702.787.0123 1333 N Buffalo Dr, Ste 120 Las Vegas, NV 89128 www.virtusco.com INVESTMENT OFFERING MEMORANDUM 5325 S FORT APACHE RD, LAS VEGAS, NV 89148 SPANISH HILLS PLAZA Exclusive AdvisorS ROB HATRAK o: 702.787.0123 x410 c: 702.271.3520 f: 702.463.0123 rhatrak@virtusco.com CHRIS EMANUEL o: 702.787.0123 x401 c: 702.860.7788 f: 702.463.0123 chris@virtusco.com Buyer s Due Diligence to be performed & completed prior to trustee filing a motion to approve sale.
INVESTMENT OFFERING OVERVIEW & PRICING Spanish Hills Virtus Commercial is pleased to present this retail shopping center investment opportunity. Spanish Hills is located on the Southwest corner of West Hacienda Avenue and South Fort Apache Road, in the Southwest corridor of Las Vegas. The property is on a single 1.16 acre land parcel. The center benefits from robust commercial development and high density single family and multi-family residential housing. PURCHASE PRICE: $4,710,000.00 CAP RATE: 7.25% NOI: $341,277.13 PRICE / SF: $342.20 Impressive traffic counts are generated by the center being positioned cater-corner to major retailers including Wal Mart, Lowe s, Ross, Petsmart, Sport Authority, GNC, Mattress Disocunters,.99 Cent Only Store and quick dining concepts such as IHOP, Burger King, Del Taco, El Pollo Loco, Starbucks, Baja Fresh, Applebee s, and Panera Bread. Nearby easy freeway access is provided by the 215 beltway ensuring quick travel times to all surrounding communities as well as the downtown/airport/strip areas. Spanish Hills Sale Highlights Brand new 10-year lease renewal for the long-term (since 2002) Village Pub tavern tenant. Long term stable tenancy has been a strong suit of the property. The property has been professionally managed for over four years and has no known deferred maintenance. Spanish Hills last sold in 2006 for $5,700,000. Historical NOI Data: 2013: $379,771.34 2012: $343,826 2011: $307,004 2010: $268,212 New financing opportunity Bankruptcy Required Sale - Property is Subject to U.S. Bankruptcy Court approval & overbid. Sold AS IS, WHERE IS, and without warranties or representations. Buyer s Due Diligence to be performed & completed prior to trustee filing a motion to approve sale.
SPANISH HILLS: INVESTMENT OVERVIEW Pricing Summary Price: $4,710,000.00 Price/PSF: $342.20 NOI: $341,277.13 CAP RATE: 7.24% Income & Expenses (2014) Income Annual Totals Base Rent $348,372.79 Sign Rent $0.00 CAM/Tax/Ins. Reimbursement (Est. 90%) $71,170.08 Total Income $419,542.87 Financing Analysis Interest Rate: 5.00% Possible New Loan Terms: Amortization: 30 Years Loan to Value: 70% Term: 10 Years Price: $4,710,000.00 Down Payment (30%): $1,413,000.00 Loan Amount: $3,297,000.00 Loan Payment: $15,111.25 Net Operating Income: $341,277.13 Net Cash Flow: $116,637.09 Cash on Cash Return: 8.25% Year 1 Principal Paydown: $44,413.54 Total Return Year 1: 11.40% DSCR: 1.52 Operating Expenses Maintenance General R&M $600.00 HVAC Supplies & Repair $450.00 Landscaping $2,658.00 Landscaping Supplies $180.00 Lighting Supplies & Repair $750.00 Pest Control $660.00 Portering $1,080.00 Pressure Washing $450.00 Roof $500.00 Fire/Sprinkler - Monitoring $780.00 Fire/Sprinkler - Inspection $1,020.00 Total $9,538.00 Utilities Electricity $2,721.33 Sewer $7,458.50 Trash $2,554.22 Water $11,594.14 Total $24,328.19 Dues & Fees Management/Administration $19,609.90 Total $19,609.90 Taxes & Insurance Insurance $3,746.46 Property Taxes $21,043.19 Total $24,789.65 Total Operating Expenses $78,265.74 Net Operating Income (NOI) $341,277.13
SPANISH HILLS: RENT ROLL Lease Summary SQ FT # UNITS OCCUPANCY CURRENT LEASE CHARGES SEC DEP Occupied Units 13,764 5 100.00% RENT CAM SIGN TOTAL $ 34,297.60 Vacant Units 0 0 0.00% Monthly $ 29,031.07 $ 5,930.84 $ - $ 34,961.91 Totals 13,764 5 100% Annual $ 348,372.79 $ 71,170.08 $ - $ 419,542.87 % OF CURRENT RENT RENT CAM,TAX, SIGN CURRENT RENT INCREASE START END LEASE SECURITY BASE LEASE UNIT TENANT SQ FT TOTAL RENT PSF/MO PSF/YR & INS/MO RENT/MO BILLINGS TERM DATE NEW AMT DATE DATE OPTIONS DEPOSIT VALUE (w/o nnn) A GREEN VALLEY GROCERY 3,545 25.76% $ 13,459.47 $ 3.80 $ 45.56 $ 1,362.89 $ - $ 14,822.36 180 May-14 $ 13,930.55 05/01/02 Apr-17 3x5 $ 18,438.00 $ 573,095.01 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Annual AVG PSF Yearly Increase Increases: 3.5% 2014 $ 13,459.47 $ 13,459.47 $ 13,459.47 $ 13,459.47 $ 13,930.55 $ 13,930.55 $ 13,930.55 $ 13,930.55 $ 13,930.55 $ 13,930.55 $ 13,930.55 $ 13,930.55 $ 165,282.29 $ 3.89 2015 $13,930.55 $13,930.55 $13,930.55 $13,930.55 $14,418.12 $14,418.12 $14,418.12 $14,418.12 $14,418.12 $14,418.12 $14,418.12 $14,418.12 $ 171,067.17 $ 4.02 3.5% 2016 $14,418.12 $14,418.12 $14,418.12 $14,418.12 $14,922.75 $14,922.75 $14,922.75 $14,922.75 $14,922.75 $14,922.75 $14,922.75 $14,922.75 $ 177,054.52 $ 4.16 3.5% 2017 $14,922.75 $14,922.75 $14,922.75 $14,922.75 $ 59,691.02 $ 1.40 3.5% B VILLAGE PUB 4,540 32.98% $ 9,080.00 $ 2.00 $ 24.00 $ 2,062.80 $ - $ 11,142.80 261 Jan-15 $ 9,352.40 04/01/02 Dec-23 3x5 $ 9,761.00 $ 1,249,104.29 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Annual AVG PSF Yearly Increase 3.0% Increases 2014 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 9,080.00 $ 108,960.00 $ 2.00 2015 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $9,352.40 $ 112,228.80 $ 2.06 3.0% 2016 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $9,632.97 $ 115,595.66 $ 2.12 3.0% 2017 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $9,921.96 $ 119,063.53 $ 2.19 3.0% 2018 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $10,219.62 $ 122,635.44 $ 2.25 3.0% 2019 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $10,526.21 $ 126,314.50 $ 2.32 3.0% 2020 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $10,841.99 $ 130,103.94 $ 2.39 3.0% 2021 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $11,167.25 $ 134,007.06 $ 2.46 3.0% 2022 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $11,502.27 $ 138,027.27 $ 2.53 3.0% 2023 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $11,847.34 $ 142,168.09 $ 2.61 3.0% C HAIR SALON 1,414 10.27% $ 1,131.20 $ 0.80 $ 9.60 $ 343.06 $ - $ 1,474.26 126 Aug-14 $ 1,484.70 08/01/13 Jan-24 none $ 2,686.60 $ 206,231.90 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Annual AVG PSF Yearly Increase 2014 $1,131.20 $1,131.20 $1,131.20 $1,131.20 $1,131.20 $1,131.20 $1,131.20 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $15,341.90 $ 0.90 2015 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $1,484.70 $17,816.40 $ 1.05 0.16 2016 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $18,664.80 $ 1.10 0.05 2017 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $19,513.20 $ 1.15 0.05 2018 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $1,696.80 $20,361.60 $ 1.20 0.04 2019 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $21,210.00 $ 1.25 0.04 2020 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $1,838.20 $22,058.40 $ 1.30 0.04 2021 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $1,908.90 $22,906.80 $ 1.35 0.04 2022 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $1,979.60 $23,755.20 $ 1.40 0.04 2023 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $2,050.30 $24,603.60 $ 1.45 0.04 D SEW LITTLE TIME 1,414 10.27% $ 1,555.40 $ 1.10 $ 13.20 $ 654.61 $ - $ 2,210.01 60 Jun-14 $ 1,555.40 06/01/11 May-16 none $ 1,131.20 $ 48,500.20 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Annual AVG PSF Yearly Increase 2014 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,555.40 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $19,159.70 $ 1.13 2015 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,626.10 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $20,503.00 $ 1.21 0.07 2016 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $1,767.50 $8,837.50 $ 1.25 0.03 E & F SEW LITTLE TIME 2,851 20.71% $ 3,278.65 $ 1.15 $ 13.80 $ 1,281.39 $ - $ 4,560.04 36 Dec-14 $ 3,563.75 12/10/12 Nov-15 none $ 2,280.80 $ 78,830.15 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec Annual AVG PSF Yearly Increase 2014 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,278.65 $ 3,563.75 $ 39,628.90 $ 1.16 2015 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 3,563.75 $ 39,201.25 $ 1.25 0.08 PAD THE HUMAN BEAN $ 226.09 $ 226.09
SPANISH HILLS: PROPERTY INFORMATION Property Information Subject Property: Property Type: SPANISH HILLS Retail Shopping Center with Gas Station Property Address: 5325 South Fort Apache Road, Las Vegas, NV 89148 Building Size: Land Size: 13,764 sf 1.16 acres Construction Year: 2002 Parcel Numbers (APN): 163-30-718-006 Zoning: Traffic Counts (2010): General Commercial (C2 - Clark County) W Tropicana Avenue: 33,000 AADT (annual avg. daily traffic) S Fort Apache Road: 29,000 AADT
INVESTMENT OFFERING OVERVIEW: PROPERTY PHOTOS SPANISH HILLS: Shop Space, Shell Gas Station C-Store, Village Pub Village Pub Shell Convenience Store Green Valley Grocery Sew Little Time Human Bean Coffee Drive-Thru (not a part) SWC of Fort Apache & Hacienda
INVESTMENT OFFERING OVERVIEW: MAP Las Vegas, Nevada Population (2012) Density 4,317/sq mi City 586,400 Urban 1,314,356 Metro 1,966,600
SPANISH HILLS: TRAFFIC COUNTS Building Type: Secondary: GLA: Year Built: Total Available: % Leased: Rent/SF/Yr: General Retail Freestanding 13,764 SF 2002 1,414 SF 89.73% $12.00 Spanish Hills Plaza 5325 S Fort Apache Rd, Las Vegas, NV 89148 Count Avg Daily Volume Miles from Street Cross Street Cross Str Dist Year Volume Type Subject Prop 1 W Russell Rd S Cc 215 0.15 E 2010 14,828 MPSI.56 2 W Russell Rd Clark Co 215 Frontage Rd 0.15 E 2011 18,000 AADT.56 3 W Tropicana Ave S Fort Apache Rd 0.06 W 2011 33,000 AADT.57 4 W Tropicana Av S Fort Apache Rd 0.06 W 2010 33,000 MPSI.58 5 W Tropicana Ave S el Capitan Way 0.09 E 2011 29,000 AADT.74 6 W Tropicana Av S El Capitan Wy 0.09 E 2010 29,124 MPSI.74 7 S Fort Apache Rd W Patrick Ln 0.11 S 2011 19,000 AADT.87 8 S Fort Apache Rd W Patrick La 0.11 S 2010 9,985 MPSI.87 9 W Russell Rd N Cc 215 0.15 W 2010 5,665 MPSI.88 10 W Russell Rd Clark Co 215 0.15 W 2011 10,000 AADT.88
SPANISH HILLS: 1, 3, 5 MINUTE DRIVE TIMES
SPANISH HILLS: PROPERTY DEMOGRAPHICS Building Type: Secondary: GLA: Year Built: General Retail Freestanding 13,764 SF 2002 Spanish Hills Plaza 5325 S Fort Apache Rd, Las Vegas, NV 89148 Total Available: % Leased: Rent/SF/Yr: 1,414 SF 89.73% $12.00 Radius 1 Mile 3 Mile 5 Mile Population 2017 Projection 18,069 116,384 278,604 2012 Estimate 16,524 110,709 264,867 2010 Census 15,799 108,064 258,798 Growth 2012-2017 9.30% 5.10% 5.20% Growth 2010-2012 4.60% 2.40% 2.30% 2012 Population by Hispanic Origin 2,853 19,306 48,742 2012 Population By Race 16,524 110,709 264,867 White 9,100 55.07% 66,007 59.62% 159,743 60.31% Black or African American 1,545 9.35% 9,682 8.75% 23,317 8.80% American Indian and Alaska Native 87 0.53% 589 0.53% 1,542 0.58% Asian 3,712 22.46% 20,609 18.62% 45,725 17.26% Native Hawaiian and Pacific Islander 143 0.87% 892 0.81% 1,933 0.73% Other Race 936 5.66% 7,099 6.41% 18,870 7.12% Two or More Races 1,001 6.06% 5,832 5.27% 13,737 5.19% Households 2017 Projection 6,595 46,315 111,474 2012 Estimate 6,054 44,376 106,839 2010 Census 5,750 43,165 104,085 Growth 2012-2017 8.90% 4.40% 4.30% Growth 2010-2012 5.30% 2.80% 2.60% Owner Occupied 3,082 50.91% 23,306 52.52% 55,201 51.67% Renter Occupied 2,972 49.09% 21,070 47.48% 51,638 48.33% 2012 Households by HH Income 6,053 44,376 106,840 Income Less Than $15,000 324 5.35% 2,469 5.56% 7,504 7.02% Income: $15,000 - $24,999 248 4.10% 2,818 6.35% 8,711 8.15% Income: $25,000 - $34,999 337 5.57% 4,028 9.08% 10,044 9.40% Income: $35,000 - $49,999 791 13.07% 6,360 14.33% 15,647 14.65% Income: $50,000 - $74,999 944 15.60% 9,299 20.96% 22,941 21.47% Income: $75,000 - $99,999 1,370 22.63% 7,276 16.40% 15,216 14.24% Income: $100,000 - $149,999 942 15.56% 7,349 16.56% 15,951 14.93% Income: $150,000 - $199,999 473 7.81% 2,439 5.50% 5,703 5.34% Income: $200,000+ 624 10.31% 2,338 5.27% 5,123 4.80% 2012 Avg Household Income $96,258 $81,109 $76,777 2012 Med Household Income $80,166 $65,271 $59,955 2012 Per Capita Income $35,324 $32,493 $31,051
SPANISH HILLS: PROPERTY DEMOGRAPHICS Demographic Trend Report Spanish Hills Plaza 5325 S Fort Apache Rd, Las Vegas, NV 89148 1 Mile Radius Description 2010 2012 2017 Population by Race 2,620 2,853 3,447 (Hispanic or Latino) White 1,404 53.59% 1,528 53.56% 1,818 52.74% Black or African American 59 2.25% 64 2.24% 78 2.26% American Indian & Alaska Native 27 1.03% 31 1.09% 42 1.22% Asian 30 1.15% 30 1.05% 34 0.99% Native Hawaiian & Pacific Islander 10 0.38% 10 0.35% 12 0.35% Other Race 819 31.26% 895 31.37% 1,113 32.29% Two or More Races 271 10.34% 295 10.34% 350 10.15% Household by Household Income 5,520 6,053 6,594 Income Less than $15,000 374 6.78% 324 5.35% 277 4.20% Income $15,000 - $24,999 327 5.92% 248 4.10% 161 2.44% Income $25,000 - $34,999 509 9.22% 337 5.57% 232 3.52% Income $35,000 - $49,999 670 12.14% 791 13.07% 611 9.27% Income $50,000 - $74,999 1,222 22.14% 944 15.60% 863 13.09% Income $75,000 - $99,999 950 17.21% 1,370 22.63% 1,937 29.38% Income $100,000 - $149,999 1,052 19.06% 942 15.56% 1,187 18.00% Income $150,000 - $199,999 223 4.04% 473 7.81% 622 9.43% Income $200,000+ 193 3.50% 624 10.31% 704 10.68% Average Household Income $0 $96,258 $110,979 Median Household Income $0 $80,166 $87,223 Per Capita Income $0 $35,324 $40,461