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Crash Champions | Low Rent | New 10-Year Lease w/ 2% Annual Increases

2145 Queen St, Bellingham, WA 98229

Listing Price: $1,551,000

Cap Rate
5.00%
Tenant Name
Crash Champions
Years Remaining On Lease
9.2
Guarantor
Corporate Guarantee
Rentable SF
8,000
Lease Type
Double Net
Rent Per Square Feet
$9.69

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a Crash Champions located just off Interstate 5 (I-5) (73,000+VPD) in highly coveted Bellingham, WA featuring a brand new 10-year lease. The Property features a corporate guarantee from Crash Champions and annual 2% rent increases, providing a strong hedge against inflation and compounding NOI growth which produces a 5.41% average cap rate over the initial 10-year lease. Crash champions is currently paying just $9.50/SF NNN with market rents currently achievable in the $13-$15/SF NNN range, providing a very secure basis and future upside for a new owner. The Property benefits from a population of over 111,000 people within a 5-mile radius with average household incomes exceeding $85,000. In addition, the sub-market has a vacancy rate of nearly 0%, per CoStar. Bellingham boasts an overall 2.2% retail vacancy rate and 2.3% industrial vacancy rate. Retail rents have grown by 14.5% over the past three years and industrial rents have grown nearly 32% in the past five years. Crash Champions is one of the largest collision repair companies in America with more than 600 collision repair centers across 36 states.

Investment Highlights

  • New 10-Year Lease
  • Strong Corporate Guarantee
  • 2% Annual Rent Increases
  • Below Market Rent
  • Priced Well Below Replacement Cost
  • Nearly 0% Vacancy Rate Sub-Market With Strong Market Rent Growth
  • Strategic Location
  • Affluent, High Population Growth Sub-Market

Exclusively Listed By

Auto Service - Gas-Conv

Crash Champions | Low Rent | New 10-Year Lease w/ 2% Annual Increases

Listing Price: $1,551,000

Cap Rate
5.00%
Tenant Name
Crash Champions
Years Remaining On Lease
9.2
Guarantor
Corporate Guarantee
Rentable SF
8,000
Lease Type
Double Net
Rent Per Square Feet
$9.69

Investment Highlights

  • New 10-Year Lease
  • Strong Corporate Guarantee
  • 2% Annual Rent Increases
  • Below Market Rent
  • Priced Well Below Replacement Cost
  • Nearly 0% Vacancy Rate Sub-Market With Strong Market Rent Growth
  • Strategic Location
  • Affluent, High Population Growth Sub-Market

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale a Crash Champions located just off Interstate 5 (I-5) (73,000+VPD) in highly coveted Bellingham, WA featuring a brand new 10-year lease. The Property features a corporate guarantee from Crash Champions and annual 2% rent increases, providing a strong hedge against inflation and compounding NOI growth which produces a 5.41% average cap rate over the initial 10-year lease. Crash champions is currently paying just $9.50/SF NNN with market rents currently achievable in the $13-$15/SF NNN range, providing a very secure basis and future upside for a new owner. The Property benefits from a population of over 111,000 people within a 5-mile radius with average household incomes exceeding $85,000. In addition, the sub-market has a vacancy rate of nearly 0%, per CoStar. Bellingham boasts an overall 2.2% retail vacancy rate and 2.3% industrial vacancy rate. Retail rents have grown by 14.5% over the past three years and industrial rents have grown nearly 32% in the past five years. Crash Champions is one of the largest collision repair companies in America with more than 600 collision repair centers across 36 states.

Exclusively Listed By

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