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FAMILY DOLLAR 3277 TAYLOR BOULEVARD LOUISVILLE, KENTUCKY OFFERING MEMORANDUM
F A M I L Y D O L L A R3277 TAYLOR BOULEVARD
L O U I S V I L L E , K E N T U C K Y
OFFERING MEMORANDUM
C O N T A C T S
DREW ISAACSenior Vice President Investments
RYAN CHAKROFFSenior Associate
KAITLIN O’MALLEYDirector of Operations
KENDALL KLINEMarketing Coordinator
NIKKI BRITAMarketing Coordinator
BOR: Colby Haugness License #242197
Central Station
331-Beds & is affiliated with one of the largest health systems in the U.S.
Louisville international airport had over 3.8 million passengers in 2018 and is the 3rd busiest in
US cargo traffic.
TAYLOR BLVD
S. 7TH STREET
Home of University of Louisville
Football Team Churchill Downs has been home of the Kentucky Derby since 1875, hosting
more than 150,000 people6th largest facility in the US
holding multiple events including concerts, flea
markets, and college classes.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.
I N V E S T M E N T O V E R V I E W
F I N A N C I A L SH I G H L I G H T S
Price $517,550
NOI $41,404
CAP Rate 8.00%
LOW PRICE POINT OPPORTUNITY
LOW RENT TO SALE RATIO - 3.1%
0.5 MILES FROM CHURCHILL DOWNS (KENTUCKY DERBY)
1.5 MILES FROM UNIVERSITY OF LOUISVILLE
1.5 MILES FROM CARDINAL STADIUM
250,000+ PEOPLE IN A 5-MILE RADIUS
INVESTMENT GRADE CORPORATE GUARANTEE(NASDAQ: DLTR)
LARGEST DOLLAR STORE CHAIN IN THE U.S. WITH 15,237 LOCATIONS
STRATEGIC LOCATION: TALYOR BLVD - 20,000+ VPD
P R O P E R T YTenant Name Family Dollar
Address 3277 Taylor Blvd
City, State, Zip Louisville, KY 40215
Lot Size 0.75 AC
Building Size 6,750 SF
Year Built 1985
LESS THAN 1 YEAR REMAINING ON ORIGINAL 15 YEAR LEASE
L E A S E A B S T R A C T
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.
START DATE END DATE OPTION SQUARE FEET
MONTHLY AMOUNT
ANNUALIZED AMOUNT PERCENTAGE RENT RATE/SF CAP
RATE
1/1/2016 1/31/2021 4 6,750 $3,450 $41,404 2.75% over $1505,600 $5.75 8.00%
2/1/2021 1/31/2026 5 6,750 $3,795 $45,545 2.75% over $1,656,182 $6.33 8.80%
PROPERTY NAME FAMILY DOLLAR
ADDRESS 3277 TAYLOR BLVD
CITY, STATE, ZIP LOUISVILLE, KENTUCKY 40215
INITIAL LEASE TERM 15 YEARS
RENT COMMENCEMENT DATE 11/26/1984
EXPIRATION DATE 01/31/2021
2018 SALES ($) $1,337,224
RENT/SALES RATIO 3.1%
LEASE TERM REMAINING >1 YEAR
YEAR BUILT 1984
LEASED SF 6,750 SF
LAND AREA AC 0.75 AC
LEASE TYPE NN
INCREASES 10% EVERY 5 YEARS
OPTIONS 1 x 5-YEAR OPTIONS
GUARANTOR CORPORATE
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.
T E N A N T O V E R V I E W
FAMILY DOLLAR HAS 15,237 LOCATIONS SPREAD THROUGHOUT THE U.S IN ALL STATES BUT 4
THE LARGEST RETAILER OF ITS TYPE IN THE U.S.
FOUNDED IN 1959 BY LEON LEVINE AND RECENTLY MERGED WITH DOLLAR TREE
FIRST STORE WAS OPENED IN NORTH CAROLINA IN 1962
DOWNTOWN LOUISVILLE
4.2 Miles from Family Dollar
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.
L O C A T I O N O V E R V I E W
LO U I S V I L L EK E N T U C K Y
LOUISVILLE IS THE LARGEST CITY IN KENTUCKY WITH AN MSA POPULATION OF 1,293,000
THE KENTUCKY DERBY IS HELD AT CHURCHILL DOWNS EVERY MAY AVERAGING MORE THAN 157,000 ATTENDEES
LOUISVILLE SITS ON THE OHIO RIVER ALONG THE INDIANA BORDER
TOURISM IS THE THIRD LARGEST REVENUE-PRODUCING INDUSTRY IN KENTUCKY
D E M O G R A P H I C S
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.
$44,651Average Household Income
(3-Mile Radius)
34.7Median Age
(3-Mile Radius)
152,177Daytime Population
(3-Mile Radius)
% WHITE POPULATION 55.76% 48.56% 53.36%
% BLACK POPULATION 34.20% 42.55% 39.43%
% ASIAN 1.00% 3.04% 2.23%
% AMERICAN INDIAN, ESKIMO, ALEUT 0.35% 0.25% 0.24%
% HAWAIIAN OR PACIFIC ISLANDER 0.09% 0.05% 0.06%
% MULTI-RACE 4.07% 3.43% 2.89%
% HISPANIC 8.10% 5.29% 4.57%
% OTHER POPULATION 4.52% 2.11% 1.79%
% MALE POPULATION 49.09% 48.32% 48.69%
% FEMALE POPULATION 50.91% 51.68% 51.31%
P O P U L A T I O N B Y R A C E 1 M I LE 3 M I LES 5 M I LES
$200,000 OR MORE 0.63% 0.83% 1.60%
$150,000 - $199,999 0.54% 1.41% 2.09%
$100,000 - $149,999 3.37% 5.79% 7.14%
$75,000 - $99,999 6.08% 8.17% 9.24%
$50,000 - $74,999 17.58% 15.55% 16.26%
$35,000 - $49,999 16.80% 14.67% 14.14%
$25,000 - $34,999 14.75% 13.39% 12.60%
$15,000 - $24,999 17.83% 16.06% 14.94%
$10,000 - $14,999 8.40% 9.17% 8.18%
UNDER $9,999 14.02% 14.96% 13.81%
H O U S E H O L D S B Y I N C O M E 1 M I LE 3 M I LES 5 M I LES
H O U S E H O L D S 1 M I LE 3 M I LES 5 M I LES
2023 PROJECTION 7,170 49,827 110,060
2018 ESTIMATE 7,388 49,800 109,266
2000 CENSUS 8,164 51,573 110,348
2010 CENSUS 7,230 48,612 106,400
P O P U L A T I O N
2023 PROJECTION 18,107 117,205 258,247
2018 ESTIMATE 18,803 118,430 259,351
2000 CENSUS 19,492 120,281 259,974
2010 CENSUS 18,412 115,338 251,866
1 M I LE 3 M I LES 5 M I LES
C O N F I D E N T I A L I T Y& D I S C L A I M E R N O T I C E
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify and bears all risk for any inaccuracies. Any projection, opinions, assumptions, or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Incorporated © 2019 Marcus & Millichap.
NON-DISCLOSURE NOTICEThe information contained in the following marketing package is proprietary and strictly confidential. It is intended to be reviewed by only the party receiving it from Marcus & Millichap Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This marketing package has been prepared to provide summary, unverified 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. Marcus & Millichap 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, PCB’s or asbestos, the compliance with 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 marketing package has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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.
NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
DO NOT CONTACT TENANTAll property showings are by appointment with the listing broker or landlord only. Under no circumstances, should any prospective purchaser or related entity contact the tenant or any of the employees at these stores. Recipients of this marketing package acknowledge that such contact may damage the tenant’s operation which would impair the financial results. Landlord reserves the right to seek legal redress for any damage that may occur from such interference with landlord’s relationship with tenant.
NET LEASE DISCLAIMERMarcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this marketing package has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty, or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This marketing package is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap 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 package are for example only and do not represent the current or future performance of this property. The value of a net leased 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 net leased 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 for 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 tenant 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 tenant 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 lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this marketing package, you agree to release Marcus & Millichap Real Estate Investment Services
and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or
purchase of this net leased property.
F A M I L Y D O L L A R3277 TAYLOR BLVD
L O U I S V I L L E , K E N T U C K Y
BOR: Colby Haugness License #242197
