Beruflich Dokumente
Kultur Dokumente
DUBUQUE, IA
DUBUQUE, IA
OFFERING MEMORANDUM
CONFIDENTIALITY AGREEMENT
CONFIDENTIALITYAGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap 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,
PCB's or asbestos, the compliance with 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 Marketing Brochure has been obtained from
sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap 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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
TABLE OF CONTENTS
SECTION ONE
...........................INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
SECTION TWO
........................................................TENANT OVERVIEW
SECTION THREE
...............................DUBUQUE MARKET OVERVIEW
SECTION FOUR
...................................SALES COMPARABLES
SECTION FIVE
...............................RENT COMPARABLES
SECTION SIX
...................ADDITIONAL INFORMATION
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
RSC EQUIPMENT RENTAL -
DUBUQUE, IA
DUBUQUE, IA
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Executive Summary
INVESTMENT This opportunity is for a triple-net leased asset, with a strong national
HIGHLIGHTS
Guarantee from S&P B- credit rating tenant, being offered at $1,250,000 on a cap rate of 8.35%. The tenant,
RSC Equipment Rental, has 4.5 years remaining on its initial lease and a
penalty of over $58k for not exercising its first option in June of 2013.
8.35% Cap The lease calls for annual rent escalations of 2% through both the initial
term and the three, five year renewal options.
9.62% Cash-on-Cash Return The property is a new construction, 7,360 sf building with a large
asphalt parking lot and security fence on approximately 2 acres. It’s
located less than 1 mile from the market’s main retail corridor and is
~15% Total Return
ideally situated in the path of growth.
Tenant agreed to pay $58k T.I. Dubuque is a growing tertiary market in Iowa with strong economic
reimbursement if they don’t exercise drivers and solid real estate fundamentals. The low cost of doing
their first 5-year option business and five new 4 lane highways have attracted both national and
international companies resulting in strong job growth and low
2008 construction
vacancies.
Dubuque accounted for 17% of
Iowa’s job growth in 2007 while only
representing 3% of its total
population
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
1
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Financial Overview - Investment Lifecycle
ACQUISITION ANNUALIZED OPERATING DATA
Purchase Price LOCATION $1,250,000
FINANCING
Price $1,250,000
Down Payment $312,500 (25%)
Tenant Trade Name RSC Equipment Rental
Principle 1025
Dubuque,
Price
Down $1,250,000
25%
Rentable
7,360
$937,500 (75%)
Price/SF
CAP
Lot
Type $169.84
Year 8.35%
2008
2
Fee
Ownership
Interest Rate IA $312,500 Public
Payment
Square 6.25%
Rate
Built
Size
of acres
Simple
52003
Feet
AmortizationTenant Ownership
Corporate Store 25 years
Monthly Payment
Lease Guarantor $6,184
TENANT SUMMARY
Annual Payment $74,213
Lease Type Triple Net (NNN)
INCOME Roof
STATEMENT
and Structure Landlord Responsible
Year 1 Year 2 Year 3 Year 4 Year 5
Lease Term 5 years
RSC Equipment Rental $104,171 $106,255 $108,380 $109,453 $112,758
Lease Commencement Date 5/9/2008
Lamar Companies * $1,200 $1,200 $1,200 $1,200 $1,200
Rent Commencement Date 5/9/2008
Effective Gross Income $105,371 $107,455 $109,580 $110,653 $113,958
Lease Expiration Date 5/31/2013
Reserves ($.15/sf)
Term Remaining on Lease $1,104 $1,104
4.5 years $1,104 $1,104 $1,104
Net Operating Income
Increases $104,267 $106,351
2% annually $107,476 $109,549 $112,854
Debt Service
Options $74,213 $74,213
3, 5 year options $74,213 $74,213 $74,213
RETURNS
Year 1 Year 2 Year 3 Year 4 Year 5
Cap Rate 8.35% 8.51% 8.68% 8.85% 9.03%
Cash-on-Cash 9.62% 10.28% 10.96% 11.66% 12.37%
Total Return 14.76% 15.76% 16.79% 17.86% 18.97%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
2
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Financing
PROPOSED FINANCING
AVAILABLE LENDERS
Liberty Bank
Loan Officer Scott Frost
Phone Number (563) 687-9000
Email sfrost@libertybankiowa.com
Website www.libertybankiowa.com
Bank Location Dubuque, IA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
3
PROPERTY DESCRIPTION
INVESTMENT
Property Summary
THE OFFERING
Property RSC Equipment Rental - Dubuque, IA
Property Address 1025 Cedar Crossing Road
Dubuque, IA 52003
SITE DESCRIPTION
CONSTRUCTION
Foundation Concrete
Framing Stick
Exterior Brick / Metal
Parking Surface Asphalt
Roof Pitched Metal
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
4
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
5
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Property Photos
Billboard:
Located in the Northwest corner of the property the
billboard is leased by Lamar Communications for $1,200
annually.
Southwest Corner:
The entire west side of the property is dedicated to large
equipment storage and transportation equipment.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
6
INVESTMENT OVERVIEW & FINANCIAL ANALYSIS
Area Maps
Aerial MAP
REGIONAL MAP
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
7
TENANT OVERVIEW
RSC EQUIPMENT RENTAL -
DUBUQUE, IA
DUBUQUE, IA
TENANT OVERVIEW
RSC Equipment Rental History & Facts
COMPANY SUMMARY
RSC Equipment Rental, Inc. is one of the largest equipment rental providers in North America servicing
construction and industrial markets with an original equipment fleet cost of $2.7 billion. RSC offers superior
levels of equipment availability, reliability and service to customers through an integrated network of more
than 465 rental locations across 39 states in the United States and four Canadian provinces. With more than
5,400 employees committed to continuous safety and 24x7 customer care, RSC delivers the loyal customer
support needed to build the future.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
9
TENANT OVERVIEW
Lease Abstract
Tenant RSC Equipment Rental
Guarantor RSC Equipment Rental, Inc.
Corporate Guarantee Yes
Penalty for NOT Renewing Tenant will owe a penalty of $58,813 if they do not exercise
their first option to renew.
Renewal Notice 180 days
- Taxes Tenant
- Insurance Tenant
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
10
TENANT OVERVIEW
Equipment Rental Market Overview
Market Overview:
The U.S. equipment rental industry is composed of more than 10,000 companies and generates revenues of more than
$30 billion annually. The industry is highly fragmented, with the 10 largest companies accounting for less than 25
percent of industry revenues in 2007. The four largest companies (ranked by 2007 rental revenues) are United
Rentals, RSC Equipment Rental, Hertz Equipment Rental (HERC), and Sunbelt Rentals. The industry saw strong
revenue growth between 1990 and 2007 at a compound annual growth rate (CAGR) of 10.2 percent. The industry is
expected to continued to grow at an 8.6 percent CAGR between 2009-2012. Growth is attributed to two main factors:
the long-term trend towards increased rental industry penetration (5 percent in 1993, 40 percent in 2007, and
forecasted to reach 50 percent by 2010) and the resiliency of the non-residential construction industry.
Competition
The four largest equipment rental companies in the US consist of both public and private entities. Although they
currently represent only 10% of the total market they have consistently been picking up market share over the last
five years. The four largest companies, in order from one to four, are listed below:
United Rentals
2007 Rental Revenue $2,625,000,000
2007 EBITDA $1,171,000,000
Locations 665
Geographic Focus US & Canada
Sunbelt Rentals
2007 Rental Revenue $1,411,000,000
2007 EBITDA $591,000,000
Locations 430
Geographic Focus US Only
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
11
SALES COMPARABLES
RSC EQUIPMENT RENTAL -
DUBUQUE, IA
DUBUQUE, IA
SALES COMPARABLES
CAP Rate & Price/SF
AVERAGE CAP RATE
9.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Subject RSC Max United RSC RSC RSC RSC RSC RSC RSC
San Equipment Rentals Hammond Victoria Galveston Port Billings Odessa Marble
Benito Rental Arthur Falls
COMMENTS
To provide a comprehensive survey of the changing market we have included closed transactions, deals in escrow, and listed
properties among the sales comparables.
The subject is being offered at an 8.35% Cap, resulting in a return almost 10% higher than the average.
AVERAGE PRICE/SF
400.00
360.00
320.00
Avg $293.23
280.00
240.00
200.00
160.00
120.00
80.00
40.00
0.00
Subject RSC Max United RSC RSC RSC RSC RSC RSC RSC
San Equipment Rentals Hammond Victoria Galveston Port Billings Odessa Marble
Benito Rental Arthur Falls
COMMENTS
At list price the subject's price per square foot is over 40% below the average sales comparable.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
24
SALES COMPARABLES
Recent Sales
RSC EQUIPMENT RENTAL - DUBUQUE, IA
1025 Cedar Crossing Road
Dubuque, IA 52003
Rentable Square Feet: 7,360 Sales Price: $1,250,000
Price/SF: $169.84
SUBJECT PROPERTY
Price/SF: $270.00
Price/SF: $339.29
COMMENTS
Max Equipment Rental is a regional provider located primarily in the Southwest United States and Mexico.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
25
SALES COMPARABLES
Recent Sales
3 UNITED RENTALS
2514 SR 410 E
Bonney Lake, WA 98391
Price/SF: $200.00
COMMENTS
United Rentals is the largest provider of rental equipment in the United States.
4 RSC HAMMOND
802 Westin Oaks Drive
Hammond, LA 70401
Close of Escrow: In Escrow Sales Price: $2,309,806
Price/SF: $391.00
5 RSC VICTORIA
12104 North Navario
Victoria, TX 77904
Close of Escrow: In Escrow Sales Price: $1,723,493
Price/SF: $267.00
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
26
SALES COMPARABLES
Recent Sales
6 RSC GALVESTON
6311 Harborside Drive
Galveston, TX 77554
Price/SF: $291.00
Price/SF: $275.00
8 RSC BILLINGS
2651 Gable Road
Billings, MT 59102
Close of Escrow: On Market Sales Price: $1,589,832
Price/SF: $264.97
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
27
SALES COMPARABLES
Recent Sales
9 RSC ODESSA
Parkway Business Park
Odessa, TX 79761
Price/SF: $324.00
Price/SF: $310.00
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
28
RENT COMPARABLES
RSC EQUIPMENT RENTAL -
DUBUQUE, IA
DUBUQUE, IA
RENT COMPARABLES
Average Rent/SF
30.00
27.00
21.00
18.00
15.00
12.00
9.00
6.00
3.00
0.00
Subject RSC RSC RSC RSC RSC RSC RSC RSC RSC
Billings Florence Odessa Marble Hammond Victoria Galveston Port San
Falls Arthur Benito
COMMENTS
The subject has a per square foot rental rate 40% below the average of other surveyed RSC Equipment Rental locations.
The total annual rent for the subject is over 30% lower than the average of other surveyed RSC Equipment Rental locations.
After the subject, the next lowest rental rate is over $6.50 higher per square foot.
The subject's rental rate will increase by 2% annually over the course of both the initial term and all option periods.
In 4.5 years, at the end of the initial term, the subject's rental rate will still be 35% lower than RSC's average rental rate is today.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
30
RENT COMPARABLES
Rent Comparables
RSC EQUIPMENT RENTAL - DUBUQUE, IA
1025 Cedar Crossing Road
Dubuque, IA 52003
Date Surveyed: September 16, 2008
Year Built: 2008
Rentable Square Feet: 7,360
Rent/SF: $14.01
Lease Type: Triple Net (NNN)
SUBJECT PROPERTY
1 RSC BILLINGS
2651 Gable Road
Billings, MT 59102
Year Built: 2008
Rentable Square Feet: 6,000
Rent/SF: $20.54
Lease Type: Triple Net (NNN)
2 RSC FLORENCE
1341 North Cashua Drive
Florence, SC 29501
Year Built: 2007
Rentable Square Feet: 6,450
Rent/SF: $23.91
Lease Type: Triple Net (NNN)
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
31
RENT COMPARABLES
Rent Comparables
3 RSC ODESSA
Parkway Business Park
Odessa, TX 79761
Year Built: 2008
Rentable Square Feet: 6,450
Rent/SF: $24.81
Lease Type: Triple Net (NNN)
5 RSC HAMMOND
802 Westin Oaks Drive
Hammond, LA 70401
Year Built: 2008
Rentable Square Feet: 5,900
Rent/SF: $30.34
Lease Type: Triple Net (NNN)
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
32
RENT COMPARABLES
Rent Comparables
6 RSC VICTORIA
12104 North Navarro
Victoria, TX 77904
Year Built: 2007
Rentable Square Feet: 6,450
Rent/SF: $20.71
Lease Type: Triple Net (NNN)
7 RSC GALVESTON
6311 Harborside Drive
Port Arthur, TX 77643
Year Built/Renovated: 1994/2006
Rentable Square Feet: 6,450
Rent/SF: $25.46
Lease Type: Triple Net (NNN)
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
33
RENT COMPARABLES
Rent Comparables
9 RSC SAN BENITO
1720 West US 77
San Benito, TX 78586
Year Built: 2008
Rentable Square Feet: 6,450
Rent/SF: $20.72
Lease Type: Triple Net (NNN)
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
34
ADDITIONAL INFORMATION
RSC EQUIPMENT RENTAL -
DUBUQUE, IA
DUBUQUE, IA
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
36
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
37
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
38
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
39
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
40
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
41
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
42
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
43
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
44
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
45
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
46
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
47
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
48
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
49
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
50
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
51
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
52
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
53
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
54
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
55
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
56
ADDITIONAL INFORMATION
RSC Rental Equipment - 2008 Q2 Report
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or
implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the
information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus
& Millichap Real Estate Investment Services of Des Moines © 2008 Marcus & Millichap
57
RSC EQUIPMENT RENTAL -
DUBUQUE, IA
DUBUQUE, IA
OFFERING MEMORANDUM
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