This document summarizes a net leased investment offering of a retail condo tenanted by Bank of America and Massage Envy in Chicago, Illinois. Massage Envy recently signed a new 10-year lease and Bank of America has exercised its first lease renewal option. The property is located in the desirable Lakeview neighborhood within the popular Southport Corridor retail district, half a mile from Wrigley Field. The offering highlights the investment grade tenants, strong demographics, and growth of the retail corridor.

1. NET LEASED INVESTMENT OFFERING
Bank of America and Massage Envy
3718 N. Southport Avenue
Chicago,
Chicago, IL 60614
www.bouldergroup.com

2. TABLE OF CONTENTS
NET LEASED INVESTMENT OFFERING
TABLE OF CONTENTS
1) Confidentiality & Disclaimer
2) Executive Summary
3) Property Overview
4) Proforma Analysis
5) Floor Plan
6) Aerial
7) Map
8) Tenant Profile
9) Demographic Comparison Report
10) Location Overview
11) Contact Information
www.bouldergroup.com

3. CONFIDENTIALITY & DISCLAIMER
NET LEASED INVESTMENT OFFERING
CONFIDENTIALITY
CONFIDENTIALITY & DISCLAIMER
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 The Boulder Group and should not be made available to
any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been
prepared to provide summary, unverified 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. The Boulder Group has not made any investigation, and makes no warranty or
representation. The information contained in this Offering Memorandum has been obtained from sources we
believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information
contained herein, nor has The Boulder Group 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.
www.bouldergroup.com

4. EXECUTIVE SUMMARY
NET LEASED INVESTMENT OFFERING
EXECUTIVE SUMMARY
The Boulder Group is pleased to exclusively market for sale a retail condo tenanted by Bank of America and Massage Envy.
Bank of America has operated an ATM location for five years and Massage Envy recently signed a new 10 year lease.
Massage Envy is a major spa facility with over 800 locations nationwide. The neighborhood is referred to as Wrigleyville
which is part of the Lakeview community of Chicago. Lakeview is the second most populated community in Chicago with
high density levels and multiple barriers of entry. The property is located in a residential condo building on Southport
Avenue just north of Waveland Avenue in the Southport Corridor. The Southport Corridor is a top tier retail destination for
Lakeview residents.
Lakeview is home to a variety of professionals that can access multiple points of public transportation to commute to
Downtown Chicago. Wrigleyville is one of the most colorful and culturally vibrant neighborhoods in the city of Chicago; the
property is more specifically located with the Southport Corridor. The Southport Corridor has become a popular shopping
destination over the past several years, and is home to many national, regional and local retailers with new boutiques and
shops. Southport is home to a recently constructed 52,000 square foot Jewel-Osco grocery store which is located just one
block south of the subject property. The most recent addition to the Southport Corridor is a brand new Lululemon Athletica
store located on Southport Avenue and Addison Street, one block south of the subject property.
Massage Envy recently signed a new 10 year lease estimated to commence October 2012, and Bank of America has
recently exercised their first lease renewal option. Bank of America is a publicly traded company on the New York Stock
Exchange (BAC), with a market capitalization of $99 Billion. Bank of America is an investment grade rated company with a
Standard & Poor’s rating of A-. Massage Envy is a privately owned company with over 800 locations nationwide.
INVESTMENT HIGHLIGHTS
• Located in Chicago’s Lakeview neighborhood within the Southport
Corridor
• Bank of America is an investment grade tenant (S&P: A-)
• Over 500,000 people living within three miles of the property
• Massage Envy executed a 10 year lease
• Average household income in excess of $92,000 within one mile of
the property
• Rental escalations in the primary term for both tenants
• Bank of America recently exercised its first renewal option
• Located one-half mile west from Wrigley Field, home of the Chicago
Cubs
• Southport Corridor has become one of the most popular shopping
areas within the Lakeview community
• The property is located just one block north of a 52,000 square foot
Jewel-Osco grocery store
www.bouldergroup.com

5. PROPERTY OVERVIEW
NET LEASED INVESTMENT OFFERING
PROPERTY OVERVIEW
PROPERTY OVERVIEW
Price: $1,699,290
Cap Rate: 7.75%
Net Operating Income: $131,695
Rentable Square Feet: 2,900 SF
MASSAGE ENVY OVERVIEW:
Net Operating Income: $98,600
Renewal Options: Two 5-Year
Lease Commencement Date: October 1, 2012 (Estimate)
Lease Expiration Date: September 31, 2022
Tenant: Massage Envy Spa
Lease Type: NNN
Rentable Square Feet: 2,585 SF
Rent Schedule: NOI Escalation Date
$ 98,600
$ 110,925 10/1/2017
$ 124,787 10/1/2022 Option 1
$ 140,389 10/1/2027 Option 2
BANK OF AMERICA OVERVIEW:
Net Operating Income: $35,821
Renewal Options: One 5-Year
Lease Commencement Date: January 1, 2007
Lease Expiration Date: December 31, 2016
Tenant: Bank of America
Credit Rating: A-
Lease Type: Modified Gross
Rentable Square Feet: 315 SF
Escalations 3% Annually
www.bouldergroup.com

6. PROFORMA ANALYSIS
NET LEASED INVESTMENT OFFERING
PROFORMA ANALYSIS
January 2013 - December 2013
Income
Bank of America $ 35,821
Massage Envy $ 98,600
Total Income $ 134,421
Recoveries
CAM $ 1,872
Taxes $ 17,828
Insurance $ 2,674
Total Recoveries $ 22,374
Effective Gross Income $ 156,795
Expenses
CAM $ 2,100
Taxes $ 20,000
Insurance $ 3,000
Total Expenses $ 25,100
Net Operating Income $ 131,695
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7. FLOOR PLAN
NET LEASED INVESTMENT OFFERING
FLOOR PLAN
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8. AERIAL
NET LEASED INVESTMENT OFFERING
AERIAL
www.bouldergroup.com

9. MAP
NET LEASED INVESTMENT OFFERING
MAP
www.bouldergroup.com

10. TENANT PROFILE
NET LEASED INVESTMENT OFFERING
TENANT PROFILE
Bank of America Corporation (NYSE: BAC) is a multinational banking and financial services corporations. Bank of
America is a financial institution, serving individual consumers, small and middle market businesses, corporations
and governments with a range of banking, investing, asset management and other financial and risk management
products and services. Bank of America is the fourth largest bank in the United States ranked by market
capitalization. Bank of America, through its clients, serves more than 150 countries. In April 2011, the Company
merged its corporate and investment banking divisions. On September 29, 2011, the Company ceased to be a
substantial holder in Bow Energy Limited. In 2011 Bank of America is ranked 9th on the Fortune 500.
Website: www.bankofamerica.com
Number of Locations: 2,691
Stock Symbol: BAC : NYSE
Standard & Poor’s Rating: A-
Market Capitalization: $99 Billion
Massage Envy is a national leader of affordable massage and spa services. Massage envy was launched nearly a
decade ago to create a completely new category in the wellness industry. In 2009 Massage Envy opened their first
Massage Envy Spa. The Massage Envy Spa features healthy skin facials and other health spa services. Today,
Massage Envy has over 700 Massage Envy and Massage Envy Spa locations nationwide. To date, Massage Envy has
been in business for nearly a decade servicing over one million clients monthly.
Website: www.massageenvy.com
Number of Locations: 800 +
www.bouldergroup.com

11. DEMOGRAPHIC COMPARISON REPORT
NET LEASED INVESTMENT OFFERING
DEMOGRAPHIC COMPARISON REPORT
Population 1-mi. 2-mi 3-mi
Total Population 74,703 258,364 501,853
Total Households 40,245 135,766 234,588
Income
Median Household Income $67,986 $60,433 $58,205
Average Household Income $92,667 $83,078 $81,059
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12. LOCATION OVERVIEW
NET LEASED INVESTMENT OFFERING
LOCATION OVERVIEW
Lakeview is a North Side neighborhood of the City of Chicago, Illinois and is bordered by West Diversey Parkway on
the south, West Irving Park Road on the north, North Ravenswood Avenue on the west, and the shore of Lake
Michigan on the east. The Lakeview population is the second largest of the seventy-seven Chicago community
population seventy seven
areas and has the highest population density.
Lakeview is unofficially divided into smaller neighborhood enclaves: Lakeview East, West Lakeview and
Wrigleyville. Lakeview is most recognized nationwide as home to Wrigley Field and its Chicago Cubs. The Southport
nationwide
Corridor is located within the Lakeview Community. The Southport Corridor is located just oneone-half mile west of
Wrigley Field. Southport has seen large retail growth over the past several years and is now home to numerous
several
national, regional and local retailers. Many of these retailers have relocated to the Southport Corridor from areas
such as Old Town and from Michigan Avenue.
Wrigleyville features low-rise brick buildings and houses, some with rooftop bleachers are looking over Wrigley
rise some
Field where people can purchase seats to watch baseball games without having to pay Major League Baseball
ticket prices. Wrigleyville bars and restaurants (particularly on North Clark Street) feature the s
sports culture with
sports-oriented themes. Wrigleyville is also home to the Metro Chicago Theater which is a concert hall at 3730 N.
oriented
Clark Street in Chicago, Illinois that plays host to a variety of local, regional and national emerging bands and
musicians.
Chicago is the most populous city in the Midwestern United States and the third most
populous city in the United States with 2,700,000 residents. Chicago is the county
seat of Cook County, the second largest county in the United States. The Chicago MSA
is the third most populated metropolitan area in the United States with 9,580,567
residents. The MSA covers over 1,300 square miles and six counties. The Chicago
metropolitan area is home to the corporate headquarters of 57 Fortune 1000
companies, including Boeing, McDonald's, Motorola, Discover Financial Services and
United Airlines. Chicago is a major hub for industry, telecommunications and
infrastructure and O'Hare International Airport is the second busiest airport in the
The metro is also a major financial center in North America, and is home to the largest futures exchange in the
United States, the CME Group. Chicago is third in the world on the Global Financial Centers Index which ranks the
competitiveness of financial centers based on people, business environment, market access, infrastructure and
centers
general competitiveness.
www.cityofchicago.com
www.bouldergroup.com

13. CONTACT INFORMATION
NET LEASED INVESTMENT OFFERING
CONTACT INFORMATION
666 Dundee Road Suite 1801
Northbrook, IL 60062
Randy Blankstein Jimmy Goodman
President Partner
847.562.0003 847.562.8500
rblank@bouldergroup.com jimmy@bouldergroup.com
www.bouldergroup.com