Westchester Bowl/AMF Bowling Leased Restaurant Located in Downtown Bakersfield

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1 C O N T A C T Westchester Bowl/AMF Bowling Leased Restaurant Located in Downtown Bakersfield ASKING PRICE: $1,495,000 ($66.00/sf) Vincent Roche Senior Director Principal Lic vincent.roche@paccra.com The depiction in the included photograph of any person, entity, sign, logo or property, other than PACCOM client and the property offered by PACCOM, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and PACCOM or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of PACCOM s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

2 THE PROPERTY The depiction in the included photograph of any person, entity, sign, logo or property, other than PACCOM client and the property offered by PACCOM, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and PACCOM or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of PACCOM s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

3 2018 DEMOGRAPHICS 1 MILE 2 MILE 3 MILE POPULATION 10,616 49, ,539 HOUSEHOLDS 4,370 18,301 41,032 AVG. HH INCOME $48,055 $46,811 $48,756 DAYTIME POP 22,596 51,489 75,550 The depiction in the included photograph of any person, entity, sign, logo or property, other than PACCOM client and the property offered by PACCOM, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and PACCOM or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of PACCOM s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

4 The depiction in the included photograph of any person, entity, sign, logo or property, other than PACCOM client and the property offered by PACCOM, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and PACCOM or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of PACCOM s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

5 Tenant Information Defined Term Meaning Bowling Center Tenant Premises Base Rent Rent Increases Bowling Center named AMF Westchester Lanes located at the following address: th Street Bakersfield, California Rick Mossman s Coffee Shops and Catering Company Approximately 3,060sf of the bowling center as shown on Exhibit A $97, annual gross rent, payable monthly Two percent (2%) per year Term 6/1/2016 5/31/2021 Renewal Option Renewal Option Period Rental and CAM Yes Two (2) three (3) year options Means, with respect to a particular period of time during the Lease Term, the Rental and CAM amount set forth opposite the period during the Term below: Income Analysis As Is Stabilized Base Rent (1) $97,793 $215,189 Additional Rent 0 $46,000 Gross Income $97,793 $261,189 Operating Expenses (2) ($55,000) ($55,000) Net Operating Income $42,793 $206,189 Notes: 1. $6.00/sf year NNN a non restaurant space 2. $2.40/sf year The depiction in the included photograph of any person, entity, sign, logo or property, other than PACCOM client and the property offered by PACCOM, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and PACCOM or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of PACCOM s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

6 M A R K E T O V E R V I E W BAKERSFIELD OVERVIEW Bakersfield is the retail trade center for Kern County s 925,036 residents. Bakersfield is California s 9th most populous city with over 393,000 people. It ranks 6th in population and density growth, and is 1st in population and wealth growth in the state. The median age is 30.7, offering the right balance of young and older professionals. BAKERSFIELD S ECONOMY The Bakersfield retail market is comprised of just over 12.9 million square feet (msf) of space (excluding the 1.15-msf Valley Plaza Regional Mall) The 2017 year-end estimated vacancy rate recorded 7.9%. The job market is expecting an average growth rate of 1.1%, or approximately 206,939 new jobs over the next four years. Bakersfield reported over $8 Billion in retail sales in 2014 (More than any other city in LA County and Orange County besides Los Angeles.) The Bakersfield median household income is 5.5% higher than the nation s. KERN COUNTY S ECONOMY Located. at the southern end of California s Central Valley, Kern County consistently ranks among the top five most-productive agricultural counties in the U.S. and is one of the nation s leading petroleum-producing counties. Kern County is geographically the center of California s population, making it accessible to 38 million consumers. Because of its unique geographical positioning, Kern County has also become the distribution center for some of the world s largest companies. Additionally, with more than 8,000 square miles, Kern offers everything from big city amenities to small town friendliness, along with outstanding recreational opportunities and easy access to ocean, alpine, and desert. Some Recent Headlines about Bakersfield and Kern County Kern County Cost of Living Still Lower than U.S. Average Bakersfield No. 2 Best City of the Future Bakersfield No. 9 Best U.S. Housing Market to Watch Bakersfield Home Prices Increase Bakersfield Fourth Nationally for Architecture, Engineering Jobs Bakersfield Among Top Destinations where Millennials Moving DEMOGRAPHICS Bakersfield Kern County 2023 Projection 393, , Population 383, , Census 348, ,631 Growth %.6% Growth % 30.9% Bakersfield Kern County 2023 Projection 131, , Total Households 125, , Census 111, ,610 Growth % 1.0% Growth % 1.9% Bakersfield Kern County Average Household Income $83,975 $76,461 Median Household Income $63,172 $54,900 Est. Per Capita Income $27,591 $24,421