Offering Memorandum ENTERPRISE RENT-A-CAR · 2018. 2. 20. · Combined, these businesses which include extensive car rental and car-sharing services, truck rental, corporate fleet

Offering Memorandum

ENTERPRISE RENT-A-CARPensacola, Florida

TABLE OF CONTENTS

• THE OFFERING

• INVESTMENT HIGHLIGHTS

• TENANT OVERVIEW

• AREA OVERVIEW

Andrew Chason, CCIMFirst Vice President

[email protected] MOB FAX License: AL: 000079317-0

Marcus & Millichap208 North Greeno Road, Suite B2Fairhope, AL 36532www.marcusmillichap.com

EXCLUSIVELY LISTED BY

(251) 929-7310(205) 965-8250(251) 929-7254

Enterprise Rent-A-Car | Pensacola, FL | 2

mailto:Andrew.Chason%40marcusmillichap.com?subject=Enterprise%20Rent-A-Car%20Pensacola

http://www.marcusmillichap.com

PRICING OVERVIEW

PURCHASE PRICE $521,689

CAP RATE 6.75%

NOI $35,214

PROFORMA

BASE RENTEnterprise $34,014Billboard $1,200

NET OPERATING INCOME $35,214

RENT ROLL

TENANT GLA % OF GLA ANNUAL RENT RENT/SF RENTCOMMENCEMENT LEASE EXPIRATION OPTIONS CHANGES ON CHANGES TO

Enterprise ±1,568 SF 100% $34,014 $21.69 1/19/2018 5 Years Three, Five-YearOption 1Option2Option 3

$35,714$37,500$39,375


Marcus & Millichap is pleased to present the exclusive listing for an Enterprise Rent-A-Car located at 3201 North Q Street in Pensacola, Florida. The property consists of a ±1568-square-foot-building on a 1.12 acre site. The building is a former restaurant which tenant recently fully renovated at their own expense.

Enterprise signed a triple-net (NNN) lease subject to a five-year initial term with three, five-year options to renew with 5 percent increases. The lease term commenced on January 19, 2018 and expires on January 31, 2023. The tenant reimburses fully for property taxes, carries property insurance directly and is to maintain the premises in good order and condition. The landlord’s responsibilities are limited to the roof, structure and exterior of the building.

THE OFFERING

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

PROPERTY ADDRESS 3201 NORTH Q STREET PENSACOLA, FL

PARCEL ID’S 092S301100000036; 092S301100000038

BUILDING SIZE ±1,568 SF

OWNERSHIP FEE SIMPLE

LOT SIZE ±1.12 ACRES

YEAR BUILT/RENOVATED 2005/2018

OCCUPANCY 100%

PROPERTY OVERVIEW


Actual Site

SITE PHOTO


MARKET AERIAL

Enterprise Rent-A-Car | Pensacola, FL | 5This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

PENSACOLA POINTS OF INTEREST AERIAL

Enterprise Rent-A-Car | Pensacola, FL | 6This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

Founded in 1957 Enterprise started with just a fleet of seven cars. By 2009 Enterprise Holdings Inc. was created for the ever growing portfolio of car rental and transportation services, adding newly acquired Alamo Rent A Car Brands and National Car Rental to the mix.

Operating more than 9,900 fully staffed neighborhood and airport offices in more than 90 countries and territories, Enterprise Holdings, Inc. is the largest car rental company in the world with annual revenues placing them near the top of the global travel industry, exceeding all other rental car companies, many airlines, and most cruise lines, hotels, tour operators and online travel agencies.

Combined, these businesses which include extensive car rental and car-sharing services, truck rental, corporate fleet management and retail car sales accounted for $22.3 billion in revenue and operated nearly 1.9 million vehicles in the 2017 fiscal year.

OWNERSHIP PRIVATE

REVENUE $22.3 BILLION

LOCATIONS ±7,700

EMPLOYEES ±100,000

HEADQUARTERED ST. LOUIS, MISSOURI

YEAR FOUNDED 1957

WEBSITE WWW.ENTERPRISEHOLDINGS.COM

TENANT OVERVIEW


ENTERPRISE RENT-A-CAR


LEASE SUMMARY

TENANT LEGAL NAME Enterprise Leasing Company - South Central, LLC

BUILDING SIZE ±1,568 SF

RENT COMMENCEMENT 1/19/2018

RENT EXPIRATION 1/31/2023

TERM REMAINING 5 Years

RENT ESCALATIONS 5 Percent in Each Option

EXTENSION OPTIONS Three, Five-Year Options

TAXES Tenant will reimburse landlord for all Real Estate Taxes

INSURANCE Tenant will maintain an “all risk” property insurance policy in an amount equal to the full replacement cost of the building and all improvements of the premises.

LANDLORD REPAIRS Landlord will maintain and repair: the exterior, roof, structural proportions of the building and the compressor and other mechanical parts of the HVAC and repairs over $500 per occurrence.

TENANT REPAIRS Tenant will maintain the premises in good order and condition including the interior of the premises and HVAC systems per section 7.1 of the lease.

EARLY TERMINATION Tenant may terminate this lease at any time after the initial term upon 90 days notice to landlord. Termination fee equal to two monthly installments of the then current rent.

RIGHT OF FIRST REFUSAL Tenant will have 10 business days following receipt of bona fide offer acceptable to landlord to purchase the property under the same terms and conditions.



PENSACOLA, FLORIDA AREA OVERVIEW



Pensacola, Florida is the westernmost city in the Florida Panhandle, and the county seat of Escambia County. The city has a strong, diverse economy that includes military, tourism and one of the strongest manufacturing sectors within the Northwest Florida Region.

Pensacola’s infrastructure includes an international airport, a deep-water ocean port and direct routes to major metropolitan cities via Interstate 10. Pensacola is in close proximity to the major southern cities of Mobile, Birmingham, Atlanta and Tallahassee.

The Department of Defense contributes in excess of $7.8 billion to Pensacola’s economy. The Greater Pensacola Region is home to Naval Air Station (NAS) Pensacola, Saufley Field, Corry Station, Naval Hospital Pensacola and Whiting Field.

The sizable military impact includes not only those employed directly with the military, but also the civilian and defense industry workforce (a total of more than 80,000 jobs in the Pensacola MSA).

The city’s beautiful, sunny beaches, historic tours, special events and festivals drew nearly two million visitors to the city and generated nearly $1 billion in 2015. The University of West Florida, located in Pensacola, serves a student population of more than 12,000 and is among Forbes’ “America’s Top Colleges” and a “Best Southeastern College” according to the Princeton Review. The city is also home to the nation’s largest credit union, Navy Federal.

MAJOR PENSACOLA PRIVATE EMPLOYER NUMBER EMPLOYED

Baptist Health Care 5,571

Navy Federal Credit Union 5,480

Sacred Heart Health Systems 4,820

Gulf Power Company 1,774

West Florida Healthcare 1,200

Ascend Performance Materials 830

West Corporation 800

Innisfree Hotels 750

Santa Rosa Medical Center 521



PENSACOLA, FLORIDA AREA OVERVIEW

Pensacola’s beaches are truly world-class, and were highlighted this year by TripAdvisor as one of the United States’ top 10 beaches. The city’s miles and miles of shoreline, charming historic Downtown, museums, concerts, festivals, outdoor activities, fine dining and natural beauty make Pensacola a delight for visitors and residents alike.

REGIONAL MAP



LOCAL MAP



DEMOGRAPHIC SUMMARY


POPULATION 1 MILE 3 MILES 5 MILES2022 Projection

Total Population 8,015 72,930 161,1782017 Estimate

Total Population 7,274 66,737 149,8042010 Census

Total Population 7,855 68,221 148,9142000 Census

Total Population 8,274 72,981 153,747Current Daytime Population

2017 Estimate 14,035 93,852 166,108HOUSEHOLDS 1 MILE 3 MILES 5 MILES2022 Projection

Total Households 2,840 29,544 66,9672017 Estimate

Total Households 2,608 27,567 63,533Average (Mean) Household Size 2.5 2.3 2.3

2010 CensusTotal Households 2,300 26,190 59,813

2000 CensusTotal Households 2,590 27,464 60,846

HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES2017 Estimate

$200,000 or More 0.1% 1.9% 2.1%$150,000 - $199,999 0.2% 1.8% 2.5%$125,000 - $149,000 0.4% 2.0% 2.7%$100,000 - $124,999 1.1% 3.9% 5.2%$75,000 - $99,999 3.3% 8.4% 10.8%$50,000 - $74,999 17.1% 18.9% 19.7%$35,000 - $$49,999 20.2% 18.6% 18.4%$25,000 - $34,999 15.3% 15.7% 14.1%$15,000 - $24,999 22.4% 13.8% 12.6%Under $15,000 20.1% 15% 11.9%

Average Household Income $30,838 $50,150 $55,804Median Household Income $31,050 $41,968 $46,697Per Capita Income $12,311 $20,963 $23,908

POPULATION PROFILE 1 MILE 3 MILES 5 MILESPopulation By Age

2017 Estimate Total Population 7,274 66,737 149,804Under 20 Years 30.6% 25.9% 24.8%20 to 34 Years 21.5% 21.9% 22.6%35 to 39 Years 5.1% 5.7% 5.9%40 to 44 Years 4.6% 5.1% 5.0%45 to 49 Years 5.7% 5.6% 5.4%50 to 54 Years 5.7% 6.3% 6.2%55 to 59 Years 6.1% 6.9% 7.0%60 to 64 Years 5.5% 6.3% 6.4%65+ 15.2% 16.2% 16.9%Median Age 33.0 36.6 37.2

Population 25+ By Education Level2017 Estimate Population Age 25+ 4,412 44,621 101,834Elementary (0-8) 6.4% 4.5% 3.7%Some High School (9-11) 19.3% 10.0% 7.9%High School Graduate (12) 42.6% 33.3% 31.0%Some College (13-15) 18.3% 21.6% 22.5%Associate Degree Only 7.2% 10.8% 12.7%Bachelors Degree Only 4.2% 12.6% 14.7%Graduate Degree 2.0% 7.2% 7.4%



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 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 not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s 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.

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

NON-ENDORSEMENT NOTICE

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Documents

Offering Memorandum ENTERPRISE RENT-A-CAR · 2018. 2. 20. · Combined, these businesses which include extensive car rental and car-sharing services, truck rental, corporate fleet