goodwill planet fitness · 2017. 9. 22. · goodwill & planet fitness for sale fully remodeled...

GOODWILL & PLANET FITNESS

FOR SALEF U L LY R E M O D E L E D T WO -T E N A N T N E T L E A S E D I N V E S T M E N T O P P O R T U N I T Y

N E W 1 0 + Y E A R L E A S E S W I T H 3 % A N N U A L R E N TA L I N C R E A S E S

1617 W Northwest Boulevard · Spokane, WA 99205

BROCHURE

Paul SleethExecutive Managing Director+1 206 518 [email protected]

Billy SleethExecutive Managing Director+1 206 518 [email protected]

N ASH STREET

Industries International, Inc.

SUCCESSFUL OPENING STRONG MEMBERSHIP COUNTS

SUCCESSFUL OPENING

COMING SOON

(NAP)

COMING SOON

(NAP)

N ASH STREET

W N

ORTH

WEST BLVD


FUTURERETAIL PAD

(NAP)

FUTURE

(NAP)

GOODWILL · PLANET FITNESS

NEW 10+ YEAR LEASES WITH 3% ANNUAL RENTAL

INCREASES


W NORTHWEST BLVD

DOWNTOWNSPOKANE SPOKANE FALLS

COMMUNITY COLLEGE

GOODWILL · PLANET FITNESS

INVESTMENT SUMMARY PROPERTY DESCRIPTION | MARKET DATA

GOODWILL · PLANET FITNESS | P. 4

INVESTMENT HIGHLIGHTS

» PASSIVE TWO-TENANT NET LEASED INVESTMENT – The offering is 100% leased to two tenants with minimal Landlord responsibility.

» NATIONAL TENANTS – Goodwill and Planet Fitness are strong nationally recognized and recession proof tenants providing stability and credit to the investment.

» STRONG OPENING/SUCCESSFUL LOCATION – Both tenants enjoyed successful openings at this location and have since reported positive feedback on their operations.

» NEW 10+ YEAR LEASES – Planet Fitness signed a new 10 year NNN lease and Goodwill signed new 12 year NNN lease.

» 3% ANNUAL RENTAL INCREASES – Both leases contain 3.0% annual rental increases providing steady NOI growth.

» RENT/PRICE/SF – Both tenants pay $10.00/sf/yr providing sustainable rent levels and producing an attractive price/sf below replacement cost.

» FULLY REMODELED – The building is fully renovated and benefits from high quality construction, curb appeal, access and visibility. The remodel was completed at the end of 2016 and includes: new roof, HVAC, electrical, storefronts, interior flooring, parking lot upgrades and painting. The offering essentially provides an investor a new building.

» DENSE RESIDENTIAL TRADE AREA– The property benefits from a stable population base of over 113,000 people within a 3 mile radius.

» NO DEBT – The property is being offered free and clear of debt.

» EXCELLENT LOCATION – Located across the street from Safeway and Walgreens in the heart of Spokane directly off West Northwest Boulevard approximately half a mile from the intersection of North Monroe Street and West Indiana Avenue.

» HIGH TRAFFIC AREA – At the property intersection traffic counts are nearing 30,000 vehicles per day.

TERMS OF THE OFFERINGNOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$423,390

Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,950,000

Cap Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7.12%

Address . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1617 W Northwest Blvd Spokane, WA 99205

Total Leasable Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,339 SF

Total Land Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.13 Acres (Spokane County)

Occupancy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100%

Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Offered Free and Clear

Cap Rates Based on Contracted Rental Increases:Year 1 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.12%

Year 2 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.33%

Year 3 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.55%

Year 4 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.78%

Year 5 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.01%

Year 6 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.25%

Year 7 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.50%

Year 8 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.75%

Year 9 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.02%

Year 10 Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.29%

INVESTMENT SUMMARY PROPERTY DESCRIPTION | MARKET DATA


FULLY REMODELED BUILDING – SCOPE OF WORKThe building is fully renovated and benefits from high quality construction. The remodel was completed at the end of 2016 with the work including:

ROOFNew TPO roof system.

PARKING LOTFresh slurry coat and stripes.

HVACNew HVAC systems with 10-year warranty.

EXTERIOR WALLSTaped, spackled, sanded smooth and freshly painted.

FLOORSNew interior flooring throughout.

ELECTRICALEach suite equipped and separately metered with new electrical throughout.

LANDSCAPINGMulch, replacement of trees/bushes as needed.

WATER AND SEWEREach space will have separately metered water and sewer.

FIRE PROTECTIONBoth suites are equipped with fire panels and ceiling mounted wet sprinkler systems.

STOREFRONTSProfessional storefront and vestibules with tempered glass and automatic doors.

RENOVATION TIMELINE

EXTERIOR CONSTRUCTION COMPLETION NOVEMBER 2016

DELIVERY OF PREMISESDECEMBER 2016

TENANT BUILD-OUT COMPLETIONMARCH 2017

TENANTS OPEN FOR BUSINESSAPRIL 2017

*For detailed description of work, see Exhibit A.

INVESTMENT SUMMARY PROPERTY DESCRIPTION MARKET DATA


SITE PLAN


SUITE TENANT SF

2 Goodwill 20,443

1 Planet Fitness 21,896

TOTAL 42,339

FUTURERETAIL PAD

(NAP)

FUTURE

(NAP)

experience the creativity

DOWNTOWNSPOKANE


NORTHPOINTE PLAZA

NORTHTOWNE MALL

SUPERCENTER

INVESTMENT SUMMARY | PROPERTY DESCRIPTION MARKET DATA F INANCIAL SUMMARY | EXHIBITS


RETAIL TRADE AREA AERIAL

INVESTMENT SUMMARY | PROPERTY DESCRIPTION MARKET DATA F INANCIAL SUMMARY | EXHIBITS


Spokane

Airway Heights

Millwood

Town and Country

Nor

th P

ark

RdEast Garland Ave

East Columbia Drive

Nor

th F

reya

St

East Wellesley Ave

East Liberty AveN

orth Crestline St

East Upriver Drive

Nor

th P

erry

St

West Cascade WayNorth Five Mile Rd

West Indian Trail Rd

North C

edar Rd

North O

ld Trails Rd

East Lincoln Rd

Nor

th A

ddis

on S

t

East Queen Ave

East Rowan Ave

West Wellesley Ave

West Garland Ave

West Euclid Rd

North Lyons Rd

Sout

h Fa

rr R

dNor

th V

ista

Rd

East 4th Ave

Sout

h Al

tam

ont S

t

Nor

th N

apa

St

Nor

th T

hier

man

Rd

East Mission Ave

Sout

h C

arna

han

Rd

East 29th Ave

East 18th Ave

East 17th Ave

East 37th Ave

Sout

h H

avan

a St

East Thurston Ave

Sout

h Bo

wdi

sh R

d

East Rockwood Blvd

West BRdway Ave

Northern Quest Casino Rd West Greenwood RdWest Sprague Ave

Sout

h R

usse

ll St

Gar

field

Rd

West 23rd Ave

Sout

h R

ustle

Rd

Sout

h Sp

otte

d R

d

Sout

h G

arfie

ld R

d

Sout

h H

ayfo

rd R

d

West T

horpe

Rd

West 14th Ave

West McFarlane Rd

Sout

h G

rove

Rd

West 37th Ave

West Deno Rd

Sout

h Ze

igle

r St

Nor

th B

elt S

t

Equestrian Lane

Nor

th G

arfie

ld R

d

West Euclid Rd

East Boone Ave

North

Sup

erio

r St

Ellio

tt Dr

ive

Nor

th L

ily R

d

North W

right Rd

Nor

th L

ee S

t

East Main Ave

West 5th Ave

East Olive Ave

West Spotted Circl

e

West Luke Ave

West Pilot Drive

East Morgan Rd

East Tate Rd

East Pleasant Prairie RdEast Brooklyn Ave

Nor

th H

ughe

s D

rive

East Fruit Hill Rd

Black Oak Lane

East Fraser Court

East Sunflower DriveEast Francis Ave

East Upriver LaneEast Maringo Drive

North E

spe R

d

North U

nion Rd

North D

ale Rd

North D

ora Rd

East Knox Ave

North Eastern R

d

East Main AveEast Valleyway Ave

North Palm

er Rd

East Beverly Drive

South Stanley Lane

Nor

th D

yer R

d

Sout

h W

hipp

le R

d

East 29th Ave

South Seehorn Rd

Sout

h La

ke R

d

Ely Lane

24th Lane

Jennie Lane

South Ridgeview Drive

33rd Ave

Sout

h W

oodr

uff R

d

East Dalke Ave

West Avon Ave

East Everett Ave

East Longfellow Ave

East Garland Ave

East Glass Ave

East Rich AveEast Lacrosse Ave

West Dell Drive

West Heroy Ave

Nor

th F

lorid

a St

North M

yrtle St

East Grace Ave

Nor

th M

orto

n St

East Sharp AveN

orth Mayfair St

North Stevens St

East Courtland Ave

East Ermina Ave

West Grace Ave

West Shannon Ave

West Montgomery Ave

West Maxwell Ave

West Courtland Ave

East Jean AveNorth Altam

ont St

East 7th Ave

East 12th Ave

East 8th Ave

East Congress Ave

East 35th St

East 25th Ave

East 30th Ave

East 33rd Ave

East 36th AveEast 38th Ave

West 24th Ave

West 31st Ave

East 17th Ave

Nor

th A

dam

s St

East Buckeye Ave

North Pamela StNorth Drumheller St

West Marchand Lane

West Houston Ave

Nor

th H

ayfo

rd R

d

West Newkirk Rd

Nor

th In

dian

Blu

ff R

d

North Prairie C

rest Rd

North G

ustavus St

North Park Blvd

Nor

th C

St

West Houston Rd

Nor

th S

awbu

ck L

ane

Nor

th O

ld T

rails

Rd

North H

untington Lane

West Euclid Rd

West Mission Rd

West Deno Rd

West 5th Ave

West Greenwood RdNor

th F

lint R

d

Campus Drive12th

Sout

h R

usse

ll R

d

Sout

h Le

wis

St

Sout

h Lu

cas

Driv

e

South Royal St

Peaceful CourtKaty C

ourt

West Grandview Ave

South Ball Rd

West 29th Ave

West 40th AveSouth Abbott R

d

West 18th Ave

Jake Lane

West 21st Ave

1-MILERADIUS

3-MILERADIUS

5-MILERADIUS

DEMOGRAPHICS

Population 1 mile 3 miles 5 miles

2010 Population 16,848 110,589 203,069

2016 Population 17,486 113,032 208,463

2021 Population 18,003 115,693 213,810

Income 1 mile 3 miles 5 miles

2016 Median HH Income $34,763 $36,710 $41,416

2021 Median HH Income $35,499 $36,840 $41,561

2016 Average HH Income $46,426 $49,502 $57,576

2021 Average HH Income $49,315 $52,181 $61,748


Paul SleethExecutive Managing Director+1 206 518 [email protected]

Billy SleethExecutive Managing Director+1 206 518 [email protected]

This property is offered on an as-is basis. Legal documents and reports summarized in this Offering Memorandum are not intended to be comprehensive statements of the terms or contents of such documents and reports. Although the Seller and NGKF believe the information to be accurate, no warranty or representation is made as to its accuracy or completeness.

Interested parties should conduct independent investigations and reach conclusions without reliance on materials contained herein. The Seller reserves the right, for any or no reason, to withdraw any property from the market. The Seller has no obligation expressed or implied, to accept any offer. Further, the Seller has no obligation to sell any property unless and until the Seller executes and delivers a signed contract of sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, the offeror will be deemed to have acknowledged the foregoing and agreed to release the Seller from any liability with respect thereto.

The material contained in this Offering Memorandum is confidential, furnished solely for the purpose of considering the purchase of the property described herein and is not to be copied and/or used for any other purpose, or made available to any other person without the express written consent of NGKF or the Seller.

Please deliver offers to the office of the Exclusive Listing Broker, NGKF attention Paul Sleeth and Billy Sleeth. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offeror’s ability to close this proposed transaction in a timely manner.

Please schedule tours of the property through Paul Sleeth or Billy Sleeth at the address and phone numbers listed to the right.

GOODWILL · PLANET FITNESS1617 W Northwest Boulevard · Spokane, WA 99205

DISCLAIMER

goodwill planet fitness · 2017. 9. 22. · goodwill & planet fitness for sale fully remodeled...

Documents