ANYTIME FITNESS ANCHORED | GROCERY SHADOW ANCHORED (JEWEL-OSCO) - 849 Elmhurst Road Des Plaines, Illinois 60016
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Offering Memorandum
ANYTIME FITNESS
ANCHORED | GROCERY
SHADOW ANCHORED
(JEWEL-OSCO)
849 Elmhurst Road
Des Plaines, Illinois 60016
Corporate Offices
& Warehouse
Subject Property
Pylon Sign
Elmhurst Rd
18,205 VPD
W Dempster St
Elmhurst Rd 13,600 VPD
18,205 VPD
Subject Property
INVESTMENT HIGHLIGHTS Anytime Fitness Anchored | Grocery Shadow Anchored
849 Elmhurst Road, Des Plaines, Illinois 60016
100 Percent Occupied Center Anchored by Anytime
Fitness | 24-Hour Fitness Club
Price $1,772,000
National Branded Tenants Include Anytime Fitness Cap Rate 8.00%
and PeopleReady Price/ SF $210.95
Gross Leasable Area 8,400 SF
Next to a Successful, Full-Service Grocer with Very Year Built 2008
Minimal Competition Lot Size 1.29 Acres +/-
Parcel Numbers 08-24-100-033-0000
Anytime Fitness has Nine Years Remaining on Term Parking 60 Surface Spaces +/-
and PeopleReady has Six Years Remaining on Term
All Three Tenants Have Annual Rental Increases VITAL DATA
Current Rent $149,437
Between Two and Three Percent
Total Reimbursements $104,858
Easily Accessible | Four Points of Ingress and Egress Vacancy/Collection Allowance (3% GPI) $7,629
Effective Gross Income $246,666
Located at the Heavily Traveled Intersection of Expenses $104,858
Elmhurst Road and Dempster Street | 31,805 Total NOI $141,808
Vehicles Passing per Day
Notable Major Retailers in the Area Include Kohl’s, PROPOSED FINANCING
Walmart Neighborhood Market, Walgreens, Pep Boys, LTV 70%
Dollar Tree, Binny’s, McDonald’s, Dunkin’ and Many More Interest Rate | Amortization 4.15% | 25 Years
Down Payment $531,600
First Trust Deed/Mortgage $1,240,400
Debt Service $79,805
Debt Coverage Ratio 1.78
Net Cash Flow After Debt Services | Return % $62,003 | 11.66%
Principal Reduction $28,874
Anchored National Heavily Abundance of Total Return | Return % $90,877 | 17.09%
Center Tenants Traveled Retailers
RENT ROLL
Term of Rent Schedule Renewal
SF % of % of Lease
Tenant /Suite # Start End Occupancy Monthly Annual Rent/ Options
Leased Total SF Period Changes on Increase Total Rent Type
(Yrs) Rent Rent SF Remaining
PeopleReady, Inc 1,400 16.67% 7/10/2019 10/31/2026 7 Years Base Current $2,158 $25,900 $18.50 - 19% 2, 5-Year Net
Retail, Suite 101 - 11/1/2020 $2,202 $26,418 $18.87 2%
- 11/1/2021 $2,246 $26,946 $19.25 2%
- 11/1/2022 $2,290 $27,485 $19.63 2%
- 11/1/2023 $2,336 $28,035 $20.02 2%
Notes: Tenant may terminate at any time after the first 36 months with 90 day written notice. If tenant terminates, they must pay three months of base rent. Option period rent shall increase by two percent annually.
Anytime Fitness 5,600 66.67% 12/1/2016 10/31/2029 13 Years Base Current $7,428 $89,141 $15.92 - 66% 2, 5-Year Net
Retail, Suite 102-105 - 5/1/2020 $8,419 $101,027 $18.04 13%
- 11/1/2020 $8,419 $101,024 $18.04 0%
- 11/1/2021 $8,587 $103,044 $18.40 2%
- 11/1/2022 $8,759 $105,105 $18.77 2%
Notes: Option period rent shall increase by two percent annually.
NK Hair Salon 1,400 16.67% 11/1/2017 1/31/2023 5 Years Base Current $1,750 $21,000 $15.00 - 15% 1, 5-Year Net
Retail, Suite 106 - 2/1/2021 $1,983 $23,800 $17.00 13%
Option 1 2/1/2023 $2,043 $24,514 $17.51 3%
- 2/1/2024 $2,104 $25,249 $18.04 3%
- 2/1/2025 $2,167 $26,007 $18.58 3%
Notes: Option period rent shall increase by three percent annually.
Occupied 8,400 100% $136,041 $16.20
Vacant 0 0% $0 $0.00
Total 8,400 100% $136,041 $16.20
INCOME & EXPENSE
Annual Expense Reimbursements
Tenant Mgmt Fee Gross Income
Taxes Insurance CAM Total PSF
PeopleReady, Inc $11,103 $341 $4,014 $15,458 $1.84 $2,018 $17,476
Anytime Fitness $44,412 $1,363 $16,057 $61,833 $7.36 $8,073 $69,906
NK Hair Salon $11,103 $341 $4,014 $15,458 $1.84 $2,018 $17,476
Total $66,618 $2,045 $24,086 $92,749 $11.04 $12,109 $104,858
CASH FLOW YEAR ONE - STARTING 7/1/2020 CAM EXPENSE BREAKDOWN
Base Rent Current Per SF CAM Current Per SF
Occupied Space $149,437 $17.79 Snow Plowing $10,800 $1.29
Available Space $0 - Light & Power $3,850 $0.46
Gross Potential Rent $149,437 $17.79 Miscellaneous - Driveway Easement $3,800 $0.45
Landscaping $2,896 $0.34
Expense Reimbursements Utilities - Electric - Water/Sewer $1,550 $0.18
Real Estate Taxes $66,618 $7.93 Alarms/Sprinklers $1,190 $0.14
Insurance $2,045 $0.24 Total CAM $24,086 $2.87
CAM $24,086 $2.87
Administrative Fee $12,109 $1.44
Total Expense Reimbursements $104,858 $12.48
Gross Potential Income $254,295 $30.27
Vacancy/Collection Allowance (3% GPI) $7,629 $0.91
Effective Gross Income $246,666 $29.37
Expenses
Real Estate Taxes $66,618 $7.93
Insurance $2,045 $0.24
CAM $24,086 $2.87
Management Fee (3% EGI) $12,109 $1.44
Total Expenses $104,858 $12.48
Net Operating Income $141,808 $16.88
LOCATION HIGHLIGHTS Anytime Fitness Anchored | Grocery Shadow Anchored
849 Elmhurst Road, Des Plaines, Illinois 60016
Excellent Demographics | Population of 113,094
Within Three Miles of Property with an Average
Household Income of $96,091 DEMOGRAPHICS
Population 1-Mile 3-Miles 5-Miles
Included in the Chicago Metropolitan Statistical Area
2018 Population 18,911 113,094 259,975
2023 Population 18,703 114,567 262,167
Located 20 Miles Northwest of Downtown Chicago
Seven Miles North of O’Hare International Airport Households 1-Mile 3-Miles 5-Miles
2018 Households 7,326 44,490 102,030
Easily Accessible via Interstate 90, 294, US Route 12, 2023 Households 7,242 45,446 103,527
14, 45 and 58, Pace Bus and Metra Rail
Daytime Population 1-Mile 3-Miles 5-Miles
Over 14-Square Miles of Well-Established
2018 Population 16,933 146,917 358,680
Residential Neighborhoods, Bustling Commercial
Corridors and Diverse Industrial Properties
Income 1-Mile 3-Miles 5-Miles
Home to Oakton Community College | 147-Acre 2018 Median HH Income $58,640 $66,789 $69,007
Campus | 46,000 Credit and Non-Credit Students 2018 Average HH Income $83,423 $91,045 $96,091
Business Assistance Grants Offered by City
Ranked 35th Best Place to Live (Money 2017)
Over $500 Million in New Development and Business
Investment Including Residential and Commercial
Interstate
MSA 90
Chicago Near Near Metra Many Town
MSA Interstate Station Developments
TENANT PROFILE
4,520
LOCATIONS
Fitness Club Open 24 Hours a Day Every Day of the
Year
Anytime Fitness is the First Franchise on All Seven
#22
Continents FRANCHISE 500
Over Four Million Members Worldwide | A New
Member Every Minute
60 Percent of the Existing Franchisees Own More
Than One Club 13
$1,78 Million in System Sales (2018) YEAR TERM
Founded in 2001 | Began Franchising in 2002
Ranked 22 on the Franchise 500
Net
LEASE
Tenant: Anytime Fitness
Guarantor: Personal
ANYTIMEFITNESS.COM
TENANT PROFILE
600
BRAND LOCATIONS
Providing Staffing Solutions for Over 30 Years
Locations in 50 States, Canada and Puerto Rico
Over 600 Locations
840,000
ANNUAL CLIENTS
TrueBlue (NYSE: TBI) is a Leading Provider of
Specialized Workforce Solutions
7
Over 900 Locations in North America
YEAR TERM
70 Countries Served
152 Fortune 500 Company Partnerships
Connects as Many as 840,000 People to Work Each
Year Net
LEASE
Tenant/Guarantor: PeopleReady, Inc.
PEOPLEREADY.COM
TRUEBLUE.COM
AERIAL
Bussee Rd
28,700 VPD
Elmhurst Rd
18,205 VPD
W Dempster St
13,600 VPD
Subject Property Mt Prospect Rd
16,300 VPD
Interstate 90
168,200 VPD W Algonquin Rd
21,825 VPD
Friendship Park
Conservatory
W Oakton St
24,400 VPDAERIAL
W Dempster St
13,600 VPD
Elmhurst Rd
18,205 VPD
Subject Property
Pylon SignREGIONAL MAP
Subject PropertyCONFIDENTIALITY AGREEMENT
The 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.
NON-ENDORSEMENT NOTICE
Marcus & 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.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, 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, Inc. © 2019 Marcus & Millichap. All Rights Reserved. Activity ID: ZAB0670191Exclusively Listed By
SEAN SHARKO
SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2238
sean.sharko@marcusmillichap.com
IL 471.010712
AUSTIN WEISENBECK
SENIOR VICE PRESIDENT INVESTMENTS
Chicago Oakbrook
(630) 570-2169
austin.weisenbeck@marcusmillichap.com
IL 475.140200
STEVEN WEINSTOCK
BROKER OF RECORD
Chicago Oakbrook
(630) 570-2250
(630) 570-2323 fax
steven.weinstock@marcusmillichap.com
IL 471.011175You can also read
