| PROPERTY INFORMATION |
| Address |
272 E. Capitol Drive
Milwaukee ,
WI 53211 |
| Purchase Price |
$1,264,187 |
| Total Square Feet |
6,000 |
| Price / SqFt |
$210.70 |
| Cash on Cash Return |
8.000 % |
| Lease Guarantor |
CSK Auto |
| Lot Size |
0.46 acres |
| Percentage Rent |
N/A |
| Minimum Investment |
$50,000 |
| Year Built |
2002 |
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| TENANT PROFILE |
| Tenant |
Checker (O'Reilly Auto) |
| Research Report |
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| Net Worth / Credit Rating |
1.14 Bil. /
BBB+ |
| Ticker Symbol |
CAO |
| Tenant Website |
http://www.checkerauto.com |
Headquartered in Phoenix, AZ, CSK Auto has experienced sustained growth since its inception in 1969 through a combination of acquisitions
and a well-managed program of store construction and expansion. CSK currently owns and operates more than 1,260 retail auto parts stores
in 22 states under the brand names Checker Auto Parts, Schucks Auto Supply, Kragen Auto Parts, and Murrays Discount Auto Stores, generating a combined annual revenue in excess of $1.9B. CSK has the number one market position in 22 of the 32 geographic markets in which it operates, based on store count. In July 2008, O'Reilly Auto, Inc., another giant in the automotive parts retail industry, completed an acquisition of all outstanding shares of CSK stock. O'Reilly intends to continue operating CSK as a wholly owned subsidiary.
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| DEMOGRAPHIC INFORMATION |
| Population |
1,256,807 |
| Average Household Income |
$33,500 |
Long a hotbed of manufacturing might, the Greater Milwaukee region has, in recent years, seen a growth in its educational, health, and social services sectors, which now accounts for 22.4 percent of all employment in the region.
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| PROPERTY DESCRIPTION |
This freestanding single tenant building was constructed in 2002 to CSK Autos specifications. The 20,000 SF corner lot offers excellent visibility to Capitol Drive, with over 35,000 cars passing the center per day.
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| LEASE INFORMATION |
| Lease Commencement |
2002-11-11 |
| Fixed Term Ends |
11/30/2017 |
| Lessor Responsibility |
Roof & Structure |
| Tenant Responsibility |
RE Taxes & Insurance, Utilities, HVAC & all maintenance except roof and structure |
| Lease Term |
15 Years |
| Annual Rent |
$101,135 |
| Rent Escalation |
13% in year 11 and each option |
| Lease Type |
NNN |
| Lease Renewal Options |
(2) 5 year renewal options |
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| RENT PAYMENT SCHEDULE |
Year |
Rent |
Annual ROI |
6-10 |
$101,135 |
8.00% |
11-15 |
$114,283 |
9.04% |
16-20* |
$129,140 |
10.21% |
21-25* |
$145,928 |
11.54% |
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* Assuming client exercises this option
| Average Term Rent |
$122,622 |
| Average Term Cap Rate |
9.70% |
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