Walmart Outparcel | Retail Multi-Tenant Free-Standing Building W Shaw Ave Fresno CA-OMP… · 3656...

Walmart Outparcel | Retail Multi-Tenant Free-Standing Building

3656 W. SHAW AVENUE | FRESNO, CA

PRESENTED BY

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BRETT VISINTAINER, CCIMSenior Associate, Investment DivisionNewmark Grubb Pearson Commercial7480 N Palm Ave, Suite 101Fresno, CA [email protected] | Office559.916.0370 | CellCA BRE #01792092

GERI WONG, CCIMSenior Vice PresidentNewmark Cornish & Carey2804 Mission College Blvd, Suite 120Santa Clara, CA [email protected] | OfficeCA BRE #01142432

TABLE OF CONTENTS

Investment Summary | Property Description

Assumptions |

Cash Flow Projections

10 Year Investment Summary

Fiscal Year 1 NOI |

Rent Roll

Location Maps |

Parcel Map

Sale Comps |

Demographics

County of Fresno

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3656 W SHAW AVE | FRESNO

LISTED PROPERTY3656 SHAW AVE

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Investment Summary

Offering Price $2,973,000| $211.75 PSF

NOI (FY1) $282,454

Actual Cap Rate 9.50%

Total Building Area 14,040 SF

Total Land Area 1.34 acres

Unleveraged IRR 10.19%

Leveraged IRR 14.30%

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Investment Highlights

Walmart Outparcel and Located on Retail Corridor

Well located property in a Walmart Shopping Center on Shaw Avenue, one of the main retail corridors of Fresno. National tenants in the center and in close proximity

include Panda Express, Office Depot, Applebee’s, Kohl’s, Foods Co, Toys R Us and Party City.

Property has Seller Guarantee

Seller will guarantee rent and NNN for one year on both vacant suites. Also, seller will pay $10 psf for the vacant suites to cover tenant improvements and $5 psf

for leasing commission. This will allow an investor time to lease suites while collecting rent for one year as well as any costs to lease the suites.

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Property Description

Address 3656 W. Shaw Avenue

Fresno, CA 93711

Year Built 2000

Total Building Area 14,040 SF

Total Land Area 1.34 Acres | 58,370 SF

Occupancy 69%

Zoning C-2 | Community Shopping Center

APN Parcel # 415-044-47

Parking Ratio 5.06 : 1,000 PSF

Parking Stalls 71 Surface Parking Stalls

Traffic Count 57,041 Cars Per Day at W. Shaw Ave

and N. Brawley Ave

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Analysis Period

1st Fiscal Year (FY1) of Ownership 2/1/2015 – 1/31/2016

Term 10 years

Annual Growth Rates

Operating Expenses 2.0%

Market Rent after Initial Lease Term 2.0%

Market Rent after Initial Lease Term – Payless Flat for 5 years after lease exp,

10% Every 5 years after

Reimbursements 2.0%

Operating Expenses [1-2]

Total Operating Expenses FY1 $5.75 PSF

Management Fee 3.00% GRI

Annual Reserves

Commission and Tenant Improvements $1.50 PSF

Vacancy SF Lease Information [3]

Monthly Rent $1.50 PSF

Annual Increase 2.0%

Lease Term 5 Years

Lease Type NNN

TI Allowance $10 PSF

Commission $5 PSF

[1] FY 1 Operating Expenses are based 2014 budget [2] Property taxes are 1.2% of $2,973,000[3] Seller Guarantees 1 Year of Rent, NNN, $10 PSF for TI, and $5 PSF for commission at close of escrow

Assumptions

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Cash Flow Projections

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Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11Year Ending January 2016 January 2017 January 2018 January 2019 January 2020 January 2021 January 2022 January 2023 January 2024 January 2025 January 2026

Potential Rental Income 282,453.84$ 284,633.51$ 287,957.77$ 292,505.80$ 297,152.19$ 304,329.14$ 314,038.88$ 318,993.71$ 324,055.97$ 329,228.06$ 337,185.44$

Vacancy & Credit Loss -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Effective Rental Income 282,453.84$ 284,633.51$ 287,957.77$ 292,505.80$ 297,152.19$ 304,329.14$ 314,038.88$ 318,993.71$ 324,055.97$ 329,228.06$ 337,185.44$

Expense Reimbursements 80,754.24$ 82,369.32$ 84,016.71$ 85,697.05$ 87,410.99$ 89,159.21$ 90,942.39$ 92,761.24$ 94,616.46$ 96,508.79$ 98,438.97$

Gross Operating Income 363,208.08$ 367,002.83$ 371,974.49$ 378,202.84$ 384,563.17$ 393,488.34$ 404,981.27$ 411,754.95$ 418,672.43$ 425,736.86$ 435,624.41$

Operation Expenses

Management Fees 10,896.24$ 11,114.16$ 11,336.45$ 11,563.18$ 11,794.44$ 12,030.33$ 12,270.94$ 12,516.35$ 12,766.68$ 13,022.02$ 13,282.46$

Insurance 2,100.00$ 2,142.00$ 2,184.84$ 2,228.54$ 2,273.11$ 2,318.57$ 2,364.94$ 2,412.24$ 2,460.48$ 2,509.69$ 2,559.89$

Property Tax 35,676.00$ 36,389.52$ 37,117.31$ 37,859.66$ 38,616.85$ 39,389.19$ 40,176.97$ 40,980.51$ 41,800.12$ 42,636.12$ 43,488.84$

Utilities 10,840.00$ 11,056.80$ 11,277.94$ 11,503.49$ 11,733.56$ 11,968.24$ 12,207.60$ 12,451.75$ 12,700.79$ 12,954.80$ 13,213.90$

Security 3,150.00$ 3,213.00$ 3,277.26$ 3,342.81$ 3,409.66$ 3,477.85$ 3,547.41$ 3,618.36$ 3,690.73$ 3,764.54$ 3,839.83$

Fire Alarm Monitoring 1,440.00$ 1,468.80$ 1,498.18$ 1,528.14$ 1,558.70$ 1,589.88$ 1,621.67$ 1,654.11$ 1,687.19$ 1,720.93$ 1,755.35$

Janitorial 1,500.00$ 1,530.00$ 1,560.60$ 1,591.81$ 1,623.65$ 1,656.12$ 1,689.24$ 1,723.03$ 1,757.49$ 1,792.64$ 1,828.49$

Gardening 6,200.00$ 6,324.00$ 6,450.48$ 6,579.49$ 6,711.08$ 6,845.30$ 6,982.21$ 7,121.85$ 7,264.29$ 7,409.57$ 7,557.77$

Gardening Supplies 860.00$ 877.20$ 894.74$ 912.64$ 930.89$ 949.51$ 968.50$ 987.87$ 1,007.63$ 1,027.78$ 1,048.34$

Irrigation Repairs 500.00$ 510.00$ 520.20$ 530.60$ 541.22$ 552.04$ 563.08$ 574.34$ 585.83$ 597.55$ 609.50$

Lot Sweeping 3,888.00$ 3,965.76$ 4,045.08$ 4,125.98$ 4,208.50$ 4,292.67$ 4,378.52$ 4,466.09$ 4,555.41$ 4,646.52$ 4,739.45$

Pressure Washing 360.00$ 367.20$ 374.54$ 382.03$ 389.68$ 397.47$ 405.42$ 413.53$ 421.80$ 430.23$ 438.84$

Pest Control 576.00$ 587.52$ 599.27$ 611.26$ 623.48$ 635.95$ 648.67$ 661.64$ 674.88$ 688.37$ 702.14$

Roofing 1,200.00$ 1,224.00$ 1,248.48$ 1,273.45$ 1,298.92$ 1,324.90$ 1,351.39$ 1,378.42$ 1,405.99$ 1,434.11$ 1,462.79$

Electrical/Lighting 100.00$ 102.00$ 104.04$ 106.12$ 108.24$ 110.41$ 112.62$ 114.87$ 117.17$ 119.51$ 121.90$

General Maintenance 1,200.00$ 1,224.00$ 1,248.48$ 1,273.45$ 1,298.92$ 1,324.90$ 1,351.39$ 1,378.42$ 1,405.99$ 1,434.11$ 1,462.79$

Business Tax 268.00$ 273.36$ 278.83$ 284.40$ 290.09$ 295.89$ 301.81$ 307.85$ 314.00$ 320.28$ 326.69$

Total Operating Expenses (80,754.24)$ (82,369.32)$ (84,016.71)$ (85,697.05)$ (87,410.99)$ (89,159.21)$ (90,942.39)$ (92,761.24)$ (94,616.46)$ (96,508.79)$ (98,438.97)$

Net Operating Income 282,453.84$ 284,633.51$ 287,957.77$ 292,505.80$ 297,152.19$ 304,329.14$ 314,038.88$ 318,993.71$ 324,055.97$ 329,228.06$ 337,185.44$

Commission & TI Reserves (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$

Cash Flow Before Debt Service 261,393.84$ 263,573.51$ 266,897.77$ 271,445.80$ 276,092.19$ 283,269.14$ 292,978.88$ 297,933.71$ 302,995.97$ 308,168.06$ 316,125.44$

Interest Payment 69,922.91$ 68,380.32$ 66,762.84$ 65,066.83$ 63,288.49$ 61,423.81$ 59,468.61$ 57,418.49$ 55,268.83$ 53,014.82$ 50,651.37$

Principal Payment 31,774.62$ 33,317.21$ 34,934.69$ 36,630.70$ 38,409.04$ 40,273.72$ 42,228.92$ 44,279.05$ 46,428.70$ 48,682.72$ 51,046.16$

Annual Debt Service (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$

Cash Flow After Debt Service 159,696.31$ 161,875.97$ 165,200.24$ 169,748.26$ 174,394.65$ 181,571.60$ 191,281.34$ 196,236.17$ 201,298.44$ 206,470.53$ 214,427.91$

Fiscal Year (FY) of Ownership


Ten Year Investment Summary

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LEVERAGED INVESTMENT SUMMARY

INVESTMENT DETAIL PROPOSED LOAN TERMS [1]

UNLEVERAGED INVESTMENT SUMMARY

Purchase Price $2,973,000

FY 1 NOI $282,454

Acquisition Cap Rate 9.50%

Acquisition Price SF $211.75

Disposition Price (EOY 10) $3,549,083

Disposition Cap Rate 9.50%

Disposition Price SF $252.78

Cost of Sale 5.00%

Initial Investment $2,973,000

FY 1 Cash Flow $261,394

FY 1 Cash on Cash 8.79%

Unleveraged IRR 10.19%

Initial Investment $1,501,365

FY 1 Cash Flow After ADS $159,696

FY 1 Cash on Cash 10.64%

Leveraged IRR 14.30%

Down Payment $1,486,500

Loan Amount $1,486,500

LTV 50%

Interest Rate 4.75%

Amortization 25 years

Term 10 years

Loan Origination Fee $14,865

Monthly Payment $8,474

Annual Debt Service $101,697

[1] Proposed Loan Terms provided by Matt Renney - Broker | California Realty Capital, Inc. | 559-222-5070 | [email protected] | Loan quote is subject to typical duediligence, underwriting, financial strength, experience of borrower and third party reports. Rates change daily.

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Rent Roll

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FISCAL YEAR 1 RENT SUMMARY | February 1, 2015 - January 31, 2016

Suite Tenant SF Annual Rent Annual PSF Monthly Rent[ 1] Monthly PSF Lease Exp

3656 Payless 2,820 $72,900.00 $25.85 $6,075.00 $2.15 11/31/2015

3660 Angels Family Dental 1,260 $24,948.00 $19.80 $2,079.00 $1.65 10/31/2015

3664 Central State Insurance 1,260 $23,671.92 $18.79 $1,972.66 $1.57 9/30/2020

3668 KK Nails 1,260 $27,098.16 $21.51 $2,258.18 $1.79 11/31/2016

3670 Govind Jewelers 1,080 $19,355.76 $17.92 $1,612.98 $1.49 6/30/2015

3672 Kaiser Permanente 1,988 $35,784.00 $18.00 $2,982.00 $1.50 2/29/2016

3676 Vacant (Seller Guarantee) 3,360 $60,480.00 $18.00 $5,040.00 $1.50 1 Yr COE [2]

3678 Vacant (Seller Guarantee) 1,012 $18,216.00 $18.00 $1,518.00 $1.50 1 Yr COE [2]

Total 14,040 $282,454.84 $29.22 $23,538.82 $1.68

Occupied SF 9,668

Occupancy 68.9%

NOTES:[1] Monthly Rent reflects Monthly Average of Fiscal Year[2] Seller Guarantees Rent and NNN for 1 year, $10 psf for TI and $5 psf for commission on vacant suites at close of escrow

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Rent Roll

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Start Exp

Payless ShoeSource 2,820 20.09% 12/1/2000 11/30/2015 6,075.00$ 2.15$ NNN

Angels Family Dental 1,260 8.97% 10/18/2000 10/17/2015 2,079.00$ 1.65$ NNN 2 x 5 yrs 10/18/2015 2,472.12$ 1.96$

10/18/2020 2,691.86$ 2.14$

Central State Insurance 1,260 8.97% 6/1/2005 9/30/2020 1,972.66$ 1.57$ NNN 10/1/2016 2,031.84$ 1.61$

10/1/2017 2,092.79$ 1.66$

10/1/2018 2,155.58$ 1.71$

10/1/2019 2,220.25$ 1.76$

KK Nails 1,260 8.97% 12/1/2006 11/30/2016 2,241.37$ 1.78$ NNN 12/1/2015 2,308.61$ 1.83$ 1 x 5 yr TBD

Govind Jewelers 1,080 7.69% 7/1/2010 6/30/2015 1,612.98$ 1.49$ NNN 2 x 5 yrs TBD

Kaiser Permanente 1,988 14.16% 9/1/2013 2/29/2016 2,982.00$ 1.50$ NNN

Vacant 3,360 23.93%

Vacant 1,012 7.21%

Total SF 14,040

Occupied SF 9,668 Occupancy 68.9%

Vacancy 31.1%

All Tenants pay pro-rata share of CAM, Taxes, and Insurance

PSF MoLease Type

Rent Increase Date

Rent Increase Amount

Tenant SF% of

Building

Lease Term Jan 2015 Base Rent

PSF Mo

Option Details

TermRent Increase

AmountRent Increase

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Rent Increase

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HanfordLemoore

Visalia

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Los Angeles

San Diego

Riverside

San Bernardino

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Location Map




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Sale Address City Sale Date SF Occupancy Purchase Price Price PSF Cap Rate Comments/Tenants

1 243-281 E Bellevue Rd Atwater Aug-13 7,900 100% $3,425,000 $433.54 7.53% Wells Fargo, UPS, Starbucks, Wireless Store

2 4021 S Mooney Blvd Visalia Nov-13 14,730 100% $6,175,730 $419.26 6.21% ULTA, Picture Perfect, Round Table

3 5300 Stockdale Hwy Bakersfield Jan-14 8,110 100% $5,300,000 $653.51 6.41% Chick-Fil-A and The Vitamin Shoppe

4 6825 N Willow Ave Fresno Mar-14 7,500 83% $2,950,000 $393.33 6.50% T-Mobile, and local tenants. Owner guaranteed rent for 1 year @ $1.85 psf NNN

5 5120 Stockdale Hwy Bakersfield Mar-14 8,850 100% $4,400,000 $497.18 6.55% Panda Express, Mikes Subs, Pacific Dental

6 3235 N First St Fresno May-14 6,000 100% $2,200,000 $366.67 6.45% Payless Shoes, FoodsCo Fuel, GameStop, Metro PCS

7 2450 N Brawley Ave Fresno Jul-14 12,430 100% $3,600,000 $289.62 7.77% Wells Fargo, Papa Murphy's, and local tenants.

8 1398 Shaw Ave Clovis Sep-14 8,448 100% $2,430,000 $287.64 7.27% Verizon, Clovis Bicycle, Aqua Nails

9 1511 Bell Dr Atwater Oct-14 5,428 100% $2,605,000 $479.92 5.50% Togos, Verizon, 7-Eleven

8,822 98% $3,676,192 $416.72 6.69%Average

City Sale Date SF Occupancy Sale Price Price PSF Cap Rate Comments/Tenants

Fresno N/A 14,040 69% $2,973,000 211.75$ 9.50%Payless, Angels Family Dental, Central State Insurance, KK Nails, Govind Jewelry, Kaiser Permanente

Address

3656- 3678 W Shaw Ave

Subject Property | 3656 W. Shaw Avenue


Demographics

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HOUSEHOLDS

2010 Census 5,749 43,104 79,806

2013 Total 5,840 43,640 80,360

2018 Projected 6,071 45,112 82,696

2013 Avg Household Size 2.70 2.97 2.87

2013 Owner Occupied 2,014 24,943 42,773

2013 Renter Occupied 3,826 18,697 37,587

2013 HOUSEHOLD INCOME

< $15,000 14.3% 11.4% 13.2%

$15,000 - $24,999 11.0% 10.4% 10.8%

$25,000 - $34,999 16.5% 11.2% 12.0%

$35,000 - $49,999 20.1% 15.8% 14.9%

$50,000 - $74,999 18.5% 18.1% 18.1%

$75,000 - $99,999 10.0% 12.8% 12.3%

$100,000+ 9.7% 20.3% 18.7%

2013 Median HH Income $39,761 $51,153 $48,680

2013 Avg HH Income $51,900 $70,431 $66,631

2013 Per Capita Income $19,228 $23,666 $23,197

POPULATION

2010 Census 15,419 127,746 228,746

2013 Total 15,815 130,137 231,790

2018 Projected 16,545 135,098 239,664

2013 POPULATION BY AGE

0 - 9 17.0% 16.2% 15.5%

10 - 19 16.0% 16.2% 14.5%

20 - 24 9.6% 7.3% 8.0%

25 - 34 20.2% 14.8% 15.7%

35 - 44 12.3% 12.2% 11.9%

45 - 54 10.6% 12.4% 11.8%

55 - 64 9.0% 10.2% 10.8%

65+ 7.5% 10.6% 11.8%

Median Age 29.0 32.1 32.6

2013 RACE & ETHNICITY

White 54.4% 53.9% 54.3%

Black 12.4% 9.1% 7.7%

Asian 8.2% 9.8% 9.4%

Hispanic 23.3% 25.4% 26.7%

Other 1.7% 1.8% 1.9%

1 MILE 3 MILES 5 MILES 1 MILE 3 MILES 5 MILES

2 MILES

1 MILE

3 MILES


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$0 - $50,601

$50,601 - $73,088

$73,088 - $99,410

$99,410 - $137,019

$137,019+

Average Household Income


Fresno County

Fresno is the 5th largest city in California with a population of 509,039

200 miles north of Los Angeles and 170 miles south of Sacramento

California State University, Fresno was listed on Forbes “America’s Best College List of 2013”

As of 2013 the enrollment is 22,500 for undergraduates, graduates, and post-baccalaureate

Home of the Houston Astros AAA affiliate

Southern entrance to Yosemite National Park - 65 miles to the north

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Economy

Richest and most productive agricultural county in the world

Fresno County grossed over $6.8 billion from 350 crops+ (2011)

One in every five jobs in the county relates to agriculture

500+ trucking & warehousing firms operate in the area due to the central location in the state of California

Some of the top businesses in Fresno recognized worldwide are: Quickie Design – Largest wheelchair manufacturer worldwide Pelco – Worldwide distributor of surveillance equipment Duncan Enterprises – Worlds largest ceramics manufacturer Nisshinbo – Leading Japanese textile manufacturer

DISCLOSURE AGREEMENTThe information contained in this Offering Memorandum is strictly confidential, furnished solely for the purpose of review by a ProspectivePurchaser for 3656 W. Shaw Ave, Fresno (Property) and is not to be used for any other purpose or made available to any other withoutthe expressed written consent of Newmark Grubb Pearson Commercial (NGPC).

The material is based in part upon information supplied by the Owner and in part upon information obtained by NGPC from sources itdeems reasonably reliable. Summaries and documents are not intended to be comprehensive or all inclusive but rather only an outline ofsome of the provisions contained therein.

No warranty or representation, expressed or implied, is made by Owner, NGPC as to the accuracy or of the information contained hereinor any other written or oral communication transmitted to Prospective Purchaser in the course of its evaluation of the Property. No liabilityis assumed in connection with the information or such other communication limiting the generality of the foregoing, the information shallnot be deemed a representation of the state of affairs of the Property of constitute an indication that there has been no change in thebusiness or affairs of the Property since the date of the preparation of the information.

Prospective Purchase should make their own projections and conclusions without reliance upon the materials and information containedherein and conduct their own independent due diligence, including engineering and environment inspection, to determine the condition ofthe Property and its feasibility for the intended use of Prospective Purchaser and the existence of any potentially hazardous material locatedat the site.

This Offering memorandum was prepared by NGPC and has been reviewed by the Owner. It contains select/limited information pertainingto the Property and does not purport to be all inclusive or to contain all of the information which a Prospective Purchaser may desire. Allfinancial projections are provided for general reference purposes only and are based on assumptions relating to the general economy,competition, and other beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the Propertywill be made available to qualified Prospective Purchasers.

In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to benor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interestparties are expected to independently review all documents with their/its advisors.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitutean endorsement or advice as to the value of the own investigation, evaluation, and judgment as to the advisability of purchasing the Propertydescribe herein. Owner and NGPC expressly reserve the right, at their sole discretion, to reject any party at any time with or without notice.Owner shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum or making an offer topurchase the Property unless a written agreement for the purchase of the Property Owner’s obligations there under have been satisfied anddelivered by the Owner and such part and any conditions to Owner’s obligations there under have been satisfied or waived and then onlyto the extent expressly provided to therein. NGPC is not authorized to make any representations or agreements on behalf of the Owner.

This Offering Memorandum is the property of NGPC and may be used only by the parties approved by NGPC. BY accepting deliver of thisOffering Memorandum, the party in possession hereof agrees (i) to return it to NGPC immediately upon request of NGPC or Owner and(ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. Noportion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorizationof NGPC and Owner.

The terms and conditions set forth above apply to the Offering Memorandum in its entirely.

BRETT VISINTAINER, CCIMNewmark Grubb Pearson CommercialSenior Associate, Investment DivisionCA BRE# 01792092

GERI WONG, CCIM

Senior Vice PresidentCA BRE #01142432

Newmark Cornish & Carey

3656 W. SHAW AVENUE | FRESNO, CA

Walmart Outparcel | Retail Multi-Tenant Free-Standing Building W Shaw Ave Fresno CA-OMP… · 3656...

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