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Completed Equity
Office
NV Energy NNN
Las Vegas, NV
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
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100% funded
Offered By Moonwater Capital
11.7%* TARGET IRR 10.7%-12.7%
9.4%* TARGET AVG CASH ON CASH
1.87x* TARGET EQUITY MULTIPLE
Estimated Hold Period 7 years
Estimated First Distribution 9/2019
Minimum Investment 20000
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Overview
Acquisition of an investment-grade, single-tenant, NNN office building in Las Vegas, NV alongside a highly experienced, local real estate company.
Tenancy

NV Energy is an established utility and credit tenant that was founded in 1906 and is now owned by Warren Buffett's Berkshire Hathaway, which itself has a strong credit rating (Moody's Aa2) and is well capitalized with $137 billion in cash and short term investments.

Occupancy

Although Nevada Power Company is technically the entity on the lease, its parent, NV Energy, uses the entire Property as its headquarters. The building is 100% occupied through the January 2029 expiration, which is after the investment's projected exit.

Partner

Moonwater Capital is a highly experienced operator that specializes in Las Vegas office assets. It has owned over two million square feet of real estate in the market, some of which was successfully held through the Great Recession, during which the company did not experience a single foreclosure or loss of principal.

Property at a glance
Year Built 1983 (Renovated 2017)
Total SF 292,180
Current Occupancy 100.0%
Parking Ratio 3.5 spaces per 1,000 square feet
Number of Tenants 1
Acquisition Price

$34,000,000

Investment Highlights
The Real Estate Company is under contract to purchase the Property for $34.0 million or $116 per square foot, which represents a going-in cap rate of 9.09% on expected year one and T-12 net operating income
The business plan is to hold the Property for cash flow
The Real Estate Company intends to hire SKR Real Estate Services as Property Manager, which manages nearly two million square feet in Las Vegas
The exit strategy is to sell the Property in seven years at an expected cap rate of 8.00%
Management
Cumulative Distributions

Moonwater Capital

Founded in 1997, Moonwater Capital (the "Real Estate Company") is a Las Vegas-based real estate investment firm. In the past 10 years, Moonwater has exclusively focused on the acquisition of office, retail, and multifamily assets in the Las Vegas MSA. In this period, the company has purchased a number of large office assets, in addition to multifamily and mixed-use assets. During the Great Recession, Moonwater Capital did not experience a single foreclosure or loss of principal. The company was founded by Ofir Hagay, who serves as President and CEO. Mr. Hagay has over 25 years of real estate experience in development, executive management, and business consulting. This would be the first transaction between Moonwater and RealtyMogul.

https://moonwatercapital.com/
  • Ofir Hagay
    Founder / President & CEO
  • Bobby Stoyanov
    COO
Ofir Hagay
Founder / President & CEO

Mr. Hagay has over 25 years of experience in real estate development, international business, executive management, and business consulting. Mr. Hagay’s other business endeavors include partnering and consulting in many different industries with well-known companies and partners/clients that include John Deere, USAID, Seaboard Corporation, Volvo Trucks and Bosch. His years of international business experience include the ownership and management of office buildings in Bulgaria where he successfully leased the buildings to Price Waterhouse Coopers and to the Embassy of the European Union to Bulgaria for ten years. Mr. Hagay has won the Israeli Trade Award for significant contribution to the Israeli Economy.

Bobby Stoyanov
COO

Mr. Stoyanov has been involved in real estate investment, project management and development in the United States and overseas for more than 20 years. He is a licensed commercial real estate agent in New York and Nevada. In 2008 he set up Low Heights Ventures (LHV), which manages 200,000 square feet of commercial real estate in Bulgaria, and does investment sourcing and due diligence for foreign institutional investors in Bulgaria. Between 2005 and 2008, Mr. Stoyanov was Executive Director of Prime Property BG REIT, the first Bulgarian REIT and one of the largest by market capital. He was responsible for some of the fund’s most profitable projects and was instrumental in attracting foreign institutional investors. Prior to Prime Property BG, Mr. Stoyanov was Manager of the Space Management Office of Cornell University Medical College in New York City, managing more than 2 million square feet of prime real estate. Mr. Stoyanov holds an MBA in Finance and Accounting from New York University Stern School of Business.

Track Record

Property Location Asset Type Date Acquired Total SF Purchase Price Total Capitalization Date Sold Sale Price
Avalon at Seven Hills Henderson, NV Multifamily 2005 295,752 $48,500,000 $48,500,000 2008 $52,240,000
Park1 Las Vegas, NV Multifamily 2004 263,874 $42,000,000 $55,000,000 2008 $89,760,000
Red Rock Business Center Las Vegas, NV Office 2012 74,000 $3,200,000 $10,125,508 2015 $12,200,000
Rainbow Sunset Pavilion Las Vegas, NV Office 2011 108,000 $17,800,000 $20,269,911 2018 $33,000,000
Gramercy     Las Vegas, NV Mixed Use 2013 420,053 $22,000,000 $61,000,000 2018 $107,500,000
The Lennox     Las Vegas, NV Multifamily 2012 174,728 $12,690,417 $14,690,417 2019 $20,600,000
Spanish Ridge Las Vegas, NV Office 2017 113,000 $24,800,000 $29,100,046    
Montecito Tower Las Vegas, NV Office 2018 177,007 $33,250,000 $39,379,556    
TSSP Las Vegas, NV Office 2018 445,000 $86,910,000 $119,052,377    
Total       2,071,414 $291,150,417 $397,117,815    

The bio and track record were provided by the Real Estate Company and have not been verified by RealtyMogul or NCPS

Business Plan

The real estate company plans to acquire the Property with a loan of $24.3 million (or 68.3% LTC) from Washington Federal Bank. The underwritten base case is to hold the Property for seven years for cash flow as part of a "covered leasing play", meaning that investors can benefit from having a solid stream of cash flow, while having the potential to take back space from the tenant and re-lease it at a market rate that the market permits. According to the Real Estate Company, NV Energy is open to downsizing by 100,000 - 130,000 square feet, though this possibility is not considered in RealtyMogul's base case business plan. The property has been placed under contract in a true off-market transaction that the Real Estate Company negotiated over the course of a year. Given the low basis, there appears to be a large enough spread for a value-add buyer to step in, upgrade the Property, and re-lease it for a profit. The base case business plan assumes an exit value of $36.4 million ($125 per square foot). Per the Real Estate Company, replacement value exceeds $300 per square foot, and per CoStar, multiple office buildings in the market have traded above $400 per square foot. RealtyMogul feels particularly comfortable with the deal's downside protection, given that the Property could be sold in year seven at a 12.0% cap rate and still yield a positive IRR.

Property
Property Details

Property Summary

6226 West Sahara Avenue is a 292,180 square foot low-rise office building in the West Las Vegas submarket of the Las Vegas MSA. It is 100% leased to Nevada Power at NNN rents 39% below market (according to CoStar); this lease is set to expire in January 2029. While Nevada Power Company is the entity on the lease, its parent company, NV Energy, uses the entire building as its headquarters. It was built in 1983, with Nevada Power moving in the following year. The Property includes two on-site high-capacity generators, "Strip" views from the 2nd and 3rd floor balconies, 13 electric vehicle charging stations, a data center with raised flooring, a fitness center, and a full industrial kitchen. According to the Real Estate Company, the first floor was recently renovated and a new roof was installed.  The tenant also installed a sun shade in the atrium in 2013 and made a significant sewer pipe repair in the line leading from the building to the street last fall.  The tenant has been an excellent steward of the building and the Property Condition Assessment notes only $1K in required maintenance over the next two years. The Property includes 1,032 parking spaces (total parking ratio of 3.53/1,000 square feet). It is centrally located, with convenient access to the I-15 and US-95 Interstates, the Las Vegas "Strip," and McCarran International Airport. Within one mile of the Property is the College of Southern Nevada, two parks, and several retail and dining options.

Tenant Summary

NV Energy, Inc. ("NV Energy") is the parent company of Nevada Power Company, together with its subsidiaries ("Nevada Power"). NV Energy is a holding company that also owns Sierra Pacific Power Company ("Sierra Pacific") and certain other subsidiaries. It is a United States regulated electric utility company serving retail customers, including residential, commercial, and industrial customers, primarily in the Las Vegas, North Las Vegas, Henderson, and adjoining areas. In total the company provides electricity to 2.4 million customers. NV energy is an indirect and wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries primarily engaged in the energy business. BHE is a consolidated subsidiary of Berkshire Hathaway, Inc. ("Berkshire Hathaway").

Lease Summary

Tenant Square Feet % of Property Rent per square foot Lease Expiration Lease Type
Nevada Power 292,180 100.0% $10.57* Jan '29 NNN
Grand Total 292,180 100.0% $10.57    

*Rent drops to $9.97 per square foot on February 1, 2024

Comparables

Lease Comparables
  4265 W Sunset Rd. 1551 Hillshire 7180 Pollock Dr. Averages Subject
Building SF 85,943 70,542 46,057 67,514 292,180
Year Built 2000 1993 1997 1997 1983
Rental Rate (NNN) $14.28 $16.20 $21.60 $17.36 $10.57
Leased SF 85,943 70,542 46,057 67,514 292,180
Tenant Las Vegas Color Graphics Shift 4 SolarCity   Nevada Power Company
Date Signed Feb '20 Jan '17 May '17   Feb '10
Lease Term (years) 12.0 3.8 3.6 6.5 19.0
Parking Ratio (per 1,000 sf) 1.1 4.2 7.0 3.8 3.5
Distance from Property (mi.) 5.3 5.2 7.4 6.0  
Sales Comparables
  500 N Rainbow Charleston Tower 1551 Hillshire Bonneville Square Averages Subject
Date Sold May '20 Jul '18 Jan '19 Jan '20   Jun '20
Building SF 81,959 88,726 70,542 97,611 84,710 292,180
Occupancy at Purchase 92% 88% 100% 81% 90% 100%
Year Built 1997 1973 1993 1983 1987 1983
Purchase Price $15,000,000 $17,000,000 $18,300,000 $14,900,000 $16,300,000 $34,000,000
$/SF $183 $192 $259 $153 $197 $116
Cap Rate N/A 7.62% 6.34% 7.50% 7.15% 9.09%
Parking Ratio (per 1,000 sf) 5.0 3.3 4.2 2.9 3.9 3.5
Distance from Property (mi.) 2.3 3.8 5.2 4.9 4.1  

Lease and sale comparables were obtained from CoStar

Location

 

Market Overview

According to CBRE's market report for Las Vegas, the metro's average asking rents have been on an upward trajectory since 2017. The recent amount of construction deliveries remain sparse in comparison to historical averages for new office space. Much of this can be attributed to developers working strategically in the timing and location of their proposed developments, the diminishing inventory levels due to land prices, rising costs of construction and challenges encountered in financing new office projects. Amid current supply and minimal construction development, occupier demand continues to drive vacancy rates to record lows since 2011.

According to CoStar, the leisure and hospitality industry is a mainstay of the Las Vegas economy and is driven by the over 42 million people who have visited Las Vegas annually the past few years. However, the coronavirus pandemic has led to the closure of non-essential businesses, including hotels, restaurants, and other integral parts of the tourist industry. The closures have led to mass layoffs and increasing unemployment, and far fewer tourists are expected to visit Las Vegas during the pandemic.

The vacancy rate in the market stands at 10.4% and average NNN rent is $17.27 per square foot. The past 12 months have seen net absorption of 1,166,000 square feet, with 450,000 square feet delivered. In the past 12 months rent has grown at a rate of 1.0%.

Submarket Overview

The West Las Vegas Submarket stretches from just west of the Strip to the 215 Beltway, with the bulk of sizable assets along Sahara Avenue. Per CoStar, the submarket contains about 8 million square feet and makes up just over 10% of the metro’s office inventory. Similar to the market as a whole, elevated vacancy rates and limited rent growth have limited development this cycle. Overall positive absorption in recent years compressed vacancies to below their historical average. Rent growth continues to be solid but asking rents are still short of the historical peak.

The vacancy rate in the submarket stands at 9.5% and average NNN rent is $15.46 per square foot.  The past 12 months have seen net absorption of 237,000 square feet, with 2,500 square feet delivered. In the past 12 months rent has grown at a rate of 1.6%.

Demographic Information

Demographic Information (2020) 1 Mile Radius 3 Mile Radius 5 Mile Radius
Population 9,386 218,141 504,860
Population Projection (2025) 10,020 236,055 548,307
Average Age 40 38 39
Median Household Income $45,712 $42,311 $47,118
Average Household Size 2.5 2.6 2.5
Median Home Value $375,220 $240,548 $270,864
Population Growth 2020-2025 6.8% 8.2% 8.6%

Demographic information sourced from CoStar

Photos
Financials
Sources & Uses

Total Capitalization

Sources of Funds $ Amount  Per Square Foot
Debt $24,300,000 $83
Equity $11,291,500 $39
Total Sources of Funds $35,591,500 $122
Purchase Price $34,000,000 $116
Loan Fee $121,500 $0
Real Estate Company Acquisition Fee $340,000 $1
Broker Dealer Fee $80,000 $0
Broker Fee $340,000 $1
MogulREIT I Origination Fee $340,000 $1
Closing Costs $320,000 $1
Working Capital $50,000 $0
Total Uses of Funds $35,591,500 $122

Please note that the Real Estate Company's equity contribution may consist of friends and family equity and equity from funds controlled by the Real Estate Company

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Estimated Loan Proceeds: $24,300,000
  • Interest Rate: 4.00%
  • Amortization: 25 years
  • Interest Only Period: None
  • Loan Term: Seven years
  • Extension Options: None
  • Prepayment Penalty: 2.0% months 1-12, 1.5% months 13-18, 1.0% months 19-24 
  • Cash Flow Sweep: Year seven

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

The Real Estate Company intends to make distributions of all available cash and capital proceeds to investors (The Company and Real Estate Company, collectively, the "Members") as follows:

  1. To the Members, pari passu, all excess operating cash flows to an 8.0% IRR to the Members;
  2. 80% / 20% (80% to the Members / 20% to the Real Estate Company) of all excess operating cash flows to a 10% IRR;
  3. 70% / 30% (70% to the Members / 30% to the Real Estate Company) of all excess operating cash flows to an 13% IRR;
  4. 60% / 40% (60% to the Members / 40% to the Real Estate Company) of all excess operating cash flows to a 16% IRR;
  5. 50% / 50% (50% to the Members / 50% to the Real Estate Company) of excess cash flow and appreciation thereafter.

Note that these distributions will occur after the payment of The Company's liabilities (loan payments, operating expenses and other fees as set forth in the operating agreement, in addition to any member loans or returns due on member loans).

The Company will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of The Company (including the RealtyMogul investors).

Distributions are expected to start in October 2020 and are expected to continue on a semi-annual basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Effective Gross Revenue $1,801,917 $3,089,000 $3,089,000 $3,016,404 $2,914,000 $2,914,000 $2,914,000
Total Operating Expenses $0 $0 $0 $0 $0 $0 $0
Net Operating Income $1,801,917 $3,089,000 $3,089,000 $3,016,404 $2,914,000 $2,914,000 $2,914,000
RealtyMogul 150, LLC Cash Flows
  Year 0 2020 2021 2022 2023 2024 2025 2026 2027
Distributions to RealtyMogul 150, LLC Investors ($2,020,000) $11,812 $213,411 $213,411 $213,411 $185,621 $183,034 $89,467 $2,695,408
Net Earnings to Investor - Hypothetical $50,000 Investment ($50,000) $292 $5,282 $5,282 $5,282 $4,595 $4,531 $2,215 $65,827
Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $340,000 Real Estate Company Capitalized Equity Contribution 1.0% of Purchase Price
Broker-Dealer Fee $80,000 North Capital (1) Capitalized Equity Contribution 4.0% of amount invested in RealtyMogul 150, LLC.
Origination Fee $340,000 RM Adviser, LLC Capitalized Equity Contribution 1.0% of Purchase Price
Broker Fee $340,000 Dekel Capital, Inc. Capitalized Equity Contribution 1.0% of Purchase Price
Disposition Fee 1.0% of gross sale price RM Adviser, LLC Distributable Cash  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Asset Management Fee 1.5% of Effective Gross Income Real Estate Company Distributable Cash

Paid semi-annually from rental payments

Management and Administrative Fee 1.0% of amount invested in RealtyMogul 150, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of The Company and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Property Management Fee 0.5% of Effective Gross Income SKR Real Estate Services Distributable Cash Paid semi-annually from rental payments

(1) North Capital Private Securities Corporation (“NCPS”), a registered broker-dealer who will act as placement agent for interests in the Company will be paid a fee as outlined above. NCPS will pay a referral fee to Mogul Securities, LLC (“MS”), an affiliate of the Manager and RealtyMogul, Co., for referring the transaction pursuant to a referral agreement between NCPS and MS. Certain employees of Realty Mogul, Co., an affiliate of Manager are registered representatives of, and are paid commissions by, NCPS.

(2) Fees may be deferred to reduce impact to investor distributions.

The above presentation is based upon information supplied by the Real Estate Company or others. Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein. The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Documents
Disclaimers
Disclaimers

Forward-Looking Statements

Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated”, “projected”, “forecasted”, “estimated”, “prospective”, “believes”, “expects”, “plans”, “future”, “intends”, “should”, “can”, “could”, “might”, “potential”, “continue”, “may”, “will” and similar expressions to identify these forward-looking statements.


Non-Transferability of Securities

The transferability of membership interests in The Company are restricted both by the operating agreement for that entity and by U.S. federal and state securities laws. In general, investors will not be able to sell or transfer their interests. There is also no public market for the investment interests and none is expected to be available in the future. Moreover, the estimated investment holding period described herein is only a projection, and there can be no assurance when or if an investment may be liquidated. Persons should not invest if they require any of their investment to be liquid. This is particularly important for persons of retirement age, who should plan carefully to assure that their assets last throughout retirement.


Capital Call Risk

The amount of capital that may be required by the Target from the Company is unknown, and although the Target does not require that the Company and its members contribute additional capital to it, it may from time to time request additional funds in the form of loans or sell additional equity.  The Company does not intend to participate in a capital call if one is requested by the Target, and in such event the manager of the Target may accept additional contributions from other members of Target or from new members.  In the event that the manager of Target advances any capital on behalf of the Company, it will be deemed to be a manager loan at an interest rate that cannot be determined at this time.  Amounts that are contributed by existing or new members will be deemed to be additional capital contributions, in which case the Company's interest in Target will potentially suffer a proportionate amount of dilution.


Escrow Contingency

All funds from investors will be held in a non-interest-bearing escrow account with Broker-Dealer as escrow agent for the benefit of the investors in accordance with Rule 15c2-4 under the Exchange Act. All investor funds will be transmitted directly by wire or electronic funds transfer via ACH to the escrow account maintained by the escrow agent per the instructions in the Subscription Agreement. Upon certification by Broker-Dealer and acceptance by the Company that all contingencies have been met, the investor’s funds will be promptly transmitted to the Company. If the contingencies fail to be satisfied during the offering period, we will instruct the Broker-Dealer to return all funds to the investors without interest, deduction, or setoff, and all of the obligations of the investor hereunder shall terminate.


Office Building Competition Risk

Office buildings are subject to market forces affecting supply and demand just like other types of commercial space, but the economic drivers for office space are sometimes different than those for other real estate investments. Rents and valuations for offices are primarily influenced not just by employment growth but also by a region’s economic focus. Office properties are especially influenced by specific types of employment -- namely, sectors with very high proportions of office use. These economic segments are generally those that utilize service and professional employees such as attorneys, accountants, engineers, insurance personnel, real estate brokers and related service providers (like title and escrow providers), and people working in banking, financial services, consulting, medical, dental, and pharmaceutical fields. Office space tends to be leased for relatively long periods, with tenants often having the option to renew leases for additional terms. This means that office properties often have leases that can lag current market lease rates, and an appropriate “step-up” of rental rates may not be able to be imposed until a lease expires. Economic downturns can affect office buildings more than residential buildings, since businesses can go bankrupt even while people continue to need housing. Re-leases of office space can often require significant lead time to consummate.


Uncertainty Surrounding Future Sales Price

There is risk associated with the Sponsor Entity being unable to sell the Property as projected. The Property is currently 100% occupied by a single tenant whose lease expires in January 2029. Although it is anticipated that the Property will be sold at the projected sales price, the expiration of the tenant’s lease within two years of the end of the expected 7-year holding period may limit the number of potential buyers and consequently affect the Property’s sales price.


Tenants’ Loss of Revenues Could Reduce the Sponsor Entity’s Cash Flow

The Property is currently 100% occupied by a single tenant whose lease expires in January 2029. The tenant may encounter significant macroeconomic, governmental and competitive forces. Adverse changes in consumer spending or consumer preferences for particular goods, services or store-based retailing, including the cost of living increase in the area, could severely impact the tenant’s ability to pay rent. The default, financial distress, bankruptcy or liquidation of the Property’s tenant may result in the Property becoming 100% vacant, which would likely reduce the Sponsor Entity’s revenues, increase property expenses and decrease the value of the Property.


Vacancies and Tenant Defaults May Reduce the Property’s Revenues

The Property is currently 100% occupied by a single tenant whose lease expires in January 2029. If the tenant vacates early or defaults on its rent, it will cause the Sponsor Entity to lose 100% of its revenue, and it could cause the Sponsor Entity to have to find an alternative source of revenue to meet any loan payments and other operating expenses. If the company managing the investment property does not employ sufficiently aggressive marketing campaigns and/or lease incentive programs, it may not be possible for the Sponsor Entity to find a viable alternative source of revenue and an investment in the Company may be adversely affected.


COVID-19 Risk

The COVID-19 pandemic may have a negative impact on the financial results and occupancy of the Property. In addition, due to the mandated stay-at-home and quarantine orders in effect throughout the United States to combat the COVID-19 pandemic, it is likely that the Property’s tenant will experience financial hardship and potential declines in operating revenue which may have a material and adverse effect on the Property’s financial results and thus the value of the Company’s investment.


*The above is not intended to be a full discussion of all the risks of this investment. Please see the Risk Factors in the Issuer Document Package for a discussion of additional risks. The above presentation is based upon information supplied by the Real Estate Company and others. Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein. The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

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