Jiffy Lube Phoenix, AZ

Transcription

offering memorandum.
Jiffy Lube
Phoenix, AZ
W BE RK ELE Y RD
Crossroads
Village
McDowell Square
Shopping Center
N 51ST AVE (AAD T: 44,2 43)
W MC D OW E LL RD
( A AD T : 24 ,7 83 )
W MC D OW E LL RD
N 51ST AVE
File Photo
$1,125,000
8.00% Cap Rate
NNN Lease with 11 Years
Traffic Counts: 44,243
••15-Year
••Excellent
Remaining
AADT on North 51 Avenue
Rental Increase in January
Operates Approximately
••10%
••Franchisee
2014
70 Other Jiffy Lube Locations
st
This property is listed in conjunction with Arizona-licensed
Retail Advisors S.W. (James Mitchell, designated broker).
www.maffiateam.com
Confidentiality & Disclosure
Cornish & Carey Commercial Newmark Knight Frank (“Broker”) has been retained on an exclusive basis to market the property
described herein (“Property”). Broker has been authorized by the Seller of the Property (“Seller”) to prepare and distribute the enclosed information (“Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title
and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to
purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase
based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and
such other matters as the Seller deems appropriate.
The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of
the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the
express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that
a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and
has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners,
shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own
investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections
contained in the pro forma.
Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to
accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed
to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.
Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.
Michael Maffia
Senior Managing Director
415.445.5144
[email protected]
Lic #01340853
Putnam Daily
VP/Transaction Manager
415.445.5107
[email protected]
Lic #01750064
901 Mariners Island Blvd, Suite 120 • San Mateo, CA 94404 • Tel 415.373.4060 • Fax 415.373.4060 • www.maffiateam.com
Table of Contents
•Property Information........................................................................................................................1
•Tenant Information.......................................................................................................................... 2
•About the Area................................................................................................................................ 3
•Site Plan......................................................................................................................................... 4
•Aerials............................................................................................................................................ 5
•Location Maps................................................................................................................................ 8
•Demographics............................................................................................................................... 11
Property Information
Location
The property is located at 1645 North 51st Avenue in Phoenix, Arizona.
Lot Size
Approximately 0.375 acres, or 16,335 square feet.
Improvements
Construction was completed in 1987 of an approximately 1,936 square foot quick oil change facility that has been occupied
by Jiffy Lube since 2005. There are two drive-thru lanes.
Lease
Leased to Phoenix Lubrication Services, Inc., dba Jiffy Lube, for 15 years from December 18, 2008, to December 31, 2023 at
an initial annual net rent of $90,000. There are two five-year options to renew the lease. The rent increases by 10% every
five years throughout the initial term and option periods. The lease is triple net, with the tenant responsible for taxes,
insurance, and all maintenance, including roof and structure.
Net Operating
Income
Period
1-5
6-10 (Starting 01/01/14)
11-15
16-20 (Option 1)
21-25 (Option 2)
Price
$1,125,000 (8.00% Return)
Financing
The property will be delivered free and clear of permanent financing.
Annual Rent
$90,000
$99,000
$108,900
$119,790
$131,769
Return
8.00%
8.80%
9.68%
10.65%
11.71%
1
Tenant Information
Jiffy Lube International, Inc. (JLI), with more than 2,000 franchised service centers in North America, and Jiffy Lube®
franchisees serve approximately 22 million customers each year. Headquartered in Houston, Texas, JLI is a wholly
owned, indirect subsidiary of Shell Oil Company. Jiffy Lube® service centers are 100% franchise-owned - independently
owned and operated by more than 250 entity groups.
Jiffy Lube® is the largest system of franchised service centers in North America and is consistently ranked as one of the
top franchising opportunities for entrepreneurs:
••••
••
In 2012, Jiffy Lube ranked #15 overall in Entrepreneur Magazine’s Franchise 500 and #1 in our category
In 2011, Forbes Magazine declared Jiffy Lube #13 on its list of “Top 20 Franchises to Start”
For the 20th year in a row, Jiffy Lube secured the top spot in National Oil & Lube News’ annual TOPS in the Fast Lube
Industry Ranking
This location is owned and operated by franchisee and lessor Phoenix Lubrication Services, Inc., a subsidiary of Bove
Enterprises, which operates approximately 70 Jiffy Lube® locations in the Phoenix metro area.
2
About the Area
Site
Information
The property is located on the northeast corner of North 51st Avenue and West Berkeley Road in Phoenix’s Wedgewood
Park neighborhood. It is just one block north of the major intersection of North 51st Avenue and West McDowell Road. In
2011, the combined traffic count at this intersection was 60,649 vehicles per day (City of Phoenix). Access to the Papago
Freeway / Interstate 10 is located three blocks south of the property.
Jiffy Lube is located across the street from McDowell Square Shopping Center and just north of Crossroads Village, two
strip centers primarily tenanted by local and regional retailers. National retailers at the intersection of North 51st Avenue
and West McDowell Road include Burger King, McDonald’s, Sonic, Chevron, Circle K, 7-Eleven, Waffle House, and Discount Tire.
General
Overview
Phoenix is the capital, and largest city, of Arizona, as well as the sixth most populous city in the country, and is also the
most populous state capital. Phoenix is home to 1,445,632 people, according to the 2010 U.S. Census. The city is the anchor of the Phoenix metropolitan area and is the 12th largest metro area by population in the country with about 4.2 million
people in 2010. In addition, Phoenix is the seat of Maricopa County and is one of the largest cities in the country by land
area. Sky Harbor International Airport is centrally located in the metro area near several major freeway interchanges east
of downtown Phoenix. Major freeways in the region include Interstates 10 and 17; State Routes 51, 101, 143, 202, and 303;
and U.S. Highway 60.
Phoenix is currently home to four Fortune 500 companies: electronics corporation Avnet, mining company Freeport-McMoRan, retailer PetSmart, and waste hauler Republic Services. Honeywell’s Aerospace division is headquartered in Phoenix,
and the valley hosts many of the company’s avionics and mechanical facilities. Intel has one of its largest sites here,
employing about 10,000 employees and housing seven chip manufacturing fabs, including the $3 billion state-of-the-art
300 mm and 45 nm Fab 32. The city is also home to the headquarters of U-HAUL International, a rental and moving supply
company; as well as Best Western, the world’s largest family of hotels; Apollo Group, parent of the University of Phoenix;
and utility company Pinnacle West. As Phoenix is the state capital, many residents in the area are employed by the government. Arizona State University has also enhanced the area’s population through education and its growing research
capabilities. Numerous high-tech and telecommunications companies have also recently relocated to the area. Due to the
warm climate in winter, Phoenix benefits greatly from seasonal tourism and recreation, such as the golf industry.
3
Site Plan
N 51ST AVE
W BERKELEY RD
N 51ST A V E
1,936 SF
N 50TH DR
4
Aerial | Close-Up View
W BERKELEY RD
N 51 ST A V E ( AA DT : 44 , 24 3)
McDowell Square
Shopping Center
Aerial | North View
W B ER K EL E Y R D
McDowell Square
Shopping Center
Crossroads
Village
N 51S T AV E (AA DT : 44 ,24 3)
D
W M C D O W E LL R
3)
D ( A A D T : 24 ,7 8
W M C D O W E LL R
N 51S T AV E
Aerial | Top-Down View
N 48TH LN
N 51ST AVE
N 55ST AVE
McDowell Square
Shopping Center
Crossroads
Village
W MCDOWELL RD (A A DT: 24,783)
PA PA G O F W Y ( A A D T : 2 3 1 , 0 0 0 )
W ROO S EVELT ST
N 51ST AVE (AAD T: 44,2 43)
W LATH AM ST
VE
W ROOSE
Pawn Central
LT S T
7
Location Map
Site
Location Map
Site
Location Map
Site
Demographics
1645 N 51st Ave
Phoenix, AZ 85035
Market Profile
Jiffy Lube_1
1645 N 51st Ave, Phoenix, AZ, 85035
Rings: 1, 3, 5 mile radii
Population Summary
2000 Total Population
2012 Group Quarters
2012-2017 Annual Rate
Household Summary
2000 Households
2000 Average Household Size
2010 Households
2012 Households
2017 Households
2010 Families
2010 Average Family Size
2012 Families
2017 Families
Housing Unit Summary
2000 Housing Units
Owner Occupied Housing Units
Renter Occupied Housing Units
Vacant Housing Units
2010 Housing Units
2012 Housing Units
2017 Housing Units
Median Household Income
2012
2017
Median Home Value
2012
2017
Per Capita Income
2012
2017
Median Age
2010
2012
2017
Latitude: 33.46766
Longitude: -112.16907
1 mile
3 miles
5 miles
24,299
21,753
21,761
9
22,079
0.29%
150,663
149,939
150,985
326
154,323
0.44%
366,637
383,028
389,784
9,471
404,088
0.72%
6,458
3.76
5,610
3.88
5,574
3.90
5,610
3.93
0.13%
4,415
4.29
4,370
4.31
4,408
4.35
0.17%
40,044
3.73
38,410
3.90
38,550
3.91
39,288
3.92
0.38%
30,630
4.27
30,589
4.28
31,219
4.30
0.41%
104,864
3.41
104,237
3.58
105,923
3.59
109,859
3.59
0.73%
78,720
4.07
79,427
4.07
82,367
4.09
0.73%
6,737
52.6%
43.2%
4.1%
41,909
56.9%
38.6%
4.5%
110,763
54.4%
40.2%
5.3%
6,796
40.5%
42.1%
17.5%
6,802
38.7%
43.2%
18.1%
6,910
39.3%
41.8%
18.8%
44,959
42.2%
43.2%
14.6%
45,314
39.8%
45.3%
14.9%
46,560
39.9%
44.4%
15.6%
123,505
43.0%
41.4%
15.6%
125,151
40.7%
43.9%
15.4%
130,011
40.7%
43.8%
15.5%
$33,849
$39,858
$31,865
$37,036
$33,770
$39,384
$69,590
$74,566
$72,246
$77,390
$80,573
$87,752
$11,091
$12,505
$10,728
$12,096
$12,643
$14,147
25.7
26.0
26.7
24.8
25.1
25.7
26.3
26.6
27.2
Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households.
Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by
all persons aged 15 years and over divided by the total population.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017. Esri converted Census 2000 data into 2010 geography.
11
Demographics
1645 N 51st Ave
Phoenix, AZ 85035
Market Profile
Jiffy Lube_1
Population Summary
2012 Group Quarters
Household Summary
2000 Households
2010 Households
2012 Households
2017 Households
2010 Families
2012 Families
2017 Families
Housing Unit Summary
2000 Housing Units
2010 Housing Units
2012 Housing Units
2017 Housing Units
Median Household Income
2012
2017
Median Home Value
2012
2017
Per Capita Income
2012
2017
Median Age
2010
2012
2017
Latitude: 33.46766
1 mile
3 miles
5 miles
24,299
21,753
21,761
9
22,079
0.29%
150,663
149,939
150,985
326
154,323
0.44%
366,637
383,028
389,784
9,471
404,088
0.72%
6,458
3.76
5,610
3.88
5,574
3.90
5,610
3.93
0.13%
4,415
4.29
4,370
4.31
4,408
4.35
0.17%
40,044
3.73
38,410
3.90
38,550
3.91
39,288
3.92
0.38%
30,630
4.27
30,589
4.28
31,219
4.30
0.41%
104,864
3.41
104,237
3.58
105,923
3.59
109,859
3.59
0.73%
78,720
4.07
79,427
4.07
82,367
4.09
0.73%
6,737
52.6%
43.2%
4.1%
41,909
56.9%
38.6%
4.5%
110,763
54.4%
40.2%
5.3%
6,796
40.5%
42.1%
17.5%
6,802
38.7%
43.2%
18.1%
6,910
39.3%
41.8%
18.8%
44,959
42.2%
43.2%
14.6%
45,314
39.8%
45.3%
14.9%
46,560
39.9%
44.4%
15.6%
123,505
43.0%
41.4%
15.6%
125,151
40.7%
43.9%
15.4%
130,011
40.7%
43.8%
15.5%
$33,849
$39,858
$31,865
$37,036
$33,770
$39,384
$69,590
$74,566
$72,246
$77,390
$80,573
$87,752
$11,091
$12,505
$10,728
$12,096
$12,643
$14,147
25.7
26.0
26.7
24.8
25.1
25.7
26.3
26.6
27.2
Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households.
Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by
all persons aged 15 years and over divided by the total population.
12
Market Profile
Demographics
1645 N 51st Ave
Phoenix, AZ 85035
Jiffy Lube_1
Latitude: 33.46766
1 mile
3 miles
5 miles
21,752
11.4%
149,942
11.6%
383,029
10.7%
5-9
10 - 14
15 - 24
25 - 34
35 - 44
10.4%
9.2%
17.9%
15.3%
13.3%
10.7%
9.7%
18.3%
15.1%
13.2%
10.1%
9.2%
17.9%
15.6%
13.6%
45
55
65
75
85
10.5%
6.4%
3.6%
1.7%
0.4%
10.0%
6.1%
3.3%
1.6%
0.4%
10.7%
6.6%
3.4%
1.7%
0.5%
63.4%
62.1%
64.5%
21,764
11.3%
150,984
11.6%
389,784
10.7%
5-9
10 - 14
15 - 24
25 - 34
35 - 44
10.3%
9.1%
17.7%
15.5%
13.0%
10.6%
9.5%
18.0%
15.4%
12.8%
10.0%
9.1%
17.7%
15.9%
13.2%
45
55
65
75
85
10.2%
6.9%
3.9%
1.7%
0.4%
9.8%
6.4%
3.6%
1.7%
0.5%
10.5%
7.0%
3.7%
1.7%
0.5%
63.8%
62.6%
65.0%
2010 Population by Age
Total
0-4
- 54
- 64
- 74
- 84
+
18 +
Total
0-4
- 54
- 64
- 74
- 84
+
18 +
Total
22,078
154,321
404,088
0-4
5-9
10 - 14
11.2%
10.3%
9.3%
11.6%
10.6%
9.7%
10.7%
10.0%
9.2%
15 - 24
25 - 34
16.7%
15.5%
17.0%
15.5%
16.7%
16.0%
35 - 44
45 - 54
55 - 64
12.8%
9.6%
7.4%
12.7%
9.2%
6.9%
13.1%
9.8%
7.4%
65 - 74
75 - 84
85 +
18 +
4.9%
1.9%
0.4%
64.0%
4.5%
1.9%
0.5%
62.6%
4.6%
1.9%
0.6%
65.1%
10,977
10,776
75,245
74,694
194,834
188,194
10,998
10,763
75,873
75,112
198,456
191,327
11,145
10,934
77,428
76,894
205,321
198,767
2010 Population by Sex
Males
Females
Males
Females
Males
Females
13
Market Profile
Demographics
1645 N 51st Ave
Phoenix, AZ 85035
Jiffy Lube_1
2010 Population by Race/Ethnicity
Total
White Alone
Black Alone
American Indian Alone
Asian Alone
Pacific Islander Alone
Some Other Race Alone
Two or More Races
Hispanic Origin
Diversity Index
Total
White Alone
Black Alone
Asian Alone
Two or More Races
Hispanic Origin
Diversity Index
Total
White Alone
Black Alone
Asian Alone
Two or More Races
Hispanic Origin
Diversity Index
2010 Population by Relationship and Household Type
Total
In Households
In Family Households
Householder
Spouse
Child
Other relative
Nonrelative
In Nonfamily Households
In Group Quarters
Institutionalized Population
Noninstitutionalized Population
Latitude: 33.46766
1 mile
3 miles
5 miles
21,753
43.1%
149,938
46.7%
383,028
49.9%
4.5%
2.0%
0.9%
0.1%
45.1%
4.6%
2.0%
0.8%
0.1%
42.2%
6.3%
2.4%
1.9%
0.1%
35.3%
4.3%
85.7%
85.8
3.7%
83.7%
84.0
4.0%
73.0%
84.6
21,762
42.9%
150,986
46.3%
389,784
49.4%
4.4%
2.0%
0.9%
0.1%
45.4%
4.5%
2.1%
0.8%
0.1%
42.5%
6.3%
2.5%
2.0%
0.1%
35.6%
4.3%
86.1%
85.8
3.7%
84.1%
84.1
4.1%
73.5%
84.8
22,080
42.5%
154,321
45.8%
404,088
48.4%
4.3%
2.1%
0.9%
0.1%
45.7%
4.5%
2.2%
0.8%
0.1%
42.9%
6.4%
2.6%
2.1%
0.1%
36.1%
4.3%
87.0%
85.8
3.7%
85.2%
84.2
4.2%
74.7%
85.1
21,753
100.0%
149,938
99.8%
383,028
97.5%
92.4%
20.4%
92.5%
20.4%
88.3%
20.6%
12.0%
44.4%
10.3%
11.9%
44.8%
10.1%
12.0%
41.9%
9.0%
5.4%
7.6%
0.0%
0.0%
0.0%
5.2%
7.3%
0.2%
0.1%
0.2%
4.8%
9.2%
2.5%
1.8%
0.7%
Data Note: Persons of Hispanic Origin may be of any race. The Diversity Index measures the probability that two people from the same area will be from different
race/ethnic groups.
14

Jiffy Lube Phoenix, AZ

Transcription

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