| PROPERTY INFORMATION |
| Address |
1532 North State Highway 59
Bowie ,
TX 76230 |
| Purchase Price |
$1,500,000 |
| Total Square Feet |
39,809 |
| Price / SqFt |
$37.68 |
| Cash on Cash Return |
8.000 % |
| Lease Guarantor |
Tractor Supply Company |
| Lot Size |
3.11 acres |
| Percentage Rent |
N/A |
| Minimum Investment |
$50,000 |
| Year Built |
2008 |
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| TENANT PROFILE |
| Tenant |
Tractor Supply Company |
| Net Worth / Credit Rating |
$565MM/
BBB+ |
| Ticker Symbol |
TSCO |
| Tenant Website |
http://www.tractorsupply.com |
Tractor Supply Company is the largest operator of retail farm and ranch stores in the United States with over 764 stores in 43 states, focused on supplying the lifestyle needs of recreational farmers and ranchers. The Company also serves the maintenance needs of those who enjoy the rural lifestyle, as well as tradesmen and small businesses. Stores are located in towns outlying to major metropolitan markets and in rural communities.
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| DEMOGRAPHIC INFORMATION |
| Population |
9,708 |
| Average Household Income |
$46,284 |
This property is located in Bowie, TX, the largest city in Montague County. Bowie is located an hour northwest of Fort Worth.
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| PROPERTY DESCRIPTION |
This concrete wall building (originally constructed in 1979) was completely renovated inside and out by Tractor Supply in 2008, including a new 20 year roof.
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| LEASE INFORMATION |
| Rent Commencement |
2008-07-01 |
| Lease Expiration |
June 30, 2018 |
| Lessor Responsibility |
Roof and Structure |
| Tenant Responsibility |
Taxes, Insurance (reimbursement), General Maintenance, all utilities and parking lot striping. |
| Lease Term |
10 years |
| Annual Rent |
$120,000 |
| Rent Escalation |
10% in year 6 and in each extension option |
| Lease Type |
NN |
| Lease Renewal Options |
(4) 5-year extensions |
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| RENT PAYMENT SCHEDULE |
Year |
Rent |
Annual ROI |
1-5 |
$120,000.00 |
8.00% |
6-10 |
$132,000.00 |
8.80% |
11-15* |
$145,200.00 |
9.68% |
16-20* |
$159,720.00 |
10.65% |
21-25* |
$175,792.00 |
11.72% |
26-30* |
$193,260.00 |
12.88% |
* Assuming client exercises this option
| Average Term Rent |
$154,328.66 |
| Average Term Cap Rate |
10.29% |
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