Valvoline - Milwaukee, WI (DARK) Price $450,000 10% Cap Rate 7 Year Lease Length

Transcription

1 Valvoline - Milwaukee, WI (DARK) Price $450,000 10% Cap Rate 7 Year Lease Length

2 Summary of Salient Facts Address 8718 W Brown Deer Road, Milwaukee, WI Price / Cap $450,000 / 10% Cap Rate Rent $3, Monthly / $45,434 Annually APN Zoning RSF-360 Lot Size 15,246 SqFt Building Size 1,409 SqFt Year Built 1984

3 Tenant Summary Tenant Trade Name Valvoline Rental Increases Increases: 1.5% every year Tenant Ivy Lane Corporation 2018 $46,116 Lease Guarantor Ivy Lane Corporation $46,808 $47,510 Lease Type NNN Lease. No Landlord Oligations $48,223 Current RentRent $3, Monthly / $45,434 Annually $48,946 $49,680 Roof and Structure Tenant Responsible 2024 $50,425 Lease Term 20 years Lease Commencement Date Lease Expiration Date Term Remaining on Lease 7 years. Plus Four 5-year options to renew. Options (4) 5-year options with 1.5% increase per year. If all options are taken tenancy will last unti The Tenant vacated the property in July/August They are performing on the lease and all rents are paid and continue to be paid monthly. The Tenant closed the subject property business along with one other location. This is a 47 unit franchisee with 45 open operating locations.

4 About Milwaukee, WI Milwaukee is the largest city in the state of Wisconsin and the fifth-largest city in the Midwestern United States. The county seat of Milwaukee County, it is on Lake Michigan s western shore. Milwaukee was the 31st largest city in the United States. Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area. It is also part of the larger Milwaukee-Racine-Waukesha combined statistical area. The first Europeans to pass through the area were French Catholic missionaries and fur traders. In 1818, the French Canadian explorer Solomon Juneau settled in the area, and in 1846, Juneau s town combined with two neighboring towns to incorporate as the city of Milwaukee. Large numbers of German immigrants helped increase the city s population during the 1840s, with Poles and other immigrants arriving in the following decades. Milwaukee is known for its brewing traditions. The city is experiencing its largest construction boom since the 1960s. Major new additions to the city in the past two decades include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an expansion to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW Milwaukee Panther Arena. The under-construction Wisconsin Entertainment and Sports Center is scheduled to open in ***information gathered from the Wikipedia website:

5 About Valvoline About ValvolineTM Valvoline: the company that created its first engine lubricant in Valvoline Inc. (NYSE:VVV) is a leading worldwide producer and distributor of premium branded automotive, commercial and industrial lubricants, and automotive chemicals. Valvoline ranks as the #2 quick-lube chain by number of stores and #3 passenger car motor oil brand in the DIY market by volume in the United States. The brand operates and franchises more than 1,070 Valvoline Instant Oil ChangeSM centers in the United States. It also markets ValvolineTM lubricants and automotive chemicals; MaxLifeTM lubricants created for higher-mileage engines, SynPowerTM synthetic motor oil; and ZerexTM antifreeze. Tenant Credit: About Ivy Lane Corporation Ivy Lane Corporation (Ivy) was founded in 2012 and began operations when it acquired five Valvoline Instant Oil Change stores in Iowa. In October of 2015 Ivy made a 30-store acquisition in Wisconsin & Illinois. At that time, Shannon Griffith joined Ivy Lane as Chief Operating Officer. Shannon previously served as the Director of Operations for VIOC s company owned stores in the Southern US. Ivy currently operates 34 stores across three states. Thomas Bernau currently serves as President and CEO of Ivy. Valvoline Instant Oil Change is the second-largest quick-lube chain in the US and provides convenient, fast, and reliable services to ensure the safety and performance of cars and trucks. Valvoline, Inc. is a publicly traded company listed on the New York Stock Exchange (VVV). The Tenant vacated the property in July/August They are performing on the lease and all rents are paid. The Tenant closed the subject property business along with one other location. This is a 47 unit franchisee with 45 open operating locations. ***information gathered from the Valvoline website: ***information gathered from the Ivy Lane website:

6 Aerial Map

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8 Demographics 1 Miles: 3 Miles: 5 Miles: 2010 Population 10,298 49, , Population 10,139 49, , Population 10,132 49, , Households 4,140 19,664 55, Households 4,051 20,281 57, Households 4,039 20,352 57, Average Households Size Owner Occupied Housing Units 1,333 11,109 33, Renter Occupied Housing Units 2,807 9,182 23, Owner Occupied Housing Units 1,212 10,494 32, Renter Occupied Housing Units 2,839 9,787 25,080

9 Demographics (continued) 1 Miles: 3 Miles: 5 Miles: 2017 Households by Income < $15, ,551 6,824 $15,000 - $24, ,299 6,453 $25,000 - $34, ,387 6,249 $35,000 - $49, ,917 7,903 $50,000 - $74, ,709 10,076 $75,000 - $99, ,798 7,118 $100,000 - $149, ,593 7,494 $150,000 - $199, ,381 $200, ,856 Median Household Income $32,438 $49,903 $52,148 Average Household Income $44,904 $63,404 $74,522 Per Capita Income $18,447 $25,925 $28,903

10 Property Photos