BLACK ROCK COFFEE

BLACK ROCK COFFEE

1202 WEST BROADWAY ROAD, TEMPE, ARIZONA

OFFERING MEMORANDUM

BUILDING RENDERING

TEMPE MARKETPLACE

MESA RIVERVIEW

202

101

10

51,585 STUDENTS

20,400 STUDENTS

60

The information in this package 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. ? 2013 Marcus Millichap. ACT ID Z0070501

MARCUS & MILLICHAP

2 // Black Rock Coffee

Executive Summary

FINANCIAL SUMMARY Price Down Payment Cap Rate Building Size Net Cash Flow Year Built/Renovated Lot Size LEASE SUMMARY Lease Type Tenant Guarantor Roof & Structure Lease Commencement Date Lease Expiration Date Lease Term Remaining Rental Increases Renewal Options

$2,100,000 100% $2,100,000

5.0% 2,200 SF 5.0% $105,000 1983/2020 .68 Acres

Absolute Triple-Net (NNN) Lease Black Rock Store Operations Co.

Corporate Tenant Responsible

January 1, 2020 December 31, 2029

10 Years 10% Every 5 Years

4, 5 Year Option

ANNUALIZED OPERATING DATA Lease Years 1 - 5 6 - 10 Options Option 1 Option 2 Option 3 Option 4

Base Rent Net Operating Income Total Return

Annual Rent $105,000.00 $115,500.00 Annual Rent $127,050.00 $139,755.00 $153,730.50 $169,103.55

Cap Rate 5.00% 5.50% Cap Rate 6.05% 6.66% 7.32% 8.05%

$105,000 $105,000 5.0% $105,000

MARCUS & MILLICHAP

3 // Black Rock Coffee

202 INDUSTRIAL

51,585 STUDENTS

STUDENT HOUSING

10

MARCUS & MILLICHAP

33,500 CPD

BROADWAY RD

BURGER KING MCDONALD'S

TEMPE HIGH SCHOOL

4 // Black Rock Coffee

Property Description

BUILDING RENDERING

INVESTMENT HIGHLIGHTS ?? New 10-Year Absolute Triple-Net (NNN) Corporate Lease ?? Brand New 2020 Renovation ?? 10% Rental Increases Every 5 Years ?? 304,833 Residents in Growing Tempe Trade Area - Phoenix MSA ?? Excellent Location Just Minutes from Arizona State University's Tempe Campus

(51,585+ Students) ?? Visible to 33,500+ Cars/Day Along West Broadway Road ?? Immediately Off the I-10 Freeway, the Primary Connector for the Phoenix Area ?? Down the Road from Tempe High School (1,580+ Students) ?? Strong Daytime Population - 610,600 Employees in Surrounding Area ?? Average Household Income Exceeds $63K within a 5-Mile Radius

MARCUS & MILLICHAP

DEMOGRAPHICS 1-mile 3-miles 5-miles

Population

2023 Projection 2018 Estimate Growth 2018 ? 2023

Households

2023 Projection 2018 Estimate Growth 2018 ? 2023

Income

2018 Est. Average Household Income 2018 Est. Median Household Income 2018 Est. Per Capita Income

8,227 8,139 1.08%

121,309 119,968

1.12%

310,731 304,833

1.94%

3,569 3,463 3.07%

47,482 46,114 2.97%

127,733 122,461

4.31%

$61,802 $58,249 $63,974 $50,130 $43,491 $46,113 $26,434 $23,811 $26,314

5 // Black Rock Coffee

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