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GERBER COLLISION, Spokane, WA

GERBER COLLISION

Spokane, WA

Price $4,389,000
Cap Rate 6.00%
NOI $263,340
Lease Term 5 Years
Lease Type Net, With Tenants Responsible For All Taxes, Insurance, And Maintenance, Excluding Roof, Structure, And Parking Lot
Rental Increases Rental Increases In Option Periods
Year Built 1980
Building Size 25,000 SF Combined
Lot Size 1.77 Acres (77,000 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Executive Managing Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Managing Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

100% LEASED TWO-TENANT AUTOMOTIVE ASSET WITH SCHEDULED RENTAL INCREASES
» 100% leased two-tenant asset to Gerber Collision and Lloyd’s Automotive
» Five-year lease for both tenants with scheduled rental increases in option periods, providing a hedge against inflation
» All Gerber locations have achieved the highest training level recognized in the collision industry, the I-CAR Gold Class Professionals® designation
» Gerber Collision has grown to one of the largest auto collision and glass repair companies in North America (800+ locations)

HIGH-VISIBILITY LOCATION IN POPULOUS AND GROWING AREA
» High-visibility location near the intersection of East 55th Avenue and South Regal Street (16,636+ AADT)
» Beneficial proximity to highly trafficked Spokane thoroughfares, including Interstate 90 (125,000 AADT)
» Population of 113,760 within a five-mile radius of the location, creating a reliable customer base for the site
» Average annual household income of $119,079 within three miles
» Projected 25 percent average annual household income increase within a one-mile radius of the site in the next five years, poising Gerber Collision, Lloyd’s Automotive, and Spokane for significant concurrent growth

CENTRAL LOCATION NEAR LARGE SPOKANE SCHOOLS AND COMMUNITY HUBS
» Surrounded by a strong mix of local and national retailers, including Target, PetSmart, Safeway, McDonald’s, Wendy’s, Starbucks, and many more
» Beneficial proximity to Spokane’s largest universities and schools, including Gonzaga University (7,295 students) and Spokane Community College (10,375 students)
» Surrounded by high-density, single family housing developments and large townhouse complexes
» Located in an income tax free state


Property Description

The property has a prime location near the intersection of East 55th Avenue and South Regal Street, with high visibility and easy access to over 16,636 vehicles per day. The location has a beneficial proximity to highly trafficked Spokane thoroughfares, including Interstate 90 (125,000 AADT). The site features a prime location in a populous and growing area, with 113,760 residents living within a five-mile radius of the property, creating a reliable customer base for the site. The site is located in an affluent area as well, with an average annual household income of $119,079 within three miles. With a projected 25 percent average annual household income increase within a one-mile radius of the site in the next five years, Gerber Collision, Lloyd’s Automotive, and Spokane are poised for significant concurrent growth.

Visibility to the property is increased by the site’s centralized location near large schools, employers, and community hubs. The site is surrounded by a strong mix of local and national retailers, including Target, PetSmart, Safeway, McDonald’s, Wendy’s, Starbucks, and many more. The property is centrally located minutes from Gonzaga University (7,295 Students) and Spokane Community College (10,375 Students), driving significant additional traffic to the property. The location greatly benefits from being surrounded by high-density, single family housing developments and large townhouse complexes.

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