for sale: nnn asset for more information: … · skagit farmrs spply ocatios a information urnished...

For more information: 509.444.6530Aaron Lake: [email protected]

Marc Mowrer: [email protected]

www. leavittcap. com

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FOR SALE: NNN ASSETSKAGIT FARMERS SUPPLY LOCATIONS

All information furnished regarding this property for sale or lease is from sources deemed reliable, but

no warranty or representation is made to the accuracy thereof and same is submitted subject to errors,

omissions, change of price, rental or other conditions prior to sale, lease or withdrawal without notice.

WASHINGTON

IDAHO

MONTANASpokane

Colville

Stevensville

Missoula

Coeur d’Alene

The net leased Skagit Farmers Supply portfolio is an opportunity to acquire four long-operating properties with sizeable remaining lease terms. The combination of net leases, high cap rates and, great, low rate assumable debt gives an investor the unique opportunity for both passive management and high cash-on-cash returns.

Purchase individually or as a portfolio: These NNN leased locations provide an opportunity to acquire up to four properties—all with sizeable remaining lease terms.

High cash on cash returns with passive management: NNN leases, high cap rates, and low-cost, assumable debt.

PRICE: $906,450 – $6,632,916 CAP: 7.25% – 7.75%

Colville, WA466 West First Avenueprice: $906,450 · cap: 7.75%

Spokane, WA10505 Newport Highwayprice: $2,962,945 · cap: 7.25%

Coeur d’Alene, ID6225 N Government Wayprice: $1,033,027 · cap: 7.25%

Stevensville, MT3673 Eastside Highwayprice: $1,730,495 · cap: 7.75%

COLVILLE COEUR D’ALENE

SPOKANE STEVENSVILLE




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Financial Strength: Skagit Farmers Supply has been in business since 1934. Over 80 years, it has grown from a 46 member co-op to over 30,000 members and several hundred employees. Skagit now boasts 13 retail stores across Washington, Idaho, and Montana, two agronomy sites, a dairy and water division, fuel stations, and five propane bulk plants.

Store locations: Each of the store locations offered are in markets with heavy concentrations in ranching and farming. And each community in which the properties are located have vibrant and growing economies.

All of these locations have been feed stores for at least five years and in some cases much, much longer. They have developed an identity within the market that has significant value to the retailer. There is very little commercial turnover in these markets and very few, if any, opportunities to relocate.

Property Designs: Each property is suitable for alternative commercial uses.

Website: http://www.skagitfarmers.com/

Economic Summary

The Tenant

OPERATIONS AND YIELD

Cash Flow Equity Return

Year: 2017

Present Occupancy

Reserves For: Operating

Net Income

Debt Service Cash Flow

Cap Rate Value Debt LTV Equity

Cash on CashLease Expiry Location Approx sq.ft. Rent Vacancy

Adjusted Rent

Reserves/Expenses

2017 3% 3% 3.95% rate

12.31.22* Spokane, WA 14,000 100% $228,306 $(6,849) $221,457 $(6,644) $214,814 $124,692 $90,122 7.25% $2,962,945 $1,812,457 61% $1,150,488 7.8%

12.31.22 Coeur d'Alene, ID 7,000 100% $79,599 $(2,388) $77,211 $(2,316) $74,894 $33,672 $41,222 7.25% $1,033,027 $488,304 47% $544,723 7.6%

12.31.22 Colville, WA 8,000 100% $74,662 $(2,240) $72,423 $(2,173) $70,250 $44,048 $26,202 7.75% $906,450 $637,478 70% $268,972 9.7%

12.31.22 Stevensville, MT 14,000 100% $142,537 $(4,276) $138,261 $(4,148) $134,113 $38,095 $96,018 7.75% $1,730,495 $551,332 32% $1,179,163 8.1%

Total 43,000 100% $525,105 $(15,753) $509,352 $(15,281) $494,071 $240,507 $253,564 7.45% $6,632,916 $3,489,571 53% $3,143,345 8.1%

* 2019 opt out

SALES PRICE $6,632,916

CAP RATE 7.45%

NOI $494,071

RENT INCREASES Annual CPI increases

CAPITALIZATION

PURCHASE PRICE $6,632,916

IN PLACE DEBT ASSUMED $3,489,571

EQUITY $3,143,345

Attractive assumable debt with term remaining

With an attractive 3.95% rate locked until 2019 after which it readjusts to a rate of 2.75% above FHLB, the properties’ existing debt will enable a buyer to achieve enhanced cash-on-cash returns.




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BUILDING SIZE 13,900 sq.ft.

BUILT 2006

LOT SIZE 3.2 acres

ZONING M-U (Mixed use commercial)

NNN LEASES Lease is triple net except that Landlord is responsible for capital replacement of roof or structure

LEASE TERM 12/31/2022


Spokane, Washington10505 Newport Highway

• Newer construction in a rapidly developing area

• Located on heavily traveled Highway 2 and just north of Northpointe Plaza , a major regional shopping center

Spokane is the second largest city in the state of Washington and the largest city in Spokane County. It serves as the business, transportation and cultural center of the Inland Northwest and its 1.4 million inhabitants. Recently, population and job grown in the Spokane region has outperformed national trends.

The North Spokane Skagit store is newer in a growing area of Spokane. It serves the ranchers and farms both in the north of Spokane County as well as into the surrounding counties. Per the 2012 agriculture census, there were 2,500 farms in Spokane County with an aggregate size of 537,406 acres. The market value of products sold was $149,760,000.




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BUILDING 1 11,430 sq.ft. total

• 6,837 sq.ft. retail/showroom

• 4,593 sq.ft. warehouse

Built in 1905 and updated regularly, including a recent remodel

BUILDING 2 5,680 sq.ft. warehouse

Built in 2001

LOT SIZE 1.41 acres

ZONING Light Industrial




Colville, Washington 466 West First Avenue

• Former flour mill rehabbed and updated for current use

• Located in the middle of downtown Colville

Colville is the largest city in Stevens County. It’s a mountain town whose principal industries are timber, agricultural, manufacturing, and tourism. The trade area population is about 26,500 and extends in about a 60 mile radius. The Skagit Colville store is located just outside of downtown in a former flour mill that has been rehabbed and updated for its current use.

Stevens County is a significant agricultural area. There are 1,148 farms in the County with an aggregate size of 527,123 acres. The market value of agricultural products sold is $36,346,000.




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BUILDING 1 7,200 sq.ft. total

• 4,200 sq.ft. retail/showroom


Built in 1995

BUILDING 2 2,275 sq.ft. warehouse

Built in the 1970s

Newer open hay storage building

LOT SIZE 47,757 sq.ft.

ZONING Commercial-17 allowing for a wide variety of commercial uses




Coeur d’Alene, Idaho6225 N Government Way

• Nice newer building located a couple of blocks from Home Depot

Coeur d’Alene is the second largest city in Idaho and the largest in Kootenai County. It boasts the 6th lowest cost of living in the county and is home to the majestic Coeur d’Alene Lake. It is home to over 35 aerospace related businesses and is surrounded by one of the richest silver mining regions in the world.

The Skagit Coeur d’Alene store is one of only a few feed stores in the market. Kootenai County is home to 824 farms with an aggregate size of 144,000 acres. The market value of products sold was $23,690,000.




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BUILDING SIZE 16,084 sq.ft. total

Main floor: 14,000 sq.ft.

• 7,000 sq.ft. retail


Mezzanine: 2,084 sq.ft.

• 1,410 sq.ft. office

• 674 sq.ft. mechanical

BUILT 2004

LOT SIZE 2.75 acres

ZONING Area 1 - designated for commercial and industrial use

NNN LEASES NNN except LL perform capital replacement of roof or structure



Stevensville, Montana3673 Eastside Highway

• 30 miles south of Missoula

• Economy of Ravalli County is primarily agriculture and timber surrounded by ranches

Skagit has the only retail feed store in Stevensville, which is located roughly 30 miles south of Missoula in the beautiful Bitterroot Valley. Stevensville was the first permanent settlement in Montana and today is a thriving community overflowing with small town charm. The surrounding Ravalli County is robust with farms and ranches set amongst majestic mountains and rolling meadows.

As of the 2012 agriculture census, there were 1,438 farms in Ravalli County with an aggregate size of 234,782 acres. The market value of farmed or ranched products sold was $34,725,000 with the largest component of the agriculture market being livestock.

for sale: nnn asset for more information: … · skagit farmrs spply ocatios a information urnished...

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