TACO BELL - Offering Memorandum - 19610 7th Ave NE Poulsbo, WA 98370 - Commercial Brokers Association
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Offering Memorandum
TACO BELL
19610 7th Ave NE • Poulsbo, WA 98370
NON-ENDORSEMENT AND DISCLAIMER NOTICE
Confidentiality and Disclaimer
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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement Notice
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or
name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,
service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
TACO BELL
Poulsbo, WA
ACT ID Y0110134
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NET LEASED DISCLAIMER
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will
not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee,
warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before
completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus &
Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance
of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to
your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal
and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not
a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based
on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any
guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in
whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting
his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a
replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential
replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost,
expense, or liability arising out of your investigation and/or purchase of this net leased property.
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TACO BELL
OFFERINGSUMMARY
OFFERING SUMMARY
EXECUTIVE SUMMARY
OFFERING SUMMARY
Price $1,450,000
MAJOR EMPLOYERS
Net Operating Income $77,820
Capitalization Rate – Current 5.37%
# OF EMPLOYEES
Price / SF $674.42 EMPLOYER
*
Rent / SF $36.20 Imf 11,500
Lease Type Absolute Net Medical/Dental Clinic 924
Gross Leasable Area 2,150 SF United States Dept of Navy 877
Year Built / Renovated 1988 / 2012 Raytheon 827
Lot Size 0.37 acre(s) Suquamish Clrwter Csino Resort 800
Olympic College-Poulsbo 524
Naval Fclties Engrg Command NW 500
Martha and Mary Health Svcs 375
Transportation US Dept 357
Lockheed Martin 290
Naval Submarine Base Bangor 250
Trulife Inc 250
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop 6,597 18,798 43,412
2010 Census Pop 6,219 17,663 41,195
2017 Estimate HH 3,055 7,566 16,033
2010 Census HH 2,858 7,093 15,194
Median HH Income $55,284 $68,171 $68,567
Per Capita Income $32,630 $34,356 $32,696
Average HH Income $69,162 $84,726 $87,014
* # of Employees based on 5 mile radius
#
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TACO BELL
OFFERINGSUMMARY
OFFERING SUMMARY
PROPERTY SUMMARY
NOTES
#
5
TACO BELL
OFFERING SUMMARY
INVESTMENT OVERVIEW
Marcus & Millichap has been selected to exclusively market for sale the 7th Avenue NE Taco Bell restaurant in Poulsbo, Washington. The 2,150 Square-foot building sits
on a .37 acre lot in a main commercial corridor of Poulsbo. Located on the main thoroughfare of Highway 305, the property is out pad to a major shopping center and just
blocks from the Port of Poulsbo.
The subject property is located along State Highway 305, a heavily traveled thoroughfare that goes through Bainbridge Island, Poulsbo, and Kingston. The property is
situated between Burger King and 76 Gas Station, and outparcel to a shopping center that includes Rite Aid, Starbucks, Dollar Tree, Sprint, The UPS Store, and Domino's.
North Kitsap High School and the Port of Poulsbo are just south of the property. Major retailers close-by retailers include Central Market, Taco Time, Guesthouse Suites,
Safeway, CVS Pharmacy, and Dairy Queen.
Poulsbo is a growing 21st century city with a Scandinavian heritage that has earned Poulsbo the nickname "Little Norway". Poulsbo, Washington, with a population of
10,210, is located in the northern part of Kitsap County and is 4.5 square miles in area. The town is situated between Liberty Bay and the Olympic Mountains. Poulsbo is a
thriving community with many amenities that attract tourists and encourage people to move to this area. With its picturesque downtown core of storefronts and shopping
areas at Poulsbo Village, along Viking Avenue, and in College Market Place, Poulsbo offers much to citizens and guests alike. These include several beautiful parks
throughout the city, a boardwalk along Liberty Bay, the Valborg Oyen Public Library, three marinas, interesting gift shops, delicious bakeries, good schools including the
Olympic College satellite campus, and panoramic views of Liberty Bay and the Olympic Mountains.
INVESTMENT HIGHLIGHTS
▪ Absolute NNN Lease Income Tax Free State
▪ 7.5% Rent Bump to Occur in 2022
▪ Experienced Franchisee (Since 1989) Who Operates
12 Stores in the Region
▪ Located Just Off Busy 4-Lane Main Thoroughfare at
Signalized Intersection
▪ Near The Port of Poulsbo and North Kitsap High
School
▪ Retailers in Immediate Area Include Safeway, RiteAid,
Burger King, O'Reilly Auto
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PROPERTY
TACO BELL NAME
PRICING LOCATION
PRICING AND
AND TENANT SUMMARY
OVERVIEW
VALUATION
VALUATION MATRIX
MATRIX
19610 7th Ave NE, Poulsbo, WA 98370
CLOSE PROXIMITY TO:
7#
PROPERTY
TACO BELL NAME
PRICING LOCATION
AND TENANT
REGIONAL
PRICING AND SUMMARY
OVERVIEW
VALUATION
VALUATION MATRIX
AND LOCAL MAP
MATRIX
19610 7th Ave NE, Poulsbo, WA 98370
8#
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TACO BELL
AERIAL PHOTO
10PROPERTY
TACO BELL NAME
DEMOGRAPHICS
MARKETING TEAM
Created on July 2018
POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
▪ 2022 Projection Total Average Household Retail
$68,118 $77,661 $78,266
Expenditure
Total Population 6,999 19,711 45,607 ▪ Consumer Expenditure Top 10
▪ 2017 Estimate Categories
Total Population 6,597 18,798 43,412 Housing $18,619 $20,817 $21,007
▪ 2010 Census Shelter $11,438 $12,554 $12,673
Total Population 6,219 17,663 41,195 Transportation $11,390 $13,126 $13,215
▪ 2000 Census Food $7,816 $9,181 $9,339
Total Population 5,210 14,277 39,150 Personal Insurance and Pensions $5,803 $7,429 $7,658
▪ Current Daytime Population Health Care $4,268 $4,878 $4,794
2017 Estimate 9,943 20,304 42,722 Utilities $3,264 $3,660 $3,680
Entertainment $3,081 $3,709 $3,742
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
Household Furnishings and
▪ 2022 Projection Equipment
$2,016 $2,453 $2,498
Total Households 3,327 8,095 17,291 Gifts $1,935 $2,376 $2,318
▪ 2017 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Total Households 3,055 7,566 16,033 ▪ Population By Age
Average (Mean) Household Size 2.12 2.42 2.51 2017 Estimate Total Population 6,597 18,798 43,412
▪ 2010 Census Under 20 20.75% 23.12% 23.58%
Total Households 2,858 7,093 15,194 20 to 34 Years 19.82% 17.13% 23.38%
▪ 2000 Census 35 to 39 Years 5.49% 5.58% 5.58%
Total Households 2,262 5,597 12,756 40 to 49 Years 10.24% 11.97% 10.99%
▪ Occupied Units 50 to 64 Years 18.84% 22.34% 20.40%
2022 Projection 3,327 8,095 17,291 Age 65+ 24.87% 19.87% 16.05%
2017 Estimate 3,218 7,969 17,173 Median Age 43.79 43.72 37.67
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles ▪ Population 25+ by Education Level
▪ 2017 Estimate 2017 Estimate Population Age 25+ 4,800 13,350 28,676
$150,000 or More 7.06% 10.27% 10.56% Elementary (0-8) 1.86% 1.44% 1.36%
$100,000 - $149,000 13.57% 18.48% 17.71% Some High School (9-11) 4.07% 3.92% 3.58%
$75,000 - $99,999 12.13% 14.80% 16.04% High School Graduate (12) 23.73% 22.25% 22.05%
$50,000 - $74,999 20.03% 20.85% 20.82% Some College (13-15) 25.68% 26.85% 28.57%
$35,000 - $49,999 12.70% 10.65% 11.89% Associate Degree Only 5.99% 8.48% 9.73%
Under $35,000 34.51% 24.95% 22.99% Bachelors Degree Only 25.59% 24.12% 22.35%
Average Household Income $69,162 $84,726 $87,014 Graduate Degree 12.71% 12.66% 12.17%
Median Household Income $55,284 $68,171 $68,567
Per Capita Income $32,630 $34,356 $32,696
Source: © 2017 Experian
11PROPERTY
TACO BELL NAME
DEMOGRAPHICS
MARKETING TEAM
Population Race and Ethnicity
In 2017, the population in your selected geography is 6,597. The The current year racial makeup of your selected area is as follows:
population has changed by 26.62% since 2000. It is estimated that 84.10% White, 0.83% Black, 0.21% Native American and 4.10%
the population in your area will be 6,999.00 five years from now, Asian/Pacific Islander. Compare these to US averages which are:
which represents a change of 6.09% from the current year. The 70.42% White, 12.85% Black, 0.19% Native American and 5.53%
current population is 44.80% male and 55.20% female. The median Asian/Pacific Islander. People of Hispanic origin are counted
age of the population in your area is 43.79, compare this to the US independently of race.
average which is 37.83. The population density in your area is
2,092.86 people per square mile. People of Hispanic origin make up 12.05% of the current year
population in your selected area. Compare this to the US average of
17.88%.
Households Housing
There are currently 3,055 households in your selected geography. The The median housing value in your area was $295,090 in 2017,
number of households has changed by 35.06% since 2000. It is compare this to the US average of $193,953. In 2000, there were
estimated that the number of households in your area will be 3,327 1,262 owner occupied housing units in your area and there were
five years from now, which represents a change of 8.90% from the 1,000 renter occupied housing units in your area. The median rent at
current year. The average household size in your area is 2.12 persons. the time was $577.
Income Employment
In 2017, the median household income for your selected geography is In 2017, there are 3,958 employees in your selected area, this is also
$55,284, compare this to the US average which is currently $56,286. known as the daytime population. The 2000 Census revealed that
The median household income for your area has changed by 42.57% 62.60% of employees are employed in white-collar occupations in
since 2000. It is estimated that the median household income in your this geography, and 37.67% are employed in blue-collar occupations.
area will be $63,484 five years from now, which represents a change In 2017, unemployment in this area is 6.56%. In 2000, the average
of 14.83% from the current year. time traveled to work was 29.00 minutes.
The current year per capita income in your area is $32,630, compare
this to the US average, which is $30,982. The current year average
household income in your area is $69,162, compare this to the US
average which is $81,217.
Source: © 2017 Experian
12PROPERTY
TACO BELL NAME
Contact
MARKETING TEAM
Exclusively Listed BY
Nico Rallis Hank Wolfer
Associate Vice President Investments
Associate Member - Net Leased Properties Associate Director - Net Leased Properties
Group Group
Seattle Office Seattle Office
Tel: (206) 826-5817 Tel: (206) 826-5730
Fax: (206) 826-5710 Fax: (206) 826-5710
nico.rallis@marcusmillichap.com hank.wolfer@marcusmillichap.com
License: WA 122231 License: WA 110547
Source: © 2017 Experian
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