Cinetopia. NNN Cinetopia in Vancouver, WA Se 7th St, Vancouver, WA SEAN TUFTS (206) WA BRE# 74057

Transcription

1 Cinetopia NNN Cinetopia in Vancouver, WA Se 7th St, Vancouver, WA JOHN ANDREINI (415) CA DRE# SEAN MACK (503) WA BRE# SEAN TUFTS (206) WA BRE# CHRIS KOSTANECKI (415) CA DRE#

2 CINETOPIA IS A FREESTANDING SINGLE TENANT ABSOLUTE NNN LEASED PROPERTY LOCATED IN VANCOUVER, WA. Investment Highlights The offering presents an opportunity to acquire an Absolute NNN Lease with 17 years remaining on the primary term. Starting on January 1st, 2017 there are 10% rental increases every 5 years with four 5-year options remaining. Cinetopia offers a full service cinema experience allowing moviegoers to enjoy fine dining with first class seating accommodations. The Company currently operates four locations, two in Vancouver, Washington, one in Beaverton, Oregon and one in Kansas City, Kansas. The Property is located directly off of Interstate 205, a major north-south thoroughfare with in excess of 120,000 vehicle trips daily. Cinetopia benefits from a dense population of approximately 225,000 residents within a 5 mile radius. The Property is located in a dense retail corridor with the following National Tenant s nearby: Fred Meyer, Trader Joe s, Petco, Starbucks, Burger King, Starbucks, Dollar Tree and Party City. PRICE: $8,230,000 CAP: 8.00% 2017 CAP: 8.80% RENTABLE SF ,427 SF PRICE PER SF $241 PRICE PER SF (LAND).... $66.52 APPROX. LAND AREA ,986 SF LEASE TYPE Absolute NNN YEAR BUILT PARKING* Spaces or 5.1/1000 *Parking is approximate and based on a manual count ADDRESS: SE 7th St, Vancouver, WA 9868 CINETOPIA - VANCOUVER, WA 2

3 Investment Highlights LONG TERM ABSOLUTE NNN LEASE 17 years remain on the initial lease term with four 5-year options. 17 YEARS REMAIN 10% RENTAL INCREASES Starting on January 1st, 2017 there are 10% annual rent increases every 5 years, including renewal periods. AMPLE PARKING Cinetopia features 188 parking stalls with a parking ratio of 5.1 per 1,000. SOLID DEMOGRAPHICS 10% BUMPS EVERY 5 YEARS The Property benefits from a dense population of approximately 225,000 people earning an average household income of over $65,000 within a 5 mile radius. HIGH TRAFFIC COUNTS Cinetopia benefits from its close proximity to Interstate 205 where 120,000 vehicles pass by daily. CINETOPIA - VANCOUVER, WA 3

4 Photos THIS CINETOPIA LOCATION HAS FIVE GRAND AUDITORIUMS AND THREE LIVING ROOM THEATERS CINETOPIA - VANCOUVER, WA 4

5 Site Plan SITE PLAN KEY PARCEL OUTLINE: RENTABLE SF: APPROX. LAND: PARKING: 36,427 SF 131,986 SF 188 SPACES (5.1/1,000) GRAND GRAND GRAND AUDITORIUM GRAND AUDITORIUM 2 SE 117th Avenue GUEST CONCESSIONS GRAND AUDITORIUM KITCHEN WINE RESTAURANT TASTING DINING ROOM ROOM PIANO FIRE WINE BAR LIVING ROOM THEATER 6 LIVING ROOM THEATER 7 TROPICAL GARDEN DINING LIVING ROOM THEATER 8 SE 7th Street Site Plan Not To Scale CINETOPIA - VANCOUVER, WA 5

6 Financial Summary PRICE $8,230,000 Capitalization Rate: 8.00% 2017 Capitalization Rate: 8.80% Price Per Foot: $226 NET OPERATING INCOME SUMMARY Plus: STABILIZED INCOME Per SF Scheduled Rent: 10/1/2014 $18.08 $658,600 Equals: Effective Gross Income $18.08 $658,600 Less: OPERATING EXPENSES Per SF CAMS NNN Property Taxes NNN Insurance NNN Total Operating Expenses NNN - Equals: NET OPERATING INCOME $658,600 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. CINETOPIA - VANCOUVER, WA 6

7 Rent Roll TENANT INFO TERM RENT SUMMARY Tenant Name Size Year Monthly Rent PSF Annual Rent PSF Cap Rate Cinetopia 36, $54,883 $1.51 $658,600 $ % comments: Absolute NNN Lease, guaranteed by Cinetopia Progress Ridge LLC, Cinetopia Holdings LLC and Rudyard Coltman, please contact brokers for details. Tenant reports sales annually. 10% rental increases on January 1, 2017 and every 5 years after. There are four 5-year options with 10% rental increases at each renewal $60,372 $1.66 $724,460 $ % 2022 $66,409 $1.82 $796,906 $ % 2027 $73,050 $2.01 $876,597 $ % Option $80,355 $2.21 $964,256 $ % Option $88,390 $2.43 $1,060,682 $ % Option $97,229 $2.67 $1,166,750 $ % Option $106,952 $2.94 $1,283,425 $ % Current Totals: 36,427 $54,883 $1.51 $658,600 $ % 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. CINETOPIA - VANCOUVER, WA 7

8 Cinetopia CINETOPIA HAS BEEN AT THIS LOCATION SINCE 2005 ABOUT CINETOPIA Cinetopia is a luxurious and technologically advanced theater located in Kansas, Oregon, and Washington. Cinetopia features a movie theater, food and restaurant, and a wine bar. Each of their auditoriums feature the industry s finest comforts with plush Ultra Leather extra wide seats, extra leg room, and excellent stadium viewing. Both the Grand Auditoriums and exclusive GXL presentation offer luxury seating and Digital Super High Definition. The Living Room Theaters create a private skybox type of experience. In addition, these theaters offer live pre-show music Friday-Saturday and In-theater restaurant service daily. You may purchase unique and classic concessions and use a special tray that attaches to your arm rest. Klipsch KPT-MCM-4-T Grand four way speaker system The world s first all horn system is Klipsch s highest end system. It is regarded by many as the finest speaker system in the world. This is an exclusive theater audio offering in the Portland / Vancouver area. CINETOPIA - VANCOUVER, WA 8

9 Aerial NE Andresen Road NE 164th Avenue ORCHARDS MARKET CENTER WESTFIELD VANCOVER VANCOUVER PLAZA NE 28th Street NE Burto n Road 205 in Bo ulev ard 66,082 D AILY 14 WASH INGT OREG ON ON SE Mill P lain Bou levard 14 PORTLAND 205 SE 164th Avenue ll Pla 120,000 DAILY N Andresen Road E Mi SE 192nd Avenue NE 18th Street CASCADE PARK PLAZA CINETOPIA - VANCOUVER, WA 9

10 Regional Map Vancouver, WA Location TRAFFIC COUNTS IN EXCESS OF 66,000 VPD ON SE MILL PLAIN BLVD Se mill plain blvd Vancouver Portland CINETOPIA CINETOPIA - VANCOUVER, WA 10

11 Location & Demos Vancouver, WA OVERVIEW Vancouver is the county seat of Clark County and forms part of the Portland-Vancouver metropolitan area, the 23rd-largest metropolitan area in the United States. HIGH TECH & SERVICE INDUSTRIES Vancouver s economy includes many high tech and service industry jobs. The City houses the corporate headquarters for Nautilus, Inc., Hewlett Packard, PeaceHealth, Fisher Investments, The Holland (parent company of Burgerville, USA), and Integra (re-locating soon). INCOME TAX-FREE STATE Vancouver is increasingly popular with retirees, partially because of its proximity to Portland and the absence of a state income tax in Washington. VANCOUVER REVITALIZATION FIRST PROJECTS: In 1997, the city of Vancouver implemented a 20 year revitalization and redevelopment plan for their downtown core with the first projects consisting of vertical condominium structures near the Uptown Village neighborhood and Esther Short Park. FUTURE DEVELOPMENT: LIBRARY SQUARE Mixed use condominiums, hotels, offices, and a new main library. THE LUXE AND PRESTIGE PLAZA Six story office and condominiums buildings. DEMOS BY 1, 3 & 5 MILE RADIUS POPULATION 1-Mile 3-Mile 5-Mile ,260 92, , ,247 93, , ,516 97, , Minutes 10 Miles WATERFRONT REDEVELOPMENT Approximately 10,000 residential units, retail & office buildings, and city parks. This Waterfront Vancouver project is considered to be the largest urban development to date in Vancouver. HOUSEHOLD INCOMES 1-Mile 3-Mile 5-Mile Median $62,090 $67,656 $65,625 Average $44,674 $52,145 $50,892 CINETOPIA - VANCOUVER, WA 11

12 A unique HUMAN RESULTS-DRIVEN client experience THE CAPITAL PACIFIC EXPERIENCE - OUR DAILY COMMITMENT TO OUR CLIENTS [ ] JOHN ANDREINI jandreini@capitalpacific.com (415) CA DRE# SEAN MACK smack@capitalpacific.com (503) WA BRE# SEAN TUFTS stufts@capitalpacific.com (206) WA BRE# CHRIS KOSTANECKI ck@capitalpacific.com (415) CA DRE#