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Offering Memorandum

MEINEKE CAR CARE CENTER 495 Saint George Ave • Roselle, NJ 07203

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and

should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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 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 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

MEINEKE CAR CARE CENTER

Roselle, NJ

ACT ID Z0281347

2

N E T L E A S E D D I S C L A I M E R

Marcus & Millichap 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, 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 Brochure 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 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 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.

3

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Location Overview

Regional and Local Map

Aerial Photo

FINANCIAL ANALYSIS 02

Acquisition Financing

MARKET OVERVIEW 03

Market Analysis

Demographic Analysis


4


5

INVESTMENT

OVERVIEW

OFFERING SUMMARY

Price $1,254,817

Net Operating Income $75,289

Capitalization Rate – Current 6.00%

Price / SF $404.78

Rent / SF $24.29

Lease Type Absolute Net

Gross Leasable Area 3,100 SF

Year Built / Renovated 2016

Lot Size 0.27 acre(s)

#

EXECUTIVE SUMMARY

OFFERING SUMMARY

#

FINANCING

Down Payment All Cash

Net Cash Flow 6.00% / $75,289

Cash on Cash Return 6.00%

Total Return 6.00% / $75,289

MEINEKE CARE CARE CENTER

6


6

OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER# OF

EMPLOYEES *

Merck 2,137

Safeway Contracting Inc 1,998

Rape Survival Center 1,800

Trinitas Regional Medical Ctr 1,680

Saint Michaels Medical Ctr Inc 1,400

County of Union 1,381

Board of Education 1,201

Home Depot The 1,050

Westfield Public Schools 1,022

Whitsons Food Service Corp 995

Chelco Group Hong Kong 950

US Post Office 945

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2017 Estimate Pop 31,678 203,095 466,834

2010 Census Pop 30,676 194,092 448,124

2017 Estimate HH 11,544 74,412 165,491

2010 Census HH 11,117 70,595 157,900

Median HH Income $60,384 $60,162 $63,776

Per Capita Income $28,107 $30,823 $32,230

Average HH Income $77,107 $83,486 $90,173

* # of Employees based on 5 mile radius


OFFERING SUMMARY

Annual 1.5% Increases

Absolute NNN Lease w/ 7+ Years Remaining

Personal Guarantee

Located on Corner of High Traffic Roadway

30,000+ VPD

Heavy Population Density in 5-mile Radius: 466,834 Residents

Average Household Income of $90,173 in 5-mile Radius

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to present the Meineke Car Care Center located at 495 St. Georges Avenue in Roselle (Union

County), New Jersey. The building is 3,100 square feet with 4 bay garages and situated on a 0.27 acre lot. The tenant, Meineke

Car Care Center has 7+ years remaining on their absolute NNN lease with an additional 1- five year option. Throughout the

duration of the lease, Meineke will have rental increases of 1.5% per annum. Meineke Car Care Center is a subsidiary of Driven

Brands, which has over 2,500 locations nationwide under ten banners.

Roselle is a borough located in Union County, New Jersey. The subject property is approximately 20 miles southwest of New York

City and approximately 7 miles southwest of Newark Airport.

Within a five-mile radius of Roselle, the average household income is $90,173 among the 466,834 individuals who reside within a

five-mile radius of the subject property.

The asking price of $1,254,817 represents a 6.00 percent cap rate.

INVESTMENT OVERVIEW

7

12

TENANT PROFILES


8

Meineke Car Care Center

Meineke Car Care Center, Inc. is an international franchise that

offers automotive repairs and various different services.

Meineke offers services in the areas of oil changes and car

maintenance aspects, tires and wheels, brakes, batteries,

exhausts and cat converters, steering aspects and suspensions,

CV joints, and air conditioning aspects. Meineke is

headquartered in Charlotte, North Caroline and has more than

900 retail locations worldwide. Meineke is a subsidiary of parent

company Driven Brands.

General Information

Tenant Name Meineke Care Care Center

Website www.meineke.com

Parent Company Driven Brands

Headquartered Charlotte, North Carolina

Rentable Square Feet 3,100 SF

Percentage of RBA 100.00%

Lease Commencement 8/1/2016

Lease Expiration 7/31/2026

No. of Locations 900+

#

PROXIMITY TO:

495 Saint George Ave, Roselle, NJ 07203

Annual 1.5% Increases

Absolute NNN Lease w/ 7+ Years

Remaining

Personal Guarantee

Located on Corner of High Traffic-Roadway

30,000+ VPD

Heavy Population Density in 5-mile Radius

Average Household income of $90,173 in 5-

mile Radius

Roselle is a borough located in Union County,

New Jersey. The subject property is

approximately 20 miles southwest of New York

City and approximately 7 miles southwest of

Newark Airport. The major roads and highways

that pass through or near the borough are

Route 27, Route 28, the Garden State Parkway

New Jersey, Wood Avenue, and St Georges

Avenue. NJ Transit provides bus service from

Roselle to Port Authority Bus Terminal in

Midtown, Manhattan on routes 112 and 115 and

to Newark on routes 59, 62, and 94, as well as

local service on lines 56 and 57. Conrail’s

freight- only Lehigh Line passes through

Roselle.

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEMEINEKE CARE CARE CENTER

PRICING AND VALUATION MATRIX

PROPERTY NAMEMEINEKE CAR CARE CENTER

9

LOCATION OVERVIEW

#

495 Saint George Ave, Roselle, NJ 07203

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEMEINEKE CARE CARE CENTER

PRICING AND VALUATION MATRIX

PROPERTY NAMEMEINEKE CAR CARE CENTER

10

REGIONAL AND LOCAL MAP

PROPERTY PHOTO


11

PROPERTY PHOTO


12

PROPERTY PHOTO


13


14

FINANCIAL

ANALYSIS

#

PROPERTY SUMMARY

OFFERING SUMMARY

#

NOTES: Annual Rent Based on August, 2019 Income.


15

OFFERING SUMMARY

MARCUS & MILLICHAP CAPITAL CORPORATION

CAPABILITIES

MMCC—our fully integrated, dedicated financing arm—is committed to

providing superior capital market expertise, precisely managed execution, and

unparalleled access to capital sources providing the most competitive rates and

terms.

We leverage our prominent capital market relationships with commercial banks,

life insurance companies, CMBS, private and public debt/equity funds, Fannie

Mae, Freddie Mac and HUD to provide our clients with the greatest range of

financing options.

Our dedicated, knowledgeable experts understand the challenges of financing

and work tirelessly to resolve all potential issues to the benefit of our clients.

National platform

operating

within the firm’s

brokerage

offices

$5.63 billion

total national

volume in 2017

Access to

more capital

sources than

any other firm

in the industry

Optimum financing solutions

to enhance value

Our ability to enhance

buyer pool by expanding

finance options

Our ability to enhance

seller control

• Through buyer

qualification support

• Our ability to manage buyers

finance expectations

• Ability to monitor and

manage buyer/lender

progress, insuring timely,

predictable closings

• By relying on a world class

set of debt/equity sources

and presenting a tightly

underwritten credit file

WHY MMCC?

Closed 1,707

debt and equity

financings

in 2017

ACQUISITION FINANCING


16


17

MARKET

OVERVIEW

MARKET OVERVIEW

NORTHERN NEW JERSEYOVERVIEW

1

Northern New Jersey consists of Bergen, Hudson, Passaic, Essex,

Morris and Union counties. The region contains roughly 4 million

residents in more than 200 municipalities. Bergen county is home to

nearly 1 million people, while Essex County, which includes the city of

Newark, has approximately 805,000 citizens. The region is bordered to

the east by the Hudson River and New York City, to the south by

Middlesex and Somerset counties, to the west by Warren and Sussex

counties, and to the north by New York state. A large portion of the

area is almost fully developed and densely populated. The region is a

part of the New York metro and is linked to the city by the George

Washington Bridge, the Lincoln Tunnel, the Holland Tunnel, several

ferries and commuter rail tunnels.

MARKET OVERVIEW

METRO HIGHLIGHTS

DIVERSE INDUSTRIES

Pharmaceuticals, healthcare and finance are a few

of the segments that contribute to the metro’s

economic base.

LARGE LABOR POOL

The region’s diverse and highly skilled labor and

access to workers in other nearby metros draw

businesses.

UNIQUE ECONOMY

Northern New Jersey has its own economic drivers

and is connected to New York City’s robust

economy.


MARKET OVERVIEW

ECONOMY Northern New Jersey is home to numerous Fortune 500 companies including Prudential

Financial, Merck, PBF Energy and Honeywell International.

The airline industry accounts for a significant share of jobs in the region. United Airlines has

a major presence at Newark Liberty International Airport.

Trade is a key employment sector. Vehicle imports account for a substantial amount of the

Port Newark-Elizabeth Marine Terminal’s business.

Spillover from Wall Street bolsters finance jobs in Essex, Hudson and Bergen counties.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Prudential Financial

UAL (United Continental Holdings)

JPMorgan Chase & Co.

Hackensack University Medical Center

Bank of America

Englewood Hospital Association

Novartis Pharmaceuticals Corp.

St. Joseph’s Hospital and Medical Center

Valley Health Systems

RWJBarnabas Health* Forecast

2

MANUFACTURING

6%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

22%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

17%

4%

14% 8% 7%

16%


MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

Northern New Jersey will add nearly 38,000 people and approximately 36,300

households over the next five years, generating demand for housing.

The homeownership rate of 54 percent is below the national rate of 64 percent,

maintaining a strong rental market.

Approximately 38 percent of residents hold a bachelor’s degree, including 14

percent who have also obtained a graduate or professional degree.

Northern New Jersey offers a variety of amenities and cultural activities. Sports and

entertainment are available in East Rutherford at the Meadowlands. The MetLife Stadium is

home to the Giants and Jets of the NFL. The Prudential Center, also known as the Rock, is

an indoor arena in downtown Newark where the Devils (NHL) and Seton Hall University

play. Downtown Newark also houses the New Jersey Performing Arts Center and Bears

and Eagles Riverfront Stadium, home of the Newark Bears, a minor-league baseball team.

Numerous community colleges and universities are located in the metro, including Seton

Hall University, the Newark campus of Rutgers University, Stevens Institute of Technology

and Bergen Community College.

QUALITY OF LIFE

3

2017 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

6%25-44 YEARS

27%45-64 YEARS

27%65+ YEARS

14%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau


38.4

2017MEDIAN AGE:

U.S. Median:

37.8

$71,700

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

4M

2017POPULATION:

Growth2017-2022*:

0.9%

1.5M

2017HOUSEHOLDS:

2.5%

Growth2017-2022*:

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2017 Experian

Created on November 2018

POPULATION 1 Miles 3 Miles 5 Miles

2022 Projection

Total Population 31,515 203,577 469,324

2017 Estimate


2010 Census


2000 Census


Current Daytime Population

2017 Estimate 24,929 198,849 443,730

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2022 Projection

Total Households 11,593 75,395 168,141

2017 Estimate


Average (Mean) Household Size 2.73 2.67 2.77

2010 Census


2000 Census


Occupied Units

2022 Projection 11,593 75,395 168,141

2017 Estimate 12,073 76,975 172,157

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2017 Estimate

$150,000 or More 8.53% 11.20% 13.37%

$100,000 - $149,000 16.18% 15.74% 15.88%

$75,000 - $99,999 13.69% 13.18% 13.46%

$50,000 - $74,999 19.71% 17.33% 16.78%

$35,000 - $49,999 13.80% 13.16% 12.12%

Under $35,000 28.08% 29.38% 28.40%

Average Household Income $77,107 $83,486 $90,173

Median Household Income $60,384 $60,162 $63,776

Per Capita Income $28,107 $30,823 $32,230

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure

$72,843 $72,473 $74,572

Consumer Expenditure Top 10 Categories

Housing $21,795 $21,682 $22,289

Shelter $13,996 $13,942 $14,315

Transportation $13,023 $13,022 $13,463

Personal Insurance and Pensions $6,627 $6,620 $6,953

Food $6,546 $6,554 $6,732

Health Care $4,220 $4,179 $4,267

Utilities $4,220 $4,198 $4,295

Entertainment $2,703 $2,730 $2,836

Education $2,153 $2,270 $2,412

Cash Contributions $1,618 $1,610 $1,681

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2017 Estimate Total Population 31,678 203,095 466,834

Under 20 24.30% 23.89% 25.18%

20 to 34 Years 20.48% 20.91% 20.41%

35 to 39 Years 7.27% 7.19% 7.10%

40 to 49 Years 13.94% 13.96% 14.09%

50 to 64 Years 20.62% 20.20% 20.17%

Age 65+ 13.39% 13.85% 13.05%

Median Age 38.58 38.60 38.10

Population 25+ by Education Level

2017 Estimate Population Age 25+ 21,802 140,508 318,207

Elementary (0-8) 3.91% 6.33% 6.65%

Some High School (9-11) 6.25% 7.53% 7.29%

High School Graduate (12) 37.63% 34.68% 34.01%

Some College (13-15) 22.87% 19.29% 18.51%

Associate Degree Only 6.72% 6.09% 5.69%

Bachelors Degree Only 14.57% 16.20% 17.06%

Graduate Degree 7.16% 8.19% 9.08%

21

Income

In 2017, the median household income for your selected geography is

$63,776, compare this to the US average which is currently $56,286.

The median household income for your area has changed by 25.91%

since 2000. It is estimated that the median household income in your

area will be $72,869 five years from now, which represents a change

of 14.26% from the current year.

The current year per capita income in your area is $32,230, compare

this to the US average, which is $30,982. The current year average

household income in your area is $90,173, compare this to the US

average which is $81,217.

Population

In 2017, the population in your selected geography is 466,834. The

population has changed by 6.83% since 2000. It is estimated that the

population in your area will be 469,324.00 five years from now, which

represents a change of 0.53% from the current year. The current

population is 48.78% male and 51.22% female. The median age of

the population in your area is 38.10, compare this to the US average

which is 37.83. The population density in your area is 5,934.21 people

per square mile.

Households

There are currently 165,491 households in your selected geography.

The number of households has changed by 6.40% since 2000. It is

estimated that the number of households in your area will be 168,141

five years from now, which represents a change of 1.60% from the

current year. The average household size in your area is 2.77 persons.

Employment

In 2017, there are 192,648 employees in your selected area, this is

also known as the daytime population. The 2000 Census revealed

that 60.52% of employees are employed in white-collar occupations

in this geography, and 39.39% are employed in blue-collar

occupations. In 2017, unemployment in this area is 6.05%. In 2000,

the average time traveled to work was 31.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

56.14% White, 23.40% Black, 0.04% Native American and 6.67%

Asian/Pacific Islander. Compare these to US averages which are:

70.42% White, 12.85% Black, 0.19% Native American and 5.53%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 33.29% of the current year

population in your selected area. Compare this to the US average of

17.88%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $338,117 in 2017,

compare this to the US average of $193,953. In 2000, there were

91,300 owner occupied housing units in your area and there were

64,239 renter occupied housing units in your area. The median rent at

the time was $662.

Source: © 2017 Experian

DEMOGRAPHICS

22

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