san angelo, tx - loopnet

SAN ANGELO, TX

* Representative Photo

2F INANCIAL ANALYSIS

PRICING & FINANCIAL ANALYSIS

OFFERING SUMMARY

Price $3,480,000

Cap Rate 5.75%

Net Operating Income $200,000

Year Built 2000

Gross Leasable Area 7,999 SF

Lot Size 1.78 Acres

LEASE SUMMARY

Lease Term 20 Years

Lease Commencement 2/1/2019

Lease Expiration 1/31/2039

Remaining Term 20+ Years

Lease Type NNN

Roof & Structure Tenant

Increases 10% Every 5 Years

Options 3 x 5 Year

Options to Purchase ROFR

ANNUALIZED OPERATING DATA

Year(s) Commencement Annual Increase

1-3 2/1/2019 $200,000 -

4-10 2/1/2022 $220,000 10.00%

11-15 2/1/2029 $242,000 10.00%

16-20 2/1/2034 $266,200 10.00%

Option 1: 21-25 2/1/2039 $292,820 10.00%

Option 2: 26-30 2/1/2044 $322,102 10.00%

Option 3: 31-35 2/1/2049 $354,312 10.00%

NET OPERATING INCOME $200,000

Hooters4384 Sherwood WaySan Angelo, TX 76901

PRICING & FINANCIAL ANALYSIS HOOTERS - SAN ANGELO, TX

Note: The property is currently under construction (tenant remodel and buildout). The tenant is scheduled to open for business on February 2019 but this date is subject to change.


HOOTERS - SAN ANGELO, TXPRICING & FINANCIAL ANALYSIS

PROPERTY ADDRESS CITY STATE PRICE NOI CAP RATE

1 Stonebridge Pediatrics 5561 Virginia Pkwy McKinney TX $3,800,000 $256,477 6.75%

2 McKinney Two-Tenant Strip 1980 N Central Expy McKinney TX $2,450,000 $165,459 6.75%

3 Cash America Pawn 5016 Lemmon Ave Dallas TX Under Contract

4 BlueWave Express Wash 1665 Eldridge Pkwy Houston TX $5,050,000 $341,000 6.75%

5 Christian Brothers Automotive 7937 Westheimer Rd Houston TX $3,080,000 $184,677 6.00%

6 Christian Brothers Automotive 10010 McMullen Rd Brandon FL $2,980,000 $178,946 6.00%

7 Kirby’s Steakhouse 3305 E State Hwy 114 Southlake TX $4,080,000 $265,000 6.50%

8 BlueWave Express Wash 9801 Jones Rd Houston TX $4,400,000 $297,000 6.75%

9 Target Strip on LBJ 5631 LBJ Fwy Dallas TX $4,425,000 $399,000 (1) 9.00% (1)

10 Bexar County Offi ce Building 2711 SE Loop 410 San Antonio TX $3,790,000 (2) $283,092 8.00%

11 ABA North Texas 6200 Virginia Pkwy McKinney TX $1,830,000 $127,818 7.00%

12 Multi-Tenant Offi ce Building 1405-1415 Halsey Way Carrollton TX $3,910,000 $312,574 8.00%

13 Little Sunshine’s Playhouse 600 Zena Rucker Rd Southlake TX Under Contract

14 Little Sunshine’s Playhouse 1501 Lohmans Crossing Lakeway TX $4,630,000 $312,300 6.75%

15 Hooters 4384 Sherwood Way San Angelo TX $3,480,000 $200,000 5.75%

16 Little Sunshine’s Playhouse 8030 Branch Crossing The Woodlands TX $5,325,000 $359,349 6.75%

17 Car Spa 5028 W Park Blvd Plano TX $6,740,000 $455,000 6.75%

18 Service King 4205 W Plano Pkwy Plano TX $6,785,000 $424,000 6.25%

19 Fireside Pies 1285 S Main St Grapevine TX $2,640,000 $178,196 6.75%

20 Winewood Grill 1265 S Main St Grapevine TX $4,225,000 $285,000 6.75%

TOTAL $79,605,000 $5,398,148 6.76%

PORTFOLIO SUMMARYThis Property may be purchased individually or as part of a portfolio

(1) NOI and Cap Rate is based on Pro Forma(2) Sale price includes $250,000 of amortized T.I.


HOOTERS - SAN ANGELO, TXTENANT OVERVIEW

COMPANY SUMMARY

Company Hooters

Ownership Private

Number of Locations 430+

Years in Business 35

Headquarters Atlanta, GA

Website www.hooters.com

Hooters, Inc. is the trade name of two privately held American restaurant chains: Hooters of America, Incorporated, based in Atlanta, Georgia, and Hooters, Incorporated, based in Clearwater, Florida. The waiting staff at Hooters restaurants are primarily attractive young women, usually referred to simply as “Hooter Girls”, whose revealing outfits and sex appeal are played up and are a primary component of the company’s image. Almost all Hooters restaurants hold alcoholic beverage licenses to sell beer and wine, and where local permits allow, a full liquor bar. Hooters T-shirts, sweatshirts, and various souvenirs and curios are also

sold.


5PROPERTY DESCRIPTION

HOOTERS - SAN ANGELO, TXINVESTMENT HIGHLIGHTS

Estimated Vehicles Per Day

Average Household Income

Population Growth 2010-2018

Population: 5 Mile Radius

90,53910.47%

$70,68917,000

S N A P S H O T• Brand New 20-Year Net Lease with a Strong Corporate Guarantee

• Absolute NNN – Zero Landlord Responsibilities

• Located on Sherwood Way in San Angelo – Visible to 17,000 Vehicles per Day

• Class A Construction in Prime Location

• Two Miles from Angelo State University with Enrollment Over 10,000 Students

• In 2013, San Angelo Ranked 4th in the Nation on Forbes’ “Best Small Cities for Jobs” Rankings

• Five Hotels Within Walking Distance of The Property Drawing Visitors to the Area

• Population in a One-Mile Radius has Grown 10% In the Past Few Years with another 4% Projected by 2023

• Surrounding National Retailers Include Tractor Supply, Target, Chick-fil-A, Home Depot, AT&T, Anytime Fitness, Buffalo Wild Wings, PetSmart, McAllister’s Deli, O’Reilly Auto Parts, Michaels, Best Buy, Dillard’s, Hobby Lobby, Freddy’s Frozen Custard & Steakburgers, Academy, Office Depot



HOOTERS - SAN ANGELO, TXAERIAL MAP

Sherwood W

ay

17,000 VPD



HOOTERS - SAN ANGELO, TXLOCAL MAP

8MARKET OVERVIEW

HOOTERS - SAN ANGELO, TXMARKET OVERVIEW

San Angelo is the county seat of Tom Green County in the Concho Valley of Texas. It has a population of about 100,000 people and is home to Angelo State University, historic Fort Concho, and Goodfellow Air Force Base. Common nicknames of the city include Angelo, Land of Sand and Jello, the Concho City, the Pearl of the Conchos, and the Oasis of West Texas.

San Angelo has consistently been ranked by many publications and rankings as one of the best small cities for business and employment. In 2013, it ranked fourth in the nation in Forbes magazine’s “Best Small Cities For Jobs” rankings. In 2010, Kiplinger’s Personal Finance named San Angelo as one of the “Best Cities of the Next Decade”. In 2009, CNN Money ranked San Angelo as one of the best cities to launch a small business.

San Angelo has a diverse economy for a city of its size. Although most oil fields lie to the west, many oil-field service companies based in the city employ a large number of local residents. The agricultural

industry in San Angelo remains strong. Producer’s Livestock Auction is the nation’s largest for sheep and lambs, and is among the top five in the nation for cattle auctions. Though most agricultural work is done outside the city, thousands of employees work in the cattle and lamb meat-processing industries, and many more work in agriculture supporting roles inside the city. The telecommunication industry is a strong employer in San Angelo. Sitel has a call center in San Angelo. In addition, Frontier Communications, Performant Recovery Inc. (formerly DCS), a debt recovery corporation, and Blue Cross all employ over 1,000 each individuals locally.

San Angelo is home to Angelo State University. Founded in 1928, it enrolls about 10,000 students who come from almost every county in Texas, 40 states, and 24 countries. One of the nation’s premier regional universities, it was featured in the Princeton Review Best 373. The only other two listed from the state were Texas A&M University and the University of Texas at Austin.

San Angelo, TX

O V E R V I E W

9MARKET OVERVIEW

HOOTERS - SAN ANGELO, TXDEMOGRAPHIC STATISTICS

Demographic data © CoStar 2018

1 Mile 3 Mile 5 Mile

Population:2023 Projection 7,256 54,308 90,5392018 Estimate 6,935 52,084 86,7442010 Census 6,278 47,915 79,315Growth 2018-2023 4.63% 4.27% 4.37%Growth 2010-2018 10.47% 8.70% 9.37%2018 Population Hispanic Origin 2,056 16,448 34,557

2018 Population by Race:White 6,235 47,153 78,114Black 356 2,427 4,554Am. Indian & Alaskan 45 466 887Asian 152 883 1,234Hawaiian & Pacific Island 2 75 125Other 144 1,080 1,830U.S. Armed Forces: 107 502 2,263

Households:2023 Projection 3,170 22,398 35,7182018 Estimate 3,033 21,438 34,1542010 Census 2,783 19,719 31,226Growth 2018 - 2023 4.52% 4.48% 4.58%Growth 2010 - 2018 8.98% 8.72% 9.38%Owner Occupied 1,768 13,036 20,793Renter Occupied 1,265 8,402 13,361

2018 Avg Household Income $70,689 $69,267 $67,353 2018 Med Household Income $57,510 $52,055 $47,808 2018 Households by Household Inc:

<$25,000 627 4,524 8,305$25,000 - $50,000 715 5,815 9,451$50,000 - $75,000 567 4,333 6,306$75,000 - $100,000 476 2,375 3,404$100,000 - $125,000 297 1,796 2,525$125,000 - $150,000 127 878 1,340$150,000 - $200,000 125 951 1,507$200,000+ 97 766 1,317

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE.

This offering memorandum has been prepared to provide summary, unverified financial and physical 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. STRIVE 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, PCBs or asbestos, the compliance with local, 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 offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

CONFIDENTIALITY AGREEMENT

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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE

STRIVE hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

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. STRIVE 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 use of the property.

By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Net Lease Disclaimer

TYPES OF REAL ESTATE LICENSE HOLDERS:• ABROKERisresponsibleforallbrokerageactivities,includingactsperformedbysalesagentssponsoredbythebroker.• ASALESAGENT mustbesponsoredbyabrokerandworkswithclientsonbehalfofthebroker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents):• Puttheinterestsoftheclientaboveallothers,includingthebroker’sowninterests;• Informtheclientofanymaterialinformationaboutthepropertyortransactionreceivedbythebroker;• Answertheclient’squestionsandpresentanyoffertoorcounter-offerfromtheclient;and• Treatallpartiestoarealestatetransactionhonestlyandfairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

AS AGENT FOR OWNER (SELLER/LANDLORD): Thebrokerbecomesthepropertyowner’sagentthroughanagreementwiththeowner,usuallyinawrittenlistingtosellorpropertymanagementagreement.Anowner’sagentmustperformthebroker’sminimumdutiesaboveandmustinformtheownerofanymaterialinformationaboutthepropertyortransactionknownbytheagent,includinginformationdisclosedtotheagentorsubagentbythebuyerorbuyer’sagent.

AS AGENT FOR BUYER/TENANT: Thebrokerbecomes thebuyer/tenant’sagentbyagreeing to represent thebuyer,usually throughawrittenrepresentationagreement.Abuyer’sagentmustperformthebroker’sminimumdutiesaboveandmustinformthebuyerofanymaterialinformationaboutthepropertyortransactionknownbytheagent,includinginformationdisclosedtotheagentbythesellerorseller’sagent.

AS AGENT FOR BOTH - INTERMEDIARY: Toactasanintermediarybetweenthepartiesthebrokermustfirstobtainthewrittenagreementofeachpartytothetransaction.Thewrittenagreementmuststatewhowillpaythebrokerand,inconspicuousboldorunderlinedprint,setforththebroker’sobligationsasanintermediary.Abrokerwhoactsasanintermediary:• Musttreatallpartiestothetransactionimpartiallyandfairly;• May,withtheparties’writtenconsent,appointadifferentlicenseholderassociatedwiththebrokertoeachparty(ownerand• buyer)tocommunicatewith,provideopinionsandadviceto,andcarryouttheinstructionsofeachpartytothetransaction.• Mustnot,unlessspecificallyauthorizedinwritingtodosobytheparty,disclose:

ӽ thattheownerwillacceptapricelessthanthewrittenaskingprice;ӽ thatthebuyer/tenantwillpayapricegreaterthanthepricesubmittedinawrittenoffer;andӽ anyconfidentialinformationoranyotherinformationthatapartyspecificallyinstructsthebrokerinwritingnottodisclose,unlessrequiredtodosobylaw.

AS SUBAGENT: Alicenseholderactsasasubagentwhenaidingabuyerinatransactionwithoutanagreementtorepresentthebuyer.Asubagentcanassistthebuyerbutdoesnotrepresentthebuyerandmustplacetheinterestsoftheownerfirst.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH:• Thebroker’sdutiesandresponsibilitiestoyou,andyourobligationsundertherepresentationagreement.• Whowillpaythebrokerforservicesprovidedtoyou,whenpaymentwillbemadeandhowthepaymentwillbecalculated.

LICENSE HOLDER CONTACT INFORMATION: Thisnoticeisbeingprovidedforinformationpurposes.Itdoesnotcreateanobligationforyoutousethebroker’sservices.Pleaseacknowledgereceiptofthisnoticebelowandretainacopyforyourrecords.

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov

Information About Brokerage Services

IABS1-0

exclusively listed

469.844.8880 | STRIVERE.COM

san angelo, tx - loopnet

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