Offering Memorandum
ABSOLUTE NNN CHECKERS2223 Whiskey Rd • Aiken, SC 29803
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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 Brochure 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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Aiken, SC
ACT ID Z0280760
2
N E T L E A S E D D I S C L A I M E R
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure 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 Brochure 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 Brochure 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 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 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 Brochure 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.
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TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Location Overview
Regional and Local Map
FINANCIAL ANALYSIS 02Acquisition Financing
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
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INVESTMENT
OVERVIEW
OFFERING SUMMARY
Price $1,137,450
Net Operating Income $79,608
Capitalization Rate – Current 7.00%
Price / SF $1,566.74
Rent / SF $109.65
Lease Type Absolute Net
Gross Leasable Area 726 SF
Year Built / Renovated 2008
Lot Size 0.42 acre(s)
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EXECUTIVE SUMMARY
OFFERING SUMMARY
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FINANCING
Down Payment All Cash
Net Cash Flow 7.00% / $79,608
Cash on Cash Return 7.00%
Total Return 7.00% / $79,608
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OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER# OF
EMPLOYEES *
Srns 6,011
CB&i Areva Mox Services LLC
1,539
Agy Aiken LLC 921
URS 661
Walmart 600
Aurora Pavilion 573
United States Dept of Energy 451
Caresouth Hospice of Aiken 431
Owens Corning 400
Westinghouse 360
Aiken County Bd Disabilities 350
URS Professional Solutions LLC
350
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 5,408 28,675 48,958
2010 Census Pop 5,082 27,352 47,107
2017 Estimate HH 2,530 12,749 20,840
2010 Census HH 2,366 12,131 20,046
Median HH Income
$61,111 $73,858 $61,169
Per Capita Income $35,888 $42,220 $36,080
Average HH Income
$76,456 $94,905 $84,114
* # of Employees based on 5 mile radius
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OFFERING SUMMARY
Lease Guaranteed by Franchisee (Augusta Burger Express) & Business
Operator
15 Year Absolute NNN Base Lease (12+ Years Remaining)
After Yr 5; CPI Annual Increases (Capped at 3%)
39,000-plus Average Daily Traffic on Whiskey Road
Proximity to Numerous Institutional & Educational Facilities
48,958 Residents in 5-mile Radius with Average Household Income of
$84,000 +
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to present a 726 +/- square foot Checkers Drive-In located at 2223 Whiskey Road in Aiken, Aiken County, South Carolina.
This investment is strategically located on an out parcel to a Publix anchored shopping center and adjacent to the Aiken Mall. Checker's benefits both
from direct access off of Whiskey Road as well as exposure which comes from an estimated daily traffic count on Broad Street of 39,000 +/- vehicles per
day. The average household income in a 3 mile radius is $90,212. Some of the nearby traffic generators in close proximity are: Walmart Supercenter,
Lowe's Home Improvement, Home Depot, Kroger, Walgreen's, Publix, CVS/pharmacy, Outback, Atlanta Bread Company, Petco, Dollar Tree, Golden
Corral, IHOP, Chili’s, T.J. Maxx, Anytime Fitness, Five Guys, Game Stop, Regal Cinemas, Chuck E. Cheese, Staples, Chick-Fil-A, Holiday Inn, Quality Inn,
Hampton Inn, Comfort Suites, Sleep Inn, Country Inn & Suites, Wells Fargo, Bank of America, BB&T, Citi Trends, and Radio Shack. The subject property is
also in close proximity to the Aiken Mall, which is a 508,200 regional mall, which is anchored by Belk, and JCPenney.
With its proximity to Interstate 20 and to major cities like Atlanta, Charleston, Charlotte and Savannah, Aiken is ideally situated for business. With lush,
idyllic mountains and beautiful, sandy beaches less than 3 hours away by car, Aiken is the perfect home for almost any lifestyle. The Greater Aiken area
also enjoys a strong global presence with several international companies, such as Bridgestone/Firestone South Carolina, Advanced Glassfiber Yarn,
GlaxoSmithKline, Rieter Automotive Systems North America, SKF Automotive Division, Metso Paper USA, and Shinsho American Corporation.
Within a five-mile radius of Aiken, the average household income is $84.114 among the 48,958 individuals who reside within a five-mile radius of the
subject property.
The asking price of $1,137,450 represents a 7.00 percent cap rate.
INVESTMENT OVERVIEW
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12
TENANT PROFILES
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Checkers
Checkers is one the largest chains of double drive-thru
restaurants in the U.S Originally debuting as separate
companies Checkers and Rally’s formed a merger in 1999.
Checkers was founded in 1986 in Mobile, Alabama and Rally’s
was founded in 1986 in Louisville, Kentucky. Checkers operates
820 locations in 28 states across the U.S. Additionally, Checkers
has a strong pipeline for future growth with 1,200 total locations
projected by the year 2020. The company is headquartered in
Tampa, Florida.
General Information
Tenant Name Checkers
Website www.checkers.com
Parent Company Oak Hill Capital Partners
Headquartered Tampa, Florida
Rentable Square Feet 726 SF
Lease Commencement 11/1/2015
Lease Expiration 10/31/2030
No. of Locations 880 +
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CLOSE PROXIMITY TO:
2223 Whiskey Rd, Aiken, SC 29803
Aiken is the largest city of Aiken County,
South Carolina and is part of the Augusta-
Richmond County Metropolitan Statistical
Area. It borders Wood Valley, Montmorenci,
Balltown and Graniteville. Aiken is
approximately 17 miles northeast of Augusta,
GA and approximately 50 miles south west of
Columbia, SC. The major roads that pass
through or by Aiken are Highways US 1, US
78, SC 19, SC 118, SC 302, and SC 421.
Aiken is home to the University of South
Carolina Aiken, the Aiken Steeplechase
Association, and the Aiken Thoroughbred
Racing Hall of Fame.
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMEABSOLUTE NNN CHECKERS
PRICING AND VALUATION MATRIX
PROPERTY NAMEABSOLUTE NNN CHECKERS
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LOCATION OVERVIEW
Personal & Franchisee Guarantee
15 Year Absolute NNN Lease (12+ Years
Remaining)
After Year 5; CPI Annual Increases
(Capped at 3%)
Built in 2008
Double Drive-Thru + Walk-up Window
Located in Heavy Retail Corridor
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2223 Whiskey Rd, Aiken, SC 29803
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAMEABSOLUTE NNN CHECKERS
PRICING AND VALUATION MATRIX
PROPERTY NAMEABSOLUTE NNN CHECKERS
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REGIONAL AND LOCAL MAP
AERIAL PHOTO
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Brittany Downs Apartments
Social Security Administration
South Aiken High School
Kennedy Middle School
Churchill Commons
Apartments
Greenbriar Apartments
New London Apartments
Walgreens
Subject Property
f
AERIAL PHOTO
PROPERTY PHOTO
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PROPERTY PHOTO
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FINANCIAL
ANALYSIS
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PROPERTY SUMMARY
OFFERING SUMMARY
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OFFERING SUMMARY
NOTES:
Lease Personally Guaranteed from Current Business Operator.
Lease also Guaranteed by Augusta Burgers Express, Inc.
Augusta Burgers Express, Inc. is owned and operated by Andy Pye, a franchisee of Checkers since 1998 owning restaurants
in August (GA), Charleston (SC), Sumter (SC) and Virginia Beach (VA). In addition to Checkers, the Pye Family also owns
Fireside Subs and Bruster’s restaurants. Between all three brands, the Pye’s own more than 20 units regionally.
Starting Year 6; There will be Annual
CPI Increases. (Capped at 3.0%)
MARCUS & MILLICHAP CAPITAL CORPORATION
CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and
terms.
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of
financing options.
Our dedicated, knowledgeable experts understand the challenges of financing
and work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage
offices
$5.63 billion
total national
volume in 2017
Access to
more capital
sources than
any other firm
in the industry
Optimum financing solutions
to enhance value
Our ability to enhance
buyer pool by expanding
finance options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,707
debt and equity
financings
in 2017
ACQUISITION FINANCING
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MARKET
OVERVIEW
MARKET OVERVIEW
OVERVIEW
AUGUSTA
Augusta, Georgia, is the home of Augusta National Golf Club, where the
Masters Tournament is played each year. The Augusta-Richmond
County metro consists of seven counties: Burke, Columbia, Lincoln,
McDuffie and Richmond counties in Georgia and Aiken and Edgefield
counties in South Carolina. There are more than 600,000 residents in the
market and the region is projected to add 30,000 people and 15,000
households over the next five years. The consolidated city-county of
Augusta-Richmond contains 203,000 citizens.
The metro is a center for medicine, biotechnology and cybersecurity activities.
Fort Gordon is a major economic driver employing nearly 17,000 workers. The facility has been
designated to house the U.S. Army Cyber Command. The market is also home to military
contractors such as Textron Specialized Vehicles.
Healthcare-product manufacturing supports the economy, in addition to the Medical District.
Covidien is a global health products company with operations in the area.
The famous Augusta National Golf Club and the Masters Tournament attract thousands of
tourists to the region each year.
DEMOGRAPHICS
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ECONOMY
METRO HIGHLIGHTS
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau
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MEDICAL DISTRICT
University Hospital along with employers in the Medical District provide tens of
thousands of jobs in the region.
REGIONAL ECONOMIC HUB
The metro is an economic hub and houses operations for multiple large
corporations such as International Paper, Kellogg's and Procter & Gamble.
QUALITY OF LIFE
A low cost of living and various employment opportunities allow a high
homeownership rate of more than 66 percent, well above the U.S. rate.
600K
2017POPULATION:
228K
2017HOUSEHOLDS:
37.3
2017MEDIAN AGE:
$49,300
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
37.8U.S. Median:
$56,3006.5%
Growth2017-2022*:
5%
Growth2017-2022*:
PROPERTY NAME
MARKETING TEAM
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DEMOGRAPHICS
Source: © 2017 Experian
Created on August 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 5,918 30,639 51,883
2017 Estimate
Total Population 5,408 28,675 48,958
2010 Census
Total Population 5,082 27,352 47,107
2000 Census
Total Population 4,055 24,130 42,022
Current Daytime Population
2017 Estimate 10,449 34,845 65,169
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 2,844 13,847 22,451
2017 Estimate
Total Households 2,530 12,749 20,840
Average (Mean) Household Size 2.09 2.24 2.29
2010 Census
Total Households 2,366 12,131 20,046
2000 Census
Total Households 1,682 9,882 16,890
Occupied Units
2022 Projection 2,844 13,847 22,451
2017 Estimate 2,743 13,857 22,912
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$150,000 or More 9.10% 13.74% 11.15%
$100,000 - $149,000 16.61% 21.09% 17.84%
$75,000 - $99,999 14.82% 14.50% 12.92%
$50,000 - $74,999 17.72% 16.08% 16.39%
$35,000 - $49,999 13.24% 11.56% 12.19%
Under $35,000 28.51% 23.03% 29.51%
Average Household Income $76,456 $94,905 $84,114
Median Household Income $61,111 $73,858 $61,169
Per Capita Income $35,888 $42,220 $36,080
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
Total Average Household Retail Expenditure
$62,863 $69,747 $64,278
Consumer Expenditure Top 10 Categories
Housing $16,488 $18,079 $16,738
Transportation $11,629 $12,571 $11,494
Shelter $8,601 $9,052 $8,444
Food $6,503 $7,066 $6,517
Personal Insurance and Pensions $5,407 $5,990 $5,285
Health Care $4,728 $5,700 $5,185
Utilities $3,866 $4,204 $3,961
Gifts $2,781 $4,284 $3,647
Entertainment $2,731 $3,287 $2,953
Cash Contributions $2,148 $2,720 $2,453
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2017 Estimate Total Population 5,408 28,675 48,958
Under 20 20.93% 19.72% 21.71%
20 to 34 Years 23.18% 16.72% 17.00%
35 to 39 Years 6.02% 4.76% 4.87%
40 to 49 Years 12.15% 10.61% 10.70%
50 to 64 Years 18.63% 23.26% 22.39%
Age 65+ 19.11% 24.92% 23.33%
Median Age 39.90 48.47 46.22
Population 25+ by Education Level
2017 Estimate Population Age 25+ 3,906 21,517 35,509
Elementary (0-8) 1.35% 1.02% 2.35%
Some High School (9-11) 3.17% 3.28% 5.85%
High School Graduate (12) 21.07% 17.32% 22.06%
Some College (13-15) 21.62% 20.26% 20.38%
Associate Degree Only 7.19% 6.42% 6.46%
Bachelors Degree Only 25.71% 29.70% 24.55%
Graduate Degree 19.63% 21.59% 17.55%
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Income
In 2017, the median household income for your selected geography is
$61,169, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 33.81%
since 2000. It is estimated that the median household income in your
area will be $72,728 five years from now, which represents a change
of 18.90% from the current year.
The current year per capita income in your area is $36,080, compare
this to the US average, which is $30,982. The current year average
household income in your area is $84,114, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 48,958. The
population has changed by 16.51% since 2000. It is estimated that
the population in your area will be 51,883.00 five years from now,
which represents a change of 5.97% from the current year. The
current population is 47.70% male and 52.30% female. The median
age of the population in your area is 46.22, compare this to the US
average which is 37.83. The population density in your area is 623.33
people per square mile.
Households
There are currently 20,840 households in your selected geography.
The number of households has changed by 23.39% since 2000. It is
estimated that the number of households in your area will be 22,451
five years from now, which represents a change of 7.73% from the
current year. The average household size in your area is 2.29 persons.
Employment
In 2017, there are 27,975 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
64.76% of employees are employed in white-collar occupations in
this geography, and 34.91% are employed in blue-collar occupations.
In 2017, unemployment in this area is 5.32%. In 2000, the average
time traveled to work was 23.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
70.65% White, 24.20% Black, 0.07% Native American and 1.78%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 3.23% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
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Housing
The median housing value in your area was $179,037 in 2017,
compare this to the US average of $193,953. In 2000, there were
12,317 owner occupied housing units in your area and there were
4,572 renter occupied housing units in your area. The median rent at
the time was $420.
Source: © 2017 Experian
DEMOGRAPHICS
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