the alamo building

THE ALAMO BUILDINGCOLORADO SPRINGS, COLORADO

Offering Memorandum

NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by

the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and

to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income

or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and

improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the

physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions

to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we

believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus

& Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy

or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or

sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, prod-

uct, 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.

THE ALAMO BUILDINGC O L O R A D O S P R I N G S , C O L O R A D O

O F F I C E S N A T I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

BARRY HIGGINSSenior Vice President Investments

Denver, ColoradoOffice 303.328.2012

[email protected] CO EA 748415

EXCLUSIVELY LISTED BY

CARLOS CAINAssociate


[email protected] FA100073451

01

05

08

EXECUTIVE SUMMARYSECTION 1 Investment Overview • Investment Highlights

COMPARABLE PROPERTIESSECTION 3 Lease Comparables • Sales Comparables

FINANCIAL ANALYSISSECTION 2 Pricing Details • Operating Data • Rent Roll

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:

THE ALAMO BUILDINGC O L O R A D O S P R I N G S , C O L O R A D O

08 MARKET SUMMARYSECTION 4

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EXECUTIVESUMMARY

THE ALAMO BUILDING

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THE ALAMO BUILDING COLORADO SPRINGS, CO

INVESTMENT OVERVIEWMarcus & Millichap is pleased to exclusively present to qualified investors the historic four-story Alamo building in downtown Colorado Springs, Colorado. The Alamo office building is listed on the national list of historic places. Constructed to serve as a hotel in 1890 and renovated in 1899, it served as a traveling stop for travelers and salesmen. This property is one of 93 properties and districts listed on the National Register in El Paso county, including two National Historic Landmarks. Many classic finishes remain.

Substantial funds have been invested in recent structural improvements including a new roof and HVAC system. The Alamo building is a highly visible asset located at 128 S Tejon Street and is adjacent to the El Paso County Combined Courts. The building is 93 percent occupied, mainly by important local law firms which makes this location ideal because of the proximity to the courts.

Colorado Springs is the second most populous city in Colorado, after Denver, and the 41st most populous city in the country with an estimated 2017 population of 716,000.

The Alamo Building is virtually in the heart of shopping, entertainment and the major employment district of Downtown Colorado Springs.

DOWNTOWN DEVELOPMENT AUTHORITYDowntown Colorado Springs is the epicenter for business in the Pikes Peak region. In recent years, Downtown Colorado Springs has experienced a notable surge in new development and revitalization. Many significant initiatives are under construction, including an iconic United States Olympic Museum and Hall of Fame, new residential and hotel properties, and several projects on the Colorado College campus.

The Downtown Development authority has created a Downtown Living Inquisitive to accelerate new residential growth. Qualified projects receive 100 percent of property tax increment.

UPSIDE IN RENTAL RATES

ADJACENT TO EL PASO COUNTY

COURTS

LANDMARK LOCATION

INVESTMENT HIGHLIGHTS

► Located in the Heart of the Central Business District

► Adjacent to El Paso County Combined Courts

► On National Historic Register

► Many Classic Finishes Remain

► 93% Occupied

► Market Rate Assumable Financing

► Upside in Rental Rates

► Several Long-Term Tenants

► Landmark Location

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Number of Stories Four (4)

Year Built 1900

Year Renovated 1976

Square Footage 39,124

Lot Size 0.44 AC

Parking Spaces 20 Spaces

Parking Ratio .047 / 1,000 SF

Construction Masonry

Assessor APN 64183-02-015 (El Paso County)

Zoning FBZ- CEN

PROPERTY DETAILS

OFFERING HIGHLIGHTS

128 South Tejon ST. Colorado Springs, CO

OFFERING PRICE

UNPRICED

THE ALAMO BUILDING

THE ALAMO BUILDING

Regional Map

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6Local Map

THE ALAMO BUILDING

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E. KIOWA ST.

PIKES PEAK AVE.

COLORADO AVE COLORADO AVE

CUCHARRAS ST.

VERMIJO AVE.

COSTILLA ST.

CIMARRON ST.CIMARRON ST.

MORENO AVE.

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Business Improvement District

Downtown Development Authority

COLORADO COLLEGE CAMPUS

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Downtown Colorado Springs Bounday Map JAN 2017

SPECIAL IMPROVEMENT DISTRICTS

SUBJECT PROPERTY

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SPECIAL IMPROVEMENT DISTRICTSGREATER DOWNTOWN COLORADO SPRINGS BID

The Greater Downtown Colorado Springs Business Improvement District (BID) ensures that Downtown provides an urban environment that is clean,

engaging, welcoming and walkable. The BID promotes the Downtown experience through consumer marketing efforts and welcomes patrons with an

exceptional pedestrian experience.

Voters established the first Downtown BID, the Pikes Peak Avenue BID, in 1994, and following two voter-approved expansions, the current BID now

encompasses 32 blocks. The services and improvements provided by the BID are not intended to duplicate or supplant those provided by the City of

Colorado Springs within the boundaries of the BID, but rather to enhance the Downtown experience. The BID is financed by a 5 mill levy on real and

personal property within the district.

The Colorado Springs Downtown Development Authority is guided by a mission to build public and private investment partnerships that promote the

physical and economic growth of Downtown Colorado Springs and encompasses roughly two square miles of Downtown. Voters established the Down-

town Development Authority (DDA) in November 2006 to provide programs and financial incentives to encourage Downtown development. DDA is gov-

erned by a board of 11 people appointed by Colorado Springs City Council. Downtown Partnership executes the work of the DDA as a contracted affiliate.

In 2016, City Council adopted the Experience Downtown Plan as the updated plan of development for DDA. The DDA is funded in two ways: first, by a

5-mill tax levy within the district to support its operations, and second, through Tax Increment Financing (TIF). The latter tax is the capture of increased

property tax revenues following a baseline assessment. TIF revenues go into a special fund and as it grows, the funds can be leveraged for support of

Downtown projects. The DDA’s TIF will expire in 2037.

To date, DDA has provided more than $2 million in support to a wide variety of businesses, nonprofits and initiatives that enhance the economic vitality

of Downtown. This has included façade improvements of many small businesses; support of events such as the Downtown Olympic Celebration, Waldo

Waldo 5K and many other special events that bring tens of thousands of people Downtown; enhancements to streetscapes and public spaces; and

support for feasibility studies for projects that hold catalytic potential for Downtown. In all instances, DDA dollars leverage additional public and private

investment, resulting in a multi-fold return from DDA support.

The Experience Downtown Plan Volume 1 serves as the Plan of Development for DDA. The plan was created in 2016 as an update to the original Imag-

ine Downtown Plan, which governed the DDA from 2007 through the newest plan’s adoption in 2016. The Experience Downtown Plan consists of eight

primary goals and 36 aligning action steps.

COLORADO SPRINGS DOWNTOWN DEVELOPMENT AUTHORITY

THE ALAMO BUILDING

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FINANCIALANALYSIS

THE ALAMO BUILDING

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PRICING DETAILS

PRICE Unpriced

Rentable Built Area (RBA) 39,124 SF

Occupancy 93.45%

ASSUME EXISTING LOAN

Approximate Balance* $3,513,502

Interest Rate 5.50%

Amortization 30 Years

Term 10 Years, Due 12/2023

OPERATING DATA

INCOME 2018 PROJECTED

Gross Scheduled Income $682,715

Vacancy ($47,379)

Effective Rental Income $635,336

Other Income $130,096

Expense Reimbursements $40,000

Total Income $805,432

Total Operating Expenses $252,865

Net Operating Income $552,567

Debt Service $258,916

Net Cash Flow After Debt Service $293,651

Debt Coverage 2.13

OPERATING EXPENSES 2018 PROJECTED

Real Estate Taxes $93,158

Insurance $22,550

Maintenance and Repairs $7,800

Utilities- Electric $78,000

Electrical $1,200

Janitorial $22,100

Security $1,200

Landscaping & Snow Removal $4,620

Management Fee (3.5%) $22,237

Total Expenses $252,865

Expenses/SF $6.46

*As of Dec 2018

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RENT ROLL

TENANT SUITESQUARE

FEETLEASE COMM.

LEASE EXP.ANNUAL RENT/SF

TOTAL RENT/MONTH

CHANGES ON

RENT INCREASE

LEASE TYPE

RENEWAL OPTIONS

Dennis Hartley, Esq. 202882

2.25%1/1/2017 12/31/2019 $18.50 $1,359.75

Gross Base Year

Vacant 2061,100

2.73% $18.50

Drachen Design 4041,716

4.37%7/1/2016 6/30/2021 $21.00 $3,003.00

Gross Base Year

Finn’s RestaurantLower Level &

Patio

10,000

25.49%12/4/1975 12/31/2021 $13.74 $11,449.21 8/1/2018

Gross Base Year

+ % Rent

TI Probation 301, 309 & 3104,899

12.49%8/1/2015 7/31/2019 $18.50 $7,552.62

Gross Base Year

Gasper Law102, 106, 105,

200, 204, & 300

15,547

39.89%4/1/2013 3/31/2023 $19.37 $25,100.40

Gross Base Year

Kantex Holdings, Inc. 2102,510

6.40%11/11/2016 1/10/2020 $18.00 $3,765.00 11/2/2018

Gross Base Year

Vacant 4021,461

3.72% $18.50

Richard Kennedy 4011,009

2.57% 1/1/2014 12/31/2018 $8.50 $714.71

Gross Base Year

Total Square Feet: 39,124 Total Monthly Income: $52,945

Total Occupied Square Feet: 36,563 Total Annual Income: $635,336

Total Occupancy: 93.45% Average Rent/SF: $16.80 TH

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THE ALAMO BUILDING

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COMPARABLEPROPERTIES

THE ALAMO BUILDING

LEASE COMPARABLES – SUMMARY

UMB BANK BUILDING

THE ALAMO BUILDING

1

THE KIOWA BUILDING2

COLORADO SQUARE3

PIKES PEAK BUILDING4

DEGRAFF BUILDING5

EL PASO BUILDING6

US BANK BUILDING7

ALAMO CORPORATE CENTER8

PLAZA OF THE ROCKIES NORTH9

PLAZA OF THE ROCKIES SOUTH10

GAZETTER BUILDING11

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LEASE COMPARABLES

THE ALAMO BUILDING128 S Tejon St. Colorado Springs, CO

AVERAGE RENT/SF $16.80

Occupancy 93.45%

Available SF 2,561 SF

Lease Type Gross / Base Year

ADDITIONAL INFO

Year Built 1900 / 1976

Gross Building Area 42,556 SF

Lot Size 0.44 AC

1 UMB BANK BUILDING101 North Cascade Ave. Colorado Springs, CO

AVERAGE RENT/SF $12.00-$14.00

Occupancy 86.2%


Lease Type NNN

Date of Survey 4/12/18

ADDITIONAL INFO

Year Built 1986

Gross Leasable Area 40,368 SF

Lot Size 0.24 AC

UMB Bank

Quantum Commercial Group

AssuredPartners Inc.

Spire Investment Partners, LLC

Dyer & Maier Insurance Brokers

CCI Systems, INC.

KEY TENANTS

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2 THE KIOWA BUILDING 130 East Kiowa Ave. Colorado Springs, CO

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Occupancy 67.4%


Lease Type FSG


ADDITIONAL INFO

Year Built 1900


Lot Size 0.25 AC

Engineering Ministries International

ClikFocus

DaVinci Financial Planning

KEY TENANTS

COLORADO SQUARE

2 North Nevada Ave. Colorado Springs, CO

AVERAGE RENT/SF $16.00- $18.00

Occupancy 77.5%


Lease Type NNN


ADDITIONAL INFO



Lot Size 0.76 AC

Kinder Morgan

Rod Ermel Associates, Inc

DocuMart, LLC

Kimley-Horn

Advanced Network Management, Inc

KEY TENANTS

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4 PIKES PEAK BUILDING 102 E Pikes Peak Ave. Colorado Springs, CO

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Occupancy 86.1%


Lease Type MG


ADDITIONAL INFO

Year Built 1962


Lot Size 0.10 AC

KEY TENANTS

DEGRAFF BUILDING

118 North Tejon St. Colorado Springs, CO


Occupancy 100%

Available SF 0 SF

Lease Type MG


ADDITIONAL INFO

Year Built 1897


Lot Size 0.24 AC

30dps Marketing

Oskar Blues Restaurant

Walston Group Real Estate

KEY TENANTS

Lane Mitchell Jewelers

R. Gregory Haller, Esq.

Charlie’s Convenience Store

Case Entertainment Group

Olive Real Estate Group

Boy’s and Girl’s Club

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6 EL PASO BUILDING 3 South Tejon St. Colorado Springs, CO

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Occupancy 100%

Available SF 0 SF

Lease Type FS


ADDITIONAL INFO

Year Built 1900


Lot Size 0.12 AC

Starbucks

Academy Bank

Vintage’s Wine & Spirits

Divorce Specialists

KEY TENANTS

US BANK BUILDING

6 South Tejon St. Colorado Springs, CO


Occupancy 98.3%


Lease Type NNN


ADDITIONAL INFO

Year Built 1902


Lot Size 0.29 AC

Toni & Guy Hair Salon

Travelex Currency Services

US Bank

Colorado Springs Chamber of

Commerce

KEY TENANTS

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8 ALAMO CORPORATE CENTER 102 South Tejon St. Colorado Springs, CO

9


Occupancy 91.3%


Lease Type NNN


ADDITIONAL INFO

Year Built 1983


Lot Size 1.50 AC

Mortgage Solutions Financial

ReMax

Land Title Guarantee Company

Wells Fargo Advisors

KEY TENANTS

PLAZA OF THE ROCKIES NORTH TOWER



Occupancy 84.7%


Lease Type NNN


ADDITIONAL INFO

Year Built 1984


Lot Size 2.23 AC

RBC Wealth Management

Plaza of the Rockies

Downtown Partnership

Stewart Title

Vectra Bank

Frontier Communications

KEY TENANTS

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10 PLAZA OF THE ROCKIES SOUTH TOWER


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Occupancy 92.5%


Lease Type NNN


ADDITIONAL INFO

Year Built 2001


Lot Size 1.36 AC

Morgan Stanley

Foundation Fostering Hope

AXIA Home Loans

Great Western Bank

KEY TENANTS

THE GAZETEER BUILDING

6 North Tejon St. Colorado Springs, CO

AVERAGE RENT/SF $12.00-14.00

Occupancy 87.5%


Lease Type NNN


ADDITIONAL INFO

Year Built 1988


Lot Size 0.79 AC

TechWise

Vladimir Jones Advertising

Braxton Technologies

The Melting Pot

Young Williams Child Support

The Colorado Springs Gazzette

KEY TENANTS

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SALES COMPARABLES – SUMMARY

2

FREEMAN TELEGRAPH

THE ALAMO BUILDING

1

COLORADO SQUARE2

3

4 1259 LAKE PLAZA DRIVE

CLASSIC CORPORATE CENTER

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SALES COMPARABLES

1

SALES PRICE UNPRICED


Cap Rate TBD

Price Per SF TBD

ADDITIONAL INFO


Lot Size 0.44 AC

THE ALAMO BUILDING128 S Tejon St. Colorado Springs, CO

FREEMAN TELEGRAPH18 South Nevada Ave. Colorado Springs, CO

SALES PRICE $3,108,613

Sale Date 6/29/2017

Year Built 1931

Cap Rate N/A (Owner/User)

Price Per SF $103.62

ADDITIONAL INFO


Lot Size 0.22 AC

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COLORADO SQUARE2 North Nevada Ave Colorado Springs, CO

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Sale Date 7/19/2017


Cap Rate 9.25%


ADDITIONAL INFO


Lot Size 0.76 AC

CLASSIC CORPORATE CENTER6385 Corporate Dr. Colorado Springs, CO


Sale Date 7/21/2017

Year Built 1999

Cap Rate N/A


ADDITIONAL INFO


Lot Size 3.83 AC

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1259 LAKE PLAZA DRIVEColorado Springs, CO

4


Sale Date 10/17/2017

Year Built 1985

Cap Rate 7.26%


ADDITIONAL INFO


Lot Size 2.34 AC

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MARKETOVERVIEW

THE ALAMO BUILDING

LOWER COST OF LIVING

Colorado Springs offers cost advantages over nearby Denver and Boulder. The median home price in the metro is less than half the median price in Boulder.

STRONG HIGH-TECH INDUSTRY

High-tech manufacturing provides a solid base for the area’s economy. Among the many companies are Hewlett-Packard, Oracle and Cherwell Software.

NATIONAL STRATEGIC AND MILITARY PRESENCE

The U.S. military plays a vital role in the local economy. Fort Carson, Peterson Air Force Base, NORAD, NORTHCOM and the Air Force Academy are all located in the metro.

CITY OVERVIEWThe Colorado Springs metro encompasses El Paso and Teller counties and boasts a magnificent natural landscape that includes the 14,100-foot Pikes Peak. The city’s elevation is around 6,000 feet. Local geology limits development in certain locations. The market contains a population of approximately 699,000 people. Colorado Springs is the most populous city with around 445,600 residents, followed by Security-Widefield and Fountain. The population in the metro is expected to grow by 51,500 residents through 2021.

METRO HIGHLIGHTS

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► The U.S. military plays a vital role in the local economy. Fort Carson, Peterson Air Force Base, NORAD, NORTHCOM and the Air Force Academy are all located in the metro.

► Sports health and wellness is another segment the city would like to expand. Colorado Springs is the home of the U.S. Olympic Training Center and headquarters of the U.S. Olympic Committee.

► Technology is a major employment component in the economy. Hewlett-Packard and other high-tech firms employ thousands of residents. Lockheed Martin maintains its Information Systems and Global Solutions division here.

ECONOMY

HOME TO THE UNITED STATES

OLYMPIC TRAINING CENTER

MORE THAN 7 COLLEGE AND

UNIVERSITY CAMPUSES

240 AEROSPACE & DEFENSE

CONTRACTORS WITH A $12 BILLION ECONOMIC IMPACT

MORE THAN 60 MEDIAL DEVICE

MANUFACTURERS AND LIFE SCIENCE

COMPANIES

30 FORTUNE 500 COMPANIES WITH

PRESENCE IN COLORADO SPRINGS

MAJOR AREA EMPLOYERS

Peterson Air Force Base Colorado College

Memorial Hospital - UC Health Polaris Alpha

City of Colorado Springs Oracle

University of Colorado - Colorado Springs Lockeed Martin

Pikes Peak Community College USAA

Schriever Air Force Base Cherwell Software

United State Air Force Academy T.Rowe Price

Beth-El College of Nursing Penrose - St. Francis Health Services

Cheyenne Mountain Air Force Station Fort Carson

*Colorado Springs Chamber of Commerce

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POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection

Total Population 9,732 97,691 230,351

2017 Estimate


2010 Census


2000 Census


Current Daytime Population

2017 Estimate 32,267 131,862 270,085

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection

Total Households 4,953 47,100 102,344

2017 Estimate


Average (Mean) Household Size 1.82 2.03 2.21

2010 Census


2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate

$200,000 or More 0.87% 2.36% 2.82%

$150,000 - $199,999 2.16% 2.35% 2.73%

$100,000 - $149,000 5.75% 8.79% 9.40%

$75,000 - $99,999 5.58% 9.46% 10.29%

$50,000 - $74,999 14.62% 17.10% 18.31%

$35,000 - $49,999 14.32% 15.25% 15.24%

$25,000 - $34,999 15.40% 13.40% 13.12%

$15,000 - $24,999 17.37% 14.53% 13.92%

Under $15,000 20.46% 17.34% 16.13%

Average Household Income $44,079 $57,262 $61,825

Median Household Income $30,335 $39,732 $43,133

Per Capita Income $24,587 $27,753 $27,546

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2017 Estimate Total Population 9,656 96,232 226,334

Under 20 17.86% 21.10% 23.84%

20 to 34 Years 31.10% 25.66% 26.63%

35 to 39 Years 6.80% 6.01% 5.97%

40 to 49 Years 11.89% 10.86% 10.33%

50 to 64 Years 21.32% 20.21% 18.21%

Age 65+ 11.06% 16.16% 15.03%

Median Age 35.69 37.58 34.66

Population 25+ by Education Level

2017 Estimate Population Age 25+ 6,901 67,519 151,932

Elementary (0-8) 2.07% 2.17% 2.52%

Some High School (9-11) 9.58% 7.54% 7.16%

High School Graduate (12) 24.77% 24.33% 24.90%

Some College (13-15) 26.10% 26.60% 26.81%

Associate Degree Only 8.55% 8.73% 9.70%

Bachelors Degree Only 18.14% 18.46% 17.35%

Graduate Degree 10.25% 11.51% 10.77%

DEMOGRAPHICS OVERVIEW

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LOCAL DEMOGRAPHICS HIGHLIGHTS

6% $61,825POPULATION GROWTH SINCE

20102017 AVERAGE HOUSEHOLD

INCOME

226,3342017 POPULATION

REGIONAL DEMOGRAPHIC HIGHLIGHTS

Five Mile Radius

2017POPULATION:

273K2017

HOUSEHOLDS:

34.32017

MEDIAN AGE:

$62,100 2017 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3008.9%

Growth2017-2022*:

8%

Growth2017-2022*:

716K

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

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E X C L U S I V E LY L I S T E D B Y

THE ALAMO BUILDING

BARRY HIGGINSSenior Vice President Investments


[email protected] CO EA 748415

CARLOS CAINAssociate


[email protected] FA100073451

the alamo building

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