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SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SUBJECT PROPERTY
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
DISCLOSURE :
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,
affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-
pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial
performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the
any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for
review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not
investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investiga-
tions including through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent
professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL
does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that
used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided
to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental
limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax at-
torney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the prop-
erty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consult-
ants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
INVESTMENT HIGHLIGHTS
NNN Lease Guarantees Zero Landlord Responsibilities
Lease Features Attractive 2.25% Rent Bumps Annually
Proven Facility has Been Operating Successfully for 10 Years
LOCATION HIGHLIGHTS
Located Right Off of Highway 35 Just to the East of Ball State University
5 Mile 2015 Average Household Inc. of $44,000 | Population of 83,000+
Surrounded by National Retailers and Local Muncie Mall
INVESTMENT SUMMARY
Asking Price: $2,675,471
Initial Cap Rate: 7.00%
Blended Cap Rate: 7.84%
Current NOI: $187,283
Average NOI: $209,840
Lease Term: 15 Years
Rent Commencement: November 7th, 2007
Rent Expiration: November 22nd, 2022
Lease Term Remaining: 6 Years
Building: 7,500 SF
Lot Size: 0.64 Acres
Year Built: 2007
INVESTMENT SUMMARY
Lease Type: NNN
Taxes/CAM/Insurance: Tenant Responsibility
Roof/Structure: Tenant Responsibility
Options: Three (3), Five (5) Year Options
Rent Increases: 2.25% Bumps Annually
Lease Guarantor: U.S. Renal Care
Aerial View: Click HERE for Property
Street View: Click HERE for Property
SUBJECT PROPERTY SUBJECT PROPERTY
SUBJECT PROPERTY
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
INVESTMENT OVERVIEW
TENANT OVERVIEW
Fortis Net Lease is proud to present this single tenant investment property offering located at
3001 N. Granville Ave., Muncie, IN. The subject property was erected in 2007 with the lease commenc-
ing in November of that year. The investment is a triple net lease, guaranteed by U.S. Renal Care, of-
fering zero landlord responsibilities. The property operates on a 15 year NNN lease, featuring 2.25% rent
increases annually. The lease also carries three (3), five (5) year options for tenant renewal offering the
investor a long term, passive investment opportunity with significant cash flow appreciation.
The subject property is situated in the heart of Muncie, IN, just to the northeast of Ball State Uni-
versity. The 5 mile average household income for the area is $44,000 and a 5 mile population of over
83,000. It is located just off of the main retail corridor of Muncie which included the surrounding areas
Muncie Mall, along with dozens of national retailers.
U.S. Renal Care manages kidney disease for thousands of patients
through management of dozens of locations. The third-largest US dialysis
services company (behind Fresenius and DaVita), U.S. Renal Care oper-
ates some 300 dialysis centers in the southern and eastern US in 31
states. The company serves more than 23,000 patients in Arkansas, Texas, Georgia, Ohio, Pennsylvania,
and other states, and it offers outpatient services to mobile patients and at-home dialysis treatments to
patients with end stage renal disease. The privately owned company has received funding from health
care-focused investment firms SV Life Sciences, Salix Ventures, and Select Capital Ventures. U.S. Renal
Care was co-founded in 2000 by Chris Brengard.
Locations: 300+ Headquarters: Plano, TX
Year Annual
Rent
Annual
Increase
2016 $187,283 2.25%
2017 $191,497 2.25%
2018 $195,805 2.25%
2019 $200,211 2.25%
2020 $204,716 2.25%
2021 $209,322 2.25%
2022 $214,032 2.25%
2023 $218,847 2.25%
2024 $223,771 2.25%
2025 $228,806 2.25%
2026 $233,954 2.25%
Average
NOI $209,840
Total Rent $2,308,245
RENT ROLL
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
LOCATION OVERVIEW
Muncie is an incorporated city and the seat of Delaware County, In-
diana. It is located in east-central Indiana, about 50 miles (80 km) northeast
of Indianapolis. The United States Census for 2010 reported the city's population
was 70,085. It is the principal city of the Muncie metropolitan statistical area,
which has a population of 117,671. Muncie is in the process of transferring from
a Rust Belt production based economy to a modern white-collar service industry
based economy. After witnessing population decrease for the last two decades
in 2010 the city reversed this trend after showing 4% growth. Muncie is also home
to Ball State University, the second largest employer in the city. Ball State also
boasts a student population of over 21,196 students as of 2015. Muncie is situat-
ed 60 miles to the Northeast of Indianapolis.
Indianapolis is the capital and largest city of the U.S.
state of Indiana and the seat of Marion County. It is located in the East North
Central region of the Midwest, near the confluence of the White River and Fall
Creek. The city covers 372 square miles and had an estimated population of
853,173 in 2015, making it the second most populous city in the Midwest, af-
ter Chicago, and 14th largest in the U.S. Approximately 1,988,817 people live in
the Indianapolis metropolitan area (MSA), the 34th most populous MSA in the
U.S. Its combined statistical area (CSA) ranks 26th, with a population of
2,372,530. Contributing to an annual gross domestic product (GDP) of $125.9
billion, the Indianapolis metropolitan area is the 26th largest economy in the U.S.
and 42nd largest in the world. The largest industry sectors by employment are
manufacturing, health care and social services, and retail trade.
# Employer # of Employees
1 IU Health Ball Memorial Hospital 3,000
2 Ball State University 2,800
3 Muncie Community Schools 843
4 Navient 650
5 Meridian Services 610
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
SUBJECT PROPERTY
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
SUBJECT PROPERTY
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
SUBJECT PROPERTY PHOTOS
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
MUNCIE
MALL
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
EXCLUSIVELY LISTED BY: Michael Carter D: 248.419.3812
Senior Associate
SINGLE TENANT INVESTMENT OPPORTUNITY
A b s o l u t e N N N | 2 . 2 5 % B u m p s A n n u a l l y
3001 N Granville Ave. Muncie, IN 47303
Population 1 Mile 3 Mile 5 Mile
2015 Total Population: 6,235 52,418 83,644
2020 Population: 6,185 52,311 83,300
Pop Growth 2015-2020: (0.80%) (0.20%) (0.41%)
Average Age: 38.20 34.50 36.60
Households
2015 Total Households: 2,764 19,682 32,926
HH Growth 2015-2020: (0.90%) (0.21%) (0.47%)
Median Household Inc: $22,980 $25,920 $31,125
Avg Household Size: 2.20 2.20 2.30
2015 Avg HH Vehicles: 1.00 2.00 2.00
Housing
Median Home Value: $55,810 $67,946 $71,830
Median Year Built: 1964 1957 1960
Population 1 Mile 3 Mile 5 Mile
2020 Projection 6,185 52,311 83,300
2015 Estimate 6,235 52,418 83,644
2010 Census 6,358 52,073 83,864
Growth 2015-2020 (0.80%) (0.20%) (0.41%)
Growth 2010-2015 (1.93%) 0.66% (0.26%)
2015 Population Hispanic Origin 186 1,374 1,949
2015 Population by Race:
White 4,661 43,384 72,107
Black 1,268 6,712 8,038
Am. Indian & Alaskan 27 171 243
Asian 62 728 1,132
Hawaiian & Pacific Island 1 33 52
Other 216 1,390 2,072
Households:
2020 Projection 2,739 19,641 32,772
2015 Estimate 2,764 19,682 32,926
2010 Census 2,832 19,621 33,154
Owner Occupied 1,286 9,787 18,629
Renter Occupied 1,477 9,895 14,297
2015 Avg Household Income $30,635 $40,027 $44,438
2015 Med Household Income $22,980 $25,920 $31,125
2015 Households by Household Inc:
<$25,000 1,514 9,634 14,293
$25,000 - $50,000 818 4,904 8,413
$50,000 - $75,000 297 2,449 4,707
$75,000 - $100,000 77 1,228 2,614
$100,000 - $125,000 17 709 1,423
$125,000 - $150,000 9 203 447
$150,000 - $200,000 9 392 720
$200,000+ 22 161 307
DEMOGRAPHICS
OUR TEAM
DOUG PASSON ROB BENDER BRYAN BENDER MIKE CARTER MARV DELAURA MIKE JAWORKSI
Managing Partner Managing Partner Associate Director Senior Associate Senior Associate Senior Associate
(248)254.3410 (248) 254.3410 (248) 254.3410 (248) 254.3410 (248) 254.3410 (248) 254.3410
PAT HAMMOND FRANK ROGERS KYLE CARSON BEN SCHULTZ FORTIS NET LEASE Senior Associate Senior Associate Business Development Business Development 30445 Northwestern Highway, Suite 345
(248) 254.3410 (248) 419.3741 (248) 254.3410 (248) 254.3410 Farmington Hills, MI 48334
This information is deemed confidential and privileged and may contain inside information. If you are not the intended receiver do not read, copy or distribute this offering memorandum, instead delete or destroy it and contact one of our representatives. This
information is believe to be accurate but is not represented or warranted by Fortis Net Lease or any of our agents or contractors.
MORE THAN $4.0 BILLION IN SALES
Fortis Net Lease is a national investment real estate brokerage firm specializing in the acquisition and disposition of investment real estate. We help developers,
franchisees, private investors and institutional funds accomplish their short and long term investment goals. The principals of Fortis Net Lease have successfully
sold hundreds of properties in over three dozen states with a total transaction volume topping $4.0 billion.
Fortis Net Lease specializes in the acquisition and disposition of the following:
· Net leased single tenant properties (Pharmacies, Auto Parts, Dollar Stores, Banks, QSR, Office/Industrial, Medical, Junior/Big Box, etc.)
· Portfolios & Corporate Sale-Leaseback Transactions (Burger King, Arby’s, Tutor Time, Taco Bell, Wendy’s, etc.)
· Multi-Tenant Retail Centers & Medical Office (Anchored or Unanchored - 5,000 - 1,000,000 SF)
The advisors at Fortis Net Lease create long term relationships with our investors by delivering superior services and unparalleled results. When you hire Fortis Net
Lease as your exclusive representative you will experience the individual attention and professionalism that you will not receive at other large brokerage firms.
OUR AGENTS DOUG PASSON ROB BENDER BRYAN BENDER DENO BISTOLARIDES BRANDON HANNA RICHARD LUDWIG
Managing Partner Managing Partner Managing Director Managing Director Managing Director Senior Director
(248) 254.3407 (248) 254.3406 (248) 419.3810 (248) 419.3882 (248) 419.3285 (248) 419.3638
MIKE CARTER MARV DELAURA PAT HAMMOND MIKE JAWORSKI DANTE HARGIS MATT WEBER Senior Associate Senior Director Senior Associate Senior Associate Senior Associate Senior Associate
(248) 4193812 (248) 4193812 (248) 419.3808 (248) 419.3807 (248) 419.3886 (248) 419.3884
JOSEPH WERNER MIKE GAGGO FRANK ROGERS BEN SCHULTZ KYLE CARSON ABRAHAM LEON Senior Associate Associate Associate Associate Associate Associate (732) 779.6537 (248) 419.3286 (248) 419.3741 (248) 254.3409 (248) 419.3271 (248) 419.3625
DANNY SAMONA BRENT HANNA BRANDON KASSAB TRACEY RISCH AMY JONES FORTIS NET LEASE
Associate Associate Associate Coordinator Office Manager 30445 Northwestern Highway, Suite 275
(248) 419.3627 (248) 419.3284 (248) 419.3629 (248) 419.3888 (248) 419.3631 Farmington Hills, MI 48334
