wake up call coffee - loopnet · 2019-05-31 · wake up call coffee is a successful, growing brand...
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Wake Up Call CoffeeSPOKANE, WASHINGTON
Wake Up Call Coffee6909 N DIVISION STREET SPOKANE, WA 99208
Overview
LEASEABLE SF1,114 SF
LAND AREA21,067 SF
LEASE TYPEAbsolute NNN
TERM REMAINING15 Years
YEAR BUILT2016
PARKING10 Spaces
Investment Summary
5.25%CAP
$2,060,000PRICE
THE OFFERING provides a Wake Up Call Coffee drive-thru on a brand new 15-year Absolute NNN lease with rent growth and further options to extend. Tenant will lease-back the Premises from Buyer at closing. Wake Up Call Coffee is a successful family-owned-and-operated brand with steady growth, slated to expand into Idaho later this year with the opening of their 10th drive-thru. The Property benefits from a high-profile location on Spokane’s dominant commercial thoroughfare, N Division St., benefitting from abundant retail activity and high daily traffic counts.
WAKE UP CALL COFFEE IS A SUCCESSFUL, GROWING BRAND BASED OUT OF SPOKANE.
15-YEAR ABSOLUTE NNN LEASE.*
SCHEDULED 8% RENT INCREASES EVERY FIVE YEARS.
HIGH-VOLUME STORE WITH FRONTAGE ON PROMINENT ARTERIAL.
BUILD-TO-SUIT CONSTRUCTION FEATURING AN ELECTRONIC READER BOARD AND DUAL DRIVE-THRUS.
EXCELLENT VISIBILITY ALONG N DIVISION ST. WITH MORE THAN 42,400 VEHICLES PER DAY.
INCREASED DRAW PROVIDED BY PROVIDENCE HOSPITAL, TRADER JOES, AND NORTHTOWN MALL – THE ONLY TRADER JOES NORTH OF I-90 AND THE LARGEST SHOPPING MALL ALONG THE I-90 CORRIDOR.
GONZAGA AND WHITWORTH UNIVERSITY ARE LOCATED TO THE NORTH AND SOUTH OF THE PROPERTY, ADDING TO THE SIGNIFICANT DAILY-NEEDS DRAW OF THE GREATER TRADE AREA.
*Seller to execute new lease at closing, leasing the property directly from the Buyer.
Investment Highlights
LOCATIONS(Spokane - Coeur
d’Alene metro area)
9LOCATION UNDER CONSTRUCTION
Coeur d’Alene(First location in Idaho)
1
WAKE UP CALL COFFEE first opened in 2004 by a local Spokane family, and has steadily grown over the last 15 years. Most locations have a drive-thru and small lobby area, and all provide a fun tribute to the classic red British telephone booth. Wake Up Call Coffee has expanded steadily and strategically, and continues to expand with its first Idaho store scheduled to open in late Fall 2019.
About Wake Up
Call Cofee
YEARS INOPERATION
15MORE INFO
Investment Highlights
PAGE 5
MAJOR RETAILAaron’sACE HardwareAt HomeAlbertsonsAutoZoneBed Bath & BeyondBig 5 Sporting GoodsBurlingtonDollar TreeFred MeyerGoodwill
Grocery OutletHarbor Freight ToolsHobby LobbyHome DepotJoAnn Fabric and CraftsLowe’sMichael’sPetsmartRite AidRoss Dress for LessSafeway
Sportsman’s WarehouseStarbucksTrader Joe’sWalmart SuperstoreWinCo Foods
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 3,137 6,304 9,882
Employees 71,974 105,019 146,940
Population 14,235 108,745 219,861
KEY 1-MILE 3-MILES 5-MILES
BusinessSummary
Surrounding Retail
NORTHTOWNMALL
N D
IVIS
ION
STR
EET
42,400 VPD
WAKE UP CALLCOFFEE
CLICK TO SEE OM
DENSE SURROUNDING
RESIDENTIAL BASE OF 230,000 RESIDENTS WITHIN A 15-MINUTE
DRIVE.
Surrounding Retail
PAGE 7
N D
IVIS
ION
STR
EET
0.48ACRES
10 SPACES
42,400 VPD
1,114LEASEABLE SF
W WEDGEWOOD AVENUE
Site Plan
SITE PLAN NOT TO SCALE
DRIVE-THRU
DRIVE-THRU
PYLON SIGN with electric reader board
DUAL DRIVE-THRU
Site Plan
PAGE 9
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. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
PRICE $2,060,000CAPITALIZATION RATE 5.25%
CASH FLOW SUMMARYSCHEDULED INCOME
Base Rent for the Period of: 9/1/2019 - 8/31/2020 $108,000
Total Effective Gross Income (EGI) $108,000
OPERATING EXPENSES
CAMS NNN
Property Taxes NNN
Insurance NNN
Total Operating Expenses -
NET OPERATING INCOME $108,000
5/22/2019 [ <www.CapitalPacific.com> ]
Financial Summary
Rent Roll
9/1/2019 - 8/31/2034
1,114
MONTHLY BASE RENT % INCREASE ANNUAL
RENT CAP RATE
9/1/2019 $9,000 $108,000 5.25%
9/1/2024 $9,720 8.0% $116,640 5.66%
9/1/2029 $10,498 8.0% $125,971 6.12%
1 9/1/2034 $11,337 8.0% $136,049 6.60%
2 9/1/2039 $12,244 8.0% $146,933 7.13%
3 9/1/2044 $13,224 8.0% $158,687 7.70%
CURRENT $9,000 $108,000 5.25%
Wake Up Call Coffee
Lease Term:
Size (SF):
RENT SUMMARY
DATE
OPTIONS
Lease NotesComments: Absolute NNN Lease. Operator to leaseback the Premises from Buyer at Closing; lease commencement of 15-year term based on estimated date of closing.
5/22/2019 [ <www.CapitalPacific.com> ]
RentRoll
Financial Summary
PAGE 11
Featured Photography
Featured Photography
PAGE 13
THE SITE OF THE 1974 WORLD’S FAIR is a top attraction in Spokane and is located one block away from the Crescent Building. Currently underway on a 4-year $64 million renovation, the park will make design and physical improvements that will stabilize and enhance foot traffic to the area. click here to learn more about the redevelopment here.
Riverfront Park Redevelopment
IN 2015 THE SPOKANE CONVENTION CENTER underwent a third expansion to accommodate the increasing demand for event space in Spokane. The Convention Center is now 650,000 square feet and currently hosts more than 200,000 out of town visitors annually.click here to learn more about the redevelopment here.
Spokane Convention Center Expansion
RIVERFRONT PARK
INB PERFORMING ARTS CENTER
CONVENTIONCENTER
Redevelopments & Expansions
THE GROWTH IN SPOKANE COUNTY is not slowing down as Amazon has started the development of a 2.5M square foot fulfillment center that is expected to open in 2019. The center is set to employ up to 3,000 employees. Other new developments in Spokane include the continued expansion of Providence Healthcare and their development of several small medical clinics in Spokane County.
MANY WELL KNOWN COMPANIES are headquartered in Spokane including:
Growth &Development
TODAY THE CITY’S ECONOMY has diversified to include other industries, including the high-tech and biotech sectors. As the metropolitan center of the Inland Northwest as well as southeastern British Columbia and Alberta, Spokane serves as a commercial manufacturing, transportation, medical, financial, shopping, and entertainment hub.
Diversifiedindustry
Corporate headquarters
• Signature Genomic Laboratories• Itron• Key Tronic
• Red Lion Hotels• Corporation Commuter Cars• Fairchild Air Force Base
Redevelopments & Expansions
PAGE 15
KEY 5 MINS 10 MINS 15 MINS
Distanceto
35 MILES42 MINS
Coeur d’Alene, Idaho
146 MILES2 HRS 19 MINS
Tri-Cities, Washington
Demographics
POPULATION
5 MINS 10 MINS 15 MINS
2010 11,876 96,824 217,344
2018 12,851 101,736 230,130
2023 13,549 105,769 239,962
2018 HH INCOME
5 MINS 10 MINS 15 MINS
Average $46,557 $63,630 $65,775
DriveTime
SPOKANE COUNTY POPULATION (ESTIMATED)
490,945
Demographics
PAGE 17
Contact Us
SEAN [email protected]: 503.675.8378
SEAN [email protected]: 206.693.3352
DAVID [email protected]: 206.693.3349
We’d love to hearfrom you.
The information in this Executive Summary 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. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.
Contact Us