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7-ELEVEN1401 NINTH STGREELEY, CO

OFFERING MEMORANDUM

C O N T A C T S

DREW ISAACSenior Vice President Investments

[email protected]

KAITLIN O’MALLEYDirector of Operations

[email protected]

KENDALL KLINEMarketing Coordinator

[email protected]

NIKKI BRITAMarketing & Operations Associate

[email protected]

• GREELEY CITY HALL• GREELEY MUNICIPAL

COURT• WELD COUNTY COURT• DISTRICT ATTORNEY• WELD COUNTY CORONER• VETERAN’S SERVICES

MAJOR BUILDINGS

• PUBLIC DEFENDER• PROBATION DEPARTMENT• GREELEY HISTORY

MUSEUM• UNION COLONY CIVIC

CENTER• GREELEY PUBLIC WORKS

14,0

00

VPD

• PRO RODEO ARENA• GREELEY STAMPEDE• BUNKHOUSE• COLORADO FARM SHOW• WELD COUNTY HUMAN

SERVICES DEPARTMENT

MAJOR BUILDINGS

• GREELEY SADDLE CLUB• WELD COUNTY LAW• WELD COUNTY • BUILDING AND GROUNDS• WELD FOOD BANK

• JBS

INDUSTRIAL

9TH STREET

10TH STREET

14th AV

EMUE

32 MILES TO FORT COLLINS

54 MILES TO DENVER

TOTAL ENROLLMENT: 12,000

Operates 17 manufacturing facilities across the world. Leprino is also the #1 largest mozzarella cheese producer in the world.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, 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, Incorporated © 2019 Marcus & Millichap.

7 - E L E V E N

PROPERTY OVERVIEW

Price $1,700,000

NOI $106,268

CAP Rate 6.25%

Address 1401 Ninth Street

City, State, Zip Greeley, CO 80631

Lot Size 0.35 AC

Building SF 1,774 SF

Year Built/Renovated 1985/2018

PROPERTY HIGHLIGHTSG R E E L E Y , C O L O R A D O

STRONG STORE LEVEL FINANCIAL PERFORMANCE

LOCATED AT THE CORNER OF 14TH AVE & 9TH STREET (BUSINESS HIGHWAY 34)

LOCATED ONLY 1 MILE FROM THE UNIVERSITY OF NOTHERN COLORADO (APPROXIMATELY 12,260+ STUDENTS) & NEAR THE GREELEY CITY HALL

COMMENCEMENT EXPIRATION INCREASES GUARANTOR

Close of Escrow

(COE)15 Years from COE 1% Annual

14 Unit

Franchisee

K E Y L E A S E T E R M S

NEW 15 YEAR ABSOLUTE TRIPLE NET LEASE

GUARANTEED BY 14-UNIT 7-ELEVEN FRANCHISEE

GREELEY IS THE 13TH LARGEST CITY IN COLORADO WITH A POPULATION OF OVER 105,000

PROPERTY HIGHLIGHTS

L E A S E A B S T R A C T


START DATE END DATE SF MONTHLY AMOUNT ANNUALIZED AMOUNT

COE End of Year 1 1,774 $8,833.33 $106,000

Year 2 End of Year 2 1,774 $8,921.67 $107,060

Year3 End of Year 3 1,774 $9,010.88 $108,131

Year 4 End of Year 4 1,774 $9,100.99 $109,212

Year 5 End of Year 5 1,774 $9,192.00 $110,304

Year 6 End of Year 6 1,774 $9,283.92 $111,407

Year 7 End of Year 7 1,774 $9,376.76 $112,521

Year 8 End of Year 8 1,774 $9,470.53 $113,646

Year 9 End of Year 9 1,774 $9,565.23 $114,783

Year 10 End of Year 10 1,774 $9,660.89 $115,931

Year 11 End of Year 11 1,774 $9,757.50 $117,090

Year 12 End of Year 12 1,774 $9,855.07 $118,261

Year 13 End of Year 13 1,774 $9,953.62 $119,443

Year 14 End of Year 14 1,774 $10,053.16 $120,638

Year 15 End of Year 15 1,774 $10,153.69 $121,844

PROPERTY NAME 7-Eleven

ADDRESS 1401 Ninth Street

CITY, STATE, ZIP Greeley, CO 80631

INITIAL LEASE TERM 15 Years

RENT COMMENCEMENT DATE Close of Escrow (COE)

EXPIRATION DATE 15 Years Following COE

LEASE TERM REMAINING 15 Years

YEAR BUILT/RENOVATED 2018

LEASED SF 1,774 SF

LAND AREA AC 0.35 AC

LEASE TYPE Absolute Triple Net (NNN)

INCREASES 1% Annual

OPTIONS 3 x 5 Year Options

GUARANTOR 14 Unit Franchisee

7-Eleven is known for its’ name which reflects their extended hours. Throughout the 1950’s, stores began opening in Florida, Maryland, Virginia, and Pennsylvania. In 1963, 7-Eleven opened their 1,000th store and their Austin store piloted the idea of staying open 24/7 to accommodate students at a nearby university. 7-Eleven began franchising in 1964 and became an international business in 1969 by opening stores in Canada. Today, 7-Eleven has more than 60,000 stores in 18 countries around the world. 7-Eleven was ranked as the #1 Franchisor by Entrepreneur Magazine.

7E Holdings 7E Holdings is a franchise of 7-eleven and has 14 units operating in Colorado.

Greeley, Colorado: With a population of over 105,000, Greeley, Colorado is known as the most populous municipality of Weld County, Colorado. Greeley is home to the University of Northern Colorado, which has a total enrollment of over 12,000 students. Greeley is perfectly situated between Denver and Fort Collins, two of Colorado’s most traveled to cities.

7 - E L E V E NT E N A N T & L O C A T I O N O V E R V I E W


D E M O G R A P H I C S


$55,701Average Household Income

(3-Mile Radius)

29Median Age

(3-Mile Radius)

90,636Daytime Population

(3-Mile Radius)

% WHITE POPULATION 64.08% 72.93% 76.19%

% BLACK POPULATION 3.84% 2.64% 2.10%

% ASIAN 0.73% 1.62% 1.55%

% AMERICAN INDIAN, ESKIMO, ALEUT 1.76% 1.43% 1.23%

% HAWAIIAN OR PACIFIC ISLANDER 0.27% 0.18% 0.15%

% MULTI-RACE 4.80% 3.85% 3.61%

% HISPANIC 57.79% 45.23% 40.23%

% OTHER POPULATION 24.53% 17.35% 15.18%

% MALE POPULATION 51.84% 49.82% 49.80%

% FEMALE POPULATION 48.16% 50.18% 50.20%

P O P U L A T I O N B Y R A C E 1 M I LE 3 M I LES 5 M I LES

$200,000 OR MORE 1.12% 1.85% 2.66%

$150,000 - $199,999 1.32% 1.96% 3.15%

$100,000 - $149,999 5.04% 8.96% 11.31%

$75,000 - $99,999 7.96% 11.10% 13.45%

$50,000 - $74,999 13.40% 17.04% 18.70%

$35,000 - $49,999 17.22% 14.94% 14.24%

$25,000 - $34,999 13.03% 12.01% 10.41%

$15,000 - $24,999 18.70% 14.24% 11.99%

$10,000 - $14,999 9.51% 7.47% 5.90%

UNDER $9,999 12.70% 10.43% 8.17%

H O U S E H O L D S B Y I N C O M E 1 M I LE 3 M I LES 5 M I LES

H O U S E H O L D S 1 M I LE 3 M I LES 5 M I LES

2023 PROJECTION 6,836 30,911 49,471

2018 ESTIMATE 6,741 29,799 45,380

GROWTH 2018 - 2023 1.41% 3.73% 9.02%

2000 CENSUS 6,404 25,694 33,343

2010 CENSUS 6,142 26,894 40,096

GROWTH 2000 - 2010 -4.10% 4.67% 20.25%

P O P U L A T I O N

2023 PROJECTION 17,334 82,608 132,334

2018 ESTIMATE 17,573 81,251 123,782

GROWTH 2018 - 2023 1.36% 1.67% 6.91%

2000 CENSUS 17,656 72,115 93,450

2010 CENSUS 16,396 75,496 112,109

GROWTH 2000 - 2010 -7.13% 4.69% 19.97%

1 M I LE 3 M I LES 5 M I LES

C O N F I D E N T I A L I T Y& D I S C L A I M E R N O T I C E


NON-DISCLOSURE NOTICEThe information contained in the following marketing package is proprietary and strictly confidential. It is intended to be reviewed by only the party receiving it from Marcus & Millichap Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This marketing package 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 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, 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 package 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-ENDORSEMENT NOTICEMarcus & Millichap 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 Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

DO NOT CONTACT TENANTAll property showings are by appointment with the listing broker or landlord only. Under no circumstances, should any prospective purchaser or related entity contact the tenant or any of the employees at these stores. Recipients of this marketing package acknowledge that such contact may damage the tenant’s operation which would impair the financial results. Landlord reserves the right to seek legal redress for any damage that may occur from such interference with landlord’s relationship with tenant.

NET LEASE DISCLAIMERMarcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this marketing package 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 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 package 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 package 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 for 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 package, 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 net leased property.

7-ELEVEN1401 NINTH ST

GREELEY, CO 80631

7-eleven€¦ · 7-eleven is known for its name which reflects their extended hours. throughout the...

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