OFFERING MEMORANDUM - FIRST CARE URGENT CARE
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Subject Property
FIRST CARE URGENT CARE
EXCLUSIVE NET-LEASE OFFERING
OFFERING
MEMORANDUM 1752 Hwy 192 W
London, KY 40741
Confidentiality and Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of Net including the likelihood of locating a replacement tenant if the current M&M, its affiliates or subsidiaries, or any agent, product, service, or
Leased property as follows: tenant should default or abandon the property, and the lease terms commercial listing of M&M, and is solely included for the purpose of
that Buyer may be able to negotiate with a potential replacement providing tenant lessee information about this listing to prospective
The information contained in this Marketing Brochure has been tenant considering the location of the property, and Buyer’s legal customers.
obtained from sources we believe to be reliable. However, Marcus & ability to make alternate use of the property.
Millichap has not and will not verify any of this information, nor has By accepting this Marketing Brochure you agree to release Marcus & ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
Marcus & Millichap conducted any investigation regarding these Millichap Real Estate Investment Services and hold it harmless from PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR
matters. Marcus & Millichap makes no guarantee, warranty or any kind of claim, cost, expense, or liability arising out of your MORE DETAILS.
representation whatsoever about the accuracy or completeness of investigation and/or purchase of this net leased property.
any information provided. SPEICAL COVID-19 NOTICE
CONFIDENTIALITY AND DISCLAIMER
As the Buyer of a net leased property, it is the Buyer’s responsibility All potential buyers are strongly advised to take advantage of their
to independently confirm the accuracy and completeness of all The information contained in the following Marketing Brochure is opportunities and obligations to conduct thorough due diligence and
material information before completing any purchase. This Marketing proprietary and strictly confidential. It is intended to be reviewed only seek expert opinions as they may deem necessary, especially given
Brochure is not a substitute for your thorough due diligence by the party receiving it from Marcus & Millichap and should not be the unpredictable changes resulting from the continuing COVID-19
investigation of this investment opportunity. Marcus & Millichap made available to any other person or entity without the written pandemic. Marcus & Millichap has not been retained to perform, and
expressly denies any obligation to conduct a due diligence consent of Marcus & Millichap. This Marketing Brochure has been cannot conduct, due diligence on behalf of any prospective purchaser.
examination of this Property for Buyer. prepared to provide summary, unverified information to prospective Marcus & Millichap’s principal expertise is in marketing investment
purchasers, and to establish only a preliminary level of interest in the properties and acting as intermediaries between buyers and sellers.
Any projections, opinions, assumptions or estimates used in this subject property. The information contained herein is not a substitute Marcus & Millichap and its investment professionals cannot and will
Marketing Brochure are for example only and do not represent the for a thorough due diligence investigation. Marcus & Millichap has not not act as lawyers, accountants, contractors, or engineers. All
current or future performance of this property. The value of a net made any investigation, and makes no warranty or representation, potential buyers are admonished and advised to engage other
leased property to you depends on factors that should be evaluated with respect to the income or expenses for the subject property, the professionals on legal issues, tax, regulatory, financial, and
by you and your tax, financial and legal advisors. future projected financial performance of the property, the size and accounting matters, and for questions involving the property’s
square footage of the property and improvements, the presence or physical condition or financial outlook. Projections and pro forma
Buyer and Buyer’s tax, financial, legal, and construction advisors absence of contaminating substances, PCB’s or asbestos, the financial statements are not guarantees and, given the potential
should conduct a careful, independent investigation of any net leased compliance with State and Federal regulations, the physical condition volatility created by COVID-19, all potential buyers should be
property to determine to your satisfaction with the suitability of the of the improvements thereon, or the financial condition or business comfortable with and rely solely on their own projections, analyses,
property for your needs. prospects of any tenant, or any tenant’s plans or intentions to and decision-making.)
continue its occupancy of the subject property. The information
Like all real estate investments, this investment carries significant contained in this Marketing Brochure has been obtained from sources
risks. Buyer and Buyer’s legal and financial advisors must request we believe to be reliable; however, Marcus & Millichap has not
and carefully review all legal and financial documents related to the verified, and will not verify, any of the information contained herein,
property and tenant. While the tenant’s past performance at this or nor has Marcus & Millichap conducted any investigation regarding
other locations is an important consideration, it is not a guarantee of these matters and makes no warranty or representation whatsoever
future success. Similarly, the lease rate for some properties, including regarding the accuracy or completeness of the information provided.
newly-constructed facilities or newly-acquired locations, may be set All potential buyers must take appropriate measures to verify all of the
based on a tenant’s projected sales with little or no record of actual information set forth herein.
performance, or comparable rents for the area. Returns are not
guaranteed; the tenant and any guarantors may fail to pay the lease NON-ENDORSEMENT NOTICE
rent or property taxes, or may fail to comply with other material terms
of the lease; cash flow may be interrupted in part or in whole due to Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is
market, economic, environmental or other conditions. Regardless of not affiliated with, sponsored by, or endorsed by any commercial
tenant history and lease guarantees, Buyer is responsible for tenant or lessee identified in this marketing package. The presence of
conducting his/her own investigation of all matters affecting the any corporation’s logo or name is not intended to indicate or imply
intrinsic value of the property and the value of any long-term lease, affiliation with, or sponsorship or endorsement by, said corporation of
Table of Contents
Investment Highlights 4
Financial Analysis 5
Concept Overview 6
Surrounding Area 7
Location Overview 8
Property Photos 9
Local Map 10
Regional Map 11
Demographics 12
Market Overview 13
Representative Photo
Investment Highlights
PRICE: $3,256,000 | CAP: 6.25% | RENT: $203,500
Subject Property / Representative Photo
About the Investment
Long-Term, 15-Year Absolute Triple Net (NNN) Lease | Over 12.5 Years of NNN Term
Remaining
Phenomenal Exposure | Located in Main Retail Corridor Opposite a Lowe’s|
Surrounded by National Tenants | 27K+ Vehicles Pass the Site Each Day!
Strategic Location | Located Less than a Mile from Kentucky One Health Saint Joseph
Campus | Ideal Location for an Urgent Care Walk In Clinic
Ten Percent (10%) Rental Increases Occurring Every Five (5) Years
Newer Construction (2018) | High Quality and Expensive Medical Buildout
About the Location
Dense Retail Corridor | Walmart, Lowe’s, Walgreens, Kroger, Kohl’s, Marshalls, Five
Below, Tractor Supply Company, Goody’s, Dollar Tree, Hibbett Sports, and Many
More
Kentucky One Health Saint Joseph London | Less Than One Mile Away | 150-Bed
Hospital
Several Hotel Accommodations | Holiday Inn Express, Country Inn & Suites, Comfort
Suites, Baymont by Wyndham, and Microtel Inn & Suites Subject Property / Representative Photo
Strong Traffic Counts | Over 47,800 and 27,600 Vehicles Per Day Along Interstate-75
and Highway 192 West
South Laurel High School | Less Than Two Miles Away | Over 1,200 Students Enrolled
Strong Real Estate Fundamentals | High Visibility and Ease of Access Along Highway
192 West
About the Tenant / Brand
Founded 2014 | Headquartered in London, KY
First Care Offers Affordable and State of the Art Medical Care | Now Operates 19
Location in Kentucky and Indiana Growing Industry | $39 Billion Urgent Care Industry
| Increased Demand for Urgent Care Clinics Adjacent to Hospital Campuses
4
Financial Analysis
PRICE: $3,256,000 | CAP: 6.25% | RENT: $203,500
PROPERTY DESCRIPTION RENT SCHEDULE
Concept First Care Urgent Care Lease Year Annual Rent Monthly Rent Rent Escalation
Street Address 1752 Hwy 192 W 6/22/2018 – 6/21/2019 $185,000 $15,417 -
City, State ZIP London, KY 40741 6/22/2019 – 6/21/2020 $185,000 $15,417 -
Year Built / Renovated 2018 6/22/2020 – 6/21/2021 $185,000 $15,417 -
6/22/2021 – 6/21/2022 $185,000 $15,417 -
Building Size Estimated (SF) 4,950
6/22/2022 – 6/21/2023 $185,000 $15,417 -
Lot Size Estimated (Acres) 0.79
6/22/2023 – 6/21/2024 $203,500 $16,958 10.00%
Type of Ownership Fee Simple 6/22/2024 – 6/21/2025 $203,500 $16,958 -
THE OFFERING 6/22/2025 – 6/21/2026 $203,500 $16,958 -
6/22/2026 – 6/21/2027 $203,500 $16,958 -
Price $3,256,000
6/22/2026 – 6/21/2028 $203,500 $16,958 -
CAP Rate 6.25%
6/22/2027 – 6/21/2029 $223,850 $18,654 10.00%
Annual Rent $203,500 6/22/2028 – 6/21/2030 $223,850 $18,654 -
LEASE SUMMARY 6/22/2029 – 6/21/2031 $223,850 $18,654 -
Property Type Net Leased - Single Tenant Office Medical 6/22/2030 – 6/21/2032 $223,850 $18,654 -
6/22/2031 – 6/21/2033 $223,850 $18,654 -
Tenant / Guarantor Corporate
6/22/2032 – 5/31/2034 $223,850 $18,654 -
Original Lease Term 15 Years Seller to credit rental difference at closing
Lease Commencement June 22, 2018 INVESTMENT SUMMARY
Lease Expiration May 31, 2034 Marcus & Millichap is pleased to present the exclusive listing for a First Care located at
1752 Highway 192 West in London, Kentucky. The site consists of roughly 4,950
Lease Term Remaining 12.6 Years
rentable square feet of building space on estimated 0.79-acre parcel of land. This First
Lease Type Triple Net (NNN) Care is subject to a 15-year absolute triple-net (NNN) lease, which commenced June
22nd , 2018. The current annual rent is $185,000 and is scheduled to increase by ten
Landlord Responsibilities None
percent (10%) every five (5) years throughout the base term and in each of the three
Rental Increases 10% Every 5 Years (3), five (5)-year renewal options. Pricing is based off the upcoming rental increase to
$203,500 that will occur on June 21st, 2023.
Renewal Options Remaining Two (2), Ten (10)-Year Options
5
Concept Overview First Care Urgent Care is a full-service walk-in clinic focused on
ambulatory treatment. With several different locations
currently in operation in the U.S. states of Indiana and
Kentucky, First Care Urgent Care Centers are equipped with
top-notch facilities that include multiple exam rooms, on-site
lab testing, and digital x-ray capabilities. First Care facilities are
open seven days a week, with extended hours on nights and
Services weekends, and their clinics offer treatment for a wide variety
of common illnesses, injuries, and conditions. At First Care,
every patient is treated with the utmost compassion and
consideration, and since no appointment is necessary, a nurse
practitioner will always be there on site to assist you when you
are in need.
When you’re feeling under the weather or have some other
type of illness, a doctor’s appointment can sometimes be hard
to come by. First Care can treat you when you’ve come down
with something that leaves you feeling less than 100%. There is
no reason to wait for hours in other clinics or go to the
Emergency Toom. Just visit a First Care Urgent Care Center, and
you will be seen within minutes for a fraction of the cost of a
primary care or an ER visit.
How It Works
1. Find a clinic near you.
2. Save Your Spot before your visit OR just
walk in.
3. Provide your insurance card and photo ID.
4. No Insurance? No worries.
5. Start feeling better.
6
Surrounding Area
Walgreens
150-BEDS
Burger King
First Care Urgent Care – London, KY 7
Location Overview
The Office Depot property is situated on Highway 192 West, which boasts average
daily traffic counts of 27,600 vehicles. Highway 192 West directly intersects with
Interstate-75, which bring an additional 47,800 vehicles into the immediate area
on average daily. There are more than 27,700 individuals residing within a five-
mile radius of the property and more than 56,900 individuals within a ten-mile
radius.
The subject property benefits from being well-positioned in a very dense retail
corridor consisting of national and local tenants, hotel accommodations, shopping
centers, academic institutions, and a hospital all within proximity of this property.
Major national tenants in the area include: Walmart, Lowe’s, Walgreens, Kroger,
Kohl’s, Marshalls, Five Below, Tractor Supply Company, Goody’s, Dollar Tree,
Hibbett Sports, as well as many others. There are also several hotels in the
immediate area such as, Holiday Inn Express, Country Inn & Suites, Comfort Suites, ADTC: 47,800
Baymont by Wyndham, and Microtel Inn & Suites. KentuckyOne Health Saint
Joseph London Hospital is located just down the road from the subject property
and is a $152 million facility with 150-beds. Additionally, this Office Depot also
benefits from its proximity to several academic institutions. Most notable being
South Laurel High School, which enrolls over 1,200 students. London-Corbin
Airport is also located less than two miles from the subject property.
ADTC: 27,600
London is city in and the county seat of Laurel County, Kentucky. London is the
second-largest city named London in the United States and the fourth-largest in
the world. It is part of the London, Kentucky micropolitan area. Of the seventeen
micropolitan areas in Kentucky, London is the largest. London is also home to the
annual World Chicken Festival that celebrates the life of Colonel Sanders and
features the world's largest skillet. London is a center for business, shopping,
entertainment, education and health-care. London also enjoys a sound base of
industrial and retail business. The city’s proximity to huge forests, beautiful lakes,
tourist attractions and the metropolitan areas of Lexington and Knoxville combine
to make London a very special place for visitors, new residents, and business
opportunities.
8
Property Photos
Subject Property Subject Property
Subject Property Subject Property
9
Local Map
Louisville International Airport (SDF)
10Regional Map
KENTUCKY
KENTUCKY
PENNSYLVANIA
First Care Urgent Care – London, KY 11Demographics
3 Miles 5 Miles 10 Miles
POPULATION TRENDS
2010 Population 15,898 26,948 54,976
10 Miles 2021 Population 16,120 27,741 56,923
2026 Population Projection 16,320 28,161 57,825
Annual Growth 2010-2021 0.10% 0.30% 0.30%
Annual Growth 2021-2026 0.20% 0.30% 0.30%
POPULATION BY RACE (2021)
5 Miles White 15,471 26,749 55,167
Black 216 296 467
American Indian/Alaskan Native 48 99 217
3 Miles Asian 147 222 355
Hawaiian & Pacific Islander 7 9 15
Two or More Races 232 367 702
Hispanic Origin 355 537 938
HOUSEHOLD TRENDS
2010 Households 6,506 10,750 21,511
2021 Households 6,596 11,064 22,265
2026 Household Projection 6,676 11,228 22,615
Annual Growth 2010-2021 0.10% 0.20% 0.20%
Annual Growth 2021-2026 0.20% 0.30% 0.30%
AVERAGE HOUSEHOLD INCOME (2021) $60,639 $62,504 $58,588
MEDIAN HOUSEHOLD INCOME (2021) $46,989 $46,748 $43,330
HOUSEHOLDS BY HOUSEHOLD INCOME
(2021)
< $25,000 1,858 3,103 6,799
$25,000 - 50,000 1,640 2,823 5,881
$50,000 - 75,000 1,275 2,061 4,027
$75,000 - 100,000 703 1,196 2,331
$100,000 - 125,000 512 814 1,323
$125,000 - 150,000 267 404 725
$150,000 - 200,000 199 315 536
$200,000+ 141 349 643
12Market Overview
City: Lexington | County: Fayette | State: Kentucky
Lexington, Kentucky
Lexington is the second-largest city in Kentucky, the 60th-largest city
in the United States, and by land area, the 28th-largest city in the United States.
Known as the "Horse Capital of the World," it is the heart of the state's Bluegrass
region. Lexington ranks 10th among US cities in college education rate, with 39.5%
of residents having at least a bachelor's degree. It is the location of the Kentucky
Horse Park, The Red Mile and Keeneland racecourses, Rupp Arena, Transylvania
University, the University of Kentucky, and Bluegrass Community and Technical
College. Lexington has one of the nation's most stable economies. Lexington
describes itself as having "a fortified economy, strong in manufacturing,
technology, and entrepreneurial support, benefiting from a diverse, balanced
business base". The Lexington Metro Area had an unemployment rate of 3.7% in
August 2015, lower than many cities of similar size. In 2011 Lexington was ranked
as the 4th-best city for "Businesses and Careers" by Forbes magazine, the 5th-best
city for Young Professionals in 2008, and 6th-Best "Value Cities" in 2011 by
Kiplinger.
The city is home to several large corporations. Sizable employment is generated by
four Fortune 500 companies: Xerox, Lexmark International, Lockheed-Martin, and
IBM. United Parcel Service, Trane, and Amazon.com, Inc. have large operations in
the city, and Toyota Motor Manufacturing Kentucky is within the Lexington MSA.
A Jif peanut butter plant located there produces more peanut butter than any
other factory in the world. Notable corporate headquarters include: Lexmark
International, a manufacturer of printers and enterprise software; Link-Belt
Construction Equipment, a designer and manufacturer of telescopic and lattice
boom cranes; A&W Restaurants, a restaurant chain known for root beer; Fazoli’s,
a fast-food Italian-style chain that has expanded to more than 20 states; Tempur
Sealy International, a manufacturer of mattresses; Florida Tile, a manufacturer of
porcelain and ceramic tile; and the Forcht Group of Kentucky, a holding company
that employs more than 2,100 people across Kentucky.
First Care Urgent Care – London, KY 13E XC LU S I V E N E T - L EA S E O F F E R I N G KY Broker of Record Colby Haugness 9300 Shelbyville Rd., Ste. 1012 Louisville, KY 40222 Tel: (513) 878-7733 License: 242197
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