DUNKIN’ DONUTS STRIP47-51 Manton AvenueProvidence, RI 02909investment offering

ACTUAL SITE

DISCLAIMER

John R. Wertz Greg LaBarre Tel: (619) 218-6427 Tel: (619) 997-1242jwertz@wertzrealestate.com glabarre@wertzrealestate.com CA Lic No. 01448585 CA Lic. No. 02069301

Financial Overview

Lease Abstract

Tenant Overview

Executive Summary

Property Photos

Location Map

Area Map

Market Overview

Demographic Report

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Listed with Rhode Island broker Laurence J Pelletier License REB.0018622

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This Marketing Package was prepared by Wertz Real Estate Investment Services and Laurence J Pelletier (“Broker”) solely for the use of prospective buyer considering the purchase of the Property within (the “Property”) and is not to be used for any other purpose. Neither the Broker nor the Owner of the Property make any representation or warranty, expressed or implied, as to the completeness or accuracy of the material contained in the Marketing Package.

Prospective purchasers of the Property are advised that changes may have occurred in the physical or financial condition of the Property since the time this Marketing Package or the financial statements herein were prepared. Prospective purchasers acknowledge that this Marketing Package and the financial statements herein were prepared by Broker, and not by Owner, and are based upon assumptions or events beyond the control of both Broker and Owner, and therefore may be subject to variation. Other than current and historical revenue and operating expense figures for the Property, Owner has not, and will not, provide Broker or any prospective purchaser with any projections regarding the Property. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

The Marketing Package is a solicitation of interest only and is not an offer to sell the Property. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expression of interest or offers to purchase the Property and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice.

The Owner shall have no legal commitments or obligations to any entity reviewing the Marketing Package or making an offer to purchase the Property unless and until such offer is approved by Owner pursuant to its Governing Authorities and the signature of the Owner or Owner’s representative is affixed to a Real Estate Purchase Agreement prepared by Owner.

This Marketing Package is confidential. By accepting the Marketing Package, you agree (i) that you will hold and treat the Marketing Package and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any part of the Marketing Package, (iii) that you will not disclose the Marketing Package or any of its contents to any entity without the prior authorization of the Owner, and (iv) that you will not use the Marketing Package in any fashion or manner detrimental to the Owner or Broker.

Broker has obtained the information contained in this Marketing Package from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, changes of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions, or estimates for example only, and they may not represent current or future performance of the Property. You and your tax and legal advisors should conduct your own investigations of the physical condition of the Property and of the financial performance of its future Ownerships.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT BROKER FOR MORE DETAILS.

TABLE OF CONTENTS

For more information contact:

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financial overview

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

Listed with Rhode Island broker Laurence J Pelletier License REB.0018622

ADDRESS PRICE DOWN PAYMENT cap rATE NOI RENTABLE SQUARE FEET year built / RENOVATED lot size OCCUPANCY type of ownership

OFFERING SUMMARY

ACTUAL SITE

financial overview

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

OFFERING SUMMARY

ANNUALIZED OPERATING DATA

OPERATING EXPENSES

scheduled gross income (sgi) percentage rent Expense Reimbursement Operating Income Operating Expenses Net Operating Income (NOI)

$127,800 $49,337 $23,616$200,753 $35,885$164,868

TAXESINSURANCECAM, UTILITIES, HVAC*replacement/reservesTOTAL EXPENSE

$29,419$2,904 $2,782$780 $35,885

47-51 Manton AvenueProvidence, RI 02909

ACTUAL SITE *New Roof in 2017 and Recently Replaced HVAC

$2,675,000100% / $2,675,0006.16%$164,8685,200 SF1981 / 201728,122 +/- SF100%Fee Simple

LEASE ABSTRACT

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

LEASE ABSTRACT

TENANT GLA % OF PROPERTY ORIGINAL LEASE TERM LEASE TYPE RENT COMMENCEMENT CURRENT TERM EXPIRATION ANNUAL RENT rent psf increases options extension notice parking Right of First Refusal taxes insurance utilities LL RESPOPNSIBILITIES TENANT RESPOPNSIBILITIES

Swan Nails1,200 SF23.08%5-YearsGross10/01/201609/30/2021$15,000$12.50Structured Every 2-YearsNoneN/A46 Parking StallsNoLandlord ResponsibleLandlord ResponsibleLandlord ResponsibleRoof/Structure, Utilities, HVAC, Maintenence, Taxes, Insurance

Trash

Chain Connection1,600 SF30.77%MTMGrossMTMMTM$8,400$5.25MTMMTMN/A46 Parking StallsNoLandlord ResponsibleLandlord ResponsibleLandlord ResponsibleRoof/Structure, Utilities, HVAC, Maintenence, Taxes, Insurance

Trash

Eagle Smoke Shop800 SF15.38%5-YearsGross07/01/201606/30/2021$8,400$10.50Annual CPI Increases in Option(1) 5-Year Option180 Days46 Parking StallsNoLandlord ResponsibleLandlord ResponsibleLandlord ResponsibleRoof/Structure, Utilities, HVAC, Maintenence, Taxes, Insurance

Trash, Pest Extermination

Dunkin Donuts1,600 SF30.77%20-YearsNNN05/10/201805/09/2038$96,000 + $49,337 in % Rent*$60.0010% Year-10(4) 5-Year Options180 Days46 Parking StallsYes, 15-Days75% Tenant / 25% Landlord**50% Tenant / 50% Landlord***Tenant Responsible25% of Taxes, 50% of Insurance, Roof/Structure

HVAC, Parking Lot and Landscape Maintenence and Replacement, Trash, Common Area Expenses, 50% of Insurance, Utilities, 75% of Taxes

*Percentage Rent is based on the most recent 12-months. Tenant pays the difference between base rent and 10% of gross sales to landlord on a monthly basis.

**Dunkin Donuts is responsible for paying 75% of two real estate tax bills. One for 45 Manton Ave (Tax Map No 062-0441-0000) and the other for 168 Delaine St (Tax Map No 062-0438-0000). Delaine is the parking lot. This year’s annual property tax for Manton was $27,988 and for Delaine $1,431. Dunkin makes monthly contributions to cover 75% of these expenses.

***Landlord also collects $123.75 per month from Dunkin Donuts for their share of the building insurance expense.

TENANT OVERVIEW

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

Dunkin’ Donuts (Nasdaq: DNKN), is one of the largest coffee and baked goods chains in the world; with more than 12,000 restaurants in 36 coun-tries. With over 19,000 points of distribution in nearly 60 countries world-wide, Dunkin’ is one of the world’s leading franchisors of quick service restaurants, serving hot and cold coffee and baked goods. Dunkin’ Brands’ nearly 100 percent franchised business model includes more than 12,000 Dunkin’ Donuts restaurants and more than 7,700 Baskin-Robbins restaurants.

. TENANT guarantor

Dunkin DonutsSouth County Donuts, Inc.

foundedwebsite

1950www.dunkindonuts.com

Chain Connection is a custom, wholesale jeweler that has occupied this single tenant, 1,600 square foot brick building, for over 30 years. They are known for creating custom jewelry, as well as fixing jewelry for their clients and have been a go to jewelry shop in this area for many years. Due to the owner’s long history of occupancy, he is currently on a month to month lease and has been an extremely reliable tenant of this property. Hours of operation: 830am-1pm Mon-Fri, Saturday 9am-12pm, closed on Sundays.

. TENANT guarantor

Chain Connection MTM

foundedHEADQUARTERS

1989Providence, RI

Swan Nails has occupied this 1,200 square foot site since 1988 and throughout the years has built a steady clientele of satisfied, repeat customers. They provide quality finger and toenail services to their customers, proven by their long-standing historical occupancy of this space. A family run business, they have been a go-to nail salon in the providence area for many years. The business is open seven days a week from 9am to 7pm, except Sundays when their hours are 11am to 5pm.

. TENANT guarantor

Swan Nails Personal Guarantee

foundedheadquarters

1988Providence, RI

Eagle Smoke Shop is a local smoke shop that occupies this 800 square foot space. The owner of this business used to run an electronics store but converted the location to a smoke shop/supply store a few years ago. They sell cigars and other popular tobacco products as well as smoking products and devices. Hours of operation: 9am – 12am Mon-Fri , 9am – 11am Sunday.

TENANT guarantor

Eagle Smoke Shop Personal Guarantee

foundedHEADQUARTERS

1983Providence, RI

TAXESINSURANCECAM, UTILITIES, HVAC*replacement/reservesTOTAL EXPENSE

DUNKIN’ DONUTS SWAN NAILS

EAGLE SMOKE SHOP CHAIN CONNECTION

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

executive summaryINVESTMENT OVERVIEWWe are pleased to present the opportunity to acquire a Dunkin’ Donuts anchored strip center in Providence, RI. The property is 100% leased to Dunkin‘ Donuts, Swan Nails, Eagle Smoke Shop, and Chain Connection. Dunkin’ Donuts has successfully operated at this location since 1981. The new 20-year NNN Dunkin’ Donuts lease features a 10% rent increase in year 11 and includes (4) 5-year options. In addition to base rent, Dunkin’ pays a monthly percentage rent equal to the difference of 10% of gross sales and base rent. 2018 annual sales at this location exceeded $1.4M, which is significantly higher than the average Dunkin‘ Donuts nationally. Swan Nails and Chain Connection also show strong commitment to their locations as they have both been tenants at the property for 30+ years. With 70% of the GLA paying $8.83/SF gross and on short-term leases, this is an excellent opportunity for an investor to add value by raising rents and securing long term leases.

The property is located in the highly trafficked Olneyville square district along Manton Avenue at the intersection of Westminster Street, Broadway, Hartford Ave, and Plainfield Street. Traffic counts at the subject property on Manton Avenue exceed 23,500 cars per day. National retailers in the immediate vicinity include AutoZone, O’Reilly Auto Parts, Bank of America, Burger King, 7-Eleven, T-Mobile, Shell, Walgreens, CVS, Family Dollar and more.

INVESTMENT HIGHLIGHTS• 100% Leased to Dunkin’ Donuts, Swan Nails, Eagle Smoke Shop, and Chain Connection

• 30+ Year Historical Occupancy for all Tenants (Except Eagle Smoke Shop)

• New 20-Year NNN Dunkin’ Donuts Lease with 5 Personal Guarantees from the Operating Partners

• Established Top Performing Location with Above Average Sales and Percentage Rent

• Opportunity to Add Value - 70% of GLA Paying $8.83/SF Gross, Chain Connection on a MTM Lease, Nail Salon has Zero Options

• Traffic Counts on Manton Avenue Exceed 23,500 Cars/Day

• Located Along Olneyville Square at the intersection of Westminster Street, Broadway, Hartford Ave, Plainfield Street, and Manton Avenue.

• Population Exceeds 380,000 in a 5-Mile Radius (4 Minute Drive to Downtown Providence)

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

ACTUAL SITE

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

AERIAL PHOTO

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

23,500+ VPD

Manton Avenue

Dennis J Roberts Expy

Hun

ting

ton

Exp

y

Subject Property

Hartford Ave

Plai

nfie

ld S

t

Westminster St

Broadway

subject property

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

23,500+ VPD

Manton Avenue

Delaine St

subject property

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

23,500+ VPDManton Avenue

Delai

ne S

t

subject property

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

subject property

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

subject property

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

LOCATION MAP

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

AREA MAP

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

PROVIDENCE, RIProvidence, RI is a city in Providence County, RI. It is part of the Providence-Warwick, RI-MA Metropolitan Statistical Area, which extends into eight counties across two states, and is the 38th largest metropolitan area in the United States. Anchored by the city of Providence, the MSA has an estimated population that exceeds 1.6 million residents. The local economy of Providence-Warwick, RI-MA is very strong and currently employs approximately 823,000 people. Its Gross Metropolitan Product is the country's 42nd largest at $64.7 billion, just above the Gross State Product of the entire state of Hawaii. Since 2006, the Providence metropolitan area has been officially included in the Greater Boston Combined Statistical Area (CSA), the sixth-largest CSA in the country, with over 8 million residents.Providence, RI is the third most populous city in New England after Boston and Worcester, Massachusetts. The City itself is quite stable, as recognized by the recent Standard & Poor’s Corporation (S&P) rating upgrade of the City of Providence’s bond rating to BBB+ up from BBB and also assigned a Stable Outlook to the City’s rating. The City realized a $10.3 million surplus in Fiscal Year 2016 and a $5.44 million surplus in Fiscal Year 2017 which helped erase a $13.4 million cumulative deficit earlier than expected, as well as $9.1 million operating surplus in Fiscal Year 2018. Today, the city of Providence is home to eight hospitals and seven institutions of higher learning which have shifted the city's economy into service industries, though it still retains some manufacturing activity.The high concentration of prominent companies headquartered in Providence contributes to the high HHI in the area. Nearby Fortune 500 companies include Textron, an advanced technologies industrial conglomerate; United Natural Foods, a distributor of natural and organic foods; and Fortune 1000 Nortek Incorporated; Gilbane, a construction and real estate company; and GTECH Corporation, which recently moved its world headquarters to downtown Providence. Citizens Bank is also headquartered in Providence and is the 15th largest bank in the country.

MARKET overview

The Local Economyis Very Strong and Currently Employs Approximately 823,000 People

Home to ThreeMajor Universities (URI, Johnson & Wales, and Brown University)

Part of the Greater BostonCSA, the Sixth Largest CSA in the U.S. with Over 8 Million Residents

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

population 1 MILE 3 MILES 5 miles

2024 Projection 52,944 221,722 384,700

2019 Estimate 52,277 219,397 381,006

2010 Census 51,182 215,441 375,164

2000 Census 49,111 210,159 371,964

Percent Change 2000-2010 4.22% 2.51% 0.86%

Percent Change 2010-2019 2.14% 1.84% 1.56%

Percent Change 2019-2024 1.28% 1.06% 0.97%

Median Age 30.84 33.07 36.37

households 1 MILE 3 MILES 5 miles

2019 Est. Avg. HH Income $50,355 $66,011 $73,165

2024 Projection 17,349 81,040 148,401

2019 Est. Households 17,170 80,065 146,742

2010 Census 16,939 78,456 144,068

2000 Census 16,943 77,781 143,930

Percent Change 2000-2010 0.02% 0.87% 0.10%

Percent Change 2010-2019 1.36% 2.05% 1.86%

Percent Change 2019-2024 1.04% 1.22% 1.13%

DEMOGRAPHIC REPORT

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

ACTUAL SITE

Wertz Real Estate Investment Services3138 Roosevelt Street, Suite L

Carlsbad, CA 92008Tel: (619) 218-6427Fax: (858) 408-1830

www.wertzrealestate.com

Listed with Rhode Island broker Laurence J Pelletier license REB.0018622

The information contained herein has been obtained from the owners or from other sources deemed reliable. We have no reason to doubt its accuracy but regret we cannot guarantee it. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. All properties subject to change or withdrawal without notice. Wertz Real Estate Investment Services, Inc.

SVN Real Estate Solutions

Laurence J Pelletier REB.0018622