for hap-e-dog plaza & snappy car wash...las vegas, nv act id zaa0220313 2225 n nellis boulevard,...
TRANSCRIPT
FOR
SALEHAP-E-DOG PLAZA & SNAPPY CAR WASH
OFFERING MEMORANDUM
PRICE: $1,400,000 | CAP: 10.01% | ACRES: 1.49
2225 N NELLIS BLVD, LAS VEGAS, NEVADA
N N
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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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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
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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
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PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
2225 N. NELLIS BOULEVARD
Las Vegas, NV
ACT ID ZAA0220313
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
PAGE
INVESTMENT OVERVIEW 04
Offering Summary
Investment Highlights
Regional Map
Aerial Photo
Property Photos
FINANCIAL ANALYSIS 10
Rent Roll
Operating Statement
Financial Summary
MARKET OVERVIEW 14
Market Analysis
Demographics
TABLE OF CONTENTS
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
INVESTMENT
OVERVIEW
42225 N Nellis Boulevard, Las Vegas, Nevada, 89115
#5
INVESTMENT OVERVIEW
Offering Summary
Price $1,400,000
Cap Rate (Current) 10.01%
Net Operating Income $140,191
Gross Leasable Area (Hap-E-Dog Plaza) ±4,800 SF
Year Built 1985
Current Occupancy 100%
Lot Size 1.49 Acre(s)
Type of Ownership Fee Simple
Down Payment 50.5% / $707,000
Loan Amount $700,000
Loan Type Proposed New
Interest Rate / Amortization 5.5% / 25 Years
Net Cash Flow (After Debt Service) 12.53% / $88,607
Total Return 14.44% / $102,087
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
OFFERING SUMMARY
Executive Summary
#6
▪ 100% Occupied Retail Building & Self-Service Car Wash
▪ Net Income Over $140,000 Per Year
▪ ±1.49 Acres at Corner of Nellis Blvd & Judson
▪ Located 1-Mile From Nellis Air Force Base
▪ Excellent Access and Strong Traffic Counts (30k+ AADT)
▪ Primary Commercial Corridor in East Las Vegas
Investment HighlightsProperty Bonanza Lamb Business Park
Street Address 2225 North Nellis Boulevard
City, State, Zip Las Vegas, NV 89115
Gross Leasable Area ±9,600
Year Built 1985
Lot Size (Contiguous) ±1.49 acres
Parcel Number (Hap-E-Dog Plaza) 140-20-502-016
Parcel Number (Snappy Car Wash) 140-20-502-017
Zoning M-1 & C-1
Occupancy 100%
Property Details
INVESTMENT OVERVIEW
Marcus & Millichap is pleased to present the opportunity to acquire the fee-simple interest in Hap-E-Dog Plaza, a fully-occupied, 4,800 square-foot retail building
constructed in 1985; and Snappy Car Wash, a fully-operational, self-service car wash, also constructed in 1985. The buildings are situated on two adjacent parcels
comprising 1.49 acres, at the Northwest corner of Nellis Boulevard and Judson Avenue. Vehicle access to the property is via one (1) curb cut on Judson and two (2) curb
cuts on Nellis, with traffic counts on Nellis averaging over 30,000 vehicles per day. The current owner purchased the properties in 1998.
The self-service car wash is fully-operational and includes six (6) covered wash bays and an additional six (6) covered vacuum bays, which are all coin operated. The car
wash also includes a smog check station. Property ownership includes the fee simple real estate and the business.
The plaza comprises a 4,800 square-foot, free-standing retail building that is fully-occupied by two tenants: 1) a tire repair shop, and 2) a dog grooming/boarding
business, both of which have occupied the premises for several years. The property includes significant improvements and the zoning necessary for each of their
respective businesses. Both tenants would like longer term leases; however, the current owner currently has them as month-to-month to allow maximum flexibility for a
future owner.
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
REGIONAL MAP
#7
SNAPPY CAR WASH &
HAP-E-DOG PLAZA
FINANCIAL
ANALYSIS
8
BONANZA LAMB BUSINESS PARK
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
OFFERING SUMMARY
#9
Summary
Price $1,400,000
Down Payment 51% $707,000
Number of Suites/Businesses 4
Gross Leasable Area (GLA) ±9,600 SF
Year Built 1985
Lot Size ±1.49 Acres
Zoning C-1 & M-1
Occupancy 100%
Operating Data Year 1
Scheduled Base Rental Income $193,524
Total Reimbursement Income 20.1% $0
Other Income $0
Potential Gross Revenue $193,524
General Vacancy $0
Effective Gross Revenue $193,524
Less: Operating Expenses 27.6% ($53,333)
Net Operating Income $140,191
Debt Service ($51,583)
Net Cash Flow After Debt Service 12.53% $88,607
Principal Reduction $13,480
Total Return 14.44% $102,087
Operating Expenses Year 1
CAM $34,643
Insurance $4,590
Real Estate Taxes $6,756
Management Fee $7,344
Total Expenses $53,333
Expenses/SF $5.56
Returns Year 1
CAP Rate 10.01%
Cash-on-Cash 12.53%
Debt Coverage Ratio 2.72
Financing
Loan Amount $700,000
Loan Type New
Interest Rate 5.5%
Amortization 25 Years
Fixed / Due 5 / 10 yrsLoan information is subject to change. Contact your Marcus & Millichap Capital
Corporation representative.
FINANCIAL ANALYSIS
Financial Summary
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
OFFERING SUMMARY
Rent Roll / Income – Current
FINANCIAL ANALYSIS
#10
Lease Dates
Tenant Name Suite SF Comm. ExpirationRent PSF(Month)
Base Rent(Month)
Base Rent/IncomePer Year
ExpenseReimb.
LeaseType
Dog Grooming A 2,400 m/m $1.25 $3,000 $36,000 none MG
Tire Shop B 2,400 m/m $1.67 $4,000 $48,000 none MGCar Wash 4,750 $73,572
Smog Check 50 $35,952
Total $193,524
Operating Statement
Income Year 1 Per SF
Scheduled Base Rental Income 193,524 20.56
Expense Reimbursement Income $0
Operating Expenses Year 1 Per SF
Water 3,932 0.42
Electric 1,474 0.16
Sewer 1,445 0.15
Trash 5,944 0.63
Cleaning & Maintenance (Car Wash) 5,304 0.56
Maintenance & Repairs (Hap E Dog Plaza) 5,610 0.60
Maintenance (Smog Check) 2,652 0.28
Supplies (Car Wash) 6,268 0.67
Supplies (Smog Check) 791 0.08
Internet Service 1,224 0.13
Insurance 4,590 0.49
Real Estate Taxes 6,756 0.72
Management Fee 7,344 0.78
Total Expenses $53,333 $5.67
Expenses as % of EGR 27.6%
Net Operating Income $140,191 $14.89
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
MARKET
OVERVIEW
11
BONANZA LAMB BUSINESS PARK
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
#12
LAS VEGASOVERVIEW
Las Vegas is considered one of the premier entertainment cities of
the world and attracts more than 42 million visitors a year. It has
evolved into a world-class destination for resorts, restaurants,
shopping and diversified entertainment options.
The Las Vegas-Henderson-Paradise MSA is also one of the fastest-
growing metros in the nation. The total MSA population of just over
2.2 million people ranks it among the top 50 most populous metros
in the U.S. In conjunction with rising wages, the metro’s median
household income recently surpassed the national average by 1.4
percent as it climbed 5.1 percent. This increase allows residents to
make more discretionary spending.
METRO HIGHLIGHTS
ROBUST EMPLOYMENT GROWTH
A diversifying employment base will support job
growth, which is expected to outpace the U.S.
growth rate over the next five years.
STRONG POPULATION GAINS
The metro’s population is forecast to increase
dramatically in the coming years, exceeding
national gains.
VAST TOURISM INDUSTRY
Visitor volume reached 42 million in 2018,
ranking Las Vegas among the top tourist
destinations in the country.
MARKET OVERVIEW
MARKET OVERVIEW
ECONOMY
▪ With all 10 of the nation’s largest hotels located in Las Vegas, tourism and entertainment
are the most significant drivers of the Las Vegas economy; however, the economy is
diversifying into distribution, back-office operations and manufacturing.
▪ The metro's business-friendly environment, access to Western markets, large labor force,
and availability of high-speed data attract companies such as Switch, Amazon, K2 Energy,
Scientific Games, Sunpreme, Tectonics, Virtual Guard, VadaTech and Zappos.
▪ The 2.3 million-square-foot Las Vegas Convention Center is one of the largest in the world
and draws more than 6 million attendees annually.
SHARE OF 2018 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Wynn Resorts
Station Casinos
MGM Resorts
Las Vegas Sands
Caesars Entertainment
Boyd Gaming
The Valley Health System
Cosmopolitan of Las Vegas
Dignity Health
United Healthcare of Nevada* Forecast
MANUFACTURING2%
GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+OTHER SERVICES
3%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
18%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
1%INFORMATION
14%
7%
11% 29% 5%
10%
#13
Source: © 2015 Experian
DEMOGRAPHICS (MSA)
SPORTS
ARTS & ENTERTAINMENT
▪ The population will expand by more than 264,000 residents over the next five years, resulting in the formation of nearly 116,000 households.
▪ The homeownership rate of 52 percent is well below the national rate of 64 percent, creating a strong rental market.
▪ Roughly 22 percent of the population age 25 and older have attained a bachelor’s degree, and 7 percent also hold a graduate or professional degree.
With approximately 320 days of sunshine annually and an average temperature of 80
degrees, residents and visitors alike have plenty to do besides enjoy the resorts and
casinos in Clark County. Water-sports enthusiasts can take advantage of various
activities at Lake Mead and the Colorado River, including boating, fishing, water skiing
and sailing. Red Rock Canyon Conservation Area, located off the Strip, offers
outstanding hiking and mountain-climbing opportunities. Las Vegas is home to the
University of Nevada-Las Vegas (UNLV), which has received national recognition for its
hotel management, criminal justice and social-work programs. Other institutions of
higher learning in Las Vegas include the College of Southern Nevada.
QUALITY OF LIFE
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Forbes; Fortune; Las
Vegas Convention and Visitors Authority; Moody’s Analytics; U.S. Census Bureau
37.1
2018MEDIAN AGE:
U.S. Median:
38.0
$55,700
18 MEDIAN HH INCOME:
U.S. Median:
$58,800
2.2M
2018POPULATION:
Growth2018-2023*:
12.1%
800K
2018HOUSEHOLDS:
14.5%
Growth2018-2023*:
2018 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
6%25-44 YEARS
29%45-64 YEARS
25%65+ YEARS
14%
MARKET OVERVIEW
#14
1 Miles 2 Miles 3 Miles
POPULATION
2023 Projection 16,521 79,149 199,988
2018 Estimate 15,893 78,371 195,879
2010 Census 14,555 72,519 181,244
HH INCOME
Average $45,846 $51,766 $53,485
Median $33,694 $40,759 $41,394
HOUSEHOLDS
2023 Projection 4,647 23,612 59,291
2018 Estimate 4,346 22,738 56,197
2010 Census 4,043 21,257 52,551
#15
2225 N Nellis Boulevard,
Las Vegas, Nevada 89115
MAJOR EMPLOYERS
EMPLOYER # OF EMPLOYEES
College of Southern Nevada 2,900
Lockheed Martin Corp. 690
Walmart 440
Yucaipa Companies 304
US Air Force 266
DEMOGRAPHICS
DEMOGRAPHICS
#16
Source: © 2018 Experian
Created November 2019
POPULATION 1 Miles 2 Miles 3 Miles
▪ 2023 Projection
Total Population 16,521 79,149 199,988
▪ 2018 Estimate
Total Population 15,893 78,371 195,876
▪ 2010 Census
Total Population 14,555 72,519 181,244
▪ 2000 Census
Total Population 11,948 65,361 160,941
▪ Current Daytime Population
2018 Estimate 12,487 51,596 126,753
HOUSEHOLDS 1 Miles 2 Miles 3 Miles
▪ 2023 Projection
Total Households 4,647 23,612 59,291
▪ 2018 Estimate
Total Households 4,346 22,738 56,197
Average (Mean) Household Size 3.63 3.36 3.40
▪ 2010 Census
Total Households 4,043 21,257 52,551
▪ 2000 Census
Total Households 3,617 21,186 49,436
▪ Occupied Units
2023 Projection 4,647 23,612 59,291
2018 Estimate 4,962 25,115 62,522
HOUSEHOLDS BY INCOME 1 Miles 2 Miles 3 Miles
▪ 2018 Estimate
$150,000 or More 1.59% 2.29% 2.95%
$100,000 - $149,000 6.52% 7.77% 7.52%
$75,000 - $99,999 8.12% 10.58% 10.42%
$50,000 - $74,999 15.79% 18.77% 19.23%
$35,000 - $49,999 16.35% 17.23% 17.38%
Under $35,000 51.62% 43.35% 42.51%
Average Household Income $45,846 $51,766 $53,485
Median Household Income $33,694 $40,759 $41,394
Per Capita Income $12,543 $15,038 $15,610
HOUSEHOLDS BY EXPENDITURE 1 Miles 2 Miles 3 MilesTotal Average Household Retail Expenditure
$47,064 $52,968 $53,424
▪ Consumer Expenditure Top 10 Categories
Housing $13,514 $14,678 $14,737
Transportation $8,645 $9,896 $9,950
Shelter $8,474 $8,999 $9,044
Food $4,890 $5,319 $5,360
Personal Insurance and Pensions $3,448 $4,194 $4,210
Utilities $2,691 $2,975 $2,986
Health Care $2,541 $3,070 $3,066
Entertainment $1,854 $2,176 $2,218
Apparel $1,220 $1,308 $1,319
Household Furnishings and Equipment
$1,143 $1,313 $1,312
POPULATION PROFILE 1 Miles 2 Miles 3 Miles
▪ Population By Age
2018 Estimate Total Population 15,893 78,371 195,876
Under 20 38.19% 33.99% 33.73%
20 to 34 Years 23.18% 22.69% 23.55%
35 to 39 Years 7.69% 7.06% 7.11%
40 to 49 Years 12.92% 12.98% 12.98%
50 to 64 Years 12.42% 15.28% 14.59%
Age 65+ 5.61% 8.02% 8.05%
Median Age 27.70 30.39 30.06
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 8,642 45,820 114,245
Elementary (0-8) 16.04% 13.51% 14.91%
Some High School (9-11) 20.00% 17.29% 17.56%
High School Graduate (12) 31.21% 32.63% 31.59%
Some College (13-15) 18.06% 20.12% 19.32%
Associate Degree Only 3.46% 4.77% 4.88%
Bachelors Degree Only 4.41% 5.57% 5.61%
Graduate Degree 1.71% 2.74% 2.93%
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
MARKET OVERVIEW
#17
Income
In 2018, the median household income for your selected geography
is $41,394, compare this to the US average which is currently
$58,754. The median household income for your area has changed
by 7.45% since 2000. It is estimated that the median household
income in your area will be $46,660 five years from now, which
represents a change of 12.72% from the current year.
The current year per capita income in your area is $15,610, compare
this to the US average, which is $32,356. The current year average
household income in your area is $53,485, compare this to the US
average which is $84,609.
Population
In 2018, the population in your selected geography is 195,876. The
population has changed by 21.71% since 2000. It is estimated that
the population in your area will be 199,988.00 five years from now,
which represents a change of 2.10% from the current year. The
current population is 50.21% male and 49.79% female. The median
age of the population in your area is 30.06, compare this to the US
average which is 37.95. The population density in your area is
6,923.40 people per square mile.
Households
There are currently 56,197 households in your selected geography.
The number of households has changed by 13.68% since 2000. It is
estimated that the number of households in your area will be 59,291
five years from now, which represents a change of 5.51% from the
current year. The average household size in your area is 3.40
persons.
Employment
In 2018, there are 34,006 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed
that 40.51% of employees are employed in white-collar occupations
in this geography, and 59.46% are employed in blue-collar
occupations. In 2018, unemployment in this area is 8.25%. In 2000,
the average time traveled to work was 31.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
42.38% White, 13.62% Black, 0.57% Native American and 4.18%
Asian/Pacific Islander. Compare these to US averages which are:
70.20% White, 12.89% Black, 0.19% Native American and 5.59%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 62.91% of the current year
population in your selected area. Compare this to the US average of
18.01%.
Housing
The median housing value in your area was $115,334 in 2018,
compare this to the US average of $201,842. In 2000, there were
28,662 owner occupied housing units in your area and there were
20,774 renter occupied housing units in your area. The median rent
at the time was $575.
Source: © 2018 Experian
2225 N Nellis Boulevard, Las Vegas, Nevada, 89115
Exclusively listed by:
TODD R. MANNINGVice President Investments
LAS VEGAS OFFICE
702.5754866 [email protected]