OFFERED BY: Holly Chetwood, CCIM John Stevens, CCIM 208.947.0827 208.947.0814 [email protected][email protected]OFFERING MEMORANDUM Einstein’s Oilery 1805 W. ISLAND GREEN DRIVE | MERIDIAN, IDAHO 83646 ABSOLUTE NNN LEASED 5.75% CAP $1,825,000 15 year lease tokcommercial.com
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OFFERIng MEMORanDuM Einstein’s Oilery - LoopNetimages4.loopnet.com/d2/PAJNSNYmJxNfbdZ... · returns, marketing plans ... Dollar Tree, Sprint, Black Rock Coffee Bar, verizon, Starbucks,
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1805 W. ISlanD gREEn DRIvE | MERIDIan, IDaHO 83646
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lEaSED
5.75% CaP$1,825,00015 year lease
tokcommercial.com
t o k c o m m e r c i a l . c o m
Confidentiality agreement The Offering 1
Financial Summary 2
Rent Roll 3
Tenant Profiles 4
Property Photographs 6
Property Site Map 7
aerial views 8
Demographics 11
Boise area Information 13
SECTIOn 1ClientRegistration
The information presented has been obtained from sources believed reliable. You are responsible for confirming its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction depends on many factors which should be evaluated through investigation by your advisors.
ABSOLUTE NNN LEASED
Table of Contents
SECTIOn 2PropertyOffering & Financials
SECTIOn 3Property Photos& Plans
SECTIOn 4Demographic& Market Info
t o k c o m m e r c i a l . c o m
In connection with the offering of the Einstein’s Oilery, 105 W. Island green Drive, Meridian, ID (the “Property”) for sale, the undersigned (“Interested Party”) has requested copies of the investment offering package (the “Investment Package”) and certain other information for purposes of evaluating the potential purchase of the Property (the “Potential Transaction”). The Investment Package together with all other documents, communications, or information furnished by the owner of the Property (“Owner”) or its agent, Thornton Oliver Keller Commercial (“TOK”), to the Interested Party regarding the Property, including without limitation, rent rolls, expenses, tax returns, marketing plans, surveys, and service contracts shall be collectively referred to herein as “Protected Information”).
In consideration of the foregoing and other good and valuable consideration, Interested Party hereby agrees that the Protected Information when received in whatever form or media shall be deemed confidential. Interested Party shall not directly or indirectly disclose Protected Information to any person or entity; provided Interested Party may disclose the Protected Information to the Interested Party’s legal counsel and prospective lender, and, if applicable, the Interested Party’s partners, members, or shareholders, for purposes of evaluating the Potential Transaction, so long as such persons have agreed in writing to be bound by the terms hereof or are subject to a confidentiality and nondisclosure agreement, the terms of which are at least as restrictive as the terms hereof. The Interested Party shall (i) treat such Protected Information as strictly confidential, (ii) use the information solely for the purpose of evaluating the Potential Transaction, and (iii) exercise the same degree of care in the protection of such Protected Information as the Interested Party exercises with respect to its own confidential or proprietary information, but in no event may such degree of care be less than reasonable given the nature of Protected Information. notes, documents, summaries and reports referencing or relating to Protected Information may be made and kept by Interested Party; provided they continue to be subject to the confidentiality,
By: Date: address:
Print name: Title: Telephone:
Company: Email:
INTERESTED PARTY (BROKER):
By: Date: address:
Print name: Title: Telephone:Company: Email:
non-disclosure, and destruction provisions set forth herein. The undersigned shall not make copies of Protected Information except for those copies required for use by the Interested Party in the Potential Transaction. In the event Interested Party elects not to proceed with the Potential Transaction, Interested Party shall immediately destroy all Protected Information, including any copies thereof.
neither Owner nor TOK makes any representations or warranties, express or implied, as to the accuracy or completeness of the Protected Information or any other information provided to Interested Party and Interested Party hereby assumes all risks associated with any reliance on the same and waives any and all claims or recourse Interested Party may have against Owner or TOK with respect to the same.
Interested Party hereby agrees to defend, indemnify and hold Owner, TOK, John Stevens, Holly Chetwood and their respective affiliates, agents, employees, successors and assigns, harmless from and against and all claims, causes of action, damages, losses, liabilities, and expenses, including, without limitation, reasonable attorneys’ fees, arising out of or related to Interested Party’s breach of the terms and conditions of this agreement.
This document may be executed in counterparts, each of which together shall constitute one and the same document. Provided, further, this document may be executed electronically and delivered by facsimile or electronic mail, and any such signature shall have the effect of an original signature.
The undersigned has/have caused this document to be executed as of the date set forth below.
INTERESTED PARTY (POTENTIAL PURCHASER):
SIGN AND RETURN VIA EMAIL OR FAX TO:
John Stevens, CCIM and Holly Chetwood, CCIMThornton Oliver Keller Commercial, 250 S. 5th, 2nd Floor, Boise, ID 83702 • (208)378-4600
t o k c o m m e r c i a l . c o m [1]Einstein’s Oilery
Property name: Einstein’s Oilery
Property address: 1805 W. Island green Drive Meridian, Idaho 83646
Property Description: Full Service automotive Oil & lube Facility
Building Size: 3,178 SF Total • 2 Bays • Mezzanine & Basement
Parcel Size: 0.454 acres
Zoning: C-C
• Brand new Construction• absolute nnn - no landlord Responsibilities• Personally guaranteed by Both Partners
Thornton Oliver Keller is pleased to exclusively offer the newly-constructed Einstein’s Oilery for sale as an absolute nnn lease with a 15 year initial term. The Property is located at 1805 W. Island green Drive in Meridian Idaho. Shadow anchored by Fred Meyer and the soon-to-be developed Winco, other nearby retailers include Primary Health, Carl’s Jr., Dollar Tree, Sprint, Black Rock Coffee Bar, verizon, Starbucks, McDonald’s and many more.
The asset is offered at an 5.759% cap rate. The offering is a tremendous opportunity for an investor or 1031 exchange buyer to achieve stable returns in today’s low-yield environment with no management involvement.
Offering Overview
The Offering
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Offering Price: $1,825,000
Capitalization Rate: 5.75%
net Operating Income: $105,000
Tenant: l & F Enterprises, Inc. dba Einstein’s Oilery
Term: 15 years
Rent: $105,000 annually, with 10% increases every 5 years 4, 5-year options to renew
Property Overview
Highlights
Summary
narrative
Summary
t o k c o m m e r c i a l . c o m [2]Einstein’s Oilery
FInanCIal InFORMaTIOn IS avaIlaBlE uPOn ExECuTIOn OF a COnFIDEnTIalITY agREEMEnT
Financial Summary
Stabilized Income Per Square FootScheduled Rent: $33.00/SF nnn
Price $1,825,000Price Per Square Foot: $574.26Capitalization Rate: 5.759%Total Rentable area (SF): 3,178lot Size (aC): 0.454
Equals net Operating Income $105,000*Price and Rent to be established upon construction completion.
t o k c o m m e r c i a l . c o m [3]Einstein’s Oilery
t o k c o m m e r c i a l . c o m [4]Einstein’s Oilery
Tenant Profile Einstein’s Oilery is a homegrown, Idaho company founded right here in the Treasure valley. The first Einstein’s location opened in 2007 on Fairview avenue in Meridian. Since then, our team has worked tirelessly to expand to 8 locations in Boise, Meridian, garden City, nampa, and Caldwell. Because of
our local roots, we will always be deeply committed to and grateful for this community. It has truly made us what we are! History: Einstein’s Oilery was founded by Michael Meuret and Stephen Taylor, who met while employed by a chain of 5 franchised automotive maintenance centers which they managed together. During their tenure they became frustrated with the limited opportunities afforded them within the franchise structure and dreamed of one day launching a business of their own. They envisioned a company that would revolutionize the automotive oil change industry which is often characterized by dingy facilities, dishonest practices, and mediocre service. They aimed to accomplish this by providing a customer experience that was unparalleled and truly extraordinary. To embody this brand to be, they chose albert Einstein, the very antithesis of the status quo; an extraordinary individual who lived on the cutting edge and staunchly resisted anything ordinary or boring. Einstein’s Oilery was born. Values & Mission: Serving our customers: at Einstein’s Oilery we believe changing your oil should be enjoyable rather than a chore and that you should always leave with the utmost confidence that the job was done right. To that end, we invite you to relax in your car and watch our technicians at work on Tv monitors mounted next to your vehicle. You can also enjoy a free beverage of your choice and a newspaper or surf the web on one of our complimentary in service tablets. You never need an appointment and you’ll be in and out before you know it. Plus, we only use products of the highest quality so that every Einstein’s service meets or exceeds your vehicle’s warranty requirements. Serving our employees: We are deeply committed to improving the lives of our employees both personally and professionally. That’s why in addition
to offering industry leading pay, benefits, and advancement opportunities; Einstein’s Oilery dedicates 10% of all profits to our employees and their families through an annual profit sharing bonus. Serving our community and our world: The Einstein’s team is passionate about investing in our neighborhoods and beyond. That’s why we donate at least 25% of all profits to charitable organizations throughout the Treasure valley and around the world. Some of our favorite causes include local schools, St Jude Children’s Research Hospital, local food banks, youth sports programs, and orphan care in africa and India. at Einstein’s Oilery your oil change helps change the world!
www.einsteinsoilery.com/
t o k c o m m e r c i a l . c o m [5]Einstein’s Oilery
Tenant Profile
SuBJECT PROPERTYnOW OPEn
-NOW OPEN!
t o k c o m m e r c i a l . c o m [6]Einstein’s Oilery
Construction Photos
REPRESENTATIVE PHOTOS
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t o k c o m m e r c i a l . c o m [13]Einstein’s Oilery
Boise Area Information
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BOISE, IDAHO - Boise is not only the capital of Idaho, but the center of commerce, politics, population, cultural events, and the blue field that personifies the Boise State Broncos. As a high desert community resting at the foot of the mountains, it is surrounded by thriving bedroom communities rich in their own histories and economies, bringing the metro area population to approximately 696,000. Experts estimate the MSA population will exceed 748,000 by 2022.
Although Boise is famous for the potato market, it has an equally vibrant economic environment for high-tech, healthcare, education, transportation, service, tourism, and retail industries. Many nationally and globally recognized corporations have a home in Boise including Micron Technology, Hewlett Packard, DirecTV, Albertsons, J.R. Simplot Company, MotivePower, Materne, Heartland RVs, and many others.
Forbes consistently ranks Boise as one of the top places in the country to do business, high quality of life, raising a family, entertainment, and recreation. Boise has seen increased development with The Village at Meridian, the Eighth & Main Building, and the under construction City Center Plaza and JUMP Project. And don’t forget our three time Fiesta Bowl winning team, the Boise State Broncos!
TOP EMPLOYERSSt. Luke’sMicron Technology, Inc.West Ada School DistrictBoise School DistrictBoise State UniversitySaint Alphonsus Health SystemWalmartCity of BoiseHP Inc.J.R. Simplot Company
Source 2017 Boise Valley Spotlight
HOUSINGSingle-Family Homes sold in Ada Co. (2016) 10,777Median Home Price $225,673Single-Family Homes sold in Canyon Co. (2016) 4,056Median Home Price $156,330
Source: Intermountain MLS and STDBonline.
KEY CITIES WITHIN THE BOISE AREA MSABoise 228,930Meridian 98,300Eagle 26,930Nampa 96,820Caldwell 54,120Total MSA Population (2017) 695,765
Source: Compass 2017 Population Estimates and 2017 Boise Valley Spotlight.
EMPLOYMENT AND INCOMETotal Employment (Boise-Nampa MSA 4/17) 314,440State Unemployment Rate as of April 2017 3.4%Per Capita Income $26,306Median Household Income $53,059Average Household Income $79,273