offering memorandum...4 offering summary sale price: $4,050,000 cap rate: 6.75% noi: $273,391 lot...
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P H I L I P L E V Y972.755.5225SENIOR MANAGING DIRECTORPLEVY@MARCUSMILLICHAP.COM
OFFERING MEMORANDUM
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2
PROPERTY INFORMATION 3
LOCATION INFORMATION 7
FINANCIAL ANALYSIS 13
SALE COMPARABLES 17
RENT COMPARABLES 24
DEMOGRAPHICS 29
ContentsConfidentiality & Disclaimer
The information contained in the following Marketing Brochure is proprietary and strictlyconfidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichapand should not be made available to any other person or entity without the written consent ofMarcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only a preliminary level of interest in thesubject property. The information contained herein is not a substitute for a thorough duediligence investigation. Marcus & Millichap has not made any investigation, and makes nowarranty or representation, with respect to the income or expenses for the subject property, thefuture projected financial performance of the property, the size and square footage of theproperty and improvements, the presence or absence of contaminating substances, PCB's orasbestos, the compliance with State and Federal regulations, the physical condition of theimprovements thereon, or the financial condition or business prospects of any tenant, or anytenant’s plans or intentions to continue its occupancy of the subject property. The informationcontained 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 containedherein, nor has Marcus & Millichap conducted any investigation regarding these matters andmakes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of theinformation set forth herein.
Non-Endorsement Notice
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant orlessee identified in this marketing package. The presence of any corporation’s logo or name is notintended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporationof Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commerciallisting of Marcus & Millichap, and is solely included for the purpose of providing tenant lesseeinformation about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
TABLE OF CONTENTS
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Section 1 PROPERTY INFORMATION
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4
OFFERING SUMMARY
Sale Price: $4,050,000
Cap Rate: 6.75%
NOI: $273,391
Lot Size: 2.21 Acres
Year Built: 2001
Building Size: 14,218
Price / SF: $284.85
Marcus & Millichap is pleased to present the opportunity to acquire Roanoke Corners, consisting of two multi-tenant retail buildingstotaling 14,218 square feet in the growing Dallas-Fort Worth suburb of Roanoke, Texas.
PROPERTY OVERVIEW
DEMOGRAPHICS
1 MILE 3 MILES 5 MILES
Total Households 2,903 8,656 25,310
Total Population 7,897 23,376 72,850
Average HH Income $116,291 $129,342 $138,018
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
PROPERTY INFORMATION | EXECUTIVE SUMMARY
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SALE HIGHLIGHTS
• Two Multi-Tenant Retail Buildings | In Line with Former Albertson’s Grocery Store
• 100% Occupied | All Leases are Triple-Net
• Internet-Resistant Tenant Base
• Situated on 2.21 Acres | Large Concrete Parking Lot
• Signalized, Hard Corner Highway Location with Multiple Ingress and Egress Points
• Traffic Counts are Approximately 21,330 Vehicles per Day on US Highway 377 and
34,000 Vehicles per Day on TX Highway 114
• Dense Retail in the Surrounding Area, Including Walmart, The Home Depot, Dollar
Tree, Chili's Grill and Bar, and PetSmart
• Extremely Affluent Area | Average Household Income within Five Miles is $138,018 |
More than 72,850 Residents within Five Miles
• Large Employers Increase Roanoke's Daytime Population to more than 60,000 within a
Three-Mile Radius
• Short Distance from Historic Downtown Roanoke | Popular Destination with Unique
Dining, Boutique Shops, and Entertainment Venues | Appointed by the Texas House of
Representative as "The Unique Dining Capital of Texas"
• Roanoke is Located in a High Growth Corridor of North Fort Worth
• Conveniently Located Between the Dallas-Fort Worth International Airport (Fourth
Largest International Airport in the World) and the Fort Worth Alliance Airport, the
Cornerstone for the Nation's Fastest-Growing Industrial Complex (Alliance Global
Logistics Hub)
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
PROPERTY INFORMATION | COMPLETE HIGHLIGHTS
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Roanoke Corners is comprised of two multi-tenant retail buildings totaling 14,218 square feet in the growing
Dallas-Fort Worth suburb of Roanoke, Texas. Constructed in 2001, the buildings are situated on 2.21 acres and are
in line with a former Albertson’s grocery store that is currently vacant. The subject property is 100 percent
occupied, and all leases are triple-net. The internet-resistant tenant base consists of Roanoke Nails, AT&T, Cinch
Cleaners, Affinity Dental, Rise Men's Health, Donut Paradise, and Liquor Stop.
PROPERTY OVERVIEW
The subject property is located on the signalized hard corner of US Highway 377 and Texas Highway 114, with
multiple ingress and egress points from both highways. Traffic counts are approximately 21,330 vehicles per day on
US Highway 377 and 34,000 vehicles per day on Texas Highway 114. Numerous national and regional tenants are in
the surrounding area, including Sherwin-Williams, Papa John’s Pizza, McDonald’s, Starbucks, Christian Brothers
Automotive, The Home Depot, Walmart Supercenter, Chili’s Grill and Bar, Pizza Hut, Pep Boys Auto Service, Wells
Fargo Bank, Chase Bank, PetSmart, Dollar Tree, Sonic Drive-In, Anytime Fitness, MetroPCS, GameStop, Subway,
Sally Beauty Supply, AutoZone, National Tire and Battery, CVS, Aldi, Chick-fil-A, Discount Tire, Tractor Supply Co.,
and many others.
The surrounding area is highly affluent with a five-mile average household income of $138,018 and a population
exceeding 72,850 residents. Historic Downtown Roanoke is a short distance from the property, a popular
destination for dining, boutique shopping, and entertainment over nine blocks of recently redeveloped Oak Street.
The Texas House of Representatives have officially appointed the area as "The Unique Dining Capital of Texas".
Roanoke is two miles south of Grapevine Lake and seventeen miles southwest of Denton in south central Denton
County. It is located in an exciting growth corridor of north Fort Worth that has experienced a surge in residential
and commercial expansion over the last ten years. The main east-west road through town, State Highway 114
Business, is named "Byron Nelson Boulevard" in honor of the golfer who resided in the community.
LOCATION OVERVIEW
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
PROPERTY INFORMATION | PROPERTY DESCRIPTION
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Section 2 LOCATION INFORMATION
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Roanoke Corners
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
LOCATION INFORMATION | REGIONAL MAP
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
LOCATION INFORMATION | LOCATION MAPS
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
LOCATION INFORMATION | AERIAL MAPS
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
LOCATION INFORMATION | AERIAL MAPS
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
LOCATION INFORMATION | AERIAL MAPS
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Section 3 FINANCIAL ANALYSIS
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INVESTMENT OVERVIEW
Price $4,050,000
Price per SF $284.85
CAP Rate 6.75 %
Total Return (yr 1) $273,391
OPERATING DATA
Gross Income $432,294
Operating Expenses $158,903
Net Operating Income $273,391
FINANCING DATA
Down Payment $4,050,000
Loan Type All Cash
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
FINANCIAL ANALYSIS | FINANCIAL SUMMARY
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*Base Rent is based on the future base rent of $273,391 as of 7/01/19. Current actual rent is $269,907. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.
INCOME SUMMARY PER SF
* Base Rent $273,391 $19.23
Real Estate Taxes Reimbursements $62,511 $4.40
Insurance Reimbursements $11,358 $0.80
Common Area Maintenance Reimbursements $72,434 $5.09
Management Fee Reimbursements $12,600 $0.89
Gross Income $432,294 $30.40
EXPENSE SUMMARY PER SF
Real Estate Taxes $62,511 $4.40
Insurance $11,358 $0.80
Utilities $22,617 $1.59
Repairs & Maintenance $7,961 $0.56
Landscaping Contract $14,434 $1.02
Contract Cleaning $10,457 $0.74
Waste Removal $6,829 $0.48
Alarm Monitoring $10,136 $0.71
Management Fee $12,600 $0.89
Gross Expenses $158,903 $11.18
Net Operating Income $273,391 $19.23
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
FINANCIAL ANALYSIS | INCOME & EXPENSES
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TENANT
NAME
UNIT
NUMBER
UNIT
SIZE (SF)
% OF
GLA
LEASE
START
LEASE
END
ANNUAL
RENT
ESC
DATE
PRICE
PER YEAR
LEASE
TYPE OPTION
EXPENSE
REIMBURSEMENT
Roanoke Nails 101 2,625 18.46 8/01/11 3/31/22 $50,813
4/1/2021
$19.36
$19.64
NNN None $29,333.49
AT&T 102 1,733 12.19 6/14/01 6/30/22 $39,860 $23.00 NNN (1) 3-Yr @ $23.00 $19,370.28
Cinch Cleaners (1) 104 986 6.93 6/05/11 8/31/19 $15,776 $16.00 NNN (1) 5-Yr @ $18.00 $11,011.98
Affinity Dental (1) (2) 106 3,295 23.17 3/02/09 10/31/27 $57,663
11/1/2019
11/1/2020
11/1/2021
11/1/2022
11/1/2023
11/1/2024
11/1/2025
11/1/2026
$17.50
$18.00
$18.50
$19.00
$19.50
$20.00
$20.50
$21.00
$21.50
NNN (2) 5-Yr $36,674.81
Rise Men's Health (1) 200 2,094 14.73 10/01/18 9/30/21 $39,780 $19.00 NNN (4) 3-Yr @ Mkt $23,406.41
Donut Paradise (1) 203 1,000 7.03 6/14/01 6/30/21 $22,000 $22.00 NNN None $11,170.88
Liquor Stop 204 2,500 17.58 8/06/11 8/31/19 $47,500 $19.00 NNN (1) 5-Yr @ Mkt $27,935.15
Totals/Averages 14,233 $273,392 $19.21 $158,903.00
(1) Leases have a Personal Guarantee.(2) Tenant has a Right of First Refusal to purchase the property.*Total Annual Rent is based on the future base rent of $273,391 as of 7/01/19. Current actual rent is $269,907. Seller shall credit Buyer the monthly rent differential on a pro rata basis, at closing.
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
FINANCIAL ANALYSIS | RENT ROLL
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Section 4 SALE COMPARABLES
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SUBJECT PROPERTY
1104 & 1112 North US Highway 377 | Roanoke, TX 76262
$4,050,000Sale Price: 2.21 ACLot Size:
2001Year Built: 14,218 SFBuilding SF:
$284.85Price PSF: 6.75%Cap:
$273,391NOI:
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KROGER SHADOW-ANCHORED RETAIL CENTER
3680 SH 121 | Plano, TX 75025
$4,060,000Sale Price: 0.99 ACLot Size:
2017Year Built: 8,957 SFBuilding SF:
$453.28Price PSF: 5.7%CAP:
06/13/2018Closed: 100%Occupancy:
Dental Studio 121, Cozy Nail Spa, Saalna
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FREDDY'S FROZEN CUSTARD RETAIL CENTER
5101 State Highway 121 | The Colony, TX 75056
$5,697,000Sale Price: 1.37 ACLot Size:
2015Year Built: 10,149 SFBuilding SF:
$561.34Price PSF: 6.25%CAP:
08/21/2015Closed: 100%Occupancy:
Freddy's Frozen Custard, LIV Dentistry, Navy Federal Credit Union
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
SALE COMPARABLES | SALE COMPS
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WILLOW BEND CROSSING
1855 Dallas Parkway | Plano, TX 75093
$8,100,000Sale Price: 2.12 ACLot Size:
2015Year Built: 14,555 SFBuilding SF:
$556.51Price PSF: 6.32%CAP:
09/03/2015Closed: 100%Occupancy:
Shell Shack, Jersey Mike's Subs, Salata, Wok Box, Torchy's Tacos
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LUCAS VILLAGE
501 South Angel Parkway | Allen, TX 75002
$3,660,000Sale Price: 1.32 ACLot Size:
2018Year Built: 8,218 SFBuilding SF:
$445.36Price PSF: 6.34%CAP:
02/01/2019Closed: 100%Occupancy:
Hubler Dental, Oasis Nail Spa, Choy Dental
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SPORTS VILLAGE PLAZA
6065 Sports Village Road | Frisco, TX 75033
$6,525,000Sale Price: 1.9 ACLot Size:
2013Year Built: 18,323 SFBuilding SF:
$356.11Price PSF: 6.51%CAP:
07/13/2018Closed: 100%Occupancy:
Foley Custom Pools, Low T Center, Dickey's BBQ, Durkin's Pizza, Her Kare
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
SALE COMPARABLES | SALE COMPS
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HULEN CROSSING
8615 South Hulen Street | Fort Worth, TX 76123
$1,775,000Sale Price: 1.09 ACLot Size:
2006Year Built: 9,730 SFBuilding SF:
$182.43Price PSF: 6.58%CAP:
07/09/2018Closed: 84%Occupancy:
Hulen Crossing Family Dental, Little Caesar's, Nail Salon and Spa, Cleaner'sCorner
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EDMONDS PLAZA EAST AND WEST
771 West Round Grove Road | Lewisville, TX 75067
$4,450,000Sale Price: 1.86 ACLot Size:
2014Year Built: 15,500 SFBuilding SF:
$287.10Price PSF: 6.59%CAP:
11/15/2018Closed: 100%Occupancy:
Park Dental, The Liquor Outpost, Victoria Nail Bar, Burgerim
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
SALE COMPARABLES | SALE COMPS
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SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP
Roanoke Corners
1104 & 1112 North US Highway 377
Roanoke, TX 76262
$4,050,000 14,218 SF $284.85 6.75%
SALE COMPS PRICE BLDG SF PRICE/SF CAP CLOSE
Kroger Shadow-Anchored RetailCenter3680 SH 121
Plano, TX 75025
$4,060,000 8,957 SF $453.28 5.7% 06/13/2018
Freddy's Frozen Custard RetailCenter5101 State Highway 121
The Colony, TX 75056
$5,697,000 10,149 SF $561.34 6.25% 08/21/2015
Willow Bend Crossing1855 Dallas Parkway
Plano, TX 75093
$8,100,000 14,555 SF $556.51 6.32% 09/03/2015
Lucas Village501 South Angel Parkway
Allen, TX 75002
$3,660,000 8,218 SF $445.36 6.34% 02/01/2019
Sports Village Plaza6065 Sports Village Road
Frisco, TX 75033
$6,525,000 18,323 SF $356.11 6.51% 07/13/2018
Hulen Crossing8615 South Hulen Street
Fort Worth, TX 76123
$1,775,000 9,730 SF $182.43 6.58% 07/09/2018
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
SALE COMPARABLES | SALE COMPS SUMMARY
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SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP
Edmonds Plaza East and West771 West Round Grove Road
Lewisville, TX 75067
$4,450,000 15,500 SF $287.10 6.59% 11/15/2018
PRICE BLDG SF PRICE/SF CAP CLOSE
Totals/Averages $4,895,286 12,205 SF $401.09 6.33%
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
SALE COMPARABLES | SALE COMPS SUMMARY
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1104 & 1112 North US Highway 377 | Roanoke, TX 76262SUBJECT PROPERTY
13680 SH 121
Plano, TX 75025
KROGER SHADOW-ANCHOREDRETAIL CENTER 2
5101 State Highway 121
The Colony, TX 75056
FREDDY'S FROZEN CUSTARDRETAIL CENTER 3 1855 Dallas Parkway
Plano, TX 75093
WILLOW BEND CROSSING4 501 South Angel Parkway
Allen, TX 75002
LUCAS VILLAGE
5 6065 Sports Village RoadFrisco, TX 75033
SPORTS VILLAGE PLAZA6 8615 South Hulen Street
Fort Worth, TX 76123
HULEN CROSSING7 771 West Round Grove Road
Lewisville, TX 75067
EDMONDS PLAZA EAST AND WEST
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
SALE COMPARABLES | SALE COMPS MAP
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Section 5 RENT COMPARABLES
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SUBJECT PROPERTY
1104 & 1112 North US Highway 377 | Roanoke, TX 76262
$19.23 SF/YRLease Rate: NNNLease Type:
0 SFSpace Size: 2001Year Built:
2.21 ACLot Size:
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ROANOKE CORNERS
200-204 East Highway 114 | Roanoke, TX 76262
$21.75 SFLease Rate: NNNLease Type:
SFSpace Size: 2004Year Built:
12,650 SFBldg Size: 1.27 ACLot Size:
100%Occupancy:
Sherwin-Williams, 6 Day Dental & Orthodontics
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ROANOKE CROSSING
1224 North Highway 377 | Roanoke, TX 76262
$23.00 SFLease Rate: NNNLease Type:
5,904 SFSpace Size: 2003Year Built:
53,645 SFBldg Size: 4.01 ACLot Size:
89%Occupancy:
Subway, Dickey's BBQ, Verizon, Gamestop, Anytime Fitness, Dentist
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
RENT COMPARABLES | RENT COMPS
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CANNON CROSSING
295 West Byron Nelson Boulevard | Roanoke, TX 76262
$23.00 SFLease Rate: NNNLease Type:
SFSpace Size: 2016Year Built:
19,037 SFBldg Size: 3.88 ACLot Size:
100%Occupancy:
Benjamin's Pizza, West Dental Care, Yumilicious, Jazzercise, Martial Arts
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STARBUCKS STRIP
105 Country View Drive | Roanoke, TX 76262
$35.00 SFLease Rate: NNNLease Type:
1,200 SFSpace Size: 2017Year Built:
8,000 SFBldg Size: 1.09 ACLot Size:
85%Occupancy:
Starbucks, Griff's Ace Grooming & Shave Bar
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
RENT COMPARABLES | RENT COMPS
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SUBJECT PROPERTY PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Roanoke Corners
1104 & 1112 North US Highway 377
Roanoke, TX 76262
$19.23 SF/yr (NNN) 0 SF 14,218 SF 100.0%
RENT COMPS PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Roanoke Corners200-204 East Highway 114
Roanoke, TX 76262
$21.75 - 12,650 SF 100%
Roanoke Crossing1224 North Highway 377
Roanoke, TX 76262
$23.00 5,904 SF 53,645 SF 89%
Cannon Crossing295 West Byron Nelson Boulevard
Roanoke, TX 76262
$23.00 - 19,037 SF 100%
Starbucks Strip105 Country View Drive
Roanoke, TX 76262
$35.00 1,200 SF 8,000 SF 85%
PRICE/SF/YR AVAILABLE SF BLDG SF OCCUPANCY %
Totals/Averages $25.69 3,552 SF 23,333 SF 93.5%
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Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
RENT COMPARABLES | RENT COMPS SUMMARY
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1 200-204 East Highway 114Roanoke, TX 76262
ROANOKE CORNERS2 1224 North Highway 377
Roanoke, TX 76262
ROANOKE CROSSING3 295 West Byron Nelson Boulevard
Roanoke, TX 76262
CANNON CROSSING4 105 Country View Drive
Roanoke, TX 76262
STARBUCKS STRIP
1104 & 1112 North US Highway 377 | Roanoke, TX 76262SUBJECT PROPERTY
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
RENT COMPARABLES | RENT COMPS MAP
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Section 6 DEMOGRAPHICS
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POPULATION 1 MILE 3 MILES 5 MILES
Total population 7,897 23,376 72,850
Median age 34.9 37.3 36.8
Median age (Male) 34.9 37.5 36.8
Median age (Female) 35.4 37.4 36.8
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 2,903 8,656 25,310
# of persons per HH 2.4 2.6 2.8
Average HH income $116,291 $129,342 $138,018
Average house value $208,782 $281,532 $295,024
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
DEMOGRAPHICS | DEMOGRAPHICS MAP
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1 MILE 3 MILES 5 MILES
Total population 7,897 23,376 72,850
Median age 34.9 37.3 36.8
Median age (Male) 34.9 37.5 36.8
Median age (Female) 35.4 37.4 36.8
Total households 2,903 8,656 25,310
Total persons per HH 2.4 2.6 2.8
Average HH income $116,291 $129,342 $138,018
Average house value $208,782 $281,532 $295,024
Total Population - White 6,485 20,986 63,274
% White 82.1% 89.8% 86.9%
Total Population - Black 296 843 3,546
% Black 3.7% 3.6% 4.9%
Total Population - Asian 242 832 3,847
% Asian 3.1% 3.6% 5.3%
Total Population - Hawaiian 14 34 101
% Hawaiian 0.2% 0.1% 0.1%
Total Population - American Indian 75 204 518
% American Indian 0.9% 0.9% 0.7%
Total Population - Other 19 190 849
% Other 0.2% 0.8% 1.2%
Total Population - Hispanic 16 1,282 4,530
% Hispanic 0.2% 5.5% 6.2%
Roanoke Corners1104 & 1112 North US Highway 377, Roanoke, TX 76262
DEMOGRAPHICS | DEMOGRAPHICS REPORT
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INFORMATION ABOUT BROKERAGE SERVICES Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.
A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly.
A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:
AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.
AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent.
AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary:
• Must treat all parties to the transaction impartially and fairly; • May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to,
and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose:
that the owner will accept a price less than the written asking price; that the buyer/tenant will pay a price greater than the price submitted in a written offer; and any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.
AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.
TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.
LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Information available at www.trec.texas.gov Regulated by the Texas Real Estate Commission IABS 1-0
11-2-2015
Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone
Designated Broker of Firm License No. Email Phone
Licensed Supervisor of Sales Agent/Associate License No. Email Phone
Sales Agent/Associate’s Name License No. Email Phone
Buyer/Tenant/Seller/Landlord Initials Date
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P H I L I P L E V YSenior Managing DirectorDallas Office
972.755.5225 Office817.380.1153 Faxplevy@marcusmillichap.comLICENSE: TX 0522087
5001 Spring Valley RoadDallas, TX 75244
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