shell c-store inez tx€¦ · inez is an unincorporated town (zip 77968) in victoria county and as...
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SHELL C-STORE INEZ TX
Offering Memorandum
9 FM 444, Inez, Texas 77968
$2,250,000
13.8% OAR/CAP Rate
36% Cash on Cash
Strong Fundamentals
2
SHELL C-STORE INEZ TX
Offering Memorandum
9 FM 444 SouthInez, TX 77968
• Inflation Resilient• 2.43 Acres – Upside Development • Highway Visibility• Easy On / Off Access• 36% Cash on Cash!
INVESTMENT SUMMARY…Location Summary
Investment Overview
FINANCIAL ANALYSIS…Opportunity Upgrades
Financial Summary
REGIONAL MAP…Site Map
MARKET OVERVIEW…Branded Fuel & Smitty’s C-Store
Comparable Sales
Additional Pictures
Market Overview
Demographic Analysis
TABLE OF CONTENTS
3,460 SF| NET INTERIOR AREA |
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SHELL C-STORE INEZ TX
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OFFERING SUMMARY
CHARLOTTE NNN
LOCATION SUMMARY
SHELL C-STORE INEZ TX
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US I-59 25,000 APD
• 9 FM 444 South, Inez is 70 miles southwest of Houston
• Over 25,000 vehicles travel past the site each day
• There is an advertising billboard located on the northbound side of Highway 59 at approximately 10-miles and one at the one-mile distances.
• Two Texas DOT traveler “food & Fuel: alert signs at the north and south exits.
OFFERING SUMMARY
CHARLOTTE NNN
INVESTMENT OVERVIEW
SHELL C-STORE INEZ TX
OVERVIEWMarcus & Millichap has been retained on an exclusive basis and is pleased to present theopportunity to acquire Smitty’s, a fuel & convenience center investment that will includethe business and the real estate from which the business is operated from.
LOCATIONThe property is located at the corner of FM 444 South and the access road on U.S. I-59northbound in Inez, Texas. The enterprise, known as Smitty’s, has been a successfulbusiness at this location for 28 years with steady growth over the long term. Thebusiness is situated at a premium location that garners both U.S. I-59 traffic as well assubstantial local patronage. Inez is an unincorporated town (zip 77968) in VictoriaCounty and as of the 2010 census had a population of a little over 2000 people withinthe census-designated place. The property is situated approximately 15 miles northeastof Victoria, Texas on U.S. I-59 and just under 90 minutes from the Houston metro area.
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An average daily traffic count exceeds 25,000 vehicles at this location. The property sits on a
hard corner located with over five easy-off easy-on ingress and egress access points. There is
an exit ramp off U.S. I-59 northbound to access FM 444 located approximately 2,000 feet south
of the store and an entrance ramp to re-enter back onto U.S. I-59 northbound located
approximately 3,000 feet north of the store. On the southbound side of U.S. I-59, there is an
exit ramp to access FM 444 approximately 2,000 feet north of the store and an entrance ramp
to re-enter the southbound side of U.S. I-59 approximately 1,500 feet south of the store.
Access to the store from the southbound lanes is achieved via FM 444, which crosses under
the US I-59 overpass right in front of the store.
The property is ideally located and is visible for well over a mile in either direction from U.S. I-
59. The site consists of 2.429 acres of contiguous real estate with approximately 550 feet of
frontage on the US I-59 access road and 170 feet of frontage on FM 444 South.
The property was built in 1990 with small upgrades completed periodically as spacing required
to keep the facility in its present excellent condition.
OFFERING SUMMARY
CHARLOTTE NNN
INVESTMENT OVERVIEW
SHELL C-STORE INEZ TX
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MINI-MART
The facility is approximately 3,460 square feet in gross building area. Hours of operation are from
6:00 a.m. to 9:00 p.m. Monday - Saturday and 9:00 a.m. to 9:00 p.m. on Sunday. The store operates
under an off premise TABC license and sells beer and wine. Other offerings within the store include
salty and sweet snacks, grocery items, soda and energy drinks, fountain offerings, candy/gum, lotto,
ice cream, tobacco products, automotive goods and fresh food service.
The fresh food service includes fresh made tacos and rolls for breakfast; made to order hamburgers,
chicken strips, steak fingers, and other short order items from the grill from 10:30 a.m. until 6:00
p.m.; grab-n-gos including burritos, crispitos, sausage wraps, corn dogs, etc., from 9:00 a.m. until
close; and the Deli includes site-made sandwiches (clubs, hoagies, ham and cheese, chicken salad,
turkey and swiss, tuna salad), salads, wraps and pinwheels in the deli case. The store also has a
smoker and offers brisket tacos and brisket sandwiches as well as pulled pork and pork ribs, all on
select days as specials.
• The facility maintains clean men's and women's restrooms in addition
to providing customers a small dine-in area that will seat 12-15 people.
• The store is serviced by its own water well and septic system.
• It has a walk-in freezer and a walk-in refrigerator in addition to the
merchandising coolers within the store.
• Inside non-lottery sales average approximately $150,000 per month with
food service making up about $23,000 of that.
OFFERING SUMMARY
CHARLOTTE NNN
INVESTMENT OVERVIEW
SHELL C-STORE INEZ TX
UNDERGROUND FUEL TANKS
The store is a Shell branded location with three MPD stations providing six servicedispensers that deliver three grades of fuel, (regular, mid and super), one MPDwith one service dispenser providing four grades of fuel, (regular, mid, super anddiesel) and additional service dispenser that provides diesel.
The forecourt is located directly in front of the store with a free standing 1,200square foot canopy over the three MPDs. The fuel tanks are located undergroundand consist of an 8,000 gallon regular tank, a 6,000 gallon regular tank, a 6,000gallon super tank and a 6,000 gallon diesel tank. Mid-grade fuel is blended at theMPDs.
The store sells about 110,000 gallons of fuel per month, of which about 89,000gallons is gasoline and 21,000 gallons is diesel. The store sells virtually all fuels topassenger vehicles.
YARD IMPROVEMENTS
The site has a concrete surface throughout including the fuel canopy areas andabove the underground tank areas. The site has 10 automobile parking spaces inaddition to two handicapped spaces. There is ample room for expansion for autosand truck parking on the current site and adjacent 1.25 acres.
• Trash Enclosure.• Air and Water Station.• 25-foot High Monument Sign.
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OFFERING SUMMARY
CHARLOTTE NNN
INVESTMENT OVERVIEW
SHELL C-STORE INEZ TX
OPERATIONSThe store is typically staffed with two cashiers and one cook, with part time support on certain days to help with deliveries and stocking. The store is manned in two shifts, with shift change occurring at 1:00 p.m. for most personnel. The cooks overlap during the lunch rush to provide better coverage at the busiest grill time during the day. The grill is open Monday through Saturday. There are no cooks on Sundays and the cashiers make the grab-n-gos and light breakfast offerings.
FINANCIAL PERFORMANCEThe store has averaged $933K in gross profit over the most recent three years.
FEATURES• Expansive merchandise display with two cashiers at counter centrally located toward
the front of the floor area with ample unrestricted space for customer movement from all sides.
• Spacious deli food preparation area.
• Popular café & deli with convenient interior tables and chairs that can accommodate up to 15 patrons.
• Spacious top rated stainless steel walk-in coolers serving both the convenience store and the café/deli operation.
• Large uncongested back-of-house prep and kitchen area for the Café and Deli.
• Large stainless steel walk-in freezer.
• Dry storage area and large private office.
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Operations
OFFERING SUMMARY
CHARLOTTE NNN
OPPORTUNITY UPGRADES
SHELL C-STORE INEZ TX
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Operations
The store has an excellent opportunity to supersize its performance, given itspremium location.Key components of the upgrade include:
• A new highly visible pylon sign to extend the visibility of the store ineach direction on U.S. I-59
• An extension on the store to modernize the restrooms and expandthem
• Conversion of the existing restrooms into additional dining space• Reconfiguration of the forecourt into an eight MPD single row format to
accommodate more cars simultaneously• New canopy to match the new MPD arrangement• Additional site paving to increase and improve parking capacity and• Store cosmetic updates (paint, counters, lighting, cover over sidewalks,
etc.
A budgetary estimate has been compiled for this effort and the total inclusive of a10 percent contingency is $783,000. A conservative analysis of the increase intraffic count captured indicates that this project would generate approximately$200,000 - $250,000 of additional gross profit per year. It would have an expectedlife of 10-15 years and would generate a leveraged IRR in excess of 30 percent,assuming a 75 percent loan to value ratio for the rebuild.
The last major upgrade of the location was in 1990 when the current grossfootprint of the store was constructed. There have been numerous smallchanges/additions since then to keep the store fresh. The premium location begsfor a step change upgrade to position the store for the next 10-20 years ofoperation.
OFFERING SUMMARY
CHARLOTTE NNN
OPPORTUNITY UPGRADES
SHELL C-STORE INEZ TX
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Operations
This location is in an excellent position to capture significant northbound traffic offU.S. I-59. The nearest northbound located C-store is the Conoco Fast Stop 18 milesaway in Victoria. South of the subject property, the next easy on — easy offhighway access points are situated in Refugio, almost 50 miles further south onU.S. I-77. On U.S. I-59, the next easy on — easy off highway access point is locatedapproximately 50 miles away in Goliad. Note: there is a Love's Truck Stop in Ednaon the northbound side of U.S. I-59, approximately 15 miles north of Inez, but it isnot an easy off— easy on location.
• A high visibility pylon sign that would alert travelers well in advance ofthe store so that they could plan a safe exit from U.S. I-59 would serve togreatly increase traffic capture.
• Pre-emptive advertising miles ahead of the store would also plant theseed of a destination stop.
• Improved restrooms.• An expanded dining area for travelers to take a break are musts to
improve the stop experience.
The store enjoys a very good reputation for its food service offerings, both fromthe grill and the made-on-site deli offerings. Modernizing the store would create asolid destination experience.
In addition to increased sales, upgrading the store would create economies of scaleto have better leadership on the floor during open hours, which in turn wouldimprove the customer service experience that the store delivers. Finally, a largerfootprint and better amenities might allow the store to remain open 24 hours,further enhancing sales. The above economic analysis assumes the store onlyremains open on its current schedule.
SHELL C-STORE INEZ TX
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FINANCIAL
ANALYSIS
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OFFERING SUMMARY
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SHELL C-STORE INEZ TX
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OFFERING SUMMARY
Expenses Current Year 1 Year 2
Utilities $30,000 $30,000 $30,300
Trash Removal $500 $500 $505
Repairs & Maintenance $1,000 $1,000 $1,010
Landscaping $2,000 $2,000 $2,020
CC Charges $31,547 $31,547 $31,862
License & Misc $750 $750 $758
Supplies $4,500 $4,500 $4,545
Franchise Tax $0 $0 $0
Real Estate Taxes $6,100 $6,100 $6,161
Labor $318,000 $230,000 $232,300
Insurance $75,000 $14,000 $14,000
Total Expenses $469,397 $320,397 $323,461
Product Gasoline Diesel Inside QSR - Fast Food
Monthly Gross Profit $13,812 $4,620 $44,450 $12,650
Annualized Gross Profit $165,744 $55,440 $533,400 $151,800
AERIAL PHOTO
SHELL C-STORE INEZ TX
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Adjacent 1.25 acres included.
STRONG LOCAL & NATIONAL BRANDING
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SHELL C-STORE INEZ TX
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o Smitty’s Food Mart was established in 1980 as a convenient stop for fueland food for the travelling public. It has an off-site beer and wine license,and is well stocked with products that local customers have come toexpect.
o The travelling public and local patrons who visit Smitty’s have come toexpect a friendly place to sit, relax and enjoy quality food andcompetitively priced fuel in a clean and safe environment.
o Shell Oil Company is the United States-based wholly owned subsidiary of Royal Dutch Shell, transnational corporation "oil major" of Anglo-Dutch origins, which is amongst the largest oil companies in the world.
o Approximately 22,000 Shell employees are based in the U.S. The U.S. headquarters is in Houston, Texas. Shell Oil Company, including its consolidated companies and its share in equity companies, is one of America's largest oil and natural gas producers, natural gas marketers, gasoline marketers and petrochemical manufacturers.
o Shell is the market leader through approximately 25,000 Shell-branded gas stations in the U.S. which also serve as Shell's most visible public presence.
SHELL C-STORE INEZ TX
SALES COMPARABLES MAP
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SHELL C-STORE INEZ TX
(SUBJECT)
Jiffy Lube
Jiffy Lube
Stripes Convenience Store
7–Eleven and Shell Gas
and Convenience Station
Stripes
7-Eleven
Circle K
Murphy Express Ground
Lease
7-11 Valley Ridge
SALES COMPARABLES
1
2
3
4
5
7
8
6
9
16
Avg. 6.22%
0
2
4
6
8
10
12
14
16
18
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SHELLC-STORE INEZ TX
Jiffy Lube Jiffy Lube-2 StripesConvenience
Store
7–Elevenand ShellGas and
ConvenienceStation
Stripes 7-Eleven Circle K MurphyExpressGroundLease
7-11 ValleyRidge
PROPERTY NAMESHELL C-STORE INEZ TX
SALES COMPARABLES
Average Cap Rate
SALES COMPARABLES SALES COMPS AVG
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Avg. $956.07
$0.00
$300.00
$600.00
$900.00
$1,200.00
$1,500.00
$1,800.00
$2,100.00
$2,400.00
$2,700.00
$3,000.00
SHELLC-STORE INEZ TX
Jiffy Lube Jiffy Lube-2 StripesConvenience
Store
7–Elevenand ShellGas and
ConvenienceStation
Stripes 7-Eleven Circle K MurphyExpressGroundLease
7-11 ValleyRidge
PROPERTY NAMESHELL C-STORE INEZ TX
SALES COMPARABLES
Average Price Per Square Foot
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
SHELL C-STORE INEZ TX
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
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SALES COMPARABLES
Annual Per SF
Income $906,384 $261.96
Expenses $320,397 $92.60
NOI $585,987 $169.36
Occupancy 100.0%
Branded Lease Type
Asking Price: $3,150,000 Shell N/A
Price/SF: $910.40
CAP Rate: 18.60%
Year Built: 1990
SHELL C-STORE INEZ TX9 FM 444 South, Inez, Texas, 77968
1
Tenants Lease Type
Close Of
Escrow:12/9/2015 Jiffy Lube NNN
Days On
Market:100
Sales Price: $1,159,048
Price/SF: $646.79
CAP Rate: 7.25%
Year Built: 1997
JIFFY LUBE4835 Louetta Road, Spring, Texas, 77388
2
Tenants Lease Type
Close Of
Escrow:12/20/2017
Days On
Market:111
Sales Price: $1,443,890
Price/SF: $832.69
CAP Rate: 7.20%
Year Built: 1997
JIFFY LUBE13102 Louetta Road, Cypress, Texas, 77429
Jiffy Lube NNN
PROPERTY NAME
MARKETING TEAM
SHELL C-STORE INEZ TX
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
3
Close Of Escrow 3/20/2015
Days On Market 281
Sales Price $3,100,000
Price/SF $770.00
CAP Rate 7.05%
GLA 4,026 SF
Lot Size 1.387 Acres
Year Built 2002
STRIPES CONVENIENCE STORE4420 West University Drive, Edinburg, Texas, 78539
4
Close Of Escrow 3/4/2016
Sales Price $2,882,296
Price/SF $480.38
CAP Rate 5.75%
GLA 6,000 SF
Year Built 1990
7–ELEVEN AND SHELL GAS AND CONVENIENCE STATION26730 East Highway 380, Little Elm, Texas, 76227
2
Close Of Escrow 2/18/2016
Days On Market 129
Sales Price $4,195,000
Price/SF $840.51
CAP Rate 6.43%
GLA 4,991 SF
Lot Size 1.15 Acres
STRIPES708 U.S. Highway 77, Schulenburg, Texas, 78956
NAP
PROPERTY NAME
MARKETING TEAM
SHELL C-STORE INEZ TX
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
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SALES COMPARABLES
6
Close Of Escrow 4/26/2018
Days On Market 356
Sales Price $3,402,709
Price/SF $719.69
CAP Rate 6.40%
GLA 4,728 SF
Lot Size 1.39 Acre(s)
Year Built 2006
7-ELEVEN5500 West MIle 7 Road , Mission, Texas, 78574
7
Close Of Escrow 11/8/2017
Sales Price $2,570,000
Price/SF $854.10
CAP Rate 6.00%
GLA 3,009 SF
Lot Size 0.55 Acre(s)
Year Built 1999
CIRCLE K1701 South 10th Street, McAllen, Texas, 78503
8
Close Of Escrow 7/3/2018
Days On Market 91
Sales Price $2,912,621
Price/SF $2,427.18
CAP Rate 5.15%
GLA 1,200 SF
Lot Size 1.24 Acre(s)
Year Built 2018
MURPHY EXPRESS GROUND LEASEAlt Highway 90 & University Boulevard, Sugar Land, Texas, 77478
PROPERTY NAME
MARKETING TEAM
SHELL C-STORE INEZ TX
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
21
SALES COMPARABLES
9
Close Of Escrow 12/30/2016
Sales Price $3,100,000
Price/SF $1,033.33
CAP Rate 4.72%
GLA 3,000 SF
Year Built 1998
7-11 VALLEY RIDGE900 Valley Ridge Boulevard, Lewisville, Texas, 75077
OFFERING SUMMARY
CHARLOTTE NNN
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SHELL C-STORE INEZ TX
MISCELANEOUS PICTURES
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SHELL C-STORE INEZ TX
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MARKET
OVERVIEW
HOUSTONOVERVIEW
As the fifth most populous metro area in the U.S., Houston houses
nearly 6.9 million people in southeastern Texas. The market is
composed of nine counties: Harris, Galveston, Brazoria, Fort Bend,
Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of
Mexico, which borders the metro to the southeast, provides access to
markets around the world via the Port of Houston, making it a prime
location for exports. Local industries have diversified from oil to
technology and healthcare. Many companies provide goods and
services for the large population growth, which has sprawled, primarily
to the north and west. The city of Houston is the largest in the metro
with 2.3 million residents.
MARKET OVERVIEW
METRO HIGHLIGHTS
CORPORATE GROWTH
Houston will remain a top destination for corporate
relocations due to its business-friendly environment.
Twenty Fortune 500 companies are headquartered
in the metro.
HIGHER EDUCATION
Over 40 post-secondary educational institutions are
located in the metro. Nearly 30 percent of residents
have attained a bachelor’s degree, with 11 percent
also holding a graduate or professional degree.
LOW COST OF LIVING, DOING BUSINESS
Houston has a lower cost of living than many major
metros, no state income tax and a median home
price below the national level.
SHELL C-STORE INEZ TX
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ECONOMY▪ The economy is diversifying to include biotechnology, distribution, nanotechnology and
logistics; the metro is the center of the energy production with roughly 260,000 workers.
▪ Local product manufacturing is a large segment of the economy and includes paper,
electrical and electronic machinery, iron, steel and petrochemicals.
▪ Healthcare is gaining economic prominence. Specialized medical education and training
institutions boost the local economy and supply a growing hospital system.
▪ The Port of Houston is one of the country’s busiest for exports, supplying thousands of jobs
and generating billions of dollars in revenue.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Memorial Hermann Healthcare System
University of Texas
The Kroger Co.
Exxon Mobil Corp.
Shell Oil Co.
Houston Methodist
United Continental Holdings
Baker Hughes Inc.
CHI St. Luke’s Health
Hewlett Packard Enterprise* Forecast
MANUFACTURING8%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
OTHER SERVICES AND MINING
+NATURAL RESOURCES
3%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
20%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
4%INFORMATION AND
16%
7%
14% 10% 5%
13%
ABSOLUTE NET LEASE PALACIOS ST
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Income
In 2017, the median household income for your selected geography is
$76,110, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 49.77%
since 2000. It is estimated that the median household income in your
area will be $84,175 five years from now, which represents a change
of 10.60% from the current year.
The current year per capita income in your area is $37,062, compare
this to the US average, which is $30,982. The current year average
household income in your area is $101,523, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 2,390. The
population has changed by 13.38% since 2000. It is estimated that the
population in your area will be 2,485.00 five years from now, which
represents a change of 3.97% from the current year. The current
population is 51.10% male and 48.90% female. The median age of the
population in your area is 40.95, compare this to the US average
which is 37.83. The population density in your area is 30.46 people per
square mile.
Households
There are currently 869 households in your selected geography. The
number of households has changed by 19.70% since 2000. It is
estimated that the number of households in your area will be 914 five
years from now, which represents a change of 5.18% from the current
year. The average household size in your area is 2.68 persons.
Employment
In 2017, there are 316 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
59.00% of employees are employed in white-collar occupations in this
geography, and 44.67% are employed in blue-collar occupations. In
2017, unemployment in this area is 2.05%. In 2000, the average time
traveled to work was 27.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
93.23% White, 1.78% Black, 0.00% Native American and 0.17%
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 17.67% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
SHELL C-STORE INEZ TX
Housing
The median housing value in your area was $196,453 in 2017,
compare this to the US average of $193,953. In 2000, there were 614
owner occupied housing units in your area and there were 112 renter
occupied housing units in your area. The median rent at the time was
$448.
Source: © 2017 Experian
DEMOGRAPHICS
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Confidentiality and Disclaimer
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 Real Estate Investment Services, Inc. ("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.
THE TEXAS REAL ESTATE COMMISSION (TREC) REGULATES REAL ESTATE BROKERS AND SALES AGENTS, REAL ESTATE
INSPECTORS,HOME WARRANTY COMPANIES, EASEMENT AND RIGHT-OF-WAY AGENTS AND TIMESHARE INTEREST PROVIDERS.
YOU CAN FIND MORE INFORMATION AND CHECK THE STATUS OF A LICENSE HOLDER AT WWW.TREC.TEXAS.GOV. YOU CAN SEND
A COMPLAINT AGAINST A LICENSE HOLDER TO TREC. A COMPLAINT FORM IS AVAILABLE ON THE TREC WEBSITE. TREC
ADMINISTERS TWO RECOVERY FUNDS WHICH MAY BE USED TO SATISFY A CIVIL COURT JUDGMENT AGAINST A BROKER, SALES
AGENT, REAL ESTATE INSPECTOR, OR EASEMENT OR RIGHT-OF-WAY AGENT, IF CERTAIN REQUIREMENTS ARE MET. IF YOU HAVE
QUESTIONS OR ISSUES ABOUT THE ACTIVITIES OF A LICENSE HOLDER, THE COMPLAINT PROCESS OR THE RECOVERY FUNDS,
PLEASE VISIT THE WEBSITE OR CONTACT TREC AT:
TEXAS REAL ESTATE COMMISSION
P.O. BOX 12188
AUSTIN, TEXAS 78711-2188
(512) 936-3000
Non-Endorsement Notice
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 corporations 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.
INVESTMENT OPPORTUNITY, INEZ TXActivity ID: Z0860157
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
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TEXAS BROKERAGE | SERVICES FORM
INFORMATION ABOUT BROKERAGE SERVICESTexas 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;
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Information available at www.trec.texas.govRegulated by the Texas Real Estate Commission
IABS 1-0
Marcus & Millichap 9002994 tim.speck@marcusmillichap.com 972-755-5200Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone
Tim A. Speck 432723 tim.speck@marcusmillichap.com 972-755-5200Designated Broker of Firm License No. Email Phone
Ford Noe 709695 ford.noe@marcusmillichap.com 713-452-4200Licensed Supervisor of Sales Agent/Associate License No. Email Phone
▪ 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 subagentcan 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.
____________/____________/____________/____________ __________Buyer / Tenant / Seller / Landlord Initials Date
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Activity ID: Z0860127
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