freestanding pt`s gold tavern nnn lease investment 15

Freestanding PT’s Gold Tavern NNN Lease Investment
15-Year Term
Henderson, Nevada
1333 North Buffalo Road, Suite 120 l Las Vegas, Nevada 89128
Office 702.787.0123 l Fax 702.463.0123
www.virtusco.com
PT’s Gold Tavern
61 West Horizon Ridge Parkway
Henderson, Nevada 89012
Presented by:
Virtus Commercial
1333 North Buffalo Drive, Suite 120
Las Vegas, Nevada 89128
Chris Emanuel
President
[email protected]
702.787.0123 x401
Jeff Mitchell, CLS, CCIM
Director Retail/Investment
[email protected]
702.787.0123 x411
Confidentiality Agreement
Dear Potential Buyer,
You (“Receiving Party”) have requested certain tenant information, financial information
and property information from Karlin Black Mountain LLC (“Disclosing Party”), in connection with the consideration by Receiving Party of the potential acquisition of, the
Black Mountain Marketplace, located in Henderson, NV (the “Potential Transaction”).
Receiving Party has requested certain information from Disclosing Party in connection with the Potential Transaction. All of such information furnished by Disclosing
Party, whether furnished before or after the date hereof, whether oral or written, and
regardless of the manner in which it is furnished, is referred to in this Letter Agreement
as “Proprietary Information”, which shall also include, without limitation, data, reports,
lease data, tenant information, personnel, contacts, interpretations, modes, forecasts
and records furnished or provided to Receiving Party by Disclosing Party concerning
the Potential Transaction. As used in this Agreement, the term Proprietary Information
shall not include any and all information available in the public domain. As used in this
Letter Agreement, the term “Representatives” means, with respect to any person, such
person’s affiliates, associates, controlling persons, subsidiaries, partners and prospective directors, officers, attorneys, advisors, lenders and prospective lenders, agents and
consultants and their respective successors and assigns.
Subject to the immediately succeeding paragraph, unless otherwise agreed to in writing by Disclosing Party, Receiving Party agrees:
(a) Except as required by law, to keep all Proprietary Information confidential and
not to disclose or reveal any Proprietary Information to any person other than
Receiving Party’s Representatives who are actively and directly participating in
the Potential Transaction;
(b) Not to use Proprietary Information for any purpose other than in connection
with its evaluation of the Potential Transaction;
Disclosing Party all copies of Proprietary Information not theretofore destroyed, which
is in its possession or in the possession of any of its Representatives and will not retain any copies or other reproductions, in whole or in part, of such material. All other
documents, memoranda, notes, summaries, analyses, extracts, compilations, studies
or other material whatsoever prepared by it or any of its Representatives based on the
Proprietary Information will be destroyed.
This Letter Agreement (“Letter”) binds the parties only with respect to the matters expressly set forth herein and shall continue in full force and effect for a period of twentyfour (24) months from the date of this Letter.
This Letter shall be governed by, and construed in accordance with, the laws of the
State of Nevada applicable to contracts executed in, and to be performed in that state,
and is for the benefit of Disclosing Party and its Representatives and their respective
successors and assigns.
Please confirm your agreement within the foregoing by signing and returning to the
undersigned a copy of this Letter. Our signature below indicates our agreement to be
bound by the terms of this Letter.
Buyer:
By:
Print Name:
Company:
Phone:
(c) Not to contact or communicate with the lender on the project, without prior
permission from Disclosing Party.
Email:
Upon the written request of Disclosing Party, Receiving Party will promptly return to
Date:
Table of Contents
Offering Information
5
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Investment Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
Las Vegas Market Aerial Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
Trade Area Aerial Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Parcel Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Tenant Information
Tenant Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial Information
Financial Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cap Rate Matrix/10-Year Loan Analysis . . . . . . . . . . . . . . . . . . . . . . . . . .
Area Information
11
12
13
14
15
16
17
Sale Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Demographic and Income Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Las Vegas Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23
Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Offering Information
5
Executive Summary
6
The Offering
Virtus Commercial has been selected as the exclusive listing agent to offer a freestanding NNN Leased PT’s Gold Tavern Investment opportunity. The
tenant has newly renewed their lease term for 15 years. The property is located in Henderson NV.
Golden Gaming, Inc. operates PT’s Gold Taverns and is the largest tavern and slot route operator in the state of Nevada.
The property is located in the Southeast Henderson just off the US 515/95 Freeway with 90,000 vehicles/day. Both established residential communities
and new housing development surround the property, with 140,000 people within a 5-mile radius and an average household income above $72,000.
Area retail includes, CVS, Von’s Grocery, Buffalo Wild Wings, Bank of America, Wells Fargo, and US Bank.
FREESTANDING NNN LEASE BUILDING
- The location is a 6,000 SF Freestanding Tavern operation
- Recently renovated by the Tenant
STRONG CREDIT TENANT
- Golden Gaming is the Largest Tavern & Slot Route Operator in
Nevada
- 43 Locations
- Operating Since 2001
- Strong performance at the existing location
FREE & CLEAR DELIVERY, OPEN TO NEW DEBT
- No existing debt on the asset
- No assumption fees or defeasance
- Buyer can pursue new non-recourse debt
LONG TERM NNN LEASE
- Tenant has been in place since 2005
- Tenant renewed (9/01/13) with a new 15-year lease term
- Rent was restructured to “sustainable” market rate
STRONG AVERAGE HOUSEHOLD INCOMES AND
DEMOGRAPHCIS
- 142,115 People within 5-miles
- $72,836 Average Household Income
- Combination of single family and multifamily housing
EXCELLENT LOCATION
- Near major US 95/515 Freeway
- Main corridor for Lake Mead and Arizona traffic
- Horizon Ridge and Horizon Drive are key Henderson arterial
roads
Investment Summary
Property Specifications
Building Size:
6,000 SF Freestanding
Year Built:2005
7
TRANSACTION/LOAN SUMMARY
Pricing:$2,933,333.33
NOI:$198,000
Land Area:
1.16 Acres
Cap Rate:6.75%
Property Address:
61 West Horizon Ridge Parkway
Henderson, Nevada 89012
Price/SF:
$488.89
New Loan:
$1,906,666,67 (65% LTV)
Down Payment:
$1,026,666.67
Parcel Number:179-19-401-006
Zoning:
Community Commercial (CC)
Parking:12:1
Tenant:
Golden-PT’s Horizon 33, LLC
Lease:NNN
Average Rent/SF:
$37.34 Over 15-Year Term
Rate:5.0%
Cash/Cash:7.32%
Return Year 1:10.06%
Debt Coverage Ratio:1.61
Las Vegas Market Aerial Map
8
89
,0
00
ca
rs
Rosarita’s Beach
Fix8 Cafe
/d
ay
Divine Salon
Naga Thai
Island Frozen Yogurt Bar
Pacific Avenue
Chanail Spa
Sin City Liquor
Rosati’s Pizza
Dry Clean Planet
Tru Survival
Tropical Smoothie Cafe
9
6,200 cars/day
Trade Area Aerial Map
ars/d
00 c
15,5
515
ay
20,000 cars/day
Horizon Village
Square Car Wash
n
izo
r
Ho
ve
Dri
A Plus Cleaners
Sushi
Nail Boutique
Dotty’s
(PROPOSED)
0c
,50
59
/
ars
y
da
Beauty Center
R
zon
Hori
idge
Natural Nails
way
Park
Bright Smile Dental
Grand China
Morningside
Self Storage
Parcel Map
10
Tenant Information
11
Tenant Profile
12
Golden Gaming, LLC (Golden Gaming) was established by the Sartini family in October 2001. Currently, Golden
Gaming operates three divisions:
Golden Route Operations (GRO) is Nevada’s largest slot route operator with more than 7,100 machines in
approximately 600 locations throughout the state. Originally founded in 1986 as Southwest Services, GRO is a
licensed, established local route operator of gaming devices for bars, taverns, convenience and grocery stores.
GRO is the market leader in player tracking, rewards, player recognition, and communication technology.
Long-term national partners include Albertson’s, Smith’s, VONS, CVS, Pilot Travel, Love’s Travel, and Buffalo
Wild Wing’s. Long-term regional partners include Bully’s Sports Bar, Fabulous Freddy’s, and many more.
PT’s Entertainment Group (PTEG) is Nevada’s largest tavern operator with 44 establishments. PTEG’s
southern Nevada holdings include PT’s and Sierra Gold. PTEG operates under three brands in northern
Nevada: Sierra Gold, Sierra Junction, and Sparky’s Bar & Grill. All Nevada locations feature the exclusive and
proprietary Golden Rewards player rewards program. Golden Rewards offers players a convenient way to earn
rewards points that can be redeemed for instant bonus cash and other exclusive offerings. In addition, monthly
mailers offer members exclusive promotions, events, and valuable offers.
Golden Casino Group consists of Pahrump Nugget Hotel & Casino, Gold Town Casino, and Lakeside
Casino and RV Park in Pahrump, Nevada.
The Pahrump Nugget Hotel & Casino was built in 2001 and features 70 guest rooms, 531 gaming
machines, 10 table games, a sports book, and poker room. Additional amenities include fine and casual dining,
two casino bars, live entertainment, bowling center, banquet space, bingo, and childcare facilities.
Gold Town Casino offers 309 gaming machines and bingo. In addition, the casino features the Calico Café
and Buffet.
Lakeside Casino and RV Park features 206 gaming machines and the Lakeside Café and Buffet. The RV
Park holds 160 55-foot RV spaces. All sites include full service hook-ups, 30 and 50-amp electrical service and
concrete patio. There is a pool, hot tub, and gift shop, as well as internet access and three comfort stations
located on property each with laundry rooms.
Golden Gaming is one of the largest private employers in the state of Nevada with more than 2,100 team
members and continues to position itself as a premier, diversified gaming operator of casinos, taverns, and
gaming devices.
Golden Gaming, Inc.
Type:
Industry:
Founded:
Headquarters:
Key people:
Products:
Employees:
Website:
Private
Entertainment & Hospitality
Las Vegas, Nevada (2001)
Enterprise, Nevada
Blake Sartini, Founder & CEO
Casino Games Taverns
2,100 (2012)
www.goldengaminginc.com
13
Lease Summary
• Tenant: Golden-PT’s Horizon 33, LLC DBA PT’s Gold
Base Rent: The rental rate for the initial Lease term would be as follows:
• Premises: 61 West Horizon Ridge Parkway
LEASE PERIOD
• Size: 6,000 SF
• Use: Bar/Tavem/Restaurant with restricted gammg, amusement and
arcade games and logo item sales.
• Lease Type: Absolute NNN
• Lease Term: 15 years - Primary Term Expires July 31, 2028
• Renewal Option: Two (2) Options to renew for five (5) years with two
(2%) percent annual increases
• Security Deposit: Seventeen thousand and ten dollars ($17,010.00)
• Guarantor: None
• Exhibits: “A” – Site Plan, “B” – Work Letter, “C” – Sign Criteria,
“D” –Construction Requirements
September 1, 2013 – January 31, 2014
February 1, 2014 – July 31, 2014
August 1, 2014 – July 31, 2015
August 1, 2015 – July 31, 2016
August 1, 2016 – July 31, 2017
August 1, 2017 – July 31, 2018
August 1, 2018 – July 31, 2019
August 1, 2019 – July 31, 2020
August 1, 2020 – July 31, 2021
August 1, 2021 – July 31, 2022
August 1, 2022 – July 31, 2023
August 1, 2023 – July 31, 2024
August 1, 2024 – July 31, 2025
August 1, 2025 – July 31, 2026
August 1, 2026 – July 31, 2027
August 1, 2027 – July 31, 2028
PER SQUARE
MINIMUM
FOOT MONTHLY RENT
$0
$0
$33.00
$16,500.00
$33.00
$16,500.00
$33.66
$16,830.00
$34.33
$17,166.60
$35.02
$17,509.93
$35.72
$17,860.13
$36.43
$18,217.33
$37.16
$18,581.68
$37.91
$18,953.31
$38.66
$19,332.38
$39.44
$19,719.03
$40.23
$20,113.41
$41.03
$20,515.68
$41.85
$20,925.99
$42.69
$21,344.51
MINIMUM
ANNUAL RENT
$0
$99,000.00
$198,000.00
$201,960.00
$205,999.20
$210,119.18
$214,321.57
$218,608.00
$222,980.16
$227,439.76
$231,988.56
$236,628.33
$241,360.90
$246,188.11
$251,111.88
$256,134.11
LEASE RENEWAL PERIODS
(First Option to Renew)
August 1, 2028 – July 31, 2029
August 1, 2029 – July 31, 2030
August 1, 2030 – July 31, 2031
August 1, 2031 – July 31, 2032
August 1, 2032 – July 31, 2033
PER SQUARE
MINIMUM
FOOT MONTHLY RENT
$43.54
$21,771.40
$44.41
$22,206.00
$45.30
$22,650.12
$46.21
$23,103.12
$47.13
$23,565.18
MINIMUM
ANNUAL RENT
$261,256.80
$266,481.93
$271,180.44
$277,237.46
$282,782.18
LEASE RENEWAL PERIODS
(Second Option to Renew)
August 1, 2033 – July 31, 2034
August 1, 2034 – July 31, 2035
August 1, 2035 – July 31, 2036
August 1, 2036 – July 31, 2037
August 1, 2037 – July 31, 2038
PER SQUARE
MINIMUM
FOOT MONTHLY RENT
$48.07
$24,036.48
$49.03
$24,517.21
$50.01
$25,007.55
$51.01
$25,507.70
$52.03
$26,017.85
MINIMUM
ANNUAL RENT
$288,437.79
$294,206.50
$300,090.64
$306,092.41
$312,214.24
Financial Information
14
Financial Analysis
Type: Retail/Tavern
15
SF: 6,000
Year Built: 2005
Acres: 1.16
Zoning: CC
PRICING SUMMARY
Price:
$2,933,333.33
$488.89
Price Per Sq Ft:
$198,000.00
Net Operating Income (NOI):
Current CAP Rate:
6.75%
FINANCING INFORMATION - PT’s
Interest Rate:
Amortization (yrs):
Loan to Value:
Term (yrs):
Loan Amount:
Loan Payment:
5.00%
Down Payment:
$1,026,666.67
30
Net Cash Flow:
$75,175.21
65%
Cash on Cash Return
10
Year 1 Principal Paydown:
$1,906,666.67
Total Return Year 1:
$122,824.79
Debt Service Coverage Ratio (DSCR):
7.32%
$28,130.30
10.06%
1.61
PROPERTY OPERATING DATA
Income
Base Rent
PSF
Annual Totals
$33.00
$198,000.00
CAM/Tax/Ins Reimbursement
$-
Other Income
$-
Sign Rent
$-
Total Income
PSF/Month
$2.75
$33.00
$198,000.00
Current Occupancy
100.00%
Total Effective Income
PSF/Month
Expenses
Absolute NNN - No Owner Expenses
$2.75
$33.00
$198,000.00
Total Expense
NET OPERATING INCOME
$$33.00
$198,000.00
Cap Rate Matrix/10-Year Loan Analysis
Year
Dates
Monthly Rent Annualized Rent Rent PSF
CAP Rate
Initial Term
1
2/1/2014 7/31/2014
$16,500.00
$198,000.00
$33.00
Year
End
16
Balance
Interest
Principal
Net Cash
Flow
Cash on
Cash Return
Total
Return
$94,694.49
$28,130.30
$75,175.21
7.32%
10.06%
$1,906,666.67
6.75%
1
$1,878,536.37
2
8/1/2014 7/31/2015
$16,500.00
$198,000.00
$33.00
6.75%
3
8/1/2015 7/31/2016
$16,830.00
$201,960.00
$33.66
6.89%
2
$1,848,966.87
$93,255.29
$29,569.50
$75,175.21
7.32%
10.20%
3
$1,817,884.54
$91,742.46
$31,082.33
$79,135.21
7.71%
10.74%
4
8/1/2016 7/31/2017
$17,166.60
$205,999.20
$34.33
7.02%
5
8/1/2017 7/31/2018
$17,509.93
$210,119.18
$35.02
7.16%
4
$1,785,211.98
$90,152.23
$32,672.56
$83,174.41
8.10%
11.28%
6
8/1/2018 7/31/2019
$17,860.13
$214,321.57
$35.72
7.31%
5
$1,750,867.83
$88,480.64
$34,344.15
$87,294.40
8.50%
11.85%
6
$1,714,766.56
$86,723.52
$36,101.26
$91,496.78
8.91%
12.43%
7
8/1/2019 7/31/2020
$18,217.33
$218,608.00
$36.43
7.45%
8
8/1/2020 7/31/2021
$18,581.68
$222,980.16
$37.16
7.60%
7
$1,676,818.29
$84,876.51
$37,948.27
$95,783.21
9.33%
13.03%
9
8/1/2021 7/31/2022
$18,953.31
$227,439.76
$37.91
7.75%
8
$1,636,928.51
$82,935.01
$39,889.78
$100,155.37
9.76%
13.64%
10
8/1/2022 7/31/2023
$19,332.38
$231,988.56
$38.66
7.91%
9
$1,594,997.89
$80,894.17
$41,930.62
$104,614.97
10.19%
14.27%
11
8/1/2023 7/31/2024
$19,719.03
$236,628.33
$39.44
8.07%
10
$1,550,922.03
$78,748.92
$44,075.87
$109,163.77
10.63%
14.93%
12
8/1/2024 7/31/2025
$20,113.41
$241,360.90
$40.23
8.23%
13
8/1/2025 7/31/2026
$20,515.68
$246,188.11
$41.03
8.39%
14
8/1/2026 7/31/2027
$20,925.99
$251,111.88
$41.85
8.56%
15
8/1/2027 7/31/2028
$21,344.51
$256,134.11
$42.69
8.73%
16
8/1/2028 7/31/2029
$21,771.40
$261,256.80
$43.54
8.91%
17
8/1/2029 7/31/1930
$22,206.83
$266,481.93
$44.41
9.08%
18
8/1/1930 7/31/1931
$22,650.96
$271,811.57
$45.30
9.27%
19
8/1/1931 7/31/1932
$23,103.98
$277,247.80
$46.21
9.45%
20
8/1/1932 7/31/1933
$23,566.06
$282,792.76
$47.13
9.64%
First Option
Second Option
21
8/1/1933 7/31/1934
$24,037.38
$288,448.61
$48.07
9.83%
22
8/1/1934 7/31/1935
$24,518.13
$294,217.58
$49.04
10.03%
23
8/1/1935 7/31/1936
$25,008.49
$300,101.94
$50.02
10.23%
24
8/1/1936 7/31/1937
$25,508.66
$306,103.97
$51.02
10.44%
25
8/1/1937 7/31/1938
$26,018.84
$312,226.05
$52.04
10.64%
Area Information
17
Sale Comparables
18
AutoZone Building 5
4615 West Flamingo Road
3290 South Nellis Boulevard, Las Vegas, Nevada 89121
4615 West Flamingo Road, Las Vegas, Nevada 89103
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
08/16/2013 (122 Days on Market)
$2,575,000 (Full Value)
$347.97
6.39%
2838328
Full Value
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Freestanding
Built 2007 (Age: 5)
7,400 SF
161-09-411-004
Investment Triple Net
Building 3
06/25/2013 (888 Days on Market)
$1,450,000 (Confirmed)
$254.39
7.36%
2779350
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Retail Freestanding
Built 1996 (Age: 17)
5,700 SF
162-19-101-025
Hikari Japanese Restaurant
7490 South Rainbow Boulevard, Las Vegas, Nevada 89139
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
07/30/2013
$1,158,500 (Confirmed)
$156.96
5.19%
2822645
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
4175 South Buffalo Drive, Las Vegas, Nevada 89147
Retail Freestanding
Built 2013
7,381 SF
176-11-117-005
Ground Lease (Leased Fee)
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
06/21/2013 (442 Days on Market)
$1,175,000 (Confirmed)
$279.76
9.00%
2771899
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Retail Restaurant
Built 2003 (Age: 10)
4,200 SF
163-21-502-012
The Lakes Retail Center
On the Border
9031-9041 West Sahara Avenue, Las Vegas, Nevada 89117
5630 West Centennial Center Boulevard, Las Vegas, Nevada 89031
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
07/24/2013 (230 Days on Market)
$3,700,000 (Confirmed)
$512.82
8.20%
2797992
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Retail Freestanding
Built 1997 (Age: 16)
7,215 SF
163-08-121-014
03/04/2013 (349 Days on Market)
$1,700,000 (Confirmed)
$256.57
8.35%
2696276
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
AutoZone
3770 South Hualapai Way
1935 North Hollywood Boulevard, Las Vegas, Nevada 89156
3770 South Hualapai Way, Las Vegas, Nevada 89147
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
06/28/2013 (231 Days on Market)
$2,550,000 (Confirmed)
$364.29
6.16%
2784158
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Freestanding
Built 2008 (Age: 5)
7,000 SF
140-22-715-006
1031 Exchange, Investment Triple Net
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
02/20/2013 (224 Days on Market)
$2,460,000 (Confirmed)
$424.87
8.00%
2690261
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Restaurant
Built 2007 (Age: 6)
6,626 SF
125-27-411-009
Retail Restaurant
Built 2004 (Age: 9)
6,118 SF
163-18-314-003
Bulk/Portfolio Sale, Investment Triple Net
Sale Comparables
19
812 West Ann Road
Canyon Lakes Plaza
812 West Ann Road, North Las Vegas, Nevada
9240 West Sahara Avenue, Las Vegas, Nevada 89117
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
02/13/2013 (217 Days on Market)
$2,460,000 (Confirmed)
$424.87
8.00%
2690261
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Restaurant
Built 2005 (Age: 8)
5,790 SF
124-28-801-003
Bulk/Portfolio Sale, Investment Triple Net
Cane’s
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
08/10/2012
$2,850,000 (Confirmed)
$457.68
8.14%
2535902
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
6500 West Sahara Avenue
5600 West Centennial Center Boulevard, Las Vegas, Nevada 89149
6500 West Sahara Avenue, Las Vegas, Nevada 89146
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
12/28/2012 (179 Days on Market)
$3,650,000 (Confirmed)
$1,032.53
9.00%
2634623
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Fast Food
Built 2008 (Age: 4)
3,535 SF
125-27-411-005
Investment Triple Net
9345 West Russell Road
9345 West Russell Road, Las Vegas, Nevada 89148
Sale Date:
Sale Price:
Price/SF:
Actual Cap Rate:
Comp ID:
Research Status:
Retail Freestanding
Built 1994 (Renovated 2009, Age: 18)
6,227 SF
163-05-410-029
1031 Exchange, Investment Triple Net
12/14/2012
$3,000,000 (Confirmed)
$396.56
6.40%
2626840
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Freestanding
Built 2007 (Age: 5)
7,565 SF
163-32-101-018
1031 Exchange, Investment Triple Net
08/03/2012
$2,650,000 (Confirmed)
$530.00
8.38%
2527897
Confirmed
Building Type:
Year Built/Age:
RBA:
Parcel Number:
Sale Conditions:
Retail Restaurant
Built 1997 (Age: 15)
5,000 SF
163-02-416-006
Sale Leaseback
Demographic and Income Profile
Demographic and Income Profile
Demographic and Income Profile - 1 Mile Radius
PTs Gold Tavern
73 W Horizon Ridge Pky, Henderson, NV, 89012
Ring: 1 mile radius
Census 2010
2012
2017
9,930
10,059
10,450
Population
Households
3,637
3,700
3,816
Families
2,669
2,694
2,797
2.73
2.72
2.74
Owner Occupied Housing Units
2,987
2,940
3,035
Renter Occupied Housing Units
650
760
781
41.5
42.1
42.9
Area
0.77%
0.62%
0.75%
0.64%
3.24%
State
0.95%
0.86%
1.01%
0.93%
3.38%
National
0.68%
0.74%
0.72%
0.91%
2.55%
2017
Average Household Size
Median Age
Trends: 2012 - 2017 Annual Rate
Population
Households
Families
Owner HHs
Median Household Income
2012
Households by Income
Number
Percent
3
2.5
2
1.5
1
Area
State
USA
0.5
0
Population
Households
Families
Owner HHs
Median HH Income
Percent
<$15,000
112
91
2.4%
$15,000 - $24,999
220
5.9%
141
3.7%
$25,000 - $34,999
209
5.6%
127
3.3%
16
$35,000 - $49,999
474
12.8%
359
9.4%
14
$50,000 - $74,999
1,187
32.1%
1,140
29.9%
$75,000 - $99,999
595
16.1%
869
22.8%
12
$100,000 - $149,999
678
18.3%
792
20.8%
10
$150,000 - $199,999
118
3.2%
167
4.4%
$200,000+
107
2.9%
129
3.4%
Population by Age
Percent
3.0%
Number
Latitude: 36.01283
Longitude: -114.99379
Trends 2012-2017
Annual Rate (in percent)
Summary
20
PTs Gold Tavern
73 W Horizon Ridge Pky, Henderson, NV, 89012
Ring: 1 mile radius
Latitude: 36.01283
Longitude: -114.99379
8
6
$64,770
$78,214
$29,133
Census 2010
Population by Age
0-4
5-9
$75,947
$88,374
$32,684
2012
4
Number
Percent
Number
Percent
Number
Percent
544
5.5%
544
5.4%
555
5.3%
620
6.2%
618
6.1%
631
6.0%
10 - 14
636
6.4%
629
6.3%
652
6.2%
15 - 19
673
6.8%
646
6.4%
634
6.1%
20 - 24
472
4.8%
482
4.8%
455
4.4%
25 - 34
1,102
11.1%
1,124
11.2%
1,155
11.1%
35 - 44
1,480
14.9%
1,454
14.5%
1,449
13.9%
45 - 54
1,578
15.9%
1,548
15.4%
1,473
14.1%
55 - 64
1,484
14.9%
1,577
15.7%
1,711
16.4%
65 - 74
879
8.9%
960
9.5%
1,208
11.6%
75 - 84
361
3.6%
369
3.7%
405
3.9%
99
1.0%
108
1.1%
122
1.2%
Number
Percent
Number
Percent
Number
Percent
White Alone
8,470
85.3%
8,510
84.6%
8,620
82.5%
Black Alone
238
2.4%
246
2.4%
272
2.6%
71
0.7%
77
0.8%
87
0.8%
407
4.1%
425
4.2%
500
4.8%
85+
Census 2010
Race and Ethnicity
American Indian Alone
Asian Alone
Pacific Islander Alone
2012
0
0-4
5-9
45
0.5%
46
0.5%
52
0.5%
378
3.8%
408
4.1%
506
4.8%
Two or More Races
321
3.2%
347
3.4%
411
3.9%
1,249
12.6%
1,341
13.3%
1,622
15.5%
Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017.
10-14
15-19
20-24
25-34
2012 Household Income
35-44
$15K - $24K
5.9%
<$15K
3.0%
$200K+
2.9%
$150K - $199K
3.2%
$75K - $99K
16.1%
55-64
65-74
75-84
85+
80
75
70
65
60
$25K - $34K
5.6%
$50K - $74K
32.1%
45-54
2012 Population by Race
$35K - $49K
12.8%
2017
Some Other Race Alone
Hispanic Origin (Any Race)
2012
2017
2
2017
$100K - $149K
18.3%
Percent
Median Household Income
Average Household Income
Per Capita Income
55
50
45
40
35
30
25
20
15
10
5
0
White
Black
Am. Ind.
Asian
Pacific
Other
Two+
2012 Percent Hispanic Origin: 13.3%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017.
September 24, 2013
September 24, 2013
Demographic and Income Profile
Demographic and Income Profile
Demographic and Income Profile - 3 Mile Radius
2012
2017
69,535
69,958
71,804
Households
25,111
25,336
25,804
Families
17,640
17,653
18,104
2.75
2.75
2.77
Owner Occupied Housing Units
16,547
15,843
16,162
Renter Occupied Housing Units
8,564
9,493
9,642
36.5
36.8
37.4
Area
0.52%
0.37%
0.51%
0.40%
3.45%
State
0.95%
0.86%
1.01%
0.93%
3.38%
National
0.68%
0.74%
0.72%
0.91%
2.55%
2017
Average Household Size
Median Age
Trends: 2012 - 2017 Annual Rate
Population
Households
Families
Owner HHs
Median Household Income
2012
Households by Income
Number
<$15,000
Percent
2,413
9.5%
Number
2,196
8.5%
$15,000 - $24,999
1,936
7.6%
1,364
5.3%
2,203
8.7%
1,487
5.8%
$35,000 - $49,999
3,477
13.7%
2,823
10.9%
$50,000 - $74,999
6,477
25.6%
6,289
24.4%
$75,000 - $99,999
3,704
14.6%
5,474
21.2%
$100,000 - $149,999
3,955
15.6%
4,698
18.2%
$150,000 - $199,999
664
2.6%
904
3.5%
$200,000+
508
2.0%
570
2.2%
$57,485
$68,438
$25,027
Census 2010
Population by Age
0-4
5-9
$68,120
$77,436
$28,085
2012
2017
Number
Percent
Number
Percent
Number
Percent
4,871
7.0%
4,857
6.9%
4,931
6.9%
5,191
7.5%
5,164
7.4%
5,241
7.3%
10 - 14
5,154
7.4%
5,093
7.3%
5,238
7.3%
15 - 19
4,821
6.9%
4,616
6.6%
4,506
6.3%
20 - 24
3,884
5.6%
3,962
5.7%
3,716
5.2%
25 - 34
9,271
13.3%
9,440
13.5%
9,633
13.4%
35 - 44
10,762
15.5%
10,515
15.0%
10,471
14.6%
45 - 54
9,812
14.1%
9,573
13.7%
9,067
12.6%
55 - 64
8,018
11.5%
8,486
12.1%
9,157
12.8%
65 - 74
4,827
6.9%
5,243
7.5%
6,538
9.1%
75 - 84
2,268
3.3%
2,303
3.3%
2,527
3.5%
656
0.9%
706
1.0%
778
1.1%
85+
Census 2010
Race and Ethnicity
2012
2017
Number
Percent
Number
Percent
Number
Percent
White Alone
54,748
78.7%
54,468
77.9%
54,004
75.2%
Black Alone
3,235
4.7%
3,304
4.7%
3,547
4.9%
600
0.9%
650
0.9%
758
1.1%
3,411
4.9%
3,531
5.0%
4,038
5.6%
352
0.5%
354
0.5%
389
0.5%
Some Other Race Alone
3,856
5.5%
4,116
5.9%
4,989
6.9%
Two or More Races
3,332
4.8%
3,536
5.1%
4,079
5.7%
11,610
16.7%
12,333
17.6%
14,561
20.3%
American Indian Alone
Asian Alone
Pacific Islander Alone
Hispanic Origin (Any Race)
3
2.5
2
1.5
1
Area
State
USA
0.5
0
Population
Households
Families
Owner HHs
Median HH Income
Percent
$25,000 - $34,999
Median Household Income
Average Household Income
Per Capita Income
Latitude: 36.01283
Longitude: -114.99379
Trends 2012-2017
Annual Rate (in percent)
Census 2010
Population
Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017.
Population by Age
Percent
Summary
21
PTs Gold Tavern
73 W Horizon Ridge Pky, Henderson, NV, 89012
Ring: 3 mile radius
Latitude: 36.01283
Longitude: -114.99379
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
2012
2017
0-4
5-9
10-14
15-19
20-24
25-34
2012 Household Income
$35K - $49K
13.7%
35-44
45-54
55-64
65-74
75-84
85+
2012 Population by Race
$25K - $34K
8.7%
75
70
$15K - $24K
7.6%
65
60
55
<$15K
9.5%
$200K+
2.0%
$50K - $74K
25.6%
$150K - $199K
2.6%
50
Percent
PTs Gold Tavern
73 W Horizon Ridge Pky, Henderson, NV, 89012
Ring: 3 mile radius
45
40
35
30
25
20
15
$100K - $149K
15.6%
$75K - $99K
14.6%
10
5
0
White
Black
Am. Ind.
Asian
Pacific
Other
Two+
2012 Percent Hispanic Origin: 17.6%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017.
September 24, 2013
September 24, 2013
Demographic and Income Profile
Demographic and Income Profile
Demographic and Income Profile - 5 Mile Radius
2012
2017
140,817
142,467
147,543
Households
52,585
53,469
55,053
Families
36,268
36,533
37,865
Average Household Size
2.66
2.65
2.67
Owner Occupied Housing Units
35,326
34,052
35,142
Renter Occupied Housing Units
17,259
19,417
19,911
37.7
38.1
38.6
Area
0.70%
0.59%
0.72%
0.63%
3.71%
State
0.95%
0.86%
1.01%
0.93%
3.38%
National
0.68%
0.74%
0.72%
0.91%
2.55%
2017
Median Age
Trends: 2012 - 2017 Annual Rate
Population
Households
Families
Owner HHs
Median Household Income
2012
Households by Income
Number
<$15,000
Percent
4,319
8.1%
Number
3,897
7.1%
$15,000 - $24,999
4,082
7.6%
2,825
5.1%
4,683
8.8%
3,195
5.8%
$35,000 - $49,999
7,171
13.4%
5,866
10.7%
$50,000 - $74,999
13,378
25.0%
13,158
23.9%
$75,000 - $99,999
7,541
14.1%
11,113
20.2%
8,467
15.8%
10,155
18.4%
$150,000 - $199,999
2,159
4.0%
2,923
5.3%
$200,000+
1,670
3.1%
1,921
3.5%
Median Household Income
Average Household Income
Per Capita Income
$59,308
$72,914
$27,612
Census 2010
Population by Age
0-4
5-9
$71,170
$83,334
$31,356
2012
2017
Number
Percent
Number
Percent
Number
Percent
9,123
6.5%
9,151
6.4%
9,416
6.4%
9,636
6.8%
9,640
6.8%
9,865
10 - 14
9,985
7.1%
9,906
7.0%
10,260
7.0%
15 - 19
9,502
6.7%
9,140
6.4%
8,991
6.1%
20 - 24
7,869
5.6%
8,085
5.7%
7,666
5.2%
6.7%
25 - 34
18,658
13.2%
19,136
13.4%
19,827
13.4%
35 - 44
20,907
14.8%
20,533
14.4%
20,630
14.0%
45 - 54
20,375
14.5%
19,998
14.0%
19,101
12.9%
55 - 64
16,806
11.9%
17,832
12.5%
19,295
13.1%
65 - 74
10,961
7.8%
11,882
8.3%
14,711
10.0%
75 - 84
5,465
3.9%
5,533
3.9%
6,009
4.1%
85+
1,530
1.1%
1,632
Census 2010
Race and Ethnicity
1.1%
1,771
2012
1.2%
Percent
Number
Percent
Number
Percent
White Alone
109,847
78.0%
109,962
77.2%
110,019
74.6%
Black Alone
6,925
4.9%
7,097
5.0%
7,655
5.2%
American Indian Alone
1,081
0.8%
1,166
0.8%
1,367
0.9%
Asian Alone
7,902
5.6%
8,221
5.8%
9,528
6.5%
780
0.6%
790
0.6%
868
0.6%
Some Other Race Alone
7,529
5.3%
8,024
5.6%
9,707
6.6%
Two or More Races
6,753
4.8%
7,207
5.1%
8,398
5.7%
22,892
16.3%
24,363
17.1%
28,798
19.5%
Hispanic Origin (Any Race)
3
2.5
2
1.5
1
Area
State
USA
0.5
0
Population
Households
Families
Owner HHs
Median HH Income
Population by Age
14
13
12
11
10
9
8
7
6
5
4
3
2
1
0
2012
2017
0-4
5-9
Data Note: Income is expressed in current dollars.
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017.
10-14
15-19
20-24
25-34
2012 Household Income
$35K - $49K
13.4%
35-44
45-54
55-64
65-74
75-84
85+
2012 Population by Race
$25K - $34K
8.8%
75
70
$15K - $24K
7.6%
65
60
55
<$15K
8.1%
$50K - $74K
25.0%
$200K+
3.1%
2017
Number
Pacific Islander Alone
3.5
Percent
$25,000 - $34,999
$100,000 - $149,999
Latitude: 36.01283
Longitude: -114.99379
Trends 2012-2017
Annual Rate (in percent)
Census 2010
Population
Percent
Summary
22
PTs Gold Tavern
73 W Horizon Ridge Pky, Henderson, NV, 89012
Ring: 5 mile radius
Latitude: 36.01283
Longitude: -114.99379
$150K - $199K
4.0%
50
Percent
PTs Gold Tavern
73 W Horizon Ridge Pky, Henderson, NV, 89012
Ring: 5 mile radius
45
40
35
30
25
20
15
10
$75K - $99K
14.1%
$100K - $149K
15.8%
5
0
White
Black
Am. Ind.
Asian
Pacific
Other
Two+
2012 Percent Hispanic Origin: 17.1%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2012 and 2017.
September 24, 2013
September 24, 2013
Las Vegas Market Overview
Las Vegas MSA is home to the world famous Las Vegas Strip, the Entertainment Capital of the
World, and 17 of the world’s 25 largest hotels. It encompasses 8,012 square miles in southern
Nevada, and includes the cities of Las Vegas, North Las Vegas, Henderson, Boulder City and
Mesquite. The urban areas of the county surrounding the strip are often referred to as Las Vegas.
For the last decade, Las Vegas has been one of the fastest-growing metro areas in the nation.
Currently, 3.2 million visitors and around 4,000 to 6,000 new residents enter Clark County each
month. The phenomenal growth of Las Vegas can be attributed to an expanding skilled labor
force, a favorable tax structure, a pro-business environment and a great climate. These factors
have also led to the City being recognized by Inc. magazine as the top entrepreneurial city in
America, and by Entrepreneur magazine as the number one western state for both economic
growth and entrepreneurial activity.
Las Vegas is more economically diversified than ever before, but the local economy is still primarily
service based, with lodging and gaming-related businesses dominating. Approximately 150,161
hotel rooms provide space for over 38 million people who visit Las Vegas each year, including
4.5 million convention delegates. Las Vegas casinos, comprising approximately 147,000 slot
machines and 4,700 live gaming tables, generate more than $9.8 billion in revenue each year.
With access to several major highways, including I-15, U.S. 95, U.S. 93, & I-215, an international
airport, and Union Pacific rail service, Las Vegas is becoming a major distribution hub. McCarran
International Airport welcomes over 39 million passengers a year.
POPULATION
The combination of a warm climate and the comparatively low cost of living have contributed
to the rapid growth in population in the Las Vegas Metropolitan Area, and will continue to draw
more residents for the foreseeable future. Clark County experienced astounding growth as its
population nearly doubled between 1990 and 2000, increasing from approximately 750,000 to
1.3 million during this period. This made it the fastest-growing MSA in the U.S., with almost
double the growth of the next closest MSA, Austin, Texas. From 2000 to 2010, this number grew
35.9% and is expected to continue to increase over the next five years. The 2012 estimated
number of Households was 728,708. The average household size is 2.6 and the median age
is 36.0. 50.3% of the population is male and 49.7% is female. The 2017 estimated population
is projected to increase to 2,179,532. The estimated Median Household Income in 2012 was
approximately $57,220, which is above the U.S. median of $53,535
23
HENDERSON CITY OVERVIEW
“A Place to Call Home”
Henderson is a city in Clark County, Nevada, within the Las Vegas metropolitan area. It is the
second largest city in Nevada, after Las Vegas, with an estimated population of 265,679 in the
2012 according to the Census Bureau. Henderson directly provides residents with fi re, police,
paramedic, ambulance, sewer and water services. The City maintains the lowest employee-toresident ratio in Southern Nevada, along with one of the lowest city property tax rates. The City
officially incorporated in 1953, after emerging during World War II as a manufacturing source for
magnesium. In 2008, Henderson, Nevada was again named one of the top American cities in
MONEY Magazine’s annual “Best Places to Live” profile that acknowledged the City for premier
parks and trails, master planned communities, and economic opportunities. Recognized for
providing outstanding public services, the City’s Police, Fire, and Ambulance Services, Parks and
Recreation, and Building and Fire Safety Departments are nationally accredited.
Henderson provides residents and businesses alike an exceptional quality of life with outstanding
public safety, recreational amenities, educational opportunities, and quality community planning
and development. Henderson, the second largest city in Nevada is known for excellence. In
the 2009 Community Assessment Survey, 95% of residents reported they are satisfied with the
quality of life in Henderson. Nine out of 10 residents responding to the same survey feel a sense
of community in Henderson. Parks and Recreation amenities are abundant in Henderson, with
a park located within a mile of most residents and recreation and aquatic facilities conveniently
located throughout the City. In addition to earning national accreditation, Henderson was one
of only 92 communities nationwide and the only one in Nevada to have received recognition as
Playful City USA by Kaboom! a nationwide non-profit organization dedicated to supporting great
places to play within walking distance for children.
The City continues a tradition of firsts, being home to the first municipal building in Nevada to
earn the Leadership in Energy and Environmental Design (LEED) Gold certification – the North
Community Police Station. The building features a number of efficiencies including a renewable
energy system that will offset approximately 15% of the facility’s energy use. Henderson was born
during a time of war and the spirit that led it to become one of the nation’s leading communities
is still strong today. They are a City committed to quality public service while striving towards the
highest level of efficiency and creating a premier quality of life for those residents and businesses
that choose Henderson as A Place to Call Home.
Photos
24