Chuck E. Cheese’sSPOKANE, WASHINGTON

Chuck E. Cheese’s10007 N. NEVADA ST, SPOKANE, WA 99218

6.70%CAP

$1,680,000PRICE

Overview

https://goo.gl/maps/mdVjsFGPZz4mhEfMA

■ TENANT EXECUTED AN 8-YEAR EXTENSION EARLY, PROVIDING A 10.5-YEAR REMAINING FIRM TERM.

■ THREE, 5-YEAR OPTIONS WITH SCHEDULED INCREASES.

■ NEW ROOF INSTALLED IN 2018 WITH A 20-YEAR WARRANTY ON THE MEMBRANE.

■ LOCATED ADJACENT TO NORTHPOINTE PLAZA - A LARGE DAILY NEEDS SHOPPING CENTER.

■ HIGH-DENSITY RESIDENTIAL WITH 165,000+ RESIDENTS WITHIN A 15-MINUTE RADIUS.

■ DIRECT EXPOSURE TO NEVADA STREET WITH DAILY TRAFFIC COUNTS OF OVER 17,300.

■ SITUATED NEAR A MAJOR INTERSECTION ONLY 3 BLOCKS FROM NEWPORT HIGHWAY, CONNECTING TO NEARBY FREEWAYS AND DIVISION ST., SPOKANE’S DOMINANT COMMERCIAL THOROUGHFARE.

■ TENANT HAS 600 CORPORATE LOCATIONS ACROSS THE US.

LEASEABLE SF11,331 SF

LAND AREA93,654 SF

YEAR BUILT1999

PARKING±142 Spaces; 12.5/1,000 SF

Investment Summary

PAGE 3

Overview

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.

Income & Expense

PRICE $1,680,000CAPITALIZATION RATE 6.70%PRICE PER FOOT $148

CASH FLOW SUMMARY

SCHEDULED INCOME Per SFBase Rent for the Period of: 1/1/2020 - 12/31/2020 $11.97 $135,600Total Effective Gross Income (EGI) $11.97 $135,600

OPERATING EXPENSES CAMS NNNInsurance1 $0.33 $3,727Property Taxes2 $1.72 $19,456Total Operating Expenses $2.05 $23,183

NET OPERATING INCOME $112,4171) Based on Seller's 2018 Property and Liability insurance premium. 2) Based on 2019 Spokane County Tax Assessment.

10/16/2019 [ ]

Financial Summary

Rent Roll

5/29/2017 - 5/31/2030

11,331

MONTHLY BASE RENT

% INCREASEANNUAL

RENT

5/29/2017 $11,300 $135,600

1 6/1/2030 $11,550 2.2% $138,600

2 6/1/2035 $12,128 5.0% $145,530

3 6/1/2040 $12,734 5.0% $152,806

CURRENT $11,300 $135,600

Chuck E. Cheese's

Lease Term:

Size (SF):

RENT SUMMARY

DATE

OPTIONS

Lease NotesComments: MG Lease - Tenant is responsible for all non-structural maintenance and repair and pays utilities directly to billing authority. The Landlord is responsible for taxes and property/liability insurance. ROFR to purchase the Property. Tenant has 3, 5-Year options, requiring 180 days' notice.

10/16/2019 [ ]

RentRoll

Financial Summary

PAGE 5

Premise & Term

Maintenance & Repair

TENANT CEC Entertainment, Inc. dba Chuck E. Cheese’sBUILDING SF 11,331 SFLEASE TYPE Modified Gross LeaseLEASE COMMENCEMENT May 29, 2017EXPIRATION May 31, 2030OPTIONS 3, 5-YR Options; 180-Day Notice

TENANT’S OBLIGATIONSTenant is responsible for all maintenance and repair to the interior of the premise, as well as parking and service facilities, snow removal, signage, sprinkler mains, gutters, downspouts, wiring, HVAC, plumbing, and landscaping.

LANDLORD’S OBLIGATIONSLandlord is responsible for all structural repairs and maintenance of the building, including the roof, foundation, sidewalks, walkways, exterior walls and doors, store front, and floors.

Lease Abstract

TAXESLandlord is responsible for property taxes, while tenant reimbursement is built into the rent.

INSURANCELandlord shall maintain their own public liability and property insurance. Tenant must also maintain public liability insurance protecting the Landlord and Tenant for injury and damage to the property.

UTILITIESTenant is responsible for direct payment of all utilities.

ASSIGNMENT/SUBLETTINGTenant may not assign or sublease without the prior written consent of Landlord, which shall not be unreasonably withheld. Tenant may assign this lease pursuant to a merger, acquisition, or sale of at least 50% of its assets without Landlord’s consent.

RADIUS RESTRICTIONThe Landlord will not sell, lease, or permit the use of any land controlled by the Landlord within 2 miles of the property to a restaurant or other business primarily serving pizza, providing arcade games or physical play to minors.

RIGHT OF FIRST REFUSALTenant has the ongoing right to purchase land at the same terms and conditions set forth in an offer to purchase Landlord would like to accept. Tenant has 30 days from receiving notice to choose to purchase or not, and Landlord has 180 days to sell to the buyer named in the notice.

LeaseProvisions

Expenses

Lease Abstract

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About Chuck E. Cheese’s

CEC Entertainment and its franchisees operate over 600 Chuck E. Cheese’s throughout 47 states and 14 countries. CEC has 17,000 employees, and has proudly served as a nationally recognized leader in the family dining/entertainment industry for approximately 40 years.

About the Tenant

N N

EVA

DA

ST

ACCE

SS LA

NE

17,300VPD

CROSS-EASEMENT ACCESS & PARKING

An agreement running with the land of the Subject parcel and the parcel immediately south permits cross-parcel parking and ingress/egress; this agreement will run with the land until either building is rebuilt.

Site

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MAJOR RETAILAaron’sACE HardwareAt HomeAlbertsonsAutoZoneBed Bath & BeyondBig 5 Sporting GoodsBurlingtonDollar TreeFred MeyerGoodwill

Grocery OutletHarbor Freight ToolsHobby LobbyHome DepotJoAnn Fabric and CraftsLowe’sMichaelsPetSmartRite AidRoss Dress for LessSafeway

Sportsman’s WarehouseStarbucksTrader Joe’sWalmart SuperstoreWinCo Foods

TOTAL 1-MILE 3-MILES 5-MILES

Businesses 3,137 6,304 9,882

Employees 71,974 105,019 146,940

Population 14,235 108,745 219,861

KEY 1-MILE 3-MILES 5-MILES

BusinessSummary

Surrounding Retail

NORTHTOWNMALL

N D

IVIS

ION

STR

EET

42,400 VPD

CHUCK E. CHEESE’S

DENSE SURROUNDING

RESIDENTIAL BASE OF 165,000 RESIDENTS

WITHIN A 15-MINUTE DRIVE.

Surrounding Retail

PAGE 11

https://www.northtownmall.com/en.htmlhttps://www.northtownmall.com/en.html

The information in this Executive Summary 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. All rights reserved to Capital Pacific, LLC.

Contact Us

DAVID GELLNERdgellner@capitalpacific.comPH: 206.693.3349

Contact the listing team:

Our brokers collaborate:

MEET THE ENTIRE TEAM HERE.

MICHAEL HORWITZ

KEVIN ADATTO

SEAN TUFTS

SCOTT FRANK

SEAN MACK

PETER DUNN

DAVID GELLNER

LANCE SASSER

MICHAEL LOWES

Contact Us

https://capitalpacific.com/team/mailto:mhorwitz%40capitalpacific.com?subject=mailto:kadatto%40capitalpacific.com?subject=mailto:stufts%40capitalpacific.com?subject=mailto:sfrank%40capitalpacific.com?subject=mailto:smack%40capitalpacific.com?subject=mailto:pdunn%40capitalpacific.com?subject=mailto:dgellner%40capitalpacific.com?subject=mailto:lsasser%40capitalpacific.com?subject=mailto:mlowes%40capitalpacific.com?subject=

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