TACO BELL - Offering Memorandum - 801 S Belt Line Rd Irving, TX 75060
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Offering Memorandum
TACO BELL
801 S Belt Line Rd • Irving, TX 75060
NON-ENDORSEMENT AND DISCLAIMER NOTICE
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
SPECIAL COVID-19 NOTICE: All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions
as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and
cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between
buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and
advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook.
Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on
their own projections, analyses, and decision-making.
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.
TACO BELL
Irving, TX
ACT ID ZAB0030085 2
NET LEASED DISCLAIMER
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will
not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee,
warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before
completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus &
Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance
of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to
your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal
and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not
a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based
on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any
guarantors may fail to pay the lease 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 market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting
his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a
replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential
replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost,
expense, or liability arising out of your investigation and/or purchase of this net leased property.
3
TACO BELL
OFFERINGSUMMARY
OFFERING SUMMARY
EXECUTIVE SUMMARY
Current $70,970 $5,914 $29.89 5.75%
TACO BELL 2023 MAJOR METROPOLITAN
$73,121 $6,093 LOCATION
$30.80 5.93%
• Population Within A 3 Mile Radius: 90,534
Price: $1,150,000
Address 801 S. Belt line Rd,
Irving, Texas 75060 TRAFFIC COUNT
Cap Rate: 6.17 %
Traffic Count: 39,100 +/- Cars Per Day
TENANT
K-Mac Enterprises – a Franchisee of Taco Bell With 300 +/- locations
(website : kmaccoTenant: rp.com/3)
The tenant has paid full rent throughout the COVID-19 Pandemic
LEASE TERMS
• Expiration Date : Dec 31, 2026
• Lease: Absolute NNN
• Rent Increases: 1% Per Year
• Annual Rent: $70,970
NOTES
#
4
TACO BELL
OFFERINGSUMMARY
OFFERING SUMMARY
PROPERTY SUMMARY
$1,150,000
6.17 %
$484.41 Current $70,970 $5,914 $29.89 6.17%
2021 $71,680 $5,973 $30.19 6.23%
2022 $72,397 $6,033 $30.50 6.29%
*
2023 $73,121 $6,093 $30.80 6.36%
2024 $73,852 $6,278 $31.11 6.42%
2025 $74,591 $6,216 $31.42 6.49%
2026 $75,337 $6,278 $31.73 6.55%
6 Yrs 6 Months
NOTES
* The building was remodeled, at the tenant’s expense, approximately 5 years ago.
#
5
TACO BELL
OFFERING SUMMARY
INVESTMENT OVERVIEW
This is a Taco Bell Store leased to a 300 +/- unit franchisee of Taco Bell. The lease is absolute net and has a
remaining term of six years and six months. The rent increases one percent every year.
The tenant, K-Mac Enterprises, had, at the end of 2019, approximately 300 Taco Bell stores in the central
and Southwest United States. Because of the growth program, it is poised to become the largest franchisee
of Taco Bell in the country. The store is located on a busy commercial street that, as of 2018, had a traffic
count of approximately 39,100 cars per day.
The population within three miles of the subject property is 90,534. Irving, Texas is an inner ring suburb of the
city of Dallas. As of 2017, the population of the city was 240,373.
Many national, international, and Fortune 500 corporations have headquarters in Irving. A sampling of such
corporations include Exxon-Mobil, Kimberly Clark, Flour Corporation, Nokia America and NEC corporation of
America. Part of the Dallas- Fort Worth International Airport Lies within the city of Irving.
INVESTMENT HIGHLIGHTS
• Major Tenant with 300 +/- Taco Bell Locations
• Almost 6.5 Years Remaining On a NNN Lease
• Annual Rent Increases
• Major Metropolitan Location
• Impressive Traffic Count of 39,100 +/- Cars Per Day
6
PROPERTY
TACO BELL NAME
DEMOGRAPHICS
MARKETING TEAM
Created on February 2020
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
2023 Projection Total Average Household Retail
$71,460 $68,152 $64,781
Expenditure
Total Population 11,943 90,534 253,837 Consumer Expenditure Top 10
2018 Estimate Categories
Total Population 11,625 90,542 250,347 Housing $18,277 $17,699 $16,969
2010 Census Transportation $14,746 $13,976 $13,235
Total Population 10,735 84,591 230,804 Shelter $9,937 $9,682 $9,383
2000 Census Food $7,464 $7,132 $6,784
Total Population 9,132 81,447 219,189 Personal Insurance and Pensions $6,493 $6,170 $5,813
Current Daytime Population Utilities $4,325 $4,200 $4,024
2018 Estimate 16,917 87,449 291,264 Health Care $4,232 $4,034 $3,668
Entertainment $2,940 $2,795 $2,593
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
Household Furnishings and
2023 Projection $1,943 $1,859 $1,746
Equipment
Total Households 4,037 30,956 95,347 Apparel $1,909 $1,786 $1,715
2018 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Total Households 3,889 30,611 93,104 Population By Age
Average (Mean) Household Size 3.04 2.97 2.69 2018 Estimate Total Population 11,625 90,542 250,347
2010 Census Under 20 30.86% 30.55% 29.36%
Total Households 3,589 28,406 84,727 20 to 34 Years 19.86% 22.53% 25.56%
2000 Census 35 to 39 Years 6.59% 7.06% 7.63%
Total Households 3,411 29,096 84,299 40 to 49 Years 13.43% 13.28% 13.30%
Occupied Units 50 to 64 Years 17.74% 16.60% 15.55%
2023 Projection 4,037 30,956 95,347 Age 65+ 11.51% 10.00% 8.60%
2018 Estimate 4,089 32,386 99,984 Median Age 34.46 32.89 32.06
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles Population 25+ by Education Level
2018 Estimate 2018 Estimate Population Age 25+ 7,298 56,394 157,804
$150,000 or More 5.39% 4.33% 5.25% Elementary (0-8) 13.08% 12.21% 10.43%
$100,000 - $149,000 12.38% 11.43% 10.04% Some High School (9-11) 14.81% 14.18% 11.52%
$75,000 - $99,999 13.57% 13.05% 11.77% High School Graduate (12) 27.56% 27.63% 26.21%
$50,000 - $74,999 20.95% 22.88% 21.36% Some College (13-15) 21.60% 20.40% 21.17%
$35,000 - $49,999 17.15% 16.49% 17.45% Associate Degree Only 6.48% 5.89% 6.51%
Under $35,000 30.54% 31.82% 34.12% Bachelors Degree Only 10.92% 11.86% 15.07%
Average Household Income $67,704 $64,041 $65,288 Graduate Degree 4.25% 5.47% 6.65%
Median Household Income $52,544 $51,704 $48,372
Per Capita Income $22,660 $21,670 $24,341
Source: © 2019 Experian
7
TACO BELL
AERIAL PHOTO
8
TACO BELL
PROPERTY PHOTO
9
TACO BELL
PROPERTY PHOTO
10TACO BELL
PROPERTY PHOTO
11PROPERTY
TACO BELL NAME
PRICING LOCATION
AND TENANT
REGIONAL
PRICING AND SUMMARY
OVERVIEW
VALUATION MATRIX
AND LOCAL
VALUATION MAP
MATRIX
801 S Belt Line Rd, Irving, TX 75060
12#PROPERTY
TACO BELL NAME
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
TACO BELL TACO BELL
TACO BELL 8835 Davis Boulevard, Naples, TX, 34104 2 Pine Cone Road, Dayton NV, TX, 89403
801 S Belt Line Rd, Irving, TX, 75060
1 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
SUBJECT PROPERTY Close Of Escrow 12/23/2019 Close Of Escrow 8/30/2019
Asking Price $1,150,000 Sales Price $3,300,000 Sales Price $3,325,000
Price/SF $484.41 Price/SF $1,351.90 Price/SF $1,108.33
CAP Rate 6.17% CAP Rate 6% CAP Rate 5.5%
GLA 2,374 SF GLA 2,441 SF GLA 3,000 SF
Lot Size 0.53 acre(s) Lot Size .91 acre(s) Lot Size .84 acre(s)
Year Built 1986 Year Built 2000 Year Built 2002
Lease Term Remaining 6.5 Years
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
NOTES NOTES
5.5 Years Remaining On Leased Term 3 Years Remaining On Lease Term
13PROPERTY
TACO BELL NAME
SALES COMPARABLES
MARKETING TEAM
SALES COMPARABLES
TACO BELL TACO BELL TACO BELL
1152 Indianapolis Rd, Greencastle, TX, 46135 600 Airport Center Dr, Jacksonville, FL, 855 South Tamiami Trail, Sarasota, FL, 34236
3 4 5
rentp
roper
tyna
me1
rentpropertyname1 rentpro
rentpropertyname1
pertya
ddress
1
Close Of Escrow 7/31/2019 Close Of Escrow 3/13/2020 Close Of Escrow 11/25/2019
Sales Price $475,000 Sales Price $3,123,600 Sales Price $2,180,000
Price/SF $240.87 Price/SF $1,561.80 Price/SF $708.02
CAP Rate 5.59% CAP Rate 5.93% CAP Rate 6.19%
GLA 1,972 SF GLA 2,000 SF GLA 3,079 SF
Lot Size 1.21 acre(s) Lot Size 1 acre(s) Lot Size .55 acre(s)
Year Built 1991 Year Built 2000 Year Built 1994
rentpropertyaddress1 rentpropertyaddress1
NOTES NOTES NOTES
3 Years Remaining On Lease 8.3 Years Remaining On The Lease Term 3 Years Remaining On Lease Term
14TACO BELL
MARKET OVERVIEW
DALLAS-FORT WORTH
OVERVIEW
The Dallas/Fort Worth Metroplex is the fourth-most populous metro in the
nation with an aggregate of nearly 7.5 million residents. It is composed of
13 counties stretching nearly 10,000 square miles. The city of Dallas
houses 1.3 million people, followed by Fort Worth with 864,000 residents.
Strong job growth continually draws new residents to the region. To
accommodate the additional traffic, the region’s transportation network is
evolving. Traffic flow is improved as freeways are expanded and miles are
being added to tollways and turnpikes. The growth of the transportation
network is vital to supporting commuters to the metro’s numerous
corporations and growing industries.
METRO HIGHLIGHTS
SUBSTANTIAL POPULATION GAINS
Dallas/Fort Worth’s population growth in recent
years ranks among the highest in the U.S. for a
major metro.
LARGE CORPORATE BASE
The Metroplex is home to 23 Fortune 500
companies and many regional headquarters,
drawing workers and residents.
MAJOR DISTRIBUTION CENTER
The area’s extensive network of rail and highways
along with the International Inland Port of Dallas
ensure its status as a distribution hub.
1Tim Speck Broker of Record, TX Lic: 9002994
You can also read
