21,706 SF | +/- 1.7 Acres

CONFIDENTIAL OFFERING MEMORANDUM

364 W Walnut St,

Frankfort, IN 46041

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C O N F I D E N T I A L I T Y & D I S C L A M E R

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services,

Inc. © 2018 Marcus & Millichap. All rights reserved

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.

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N O N - E N D O R S E M E N T N O T I C E

TABLE OF CONTENTS

01INVESTMENT OVERVIEW

02

03

PRICING & FINANCIAL ANALYSIS

DEMOGRAPHIC & MARKET OVERVIEW

BROKER OF RECORD: Josh Caruana

01INVESTMENT

OVERVIEW

5

INVESTMENT HIGHLIGHTS

Walnut Retail Center | Two Buildings Totaling 21,706 Square Feet

Freestanding Advance Auto Parts | Family Dollar & American Rental Strip Center

100 Percent of Current Income from National & Regional

100 Percent Occupied by Internet-Resistant Tenant Mix

Located Along SR-28 with Excellent Visibility, Signage & Ample Parking

Less than Two-Miles from IU Health Frankfort Hospital & Clinton County Fairgrounds

Less than Three-Miles from Frankfort Municipal Airport & a Large Industrial/Manufacturing Area

24-Miles from Lafayette & 51-Miles from Downtown Indianapolis

$$$

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6

7

Frankfort High SchoolEnrollment: 865Frankfort Middle SchoolEnrollment: 710Notre Dame High SchoolEnrollment: 500

Frito-LayFederal-Mogul Corp.Zachary Confections Inc.Tri Mas Fasteners CO Inc.NHK Seating of America

17,521 Residents | 15,489 Employees$54,334 Average Household Income

SUBJECT PROPERTY

Frankfort High School

Community Schools of Frankfort

Clinton County Family YMCA

Indiana Packers Corporation Frankfort

TPA Park

Indiana National Guard

Frankfort Commons Golf Course

Frankfort Wastewater Treatment

Frankfort Lagoons

The Kay Company

Bailey Trucking, Inc.

Norfolk Southern

NTK Precision Axle Corporation - Frankfort

Frankfort Municipal Airport

IU Health Frankfort Hospital

Clinton County Fair Grounds

Co-Alliance

ConAgra Foods

Frankfort High SchoolBlue Ridge Primary

Elementary

Zachary Confections, Inc.

Frito-Lay Plant

ADM Frankfort

Federal Mogul Corp.

8

9

24-Miles

146-Miles

214-Miles107-Miles

112-Miles

206-Miles

154-Miles

167-Miles

243-Miles169-Miles

225-Miles

194-Miles

107-Miles

51-Miles

02PRICING & FINANCIAL

ANALYSIS

1-Mile 3-Miles 5-Miles

2018 Estimate Population 11,413 17,521 19,421

2018 Estimate Households 3,819 6,178 6,894

Daytime Population 8,302 15,489 20,374

EXECUTIVE SUMMARY

Strip Center Built | AAP Built 1958 | 2000

Gross Leasable Area (GLA) 21,706 SF

Current Occupancy (Leasable) 100%

Lot Size +/- 1.7 Acres

Ownership Fee Simple

TENANT GLALEASE

EXPIRATIONLEASE

TYPE

Family Dollar #1530 7,518 12/31/2023 N

Advance Auto Parts #5819 6,500 12/31/2020 NNN

American Rental 6,290 08/31/2022 NNN

EMPLOYER

Frito-Lay

Federal-Mogul Corp.

Zachary Confections Inc.

Tri Mas Fasteners CO Inc.

NHK Seating of America

11Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.

TENANTS

DEMOGRAPHICS

MAJOR EMPLOYERS

SITE DESCRIPTION

364 W Walnut St,

Frankfort, IN 46041

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12

RENT ROLL AND TENANT LEASE SUMMARY

Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.

Tenant Name (Lease Type)

Tenant Description

SquareFeet

Pro-RataShare

Lease

Commence

Lease

Expiration

Annual

Rent/ SF

Monthly

Base Rent

Annual

Base Rent

Base Rent

Changes On

Base Rent

Changes ToTenant Option Terms

Family Dollar #1530 (Single-Net) 7,518 34.64% 06/01/1988 12/31/2023 $7.64 $4,787 $57,440 None None Five, Five-Year

Family Dollar Stores of Indiana, LLC

+/- 8,100 Locations

(NASDAQ: DLTR | S&P 500)

Is the nation’s 2nd largest dollar store chain

behind Dollar General and was acquired by

Dollar Tree in 2015 for $8.5 billion.

CAM: Does not reimburse (Opt. 4) 01/01/2024 $63,684 Years 36 – 40

MGMT: Does not reimburse (Opt. 5) 01/01/2029 $69,928 Years 41 – 45

Insurance: Does not reimburse (Opt. 6) 01/01/2034 $70,272 Years 46 – 50

Taxes: Reimburses pro-rata share, less $4,488 (Opt. 7) 01/01/2039 $76,921 Years 51 – 55

Other: Tenant pays percentage rent of 4% above $1,436,000 (Opt. 8) 01/01/2044 $84,612 Years 56 – 60

American Rental (Triple-Net) 6,290 28.98% 09/01/2012 08/31/2022 $5.50 $2,884 $34,608 None None One, Five-Year

Full-O-Prep Appliance, Inc.

+/- 56 Locations

A regional company offering name-brand

furniture, electronics and appliances through

flexible rent-to-own agreements.

CAM: Reimburses Pro-rata share (Opt. 2) 09/01/2022 $39,799 Years 11 – 15

MGMT: Does not reimburse

Insurance: Reimburses Pro-rata share

Taxes: Reimburses Pro-rata share

Other: None

Advance Auto Parts #5819 (Triple-Net) 6,500 29.95% 08/01/2000 12/31/2020 $10.15 $5,500 $66,000 None None Two, Five-Year

Advance Stores Company, Inc.

+/- 6,300 Locations

(NASDAQ: AAP | S&P 500)

The largest automotive aftermarket parts

provider in North America and acquired

CARQUEST in 2013.

CAM: Reimburses Pro-rata share, capped at $3,500 per year (Opt. 3) 01/01/2021 $73,200 Years 21 – 25

MGMT: Does not reimburse (Opt. 4) 01/01/2026 $76,700 Years 26 – 30

Insurance: Reimburses Pro-rata share

Taxes: Reimburses Pro-rata share

Other: None

Vacant (Not Leasable) 1,398 6.44%

Total Occupied 20,308 93.56% $13,171 $158,048

Total Vacant 1,398 6.44% $0 $0

Totals 21,706 100% $13,171 $158,048

shop.advanceautoparts.com

familydollar.com

shopamericanrental.com

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13

PRICING DETAIL & OPERATING DATA

List Price $1,425,000

CAP Rate 9.00%

Price/SF $65.65

Net Operating Income $128,264

Current Occupancy (Leasable) 100%

Gross Leasable Area (GLA) 21,706 SF

Lot Size +/- 1.7 Acres

Scheduled Base Rental Income $158,048

Expense Reimbursement Income

CAM $6,802

Insurance $4,751

Real Estate Taxes $26,117

Management $0

Total Reimbursement Income $37,670

Effective Gross Revenue $195,718

Less: Operating Expenses ($67,454)

Net Operating Income $128,264

Less: Debt Service ($74,974)

Net Cash Flow After Debt Service 14.96% $53,290

Add: Principal Reduction $22,037

Total Return 21.14% $75,327

CURRENT OPERATING DATA

Loan Type Proposed New

Down Payment 25% | $356,250

Loan Amount 75% | $1,068,750

Interest Rate | Amortization 5.00% | 25-Years

Debt Coverage Ratio 1.71

LOAN INFORMATION

Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.

Operating Expenses Current Per/SF

Com

mo

n A

rea

Ma

inte

na

nce Utilities $6,473 $0.30

Sweeping & Snow Removal $3,870 $0.18

Landscaping $1,200 $0.06

Total CAM Expenses $11,543 $0.53

2018 Insurance $8,063 $0.37

2019 Real Estate Taxes* $32,712 $1.51

Management Fee (5% of EGR) $9,786 $0.45

Est. Owner Expense for Non-CAM R&M $1,100 $0.05

Est. Reserves $4,250 $0.20

Total Expenses $67,454 $3.11

*Real Estate taxes based on 2018 total value of $954,800

THE OFFERING

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03DEMOGRAPHIC & MARKET

OVERVIEW

15

19,421 Population

20,374 Employees

17,521 Population

15,489 Employees

11,413 Population

8,302 Employees Walnut Retail Center

16Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.

DEMOGRAPHIC OVERVIEW

Source: © 2018 Experian

Created on July 2019

POPULATION 1-Miles 3-Miles 5-Miles▪ 2023 Projection

Total Population 11,022 17,146 19,048

▪ 2018 Estimate

Total Population 11,413 17,521 19,421

▪ 2010 Census

Total Population 11,606 17,673 19,618

▪ 2000 Census

Total Population 12,377 18,100 20,010

▪ Current Daytime Population

2018 Estimate 8,302 15,489 20,374

HOUSEHOLDS 1-Miles 3-Miles 5-Miles▪ 2023 Projection

Total Households 3,715 6,091 6,811

▪ 2018 Estimate

Total Households 3,819 6,178 6,894

Average (Mean) Household Size 2.88 2.74 2.73

▪ 2010 Census

Total Households 3,927 6,312 7,054

▪ 2000 Census

Total Households 4,387 6,784 7,513

▪ Occupied Units

2023 Projection 3,715 6,091 6,811

2018 Estimate 4,413 7,012 7,782

HOUSEHOLDS BY INCOME 1-Miles 3-Miles 5-Miles▪ 2018 Estimate

$150,000 or More 2.06% 2.93% 3.38%

$100,000 - $149,000 7.56% 9.03% 9.74%

$75,000 - $99,999 10.45% 12.43% 13.15%

$50,000 - $74,999 19.84% 19.39% 19.45%

$35,000 - $49,999 16.74% 16.80% 16.61%

Under $35,000 43.36% 39.43% 37.67%

Average Household Income $49,987 $54,334 $56,682

Median Household Income $40,961 $43,871 $45,481

Per Capita Income $17,209 $19,540 $20,488

HOUSEHOLDS BY EXPENDITURE 1-Miles 3-Miles 5-MilesTotal Average Household Retail Expenditure $59,357 $62,992 $64,951

▪ Consumer Expenditure Top 10 Categories

Housing $14,280 $15,078 $15,497

Transportation $9,666 $10,194 $10,548

Shelter $8,133 $8,549 $8,774

Food $5,852 $6,132 $6,317

Personal Insurance and Pensions $4,862 $5,233 $5,502

Health Care $4,051 $4,517 $4,683

Utilities $3,354 $3,507 $3,590

Entertainment $2,304 $2,457 $2,561

Apparel $1,389 $1,414 $1,450

Cash Contributions $1,370 $1,611 $1,673

POPULATION PROFILE 1-Miles 3-Miles 5-Miles▪ Population By Age

2018 Estimate Total Population 11,413 17,521 19,421

Under 20 31.92% 29.71% 29.31%

20 to 34 Years 21.42% 19.77% 19.30%

35 to 39 Years 6.15% 5.79% 5.75%

40 to 49 Years 11.17% 10.94% 11.08%

50 to 64 Years 16.71% 17.88% 18.32%

Age 65+ 12.63% 15.92% 16.26%

Median Age 32.57 35.42 36.16

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 7,000 11,224 12,545

Elementary (0-8) 10.61% 8.73% 8.10%

Some High School (9-11) 12.28% 10.34% 9.92%

High School Graduate (12) 43.85% 43.92% 44.12%

Some College (13-15) 15.44% 16.75% 16.94%

Associate Degree Only 5.06% 5.76% 6.13%

Bachelors Degree Only 5.96% 7.75% 7.97%

Graduate Degree 3.68% 4.49% 4.62%

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17Marcus & Millichap makes no representations as to the accuracy of the information contained herein. Buyer must verify all information and bears all risk for any inaccuracies.

DEMOGRAPHIC OVERVIEW

Source: © 2018 Experian

Income

In 2018, the median household income for your selected geography is

$45,481, compare this to the US average which is currently $58,754.

The median household income for your area has changed by 27.54%

since 2000. It is estimated that the median household income in your

area will be $52,309 five years from now, which represents a change

of 15.01% from the current year.

The current year per capita income in your area is $20,488, compare

this to the US average, which is $32,356. The current year average

household income in your area is $56,682, compare this to the US

average which is $84,609.

Population

In 2018, the population in your selected geography is 19,421. The

current population is 49.45% male and 50.55% female. The median

age of the population in your area is 36.16, compare this to the US

average which is 37.95. The population density in your area is 246.89

people per square mile.

Households

There are currently 6,894 households in your selected geography. The

average household size in your area is 2.73 persons.

Employment

In 2018, there are 20,374 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

36.21% of employees are employed in white-collar occupations in this

geography, and 63.75% are employed in blue-collar occupations. In

2018, unemployment in this area is 4.98%. In 2000, the average time

traveled to work was 23 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

82.90% White, 0.87% Black, 0.04% Native American and 0.30%

Asian/Pacific Islander. Compare these to US averages which are:

70.20% White, 12.89% Black, 0.19% Native American and 5.59%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 25.73% of the current year

population in your selected area. Compare this to the US average of

18.01%.

Housing

The median housing value in your area was $95,623 in 2018, compare

this to the US average of $201,842. In 2000, there were 4,950 owner

occupied housing units in your area and there were 2,563 renter

occupied housing units in your area. The median rent at the time was

$425.

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STANTON R. FALKFirst Vice President Investments

Senior Director - National Retail Group

Cincinnati Office

Tel: (513) 878-7721

Fax: (513) 878-7710

stanton.falk@marcusmillichap.com

Licenses: OH SAL.2012001364

EXCLUSIVELY LISTED BY:

www.dumesfalk.com

JOEL M. DUMESSenior Vice President Investments

Senior Director - National Retail Group

Cincinnati Office

Tel: (513) 878-7720

Fax: (513) 878-7710

joel.dumes@marcusmillichap.com

Licenses: OH SAL.2003013045, KY 63818

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BROKER OF RECORD: Josh Caruana