West Bay 9th St - Waco, TX

WEST BAY 9TH ST WACO, TX

PRI CING & F INAN CI AL AN ALYSI S

WE ST B AY 9 T H ST

West Bay 9th St 921 S 9th St Waco, TX 76706

OFFERING SUMMARY Price Cap Rate Net Operating Income

$2,580,000 7.00% $180,716

Price PSF

$371.22

Occupancy

100.0%

Year Built Gross Leasable Area Lot Size

2018 6,950 SF 0.73 Acres

CLICK HERE TO SEE MORE WACO PROPERTIES

F I N A N C I A L A N A LY S I S

2

PRI CING & F INAN CI AL AN ALYSI S

WE ST B AY 9 T H ST

PROJECTED INCOME & EXPENSES Base Rent - Occupied Space

CURRENT 100%

GROSS POTENTIAL RENT

PSF

EXPENSES

CURRENT

PSF

$180,720

$26.00

Real Estate Taxes

$48,571

$6.99

$180,720

$26.00

Insurance

$5,010

$0.72

$478

$0.07

CAM

Expense Reimbursements Real Estate Tax Recoveries

$48,571

$6.99

Maintenance Labor

Insurance Recoveries

$5,010

$0.72

Landscaping

$5,015

$0.72

CAM Recoveries

$22,818

$3.28

Repairs and Maintenance

$5,350

$0.77

Management Recoveries

$9,306

$1.34

Alarm Monitoring

$675

$0.10

$85,705

$12.33

Utilities

$11,300

$1.63

$266,420

$38.33 Total CAM

$22,818

$3.28

$9,306

$1.34

$85,705

$12.33

Total Expense Reimbursements EFFECTIVE GROSS REVENUE Operating Expenses Total Insurance

$5,010

$0.72

Management Fee

Total Real Estate Taxes

$48,571

$6.99

Total Expenses

Total CAM

$22,818

$3.28

$9,306

$1.34

Total Recoverable Expenses

$85,705

$12.33

Net Operating Income

$180,715

$26.00

Management Fee

3.5%

3.5%

For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com

F I N A N C I A L A N A LY S I S

3

RE NT RO L L Tenant

WE ST B AY 9 T H ST Suite

SQ FT

% of SQFT

Lease Dates

Minimum Rent

Recoveries

Total

Start

End

Annual

Monthly

PSF

Annual

PSF

Revenue

% of Revenue

Daiquri Shoppe

1

2,000

28.78%

09/19

08/24

$55,120

$4,593

$27.56

$24,508

$12.25

$79,627

29.95%

Mexican Restaurant (Pending)

2

2,950

42.45%

-

-

$82,600

$6,883

$28.00

$36,149

$12.25

$118,749

44.66%

EM Nails & Beauty

3

2,000

28.78%

11/18

10/23

$43,000

$3,583

$21.50

$24,508

$12.25

$67,507

25.39%

Total Count/GLA

3

6,950

100%

Totals

$180,720

$15,060

$265,884

100%

Occupied

3

6,950

100%

Available

0

0

0.0%

$23.46

6,950

100%

Total Avg Rent

$85,164

E S TI MATED REIMBUR SEMEN T R EVEN U E

Tenant

Suite

SQ FT

% of SQFT

Real Estate Taxes

Insurance

CAM

Management Fee

Total Recovery

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Monthly

PSF

Daiquri Shoppe

1

2,000

28.78%

$1,165

$6.99

$120

$0.72

$547

$3.28

$210

$1.26

$2,042

$12.25

Mexican Restaurant (Pending)

2

2,950

42.45%

$1,718

$6.99

$177

$0.72

$807

$3.28

$310

$1.26

$3,012

$12.25

EM Nails & Beauty

3

2,000

28.78%

$1,165

$6.99

$120

$0.72

$547

$3.28

$210

$1.26

$2,042

$12.25

6,950

100%

$4,048

TOTALS

$418

$1,902

$730

$7,097

F I N A N C I A L A N A LY S I S

4

L E A SE PROVIS ION S

Tenant

Suite

WE ST B AY 9 T H ST

SQ FT

Base Rental Increases

Renewal Options

Date

PSF

Options

Date

PSF

Daiquri Shoppe

1

2,000

9/1/2020 9/1/2021 9/1/2023

28.56 29.56 30.56

1x3 1x4 1x3

9/1/2024 9/1/2029

30.45 31.97*

Pending Tenant

2

2,950

-

-

-

-

-

EM Nails & Beauty

3

2,000

11/1/2020 11/1/2021

25.50 29.50

1x5

2/1/2024

26.40

User Restrictions & Exclusive Rights

Sales Reporting

Exclusive right to use the words "Daquiris, PoBoys, New Orleans cuisine, Cajun cuisine, creole cuisine, and NOLA." LL may not rent space in center to another tenant who derives more than 15% of gross sales from the sale of blended or frozen daquiris or frozen alcoholic beverages. Or derives more than 25% of gross sales from fried or grilled chicken wings

Yes, financial statements provided at LL request

Exclusive provider of nail, microblading, eyebrows and eye lash services

TOTAL *Rent bump to $31.97 PSF occurs 9/1/2027 and bumps to $33.57 PSF 9/1/2031

F I N A N C I A L A N A LY S I S

5

TE NA NT INF ORMAT I ON

WE ST B AY 9 T H ST

DBA

WhoDaq Daiquiris

Entity on Lease

The Daiquiri Shoppe

Locations

3

Public/Private

Private

Line of Business

Authentic New Orleans Style Daiquiris. A place where you come to enjoy life’s simple things.

Excellent hospitality, great customer service, and the best frozen drink experience.

DBA

EM Nails & Beauty Salon

Entity on Lease

Minh Khue Vu

Locations

1

Public/Private

Private

Line of Business

EM Nails & Beauty Salon offers deluxe pedicures and manicures, Halloween nail art and nail design, nail enhancement (dipping and acrylic), facial and body wax, eyelash extensions and micro-blading (permanent makeup).

PROPERTY DESCRIPTION

6

I N VE S TMENT HI GHLI GHT S

WE ST B AY 9 T H ST

• New Construction: The Property was Built in 2018 Resulting in Minimal Maintenance for a New Owner.

• Exceptional Positioning with High Traffic Counts: West Bay 9th St Benefits from its Position at the Corner of I-35 and 9th St. With Visibility from I-35, More Than 131,250 Vehicles Pass the Property Daily.

• Hotel Sites: Three Hotel Sites Sit Along 9th, 10th and 11th Streets (Aloft, La Quinta and Staybridge Suites) Making the Property Very Walkable.

• E-Commerce Resistant Tenant Base: The Property is Virtually Immune to the Forces of the Internet, as the Tenant Lineup Caters to an ‘In-Person’ Experience.

• Magnolia: Less than Half a Mile from Magnolia Market, Which Attracts 33,665 Visitors per Week.

• Baylor University: Close Proximity to Baylor University (16,186 Students) and McLane Stadium (45,140 Capacity).

• I-35 Improvements: Along with the Additional Lanes, an Updated Underpass at 11th and 12th Streets will Change the way Traffic Flows from the East Side of 35 (Baylor University) to the West Side of 35. The New Addition will Allow Traffic to Flow Directly by the Property and will Accomodate Bicycle Traffic as well as Sidewalks and Crosswalks Leading to More Foot Traffic.

• Surrounding Retail: Raising Cane’s, Whataburger, Sonic, Fazoli’s, Panera, Chick-Fil-A, Wendy’s, Taco Bell, McDonald’s, Chipotle, Torchy’s, Papa John’s and Many More.

PROPERTY DESCRIPTION

7

S I T E PL A N

WE ST B AY 9 T H ST

Mexican Restaurant

Drive Thru

PROPERTY DESCRIPTION

8

A E R I AL MA P

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96

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VP D

WE ST B AY 9 T H ST

Magnolia Market 7,0 38

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VP D

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Baylor University

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PROPERTY DESCRIPTION

9

LO C AL MA P

WE ST B AY 9 T H ST

PROPERTY DESCRIPTION

10

REG IONA L MA P

WE ST B AY 9 T H ST

PROPERTY DESCRIPTION

11

M A R KET S U MMARY

WE ST B AY 9 T H ST

Waco, TX

OVERVIEW Waco is a city in central Texas and is the county seat of McLennan County. The city is situated along the Brazos River and I-35, halfway between Dallas and Austin. The city had a 2019 population estimate of 139,236, making it the 22nd-most populous city in the state of Texas. The Waco Metropolitan Statistical Area consists of McLennan and Falls Counties, which had a 2019 population estimate of 273,920.

Waco was founded in 1849 on the site of a Waco (Hueco) Indian village near Fort Fisher, a Texas Rangers outpost, in a farming and plantation area.

After the Civil War, Waco became a river-bridge crossing on cattle trails. Later its economy was based almost exclusively on cotton, and the coming of the railroad stimulated economic growth. World War II brought two large air-force installations (now closed) and the beginning of industrialization.

Waco still depends partly on crops and livestock, but manufacturing (including clothing, machinery, tires and glass) and service industries have broadened its economic base. Waco has become a unique tourist destination as well as an appealing place to live and do business because of its rich diversity, abundant

natural resources, convenient location and numerous amenities.

Waco is also home to Baylor University, an institution of higher learning with an enrollment of over 19,000 students. Baylor is the oldest continuously operating university in Texas and one of the first educational institutions west of the Mississippi River in the United States.

Downtown Waco is home to Magnolia Market, a shopping complex containing specialty stores, food trucks and event space, set in repurposed grain silos originally built in 1950 for the Brazos Valley Cotton Oil Company. The Magnolia Market, operated

by Chip and Joanna Gaines of the HGTV TV series Fixer Upper, saw over 1.6 million visitors in 2019.

Additionally, Waco is the site of the Cameron Park Zoo, the popular Texas Sports Hall of Fame, and the Texas Ranger Hall of Fame and Museum. Other notable attractions include the Dr Pepper Museum (where the soft drink was first bottled) and Baylor’s Mayborn Museum Complex, which includes a natural history museum and a historic village.

PROPERTY DESCRIPTION

12

D E M OG RA PHIC STAT I ST I CS

WE ST B AY 9 T H ST

1 Mile

3 Mile

5 Mile

Population

1 Mile

3 Mile

5 Mile

Households:

2010 Population

15,208

70,661

119,747

2010 Households

5,042

24,094

44,043

2020 Population

16,363

77,029

131,615

2020 Households

5,639

26,608

48,839

2025 Population Projection

17,208

81,173

138,871

2025 Household Projection

5,969

28,112

51,630

Annual Growth 2010-2020

0.80%

0.90%

1.00%

Annual Growth 2010-2020

1.10%

0.90%

0.90%

Annual Growth 2020-2025

1.00%

1.10%

1.10%

Annual Growth 2020-2025

1.20%

1.10%

1.10%

Median Age

25.5

27.8

30.2

Owner Occupied

916

10,972

23,130

Bachelor's Degree or Higher

26%

14%

16%

Renter Occupied

4,723

15,637

25,709

12

58

105

Avg Household Size

2.3

2.7

2.6

2

2

2

$86.3M

$469.7M

$930.1M

U.S. Armed Forces

Avg Household Vehicles

Population By Race

Total Consumer Spending

White

12,669

52,802

94,534

Black

2,102

19,563

29,551

American Indian/Alaskan Native

270

1,189

1,867

Avg Household Income

$28,086

$41,048

$50,353

Asian

959

1,635

2,467

Median Household Income

$15,042

$27,281

$35,453

6

74

171

< $25,000

3685

12,637

18,756

355

1,766

3,025

$25,000 - 50,000

1065

6,993

12,738

5,540

33,209

49,150

$50,000 - 75,000

398

3,217

7,044

$75,000 - 100,000

324

1,934

4,921

Hawaiian & Pacific Islander Two or More Races Hispanic Origin

Housing Median Home Value Median Year Built

Demographic data © CoStar 2020

Income

$67,651

$73,315

$101,256

$100,000 - 125,000

75

867

2,563

1978

1962

1967

$125,000 - 150,000

23

232

879

$150,000 - 200,000

17

334

958

$200,000+

52

394

981

PROPERTY DESCRIPTION

13

CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.

Information About Brokerage Services

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker.

• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction.

• Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement.

• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Regulated by the Texas Real Estate Commission

Information available at www.trec.texas.gov IABS 1-0

exclusively listed 469.844.8880

STRIVERE.COM