offering memorandum desert oaks...cash-on-cash 6.55% 9.04% financing 1st loan loan amount $...
TRANSCRIPT
OFFERING MEMORANDUM
North Las Vegas, Nevada
DESERT OAKS
High ly V is ib le Mul t i -Tenant Reta i l Shopping Center
P L A Z A
The 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.
NON-ENDORSEMENT NOTICE
DISCLAIMER
Marcus & 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.
CONFIDENTIALITY
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
2DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
PRESENTED BY
Chris CunningSenior Vice President Investments
Las Vegas, NV 89169Cell 702.378.0437
Office [email protected]
License NV S.0041074.LLC
North Las Vegas, Nevada
DESERT OAKS
P L A Z A
TABLE OF CONTENTS
MARKET COMPARABLESSummary.......................Comps...........................
FINANCIAL ANALYSISTenant Summary ...........Pricing Details ...............Operating Data................
PROPERTY OVERVIEWProperty Details.............Market Aerial.................Site Plan.........................
EXECUTIVE SUMMARYOffering Summary..........Investment Highlights....Site Description..............
5DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
EXECUTIVE SUMMARYDESERT OAKS
6DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
DESERTOAKS
7DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
$1,890,000 7.00%
OFFERING SUMMARY
Offering Price $1,890,000
Year 1 8.00%
Gross Leasable Feet 7,620 Sq Ft
Lot Size 0.62 AC
Year Built 2008
No. Of Buildings 1
No. Of Units 5
Occupancy 83.60%
Parcel # 139-06-615-002
OFFERING
DESERT OAKS PLAZA4090 WEST CRAIG ROADNORTH LAS VEGAS, NV 89032
CURRENT
Street Frontage
157.96 Feet
DESERTOAKS
8DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
INVESTMENT
INVESTMENT HIGHLIGHTS
High Traffic Counts on West Craig Road 33,000 VPD.
Two Newly Signed Tenants including United Health Care Services.
Excellent Signage and Street Visibility.
Newer Construction Built 2008.
Upside In Leasing Vacant Units.
Located in the North Las Vegas Retail Submarket, the subject property is
positioned along busy West Craig Road.
High traffic counts of 33,000 VPD on West Craig Road and 6,800 on Allen
Lane, the property is in close proximity Hwy 95 and minutes from Rancho
Road, a major sub street in the North Las Vegas area.
The local community is comprised with a population of 157,615 within a
three mile radius with 8.69% population growth projection into the year
2023. The median Household Income is $59,624, and the Median Home
Value $197,599 within a three mile radius.
DESERTOAKS
9DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
Over the next five years the Las Vegas Metro population is expected to expand by 240,000 people, dramatically out-pacing the national growth rate. Nearly 100,000 jobs are forecast to be
created through 2020, topping the national rate of growth.
POPULATION 1-Mile 3-Mile 5-Mile
2018 Total Population: 15,870 157,615 420,068
2023 Population: 17,229 171,305 457,313
Population Growth 2018-2023: 8.56% 8.69% 8.87%
Average Age: 39.50 37.10 36.50
HOUSEHOLDS
2018 Total Households: 5,637 53,818 142,169
HH Growth 2018-2023: 8.73% 8.72% 8.84%
Median Household Inc: $63,057 $59,624 $54,541
Average Household Size: 2.80 2.90 2.90
Average Household Vehicles: 2.00 2.00 2.00
HOUSING
Median Home Value: $179,022 $197,599 $208,279
Median Year Built: 1996 1997 1995
Source: Marcus & Millichap /Co-Star ™
157,6152018 POPULATION STATISTIC
3-Mile Radius
$197,599MEDIAN HOME VALUE
3-Mile Radius
$59,624MEDIAN HOUSEHOLD INCOME
3-Mile Radius
DEMOGRAPHICS
10DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
Marcus & Millichap is pleased to present to a qualified investor an opportunity to acquire Desert Oaks Plaza; a 7,620 square foot multi-tenant retail center located at 4090 West Craig Road in the North Las Vegas Retail submarket offering services to local residents.
The plaza is part of a the Desert Oaks Plaza which consists of four multi-tenant retail strips. Within close proximity of Santa Fe, Fiesta, and Texas Station Casino & Hotels, the property is centrally located and benefits from the local population.
Current tenants include Tango Pharmacy with Drive Thru Window Service, Skindustry Tattoo Las Vegas. The property has recently signed two five year lease term tenants, United Health Care Services, a $232 Billion Market Cap Company, and Cannavet Medical Solutions.
SITE DESERT
OAKS
11DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
PROPERTY OVERVIEWDESERT OAKS
12DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
PRICING
PRICE $1,890,000
Down Payment $ 756,000
Down Payment % 40%
Number of Suites 5
Price Per Sq Ft $248.03 / Sq Ft
Gross Leasable Area (GLA) 7,620 Sq Ft
Lot Size 0.62 AC
Year Built 2008
Occupancy 83.60%
RETURNS CURRENT YEAR 1
CAP Rate 7.00% 8.00%
Cash-on-Cash 6.55% 9.04%
FINANCING 1ST LOAN
Loan Amount $ 1,134,000
Loan Type New
Interest Type 5.40%
Amortization 25 Years
Year Due 5 Years
WEST CRAIG ROAD33,000 VPD
Street Frontage157.96 Feet
DESERTOAKS
33,000 VPD
North Las Vegas Airport
Los PradosGold & Country
Club
AERIAL
14DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
W. CRAIG ROAD33,000 VPD
NOT A PART NOT A PART
NOT A PARTNOT A PART
TENANT LINE UP
101 TANGO PHARMACY
102-103 UNITED HEALTHCARE SERVICES
104 VACANT
105 SKINDUSTRY TATTOO
106 CANNAVET MEDICAL SOLUTIONS
DESERTOAKS
15DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
[ BUILDING 1 ]
[ BUILDING 2 ]
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NO
TES
This map is for assessment use only and does NOT represent a survey.
No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.
This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.
MA
P LE
GE
ND
USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL
ASSESSOR'S PARCELS - CLARK CO., NV.
Scale: 1" = 200' 9/6/2018
T20S R61E 6 S 2 NE 4 139-06-6
31
30
19
1
1314
121110987
6 5 4 3 2
3635343332
29 28 27 26
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18 17 16 15
BOOK
SEC.
MAP
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3
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1
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51
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4 8
250
PARCEL BOUNDARYSUB BOUNDARY
ROAD EASEMENTPM/LD BOUNDARY
HISTORIC LOT LINEMATCH / LEADER LINE
ROAD PARCEL NUMBERPARCEL NUMERACREAGE
PARCEL SUB/SEQ NUMBER
PLAT RECORDING NUMBERBLOCK NUMBERLOT NUMBERGOV. LOT NUMBER
10010011.00
202PB 24-45
55
GL5
HISTORIC SUB BOUNDARYHISTORIC PM/LD BOUNDARY
15
8 4
Rev:
TAX DIST
0 200 400 600 800100 SECTION LINE
CONDOMINIUM UNITAIR SPACE PCLRIGHT OF WAY PCLSUB-SURFACE PCL 138
124
139
125 123
140
162163
101100
161
10226
37
64
099Michele W. Shafe - Assessor
DESERTOAKS
16DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
DESERT OAKS FINANCIAL ANALYSIS
17DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
TENANT SUITE SQ. FT. % GLA COMM. EXP. RENT/SF RENT/MO. RENT /YR RENT VACANT
EXPENSE REIMBURS.
YEARLY
LEASE TYPE OPTIONS
Tango Pharmacy 101 1,357 17.81% 11/1/216 10/31/2021 $23.61 $2,670 $32,040 Gross 1 - 5 Year
United HealthCare Services 102-103 2,513 32.98% 6/1/2019 5/31/2024 $22.80 $4,775 $57,300 $4,492
Vacant 104 1,250 16.40% $22.00 $0 $27,504
Skindustry Tattoo 105 1,300 17.06% 5/1/2017 4/30/2022 $19.38 $2,100 $25,200 $0
Cannavet Medical Solutions 106 1,200 15.75% 1/1/2019 5/1/2022 $22.75 $2,275 $27,300 $0
Total 7,620 100.00% $18.61 $11,820.00 $141,840 $27,504 $5,274.00
Total Vacant 1 Units Unoccupied GLA: 1,250 16.40% Annual Rent Vacant $ 27,504 Total Expense Reimbursement $ 4,492
Total Occupied 4 Units Occupied GLA: 6,370 83.60% Annual Rent Occupied $ 141,840
TOTAL 5 Units Total GLA: 7,620 100.00% $ 169,344
TENANT
GLA LEASE EXPIRATION
Tango Pharmacy18%
United HealthCare
Services33%Vacant
16%
Skindustry Tattoo17%
Cannavet Medical Solutions
16%
6/18/2020
1/4/2021
7/23/2021
2/8/2022
8/27/2022
3/15/2023
10/1/2023
4/18/2024
11/4/2024
1
Tango Pharmacy
United HealthCare Services
Skindustry Tattoo
Cannavet Medical Solutions
DESERTOAKS
18DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
INCOME CURRENT YEAR 1
Scheduled Base Rental Income $169,344 $169,344
CAM Reimbursement Income $4,492 $4,492
Sign Reimbursement Income $0 $0
Potential Gross Revenue $173,836 $173,836
General Vacancy 16.40% ($27,504) 5.00% ($8,692)
Effective Gross Revenue $146,332 $165,144
Less: Operating Expenses ($14,038) ($14,038)
Net Operating Income $132,294 $151,106
Tenant Improvements $0 $0
Leasing Commissions $0 $0
Capital Expenditures $0 $0
Cash Flow $132,294 $151,106
Debt Service ($82,754) ($82,754)
Net Cash Flow After Debt Service 6.55% $49,540 9.04% $68,352
Principal Reduction $25,917 $25,917
Total Return 9.98% $75,457 12.47% $94,269
OPERATING EXPENSES CURRENT YEAR 1
Real Estate Taxes $5,558 $5,558
Insurance $2,200 $2,200
Repair & Maintenance $1,200 $1,200
Management Fee $5,080 $5,080
Total Expenses $14,038 $14,038
Expenses/SF $1.84 $1.84
OPERATINGDESERT
OAKS
19DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
DESERT OAKS MARKET
COMPARABLES
20DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
Average Median Price / Sq Ft
$228.97
0
50
100
150
200
250
300
Desert OaksPlaza
Park At WarmSprings
StewartCrossings
DurangoDrive
Desert OaksPlaza - Bldg D
MacDonaldRanch
Country ClubCenter
Street Frontage
157.96 Feet
Property Name Address City, State Sale Price GLA Price / Sq Ft
Desert Oaks Plaza 4090 West Craig Road North Las Vegas, NV 89032 $1,890,000 7,620 Sq Ft $248.03
Park At Warm Springs 193 East Warm Springs Road Las Vegas, NV 89119 $1,000,000 4,813 Sq Ft $207.77
Stewart Crossings 5051 Stewart Avenue Las Vegas, NV 89110 $3,612,500 16,170 Sq Ft $223.41
Durango Drive 3100 South Durango Drive Las Vegas, NV 89117 $2,900,000 12,000 Sq Ft $241.67
Desert Oaks Plaza - Bldg D 3930 West Craig Road North Las Vegas, NV 89032 $1,625,000 7,620 Sq Ft $213.25
MacDonald Ranch Country Club Center 1730 West Horizon Ridge Parkway Henderson, NV 89012 $1,400,000 5,841 Sq Ft $239.68
DESERTOAKS
21DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
PARK AT WARM SPRINGS193 East Warm Springs Road Las Vegas, NV 89119
T E N A N TS
Farmers Insurance, E-Volve Salon, Bridal Boutique Fashions
SA L E P R I C E $1,000,000
Sale Date 8/21/2018
Year Built 2004
GLA 4,813 SF
Lot Size 0.45 AC
Cap Rate 6.25%
Price Per SF $207.77
1 2 STEWART CROSSINGS5051 Stewart AvenueLas Vegas, NV 89110
SA L E P R I C E $3,612,500
Sale Date 3/2/2018
Year Built 2001
GLA 16,170 SF
Lot Size 1.95 AC
Cap Rate 7.00%
Price Per SF $223.41
T E N A N TS
Palengke Oriental Market, Icon Barbershop, Vida Y Estilo, Crepe
Station, Oh Curry, New Century Rehabilitation
DESERT OAKS PLAZA4090 North Craig RoadNorth Las Vegas, NV 89032
O F F E R I N G P R I C E $1,890,000
Sale Date
Year Built 2008
GLA 7,620 SF
Lot Size 0.62 AC
Cap Rate 7.00%
Price Per SF $248.03
T E N A N TS
Tango Pharmacy, United HealthCare Services, Skindustry Tattoo,
Cannavet Medical Solutions
DESERTOAKS
22DESERT OAKS PLAZA | 4090 WEST CRAIG ROAD | NORTH LAS VEGAS, NV | REAL ESTATE INVESTMENT SERVICES
DESERT OAKS PLAZA - BLDG D3930 West Craig RoadNorth Las Vegas, NV 89032
SA L E P R I C E $1,625,000
Sale Date 8/28/2017
Year Built 2008
GLA 7,620 SF
Lot Size 0.57 AC
Cap Rate 7.56%
Price Per SF $213.25
T E N A N TS
State Farm Insurance, Viva Las Vapor
4 5 MACDONALD RANCH CC CENTER1730 West Horizon Ridge ParkwayHenderson, NV 89012
SA L E P R I C E $1,400,000
Sale Date 1/30/2018
Year Built 2005
GLA 5,841 SF
Lot Size 0.88 AC
Cap Rate 6.67%
Price Per SF $239.68
T E N A N TS
Dr. Kathleen Nash, State Farm Insurance, A Destination Travel
3 DURANGO DRIVE3100 South Durango DriveLas Vegas, NV 89117
SA L E P R I C E $2,900,000
Sale Date 6/24/2018
Year Built 2004
GLA 12,000 SF
Lot Size 1.14 AC
Cap Rate 6.16%
Price Per SF $241.67
T E N A N TS
Escapeability, Partymaker Rentals, Knight Group, Farmers
Insurance Group, Pure Serenity Therapeutic Massage, Ratana’s
Thai Massage Therapy, LV Laser Services, Javier Mendez Pro
Corp, Infiniti Creations, Anise Tapas & Grill, The Snyder Group,
Seal Garage Doors
DESERTOAKS
Dir: 702.215.7116Cel: 702.378.0437Fax: 702.215.7110
Lic: NV [email protected]
www.ChrisCunningMMREIS.com
North Las Vegas, Nevada
DESERT OAKS
High ly V is ib le Mul t i -Tenant Reta i l Shopping Center
P L A Z A
3800 Howard Hughes Parkway | Suite 1550Las Vegas, NV 89169 | 702.215.7100
EXCLUSIVELY OFFERED BY:CHRIS CUNNING
SENIOR VICE PRESIDENT INVESTMENTS