Marketing Package Hilltop Restaurant Sale Leaseback 5645 Guide Meridian Bellingham, WA 98226

Transcription

1 Marketing Package Hilltop Restaurant Sale Leaseback 5645 Guide Meridian Bellingham, WA James Browder Broker kulshancommercial.com Spencer Wright Broker kulshancommercial.com

2 Marketing Flyer Hilltop Restaurant Sale Leaseback 5645 Guide Meridian Bellingham, WA Hilltop Restaurant $1,595,000 Offered at a 7.02% Cap rate Absolute Net Operating Income - $112,000/year Strong investment with solid local credit tenant 10-year lease in place Four 5-year options 2% Annual rent increases Market rate adjustments every 7 years Popular Hilltop Restaurant opened in 1959 New building constructed in 2004 Added catering kitchen in 2006 High-traffic location - 18,000 cars/day, including heavy Canadian traffic Loyal customer base Experienced, local operator James Browder Broker jim@kulshancommercial.com Spencer Wright Broker spencer@kulshancommercial.com CBA: MLS:

3 Executive Summary Hilltop Restaurant Executive Summary Kulshan Commercial Investment Real Estate is pleased to present the Hilltop Restaurant in Bellingham, WA for Sale and Leaseback by the restaurant owner/operator, Tom Kilpatrick. Located in the center of the populated part of Whatcom County, the restaurant trade area includes Bellingham, Ferndale, Lynden, within about a 7 mile drive. The Hilltop Restaurant has been operated continuously since 1959 and has a loyal patron base; it has been operated by Tom Kilpatrick since 2001 including the construction of a completely new restaurant building in The building and grounds are very attractive, with good visibility, parking, and appeal. The property also includes a separate catering kitchen for related off-premises catering businesses which also support the restaurant operator income. Mr. Kilpatrick intends to sell the building and lease it back as an operator under terms of new lease to be finalized with the successful buyer. The Investor s and Seller s attorneys will interface to create a mutually agreeable document with business terms that reflect the returns the Investor requires with reasonable lease terms the operator can support with the restaurant operation. Restaurant sales volumes are more than sufficient to support an initial base rent (on an absolute net rent basis) of $112, 000, with annual increases of 2%, and market rate adjustments every 7 years, with an initial lease term of 10 years. Four five-year options are also planned, providing great continuity and market rents for the new Investor/Owner. This marketing package answers many questions of an Investor prospect; additional information is available in a Due Diligence Vault and through the Owner, and can be made available when appropriate to qualified Investors. Investors and brokers are asked to schedule full property tours through the Listing Brokers, although the restaurant is open for business seven days a week. Please do not talk to the staff about the potential sale of the property or anything other than normal patron business. Due to the attractive return offered to the Investor through the initial rent level and the asking price, there is high demand for the property and time is of the essence. Please contact the Listing Broker or your representative to create a Purchase and Sale Agreement, subject to acceptable Leaseback terms. The Seller will respond to all offers.

4 Lease Information Lease Summary Property Address: Commencement Date: 5645 Guide Meridian Bellingham, WA May 1, 2015 Operating Expenses: Absolute Net Lease - Tenant responsible for all costs, expenses and charges of every nature, relating to Lease Premises. Expiration Date: Initial Lease Term: Rentable Square Feet: April 30, years (120 months) 4,329 square feet Maintenance and Repair: Tenant pays all utilities and other services. Tenant pays all costs of maintenance and repair. Parcel Description: Selling Price: Cap Rate: Rent as expected closing: APN ,200 square feet Perpetual easement provides south entrance, 15,600 SF $1,595, % May 1, 2015 May 1, 2016 May 1, 2017 May 1, 2018 May 1, 2019 May 1, 2020 May 1, 2021 May 1, 2022 May 1, 2023 May 1, 2024 May 1, $112, $114, $116, $118, $121, $123, $126, New Market Rent + 2% + 2% + 2% First Option... Security Deposit: Last Month s Rent: Landlord s Notice Address: Tenant Notice Address: $9, $9, To be determined The Guide Hilltop Restaurant, LLC 5645 Guide Meridian Bellingham, WA c/o Tom Kilpatrick

5 Site Photos

6 Site Photos

7 Site Photos

8 Maps Pacific Northwest Hilltop Restaurant

9 Maps Regional Hilltop Restaurant

10 Maps Aerial

11 Maps Aerial

12 Maps Aerial

13 Maps Surrounding Retail Hilltop Restaurant

14 Maps Zoning Zoning RGC: R5A: RIM: Rural General Commercial Rural 1 Unit/ 5 Acres Rural Industrial Manufacturing Full zoning map for this area as well as specific zoning code available in Due Diligence Vault. The Hilltop Restaurant Due to rural location, limited development permitted in this area. More information on Limited Areas of More Intensive Rural Development (LAMIRDs) can be found here:

15 Site Plan Proposed Addition Completed 2006

16 Floor Plan Proposed Addition Completed 2006 Not Shown.

17 Hilltop Restaurant Marketing Package Floor Plan Sketch on file with Whatcom County Assessor

18 Links The Hilltop Restaurant Addendum Links Whatcom County County Assessor Real Property Search Planning & Development Permits Zoning LAMIRDs Bellingham Colleges and Universities Western Washington University Whatcom Community College Bellingham Technical College Washington State Planning Goals Bellingham/Whatcom Chamber Port of Bellingham Waterfront Redevelopment Surrounding Communities Bellingham Ferndale Lynden Fairhaven Local News Media The Bellingham Herald The Western Front Bellingham Business Journal bbjtoday.com

19 Traffic Counts

20 Demographics 3 Mile Radius

21 Demographics 5 Mile Radius

22 Demographics 10 Mile Radius