care Center located at 495 St. Georges Avenue in Roselle (Union
County), New Jersey. The building is 3,100 square feet with 4 bay garages and situated on a 0.27 acre lot. The tenant, Meineke
Car Care Center has 7+ years remaining on their absolute NNN lease with an additional 1- five year option. Throughout the
duration of the lease, Meineke will have rental increases of 1.5% per annum. Meineke Car Care Center is a subsidiary of Driven
Brands, which has over 2,500 locations nationwide under ten banners.
Roselle is a borough located in Union County, New Jersey. The subject property is approximately 20 miles southwest of New York
City and approximately 7 miles southwest of Newark Airport.
Within a five-mile radius of Roselle, the average household income is $90,173 among the 466,834 individuals who reside within a
five-mile radius of the subject property.
The asking price of $1,254,817 represents a 6.00 percent cap rate.
INVESTMENT OVERVIEW
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TENANT PROFILES
MEINEKE CAR CARE CENTER
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Meineke Car Care Center
Meineke Car Care Center, Inc. is an international franchise that
offers automotive repairs and various different services.
Meineke offers services in the areas of oil changes and car
maintenance aspects, tires and wheels, brakes, batteries,
exhausts and cat converters, steering aspects and suspensions,
CV joints, and air conditioning aspects. Meineke is
headquartered in Charlotte, North Caroline and has more than
900 retail locations worldwide. Meineke is a subsidiary of parent
company Driven Brands.
General Information
Tenant Name Meineke Care Care Center
Website www.meineke.com
Parent Company Driven Brands
Headquartered Charlotte, North Carolina
Rentable Square Feet 3,100 SF
Percentage of RBA 100.00%
Lease Commencement 8/1/2016
Lease Expiration 7/31/2026
No. of Locations 900+
#
PROXIMITY TO:
495 Saint George Ave, Roselle, NJ 07203
Annual 1.5% Increases
Absolute NNN Lease w/ 7+ Years
Remaining
Personal Guarantee
Located on Corner of High Traffic-Roadway
30,000+ VPD
Heavy Population Density in 5-mile Radius
Average Household income of $90,173 in 5-
mile Radius
Roselle is a borough located in Union County,
New Jersey. The subject property is
approximately 20 miles southwest of New York
City and approximately 7 miles southwest of
Newark Airport. The major roads and highways
that pass through or near the borough are
Route 27, Route 28, the Garden State Parkway
New Jersey, Wood Avenue, and St Georges
Avenue. NJ Transit provides bus service from
Roselle to Port Authority Bus Terminal in
Midtown, Manhattan on routes 112 and 115 and
to Newark on routes 59, 62, and 94, as well as
local service on lines 56 and 57. Conrail’s
freight- only Lehigh Line passes through
Roselle.
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMEMEINEKE CARE CARE CENTER
PRICING AND VALUATION MATRIX
PROPERTY NAMEMEINEKE CAR CARE CENTER
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LOCATION OVERVIEW
#
495 Saint George Ave, Roselle, NJ 07203
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMEMEINEKE CARE CARE CENTER
PRICING AND VALUATION MATRIX
PROPERTY NAMEMEINEKE CAR CARE CENTER
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REGIONAL AND LOCAL MAP
PROPERTY PHOTO
MEINEKE CAR CARE CENTER
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PROPERTY PHOTO
MEINEKE CAR CARE CENTER
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PROPERTY PHOTO
MEINEKE CAR CARE CENTER
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MEINEKE CAR CARE CENTER
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FINANCIAL
ANALYSIS
#
PROPERTY SUMMARY
OFFERING SUMMARY
#
NOTES: Annual Rent Based on August, 2019 Income.
MEINEKE CAR CARE CENTER
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OFFERING SUMMARY
MARCUS & MILLICHAP CAPITAL CORPORATION
CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and
terms.
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of
financing options.
Our dedicated, knowledgeable experts understand the challenges of financing
and work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage
offices
$5.63 billion
total national
volume in 2017
Access to
more capital
sources than
any other firm
in the industry
Optimum financing solutions
to enhance value
Our ability to enhance
buyer pool by expanding
finance options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,707
debt and equity
financings
in 2017
ACQUISITION FINANCING
MEINEKE CAR CARE CENTER
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MEINEKE CAR CARE CENTER
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MARKET
OVERVIEW
MARKET OVERVIEW
NORTHERN NEW JERSEYOVERVIEW
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Northern New Jersey consists of Bergen, Hudson, Passaic, Essex,
Morris and Union counties. The region contains roughly 4 million
residents in more than 200 municipalities. Bergen county is home to
nearly 1 million people, while Essex County, which includes the city of
Newark, has approximately 805,000 citizens. The region is bordered to
the east by the Hudson River and New York City, to the south by
Middlesex and Somerset counties, to the west by Warren and Sussex
counties, and to the north by New York state. A large portion of the
area is almost fully developed and densely populated. The region is a
part of the New York metro and is linked to the city by the George
Washington Bridge, the Lincoln Tunnel, the Holland Tunnel, several
ferries and commuter rail tunnels.
MARKET OVERVIEW
METRO HIGHLIGHTS
DIVERSE INDUSTRIES
Pharmaceuticals, healthcare and finance are a few
of the segments that contribute to the metro’s
economic base.
LARGE LABOR POOL
The region’s diverse and highly skilled labor and
access to workers in other nearby metros draw
businesses.
UNIQUE ECONOMY
Northern New Jersey has its own economic drivers
and is connected to New York City’s robust
economy.
MEINEKE CAR CARE CENTER
MARKET OVERVIEW
ECONOMY Northern New Jersey is home to numerous Fortune 500 companies including Prudential
Financial, Merck, PBF Energy and Honeywell International.
The airline industry accounts for a significant share of jobs in the region. United Airlines has
a major presence at Newark Liberty International Airport.
Trade is a key employment sector. Vehicle imports account for a substantial amount of the
Port Newark-Elizabeth Marine Terminal’s business.
Spillover from Wall Street bolsters finance jobs in Essex, Hudson and Bergen counties.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Prudential Financial
UAL (United Continental Holdings)
JPMorgan Chase & Co.
Hackensack University Medical Center
Bank of America
Englewood Hospital Association
Novartis Pharmaceuticals Corp.
St. Joseph’s Hospital and Medical Center
Valley Health Systems
RWJBarnabas Health* Forecast
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MANUFACTURING
6%GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
22%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
17%
4%
14% 8% 7%
16%
MEINEKE CAR CARE CENTER
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
Northern New Jersey will add nearly 38,000 people and approximately 36,300
households over the next five years, generating demand for housing.
The homeownership rate of 54 percent is below the national rate of 64 percent,
maintaining a strong rental market.
Approximately 38 percent of residents hold a bachelor’s degree, including 14
percent who have also obtained a graduate or professional degree.
Northern New Jersey offers a variety of amenities and cultural activities. Sports and
entertainment are available in East Rutherford at the Meadowlands. The MetLife Stadium is
home to the Giants and Jets of the NFL. The Prudential Center, also known as the Rock, is
an indoor arena in downtown Newark where the Devils (NHL) and Seton Hall University
play. Downtown Newark also houses the New Jersey Performing Arts Center and Bears
and Eagles Riverfront Stadium, home of the Newark Bears, a minor-league baseball team.
Numerous community colleges and universities are located in the metro, including Seton
Hall University, the Newark campus of Rutgers University, Stevens Institute of Technology
and Bergen Community College.
QUALITY OF LIFE
3
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
6%25-44 YEARS
27%45-64 YEARS
27%65+ YEARS
14%
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
MEINEKE CAR CARE CENTER
38.4
2017MEDIAN AGE:
U.S. Median:
37.8
$71,700
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
4M
2017POPULATION:
Growth2017-2022*:
0.9%
1.5M
2017HOUSEHOLDS:
2.5%
Growth2017-2022*:
PROPERTY NAME
MARKETING TEAM
MEINEKE CAR CARE CENTER
DEMOGRAPHICS
Source: © 2017 Experian
Created on November 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 31,515 203,577 469,324
2017 Estimate
Total Population 31,678 203,095 466,834
2010 Census
Total Population 30,676 194,092 448,124
2000 Census
Total Population 30,598 190,736 436,983
Current Daytime Population
2017 Estimate 24,929 198,849 443,730
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 11,593 75,395 168,141
2017 Estimate
Total Households 11,544 74,412 165,491
Average (Mean) Household Size 2.73 2.67 2.77
2010 Census
Total Households 11,117 70,595 157,900
2000 Census
Total Households 11,330 70,181 155,539
Occupied Units
2022 Projection 11,593 75,395 168,141
2017 Estimate 12,073 76,975 172,157
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$150,000 or More 8.53% 11.20% 13.37%
$100,000 - $149,000 16.18% 15.74% 15.88%
$75,000 - $99,999 13.69% 13.18% 13.46%
$50,000 - $74,999 19.71% 17.33% 16.78%
$35,000 - $49,999 13.80% 13.16% 12.12%
Under $35,000 28.08% 29.38% 28.40%
Average Household Income $77,107 $83,486 $90,173
Median Household Income $60,384 $60,162 $63,776
Per Capita Income $28,107 $30,823 $32,230
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure
$72,843 $72,473 $74,572
Consumer Expenditure Top 10 Categories
Housing $21,795 $21,682 $22,289
Shelter $13,996 $13,942 $14,315
Transportation $13,023 $13,022 $13,463
Personal Insurance and Pensions $6,627 $6,620 $6,953
Food $6,546 $6,554 $6,732
Health Care $4,220 $4,179 $4,267
Utilities $4,220 $4,198 $4,295
Entertainment $2,703 $2,730 $2,836
Education $2,153 $2,270 $2,412
Cash Contributions $1,618 $1,610 $1,681
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2017 Estimate Total Population 31,678 203,095 466,834
Under 20 24.30% 23.89% 25.18%
20 to 34 Years 20.48% 20.91% 20.41%
35 to 39 Years 7.27% 7.19% 7.10%
40 to 49 Years 13.94% 13.96% 14.09%
50 to 64 Years 20.62% 20.20% 20.17%
Age 65+ 13.39% 13.85% 13.05%
Median Age 38.58 38.60 38.10
Population 25+ by Education Level
2017 Estimate Population Age 25+ 21,802 140,508 318,207
Elementary (0-8) 3.91% 6.33% 6.65%
Some High School (9-11) 6.25% 7.53% 7.29%
High School Graduate (12) 37.63% 34.68% 34.01%
Some College (13-15) 22.87% 19.29% 18.51%
Associate Degree Only 6.72% 6.09% 5.69%
Bachelors Degree Only 14.57% 16.20% 17.06%
Graduate Degree 7.16% 8.19% 9.08%
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Income
In 2017, the median household income for your selected geography is
$63,776, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 25.91%
since 2000. It is estimated that the median household income in your
area will be $72,869 five years from now, which represents a change
of 14.26% from the current year.
The current year per capita income in your area is $32,230, compare
this to the US average, which is $30,982. The current year average
household income in your area is $90,173, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 466,834. The
population has changed by 6.83% since 2000. It is estimated that the
population in your area will be 469,324.00 five years from now, which
represents a change of 0.53% from the current year. The current
population is 48.78% male and 51.22% female. The median age of
the population in your area is 38.10, compare this to the US average
which is 37.83. The population density in your area is 5,934.21 people
per square mile.
Households
There are currently 165,491 households in your selected geography.
The number of households has changed by 6.40% since 2000. It is
estimated that the number of households in your area will be 168,141
five years from now, which represents a change of 1.60% from the
current year. The average household size in your area is 2.77 persons.
Employment
In 2017, there are 192,648 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed
that 60.52% of employees are employed in white-collar occupations
in this geography, and 39.39% are employed in blue-collar
occupations. In 2017, unemployment in this area is 6.05%. In 2000,
the average time traveled to work was 31.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
56.14% White, 23.40% Black, 0.04% Native American and 6.67%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 33.29% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
MEINEKE CAR CARE CENTER
Housing
The median housing value in your area was $338,117 in 2017,
compare this to the US average of $193,953. In 2000, there were
91,300 owner occupied housing units in your area and there were
64,239 renter occupied housing units in your area. The median rent at
the time was $662.
Source: © 2017 Experian
DEMOGRAPHICS
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