price cap las vegas, nv · 2018. 5. 8. · 5720 e. charleston blvd. las vegas, nv absolute nnn...

8945 W. Russell Road, Suite 110, Las Vegas, NV 89148, +1 702.383.3383 naivegas.com

Subject Property

For more information:

Mark J. [email protected]

5720 E. Charleston Blvd. Las Vegas, NV

Absolute NNN Ground Lease

E. Charleston Blvd.

Las Vegas, NV PRICE

$1,956,000 $CAP

5.00% %


INVESTMENT HIGHLIGHTS

5720 E. Charleston Blvd. Las Vegas, NV

Price: $1,956,000

CAP Rate: 5.00%

Rental Income: $97,800

Land Size: 0.92 AC

Total Building Size: 7,381 SF

Lease Term: Twenty (20) Years

Rent Commencement: March 1, 2012

Lease Type: NNN - Ground L e as e

Address: 5720 E . C har les ton Blvd.

Zoning: C-1

PROPERTY SUMMARY

• 20-Year NNN Corporate Ground Lease

• Tenant: AutoZone Development Corporation, Inc.

• Strong Corporate Guaranty - AutoZone, Inc. - S&P (BBB)

• (NYSE: AZO), a Fortune 500 Company

• 2012 Construction

• 409,840 Population within 5 Mile Radius

• 10% Increase Every 5 Years

• Three 5-Year Renewal Options

• High-Traffic Location at Hard Corner


Rental Income:

AutoZone, Inc. - $92,400

Water Mill Express, LLC - $5,400

Total: $97,800

Rental Increases: 10% Every 5 Years

Lease Term: 20 Years, 14 Years Remaining

Lease Type: NNN - Ground Lease

Renewal Options: 3, 5 Years Options to Renew

LeaseCommencement:

AutoZone, Inc. 03/01/2012

Water Mill Express, LLC 04/26/1999

Year Monthly Rent Annual Rent

Current 6-10 $7,700 $92,400

11-15 $8,470 $101,640

16-20 $9,317 $111,804

Extension 1 $10,248 $122,984

Extension 2 $11,273 $135,282

Extension 3 $12,400 $148,811

Year Monthly Rent Annual Rent

Current 04/26/14 - 04/25/19

$450 $5,400

04/26/19 - 04/25/24 $550 $6,600

04/26/24 - 04/24/29 $650 $7,800

LEASE SUMMARY RENT ROLL


TENANT PROFILEAutoZone, Inc.

As of May 6, 2017, AutoZone operates 5,915 auto parts locations, including 499 in Mexico, nine in Brazil and 26 Interamerican Motor Corporation (‘’IMC’’) branches. Each AutoZone store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. Many of their domestic AutoZone stores have commercial sales programs that provide commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. The Company also has commercial programs in AutoZone stores in Mexico and Brazil. IMC branches carry an extensive line of original equipment quality import replacement parts. They also sell the ALLDATA brand automotive diagnostic and repair software through www.alldata.com and www.alldatadiy.com. Additionally, they sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and accessories, performance and replacement parts through www.autoanything.com, and our commercial customers can make purchases through www.autozonepro.com and www.imcparts.net.

Each of the Company’s AutoZoners is committed to the highest level of customer service - every store has AutoZoners equipped with the tools and knowledge necessary to provide the highest level of technical advice and diagnostic support to their customers. AutoZone’s website, www.AutoZone.com, can be used to order parts online or to look up parts in the customer’s local AutoZone store. The website is also a great resource for helpful maintenance and repair information. Through ALLDATA, the Company provides the most comprehensive electronic diagnostic and repair information available to professional mechanics either online, on CD or DVD.

The Company was founded in 1979 and has been publicly held since 1991. AutoZone stock trades on the New York Stock Exchange under the ticker symbol “AZO” and is included in the Standard & Poor’s 500 index. AutoZone is also recognized on the list of Fortune 500 companies.

Gross Margin:

Gross profit for fiscal 2016 was $5.609 billion, or 52.7% of net sales, compared with $5.327 billion, or 52.3% of net sales for fiscal 2015. The improvement in gross margin was attributable to lower acquisition costs, partially offset by higher supply chain costs associated with current year inventory initiatives (-18 basis points).

OVER $5.6 BILLION Gross Profit in 2016

S&P RATING (BBB)

A FORTUNE 500 COMPANYNYSE: AZO


TENANT PROFILEWatermill Express, LLC.

Watermill Express is the nation’s largest drive-up pure drinking water and ice company serving thousands of customers a day at numerous locations across the country.

Customers supply their own clean containers and drive up to the Watermill to purchase great-tasting water at a fraction of the price they would pay for bottled water.

Since inception, Watermill Express customers have saved over 500,000,000 1-gallon single-use water bottles from our nation’s landfills.

Watermill Express is the original creator of the drive-up concept over 20 years ago and offers our 100% Freshness Guarantee™: If their customers ever have a problem with the Company’s water, it will be replaced for free.

AVAILABLE IN 10 STATES Including California, Florida, Ohio, and Texas

1,200Corporate and Franchised Locations

FOUNDED IN 198434+ Years in Business


LOCATION OVERVIEW5720 E. Charleston Blvd. Las Vegas, NV

• Easy Access to US-95 Freeway• Surrounding 3 Mile Area Boasts over 225,000 Residents• Infill Investment Grade Investment Opportunity

Subject Property

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Subject Property

LAS VEGAS


KEY FACTS

32,904Population

31.9

Median Age

3.4

AverageHousehold Size

$51,029Median Household

Income

EDUCATION

23%

No HighSchool

Diploma 33%High School

Graduate

30%Some College 14%

Bachelor's/Grad/ProfDegree

BUSINESS

366Total Businesses

3,882Total Employees

EMPLOYMENT

46%White Collar

22%Blue Collar

32%Services

7.0%

UnemploymentRate

INCOME


Income

$18,549Per Capita Income

$60,246Median Net Worth

Households By IncomeThe largest group: $50,000 - $74,999 (22.2%)The smallest group: $200,000+ (1.8%)

Value DifferenceIndicator<$15,000

$25,000 - $34,999$15,000 - $24,999

$50,000 - $74,999$35,000 - $49,999

$75,000 - $99,999$100,000 - $149,999

10.1%

$200,000+$150,000 - $199,999

11.4%9.9%

22.2%17.2%

13.4%10.3%

1.8%3.8%

-0.8%

00

+3.4%+2.2%

-2.1%+0.2%

-2.2%-0.7%

Bars show deviation from

Clark County

1 Mile Radius

LOCATION DEMOGRAPHICS


KEY FACTS

193,348Population

33.2

Median Age

3.2



Income

EDUCATION

28%

No HighSchool


Graduate

29%Some College 12%


BUSINESS

2,300Total Businesses


EMPLOYMENT

43%White Collar

23%Blue Collar

34%Services

7.9%

UnemploymentRate

INCOME


Income




Value DifferenceIndicator<$15,000

$25,000 - $34,999$15,000 - $24,999

$35,000 - $49,999$50,000 - $74,999

$100,000 - $149,999$75,000 - $99,999

12.0%

$200,000+$150,000 - $199,999

13.6%13.0%

19.3%17.4%

11.6%8.7%2.7%1.7%

+1.1%+3.1%+2.2%+2.4%+0.5%-1.6%-3.7%-1.8%-2.3%


Clark County

KEY FACTS

409,840Population

33.4

Median Age

3.1



Income

EDUCATION

29%

No HighSchool


Graduate

27%Some College 11%


BUSINESS

7,640Total Businesses


EMPLOYMENT

40%White Collar

23%Blue Collar

37%Services

8.2%

UnemploymentRate

INCOME


Income




Value DifferenceIndicator<$15,000$15,000 - $24,999$25,000 - $34,999

$50,000 - $74,999$35,000 - $49,999

$75,000 - $99,999$100,000 - $149,999

$200,000+

14.8%

$150,000 - $199,999

14.1%14.8%

17.8%17.6%

7.3%10.0%

1.4%2.2%

+3.9%+4.2%+3.4%+2.6%-1.0%-3.2%-5.1%

-2.6%-2.3%


Clark County

3 Mile Radius 5 Mile Radius


LAS VEGAS DEMOGRAPHICSWith an increasing population of over two million residents, Las Vegas features a combined dynamic of steady household incomes and high education levels. Las Vegas is expanding rapidly, and population is expected to grow 2% by 2019. Along with the population, home sales and pricing, as well as employment and income, are continuing to rise. A benefit for businesses moving to the area is Las Vegas’s educated and fast growing workforce. About 66% of the city’s population has completed some level of college and 22.4% percent hold a bachelor’s degree.

Source: ESRI 2017


Located in Clark County in Southern Nevada, Metropolitan Las Vegas is

the 31st largest MSA in the United States, with over two million residents.

With 320 days of sunshine and an average year round temperature of 80

degrees, Las Vegas is an internationally renowned tourism and convention

destination. After lagging for most of the economic recovery, Las Vegas has

begun to see increases in job growth, home prices, construction, tourism,

and population. As the national recovery progresses, people will continue

to be drawn to Las Vegas for its employment opportunities, warm weather,

quality of life, and affordable cost of living.

• Fast growing population

• 3rd largest convention destination

• International tourism hub

• Favorable business tax structure

• No state income tax

• 24-hour economy

• Growing tech-industry environment

• A young and highly productive work force

• Modern transportation infrastructure

• Attractive quality of life and moderate climate

• Affordable cost of living

• Favorable shopping, dining & entertainment

LAS VEGAS HIGHLIGHTS

price cap las vegas, nv · 2018. 5. 8. · 5720 e. charleston blvd. las vegas, nv absolute nnn...

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