Shopko Hometown - New Construction€¦ · NET LEASED DISCLAIMER Shopko Hometown - New Construction...

OLDTOWN, ID

Shopko Hometown -New Construction

OFFERING MEMORANDUM

Representative Photo - Currently Under Construction


CONFIDENTIALITY AND DISCLAIMER

The 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.

OLDTOWN, ID

Shopko Hometown - New Construction

Marcus & 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.

NON-ENDORSEMENT NOTICE

NET LEASED DISCLAIMER

Shopko Hometown - New ConstructionOLDTOWN, ID

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.

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS


Shopko Hometown - NewConstruction

OLDTOWN, ID

PRICING AND FINANCIAL ANALYSIS

FIRST TRUST DEED

Loan Amount $3,015,000

Loan Type Proposed New

Interest Rate 4.25%

Amortization 25 Years

Annualized Operating Data

U.S. 2 & Selkirk WayOldtown, ID 83822

Price $4,020,000

Down Payment 25% / $1,005,000

Rentable Square Feet 25,860

Price/SF $155.45

CAP Rate 7.25%

Year Built 2016

Lot Size 3.50 AC

Type of Ownership Fee Simple

Location

Financing

Loan information is time sensitive and subject to change.Contact your local Marcus & Millichap Capital Corporationrepresentative.

Rent Increases Annual Rent Monthly Rent

Years 1 - 10 $294,000.00 $24,500.00

Years 11 - 15 $302,820.00 $25,235.00

Years 16 - 20 Option 1 $311,904.60 $25,992.05

Years 21 - 25 Option 2 $321,261.74 $26,771.81

Years 26 - 30 Option 3 $330,899.59 $27,574.97

Years 31 - 35 Option 4 $340,826.58 $28,402.22

Base Rent ($11.37/SF) $294,000

Landlord Liab. Insurance ($0.10 PSF) $2,586

Net Operating Income $291,414

Capital Reserves $2,586

Net Cash Flow Before Debt Service $288,828

Debt Service $196,001

Debt Coverage Ratio 1.49

Net Cash Flow After Debt Service 9.24% / $92,827

Principal Reduction $69,201

Total Return 16.12% / $162,028

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Tenant Trade Name Shopko Hometown

Ownership Private

Tenant Corporate Store

Lease Guarantor Corporate Guarantee

Lease Type Double Net

Roof and Structure Landlord Responsible

Lease Term 15 Years

Lease Commencement Date 12/22/2015

Rent Commencement Date 10/15/2016

Lease Expiration Date 10/31/2031

Term Remaining on Lease 15 Years

Increases 3% At Year 11

Options Four - Five Year Options

PRICING AND FINANCIAL ANALYSIS

Tenant Summary


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2016 Marcus &Millichap. All rights reserved.

FINANCIAL OVERVIEW

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PRICING AND FINANCIAL ANALYSISShopko Hometown - New ConstructionOLDTOWN, ID

Property Name Shopko Hometown - New Construction

Property Address U.S. 2 & Selkirk Way

Oldtown, ID 83822

Property Type Net Leased Department Store


Tenant Trade Name Shopko Hometown

Ownership Private

Tenant Corporate Store

Company Revenue $3 Billion

Lease Guarantor Corporate Guarantee

Lease Commencement Date 12/22/2015

Rent Commencement Date 10/15/2016

Lease Expiration Date 10/31/2031

Term Remaining on Lease 15 Years

Lease Type Double Net

Roof and Structure Landlord Responsible

Lease Term 15 Years

Net Operating Income $291,414

Increases 3% At Year 11

Options to Renew Four - Five Year Options

Options to Terminate N/A

Options to Purchase N/A

First Right of Refusal N/A

No. of Locations 330+

Headquartered Green Bay, Wisconsin

Web Site www.shopko.com


TENANT OVERVIEW

3


Existing Financing

Loan Type Free and Clear


Proposed Financing

FIRST TRUST DEEDLoan Amount $3,015,000

Loan Type Proposed New

Interest Rate 4.25%

Amortization 25 Years

Debt Coverage Ratio 1.49

FINANCING

Shopko was founded in 1962 by pharmacist James Ruben. When Ruben opened the first Shopko store in Green Bay in 1962, he envisioned a company focused on quality, convenience and value. Hesaw the opportunity to combine health care services with a large discount store, and in 1971 Shopko became one of the first mass retailers to feature a pharmacy in its stores. In another innovative step, Shopko added optical care centers to its stores in 1978. Today Shopko is known for its excellence in optical care and its best in class pharmacy services.

In December of 2005, Shopko Stores, Inc. was purchased by an affiliate of Sun Capital Partners, Inc., a leading private investment firm, and is no longer a publicly owned corporation.

In 2010, Shopko introduced a new retail concept to augment Shopko’s larger store format: Shopko Hometown. The Shopko Hometown retail format offers a differentiated and financially successful merchandising strategy. Shopko Hometown combines pharmacy services and a comprehensive HBA, household goods and dry grocery assortment with a broad and dynamic offering of strongnational brands and high-value private label brands of apparel, home goods, toys, consumer electronics, seasonal items, and lawn and garden products - all in attractive, well laid out, easy-to-shop store format that range in size from 15,000 - 35,000 square feet.

Following its merger with Pamida in early 2012, Shopko acquired and converted over 170 stores and pharmacies to the Shopko brand.

Shopko stores deliver a great customer experience. Clean, spaciousand well-lit, the easy to shop stores offer friendly service and on-trend, quality merchandise. Shopko carries name brands such as Nike, Adidas, New Balance, Kitchen Aid, Fisher-Price, Gloria Vanderbilt and Sony. Shopko’s popular private label brands includeWillow Bay, Bailey's Point, NorthCrest, Energy Zone, Soft Sensations, Peanut & Ollie and Green Soda.

Headquartered in Green Bay, Wisconsin, Shopko Stores Operating Co., LLC is now a $3 billion retailer that operates over 330 stores in 21 states throughout the Midwest, Mountain, North Central and Pacific Northwest regions. Retail formats include 134 Shopko stores, providing quality name-brand merchandise, great values, pharmacy and optical services in small to mid-sized cities; 176 Shopko Hometown locations, a smaller concept store developed to meet the needs of smaller communities.

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SHOPKO OVERVIEW

SHOPKO CONTINUES SUBSTANTIAL GROWTH IN 2015

WITH OPENING OF 15 NEW STORES IN JULY

Company Opening Over 50 Stores in 2015

Green Bay, Wis. Green Bay, Wis. Green Bay, Wis. Green Bay, Wis. ---- June 16, 2015 June 16, 2015 June 16, 2015 June 16, 2015 - Continuing its path of growth, Shopko announced today the opening of 15 new Shopko Hometown stores across eight states this July. The 15 new locations join 20 stores Shopko opened earlier this year and more than 15 additional stores the company plans to open in October. Grand openings are planned for July in the following locations:

• Dillon, MT • Anthony, KS • Redfield, SD • Sidney, MT • Fairview, OK • Warroad, MN • Paynesville, MN • New Prague, MN • Milbank, SD • Wagner, SD • Webster, SD • Leadville, CO • Russell, KS • Lowell, IN • Lovington, NM

The Shopko Hometown retail format, developed over the past five years to focus on serving the needs of smaller rural communities, provides a broad and dynamic offering of national brands and private label brands at a great value. Product offerings include clothing, home furnishings, toys, consumer electronics, seasonal items and lawn and garden products - all in an attractive, well laid out, easy-to-shop store format that ranges from 15,000 to 35,000 square feet.

“We’re eager to bring Shopko Hometown to more communities,” said Peter McMahon, Shopko CEO. “We’ve received overwhelmingly positive feedback from our customers in our current hometown communities who tell us they appreciate the improved shopping experience and access to a broader, differentiated selection of merchandise, including products and brands previously not available in their community.”

Shopko Hometown’s excellent customer service, as well as a continued commitment to support local communities, ensures that Shopko Hometown will be well received by these communities. Once the addition of these 15 stores is complete, the company plans to continue to accelerate the addition of new Shopko Hometown stores in the second half of 2015 and into 2016.

Other Shopko Recent News:Other Shopko Recent News:Other Shopko Recent News:Other Shopko Recent News:

The Shopko Hometown retail format, developed over the past five years to augment Shopko's larger store model and focus

on serving the needs of smaller rural communities, provides a range of national brands and high-value private label brands of

apparel, home furnishings, toys, consumer electronics, seasonal items, grocery department and lawn and garden products.

Shopko Hometown is unveiling the renovation and expansion of its grocery department at its stores. They now offer 850

additional grocery items including dairy, snacks, cookies, baking products, canned goods, frozen foods and beverages. The

expanded Hometown Pantry will also offer bread, milk, eggs and Hispanic offerings.

5



SHOPKO ACCELERATING EXPANSION

Sun Capital Partners, Inc. has been partnering with Shopko since December 2005 to improve the retail company’s business model and market position. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, private equity, debt and other investments in market-leading companies that can benefit from the financial investor’s in-house professionals and operating experience. Sun Capital affiliates invest in companies which typically have the number one or two market position in their industry, long-term competitive advantages and significant barriers to entry. Sun Capital has offices located in Boca Raton, Los Angeles and New York and affiliates in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen.

Sun Capital affiliates have invested in more than 285 companies worldwide since Sun Capital’s inception in 1995, with combined sales in excess of $45 billion and more than 200,000 employees. On a consolidated basis, Sun Capital's affiliated portfolio companies would rank in the top 100 of Fortune Magazine's listing of the 500 largest companies in the United States. Sun Capital Partners targets a variety of industries and has a strong history of working with companies specializing in consumer products like Shopko.

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SUN CAPITAL PARTNERS, INC.


OLDTOWN, ID

PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present the Shopko Hometown of Oldtown, Idaho.

This investment consists of a 25,860 square foot Single Tenant building on 3.50 acres. The building is currently being built as a build-to-suit for Shopko, doing business as a ShopKo Hometown. Shopko Hometown is the newest concept by Shopko aimed at smaller communities ranging from 3,000 to 8,000 in population, and carry about 70% of the merchandise carried at Shopko's larger stores.

The original term is a 15-year lease with four-five year options to extend. Starting at year 11 there is scheduled to be 3% rental increases every five years, including during the option terms.

The lease is structured as double-net lease whereas the tenant is responsible for common area maintenance & repairs, snow removal, utilities, taxes directly paid, property/liability insurance, parking lot & landscaping maintenance. Landlord is responsible for replacement of the parking lot, general liability insurance, roof, structure and HVAC.

Shopko is a private company owned and operated by Sun Capital. Shopko is headquartered in Green Bay, Wisconsin. Shopko has 330+ locations across 21 States. Recent reports indicate that Shopko plans to rapidly expand their newer Shopko Hometown brand over the next two years, without adjusting their current locations.

Oldtown is a town in Bonner County, Idaho. Within seven miles of the subject property there are over 9,100 residents with that number projected to increase over the next several years.

The city of Newport borders Oldtown and is the county seat of Pend Oreille County, Washington. The population was 2,126 at the 2010 census.

Investment Highlights

■ Brand New Construction - Developed For ShopkoHometown

■ New 15 Year Double Net Lease

■ Corporate Guarantee (Over 330 Stores In 21 States) &$3 Billion In Sales

■ Ideal Demographics For Shopko's HometownConcept

■ Direct Competitor Walmart - Nearest Location Is 31Miles Away

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PROPERTY DESCRIPTIONShopko Hometown - New ConstructionOLDTOWN, ID



INVESTMENT OVERVIEW

9


The Offering

Property Shopko Hometown - New Construction

Property Address U.S. 2 & Selkirk Way

Oldtown, ID 83822

Site Description

Year Built 2016


Lot Size 3.50 AC

Type of Ownership Fee Simple


PROPERTY SUMMARY

Local Map Regional Map

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AREA MAPS

SITE PLAN


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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2016 Marcus &Millichap. All rights reserved.

AERIAL PHOTO


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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2016 Marcus &Millichap. All rights reserved.


OLDTOWN, ID

RECENT SALES

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Shopko Hometown - NewConstructionShopko HometownShopko HometownShopko HometownShopko HometownShopko HometownShopko HometownShopko Hometown

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RECENT SALESShopko Hometown - New ConstructionOLDTOWN, ID


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Average Price per Square Foot

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RECENT SALES

Average Cap Rate



CAP RATE AND PRICE PER SQUARE FOOT

1

2

Subject Property


U.S. 2 & Selkirk Way

Oldtown, ID 83822

Shopko Hometown

1808 N 4th Street

Tomahawk, WI 54487

Shopko Hometown

926 E Main Street

Winneconne, WI 54986

CommentsNew Construction, 15 Year Lease. Structured as NN lease whereas the Tenant is responsible for CAM, Taxes, & Insurance (Landlordresponsible for roof, structure, & parking lot replacement).

CommentsThe lease is a new 15 year term, structured as NN lease whereas the Tenant is responsible for CAM, Taxes, & Insurance (Landlordresponsible for roof, structure, & parking lot replacement).

Close of Escrow: 3/21/2014 Sales Price: $3,989,615

Rentable SF: 36,187 Down Payment: 100%

Year Built: 2013 CAP Rate: 7.80%

Price/SF: $110.00




Price/SF: $123.00

Rentable Square Feet: 25,860 Sales Price: $4,020,000

Year Built: 2016 Down Payment: $1,005,000

CAP Rate: 7.25%

Price/SF: $155.45

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RECENT SALES

3

4

5

Shopko Hometown

1950 East Richards Street

Douglas, WY 82633

Shopko Hometown

1010 South Mainline Drive

Seymour, WI 54165

Shopko Hometown

901 N Center Ave

Hardin, MT 59034

CommentsThe lease was a new 15 year term (11+ Years Remaining), structured as NN lease whereas the Tenant is responsible for CAM, Taxes, &Insurance (Landlord responsible for Parking lot replacement, landlord insurance, roof and structure).

Comments

The lease is a new 15 year term, structured as NN lease whereas the Tenant is responsible for CAM, Taxes, & Insurance (Landlordresponsible for Parking lot replacement, roof and structure). HVAC repair and replacement is as follows, during the first five years landlordrepairs/replaces, years 5-10 tenant and landlord split the costs and after 10 years tenant is responsible for all repairs and replacements.

Comments

The lease was recently extended leaving 10+ years remaining, expiring on 12/31/2024. It is structured as a Triple Net Lease. The Tenantpays for all CAM, Taxes and Insurance directly. Please review the lease summary page that follows for further explanation. Landlord is onlyresponsible for structural portions of the roof and structure.



Year Built/Renovated: 1977/2007 CAP Rate: 7.50%

Price/SF: $66.00




Price/SF: $152.00

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RECENT SALES




Price/SF: $88.00

7

6 Shopko Hometown

145 Broadway Ave N

Cokato, MN 55321

Shopko Hometown

1903 N Buckeye Ave

Abilene, KS 67410

Comments

This is the fee simple sale of a freestanding, single tenant, absolute NNN leased, Shopko Hometown, located in Abilene, KS. At closing thetenant, Shopko Hometown, has approximately 13-years remaining in the current term. The lease features a 5% rent increase in 2023 duringthe initial term and 5% rental increases at the beginning of each 4 (5-Year) option periods.

CommentsOn 12/23/15, the 25,860 SF retail building at 145 N Broadway Ave sold for $4,040,000. Brand new 2015 construction, 15 year double netlease.




Price/SF: $156.23



Year Built/Renovated: 1973/2005 CAP Rate: 7.30%

Price/SF: $35.26

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RECENT SALES


OLDTOWN, ID

DEMOGRAPHIC ANALYSIS

3 Miles 5 Miles 7 Miles

2000 Population 3,649 5,364 8,731

2010 Population 3,988 5,852 9,362

2014 Population 3,957 5,800 9,190

2019 Population 4,110 6,029 9,514

2000 Households 1,427 2,065 3,344

2010 Households 1,618 2,343 3,745

2014 Households 1,611 2,328 3,681

2019 Households 1,686 2,437 3,839

2014 Average Household Size 2.39 2.41 2.42

2014 Daytime Population 2,064 2,513 3,583

2000 Owner Occupied Housing Units 61.30% 62.35% 63.93%

2000 Renter Occupied Housing Units 25.80% 23.03% 21.39%

2000 Vacant 12.89% 14.62% 14.67%



2014 Vacant 15.14% 17.27% 17.97%



2019 Vacant 15.55% 17.73% 18.54%

$ 0 - $14,999 22.4% 20.7% 19.8%

$ 15,000 - $24,999 14.6% 13.9% 13.8%

$ 25,000 - $34,999 12.9% 12.6% 12.9%

$ 35,000 - $49,999 17.2% 17.8% 18.3%

$ 50,000 - $74,999 17.3% 17.6% 17.5%

$ 75,000 - $99,999 7.9% 8.8% 9.2%

$100,000 - $124,999 3.8% 4.2% 4.5%

$125,000 - $149,999 0.9% 1.3% 1.2%

$150,000 - $199,999 1.8% 1.7% 1.5%

$200,000 - $249,999 0.6% 0.6% 0.5%

$250,000 + 0.7% 0.9% 0.8%

2014 Median Household Income $35,134 $37,228 $37,688

2014 Per Capita Income $19,655 $20,040 $19,797

2014 Average Household Income $47,449 $49,332 $49,009

Demographic data © 2012 by Experian.

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DEMOGRAPHIC ANALYSISShopko Hometown - New ConstructionOLDTOWN, ID


DEMOGRAPHIC REPORT

Geography: 7 miles

Population

In 2014, the population in your selected geography is 9,189. The population has changed by 5.25% since 2000. It is estimated that thepopulation in your area will be 9,513 five years from now, which represents a change of 3.52% from the current year. The currentpopulation is 50.06% male and 49.93% female. The median age of the population in your area is 44.4, compare this to the Entire USaverage which is 37.3. The population density in your area is 59.49 people per square mile.

Households

There are currently 3,680 households in your selected geography. The number of households has changed by 10.07% since 2000. Itis estimated that the number of households in your area will be 3,839 five years from now, which represents a change of 4.31% fromthe current year. The average household size in your area is 2.42 persons.

Income

In 2014, the median household income for your selected geography is $37,688, compare this to the Entire US average which iscurrently $51,972. The median household income for your area has changed by 26.66% since 2000. It is estimated that the medianhousehold income in your area will be $43,450 five years from now, which represents a change of 15.28% from the current year.

The current year per capita income in your area is $19,796, compare this to the Entire US average, which is $28,599. The current yearaverage household income in your area is $49,008, compare this to the Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 93.03% White, 0.35% Black, 0.15% Native American and 0.72%Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 3.29% of the current year populationin your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 2,505 owner occupied housing units in your area and there were 838 renter occupied housing units in your area.The median rent at the time was $369.

Employment

In 2014, there are 3,582 employees in your selected area, this is also known as the daytime population. The 2000 Census revealedthat 44.47% of employees are employed in white-collar occupations in this geography, and 55.57% are employed in blue-collaroccupations. In 2014, unemployment in this area is 11.68%. In 2000, the average time traveled to work was 31.9 minutes.


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SUMMARY REPORT

Number of people living in a given area per square mile.


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POPULATION DENSITY

The number of people employed in a given area per square mile.


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EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a single housing unit.


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AVERAGE HOUSEHOLD INCOME

OLDTOWN, ID

OFFERING MEMORANDUM


Offices Throughout the U.S. and Canadawww.MarcusMillichap.com

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Jeff R. Rowlett Vice President Investments Senior Director, Net Leased Properties Group Milwaukee Office License: WI: 74743-94 License: IL: 471.016866 Tel: (262) 364-1924 Fax: (262) 364-1910 [email protected] www.marcusmillichap.com/JeffRRowlett

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