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SINGLE TENANT NN Investment Opportunity
4998 10TH AVENUE NORTH, GREENACRES FLORIDA
WEST PALM BEACH MSAACTUAL SITE
REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP
PATRICK NUTTEVP, NNLG & Market LeaderSRS National Net Lease Group
200 SW First Avenue, Suite 970Fort Lauderdale, FL 33301D 954.302.7365M [email protected] License No. BK3120739
Qualifying Broker: John Artope, SRS Real Estate Partners-Southeast, LLC | FL License No. BK3172617
EXCLUSIVELY MARKETED BY
ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group - Washington, D.C.
D [email protected] License No. 0225193951
ACTUAL SITE 3 NATIONAL NET LEASE GROUP
PROPERTY PHOTOPROPERTY PHOTO
PYLON SIGN
EL VALLE HONDUMEXRESTAURANT
MINISTERIO PENTECOSTESABBA PADRE
LAUNDRY STOP OF GREENACRES
HOUSE OF INDIA
ACTUAL SITE 4 NATIONAL NET LEASE GROUP
Parcel Map
OFFERING SUMMARY Offering
Property Specifications
ASKING PRICE $6,323,000
CAP RATE 6.00%
NET OPERATING INCOME $379,380
PROPERTY ADDRESS 4998 10th Avenue North Greenacres, FL 33463
RENTABLE AREA 13,635 SF
LAND AREA 2.87 Acres
YEAR BUILT / REMODELED 1999
OWNERSHIP Fee Simple (Land & Building)
TENANT Dedicated Senior Medical Centers of Florida, LLC
GUARANTY Corporate
LEASE TYPE NN
LANDLORD RESPONSIBILITIES Roof & Structure
LEASE TERM REMAINING 9 Years
INCREASES 2% Annually
OPTIONS 2 (5-Year)
RENT COMMENCEMENT May 4, 2019
LEASE EXPIRATION May 3, 2029
ACTUAL SITE 5 NATIONAL NET LEASE GROUP
Lease Term Rental Rates
TENANT NAME SF LEASE START LEASE END BEGIN INCREASE MONTHLY ANNUALLY OPTIONS
D.S.M.C.F., LLC 13,635 May 2019 May 2029 Current - $31,615 $379,380 2 (5-Year)
(Corporate Guaranty) May 2020 2% $32,115 $385,3802% Annual Rental
Increases
Corporate Guaranteed Lease | Options to Extend | Scheduled Rental Increases
• The lease is corporate guaranteed by Dedicated Senior Medical Centers of Florida, LLC, an experienced medical center operator with 59 current locations
• 9 years remaining with 2 (5-year) option periods to extend• Lease features 2% annual rental increases throughout the initial term and option periods
NN Leased | Fee Simple Ownership | Limited Landlord Responsibilities• Tenant pays for CAM, taxes, insurance and maintains most aspects of the premises• Landlord responsibilities limited to roof and structure • Ideal, low-management investment for a passive investor
Signalized Hard Corner Intersection | Excellent Visibility & Access |Drive-Thru Equipped | Close Proximity To Several Assisted Living Facilities
• ChenMed is located near the signalized, hard corner intersection of 10th Avenue N. and Haverhill Rd., averaging a combined 39,400 vehicles passing by daily
• The site is equipped with a large pylon sign, creating excellent visibility along both cross-streets• Equipped with a drive-thru, providing ease and convenience for customers• On average, stores with drive-thrus experience higher sales than those without• Close proximity to several assisted living facilities including Cresthaven East, Argo, and Arbor Oaks,
providing a direct consumer base to draw from
Strong Demographics In 5-mile Trade Area• Nearly 334,000 residents and more than 124,000 employees support the trade area• $68,000 average household income
RENT ROLL & INVESTMENT HIGHLIGHTSFor financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].
6 NATIONAL NET LEASE GROUP
Location
Parking
Access
Parcel
Traffic Counts
Year Built
Improvements
Zoning
Located inPalm Beach County
There are approximately 76 parking spaces on the
owned parcel.
The parking ratio is approximately 5.57 stalls per
1,000 SF of leasable area.
10th Avenue N 1 Access Point
Haverhill Road 1 Access Point
Parcel Number: 18-42-44-24-35-001-0000
Acres: 2.87 Square Feet: 125,017 SF
10th Avenue N & Haverhill Rd. 39,400 Combined VPD
S. Military Trail/ State Highway 809
42,500 Vehicles Per Day
1999
There is approximately 13,635 SF of existing building area
CG: Commercial General
PROPERTY OVERVIEW
ACTUAL SITE 7 NATIONAL NET LEASE GROUP
PROPERTY PHOTOS
ACTUAL SITE 8 NATIONAL NET LEASE GROUP
PROPERTY PHOTOSELEVATION
9 NATIONAL NET LEASE GROUP
10TH AVE. N.10TH AVE. N.
HAVE
RHIL
L RD
.HA
VERH
ILL
RD.
JACK
SON
AVE.
JACK
SON
AVE.
WAL
KER
AVE.
WAL
KER
AVE.
JOHN I. LEONARD JOHN I. LEONARD HIGH SCHOOLHIGH SCHOOL
CARS PER DAY22,000
CARS PER DAY17,400
10 NATIONAL NET LEASE GROUP
STATE HIGHWAY 802STATE HIGHWAY 802
STATE HIGHW
AY 809STATE H
IGHWAY 809
CARS PER DAY42,500
CARS PER DAY38,700
SHOPPES AT CRESTHAVENSHOPPES AT CRESTHAVEN
MIL LAKE PLAZAMIL LAKE PLAZA
CLIFFORD O. TAYLOR/CLIFFORD O. TAYLOR/KIRKLANE KIRKLANE
ELEMENTARYELEMENTARY
HAVE
RHIL
L RD
.HA
VERH
ILL
RD.
10TH AVE. N.10TH AVE. N.
JOHN I. LEONARD JOHN I. LEONARD HIGH SCHOOLHIGH SCHOOL
GREENACRES GREENACRES ELEMENTARY SCHOOLELEMENTARY SCHOOL
L. C. SWAIN L. C. SWAIN MIDDLE SCHOOLMIDDLE SCHOOL
CARS PER DAY17,400
CARS PER DAY22,000
PYLON SIGN
EL VALLE HONDUMEXRESTAURANT
MINISTERIO PENTECOSTESABBA PADRE
LAUNDRY STOP OF GREENACRES
HOUSE OF INDIA
JACKSON AVE.
JACKSON AVE.
HAVERHILL RD.
HAVERHILL RD.
10TH AVE. N.
10TH AVE. N.
CARS PER DAY17,400
CARS PER DAY22,000
11 NATIONAL NET LEASE GROUP
12 NATIONAL NET LEASE GROUP
MIAMI88 min 67 miles
FT. LAUDERDALE61 min 44 miles
WEST PALM BEACH
LOCATION MAP
2019 ESTIMATED POPULATION
1 Mile 20,841
3 Mile 164,713
5 Mile 333,682
2019 AVERAGE HOUSEHOLD INCOME
1 Mile $48,954
3 Mile $58,360
5 Mile $68,023
2019 ESTIMATED TOTAL EMPLOYEES
1 Mile 4,471
3 Mile 75,693
5 Mile 124,057
13 NATIONAL NET LEASE GROUP
West Palm Beach, Florida
West Palm Beach is a city in and the county seat of Palm Beach County, Florida, United States. It is located immediately to the west of the adjacent Palm Beach, which is situated on a barrier island across the Lake Worth Lagoon. The population was 111,398 at the 2019 census. West Palm Beach is a principal city of the Miami metropolitan area.
Located along Florida’s Atlantic Ocean coast, West Palm Beach offers visitors year-round excitement within easy reach of smooth-sand beaches and some of the nation’s most enticing waterways.
If you want to see some of the nation’s top musical entertainment, time your visit for SunFest – Florida’s largest waterfront music festival.
Enjoy a game of golf at a number of pristine local courses or hit the beach for a day of tanning and catching up on your reading. See African chimps and endangered species like the Southern White rhinoceros wander free in a natural habitat at the Lion Country Safari. You could spend an entire day on Peanut Island, a popular tourist attraction that houses a bunker built for President John F. Kennedy during the Cold War. The island includes the bunker, a museum and plenty of picnic areas, plus biking and walking paths. The ferry ride to the island cruises past the opulent mansions of the city’s wealthy residents.
Downtown West Palm Beach is home to four retail and entertainment districts: Clematis Street, CityPlace, Northwood Village, and Antique Row. These vibrant pieces of West Palm Beach are lined with fashionable bars, nightclubs, boutiques and collectables. At the Palm Beach Outlets, you’ll find high-end retail at low cost. Also of note in West Palm Beach are the Norton Museum of Art, which offers sculpture and other masterworks, the Palm Beach Zoo, and events at the downtown Kravis Center for the Performing Arts.
The nearest major airport is Palm Beach International Airport. This airport has international and domestic flights from West Palm Beach, Florida.
AREA OVERVIEW
14 NATIONAL NET LEASE GROUP
1 MILE 3 MILES 5 MILES
2019 Estimated Population 20,841 164,713 333,682
2024 Projected Population 21,618 172,532 350,684
2010 Census Population 19,630 151,539 305,534
Projected Annual Growth 2019 to 2024 0.73% 0.93% 1.00%
Historical Annual Growth 2010 to 2019 0.65% 0.90% 0.96%
2019 Estimated Households 7,350 59,769 117,546
2024 Projected Households 7,587 62,236 122,943
2010 Census Households 7,103 56,425 109,860
Projected Annual Growth 2019 to 2024 0.64% 0.81% 0.90%
Historical Annual Growth 2010 to 2019 0.37% 0.62% 0.73%
2019 Estimated Average Household Income $48,954 $58,360 $68,023
2019 Estimated Median Household Income $36,123 $43,413 $50,458
2019 Estimated Per Capita Income $17,220 $21,109 $24,075
2019 Estimated Total Businesses 680 5,294 11,298
2019 Estimated Total Employees 4,471 75,693 124,057
AREA DEMOGRAPHICS
15 NATIONAL NET LEASE GROUP
COMPANY TYPE LOCATIONS WEBSITE
Private 59 chenmed.com
ChenMed
ChenMed is a physician led, family oriented organization committed to bringing superior healthcare to moderate to low income seniors. ChenMed is a full risk primary care market leader with an innovative philosophy, a unique physician led culture and end to end customized technology that is providing coordinated, world-class primary care to the most vulnerable population moderate to low income seniors with complex chronic diseases. For seniors most in need of care, high quality health care often is beyond reach. ChenMed brings concierge style medicine and better health outcomes to the neediest populations. ChenMed is a privately owned medical, management and technology company that currently operates 59 primary care medical practices for diverse populations of seniors. A provider of choice for some 20 Medicare Advantage health insurance plans, ChenMed brands include Chen Senior Medical Center, Dedicated Senior Medical Center, and JenCare Senior Medical Center.
BRAND PROFILE
RETAIL PROFESSIONALS
OFFICES LARGEST REAL ESTATE SERVICES FIRMin North America
exclusively dedicated to retail
RETAIL LISTINGSin 2018
TRANSACTION VALUEin 2018
275+ 25+ #1 1500+ $2.6B
SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.
This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made
available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not
purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified
purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
*Statistics are for 2018
SRSRE.COM/NNLG
