Tenant Advance Auto Burger King CVS CVS Advance Au

Credit Rating BBB- 53-unit franchisee BBB+ BBB+ BBB-

Market Milwaukee Houston Dallas Harrisburg ###
State WI TX TX PA FL
Type of Lease NN NNN NNN NN NN
Lease maturity 2023 2022 2020 2030 ###
Lease Increases None 10% every 5 years None None ###
Building Sq. Ft. 7,504 2,696 10,890 11,000 ###
Total Cost $1,896,300 $1,937,250 $3,550,502 $3,395,700 ###
Loan Amount 1,083,600 1,107,000 2,300,000 1,779,000 ###
Interest rate * 6.25% 6.00% 5.36% 5.25%
Amortization * 25 30 30 30
Equity requirement 812,700 830,250 1,250,502 1,616,700 ###
Unleveraged cap rate 7.62% 8.33% 7.19% 7.05% ###
Going-in leveraged yield on equity 7.10% 9.76% 7.96% 7.44% ###
Avg. leveraged yield on equity ** 7.10% 12.27% 7.96% 7.44% ###

* Indicative based on preliminary loan quotes

** Over the contracted lease term. Assumes debt service remains the same throughout lease

This information has been obtained from sources deemed reliable. We make no guarantee
warranty or representation about the accuracy of this information. The investor is
responsible to independently confirm the accuracy or completeness of the information.
This is not an offering. The investor is responsible for its own due diligence and will
cause its legal counsel to review all legal and due diligence information prior to
consideration of entering into a transaction.
 Fully loaded
Corporate/ Lease Building Sq. Fees/closing Interest Amorti New Debt or Equity
Tenant Location State Franchisee Credit Rating Market Type of Lease maturity Lease Increases Ft. NOI Cap Rate Price Price/SF costs Total Cost Cap rate Rate zation LTV Assumed Loan Amount requirement

Advance Auto Freeport FL Corporate BBB- BBBB NN 2023 0 7,000 $ 150,024 8.40% $ 1,786,000 $ 255.14 $ 89,300.00 $ 1,875,300.00 8.00% 6.25% 25 60% New $ 1,071,600 $ 803,700

Advance Auto West Allis WI Corporate BBB- Milwaukee NN 2023 7,504 $ 144,480 8.00% $ 1,806,000 $ 240.67 $ 90,300.00 $ 1,896,300.00 7.62% 6.25% 25 60% New $ 1,083,600 $ 812,700

Arbys Walla Walla WA Franchisee NNN 2029 2,181 $ 67,500 7.50% $ 900,000 $ 412.65 $ 45,000.00 $ 945,000.00 7.14% 6.00% 25 55% New $ 495,000 $ 450,000
5% increase 8/13
AutoZone Wheeling IL IL Corporate BBB NNN 2023 and 8/18 6,786 $ 199,116 7.00% $ 2,844,514 $ 419.17 $ 142,225.71 $ 2,986,740.00 6.67% 6.25% 25 60% New $ 1,706,709 $ 1,280,031
5% increase 3/16
AutoZone Atlanta, GA GA Corporate BBB NN 2026 and 3/21 7,380 $ 120,762 7.75% $ 1,558,219 $ 211.14 $ 77,910.97 $ 1,636,130.32 7.38% 6.25% 25 60% New $ 934,932 $ 701,199

Burger King La Mirada CA Franchisee NNN 2030 10% every 5 years 3,068 $ 120,999 6.01% $ 2,013,295 $ 656.22 $ 100,664.73 $ 2,113,959.23 5.72% 5.50% 30 60% New $ 1,207,977 $ 905,983

Burger King Tracy CA Franchisee NNN 2025 3,221 $ 104,000 6.50% $ 1,600,000 $ 496.74 $ 80,000.00 $ 1,680,000.00 6.19% 5.50% 30 60% New $ 960,000 $ 720,000

Burger King Oakhurst CA Franchisee NNN 2025 3,345 $ 69,977 6.35% $ 1,102,000 $ 329.45 $ 55,100.00 $ 1,157,100.00 6.05% 5.75% 30 65% New $ 716,300 $ 440,800

Burger King Naperville IL Franchisee NNN 2024 1% annually 2,917 $ 120,000 7.25% $ 1,655,172 $ 567.42 $ 82,758.62 $ 1,737,931.03 6.90% 5.75% 30 60% New $ 993,103 $ 744,828
53-unit
Burger King Katy TX Franchisee franchisee Houston NNN 2022 10% every 5 years 2,696 $ 161,438 8.75% $ 1,845,000 $ 684.35 $ 92,250.00 $ 1,937,250.00 8.33% 6.00% 30 60% New $ 1,107,000 $ 830,250

Burger King George West TX Franchisee NNN 2020 + 2,200 $ 115,500 7.50% $ 1,540,000 $ 700.00 $ 77,000.00 $ 1,617,000.00 7.14% 5.75% 30 60% New $ 924,000 $ 693,000

Burger King Crawfordville FL Franchisee NNN 2030 6% every 3 years 3,405 $ 121,563 6.25% $ 1,945,000 $ 571.22 $ 97,250.00 $ 2,042,250.00 5.95% 5.75% 30 60% New $ 1,167,000 $ 875,250

Chase Bank Dania Beach FL Corporate A+ NNN 2033 4,574 $ 180,000 6.00% $ 3,000,000 $ 655.88 $ 150,000.00 $ 3,150,000.00 5.71% 5.75% 9999 55% New $ 1,650,000 $ 1,500,000

CVS Katy TX Corporate BBB+ Dallas NNN 2020 0 10,890 $ 255,298 7.55% $ 3,381,430 $ 310.51 $ 169,071.50 $ 3,550,501.50 7.19% 5.36% 30 0.64 Assumed 2,300,000 $ 1,250,502

CVS New Cumberland PA Corporate BBB+ Harrisburg NN 2030 11,000 $ 239,316 7.40% $ 3,234,000 $ 294.00 $ 161,700.00 $ 3,395,700.00 7.05% 5.25% 30 0.65 New 1779000 $ 1,616,700
80-unit
Dairy Queen Franklin TX TX Franchisee franchisee NNN 2026 10% every 5 years 2,800 $ 66,000 8.00% $ 825,000 $ 294.64 $ 41,250.00 $ 866,250.00 7.62% 6.50% 25 60% New $ 495,000 $ 371,250

Jack in the Box Garland TX Corporate BB- Houston NNN 2023 8% every 5 2,500 $ 60,412 6.75% $ 894,993 $ 358.00 $ 44,749.63 $ 939,742.22 6.43% 5.75% 30 0% New $ - $ 939,742

JPMorgan Chase IL Corporate AA- Chicago NNN Ground 2029 10% every 5 years 3,795 150000 6.30% $ 2,380,952 $ 627.39 $ 119,047.62 $ 2,500,000.00 6.00% 5.75% 9999 55% New $ 1,309,524 $ 1,190,476

#DIV/0!

73-unit
Wendys Houston TX Franchisee franchisee Houston NNN 2028 5% every 5 years 2,510 $ 89,624 7.95% $ 1,127,346 $ 449.14 $ 56,367.30 $ 1,183,713.21 7.57% 6.00% 30 60% New $ 676,408 $ 507,306
24-unit
Wendys Stone Mountain GA Franchisee franchisee Atlanta NNN 2025 1.5% annually 3,123 $ 184,950 9.00% 2,055,000 $ 658.02 $ 82,200.00 $ 2,137,200.00 8.65% 6.50% 25 65% New $ 1,335,750 $ 801,450
BBVA Compass
BanK Phoenix AZ Corporate A NNN 2022 3% annually 4,500 $ 209,017 6.00% 3,483,617 #DIV/0!
10% every 5
Chase Bank Houston TX Corporate A+ NNN Ground 2030 years 4,188 $ 175,000 6.00% 2,916,667 $ 696.43 $ 145,833.33 $ 3,062,500.00 5.71% 5.60% 9999 55% New $ 1,604,167 $ 1,458,333
Assumed
2023
AutoZone Fresno CA Corporate NNN 10% every 5 years 6,786 148,200 6.80% 2,179,412 $ 321.16 108,971 2,288,382 6.48% 5.90% 25 63% (floater) 1,365,000 923,382
Assumed
BK/Chevron Victorville CA Franchisee (snall) NNN 2030 1% 6600 235,125 8.25% 2,850,000 $ 431.82 142,500 2,992,500 7.86% 5.90% 25 17% (floater) $ 495,000 2,497,500
Assumed
Burger King Buffalo NY Corporate NNN ?? ?? 3220 57998 6.55% 885000 $ 274.84 44,250 929,250 6.24% 5.90% 25 60% (floater) $ 531,000 398,250
Assumed
#DIV/0! - - #DIV/0! 5.90% 25 60% (floater) $ - -
Assumed
B of A South Elgin ask 7.5% - - #DIV/0! 5.90% 25 60% (floater) $ - -

M&T Virginia

TD Bank Providence

Chase Bank Broadview Il

 Going in.
pretax cash Avg. pre tax 5-mile avg
Tenant Location State Debt Service yield * cash yield 5-mile pop HH income Contact Available confirmed Comments Debt Source Client Allocation Calls with seller

Advance Auto Freeport FL $ 85,829 7.99% Joe Massa M & M Monash at Slatt

Advance Auto West Allis WI $ 86,791 7.10% 7.10% 430,000 $ 54,000 Jason Ladner M & M Confirmed There are others Monash at Slatt

Arbys Walla Walla WA $ 38,722 6.40% 46,000 $ 53,000 Blatner

GAIA Investments Available MarkOne Debt
Erika Carlson (858) Ask 6.90% (a while
AutoZone Wheeling IL IL $ 136,698 4.88% 488-0591
Lauren Collins Twin back) Monash at Slatt
Rivers Capital 843 722 ask 7.50% (a while
AutoZone Atlanta, GA GA $ 74,883 6.54% 9925 back) Monash at Slatt

Burger King La Mirada CA $ 83,115 4.18% Dense Peter Delfondo Sent email MarkOne Debt

Burger King Tracy CA $ 66,053 5.27% 102,000 $ 100,000 John wertz Sent email MarkOne Debt

Burger King Oakhurst CA $ 50,654 4.38% 11,000 $ 47,000 39 Commercial Called and left message MarkOne Debt

Burger King Naperville IL $ 70,229 6.68% Noble RE MarkOne Debt

Burger King Katy TX $ 80,422 9.76% 12.27% 216,000 $ 53,000 EXP Confirmed, they want ask cap rtae MarkOne Debt

Burger King George West TX $ 65,342 7.24% Texas RE MarkOne Debt

Burger King Crawfordville FL $ 82,526 4.46% 13,000 $ 47,000 Coldwell Banker JH to call MarkOne Debt
Coming soon Kaplan only he didn’t
Chase Bank Dania Beach FL $ 94,875 5.68% Iris Riley (reviewing lease Loan assumption is quote Fla
key, spoke to him
CVS Katy TX $ 155,814 7.96% 7.96% 114,000 $ 180,000 Ron Gellup Available offer by 10/3 Assumed Marden, Laseca

CVS New Cumberland PA $ 119,045 7.44% 7.44% 10,000 $ 59,000 Maffia Coming soon follow up 10/4 MarkOne Debt Marden, Laseca

Dairy Queen Franklin TX TX $ 40,581 6.85% 2,400 $ 45,000 Blatner Yes Guess Altmaier

Jack in the Box Garland TX $ - 6.43% 7.64% Denser Ever Alvarado Yes along with others Debt quote coming Motivated at a 7+, many available in the 41 mil range or portfolio of 6

JPMorgan Chase IL $ 75,298 6.28% 8.40% Called Almassy and left a message

Spoke to him, only

Not the one in smaller deal is
Loopnet (but also available now he will
Wendys Houston TX $ 49,140 7.98% 9.50% 243,000 $ 86,000 Peter Nisbet He sent package avail) Nisbet Hirayama, Altmaier send

Wendys Stone Mountain GA $ 109,507 9.41% 12.00% 162,000 $ 76,000 Don McMinn/Zach TaylConfirmed 9/28 Quote in package
BBVA Compass
BanK Phoenix AZ #NUM! #NUM!

Chase Bank Houston TX $ 89,833 5.84% 162,000 $ 76,000 Sandy Aron He said make an offer!

AutoZone Fresno CA $ 105,767 4.60% 76,000 51,000 Bob Bower Hirayama Debt is available at 60% low to mid 6 30-year

BK/Chevron Victorville CA $ 38,355 7.88% 76,000 51,000 Don Emas Higher yield deal being restructured (14 unit BK, 2 unit Chevron0
Called and left
Burger King Buffalo NY $ 41,145 4.23% 76,000 51,000 Paul Bitonti message Ask is 925000

$ - #DIV/0! 76,000 51,000

B of A South Elgin $ - #DIV/0! 76,000 51,000 Steffan awaiting offer (tie up!)

M&T Virginia under contract 7.375 vs 7.1 broker sending Fresenius

TD Bank Providence called broker

Chase Bank Broadview Il called broker

Tenant Concerns Findings

Advance Auto Freeport FL

Advance Auto West Allis WI

Arbys Walla Walla WA

Investor Name Contact details 1031? Coverage Debt Equity Total Comments Properties Follow up
Joy Hirayama 925-858-5281 Yes JH 810,000 1,492,000 2,302,000 Father has exchange deadline Oct.6 9/28 - JH sent email with 4 deals (Houston Wendys,
925-968-9369 Not picky about properties beyond looking for yield Atlanta Wendys, Atelanto KFC, Fresno Autozone
joy7h@yahoo.com Pref Cali but other states fine Dead, went with Blue Rock DST in KC dad prefers apts.
Joy and husband may have $500k to invest out of IRA
Other alternative Overland KS apt. TIC

Lyn Altmaier 308-440-3233 Yes JH 650k-1,200k Wants west of Missouri, 7% cap+, 20-yr. lease with bumps Dairy Queen 9/21 JH sent Dallas DQ, Houston Wendy's and Fresno LJS
altlyn@hotmail.com No debt, likes DQ/BK Jack in the Box 9/29 JH to follow up
9/30 spoke he wants a fast food concept hates TX, would look at western states. $2 mil BK is crazy

A Reynolds Gordon 203-335-1183 JV 1,400,000 2,000,000 $2,000,000 drug store Advance Auto 9/26 - JV called and discussed
arg@gordonanddenicola.com Send him best two deals Burger King

Bill Marden mardenlawoffice@gmail.com JH 1,500,000 1,500,000 3,000,000 Estate probate attorney, selling gas station JPM Chase 9/28 - Thomas sent him CVS Katy
218-454-0432 Current income, credit quality key CVS Dallas JH to send more 9/29
Close in October Client emailed that deal fell through reexamine 60 days
Liked the Brawley Fresenius

Kai Tran kaitran@yahoo.com JH 500,000 500,000 1,000,000 Likes restaurant and california Jack in the Box Thomas to reconfirm lead
310-347-6816 6-6.75% cap didn't scare him Wendy's Houston

Fred "skip" Nelson fanjr@charter.net JV 1,300,000 Will lever his equity 9/26 - JV and he talked
909-989-1059 Likes MOB 10/3 - 1-pager for Parrumph will tour the market
Send him the OM for Davita, Pahrump

Cal Neland JH Flaky Persian 9/28 - JH talked with JRW and him
Has $300k now, another $700k when his vaca property Hard momney laons for Dave Bell/
in MN sells (questionable) Dead
Wants risk and Cali, will do hard money loans (churn in 3 months)
Investor Name Contact details 1031? Coverage Debt Equity Total Comments Properties Follow up
Monty Montgomery 360-791-1863 JV 650-1200 650-1200k $1.3 to $2.5k 8.5% QSR with term, flexible geographically Wendy's Atlanta
JCV Spoke with 9/26 Wendy's Houston
Represents an exchange buyer BK Dallas
1.5% co-broker Subway
Nels Chicken

Deepak Patel 1 mil 2-3 mil Desired industry Fast Food, Drug Store, Auto/Gas station Retail BK Dallas
geographic any but southest prefered Advance Auto
15 years lease straight with options Wendy's Atlanta
Corporate backed lease/Franchise (with personal gty I think) 
Looking for good credit
Desired Cap Rate 7.5% plus

Andrea John Brochetelli (pronounced Andre) JH He is about to sell a $ 1,300,000 building (I believe he is waiting to see his triple net options to sell)
He wants a fast food restaurant triple net leased property. (Mentioned burger king, Wendy’s, Duncan donuts, McDonalds)
Location of preference would be within 3 hours driving distance of New York City, NY. Connecticut as well.
No management issues or responsibilities.
He is willing to take on debt.
He wants above 6 % cash flow.
He wants a corporate backed lease, but would consider a franchise if the franchise has been in the location for a 20-30 year period and the property has a track record of performance.
He prefers a lease term of at least 10 years.

Harvey Cohen hcohen5150@aol.com JH East coast banks

Fee simple or ground lease ok