Gaslight Center - Harlingen, TX by STRIVE

GASLIGHT CENTER HARLINGEN, TX

P R I C I N G & F I N A N C I A L A N A LY S I S

GASLIGHT CENTER - HARLINGEN, TX

Gaslight Center 2422 E Tyler Ave Harlingen, TX 78550

OFFERING SUMMARY Price Cap Rate Net Operating Income Price PSF Occupancy Year Built Gross Leasable Area Lot Size

$1,925,000 7.75% $149,261 $123.52 100.00% 2005 15,584 SF 1.5 Acres

F I N A N C I A L A N A LY S I S

P R I C I N G & F I N A N C I A L A N A LY S I S

PROJECTED INCOME & EXPENSES

GASLIGHT CENTER - HARLINGEN, TX

CURRENT

PSF

$226,422

$14.53

$226,422

$14.53

Real Estate Taxes

Insurance

CAM

Mgmt. Fee

GROSS POTENTIAL INCOME

$226,422

$14.53

EFFECTIVE GROSS REVENUE

$226,422

$14.53

($27,491.25)

($1.76)

($8,900)

($0.57)

($35,718.82)

($2.29)

($5,050)

($0.32)

Total Recoverable Expenses

($77,160)

($4.95)

Net Operating Income

$149,261

$9.58

Base Rent - Occupied Space

100%

GROSS POTENTIAL RENT Expense Reimbursements

Operating Expenses Real Estate Taxes Insurance CAM Mgmt. Fee

2.23%

For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com

• Property is subject to Right of First Refusal. Party shall have twenty-one (21) days to exercise following receipt of notice

F I N A N C I A L A N A LY S I S

RENT ROLL

Suite

GASLIGHT CENTER - HARLINGEN, TX

Tenant

SQ FT

% of SQFT

Start

End

Annual Rent

PSF

Escalation Date

Escalation Amount

Options

Lease Type

American Home Patient

1980

12.71%

4/1/2006

MTM

$21,960

$11.09

Gross

Texas HCS

5255

33.72%

3/1/2012

4/30/2025

$68,208

$12.98

Gross

Easter Seals

3510

22.52%

8/1/2007

7/31/2022

$52,650

$15.00

Gross

Jose Galvan

989

6.35%

7/19/2016

12/31/2021

$10,200

$10.31

Gross

GSA - SBA Office

3850

24.70%

9/6/2012

9/4/2022

$73,404

$19.07

Gross

15,584

100.00%

$226,422

$14.53

Total

$226,422

F I N A N C I A L A N A LY S I S

SITE PLAN

American Home Patient

1,980

Texas HCS

5,255

Easter Seals

3,510

Jose Galvan

989

GSA - SBA Office

Jose Galvan

GSA - SBA Office

Easter Seals

SQ FT

E AV

Texas HCS

Suite Tenant

American Home Patient

R Y LE

Access Easement

GASLIGHT CENTER - HARLINGEN, TX

3,850

PROPERTY DESCRIPTION

T E N A N T I N F O R M AT I O N

GASLIGHT CENTER - HARLINGEN, TX

Tenant

Easterseals

Locations

75+ Locations

Public/Private

Private

Line of Business

Easterseals is an American 501(c)3 nonprofit providing disability services, with additional support areas serving veterans and military families, seniors and caregivers. Services and programs are tailored based on the needs of the individual and the local community. Easterseals has a network of 75 locations across the nation. Services assist people with physical disabilities, mental disabilities, and special needs. Parents can find support for a child who has a diagnosis at birth and there are services for people who have a disability due to disease, injury, or aging.

Tenant

American Homepatient

Locations

1,000+ Locations

Public/Private

Private

Line of Business

Founded in 1983, American HomePatient is one of the nation’s top 5 largest diversified home healthcare providers, supplying home medical products and services to over one million patients with over 250 locations across the United States. It is our mission to provide quality, personal care to patients who deserve nothing less.

Tenant

Texas HCS

Locations

460+ Locations

Public/Private

Private

Line of Business

Texas HCS is a home and community-based program that provides services to individuals with intellectual and developmental disabilities in a 3 to 4 person residential, natural home setting.

Tenant

GSA - SBA Office

Public/Private

Private

Line of Business

The Lower Rio Grande Valley District Office in Harlingen, Texas is committed to fostering economic growth by providing assistance to the small businesses that are located in its area of operation. We are determined to reach out to small businesses in unprecedented ways, to listen to their needs and to focus on customer outreach and quality management.

PROPERTY DESCRIPTION

INVESTMENT HIGHLIGHTS

GASLIGHT CENTER - HARLINGEN, TX

• Complimentary, Internet Resistant Tenant Lineup: Tenants include a strong mix of health care service providers, a nonprofit, a governmental office, as well as personal office space. • E xcellent Location: Gaslight Center is located less than a mile east of the heavily trafficked Sunshine Strip, the city’s main retail corridor with traffic counts surpassing 20,000 Vehicles Per Day. • Convenient Access: To/From Tyler & Harrison Ave • Heavy Traffic: Tyler Ave reaches over 13,000 Vehicles per Day, while Harrison Ave sees over 15,000 VPD. • S trong Demographics: Currently, the population withing a five-mile radius of the property is 90,952 residents increasing to 150,384 within ten miles. • Diverse Economy: In addition to the booming aerospace and trade sectors, numerous hospitals and higher education institutions drive the local economy. • Proximity to Airport: The property is under 10 minutes away from the Valley International Airport, the largest airport in the Rio Grande Valley with room for future expansion. • S urrounding National Retailers: Include Walgreen’s, Valley Baptist Medical Center, Papa John’s Pizza, Jack In the Box, Whataburger, KFC, 7-Eleven, HEB, O’Reilly Auto Parts, McDonald’s, Planet Fitness, and Many More

PROPERTY DESCRIPTION

AERIAL MAP

GASLIGHT CENTER - HARLINGEN, TX VERNON MIDDLE SCHOOL 13,243 VPD

TYLER AVE

COAKLEY MIDDLE SCHOOL

S 77 SU

VALLEY BAPTIST MEDICAL CENTER

N SH IN E ST R IP

MARKET OVERVIEW

LO C A L M A P

GASLIGHT CENTER - HARLINGEN, TX

MARKET OVERVIEW

REGIONAL MAP

GASLIGHT CENTER - HARLINGEN, TX

MARKET OVERVIEW

MARKET SUMMARY

GASLIGHT CENTER - HARLINGEN, TX

Harlingen/Cameron County

OVERVIEW Harlingen is often called the “Capital of the Rio Grande Valley”, due to its strategic mid valley location. It is located in Cameron County, about 30 miles west from the coast of the Gulf of Mexico. Founded in 1910, the City was named after a city, Harlingen, in the Netherlands. This was due to the City’s proximity to the river and envisioned the development of future canals like the Dutch city. Today Harlingen covers more than 40 square miles and is the second-largest city in Cameron County, as well as the fourth-largest in the Rio Grande Valley region. As of the 2010 census, the City had a population of 64,849, for a growth rate of 12.5% since the 2000 census. Harlingen’s strategic location at the intersection of Interstates 69 and 2 fosters its development as a significant distribution, shipping, and industrial center. I-69 in particular, is a major north-south route connecting the Valley to the large urban centers of northern Texas and beyond to the US Midwest. This important link has

been further enhanced by the USMCA (NAFTA) trade agreement. Harlingen is part of the Brownsville-Harlingen metropolitan statistical area which itself is part of the Greater Rio Grande Valley urban complex, stretching more than 80 miles along the Rio Grande River from its confluence with the Gulf of Mexico. The combined population of the entire region is over well over 1 million people. Given the Valley’s strategic location on the border; transportation and distribution are important economic drivers. Also important is the huge agricultural industry that thrives along the River and the canals branching off it. Recently, high tech has become an important component of the Valley’s economy. Windmills producing clean, renewable energy now dot the landscape. The aerospace industry has also come to the Valley with the opening of the SpaceX/Boca Chica spaceport in Brownsville.

MARKET OVERVIEW

D E M O G R A P H I C S TAT I S T I C S

GASLIGHT CENTER - HARLINGEN, TX

1 Mile

3 Mile

5 Mile

Population

1 Mile

3 Mile

5 Mile

Households:

2020 Population

11,739

53,580

90,817

2020 Households

4,191

17,517

29,217

2025 Population Projection

11,842

53,249

90,769

2025 Household Projection

4,229

17,400

29,195

Median Age

32.6

33.9

Annual Growth 2010-2020

0.70%

0.40%

0.60%

Bachelor's Degree or Higher

19%

15%

14%

Annual Growth 2020-2025

0.20%

-0.10%

0.00%

Owner Occupied

1,897

9,477

18,597

Renter Occupied

2,332

7,923

10,598

2.8

3.1

$99.6M

$433.8M

$741.3M

Avg Household Income

$57,507

$57,012

$55,956

Median Household Income

$41,363

$39,157

$40,018

< $25,000

1212

5,779

9,519

$25,000 - 50,000

1294

4,647

7,877

U.S. Armed Forces

Population by Race White

11,098

51,029

87,157

Avg Household Size

Black

231

804

1,099

Avg Household Vehicles

American Indian/Alaskan Native

465

729

200

812

1,108

Hawaiian & Pacific Islander

Two or More Races

403

638

9,319

45,745

77,796

Asian

Hispanic Origin

Total Consumer Spending

Income

$90,123

$81,742

$77,245

$50,000 - 75,000

647

2,617

4,632

1980

1978

1980

$75,000 - 100,000

439

1,756

2,874

$100,000 - 125,000

207

1,205

1,934

$125,000 - 150,000

202

590

984

$150,000 - 200,000

497

790

$200,000+

112

426

606

MARKET OVERVIEW

CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.

Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.

Information About Brokerage Services

Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.

Regulated by the Texas Real Estate Commission

Information available at www.trec.texas.gov IABS 1-0

exclusively listed 469.844.8880 STRIVERE.COM