exclusive investment offering

Transcription

1 exclusive investment offering Lee & Associates LA North/Ventura, Inc. Corporate ID # A Member of the Lee & Associates Group of Companies Ventura Blvd., Suite 100 Sherman Oaks, CA P: F: WARREN BERZACK Principal DRE # wberzack@lee-re.com

2 PROPERTY DESCRIPTION Furr s Family Fresh Buffet, built in 2006, is a popular, singletenant restaurant with significant frontage in a thriving area of Albuquerque, New Mexico. The restaurant offers 11,637 square feet on a massive 100,624 square foot lot. As a top performing location with annual rent increases, this Furr s Restaurant presents a coveted investment opportunity. Inside features an attractive, modern design, ample dining space and a state of the art kitchen area with new stainless steel appliances. Outside is surrounded by 188 parking spaces to accommodate its large crowds. With over 54 locations across seven states, Furr s Restaurant offers an innovative cafeteria concept within a casual affordable dining experience. In business for nearly 60 years, Furr s specializes in fresh, wholesome, home-style favorites with top value and service. Highlights Top Performing Location Absolute Triple Net Lease Significant Frontage Massive Property & Land Annual Rent Increases Excellent Assumable Financing LOCATION INFORMATION Furr s Family Fresh Buffet is desirably located along the major thoroughfare of San Mateo Boulevard just south of the signalized intersaction of Academy Road. 1/4 mile from Interstate 25 Near Fiesta Del Norte Shopping Center & Arroyo Del Oso Golf Course Minutes from Bank of America, Olive Garden, Applebee s, Arby s, Wild Oats Market, Texas Roadhouse, and myriad other retail offerings

3 FURR'S Family Fresh Buffet 6111 San Mateo Blvd NE, Albuquerque, NM FINANCIAL INDICATORS: PROPERTY ABSTRACT: List Price: $4,500,000 Type: Single Tenant Restaurant List Price: $4,500,000 Age: 2006 Down Payment: $2,300,000 Approx. Lot Size: 100,624 Rent Per SqFt.: Down Payment %: 51.11% Bldg. Square Feet: 11,637 $2.26 Lease Began: March 1, 2006 Cap Rate: 7.13% Lease End: February 28, 2029 ASSUMABLE FINANCING: Matures 1/1/2026 1st loan % Original Amort. Annual PMT $2,200, % 240 $181,272 ANNUALIZED OPERATING DATA: Annual Rent Cap Rate Cash Flow % Return Principal Paydown % Ret. w/ Paydown $319,393$, March c yc 7.10% $138,122$, 6.0% $30,866$, 7.3% $320,652 March 1, February 28, % $139, % $86, % $325,464 March 1, February 28, % $144, % $90, % $330,348 March 1, February 28, % $149, % $94, % $335,304 March 1, February 28, % $154, % $98, % $340,332 March 1, February 28, % $159, % $102, % $345,432 March 1, February 28, % $164, % $106, % $350,616 March 1, February 28, % $169, % $111, % $355,872 March 1, February 28, % $174, % $116, % $361,212 March 1, February 28, % $179, % $121, % $366,636 March 1, February 28, % $185, % $126, % $372,132 March 1, February 28, % $190, % $131, % Corporate Guaranteed Triple Net DESCRIPTION For nearly 70 years, Furr's has been committed to providing quality food at reasonable prices. Our fresh, wholesome menu features a variety of home-style favorites like maple-cinnamon-glazed ham, chicken-fried steak, baked fish and fried chicken; salads, sides, and vegetables; oven-baked breads; and mouthwatering desserts. Furr's offers the taste of home - this is food you grew up eating and the kind of food you'd make everyday if you could. We've done it for you, so just come on in, bring family or friends, and enjoy your meal. A Long History of Good Food: For more information: Warren Berzack LEE & ASSOCIATES DRE# wberzack@lee-re.com Founded by brothers Roy and Key Furr, the first Furr's restaurant opened in 1946, in Hobbs, NM, and the second in Odessa, TX, in Furr's food and innovative cafeteria concept proved immensely popular, and new restaurants were soon opening every year in Texas, New Mexico, Colorado, and Arizona. Today there are 22 Furr's Family Dining and Furr's Fresh Buffet locations in four southern states. STRONG SALES GREAT DEMOGRAPHICS CORPORATE TENANT LONG TERM ABSOLUTE NET LEASE

4 PROPERTY PHOTOS

5 AREA INFORMATION Repeatedly ranked as one of the best places to live, work and do business, Albuquerque, New Mexico is is a high desert city nestled up against the Sandia Mountains. As the largest city in the state and one of the oldest cities in America, Albuquerque is full of cosmopolitan offerings yet rich with history and culture. One of the fastest growing cities in the country, Albuquerque is home to almost one million people. Center of the New Mexico Technology Corridor... a concentration of high-tech private companies and goverment institutions including such giants as Northrop Grumman, Intel and Tempur-Pedic. Paradise for culture and recreation home to 300 visual arts, music, dance, literary, film, ethnic, and craft organizations, museums, festivals and associations. Attracts national and international visitors... including the International Balloon Fiesta (the largest hot air balloon gathering in the world), Gathering of Nations PowWow (over 3,000 dancers, singers & drummers from 500 tribes across western hemiphere). DEMOGRAPHIC SUMMARY Total Population Average Household Income 1-mile radius 10,596 $49,178 5-mile radius 243,850 $67,300

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7 AMENITIES MAP