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Wake Up Call Coffee 510 S Freya St 1,044 SF 100% Leased Retail Building Spokane, WA 99202 $1,800,000 ($1,724.14/SF) 5% Cap Rate
INVESTMENT HIGHLIGHTS
- 10-Year term with annual 2% rent increases. Yield increases 100 basis points in the primary term
- Strong regional brand with 49+ locations and 20+ years of operational success, all 100% company owned. Voted “Best Drive-Thru Coffee” four years
- Dense surrounding population with approximately 230,711 residents within a 5-mile radius, supporting strong daily drive-thru traffic
- Absolute NNN lease structure provides zero Landlord responsibilities. Seller to execute a brand-new lease at closing
- Strategic, high-visibility location on a one-way portion of Freya Street carrying all I-90-bound traffic directly past the property
- Additional daily draw provided by proximity to Fred Meyer, the only large-footprint grocery serving the immediate submarket just south of I-90
EXECUTIVE SUMMARY
The Offering provides the opportunity to acquire a Wake Up Call Coffee backed by a new 10-year absolute NNN lease with annual rent increases of 2%, to be executed at closing. Wake Up Call Coffee is a rapidly growing, privately held coffee chain with 49+ company-owned locations across three states, with an extremely loyal customer base. The Property is in close proximity to an Interstate 90 interchange and is expertly positioned along a one-way portion of Freya Street that drives all highway-bound traffic past the Subject Property, with 17,800 VPD. The Property benefits from high-density surrounding residential of 230,711 residents within a 5-mile radius. South Spokane is arguably one of the most desirable residential areas in Spokane, located a short distance from the Spokane CBD and Interstate 90, with an annual growth rate just above the US average.
PROPERTY FACTS
Sale Type
Investment NNN
Sale Condition
Sale Leaseback
Property Type
Retail
Property Subtype
Restaurant
Building Size
1,044 SF
Building Class
B
Year Built
2015
Price
$1,800,000
Price Per SF
$1,724.14
Cap Rate
5%
NOI
$90,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.07
Lot Size
0.33 AC
Zoning
CB
Parking
6 Spaces (5.75 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Bus Line
- Signalized Intersection
Walk Score®
Very Walkable (72)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 35222.4801 | Improvements Assessment | $642,800 |
| Land Assessment | $116,340 | Total Assessment | $759,140 |
PROPERTY TAXES
Parcel Number
35222.4801
Land Assessment
$116,340
Improvements Assessment
$642,800
Total Assessment
$759,140
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Wake Up Call Coffee | 510 S Freya St
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