Buffalo Wings and Rings

ACTUAL PHOTO

OFFERING MEMORANDUM

1910 Hospitality Drive • Jasper, IN 47546

CONFIDENTIALITY AND DISCLAIMER

Marcus & Millichap hereby advises all prospective

purchasers ofNet 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 informationprovided.

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

useof theproperty.

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 netleased property.

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 expensesfor

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.

NON-ENDORSEMENTNOTICE

Marcus & Millichap Real Estate Investment Services, Inc.

(“M&M”) 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 M&M, its affiliates or subsidiaries, or any

agent, product, service, or commercial listing of M&M,

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

AGENTFORMORE DETAILS.

Tenant OverviewBuffalo Wings & Rings is a Cincinnati-based sports restaurant franchise that offers an alternativeconcept to traditional sports bars. It offers club-level sports environment with a menu of Buffalowings, burgers, gyros, specialty salads and sandwiches. Since 1984, the restaurant has beenknown for its menu of homemade sauces and fresh wings with a community-focused model.

Founded in Cincinnati in 1984, Buffalo Wings & Rings was purchased in 2005 by a managementteam led by Philip Schram, Nader Masadeh and Haytham David, each of whom took a seniormanagement role with the company. Today there are 80 locations domestic and internationaland they continue to grow.

By 2008, Restaurant Business magazine had named the company number one on its Future 50 listof growing chains, citing its franchising opportunities in the U.S. In 2011, Buffalo Wings & Ringsintroduced a new restaurant design with the opening of the franchise location just west ofChicago in Naperville, IL. Buffalo Wings & Rings continues to open new restaurants with their newdesign, nicknamed Generation 3, and are working to convert the entire chain to this design. Thebrand opened a corporate-owned location inside Paul Brown Stadium in time for the CincinnatiBengals 2015 football season. Buffalo Wings & Rings crossed the milestone $100 million indomestic systemwide sales in 2017 and grew their restaurant count by more than 10%. In 2018Buffalo Wings & Rings was ranked by Entrepreneur Magazine as #12 in the full-service restaurantcategory.

80+LOCATIONS

HEADQUARTERED IN

Cincinnati, OH

FOUNDED

1984

OWNERSHIP:

PRIVATE

TENANT:

FRANCHISEE

WEBSITE:

www.buffalowingsandrings.com

REPRESENTATIVE PHOTO

TOP 40 FOOD

FRANCHISES BY

FRANCHISE BUSINESS

REVIEW FOR 2016

3:1 FOOD TO ALCOHOLSALES RATIO

10.5% AVERAGE ANNUAL UNIT SALES GROWTH Y-O-Y FOR 11 YEARS

SIMPLICITY OF FAST-CASUAL WITH THE REVENUE OF CASUAL DINING

Demographics❖ Long-Term Absolute Triple-Net (NNN) Lease | Ten-Years Remaining

❖ 10% Rental Increase Every Five-Years and During Option Terms

❖ High Performing Store with Strong Personal Guarantee From Multi-Unit

Franchisee Operator

❖ Over $80,200 AHHI within Three-Miles | 28% MHHI Growth Since 2000

❖ Over 37,000 Residents and Over 45,500 Employees within Ten-Miles

❖ Corner Lot | Excellent Visibility to West 100 South and U.S. Route-231

with Over 21,800 VPD Combined

❖ Strategically Located in Close Proximity to Several Major Businesses

Such as: Kimball International, Kimball Electronics, Fortune Brands

Home Security, Jasper Engines, Masterbrand Cabinets, Ofs Brands

Stens and Best Chairs

Investment Highlights

POPULATION 3-MILES 5-MILES 10-MILES

2017 Population Estimate 11,473 24,003 37,080

2000 Population Census 10,658 21,605 34,174

2017 Daytime Population 20,260 35,443 45,577

HOUSEHOLDS

2017 Households Estimate 4,502 9,374 14,375

Average (Mean) Household Size 2.46 2.48 2.53

2000 Households Census 4,088 8,270 12,855

INCOME

2017 Average Household Income $80,209 $74,062 $72,133

2017 Median Household Income $61,988 $56,495 $56,796

2017 Retail Expenditure $72,596 $68,551 $69,147

Food $7,650 $7,267 $7,340

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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Anyprojections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus &Millichap

Households within 10-Miles

Population within 10-Miles

Average Household Income within 3-Miles

Investment Overview

Marcus & Millichap is pleased to present the exclusive listing for theBuffalo Wing and Rings located at 1910 Hospitality Drive in Jasper,Indiana. The property consists of 4,510 square feet of building spaceand is situated on 2.00 ± acres of land.

The Buffalo Wings and Rings currently has ten-years remaining on theinitial twenty-year absolute triple-net (NNN) lease. The current annualrent is $225,000 with a ten percent rental increase every five-years andduring the two, five-year option periods.

14,300+37,000+ $80,200+

1910 Hospitality Drive • Jasper, IN 47546

PRICE

$2,902,800

CAP RATE

7.75%

NOI

$225,000

Lease Summary

Rent Schedule

Address:

1910 Hosp i tal i ty Dr ive • Jasper, IN 47546

Price $2,902,800

Cap Rate 7.75%

Price/SF $643.86

Gross Leasable Area (GLA) 4,510 SF

Year Built 2008

Lot Size 2.00 ± Acres

Type of Ownership Fee Simple

Lease Type Absolute Triple-Net (NNN)

Lease Term Twenty-Years

Lease Term Remaining Ten-Years

Lease Commencement April 7, 2008

Lease Expiration December 31, 2028

Increases 10% Every Five Years and During Options

Options Two, Five-Year Options

Guarantor Personal Guarantee

Right of Refusal No

TERM ANNUAL RENT MONTHLY RENT RENT/SF

Current – 2023 $225,000 $18,750 $49.89

2023 – 2028 $247,500 $20,625 $54.88

Address:

1910 Hosp i tal i ty Dr ive • Jasper, IN 47546

Price $2,902,800

Cap Rate 7.75%

NOI $225,000

Loan $2,177,850

Down Payment $725,950

Interest Rate 4.75%

Term Ten Years

Amortization Twenty-Five Years

Annual Payment $148,996

Origination: 1.00% of Loan Amount

Cash Flow $76,004

Cash on Cash Return 10.47%

Debt Quote *Contact Agent for Details

PRICE

$2,902,800

CAP RATE

7.75%

NOI

$225,000

Property Photos

Aerial Photo

Combined

21,800 + VPD

TO LOCAL ATTRACTIONS

PROXIMITY

Jasper High School

1,139 Students

3.2 MILES

Memorial Hospital and Health Care

Center

2.4 MILES

Holiday Inn

Express

77 Rooms

0.1 MILES

Memorial Hospital 1,700 Employees

137 Beds

Louisville, KY77 Miles East

Jasper High School1,139 Students

Holiday Inn Express77 Rooms

Up Close Aerial

Jasper Group

Indiana Laminate

N

Jasper Engines & Transmissions

2,600 Employees

Kimball Office & International

1,400 Employees

Jasper Group 1,000 Employees

Stens Corporation 300 Employees

National FurnitureHeadquarters

140 Employees

Total: 5,065+ Employees

Kimball

World

Headquarters

77 Rooms

Employers within Proximity:

AerialDubois County Main Employers:

Jasper Engines & Transmissions

2,600+ Employees

Master Brand Cabinets

2,500+ Employees

Memorial Hospital Health Care Center

1,700+ Employees137 Beds

Kimball International

1,400+ Employees

OFS Brands 1,300+ Employees

Jasper Rubber Products

800+ Employees

Meyer Distributing 800+ Employees

Kimball Electronics 525+ Employees

N

Subject Property

Jasper High School

1,139 Students

771 Students

5th St. Elementary

442

Holy

Trinity Catholic

368

10th St. Primary School

381 Students

McDonald's

5-Miles

Southwest

Market Overview

Jasper, Indiana, is centrally located in Dubois County in SouthernIndiana. Jasper is in Bainbridge Township and is the county seatfor Dubois County. Rolling hills, dense forests, and farmlandssurround the city limits of Jasper, enabling the perfect balance ofurban and metropolitan living in one location. Jasper is located122 miles south of Indianapolis, 55 miles northeast of Evansvilleand 79 miles west of Louisville, Kentucky. U.S. Highway 231, StateHighways 56, 162 and 164 conveniently run through Jasperpromising easy access from Interstate 64 and neighboring towns.Interstate 64 is 12 miles south of Jasper, connecting the routeeastward bound to Louisville, KY and Cincinnati, OH and westwardbound to Evansville and St. Louis, MO. Interstate 69 is 15 mileswest of Jasper – making the trip to Evansville and (soon to be) tripto Indianapolis more convenient.

D U B O I S C O U N T Y TO TA L

P O P U L AT I O N 2 0 1 7

42,558

www.MarcusMillichap.com

Darpan Patel

Associate Director

Net Leased Properties Group

Cincinnati Office

Tel: (513) 878-7723

Fax: (513) 878-7710

darpan.patel@marcusmillichap.com

License: OH SAL 2012000748

P R E S E N T E D B Y

Broker of Record: Josh Caruana

Gage Wiethorn

Associate

Net Leased Properties Group

Cincinnati Office

Tel: (513) 878-7742

Fax: (513) 878-7710

gage.wiethorn@marcusmillichap.com

License: OH SAL 2017005462