lake mead & jones $7,225,810

// 1ANDREA SANTANNA // [email protected] // MICHAEL BOSCIA // [email protected] // 702.997.5711

LAKE MEAD & JONES $7,225,810.006121 W. LAKE MEAD BLVD.

LAS VEGAS, NV 89108

MULTI-TENANT NET LEASED

RETAIL CENTER

O F F E R I N G M E M O R A N D U M

Andrea Santanna [email protected] Boscia [email protected] 702.997.5711

mailto:ANDREA%40DAPPERDEVELOPMENT.COM?subject=

mailto:MICHAEL%40DAPPERDEVELOPMENT.COM?subject=

mailto:andrea%40dapperdevelopment.com?subject=

mailto:michael%40dapperdevelopment.com?subject=


PROPERTY OVERVIEW:

TENANT INFO

This offering includes a multi-Tenant net leased retail investment at 100% occupancy located within the Lake Mead and Jones Commercial Center, a Walmart Neighborhood Market anchored center. The subject property includes a recently renovated retail building totaling 14,956 square feet, residing on approximately 1.71 acres. There are 6 Tenants in place who are all are on an initial Lease Term of 10 years, with two to three 5-year renewal options. Perfectly positioned on the southwest corner of Lake Mead Blvd. and Jones Blvd., this property services the abundance of multifamily and other residential developments in the immediate area. This net leased investment is perfect for an investor looking for a stable income property with minimum management responsibilities.

STABLE INCOME – EASE OF MANAGEMENT

• All Tenants on an Initial Lease Term of 10 Years

• Attractive Rental Increases

• Minimal Management Responsibilities – Ease of Management

• Multi-Tenant Retail Building renovated in 2019

EXCELLENT RETAIL LOCATIONS – STRONG DEMOGRAPHICS

• Excellent Visibility on N. Jones and Lake Mead

• Surrounding Retailers Include: 7-Eleven, KFC, El Pollo Loco, Walgreens, Burger King, Walmart, and many more!

PERFECT 1031 EXCHANGE PROPERTY

• Pride of Ownership

• Brand new 10 Year Leases in Place with Options – Rental Increases – Effective Inflation Hedge

• Strong Retail Location Surrounded by Residential

• Rare Opportunity to Acquire a Quality Multi-Tenant Net Leased Investment in Las Vegas, Nevada.

INVESTMENT HIGHLIGHTSLAKE MEAD & JONES6121 W. L A K E M E A D B LV D. , L A S V E GA S , N V 8 910 8

GH Acquisition Fund5 Lake Mead and Jones Refinancing

INTRODUCTION

TThhee SSiittee

k Elementary School

Community Church

Bavington Court Community

20 Fifty One Apartments 208

Units The Villas at 6300 Apartments 280

Units

Key Stats

Sqft 14,956

Stabilized NOI $420,799

Occupancy 100%

Value @ 6 Cap $7,012,978

YOURWAY

▪ Lake Mead and Jones (the “Project”) is a 14,956 sqft necessity-based retail center that was recently repositioned by Dapper Companies (the “Sponsor”)

▪ The Project, originally built in 2007, was purchased by the Sponsor in June 2018 for $1.9M

▪ The Sponsor contributed $2.65M into Capital Expenditures, Tenant Improvements, and Leasing Commissions, delivering a market-leading design and build-out

▪ Today the Project is 100% occupied by strong, necessity-based retail tenants that benefit from the densely-populated surrounding area

▪ The Sponsor is exploring refinancing alternatives for the Project

SITE DEMOGRAPHICS (Per Esri)Demographic 2 Mile Radius 4 Mile RadiusAvg Household Income $59,642 $70,128

Population 98,558 306,770

Tenants

N

1/4 mile




PROPERTY SUMMARY

PROPERTY SUMMARY — INLINE

TENANT TRADE NAMES:

OCCUPANCY: 100%

NUMBER OF TENANTS: 6

BUILDING SIZE: 14,956 SF

LAND SIZE: 1.71 Acres

MARKET/SUBMARKET: Central Las Vegas

PARCEL NUMBER: 138-23-719-009

NOI: $433,548.60

PRICE: $7,225,810.00

CAP RATE: 6%

YEAR RENOVATED: 2019

LEASE TYPE: NNN

GH Acquisition Fund5 Lake Mead and Jones Refinancing

INTRODUCTION

TThhee SSiittee

k Elementary School

Community Church

Bavington Court Community

20 Fifty One Apartments 208

Units The Villas at 6300 Apartments 280

Units

Key Stats

Sqft 14,956

Stabilized NOI $420,799

Occupancy 100%

Value @ 6 Cap $7,012,978

YOURWAY

▪ Lake Mead and Jones (the “Project”) is a 14,956 sqft necessity-based retail center that was recently repositioned by Dapper Companies (the “Sponsor”)

▪ The Project, originally built in 2007, was purchased by the Sponsor in June 2018 for $1.9M

▪ The Sponsor contributed $2.65M into Capital Expenditures, Tenant Improvements, and Leasing Commissions, delivering a market-leading design and build-out

▪ Today the Project is 100% occupied by strong, necessity-based retail tenants that benefit from the densely-populated surrounding area

▪ The Sponsor is exploring refinancing alternatives for the Project

SITE DEMOGRAPHICS (Per Esri)Demographic 2 Mile Radius 4 Mile RadiusAvg Household Income $59,642 $70,128

Population 98,558 306,770

Tenants

N

1/4 mile

LAKE MEAD & JONES6121 W. L A K E M E A D B LV D. , L A S V E GA S , N V 8 910 8




RENT ROLL

TENANT BLDG SUITE

SQUARE FEET

% PROJECT

RENT START DATE

END DATE

LEASE TERM

% INCREASE

ANNUAL RENT

MONTHLY RENT

ANNUAL RENT PSF

MONTHLY RENT PSF

OPTIONS TO RENEW

Capriotti's 105 1,475 9.86% 7/31/19 7/31/29 10 Yrs 12% Every 5 Yrs $50,445.00 $4,203.75 $34.20 $2.85 2- 5yr options

Yourway 110 1,796 12.01% 10/1/20 9/30/30 10 Yrs 15% Every 5 Yrs $53,388.00 $4,449.00 $29.76 $2.48 2- 5yr options

Studio Smile 115 2,000 13.37% 5/30/20 5/31/30 10 Yrs 15% Every 5 Yrs $59,448.00 $4,954.00 $29.76 $2.48 2- 5yr options

Sola Salon 130 4,689 31.35% 7/23/20 7/31/30 10 YRS 10% Every 5 Yrs $126,603.00 $10,550.25 $27.00 $2.25 3- 5yr options

Napoli's Pizza 160 3,143 21.01% 3/3/20 2/28/30 10 YRS 15% Every 5 Yrs $88,632.60 $7,386.05 $28.20 $2.35 2- 5yr options

Crepe Station 165 1,853 12.39% 1/1/21 12/31/31 10 YRS 12% Every 5 Yrs $55,032.00 $4,568.00 $29.76 $2.48 2- 5yr options

TOTAL 14,956 100% $433,548.60 $36,129.05





SITE MAPLAKE MEAD & JONES6121 W. L A K E M E A D B LV D. , L A S V E GA S , N V 8 910 8




PROPERTY PHOTOSLAKE MEAD & JONES6121 W. L A K E M E A D B LV D. , L A S V E GA S , N V 8 910 8




YOURWAY

TENANT IMPROVEMENT BUILD-OUT

CAPRIOTTI’S:

Capriotti’s was founded in Wilmington, Delaware in 1976 by Lois and Alan Margolet. Twelve years later a second location was opened in New Castle, Delaware. The company’s success grew quickly and in 1991 they began franchising their restaurants. The first restaurant in Las Vegas opened in 1993 and was positioned on Sahara Ave. near Las Vegas Blvd. By the end of 2008 Capriotti’s had 44 locations and new ownership. A local financial advisor Ashley Morris and his friend Jayson Smyle made the decision to invest in the franchise along with a few other investors which consisted of 95% Las Vegans. In 2013 Capriotti’s brought in over $58 Million in revenue and experienced a 48% growth over the previous three years. In 2016 they ranked #264 in Entrepreneur’s Franchise 500. Today Capriotti’s as a whole has over 114 locations in 20 U.S. States and is continuing to grow.


TENANT OVERVIEW




YOURWAY


YOURWAY BREAKFAST + LUNCH:

Yourway Breakfast + Lunch is an innovative fast casual breakfast/brunch concept that was founded by Jeremy Moore and team in 2019. Jeremy is also an owner/operator of the Goldbox food truck, a local Las Vegas favorite! Yourway is Moore’s first brick & mortar location which focuses on providing quality quick serve breakfast and lunch items to those that are on the go as well as a comfortable dine in experience with a great atmosphere.


TENANT OVERVIEW




YOURWAY


STUDIO SMILES:

Studio Smiles is a high-tech dental office that provides the latest in dental technology to their patients. This location is based on a collaboration between Dr. Rodolfo Barbosa and Dr. Ernesto Barbosa, native Nevadans who are two of the most passionate doctors in dental medicine. The Barbosa brothers offer a variety of services which include general/cosmetic dentistry, implants, root canal therapy, braces and they even offer financing options so patients are able to be treated who aren’t able to cover their full cost at the time of their visit. Studio Smiles is one of 3 dental practices in Las Vegas that the doctors own and operate.


TENANT OVERVIEW




YOURWAY


SOLA SALON STUDIOS:

In 2004, Sola Salon Studios was established with the opening of their first location. Now with over 350 desirable locations open nationwide, Sola Salon Studios is proud to offer salon professionals the freedom and benefits of salon ownership without many of the risks associated with opening a traditional salon. Sola Salon Studios is an innovative salon model in which experienced hairdressers, estheticians, nail stylists, massage therapists and other like-minded salon professionals come together under one roof to take their careers to the next level. To date, they have provided more than 8,000 professionals with premium, individual salon spaces in which they own and operate high-quality salons.


TENANT OVERVIEW




YOURWAY


NAPOLI PIZZA:

Napoli Pizza offers a variety of Italian/Mediterranean dishes and everything in between for dine-in, take-out, delivery and also offers catering for large parties. They are a family friendly establishment known for exceptional food, great service and their willingness to deliver to any location in town sets them apart from your typical neighborhood restaurant. Napoli Pizza currently has 4 successful locations and they are actively looking to add a few more stores to the Las Vegas landscape.


TENANT OVERVIEW




TENANT OVERVIEW

YOURWAY


THE CREPE STATION:

The Crepe Station offers a variety of Crepes, Panini’s, Smoothies, Coffee and much more! The restaurant was founded in 2015 by William Tejeda and his wife Berta Tejeda. Their first location, located in the center of Las Vegas, quickly became a success with a large following of loyal customers. They have since expanded and now have three convenient locations that service the Las Vegas market.





LOCATION OVERVIEW

LOCATION OVERVIEW:

This multi-Tenant Net Leased Investment is located within the Lake Mead and Jones Commercial Center and is perfectly positioned on Jones Blvd. with visibility and access from Lake Mead Blvd. This property enjoys easy access to the US-95 & I-15 freeways and is a short distance to Downtown Las Vegas and “The Strip”. Notable retail Tenants in the area include: Walmart Neighborhood Market, Walgreens, KFC, El Pollo Loco, 7-Eleven, Burger King and many more. This area of town is densely populated with residential providing for a strong retail demand.

POPULATION 1-MILE 3-MILE 5-MILE

Estimated Population (2018) 33,566 195,403 450,743

Projected Population (2023) 37,168 216,362 498,613

Historical Annual Growth 2010-2018 2,734 1.1% 13,741 0.9% 32,431 1.0%

Projected Annual Growth 2018-2023 3,602 2.1% 20,959 2.1% 47,869 2.1%

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

Estimated Households (2018) 11,522 70,753 166,341

Projected Households (2023) 12,257 75,283 177,008

Historical Annual Change 2000-2018 656 0.3% 6,701 0.6% 22,944 0.9%

Projected Annual Growth 2018-2023 735 1.3% 4,530 1.3% 10,667 1.3%

INCOME 1-MILE 3-MILE 5-MILE

Avg. Household Income 2018 $51.863 $59,922 $69,536

Median Household Income 2018 $43,624 $43,624 $55,803

DAYTIME DEMOS 1-MILE 3-MILE 5-MILE

Total # of Businesses 2018 623 7,432 21,800

Total # of Employees 2018 5,685 67,301 239,850

Employee Pop per Business 9.1 to 1 9.1 to 1 11.0 to 1

Residential Pop per Business 53.9 to 1 26.3 to 1 20.7 to 1




W. LAKE MEAD BLVDW. LAKE MEAD BLVD

N. JO

NES BLVD

N. JO

NES BLVD

SITE


PROPERTY AERIALLAKE MEAD & JONES6121 W. L A K E M E A D B LV D. , L A S V E GA S , N V 8 910 8




AREA PROFILE

Las Vegas is the most populous city in the U.S. state of Nevada and the county seat of Clark County. Las Vegas is an internationally renowned major resort city known primarily for gambling, shopping, and fine dining and is the leading financial and cultural center for Southern Nevada. The city bills itself as The Entertainment Capital of the World, and is famous for its consolidated casino–hotels and associated entertainment. A growing retirement and family city, Las Vegas is the 31st-most populous city in the United States. The 2019 population of the Las Vegas metropolitan area was 2,621,000. Today, Las Vegas is one of the top tourist destinations in the world.

Established in 1905, Las Vegas was incorporated as a city in 1911. Las Vegas often refers to the city plus some areas beyond the city limits, especially the resort areas on and near the Las Vegas Strip, and sometimes the entire Las Vegas Valley. The 4.2 mi (6.8 km) stretch of South Las Vegas Boulevard known as the Strip is mainly in the unincorporated communities of Paradise, Winchester, and Enterprise. Las Vegas is situated within Clark County in an arid basin on the desert floor, surrounded by dry mountains. The Spring Mountains lie to the west. Within the city there are many lawns, trees, and other greenery. The city enjoys

abundant sunshine year-round: it has an average of about 300 sunny days per year.

The primary drivers of the Las Vegas economy are tourism, gaming and conventions, which in turn feed the retail and restaurant Industries. In the second quarter of 2012, something new was on the horizon for Downtown Las Vegas. Tony Hsieh, CEO of Zappos, purchased the former City Hall building, thus turning that property into Zappos corporate headquarters in Downtown Las Vegas. Since then Mr. Hsieh has put in a lot of money and effort revitalizing Downtown Las Vegas which is known as the Downtown Project. This recent project has transformed Downtown, bringing new restaurants, retail, tech buildings, annual, monthly and weekly events and a large park made out of shipping containers (Container Park) which has an outdoor hangout space that offers shopping, restaurants and a small outdoor concert venue. The Downtown project has changed Downtown Las Vegas and has increased the number of local and out of town visitors to the many events, restaurants and retail shops this area has to offer.

IN 2019, MORE THAN 42.5

MILLION PEOPLE VISITED LAS VEGAS





PROPERTY AERIALLAKE MEAD & JONES6121 W. L A K E M E A D B LV D. , L A S V E GA S , N V 8 910 8



lake mead & jones $7,225,810

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