OFFERING MEMORANDUM TACO BELL 3225 W 3RD STREET LEE'S SUMMIT, MO 64081
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
TACO BELL
3225 W 3RD STREET
LEE’S SUMMIT, MO 64081
OFFERING MEMORANDUM
INVESTMENT HIGHLIGHTS
COMPETITIVE LEE’S SUMMIT REAL ESTATE
INVESTMENT OPPORTUNITY
This Taco Bell operates on an Absolute TripleNet (NNN)
lease with tenant fully responsible for maintenance,
insurance and taxes, providing landlord with a low
maintenance asset. It is available at a purchase price of
$2,990,000 at a 4.65% CAP rate.
The lease features an initial term of 20 years with an
additional four, 5-year options to extend the lease through
8/13/2054, indicating a strong commitment to the site.
There are 8% increases built into the lease every five
years, providing the landlord with positive rent growth and
a hedge against inflation.
Royal City Bell LLC operates 60+ locations throughout
Kansas and Missouri and is part of the Diversified
Restaurant Group, one of the largest Taco Bell
Franchisees in the country with over 200 units in total.
1
EXECUTIVE SUMMARY
PROPERTY INFORMATION LEASE SUMMARY
TENANT TACO BELL LEASE TYPE ABSOLUTE-NET (NNN)
STREET ADDRESS 3225 SW THIRD ST.
TYPE OF OWNERSHIP FEE SIMPLE
CITY/STATE/ZIP LEES SUMMIT MO 64081
ORIGINAL LEASE TERM 20 YEARS
APN 62-420-98-07
LEASE EXPIRATION 8.13.2039
GLA 2,000 SF
LOT SIZE .53 AC TERM REMAINING 18 YEARS
YEAR BUILT 2019 INCREASES 8% EVERY 5 YEARS
OPTIONS (4) 5 YEAR
FINANCIAL SUMMARY
ROFR / ROFO 15 DAYS
PURCHASE PRICE $2,990,000
TAXES / INSURANCE / MAINT. TENANT RESPONSIBLE
CAP RATE 4.65%
LEASE GUARANTOR FRANCHISEE - ROYAL BELL LLC
NET OPERATING INCOME $139,0036 OWNERSHIP PRIVATE
2
RENT SCHEDULE
PERIOD ANNUAL RENT MONTHLY RENT INCREASE CAP RATE
8/14/2019 - 8/13/2024 BASE TERM $139,036.00 $11,586.00 - 4.65%
8/14/2024 - 8/13/2029 BASE TERM $150,159.00 $12,513.00 8% 5.02%
8/14/2029 - 8/13/2034 BASE TERM $162,172.00 $13,514.00 8% 5.42%
8/14/2034 - 8/13/2039 BASE TERM $175,145.00 $14,595.00 8% 5.86%
8/14/2039 - 8/13/2044 1ST OPTION $189,157.00 $15,763.00 8% 6.33%
8/14/2044 - 8/13/2049 2ND OPTION $204,290.00 $17,024.00 8% 6.83%
8/14/2049 - 8/13/2054 3RD OPTION $220,633.00 $18,386.00 8% 7.38%
8/14/2054 - 8/13/2059 4TH OPTION $238,283.00 $19,856.00 8% 7.97%
3
AERIAL OVERVIEW
Cedar Creek Elementary: 520 Students
New Longview Apartments: 515 Units
Bridlewood at Longview: 360 Homes
MCC Longview: 4,000+ Students
Residences at New Longview: 309 Units
4
AREA MAP
19 Miles
New Longview boasts over 1,100 residents
and growing, plus 600,000 SF of
commercial space located just minutes
from HWY 470 and ~25 min from downtown
KCMO and Overland Park.
5
SITE PLAN 6
LOCATION HIGHLIGHTS
Lee’s Summit is a city located within the counties of Jackson and Cats in the U.S. state of Missouri.
Located 20 minutes from the center of Kansas City between two major highways, residents and visitors
can enjoy easy access to all the big cities amenities.
6th Largest City in the Continuing to Grow
State
As of July FY ’19 over
Lee’s Summit has an $175M was approved for
estimated population of total permit valuations
98,469, making it the 6th for commercial and
largest city within the KC single family
MSA as well as the state of developments in Lee’s
Missouri.
Summit.
Lee’s Summit Triple A MCC Longview
Credit Rated by Moody’s
Located less than 2 miles
The city of Lee’s Summit from the subject property
achieved Triple A (AAA) - Metropolitan Community
credit rating (FY 17) per the College serves 15,000
Credit Bureau. students
7
BRAND & FRANCHISE OVERVIEW
Taco Bell serves made-to-order and customizable tacos
Royal City Bell LLC is an experienced Taco Bell franchisee
and burritos among other choices and is the first quick
with locations throughout Kansas and Missouri.
serve restaurant to offer American vegetarian association
certified menu items.
As of August 2021, RCB had a total of 60+ Taco Bell
locations with annual sales exceeding $80,000,000.00 and
As the leading Mexican-inspired QSR brand, Taco Bell
a projected growth of 3.00% to 5.00%.
plans to have 9,000 restaurants by the year 2023.
8
DEMOGRAPHIC SUMMARY
RADIUS 1 MILE 3 MILE 5 MILE 10 MILE RADIUS 1 MILE 3 MILE 5 MILE 10 MILE
POPULATION HOUSEHOLDS
2024 PROJECTION 6,152 32,862 109,675 409,993 2024 PROJECTION 2,022 12,611 43,444 163,583
2010 CENSUS 5,787 31,730 107,174 399,155 2010 CENSUS 1,455 11,124 42,419 156,477
GROWTH 2019 - 2024 6.31% 3.57% 2.33% 2.71% GROWTH 2019-2024 6.42% 3.65% 2.24% 2.66%
9CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Jones Development and it should not be made available to any other person or entity without the written consent of Jones Development. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Jones Development. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. Jones Development has not made any investigation, and makes no warrant 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, PCBs or asbestos, the compliance with local, 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 offering memorandum has been obtained from sources we believe to be reliable; however, Jones Development has not verified, and will not verify, any of the information contained herein, nor has Jones Development 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE JONES DEVELOPMENT AGENT FOR MORE DETAILS.
EXCLUSIVELY LISTED
BRANDON HECK
Broker, Real Estate
bheck@jonesdevco.com
D: 816.389.5728 | C: 913.940.0323
Jones Development
4520 Madison Ave #100 Kansas City, MO 64111You can also read
