REPRESENTATIVE PHOTO
Exclusive OFFERING | $1,069,000 - 6.50% CAP
Speedy Cash
1521 North 10th Street, McAllen, Tx
214.915.8890
JOE CAPUTO
joe@exp1031.com
BOB MOORHEAD
bob@exp1031.com
RUSSELL SMITH
russell@exp1031.com
property. 1,389+ SF building on 0.49+ acre site
tenant. Lessee: Speedy Cash | 230+ locations in the US and UK.
lease structure. 10-year corporate absolute NNN lease with (2) 5-year options and 10% rent increase every 5-years during base term and option period.
location. Speedy Cash is located at the highly travelled intersection of North 10th Street (39,450 Cars / Day) and Pecan Boulevard (23,702 Cars / Day) just north
of downtown McAllen. Nearby retailers include Walmart, Kmart, Barnes & Noble, HEB, Starbucks, Smashburger, Buffalo Wild Wings, Walgreens, Sprouts, and
JPMorgan Chase Bank. Just west of 495 Commerce Center business park; 110-acre mixed use development with the only class A office space in Texas south of
San Antonio. 1.7-miles west of South Texas College (31,000 students) main campus. The site is located in the Texas Rio Grande Valley. This 4-county area has
a population of 1,138,872 which grew by 36.05% over the last 10-years.
Table of contents | Disclaimer
Speedy Cash
1521 North 10th Street, McAllen, Tx
Disclaimer
PAGE 1:
COVER
PAGE 2:
TABLE OF CONTENTS | DISCLAIMER
PAGE 3:
INVESTMENT | TENANT | LEASE OVERVIEW
PAGE 4-5:
AERIAL PHOTOS
PAGE 6:
SITE PLAN
PAGE 7:
SITE RENDERING
PAGE 8:
LOCATION OVERVIEW
PAGE 9-10:
LOCATION MAPS
PAGE 11:
DEMOGRAPHICS
REPRESENTATIVE
SUBJECTPHOTO
PROPERTY
EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located 1521 North 10th Street, McAllen, TX the owner of the Property (“Seller”).
The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent
make no representations or warranties as to the accuracy of the information contained in
this Offering Memorandum. The enclosed materials include highly confidential information
and are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. The enclosed materials are being provided solely to facilitate the
prospective investor’s own due diligence for which it shall be fully and solely responsible.
The material contained herein is based on information and sources deemed to be reliable,
but no representation or warranty, express or implied, is being made by Agent or Seller or
any of their respective representatives, affiliates, officers, employees, shareholders,
partners and directors, as to the accuracy or completeness of the information contained
herein. Summaries contained herein of any legal or other documents are not intended to be
comprehensive statements of the terms of such documents, but rather only outlines of
some of the principal provisions contained therein. Neither the Agent nor the Seller shall
have any liability whatsoever for the accuracy or completeness of the information contained
herein or any other written or oral communication or information transmitted or made
available or any action taken or decision made by the recipient with respect to the Property.
Interested parties are to make their own investigations, projections and conclusions without
reliance upon the material contained herein. Seller reserves the right, at its sole and
absolute discretion, to withdraw the Property from being marketed for sale at any time and
for any reason. Seller and Agent each expressly reserves the right, at their sole and
absolute discretion, to reject any and all expressions of interest or offers regarding the
Property and/or to terminate discussions with any entity at any time, with or without notice.
This offering is made subject to omissions, correction of errors, change of price or other
terms, prior sale or withdrawal from the market without notice. Agent is not authorized to
make any representations or agreements on behalf of Seller. Seller shall have no legal
commitment or obligation to any interested party reviewing the enclosed materials,
performing additional investigation and/or making an offer to purchase the Property unless
and until a binding written agreement for the purchase of the Property has been fully
executed, delivered, and approved by Seller and any conditions to Seller’s obligations
hereunder have been satisfied or waived. By taking possession of and reviewing the
information contained herein, the recipient agrees that (a) the enclosed materials and their
contents are of a highly confidential nature and will be held and treated in the strictest
confidence and shall be returned to Agent or Seller promptly upon request; and (b) the
recipient shall not contact employees or tenants of the Property directly or indirectly
regarding any aspect of the enclosed materials or the Property without the prior written
approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
2
Investment overview
Speedy Cash
1521 North 10th Street, McAllen, Tx
Lease overview
PRICE:
$1,069,000
CAP RATE:
6.50%
Initial Lease Term:
10-Years, Plus 2, 5-Year Options to Renew
Rent Commencement:
July 2014
Lease Expiration:
July 2029
NET OPERATING INCOME:
$69,450
BUILDING AREA:
1,389+ Square Feet
Lease Type:
Absolute NNN
LAND AREA:
0.49+ Acres
Rent Increases:
10% in Lease Year 6 & Escalating Every 5-Yrs.
YEAR BUILT | RENNOVATED:
1999 | 2014
Year 1-5 Annual Rent (Current):
$69,450
LANDLORD RESPONSIBILITY:
None
Year 6-10 Annual Rent:
$76,395
OWNERSHIP:
Fee Simple Interest
Year 11-15 Annual Rent (Option 1):
$84,034
Year 16-20 Annual Rent (Option 2):
$92,437
OCCUPANCY:
100%
Tenant overview
Speedy Cash
SPEEDY CASH | http://www.speedycash.com
Speedy Cash is one of the largest, fastest growing providers of short-term loans and financial services in the United States, Canada, and the United Kingdom. In
1997, the first store opened in Riverside, California. Speedy Cash was founded by three childhood friends from Wichita, Kansas. Thanks to their determination to
be better and strong entrepreneurial spirit (which is very much alive in the company today), Speedy Cash is an American success story. Speedy Cash will grow
well beyond 250 stores in the USA, Canada, and UK. Speedy Cash has distinguished itself from competitors with quality product offerings, genuine Customer
Service, robust operating systems, a state-of-the-art call center, and a track record of new product innovation. Speedy Cash Holds Corp offers a variety of
alternative financial related services and products to their customers’ needs. Services include cash advances, installment loans, vehicle title loans, check cashing,
gold buying, money transfer services, reloadable prepaid debit cards and a number of other ancillary financial products and services. Employees are excited to be
SUBJECTgrown
PROPERTY
a part of the Speedy Cash family, as witnessed by low turnover rates and energized Company culture. The company has consistently
well ahead of other
payday loan lenders and is primed for continued growth and enduring success.
PRIOR TO PANDA EXPRESS EXPANSION
Speedy Cash operates under two principal brands in the U.S. as either “Speedy Cash” or “Rapid Cash”. They operate in the U.K. as “Speedy Cash” and their
principal brand operates in Canada as “Cash Money”. As of December 31, 2011 they operated a total of 102 US retail locations in ten states under Speedy Cash
and Rapid Cash brands. They also have a significant internet presence and offer loans online in 22 states. In May 2011, the company acquired 114 Cash Money
stores to establish a presence in Canada and as of December 2011 operated 120 retail locations in Canada. In 2011 the company began offering loans in the U.K
and continues to expand its presence with the opening of stores in 2012 and 2013.
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AERIAL PHOTO
Speedy Cash
1521 North 10th Street, McAllen, Tx
Milam Elementary School
Seguin Elementary School
McAllen
High School
Jackson Elementary School
Hendricks
Elementary
School
Lincoln
Middle School
Cathey
Middle School
Alvarez
Elementary
School
Novarro
Elementary
School
Memorial
High School
Downtown McAllen
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AERIAL PHOTO
Speedy Cash
1521 North 10th Street, McAllen, Tx
5
SITE PLAN
Speedy Cash
1521 North 10th Street, McAllen, Tx
6
SITE RENDERING
Speedy Cash
1521 North 10th Street, McAllen, Tx
7
Location overview
Speedy Cash
1521 North 10th Street, McAllen, Tx
IMMEDIATE TRADE AREA
Speedy Cash is located at the highly travelled intersection of North 10th Street
(39,450 Cars / Day) and Pecan Boulevard (23,702 Cars / Day) just north of
downtown McAllen. Along with great accessibility and visibility, the site is in a
high volume retail trade area.
These attributes have attracted numerous national credit retailers to the
immediate trade area. Since 10th Avenue serves as a primary thoroughfare to
the north from downtown McAllen, this street has seen the most dense retail
development in the vicinity. The subject property is located 1.5 miles south of
the recently constructed Northcross Shopping Center. This development is
anchored by Barnes & Noble and includes Buffalo Wild Wings, Smashburger,
and Vitamin Shoppe in its tenant mix. The site is also southeast of a Walmart
and Kmart. Other nearby retailers include HEB, Sprouts, a Cinemark movie
theater, Starbucks, Walgreens, Family Dollar, FedEx Office, and JPMorgan
Chase Bank. The recent construction of the mixed use 495 Commerce Center
business park has enhanced the trade area’s status as a major employment
center. 495 Commerce Center is a 110 acre, master planned that contains the
only class A office space in Texas south of San Antonio.
The site benefits further from the growing residential and substantial student
population nearby. The population within a 1 mile radius of the site is projected
to grow by 8.11% over the 5-year period ending in 2018. The main campus of
South Texas College (31,000 students) is located 1.7 miles west of the subject
property. With a staff of 1,600 this institution is the 9th largest employer in
McAllen. Additionally, nine primary and secondary schools with a combined
enrollment of nearly 10,000 are located within a 1.5 miles radius of the subject
property. The population density within a 3-mile radius of the subject property
is 108,395 people.
McALLEN, TX / HIDALGO COUNTY
McAllen is the 20th most populous city in Texas with a population of 134,719
and the largest city in Hidalgo County. The latter half of the 20th century saw
steady growth, which accelerated during the 1980s, leading to an economic
and population boom in the 1990s and 2000s. The North American Free Trade
Association led to a boom in international trade and cross-border commerce
with Mexico. Although McAllen's total population is 20th among Texas cities, it
ranks 12th in overall retail sales and 3rd in the state in total retail sales both per
household and per capita.
Hidalgo County exhibited strong economic growth in the early to late 2000s.
Gross domestic product in Hidalgo County grew at an average annual rate of
8.2% from 2001 through 2008, to $13.8 billion dollars; 1.5 times faster than the
national economy.
Additionally, Hidalgo County has been one of the few areas in the U.S. to have
weathered the recession well. Since the recession began in the fourth quarter
of 2007, through the first quarter of 2010, the Hidalgo County economy was
identified as one of the top 21 strongest performing economies in the U.S.
according to MetroMonitor.
RIO GRANDE VALLEY
The Rio Grande Valley is located in the southernmost tip of Texas and is made
up of 4 counties: Starr County, Hidalgo County, Willacy County, and Cameron
County. This area is anchored by the cities of Brownsville, McAllen, Edinburg,
Pharr and Mission. These 4 counties where these cities area located have a
combined population of 1,138,872 and is growing quickly Hidalgo County,
which encompasses the McAllen-Edinburg-Mission Metropolitan Statistical
Area had a population increase of 36.05% placing it as the 11th fastest
growing Metropolitan Statistical Area from 2000 to 2010 in the United States.
The McAllen-Edinburg-Mission MSA is also part of the transnational
metropolitan area (TMA) of Reynosa–McAllen, known unofficially as “RioPlex”
or “BorderPlex”. The transnational statistical area is represented by 40 of
America’s top 100 retailers.
More than 80 of Fortune 500’s global
manufacturers have operations in the MSA. Included among them are: AT&T,
Bissell, Black & Decker, BMW, Delco, Drexel, Meyer, Eaton, Emerson, GE,
Johnson Controls, Nokia, R.R. Donnelley & Sons, Panasonic, Siemens, Sony,
Symbol, TRW, West Bend and Whirlpool. The TMA is the retail center of South
Texas and Northern Mexico, drawing from a consumer base of over 8.2 million
people.
The Rio Grande Valley and the rest of South Texas are among the most
dynamic regions of Texas. In a recent economic report by the State
Comptroller the economic outlook of the region was rated as excellent with a
job creation expected to outpace that of the rest of the state through 2012.
This sector has become the driving force in the local economy, which has
grown 138% over the last decade to over $3.58 billion and employing 27% of
the local workforce.
MSA / TMA ACCOLADES:
• Fastest Growing Metro Area in the Nation –Fiscal Times, 2012.
• No. 1 Best Housing Market in the Nation –Wall Street Journal, 2012.
• No. 4 Best Mid-Sized Cities for Jobs –Forbes, 2011.
• Top 100 Location for Doing Business –Area Development Magazine, 2011
• One of the Top Ten Best Areas for Recession Recovery -Forbes, 2009.
• One of the Best Places to Launch a Small Business –CNN Money, 2009.
• MSA Ranked 1st in High Technology Sector Growth in 2008.
• MSA has the 3rd Lowest Cost of Living in the US.
• Mexican Nationals Account for 20% to 35% of Border Exported Retail Sales.
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Location map
Speedy Cash
1521 North 10th Street, McAllen, Tx
9
Location map
Speedy Cash
1521 North 10th Street, McAllen, Tx
10
Demographics
Speedy Cash
1521 North 10th Street, McAllen, Tx
Demographic snapshot
Radius
1 Mile
3 Mile
5 Mile
2018 Projection
16,966
116,761
256,010
2013 Estimate
15,694
108,395
236,020
2010 Census
14,868
103,871
221,071
Growth 2013-2018
8.11%
7.72%
8.47%
Growth 2010-2013
5.56%
4.36%
6.76%
2018 Projection
5,710
38,054
79,515
2013 Estimate
5,293
35,388
73,413
2010 Census
5,055
34,136
69,174
Growth 2013 - 2018
7.88%
7.53%
8.31%
Growth 2010 - 2013
1.27%
1.56%
2.96%
Owner Occupied
2,663
19,456
46,986
Renter Occupied
2,630
15,932
26,427
2013 Avg Household Income
$40,106
$52,720
$57,294
2013 Med Household Income
$24,609
$33,216
$38,911
<$25,000
2,677
14,364
25,793
$25,000 - $50,000
1,297
8,660
18,611
$50,000 - $75,000
660
4,692
10,310
$75,000 - $100,000
276
3,026
7,180
$100,000 - $125,000
127
1,782
4,944
$125,000 - $150,000
84
745
2,071
$150,000 - $200,000
97
1,155
2,487
$200,000+
76
965
2,015
Population:
Households:
495 COMMERCE CENTER, McALLEN, TX
2013 Households by Household Inc:
McALLEN-REYNOSA INTERNATIONAL BRIDGE, McALLEN, TX
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