OFFERINGMEMORANDUM | Taco John's

| Absolute NNN Lease

| New 2019 Construct ion

2004 N Lebanon StLebanon, IN 46052

*Actual Si te Photo

CONTENTS

EXECUTIVE SUMMARY

3PROPERTY OVERVIEW

4

GEOGRAPHIC OVERVIEW

8TENANT SUMMARY

5

SITE PHOTOS

9DEMOGRAPHICS

10

EXECUTIVE SUMMARY The Offering

Site Description

Investment Description

PROPERTY ADDRESS ASSET CLASS

TENANT

GUARANTOR

BUILDING SIZE

LOT SIZE

PARKNG SPACES

PURCHASE PRICE

NET OPERATING INCOME

CAP RATE

COMMENCEMENT

LEASE END

PRIMARY LEASE

LEASE TYPE

RENT INCREASES

RENEWAL OPTIONS

2004 N Lebanon St, Lebanon, IN 46052

Single-Tenant, Net-Leased Fast Food Resraurant

CDS Strah LLC

Personal Guarantee

1,958 SF

0.67 Acres

38

$1,537,500

$123,559

8.03%

April 1, 2019

March 31, 2039

20 Years

Absolute Net

10% Rent Increase Every 5yrs

Two (2) Five (5) Year Options

$1,537,500PURCHASE

PRICE

$123,559ANNUAL

RENT

8.03%CAPRATE

10%RENT

INCREASEEVERY 5YRS

Marcus and Millichap is pleased to exclusively offer a 1,958-square-foot freestanding TacoJohn's situated directly on SR-39 in Lebanon, Indiana which experiences a traffic volume ofnearly 20,000 vehicles per day. Lebanon is a component of the Indianapolis MSA (Population:875,000) and is situated 25 miles north of Indianapolis. Taco John’s absolute NNN leasefeatures ±19.6 years of primary term remaining and includes a 10% rent escalation every fiveyears and a 20% rent escalation in the second of the two 5-year options.

PROPERTY OVERVIEW

T A C O J O H N ' S2004 N Lebanon St , Lebanon, IN 46052

Absolute NNN Investment Opportuni ty

Taco John's is strategically positioned in the same trade corridor as a 128,000-square-footcounty-owned hospital and many national credit tenants including: 24/7 Walmart Supercenter,Kroger, Walgreens, Dairy Queen, Shell, Dollar Tree, Verizon Wireless, Tractor Supply Co,Papa John's, Pizza Hut, Buffalo Wild Wings, Dollar General, Big O Tires, Aldi Supermarket,Chevrolet Buick GMC, AT&T, Speedway, Advanced Auto Parts, as well as many local retailers.

LOCATION OVERVIEW

HIGHLIGHTS

- Brand New 2019 Construction- Zero Landlord Responsibilities - Inside Indianapolis MSA- Center Point of Robust Trade Corridor- Adjacent to 24/7 Walmart Supercenter

PRICE

NOI

CAP RATE

YEAR BUILT

REMAINING TERM

ESCALATIONS

RENEWALS

LEASE TYPE

LOT SIZE

$1,537,500

$123,559

8.03%

2019

± 19.6 Years

10% Every 5yrs20% at 2nd Option

(2) (5) Year Options

Absolute Net

0.67 Acres

FEATURES

Taco John's is striving to become the fastest-growing Mexicanquick-service restaurant brand in the U.S., capitalizing on the stronggrowth of both the chain and the Mexican QSR category. Taco John's is one of the largest Mexican quick-service restaurantbrands in the United States currently operating and franchising nearly400 quick-service restaurants in 23 states. Privately owned, the business opened its first restaurant in 1969 inCheyenne, Wyoming. In 2017, Taco John's opened 10 new locationsand expanded to Tennessee and Indiana. In 2019, Taco John'sopened new locations in central Kentucky, Georgia, South Carolinaand North Carolina.Taco John's was granted a trademark for theterm "Taco Tuesday" in 1989.

RENT ROLL

CDS Strah LLC is an experienced QSR operator with a strong trackrecord as a successful multi-unit Subway owner. The guarantor hasplans to open 4 additional Taco John's across Indiana.

GUARANTOR

GEOGRAPHIC OVERVIEW

Lebanon, INLebanon, Indiana is known for sense of community.Lebanon has wonderful sense of family and famous for itssmall-town charm. People here care about each other.Whether it’s getting neighbors the services they need,celebrating during one of the city’s quality of life buildingevents, Lebanon feels like home.

Indianapolis’ economy has diversified from manufacturinginto a variety of other industries, including a growing techsector underpinned by Salesforce.com. The metro is oneof the key health-sciences centers in the nation, anchoredby several pharmaceutical and life-sciences companies,including Ely Lilly and Roche Diagnostics. The metro isaccessible to a large portion of the nation in one day byground or air, making the region a burgeoning logisticsand distribution hub. Annual GMP growth rate tops thenational level, a trend that is set to persist next year.

Indianapolis Metropolitan Area

SITE PHOTOS

MARKET OVERVIEW

POPULATION

HOUSEHOLDS

INCOME

RACE AND ETHNICITY

HOUSING

EMPLOYMENT

In 2018, the population in your selected geography is 19,517. Thepopulation has changed by 11.13% since 2000. It is estimated thatthe population in your area will be 20,023.00 five years from now,which represents a change of 2.59% from the current year. Thecurrent population is 48.29% male and 51.71% female. The medianage of the population in your area is 37.72, compare this to theUS average which is 37.95. The population density in your area is248.12 people per square mile.

The current year racial makeup of your selected area is asfollows: 94.98% White, 1.00% Black, 0.02% Native American and0.78% Asian/Pacific Islander. Compare these to US averageswhich are: 70.20% White, 12.89% Black, 0.19% Native Americanand 5.59% Asian/Pacific Islander. People of Hispanic origin arecounted independently of race.

There are currently 8,143 households in your selected geography.The number of households has changed by 16.81% since 2000. Itis estimated that the number of households in your area will be8,443 five years from now, which represents a change of 3.68%from the current year. The average household size in your area is2.33 persons.

The median housing value in your area was $130,792 in 2018,compare this to the US average of $201,842. In 2000, there were4,922 owner occupied housing units in your area and there were2,049 renter occupied housing units in your area. The medianrent at the time was $436.

In 2018, the median household income for your selectedgeography is $52,545, compare this to the US average which iscurrently $58,754. The median household income for your areahas changed by 29.08% since 2000. It is estimated that themedian household income in your area will be $56,868 five yearsfrom now, which represents a change of 8.23% from the currentyear.

In 2018, there are 8,963 employees in your selected area, this isalso known as the daytime population. The 2000 Census revealedthat 50.77% of employees are employed in white-collaroccupations in this geography, and 49.14% are employed in blue-collar occupations. In 2018, unemployment in this area is 4.39%.In 2000, the average time traveled to work was 23.00 minutes.

GEOGRAPHY = 5-MILE RADIUS FROM SUBJECT PROPERTY

CONFIDENTIALITY & DISCLAIMER

NON-ENDORSEMENT NOTICE

THE INFORMATION CONTAINED IN THE FOLLOWING MARKETING BROCHURE IS PROPRIETARY AND STRICTLY CONFIDENTIAL. IT IS INTENDED TO BEREVIEWED ONLY BY THE PARTY RECEIVING IT FROM MARCUS & MILLICHAP AND SHOULD NOT BE MADE AVAILABLE TO ANY OTHER PERSON OR ENTITYWITHOUT THE WRITTEN CONSENT OF MARCUS & MILLICHAP. THIS MARKETING BROCHURE HAS BEEN PREPARED TO PROVIDE SUMMARY, UNVERIFIEDINFORMATION TO PROSPECTIVE PURCHASERS, AND TO ESTABLISH ONLY A PRELIMINARY LEVEL OF INTEREST IN THE SUBJECT PROPERTY. THEINFORMATION CONTAINED HEREIN IS NOT SUBSTITUTE FOR A THOROUGH DUE DILIGENCE INVESTIGATION. MARCUS & MILLICHAP HAS NOT MADE ANYINVESTIGATION, AND MAKES NO WARRANTY OR REPRESENTATION, WITH RESPECT TO THE INCOME OR EXPENSES FOR THE SUBJECT PROPERTY, THEFUTURE PROTECTED FINANCIAL PERFORMANCE OF THE PROPERTY, THE SIZE AND SQUARE FOOTAGE OF THE PROPERTY AND IMPROVEMENTS, THEPRESENCE OR ABSENCE OF CONTAMINATING SUBSTANCES, PCB’S OR ASBESTOS, THE COMPLIANCE WITH STATE AND FEDERAL REGULATIONS, THEPHYSICAL CONDITION OF THE IMPROVEMENTS THEREON, OR THE FINANCIAL CONDITION OR BUSINESS PROSPECTIVES OF ANY TENANT, OR ANY TENANT’SPL ANS OR INTENTIONS TO CONTINUE ITS OCCUPANCY OF THE SUBJECT PROPERTY. THE INFORMATION CONTAINED IN THIS MARKETING BROCHURE HASBEEN OBTAINED FROM SOURCES WE BELIEVE RELIABLE.  BUYER AND BUYER’S TAX, FINANCIAL, LEGAL, AND CONSTRUCTION ADVISORS SHOULD CONDUCT A CAREFUL, INDEPENDENT INVESTIGATION OF ANY NETLEASED PROPERTY TO DETERMINE TO YOUR SATISFACTION WITH THE SUITABILITY OF THE PROPERTY FOR YOUR NEEDS. LIKE ALL REAL ESTATEINVESTMENTS, THIS INVESTMENT CARRIES SIGNIFICANT RISKS.  BUYER AND BUYER’S LEGAL AND FINANCIAL ADVISORS MUST REQUEST AND CAREFULLYREVIEW ALL LEGAL AND FINANCIAL DOCUMENTS RELATED TO THE PROPERTY AND TENANT.  WHILE THE TENANT’S PAST PERFORMANCE AT THIS OROTHER LOCATIONS IS AN IMPORTANT CONSIDERATION, IT IS NOT A GUARANTEE OF FUTURE SUCCESS.  SIMILARLY, THE LEASE RATE FOR SOMEPROPERTIES, INCLUDING NEWLY- CONSTRUCTED FACILITIES OR NEWLY-ACQUIRED LOCATIONS, MAY BE SET BASED ON A TENANT’S PROJECTED SALESWITH LITTLE OR NO RECORD OF ACTUAL PERFORMANCE, OR COMPARABLE RENTS FOR THE AREA.  RETURNS ARE NOT GUARANTEED; THE TENANT ANDANY GUARANTORS MAY FAIL TO PAY THE LEASE RENT OR PROPERTY TAXES, OR MAY FAIL TO COMPLY WITH OTHER MATERIAL TERMS OF THE LEASE; CASHFLOW MAY BE INTERRUPTED IN PART OR IN WHOLE DUE TO MARKET, ECONOMIC, ENVIRONMENTAL OR OTHER CONDITIONS.  REGARDLESS  OF TENANTHISTORY AND LEASE GUARANTEES, BUYER IS RESPONSIBLE FOR CONDUCTING HIS / HER OWN INVESTIGATION OF ALL MATTERS AFFECTING THE INTRINSICVALUE OF THE PROPERTY AND THE VALUE OF ANY LONG-TERM LEASE, INCLUDING THE LIKELIHOOD OF LOCATING A REPLACEMENT TENANT IF THECURRENT TENANT SHOULD DEFAULT OR ABANDON THE PROPERTY, AND THE LEASE TERMS TH AT BUYER MAY BE ABLE TO NEGOTIATE WITH A POTENTIALREPLACEMENT TENANT 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 MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES AND HOLD IT HARMLESSFROM ANY KIND OF CLAIM, COST, EXPENSE, OR LIABILITY ARISING OUT OF YOUR INVESTIGATION AND / OR PURCHASE OF THIS NET LEASED PROPERTY.

MARCUS & MILLICHAP IS NOT AFFILIATED WITH, SPONSORED BY, OR ENDORSED BY ANY COMMERCIAL TENANT OR LESSEE IDENTIFIED IN THIS MARKETINGPACK AGE. THE PRESENCE OF ANY CORPORATION’S LOGO OR NAME IS NOT INTENDED TO INDICATE OR IMPLY AFFILIATION WITH, OR SPONSORSHIP ORENDORSEMENT BY, SAID CORPORATION OF MARCUS AND MILLICHAP, ITS AFFILIATES OR SUBSIDIARIES, OR ANY AGENT , PRODUCT, SERVICE, ORCOMMERCIAL LISTING OF MARCUS & MILLICHAP, AND IS SOLELY INCLUDED FOR THE PURPOSE OF PROVIDING TENANT LESSEE INFORMATION ABOUTLISTING TO PROSPECTIVE CUSTOMERS.

Broker of Record:

Josh CaruanaMarcus & Millichap600 East 96th Street Suite 500Indianapolis, IN 46240Tel: (317) 218-5300Fax: (317) 218-5310License: RB14034355