CAPITAL MARKETS | INVESTMENT PROPERTIES 6415-6485 · 1 capital markets | investment properties las...

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CAPITAL MARKETS | INVESTMENT PROPERTIES

LAS VEGAS, NV 89148

6415-6485 SOUTH FORT APACHE ROAD±44,088 SQUARE FEET

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LAS VEGAS, NV 89148

6415-6485 SOUTH FORT APACHE ROAD

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TABLE OF CONTENTSLONGFORD SHOPPES

Capital Markets | Investment Properties

01 EXECUTIVE SUMMARY Investment Highlights Location Southern Hills Hospital Aerials

02 PROPERTY DESCRIPTION Site Plan Parcel Map Amenities Map Tenant Profiles

03 MARKET OVERVIEW Demographics Office Market Overview West Submarket Overview

04 FINANCIAL SUMMARY Financial Overview Cash Flow Projection Sources, Uses, and Returns Rent Roll Lease Expiration Schedule & Market Rent Comps Cash Flow Assumptions Revenue Line Item Assumptions Operating Cost Breakdown

6725 Via Austi Parkway, Ste 275 Las Vegas, NV 89119cushmanwakefield.com

HUNTER BRADSHAWAssociate +1 702 688 6874 [email protected]. #S.187196

MARLENE M. FUJITA, CCIM Executive Director +1 702 688 6884 [email protected]. #S.54013

INVESTMENT CONTACTS

CHARLES M. MOORE, CSM Executive Director+1 702 688 6953 [email protected]. #BS.36559

MARKET LEASING CONTACTS DAN HUBBARDSenior Director +1 702 688 6934 [email protected]. #S.13713.LLC

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EXECUTIVE SUMMARY

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EXECUTIVE SUMMARY

Cushman & Wakefield, Inc., is pleased to present for acquisition the Longford Shoppes at Southern Hills (the “Property”, “Building”). This ±44,088 square foot L-shaped retail center is anchored by a ±14,820 square foot freestanding Walgreens pharmacy (NASDAQ:WBA) with the balance of the property being leased to local, regional and national businesses which cater to the consistently growing trade area.

The center is AAA located on the northwest corner of Sunset Road and Fort Apache Road, quite literally across the parking lot from the Southern Hills Hospital and Medical Center, which currently boasts 246 beds and ±196,298 SF of medical offices. In addition, the campus is now home to the Pavillion, which provides post-acute care rehabilitation and assisted living services, and adjacent to the campus are ±128,290 multiple office condominium buildings which are well occupied by medical practitioners.

94% Leased retail center in the flourishing Southwest submarket

6

215

SUNSET ROAD

FORT APACHE ROAD

HOSPITAL OWNED

ZONED C1

IN ESCROW - ZONED C2

HOSPITAL OWNED

LONGFORDSHOPPESZONED RE - 2 UNITS/ACRE

ZONED RE - 2 UNITS/ACRE

TESORIA IIAPARTMENTS -

UNDER CONSTRUCTION

ZONED C2

TESORIAAPARTMENTS

WALGREENS ANCHORED - The center is well positioned for continued success with Walgreens representing 34% of the square footage and 56% of the net operating income.

INTERNET RESISTANT businesses occupy the balance of the center including Dogtopia – a pet paradise, Lifecare Infusion – health and wellness, and Dr. Licata, DDS – bright smiles.

STABLE CAPITAL MARKETS - Recent debt quotes indicate that the marketplace will view Longford Shoppes very favorably. The opportunity provides investors the ability to purchase all-cash or obtain new financing at current low rates, enhancing leveraged cash on cash returns.

IMPROVING MARKET CONDITIONS - As of 1Q 2020, the Las Vegas retail market had an average vacancy rate of 7.8% while the Southwest submarket was nearly 150bps lower at 6.3%.

DEMOGRAPHICS - With 4,750 multi-family residential units under construction and 2700 units planned in the area, we believe the stream of new inventory will not keep up with demand as our economy rebounds post-Covid-19.

INVESTMENT HIGHLIGHTS

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ADDRESS Longford Shoppes at Southern Hills6415 & 6485 South Fort Apache RoadLas Vegas, NV 89148

PURCHASE PRICE $19,500,000

IN-PLACE NOI (10/2020) $1,186,320

IN-PLACE CAP RATE 6.08%

YEAR 1 NOI $1,156,831

YEAR 1 CAP RATE 5.93%

OCCUPANCY 94%

TOTAL SIZE ±44,088 SF

YEAR BUILT 2009

PARKING 4.7/1,000 SF

7

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SUNSET ROAD

FORT APACHE ROAD

HOSPITAL OWNED

ZONED C1

IN ESCROW - ZONED C2

HOSPITAL OWNED

LONGFORDSHOPPESZONED RE - 2 UNITS/ACRE


TESORIA IIAPARTMENTS -

UNDER CONSTRUCTION

ZONED C2

TESORIAAPARTMENTS

Intersection traffic counts in excess of 44,000vpd

Two blocks west of the I-215 beltway and Fort Apache Road at the intersection of Sunset Road

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The center is located in the southwest quadrant of the city, in an area whose development was enabled by the construction of the I-215 Beltway over the past decade. Known for major drivers including two hospitals (Southern Hills and St. Rose), the area is home to Boyd Gaming, Golden Entertainment, Shufflemaster, and Credit One among others.

The trade area continues to blossom with multiple commercial projects currently under construction or soon to be including The Bend – more than 100,000square feet of retail in addition to a five-story Class A office building, the UNLV Harry Reid Technology Park - 122 acres with 93 acres of dedicated tech space including 1.5million square feet of office and retail space and Uncommons 500,000sf of modern office space, 830+ apartment units on 40-acres. Ultimately, the area will include another world-class hotel and casino property by Station Casinos, the land for which is located at the southwest corner of Durango Drive and the I-215 beltway – roughly one mile from the Shoppes at Southern Hills. This bodes extremely well for The Shoppes, which is well positioned for long term success.

LOCATION HIGHLIGHTSTENANT NAME RSF % OF

PROPERTY EXP

Walgreens 14,820 33.6% 9/30/2082

Dogtopia 6,241 14.2% 7/31/2029

Bob Allen Golf 3,803 8.6% 2/28/2021

Care N Home 2,692 6.1% 6/30/2021

Top Shelf Wines & Spirits 2,435 5.5% 11/30/2021

Bruno's Taco Bar 2,266 5.1% 8/31/2022

Pizza Hut 1,440 3.3% 2/28/2022

MAJOR TENANT SUMMARY

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LONGFORD SHOPPES

2 blocks from the I-215 Beltway

With highly visible pylon signage along the heavily

traveled Fort Apache corridor, the property

enjoys intersection traffic counts in excess of

44,000 vpd.

TRADE AREA

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The Southern Hills Hospital serves as the premiere emergency and pediatric emergency hospital in southwest Las Vegas. With two ER locations, a continuously growing behavioral health program, an accredited Chest Pain Center, a Certified Primary Stroke Center, a dedicated orthopedic and spine unit, OB-GYN, Level II NICU, diagnostic imaging, oncology and surgical services, the highly accomplished medical staff excels at offering a multitude of services to the community with year over year superior ratings. The hospital staff’s operation of cutting-edge digital technology helps facilitate the advanced care and superior service for their patients.

Opened in 2004, Southern Hills Hospital continually provides acute care services while addressing the growing healthcare needs of the community. In 2016, the hospital opened a second emergency room called ER at The Lakes, a full-service emergency room that is four miles north of the main hospital campus. This hospital-based ER is the first of its kind in Nevada. In 2017, Southern Hills Hospital added a newly created graduate medical education (GME) program with its inaugural class in family medicine. The GME program has now expanded to include transitional year and psy-chiatry residents, as well as a gastroenterology fellowship. In 2018, Southern Hills continued expanding care to patients with the opening of the Pavilion, an 80 bed behavioral health unit which serves ages 11 and older. Currently, Southern Hills Hospital is applying for future programs, including addiction medicine and neurology.

PHYSICIANS1,400

BED COUNT265

EMPLOYEES911

THE SOUTHERN HILLSHOSPITAL

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The hospital will be opening a third emergency room called ER at S. Las Vegas Blvd. in early 2020. The hospital is a member of the respected Sunrise Health System, consisting of Sunrise Hospital, Sunrise Children’s Hospital, Mountain View Hospital and several surgery and diagnostic imaging centers that offer a complete range of specialized and techno-logically advanced services.

AWARDS AND ACCREDITATIONS

• Voted Best Hospital in Las Vegas in 2019

• Voted Best Hospital in Las Vegas in 2017

• The Joint Commission Accreditation

• Advanced Primary Stroke Center

• Earned The Joint Commission Accreditation for Hip Fracture

• Earned The Joint Commission Accreditation for Joint Replacement – Hip

• Earned The Joint Commission Accreditation for Joint Replacement – Knee

• Get with The Guidelines Stroke GOLD PLUS with Hon-or Roll Elite Plus (Given by The American Heart Asso-ciation)

• Voted Best Hospital Gold Award/1st Place 2017

• Voted Best Cancer Treatment Center Silver Award/2nd Place 2017

• Voted Best Place to Have a Baby Bronze Award/3rd Place 2017

TESORIAAPARTMENTS

TESORIAAPARTMENTS

SUNSET ROAD

SUNSET ROAD

FORT APACHE ROAD

FORT APACHE ROAD

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TESORIA II APARTMENTS

UNDER CONSTRUCTIONLONGFORD SHOPPES

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PROPERTYDESCRIPTIONADDRESS 6415 & 6485 South Fort Apache Road,

Las Vegas, NV 89148

PARCEL NUMBER 163-31-814-001

SITE AREA ±4.01 Acres

NET RENTABLE SF ±44,088 Square Feet

YEAR BUILT 2009

NUMBER OF BUILDINGS & STORIES

Two Single-Story Buildings

PARKING207 surface parking stalls including 9 ADA-designated and 4.7/1,000 SF parking ratio

ZONING C-2, General Commercial

JURISDICTION Clark County

WATER Las Vegas Valley Water District

ELECTRIC NV Energy

GAS Southwest Gas Corporation

SANITARY SEWER City of Las Vegas

FOUNDATION Slab-on-Grade

LONGFORD SHOPPES AT SOUTHERN HILLS

STRUCTURAL FRAME

Wood frame and masonry demising walls

EXTERIOR WALLS

Extended, aluminum curtain wall system with full height, single (ground floor) and double (second and third floors) pane, low-e, mirrored glazing connected to the frame and structure.

WINDOWSDouble-pane insulated with low-e mirrored. Window framing is brushed aluminum finish.

ROOF TYPE/COVERThe roof is low slope covered with BUR membrane and pitched covered with standing seem sheet metal

ELECTRICAL Three- 800 Amps, 120/208 Volts, Three Phase, Four-Wire Configuration

CEILINGS & CEILING HEIGHT

Tenant spaces have typical 12-foot ceiling heights.

SPRINKLER100% wet system including two electric pumps rated at 2-hp, 3,450 rpm manufactured by Bluffton.

HVAC Rooftop package units

HOT WATER Individual, gas-fired water heaters

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Anchored by Walgreen’s, a long-term lease with a term

of 75-years and 62 years remaining.

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This map is for assessment use only and does NOT represent a survey.

No liability is assumed for the accuracy of the data deliniated herein. Information on roads and other non-assessed parcels may be obtained from the Road Document Listing in the Assessor's Office.

This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the recorded documents for more detailed legal information.

MAP

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END

USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL

ASSESSOR'S PARCELS - CLARK COUNTY, NV.

Scale: 1" = 200' 1/8/2019

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136Briana Johnson - Assessor

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IN ESCROW -ZONED C2

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TENANT PROFILES

Walgreens

Tenant Walgreen Co., an Illinois corporation

Suite 6485 South Fort Apache Rd.

Square Footage 14.820

% of RSF 33.6%

Current Contract Rent $3.37

LED 9/30/2082

Headquarters Deerfield, IL

Rating NASDAQ: WBA

WALGREEN CO., AN ILLINOIS CORPORATIONwww.walgreens.com

Established in 1901 as a neighborhood drugstore, today’s Walgreens span across the United States, District of Columbia, Puerto Rico and US Virgin Islands with more than 9,270 company operated locations. Walgreens is the second-largest pharmacy store chain in the United States and specializes in filling prescriptions to selling health and wellness products, health information and photo services. The location directly west of Southern Hills Hospital makes this Walgreens a key store in the chain.

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Bidi Quality, LLC

Tenant Top Shelf Wine & Spirits

Suite 6415 Ste 100

Square Footage 2,435

% of RSF 5.5%


LED 11/30/2021

Headquarters Las Vegas, NV

Personal Guaranty Kalid Butres Bidi, Sal Butres Bidi, Raid Butres Bidi

BIDI QUALITY, LLCwww.topshelfwineandspirits.com

Top Shelf Wine & Spirits is a local liquor store focusing on top shelf spirits and offering a knowledgeable sales experience. Open seven days a week, Top Shelf Wine & Spirits caters to the local resident desiring an informative, educational experience when purchasing spirits.

Bruno’s Taco Bar, LLC

TenantMelissa Sanchez, Leticia Sanchez and Octavio Sanchez

Suite 6415 Ste 105


% of RSF 5.1%


LED 8/31/2022


BRUNO’S TACO BAR, LLCwww.Brunostacobar.com

Locally owned and operated, Bruno’s Taco Bar’s theme is All You Need Is Tacos. With an online ordering system, delivery to your door and seating in their restaurant, Bruno’s caters to a wide customer base. Ingredients are made fresh daily and the menu ranges from pork belly tacos to Fruity Pebble churros. This is their only location and they have a strong and loyal social media following.

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In Da Cut Barber Shop

Tenant In Da Cut Barber Shop Dwayne C. Melvin

Suite 6415 Ste 120


% of RSF 3%


LED 3/30/2020


Personal Guaranty Dwayne C. Melvin

IN DA CUT BARBER SHOPwww.indacutbarbershop.com

Local barber shop with three locations across the Las Vegas valley.

Las Vegas Pizza, LLC

Tenant Pizza Hut

Suite 6415 Ste 110


% of RSF 3.3%


LED 02/28/2022


LAS VEGAS PIZZA, LLCwww.pizzahut.com

Pizza Hut is a 60-year old company serving a wide range of menu items most notably pizza, breadsticks and chicken wings. Today, Pizza Hut has over 16,000 restaurants in more than 100 countries. This is a franchisee location.

Smoke Shop

Tenant D’s Smoke Shop & Gifts

Suite 6415 Ste 115


% of RSF 3.01%


LED 8/1/2024


Personal Guaranty Dilip Shukla and Diptiben Shukla

D’S SMOKE SHOP & GIFTS www.vegasglasshq.com

D’s Smoke Shop has multiple locations throughout the Vegas valley and offers customers a variety of products ranging from tobacco, cigarettes Juul, Roor and others. They also carry a wide selection of glass and accessories.

IN DA CUT BARBER SHOPD’S SMOKE SHOP

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Dogtopia

Tenant Toro Holdings, LLC

Suite 6415 Ste 125B


% of RSF 14.2%


LED 7/31/2029


Personal Guaranty Hiram Toro and Glenda Alemanny-Toro

TORO HOLDINGS, LLC DOING BUSINESS AS DOGTOPIAwww.dogtopia.com

A leading destination for dog boarding, spa service and daycare, Dogtopia provides an atmosphere for our furry friends to enjoy safe play in a modern facility. Open seven days a week, Dogtopia hosts a wide range of events ranging from drop-in play to overnight stays. Our furry friends can be observed real-time using the Dogtopia webcam on a computer or smartphone providing 24/7access to view your animal.

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Children’s Dentistry

Tenant Children’s Dental Support Services, DDS

Suite 6415 Ste 150


% of RSF 2.7%


LED 02/28/2021

Headquarters Deerfield, IL

Bob Allen Golf, LLC

Tenant Bob Allen Golf

Suite 6415 Ste 155-165


% of RSF 8.6%


LED 10/31/2020


Personal Guaranty Robert A. Kerlagon and Ethel Marie Kerlagon

CHILDREN’S DENTAL SUPPORT SERVICES, DDSwww.childrensedationdentist.com

Known as Children’s Dentistry, Dr. Steven Delisle, DDS, has ten locations throughout the Las Vegas valley providing dental services to patients 21 years of age or younger. Dr. Delisle and the other dentists on staff provide specialty services and focuses to their patients ranging from anesthesiology to orthodontics.

BOB ALLEN GOLF, LLCwww.boballengolf.com

Bob Allen Golf a one-stop-shop for golfers. The store offers a wide range of golf-related items from shoes to clubs, clothing to balls and bags.

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Tenant Care N Home

Suite 6415 Ste 170 & 175


% of RSF 6.1%


LED 06/30/2021


Personal Guaranty Cletus Amadi

CARE N HOME MEDICAL SUPPLIES INC.

Care N Home Medical Supplies Inc is doing business as a local retailer of Lifecare Medical Supplies Inc, providing medical supplies and equipment which are considered as Medicare chargeable items.

Care N Home Medical Supplies Inc.

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DT Nails

Tenant Timothy Nguyen and Daniel Nguyen

Suite 6415 Ste 180


% of RSF 3.1%


LED 12/31/2023


Personal Guaranty Timothy Nguyen and Daniel Nguyen

Mailbox USA

Tenant Mailbox USA

Suite 6415 Ste 185


% of RSF 2.8%


LED 4/30/2024


Personal Guaranty Katherina Fontanilla and Victor Fontanilla

TIMOTHY NGUYEN AND DANIEL NGUYENwww.yelp.com/biz/dt-nails-las-vegas-4

DT Nails is a nail salon open seven days a week offering a wide range of nail services including manicures, pedicures, acrylic nails, dipping and more as well as false eyelash services.

KATHERINA FONTANILLA AND VICTOR FONTANILLAwww.yelp.com/biz/mailbox-usa-las-vegas

Mailbox USA is a neighborhood pack, ship, mail, copy business providing a wide range of services to businesses and residences alike. Customers can rent po boxes as well as utilize the UPS, FedEx and USPS services offered. Mailbox USA also offers full-service packing and shipping.

CARE N HOME/ LIFECARE INFUSION DT NAILS MAILBOX USA

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Dogtopia

Tenant Salvatore J. Licata, Jr., DDS, LLC

Suite 6415 Ste 190


% of RSF 3.4%


LED 7/31/2024


Personal Guaranty Salvatore J. Licata, Jr.

SALVATORE J. LICATA, JR., DDS, LLCwww.local.demandforce.com/b/dr-sam-licata-jr/schedule

Dr. Sam Licata, Jr. provides dental services Monday through Thursday. Dr. Licata has a happy patient base with 749 reviews and five stars, all leading to signs of happy customers. This is Dr. Licata’s only location.

Salvatore J. Licata, Jr., DDS, LLC

SALVATORE J. LICATA, JR., DDS

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MARKETOVERVIEW

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by Cushman & Wakefield clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of Cushman & Wakefield.

At the close of 2019, Las Vegas retail leasing activity posted strong results that drove vacancy rates down to levels not seen since 2007. The Las Vegas retail market overall vacancy rate stands at 7.5%, a 10 basis points (bps) increase quarter-over-quarter and year-over-year from 7.4%. Net absorption was positive at more than 523,000 square feet (sf), down significantly since 2018. Since 2012, retail tenants have absorbed nearly 6.4 million sf (msf) in the Las Vegas market. The average asking lease rate increased to $1.47 per sq. ft. NNN, a 4.3% year-over-over increase. Construction deliveries more than doubled since 2018 – the retail market delivered over 595,000 sf in 2019 vs. 266,000 sf in 2018. A shift in consumer spending forced retailers to adjust retail strategies throughout recent years that included downsizing and/or closures that will allow them to focus on core markets. While the Las Vegas retail market experienced several closures from national big-box tenants, demand from food and experiential retail remains consistent.

YEAR # OF BLDGS TOTAL RBA SF VACANT VACANCY

RATE U/C BLDGS AVG. ASKING LEASE RATE

NET ABSORPTION

YTD

LEASING ACTIVITY

YTD

2005 2,490 51,252,046 1,919,741 3.7% 2,682,911 $2.03 300,176 565,864

2006 2,707 54,662,561 3,073,542 5.6% 4,069,361 $2.15 2,147,952 2,465,710

2007 2,951 58,858,553 3,614,293 6.1% 2,864,130 $2.15 3,623,932 2,021,465

2008 3,170 62,906,101 6,580,593 10.5% 1,097,243 $2.00 1,249,290 1,924,414

2009 3,234 64,136,924 8,039,876 12.5% 265,515 $1.91 (303,665) 2,105,689

2010 3,251 64,374,760 8,541,758 13.3% 94,030 $1.59 (102,360) 2,614,261

2011 3,263 64,432,850 8,665,167 13.4% 433,335 $1.48 (214,119) 3,002,411

2012 3,272 64,749,447 8,080,209 12.5% 430,566 $1.33 962,969 2,757,140

2013 3,281 65,077,081 7,419,095 11.4% 399,080 $1.28 947,806 3,366,176

2014 3,287 65,466,117 7,030,370 10.7% 303,824 $1.28 785,651 3,289,963

2015 3,297 65,642,324 6,873,248 10.5% 334,407 $1.30 265,024 3,700,539

2016 3,318 65,991,993 6,187,442 9.4% 247,124 $1.41 1,113,210 3,142,841

2017 3,335 66,227,176 5,550,446 8.4% 124,665 $1.38 938,585 3,923,170

2018 3,363 66,493,621 4,919,838 7.4% 526,526 $1.41 862,591 2,918,711

2019 3,408 67,197,162 5,046,227 7.5% 0 $1.47 523,256 1,593,721

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Gross Leasing Activity

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Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by Cushman & Wakefield clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of Cushman & Wakefield.

YEAR # OF BLDGS TOTAL RBA SF VACANT VACANCY

RATE U/C BLDGS AVG. ASKING LEASE RATE

NET ABSORPTION

YTD

LEASING ACTIVITY

YTD

2005 150 2,587,682 88,023 3.4% 637,656 $2.38 193,044 37,286

2006 199 3,361,637 319,418 9.5% 1,495,315 $2.58 516,835 788,937

2007 246 4,073,908 427,353 10.5% 1,432,060 $2.66 583,762 311,578

2008 331 5,941,496 891,369 15.0% 151,099 $2.55 1,453,675 245,579

2009 351 6,105,636 926,448 15.2% 30,997 $2.09 110,680 216,494

2010 358 6,141,072 973,260 15.8% 15,507 $1.86 6,968 194,422

2011 360 6,146,579 934,213 15.2% 10,000 $1.71 31,249 259,862

2012 361 6,150,179 783,281 12.7% 19,894 $1.60 154,701 258,154

2013 363 6,163,673 630,043 10.2% 22,400 $1.56 171,058 296,674

2014 365 6,186,073 535,726 8.7% 4,200 $1.60 116,395 317,499

2015 366 6,190,273 432,398 7.0% 18,070 $1.64 112,801 297,256

2016 371 6,212,983 409,108 6.6% 104,481 $1.63 42,865 255,260

2017 377 6,326,396 355,454 5.6% 17,106 $1.64 164,026 444,142

2018 385 6,408,192 345,027 5.4% 115,441 $1.83 94,626 282,685

2019 412 6,569,643 385,204 5.9% 0 $1.98 106,278 170,168

The Southwest submarket is comprised of 412 buildings totaling 6,569,643 square feet (sf). There is 2.7 million sf of neighborhood and community centers, 2.5 million sf of power centers and 1.3 million sf of strip center space. At the end of 2019, vacancy in the Southwest finished at 5.9% - 1,020 bps below the high of 16.1% in Q2 2011. Tenants absorbed 106,278 sf in 2019 in this submarket, with leasing activity marking 170,168 sf. The average asking lease rate stands at of $1.98 psf/month/NNN. The Southwest submarket is home to approximately 3,777 businesses and 46,257 employees. In 2019, the residential population of the Southwest was estimated to be 214,989. During the next five years, projections indicate the population will grow 15.4%. Furthermore, the 58,473 households in this area have a median household income of $101,080. By 2024, the number of households in the Southwest is expected to increase by 14.8%.

SOUTHWEST SUBMARKET OVERVIEW

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©2020 Cushman & Wakefield. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri

POPULATION 1 Mile 3 Miles 5 Miles

2019 Population - Current Year Estimate 24,482 112,984 296,265

2024 Population - Five Year Projection 28,178 131,723 331,813

2010 Population - Census 15,667 76,464 233,675

2000 Population - Census 40 15,975 105,038

2019-2024 Annual Population Growth Rate 2.85% 3.12% 2.29%

HOUSEHOLDS 1 Mile 3 Miles 5 Miles

2019 Households - Current Year Estimate 8,881 43,053 112,924

2024 Households - Five Year Projection 10,136 49,926 125,632

2010 Households - Census 5,810 29,864 90,794

2000 Households - Census 16 6,431 41,784

2019-2024 Annual Household Growth Rate 2.56% 2.92% 2.12%

2019 Average Household Size 3.31 3.21 3.19

HOUSEHOLD INCOME 1 Mile 3 Miles 5 Miles

2019 Average Household Income $76,628 $88,581 7.397

2024 Average Household Income $87,131 $101,200 $91,189

2019 Median Household Income $61,398 $67,305 $103,958

2024 Median Household Income $67,710 $76,908 $65,502

2019 Per Capita Income $27,890 $34,010 $75,561

2024 Per Capita Income $31,442 $38,658 $35,190

2019 Median Value of Owner Occ. Housing Units $307,292 $324,398 $39,914

2019 Average Value of Owner Occ. Housing Units $326,667 $346,438 $303,439

POPULATION BY RACE AND ETHNICITY 1 Mile 3 Miles 5 Miles

White 12,094 56,492 152,280

Black or African American 2,791 12,089 30,515

Asian 5,264 27,003 66,363

American Indian or Alaska Native 147 565 1,481

Pacific Islander 245 1,017 2,666

Other Race 1,959 8,135 23,997

Two or More Races 1,959 7,457 18,961

Hispanic 5,215 21,693 61,327

DEMOGRAPHICS

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ASKING LEASECOMPARABLES

Map Property Photo Address Total SF Available SF Asking Rate Minimum - Maximum

Available SF Occupancy %

Longford Shoppes 6415 - 6485 S. Fort Apache Rd Las Vegas, NV 89148

43,742 2,500 $2.00 NNN 2,500 95%

Russell Crossings 5651 Grand Canyon Dr Las Vegas, NV 89148

20,674 2,880 $1.75 NNN 2,880 86%

Gramercy Commons 5752 S. Fort Apache Rd. Las Vegas, NV 89148

25,892 2,600 $1.65 NNN 1,300 - 2,600 90%

Pine Plaza 6085 S. Fort Apache Rd. Las Vegas, NV 89148

13,570 4,200 $1.85 NNN 4,200 69%

Longford Shoppes B 6525 - 6545 S. Fort Apache Rd Las Vegas, NV 89148

14,524 1,400 $2.50 NNN 1,440 90%

Longford Shoppes A 6565-6575 S. Fort Apache Rd. Las Vegas, NV 89148

22,386 2,628 $2.50 NNN 2628 88%

Orange Groves at Rhodes Ranch 8680 W. Warm Springs Rd Las Vegas, NV 89148

24,856 1,169 $2.50 NNN 1,169 95%

Rhodes Ranch Town Center 7345 - 7375 S. Durango Dr. Las Vegas, NV 89113

35,393 3,000 $2.25 NNN 1,200 - 1,800 92%

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Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID,IGN, and the GIS User Community

* Longford Shoppes: 6415 - 6485 S. Fort Apache Rd., Las Vegas

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Pine Plaza: 6085 S. Fort Apache Rd., Las Vegas

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Longford Shppes B: 6525 - 6545 S. Fort Apache Rd., Las Vegas

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Russell Crossings: 5651 Grand Canyon Dr., Las Vegas

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Orange Groves at Rhodes Ranch: 8680 W. Warm Springs Rd., Las Vegas6

Rhodes Ranch Town Center: 7345 - 7375 S. Durango Dr., Las Vegas7

Gramercy Commons: 5752 S. Fort Apache Rd., Las Vegas

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ACTUAL LEASECOMPARABLES

Map Property Photo Address Tenant Name Total

Bldg. SF Leased SF Lease Rate Term (months) New/Renewal

Gramercy Commons 5752 S. Fort Apache Rd. Las Vegas, NV 89148

Tony's Mexican Food 25,892 2,640 $2.58 NNN 120 New

Pine Plaza 6085 S. Fort Apache Rd. Las Vegas, NV 89148

GlassBox Eye Care 13,570 2,714 $1.95 NNN 60 New

Longford Shoppes 6525-6545 S. Fort Apache Rd. Las Vegas, NV 89148

Sin City Cutz 14,524 1,440 $2.00 NNN N/A Renewal

Centra Point Retail 8349 - 8350 W. Sunset Rd. Las Vegas, NV 89113

Renee Moffett Allstate Insurance Agency 15,324 1,170 $1.50 NNN 36 New

Orange Groves at Rhodes Ranch 8680 W. Warm Springs Rd Las Vegas, NV 89148

Roberto's Taco Shop, LLC 24,856 1,691 $4.10 NNN 120 Renewal

Blue Diamond Ranch Plaza 8595 S. Decatur Blvd Las Vegas, NV 89139

HealthCare Partners Management Services Nevada, LLC

28,839 6,551 $1.85 NNN 84 New

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Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus DS, USDA, USGS, AeroGRID,IGN, and the GIS User Community

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Centra Point Retail: 8349 - 8350 W. Sunset Rd., Las Vegas

Gramercy Commons: 5752 S. Fort Apache Rd., Las Vegas

Pine Plaza: 6085 S. Fort Apache Rd., Las Vegas

Blue Diamond Ranch Plaza: 8595 S. Decatur Blvd., Las Vegas

Orange Groves at Rhodes Ranch: 8680 W. Warm Springs Rd., Las Vegas

Longford Shoppes: 6415 - 6485 S. Fort Apache Rd., Las Vegas

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RV

IEW

36

SEVENHIL LSDR

N DE

CATU

R BL

VD

CENT

ER ST

E TROPICANA AVE

SRAN

CHO

DR

W SUMMERLIN PKWY

E HORIZON DR

E HARMON AVE

E FLAMINGO RD

S DURANGO DR

S MAG

IC W

AY

E LAKE MEAD PKWY

N BU

FFAL

O DR

W RUSSELL RD

W SAHARA AVE

N LOS

EE RD

A LIANTE PKWY

SPEEDWAY BLVD

DURA

NGO

DR

W CRAIG RD

MCLE

OD ST

E CAREY AVE

ELKHORN RD

N 4T

H ST

N NE

LLIS

BLV

D

W SUNSET RDE AT HENS AVE

W LAKE ME AD BLVD

SBUF

F ALO

DR

PA SE O V ERDEP

KW Y

S RAC

ETRA

CK R

D

W ANN RD

FARM RD

SKY POINT E DR

S STE

PHAN

IE ST

W TROPICAL PKWY

E GALLERIA DR

GOMER RD

S LAM

B BL

VD

W TROPICANA AVE

SMAR

YLAN

DPK

WY

NAR

ROYO

GRAN

DEBLV

D

N WATER ST

AIRP

ORT C

ONN

AU TO SHOW DR

S EL C

APITA

N WA

Y

N MA

JOR A

VE

N HUALAPAI WAY

NBR

UCES

T

E PARADISE HILLS DR

E EVANS AVE

NMA

RTIN

LKIN

GBL

VD

HILL

S CEN

TER

DR

NEVADA

STAT

E DR

HILLPOINTE RD

BELM

ONT S

T

CIVIC

CENT

ERDR

CLIFFSHADO WS DR

W SUNSET RD

W WIGWAM AVE

FOOT

HILL

S DR

MOUN

TAIN

VIS

TA ST

W ROBINDALE RD

N DE

CATU

R BL

VD

E SUNSET RD

W FLAMINGO RD

M ON

TEL AGO

BLVD

E VAN WAGENEN ST

SHOL

LYWOO

DBL

VD

LOSE

E RD

LAS V

EGAS

BLV

D S

N 5T

H ST

S WATER ST

W PA

CIFI

C AV

E

NLA

S VEG

ASB L

VD

SHINNECOCK HILL S AVE

PABCOR D

W OWENS AVE

N PE

COS R

D

E WASHBURN RD

W LAKE MEAD BLVD

W CHEYENNE AVE

E OWENS AVE

E CACTUS AVE

PEBB LERD

VEGAS DR

E HORIZONRIDGE PKWY

DEL WEBB BLVD

W CENTENNIAL PKWY CAMINOELDORADO

SEASTERNAVE

AME RICAN PACIFIC DR

NDU

RANG

ODR

FAR H ILLS AVE

AZURE RD

N HO

LLYW

OOD

BLVD

THE S

TRIP

PARA

DISE

RD

CA

MINO ALNO

RTE

WESTCLIFF DR

NJO

NES B

LVD

EAST G ATE RD

BROADBENTBLVD

GRAND TETON DR

STEWART AVE

SLAM

B BLV

D

E CHARLESTON BLVD

N RA

CETR

ACK

RD

E SAHARA AVE

EQUESTRIAN DR

S BUFFALO DR

W SILVERADO RANCH BLVD

SMOKE RANCH RD

W ALTA D R

N HO

LLYW

OOD

BLVD

LAKELASVE GAS PKWY

GREEN WAY RD

WIND MILL PKWY

MISSION DR

DESE R T FOOTHILLS DR

DEANMARTIN

DR

N TE

NAYA

WAY

W WINDMILL LN

E SILVERADO RANCH BLVD

NVALLEVERDE

DR

N HU

ALAP

AI W

AY

N FO

RT A

PACH

E RD

E SUMMERLIN PKWYNRA

MPAR

TBLV

D

LAKESH O RERD

W CAREY AVE

COLL

EGE D

R

S DEC

ATU R

BLVD

NGREEN VALLEY

PK WY

P AR A

DISE

RD

E CENTENNIAL PKWY

E BU RKHOLDER BLVDWIGWAM PKWY

W ELKHORN RD

NORTHSHORE RD

NST

EPHA

NIE S

T

S PEC

OS R

D

W CRAIG RD

W GALLERIA DR

SUN CITY BLVD

S LAS

VEG

AS B

LVD

N GR

AND

CANY

ON D

R

NCIV IC CENTER

DR

SVAL

LEY

VIEW

BLVD

W CACTUS AVE

S JON

ES B

LVD

ANAS

AZI D

R

N PE

COS R

D

N RA

INBO

W BL

VD

SUNR IDGE HEIG HT S PKWY

N LA

MB B

LVD

S SAN

D HI L

L RD

BERM

UDA

RD

S HUALAPAI WAY

S TOW

NCE

N TER

DR

N PE

COS R

D

W ALEXANDER RD

W WARM SPRINGS RD

SIMM

ONSS

T

E BONANZA RD

W WASHINGTON AVE E WASHINGTON AVE

W DESERT INN RD

W WARM SPRINGS RD

E RUSSELL RD

W HORIZON RIDGE PKWY

ALTA DR

S DEC

ATUR

BLV

D

W LONE MOUNTAIN RD

SFOR

T APA

CHE

RD

McCarran International

Airport

L A S V E G A S

H E N D E R S O N

N O R T HL A S V E G A S

9595

95

15

15

15

515

515215

215

215

215

BUS

03

MA

RK

ET

OV

ER

VIE

W

LONGFORD SHOPPES

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FINANCIALSUMMARY

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FINANCIAL OVERVIEW

The Longford Shoppes is being offered for sale at $19,500,000. The property is offered on an “As is, and where is” basis.

Summarized below are the financial projections for The Longford Shoppes.

$19,500,000 Price

$442Price Per Square Foot

$1,186,320 In-Place Net Operating Income*In-Place NOI assumes the vacant suite is leased as of the analysis start date.

6.08%In-Place Cap Rate

$1,156,831Year 1 Projected Net Operating Income

5.93%Year 1 Projected Cap Rate

The following information is provided in the Financial Analysis and Tenant Information Sections to assist inves-tors in initial underwriting.

• Cash Flow Projection

• Sources, Uses, and Returns

• Rent Roll

• Lease Expiration Schedule & Market Rent Comparison

• Cash Flow Assumptions

• Revenue Line Item Assumptions

• Operating Cost Breakdown

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FY Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10FY 2021 Oct-2020 Oct-2021 Oct-2022 Oct-2023 Oct-2024 Oct-2025 Oct-2026 Oct-2027 Oct-2028 Oct-2029

Revenue $ PSF / Yr Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Sep-2029 Sep-2030 Total

Scheduled Base Rent

Base Rental Revenue $27.19 $1,198,611 $1,223,534 $1,238,235 $1,257,082 $1,277,968 $1,293,716 $1,313,874 $1,333,450 $1,355,117 $1,376,144 $14,266,371

Absorption & Turnover Vacancy $ 0.00 $ 0 $ 0 $ 0 $ 0 -$ 11,369 -$ 41,471 -$ 5,924 -$ 5,514 -$ 5,937 -$ 13,179 -$ 95,427

Base Rent Abatements $ 0.00 $ 0 $ 0 $ 0 $ 0 -$ 12,790 -$ 30,444 -$ 14,065 -$ 12,579

-$ 6,679 -$ 7,549 -$ 105,140

Total $27.19 $1,198,611 $1,223,534 $1,238,235 $1,257,082 $1,253,809 $1,221,801 $1,293,885 $1,315,357 $1,342,501 $1,355,416 $14,065,804Total Expense Recoveries $ 4.34 $ 191,257 $ 196,599 $ 201,975 $ 207,539 $ 210,734 $ 208,507 $ 223,279 $ 230,129 $ 236,546 $ 241,591 $ 2,395,815

Total Other Tenant Revenue $ 4.34 $ 191,257 $ 196,599 $ 201,975 $ 207,539 $ 210,734 $ 208,507 $ 223,279 $ 230,129 $ 236,546 $ 241,591 $ 2,395,815

Total Gross Revenue $31.52 $1,389,868 $1,420,133 $1,440,209 $1,464,621 $1,464,543 $1,430,307 $1,517,165 $1,545,487 $1,579,047 $1,597,007 $16,461,618General Vacancy -$ 0.82 -$ 36,233 -$ 37,656 -$ 38,569 -$ 39,696 -$ 28,802 -$ 19,726 -$ 38,180 -$ 38,105 -$ 39,271 -$ 33,181 -$ 388,528

Effective Gross Revenue $30.70 $1,353,635 $1,382,477 $1,401,640 $1,424,925 $1,435,741 $1,410,581 $1,478,985 $1,507,382 $1,539,776 $1,563,826 $16,073,090

ExpensesReal Estate Taxes $ 1.09 $ 48,020 $ 49,460 $ 50,944 $ 52,472 $ 54,047 $ 55,668 $ 57,338 $ 59,058 $ 60,830 $ 62,655 $ 615,026

Property Insurance $ 0.55 $ 24,312 $ 25,041 $ 25,793 $ 26,566 $ 27,363 $ 28,184 $ 29,030 $ 29,901 $ 30,798 $ 31,722 $ 311,383

Utilities $ 1.15 $ 50,659 $ 52,179 $ 53,744 $ 55,356 $ 57,017 $ 58,727 $ 60,489 $ 62,304 $ 64,173 $ 66,098 $ 648,827

Waste Removal $ 0.19 $ 8,589 $ 8,847 $ 9,112 $ 9,385 $ 9,667 $ 9,957 $ 10,256 $ 10,563 $ 10,880 $ 11,207 $ 110,006

Repairs and Maintenance $ 0.06 $ 2,863 $ 2,949 $ 3,037 $ 3,128 $ 3,222 $ 3,319 $ 3,419 $ 3,521 $ 3,627 $ 3,736 $ 36,669

Contract Services $ 0.49 $ 21,753 $ 22,405 $ 23,077 $ 23,770 $ 24,483 $ 25,217 $ 25,974 $ 26,753 $ 27,556 $ 28,382 $ 278,604

Management Fees $ 0.92 $ 40,609 $ 41,474 $ 42,049 $ 42,748 $ 43,072 $ 42,317 $ 44,370 $ 45,221 $ 46,193 $ 46,915 $ 482,193

Total Operating Expenses $ 4.46 $ 196,805 $ 202,355 $ 207,756 $ 213,425 $ 218,871 $ 223,389 $ 230,876 $ 237,321 $ 244,057 $ 250,715 $ 2,225,574Net Operating Income $26.24 $1,156,830 $1,180,122 $1,193,884 $1,211,500 $1,216,870 $1,187,192 $1,248,109 $1,270,061 $1,295,719 $1,313,111 $13,847,516

Capital Costs

Tenant Improvements $ 0.61 $ 26,920 $ 39,913 $ 12,614 $ 43,960 $ 33,921 $ 135,425 $ 76,709 $ 16,451 $ 131,990 $ 20,022 $ 616,603

Leasing Commissions $ 0.00 $ 0 $ 0 $ 0 $ 0 $ 13,595 $ 41,890 $ 12,200 $ 6,593 $ 7,100 $ 8,024 $ 111,761

Total Capital Costs $ 0.61 $ 26,920 $ 39,913 $ 12,614 $ 43,960 $ 47,516 $ 177,315 $ 88,909 $ 23,044 $ 139,090 $ 28,046 $ 728,364

Cash Flow Before Debt Service $25.63 $1,129,910 $1,140,209 $1,181,270 $1,167,540 $1,169,354 $1,009,877 $1,159,200 $1,247,017 $1,156,629 $1,285,065 $13,119,152

Debt Service

Total Interest $12.70 $ 559,819 $ 550,532 $540,817 $ 530,656 $ 520,028 $ 508,912 $ 497,286 $ 485,126 $ 472,405 $ 459,103 $ 5,124,684

Total Principal $ 4.59 $ 202,175 $ 211,463 $221,177 $ 231,338 $ 241,967 $ 253,082 $ 264,709 $ 276,868 $ 289,589 $ 302,892 $ 2,495,260

Total Financing $17.28 $ 761,994 $ 761,995 $761,994 $ 761,994 $ 761,995 $ 761,994 $ 761,995 $ 761,994 $ 761,994 $ 761,995 $ 7,619,944Operating Cash Flow $ 8.35 $ 367,917 $ 378,214 $419,275 $ 405,544 $ 407,359 $ 247,882 $ 397,207 $ 485,021 $ 394,636 -$9,514,011 -$ 4,795,006

CASH FLOW PROJECTION

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SOURCES, USES, AND RETURNS

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028 Aug-2029 Aug-2030 Total

Sources Of Capital

Net Operating Gains $ 1,156,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $ 1,313,111 $12,273,397

Debt Funding Proceeds $12,532,341 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $12,532,341

Initial Equity Contribution $ 6,967,659 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 6,967,659

Net Proceeds From Sale $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $20,261,319 $20,261,319

Defined Sources Of Capital $20,656,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $21,574,431 $52,034,716

Required Equity Contributions $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

Total Sources Of Capital $20,656,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $21,574,431 $52,034,716

Uses Of Capital

Total Property Purchase Price $19,500,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $19,500,000

Total Debt Service $ 761,994 $ 761,995 $ 761,994 $ 761,994 $ 761,995 $ 761,994 $ 761,995 $ 761,994 $761,994 $ 761,995 $ 7,619,944

Tenant Improvements $ 26,920 $ 39,913 $ 12,614 $ 43,960 $ 33,921 $ 135,425 $ 76,709 $ 16,451 $131,990 $ 20,022 $ 537,925

Leasing Commissions $ 0 $ 0 $ 0 $ 0 $ 13,595 $ 41,890 $ 12,200 $ 6,593 $7,100 $ 8,024 $ 89,402

Debt Retirement $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $10,037,081 $10,037,081

Defined Uses Of Capital $20,288,914 $ 801,908 $ 774,608 $ 805,954 $ 809,511 $ 939,309 $ 850,903 $ 785,038 $901,083 $10,827,122 $37,784,351

Cash Flow Distributions $ 367,917 $ 378,214 $ 419,275 $ 405,544 $ 407,359 $ 247,882 $ 397,207 $ 485,021 $394,636 $10,747,309 $14,250,365

Total Uses Of Capital $20,656,831 $1,180,122 $1,193,884 $1,211,498 $1,216,870 $1,187,191 $1,248,110 $1,270,060 $1,295,719 $21,574,431 $52,034,716

Unleveraged Cash on Cash Return

Cash to Purchase Price 5.92% 6.03% 6.10% 6.17% 6.19% 5.98% 6.26% 6.36% 6.45% 6.52% 60.98%

NOI to Book Value 5.79% 5.85% 6.06% 5.99% 6.00% 5.18% 5.94% 6.39% 5.93% 6.59% 59.72%

Leveraged Cash on Cash Return

Cash to Initial Equity 5.28% 5.43% 6.02% 5.82% 5.85% 3.56% 5.70% 6.96% 5.66% 7.51% 57.78%

Unleveraged Annual IRR 6.24%

Leveraged Annual IRR 8.79%

Calculated Yields

Income Yield 6.97% 7.01% 7.00% 7.00% 6.93% 6.62% 6.81% 6.82% 6.83%

Capital Yield 1.30% 1.26% 1.28% 1.27% 1.34% 1.60% 1.44% 1.45% 1.41%

Total Yield 8.27% 8.27% 8.28% 8.27% 8.27% 8.23% 8.25% 8.27% 8.24%

IRR-5 Year Hold 7.84% 8.29% 8.27% 8.36% 8.23% 8.00% 7.18% 7.90% 7.87% 7.86%

IRR-10 Year Hold 8.00% 7.65% 7.96% 7.94% 7.94% 7.88% 7.34% 7.79% 7.65% 7.54%

IRR Business Plan Hold 8.00% 7.65% 7.96% 7.94% 7.94% 7.88% 7.34% 7.79% 7.65% 7.54%

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RENT ROLL

Tenant Name Rate Per Year RenewalSuite Number Lease Period Amount Per Year Recovery AssumptionLease Dates Initial Area Lease Status Rate Per Month Rent Rent Rent Structure Name Market - %Lease Term Building Market Leasing Amount Per Month Changes On Changes To Changes To Type ReabsorbTenure Share % Lease Type Rental Value Per Year Date $/SF-Annual $/SF-Monthly Input Amount Option

1. Wine and Spirits Store 2,435 Base $ 19.80 Dec-2020 $20.40 $1.70 Net OptionSuite: 100 5.52% Contract $48,213.0012/1/2011 - 11/30/2021 General Vacancy - $ 1.6510 Years Retail $ 4,018.00

$58,440.00 * Wine and Spirits Store (Option 2) - Tenant has Two (2) 5 year Options at 100.0% of Fair Market Value.

4. Bruno's Taco Bar, LLC 2,266 Base $ 23.40 Mar-2021 $24.60 $2.05 Net OptionSuite: 105 5.14% Contract $53,024.00 Mar-2022 $25.80 $2.152/27/2017 - 7/26/2022 General Vacancy + $ 1.955 Years 5 Months Retail $ 4,419.00

$54,384.00 * Bruno’s Taco Bar, LLC (Option 1) - Tenant has One (1) 5 year Option at 100.0% of Fair Market Value.

6. Pizza Hut 1,440 Base $ 22.20 Net OptionSuite: 110 3.27% Contract $31,968.0010/24/2016 - 10/23/2021 General Vacancy - $ 1.855 Years Retail $ 2,664.00

$34,560.00 * Pizza Hut (Option 3) - Tenant has Three (3) 5 year Options in which, they continue prior escalations.

10. D's Smoke Shop & Gifts 1,303 Base $ 23.40 Jul-2020 $24.00 $2.00 Net OptionSuite: 115 2.96% Contract $30,490.00 Jul-2021 $24.60 $2.057/29/2019 - 7/28/2024 General Vacancy + $ 1.95 Jul-2022 $25.20 $2.105 Years Retail $ 2,541.00 Jul-2023 $25.80 $2.15

$31,272.00 * D’s Smoke Shop & Gifts (Option 2) - Tenant has Two (2) 5 year Options in which, they continue prior escalations.

13. In Da Cut 1,315 Base $ 21.63 Apr-2021 $22.28 $1.86 Net Market - 75.00%Suite: 120 2.98% Contract $28,443.00 Apr-2022 $22.95 $1.9110/1/2014 - 3/31/2025 General Vacancy - $ 1.80 Apr-2023 $23.64 $1.9710 Years 6 Months Retail $ 2,370.00 Apr-2024 $24.34 $2.03

$31,560.00

14. Vacancy 2,500 Base $ 22.80 Oct-2021 $23.48 $1.96 Net Market - 75.00%Suite: 125A 5.67% Speculative $57,000.00 Oct-2022 $24.19 $2.0210/1/2020 - 11/30/2025 Vacancy (Grey Shell Aggregate Flooring) $ 1.90 Oct-2023 $24.91 $2.085 Years 2 Months Retail $ 4,750.00 Oct-2024 $25.66 $2.14

$57,000.00 Oct-2025 $26.43 $2.20 * Vacant suite has grey shell build out and aggregate floor. The Vacant space is assumed leased as of the analysis start date at 100% FMR.

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RENT ROLL - CONT’DTenant Name Rate Per Year RenewalSuite Number Lease Period Amount Per Year Recovery AssumptionLease Dates Initial Area Lease Status Rate Per Month Rent Rent Rent Structure Name Market - %Lease Term Building Market Leasing Amount Per Month Changes On Changes To Changes To Type ReabsorbTenure Share % Lease Type Rental Value Per Year Date $/SF-Annual $/SF-Monthly Input Amount Option

15. Dogtopia 6,241 Base $ 16.80 Aug-2020 $17.28 $1.44 Dogtopia OptionSuite: 130 14.16% Contract $104,849.00 Aug-2021 $17.76 $1.488/1/2019 - 7/31/2029 Vacancy 3k SF - $ 1.40 Aug-2022 $18.24 $1.5210 Years Retail $ 8,737.00 Aug-2023 $18.84 $1.57

$116,083.00 Aug-2024 $19.44 $1.62 * Dogtopia (Option 2) - Tenant has Two (2) 5 year Options in which, they continue prior escalations. Tenant’s lease excludes management or administrative fees exceeding five percent (5%) of the total CAM.

Aug-2025 $20.04 $1.67Aug-2026 $20.64 $1.72Aug-2027 $21.24 $1.77Aug-2028 $21.84 $1.82

18. Dental Support Services, LLC 1,189 Base $ 19.20 Jan-2019 $19.80 $1.65 Net Option

Suite: 150 2.70% Contract $ 22,829.00 Jan-2020 $20.40 $1.701/1/2018 - 3/31/2023 General Vacancy - $ 1.60 Jan-2021 $21.00 $1.755 Years 3 Months Retail $ 1,902.00 Jan-2022 $21.60 $1.80

$ 28,536.00 * Dental Support Services, LLC (Option 1) - Tenant has One (1) 5 year Option in which, they continue prior escalations.

20. Bob Allen Golf 3,803 Base $ 18.60 Net OptionSuite: 155-165 8.63% Contract $ 70,736.003/1/2018 - 2/28/2021 Vacancy 3k SF - $ 1.553 Years Retail $ 5,895.00

$ 70,736.00

22. Care N Home Medical Supplies, Inc. 2,692 Base $ 20.16 Net Option

Suite: 170-175 6.11% Contract $ 54,271.004/1/2014 - 6/30/2021 General Vacancy - $ 1.687 Years 3 Months Retail $ 4,523.00

$ 64,608.00

24. DT Nails 1,364 Base $ 21.00 Jan-2020 $21.63 $1.80 Net Market - 75.00%Suite: 180 3.09% Contract $ 28,644.00 Jan-2021 $22.28 $1.867/1/2013 - 12/31/2024 General Vacancy - $ 1.75 Jan-2022 $22.95 $1.9111 Years 6 Months Retail $ 2,387.00 Jan-2023 $23.64 $1.97

$ 32,736.00 Jan-2024 $24.34 $2.03

25. Mailbox USA 1,243 Base $ 20.40 May-2021 $21.00 $1.75 Net OptionSuite: 185 2.82% Contract $ 25,357.00 May-2022 $21.60 $1.804/16/2019 - 4/30/2024 General Vacancy - $ 1.70 May-2023 $22.20 $1.855 Years 15 Days Retail $ 2,113.00

$ 29,832.00

27. Dr. Licata DDS 1,477 Base $ 20.40 Nov-2020 $21.00 $1.75 Net OptionSuite: 190 3.35% Contract $ 30,131.00 Nov-2021 $21.60 $1.8011/1/2013 - 2/29/2024 General Vacancy - $ 1.70 Nov-2022 $22.20 $1.8510 Years 4 Months Retail $ 2,511.00

$ 35,448.00

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RENT ROLL - CONT’DTenant Name Rate Per Year RenewalSuite Number Lease Period Amount Per Year Recovery AssumptionLease Dates Initial Area Lease Status Rate Per Month Rent Rent Rent Structure Name Market - %Lease Term Building Market Leasing Amount Per Month Changes On Changes To Changes To Type ReabsorbTenure Share % Lease Type Rental Value Per Year Date $/SF-Annual $/SF-Monthly Input Amount Option

30. Walgreen Co. 14,820 Base $ 40.49 Net of R&M - Walgreen's Market - 100.00%Suite: PAD 33.61% Contract $600,000.009/19/2007 - 9/18/2082 General Vacancy + $ 3.37

* Tenant shall have the right and option, at Tenant’s election, to terminate this Lease effective as of the last day of the 300th full calendar month of the Term - 9/18/2032

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Tenants SuiteLease Period

ExpirationDate

RemainingTerm

ExpiringArea

BuildingShare %

BaseRent

BaseRent/SF

MarketRent/SF

Rent vs.Market Rent

FY 2021 Expirations 20. Bob Allen Golf 155-165 Base 2/28/2021 0 years 4 months 29 days 3,803 8.63% $ 70,736 $18.60 $18.60 100.00% 22. Care N Home Medical Supplies, Inc. 170-175 Base 6/30/2021 0 years 8 months 28 days 2,692 6.11% $ 54,271 $20.16 $24.00 84.00% Total FY 2021 Expirations 6,495 14.73% $125,007 $19.25 $20.84 92.36%

FY 2022 Expirations 1. Wine and Spirits Store 100 Base 11/30/2021 1 years 1 months 28 days 2,435 5.52% $ 49,674 $20.40 $24.00 85.00% 4. Bruno's Taco Bar, LLC 105 Base 7/26/2022 1 years 9 months 24 days 2,266 5.14% $ 56,840 $25.08 $24.00 104.52% 6. Pizza Hut 110 Base 10/23/2021 1 years 0 months 21 days 1,440 3.27% $ 31,968 $22.20 $24.00 92.50% Total FY 2022 Expirations 6,141 13.93% $138,482 $22.55 $24.00 93.96%

FY 2023 Expirations 18. Dental Support Services, LLC 150 Base 3/31/2023 2 years 5 months 29 days 1,189 2.70% $ 25,682 $21.60 $24.00 90.00% Total FY 2023 Expirations 1,189 2.70% $ 25,682 $21.60 $24.00 90.00%

FY 2024 Expirations 10. D's Smoke Shop & Gifts 115 Base 7/28/2024 3 years 9 months 27 days 1,303 2.96% $ 33,617 $25.80 $24.72 104.37% 25. Mailbox USA 185 Base 4/30/2024 3 years 6 months 30 days 1,243 2.82% $ 27,595 $22.20 $24.72 89.81% 27. Dr. Licata DDS 190 Base 2/29/2024 3 years 4 months 30 days 1,477 3.35% $ 32,789 $22.20 $24.72 89.81% Total FY 2024 Expirations 4,023 9.12% $ 94,001 $23.37 $24.72 94.52%

FY 2025 Expirations 13. In Da Cut 120 Base 3/31/2025 4 years 5 months 29 days 1,315 2.98% $ 32,013 $24.34 $25.46 95.61% 24. DT Nails 180 Base 12/31/2024 4 years 2 months 31 days 1,364 3.09% $ 28,644 $21.00 $25.46 82.48% Total FY 2025 Expirations 2,679 6.08% $ 60,657 $22.64 $25.46 88.93%

FY 2026 Expirations 14. Vacancy 125A Base 11/30/2025 5 years 1 months 28 days 2,500 5.67% $ 57,000 $22.80 $24.91 91.51% Total FY 2026 Expirations 2,500 5.67% $ 57,000 $22.80 $24.91 91.51%

FY 2029 Expirations 15. Dogtopia 130 Base 7/31/2029 8 years 9 months 29 days 6,241 14.16% $136,303 $21.84 $22.21 98.34% Total FY 2029 Expirations 6,241 14.16% $136,303 $21.84 $22.21 98.34%

Final Totals 29,268 66.39% $637,133 $21.77 $23.23 93.72%

LEASE EXPIRATION SCHEDULE & MARKET RENT COMPARISON

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Cash Flow Start Date 10/1/2020

2020 Market Rent

General Vacancy + $2.00 PSF per month, Net

Vacancy 3k SF - $1.55 PSF per month, Net

Vacancy (Grey Shell Aggregate Flooring) $1.90 PSF per month, Net

Vacancy 3k SF + $1.55 PSF per month, Net

General Vacancy - $1.55 PSF per month, Net

Market Rent Growth Rate 3.00%

Lease Term

General Vacancy + 5/2 Years / Months

Vacancy 3k SF - 5/2 Years / Months

Vacancy (Grey Shell Aggregate Flooring) 5/2 Years / Months

Vacancy 3k SF + 5/2 Years / Months

General Vacancy - 5/2 Years / Months

Rent Increases During Term 3.00% per year

Reimburseable Expenses •Expense Reimbursement Revenue

Renewal Probability

General Vacancy + 75.00%

Vacancy 3k SF - 75.00%

Vacancy (Grey Shell Aggregate Flooring) 75.00%

Vacancy 3k SF + 75.00%

General Vacancy - 75.00%

CASH FLOW ASSUMPTIONS

Downtime

General Vacancy + 6 Months

Vacancy 3k SF - 12 Months

Vacancy (Grey Shell Aggregate Flooring) 6 Months

Vacancy 3k SF + 12 Months

General Vacancy - 6 Months

Rent Abatement

General Vacancy + 3 Months New & 2 Month Renew

Vacancy 3k SF - 3 Months New & 2 Month Renew

Vacancy (Grey Shell Aggregate Flooring) 3 Months New & 2 Month Renew

Vacancy 3k SF + 3 Months New & 2 Month Renew

General Vacancy - 3 Months New & 2 Month Renew

Tenant Improvements

General Vacancy + $15.00 PSF New $10.00 PSF Renew

Vacancy 3k SF - $15.00 PSF New $10.00 PSF Renew

Vacancy (Grey Shell Aggregate Flooring) $40.00 PSF New $10.00 PSF Renew

Vacancy 3k SF + $15.00 PSF New $10.00 PSF Renew

General Vacancy - $15.00 PSF New $10.00 PSF Renew

Leasing Commissions

6.00% New

3.00% Renewal

Expense Inflation Rate 3.00% Annually

Real Estate Tax Growth Rate 3.00% Annually

General Vacancy 5.00% of Potential Gross Revenue

Expense Reimbursement Revenue All of tenants are NNN leased and pay their pro-rata share of operating expenses. There is minor leakage as Wal-green’s lease provides an exclusion on the repair and maintenance related CAM expenses and Dogtopia provides an exclusion on management fees. Dogtopia’s lease does however allow for a 5% admin fee on CAM costs. Between these two tenants, the annual leakage is roughly $5,500.

REVENUE LINE ITEM ASSUMPTIONS

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OPERATING EXPENSE BREAKDOWN

Expense Projected Year 1 PSF Projected Year 1 Projected Year 2

Real Estate Taxes $1.09 $ 48,020 $ 49,460

Property Insurance $0.55 $ 24,312 $ 25,041

Utilities $1.15 $ 50,659 $ 52,179

Waste Removal $0.19 $ 8,589 $ 8,847

Repairs and Maintenance $0.06 $ 2,863 $ 2,949

Contract Services $0.49 $ 21,753 $ 22,405

Management Fees $0.92 $ 40,609 $ 41,474

Total Expenses $4.46 $196,805 $202,355

REAL ESTATE TAXESReal estate taxes are based on the 2020 budget which reflects a 5.5% increase from the prior year.

UTILITIESUtilities include electric, water, sewer and gas.

REPAIRS AND MAINTENANCETenants are responsible for the costs of landscaping, window clean-ing costs; labor costs; costs and expenses of managing the Building including management fees; air conditioning maintenance costs; elevator maintenance fees and supplies; material costs; equipment costs including the cost of maintenance, repair and service agree-ments and rental and leasing costs; advertising costs; purchase costs of equipment; current rental and leasing costs of items which would be capital items if purchased; tool costs; licenses, permits and inspection fees; wages and salaries; employee benefits and payroll taxes; accounting and legal fees; any sales, use or service taxes in-curred in connection therewith.

MANAGEMENT FEESManagement Fee is calculated at 3.0% of Effective Gross Revenue.

PROPERTY INSURANCE Insurance includes general property and liability insurance costs. Walgreen’s has their own insurance and does not contribute in the reimbursement of this fee to landlord. Buyer’s should make their own assumptions regarding the costs to insure the project. WASTE REMOVAL

Tenants are responsible for the Common Areas, including parking and landscaping, window cleaning costs; labor costs; air condition-ing maintenance costs; elevator maintenance fees and supplies; material costs; equipment costs including the cost of maintenance, repair and service agreements and rental and leasing costs; adver-tising costs; purchase costs of equipment; current rental and leasing costs of items which would be capital items if purchased; tool costs; licenses, permits and inspection fees; wages and salaries; employee benefits and payroll taxes; accounting and legal fees; any sales, use or service taxes incurred in connection therewith. CONTRACT SERVICES Contract Services includes day porter service, cleaning service, power washing, waste removal, fire/life/safety and landscape. Wal-green’s does not participate in landscape or parking related CAMs.

HUNTER BRADSHAWAssociate +1 702 688 6874 [email protected]. #S.187196

MARLENE M. FUJITA, CCIM Executive Director +1 702 688 6884 [email protected]. #S.54013

INVESTMENT CONTACTS

CHARLES M. MOORE, CSM Executive Director+1 702 688 6953 [email protected]. #BS.36559

MARKET LEASING CONTACTS

DAN HUBBARDSenior Director +1 702 688 6934 [email protected]. #S.13713.LLC

6725 Via Austi Parkway, Ste 275 Las Vegas, NV 89119cushmanwakefield.com

LAS VEGAS, NV 89148

6415-6485 SOUTH FORT APACHE ROAD

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in 6415-6485 South Fort Apache Rd., Las Vegas, Nevada 89148 (the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of its exclusive broker, Cushman & Wakefield. This Memorandum was prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It contains select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for any commission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separate agreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.

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