OFFERING MEMORANDUM BRAY COMMERCIAL REAL ESTATE

GERBER COLLISION & GLASS

O F F E R I N G M E M O R A N D U M

BRAY COMMERCIAL REAL ESTATE

1210 DEVEREUX ROAD | GLENWOOD SPRINGS, CO 81601

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GERBER COLLISION & GLASS 1210 DEVEREUX ROAD | GLENWOOD SPRINGS, CO 81601

YEAR MONTHLY RENT

ANNUAL RENT

$/SF

2015 (PRIMARY TERM) $13,161 $157,932 $21.23

2020 (OPTION TERMS) $13,819 $165,828 $22.29

2025 (OPTION TERMS) $14,510 $174,120 $23.40

2030 (OPTION TERMS) $15,236 $182,832 $24.57

2035 (OPTION TERMS) $15,930 191,164 $25.69

NET OPERATING INCOME $169,932

Offering Price:$2,800,000

Cap Rate:6.1%

OFFERING SUMMARY

NET OPERATING INCOME $169,932

PRICE PER SQUARE FOOT $376

YEAR BUILT 1981

GROSS LEASEABLE AREA 7,440 SF

LAND AREA 1.9 ACRES

LEASE TERM 5 YEARS

LEASE COMMENCEMENT SEPTEMBER 22, 2015

LEASE EXPIRATION SEPTEMBER 17, 2020

REMAINING TERMS 2 YEARS

LEASE TYPE TRIPLE NET

ROOF & STRUCTURE LANDLORD

INCREASES 5% EVERY 5 YEARS

OPTIONS FOUR RENEWAL TERMS

OPTIONS TO PURCHASE ROFR

× Attractive 6.1% Cap Rate

× NNN Lease

× Financially-Solid Tenant

× Located in the bustling town of

Glenwood Springs

INVESTMENT HIGHLIGHTS

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TENANT OVERVIEW

For over 75 years, vehicle owners have trusted their automotive collision and auto glass repairs to Gerber Collision & Glass. Quality workmanship backed by our National Lifetime Guarantee and outstanding customer service are just a few reasons why our customers choose to bring their vehicles to Gerber.

Whether you need our collision repair, auto body repair, or auto glass/windshield replacement and repair service, we will ensure that the repair is done right. We are a team that is dedicated and committed to our mission, continuous improvement, and delivering superior value to our customers.Source: GerberCollision.com

× 7,440 SQUARE FOOT INDUSTRIAL STEEL BUILDING ON 1.9 ACRES


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PROPERTY AERIAL


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PROPERTY AERIAL


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SITE PLAN


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PROPERTY AERIAL


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VALUE-ADD

BOAT AND RV STORAGE ADDS VALUE TO THIS ALREADY ATTRACTIVE OFFERING

× ONE ACRE

× COVERED STORAGE

× 32 SPACES

× $18,183 GROSS REVENUE (2017)

× 30% VACANCY RATE

× $12,000 NOI CONTRIBUTION


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GLENWOOD SPRINGS, COLORADO

Located at the confluence of the Colorado and Roaring Fork Rivers, the historic resort town of Glenwood Springs is famous for the Glenwood Hot Springs Pool, Iron Mountain Hot Springs, Glenwood Caverns Adventure Park, Glenwood Canyon, Hanging Lake, Yampah Vapor Caves, and Sunlight Mountain Resort. Rich with history and culture, Glenwood Springs is home to a vibrant dining scene, boutique shopping, scenic golf courses, and an endless list of outdoor fun.

Elevation: 5,746 feet above sea levelPopulation: 9,614Median Age: 36.8 years

• Featured in 8 Invigorating Outdoorsy Towns in Where to Retire, 2017• Featured in 1000 Places to See in the U.S. and Canada Before You Die, 2016, 2011 & 2007

editions• Ranked #5 in 16 Best Places to Live in America, Outside magazine, 2015• Glenwood Caverns Adventure Park ranked in the top 4 for Best Family

Fun, Sunset magazine, 2015• Hanging Lake named in The West’s 9 Most Spectacular Waterfalls, Huffington Post 2015• Ranked #16 in America’s Favorite Towns, Travel + Leisure, 2014

Source: Glenwood Springs Visitor Center


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DEMOGRAPHICS

8.5% 7.4%5.3% 4.2% 3.6% 2.9%

0%

10%

2012 2013 2014 2015 2016 2017

Annual Unemployment Rate

Garfield County, CO

Source: Glenwood Springs Chamber Resort Association by Ribbon Demographics, LLC Source: 2016, DemographicsNow, Gale CENGAGE Learning

$45,645

$55,000

$56,544

1MI

3MI

5MI

Median Household Income

$67,301

$77,165

$80,142

1MI

3MI

5MI

Average Household Income

1,723

4,307

4,714

1MI

3MI

5MI

Number of Households

10,887

19,378

20,015

1MI

3MI

5MI

Daytime Population

Source: 2016, DemographicsNow, Gale CENGAGE Learning



$16,800,000

$17,600,000

2015

2016

Sales Tax Collections

Source: City of Glenwood Springs Finance Dept.


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REAL ESTATE BROKER

BRIAN BRAYCOMMERCIAL BROKER

BRAY COMMERCIAL REAL ESTATE244 N. 7TH STREET

GRAND JUNCTION, CO 81501OFFICE: (970) 263-2946

CELL: (970) 986-0446EMAIL: [email protected]

BRIANBRAYREALESTATE.COM

SALES | LEASING | MANAGEMENT | MARKETING ACQUISITION | DEVELOPMENT | CONSULTING


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BROKERAGE SERVICES

No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s).As applicable, Bray Commercial makes no representation as to the condition of the property (or properties) in question.


OFFERING MEMORANDUM BRAY COMMERCIAL REAL ESTATE

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