SUPERDELUXE 13+ YEAR NEWLY RENOVATED SUPERDELUXE FEATURING STRONG STORE SALES AND INITIAL+3.5% ANNUAL RENT INCREASES - Catylist
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SUPERDELUXE
21895 Viking Ave NW • Poulsbo, WA 98370
13+ YEAR NEWLY RENOVATED SUPERDELUXE
FEATURING STRONG STORE SALES AND
INITIAL+3.5% ANNUAL RENT INCREASES
R E P R E S E N TAT I V E P R O P E R T Y P H O T O
SuperDeluxe | Offering Memorandum 1
NORTH KITSAP
HIGH SCHOOL
POULSBO BURGER KING
MIDDLE SCHOOL
HARRISON
HEALTHPARTHERS OLYMPIC COLLEGE DAIRY QUEEN
INTERNAL MEDICINE
COLUMBIA
DISTRIBUTING
ARENDAL
ON VIKING MCDONALD'S
APARTMENTS
STATE HWY 305 (36,557+ VPD)
HWY 3 (34,914+ VPD) VIKING WAY NW (3,100+ VPD)
BP C-STORE
STATE HWY 305 (36,557+ VPD) 21895 VIKING WAY NW
POULSBO, WA 98370
21895 VIKING WAY NW
POULSBO, WA 98370
VIKING WAY NW (3,100+ VPD)
2 SuperDeluxe
Planet Fitness| Offering
| OfferingMemorandum
Memorandum SuperDeluxe | Offering Memorandum 3
R E P R E S E N TAT I V E P R O P E R T Y P H O T O
THE OFFERING THE PROPERTY
RENT SCHEDULE
21895 Viking Way NW Poulsbo, WA 98370 Price $2,985,000 ANNUAL MONTHLY RENT/ CAP
YEAR
RENT RENT SF RATE
Marcus & Millichap’s Brown Retail Group has been selected Price/SF $1,293.33
Current - 8/31/2023 $160,000 $13,333 $69.32 5.36%
to exclusively market for sale a newly renovated SuperDeluxe Gross Leasable Area 2,308 SF
location in Poulsbo, WA. The lease features roughly 13.75 9/1/2023 - 8/31/2024 $164,216 $13,685 $71.15 5.50%
Lot Size (Acres) 0.97 Acres
years of lease term remaining and is absolute NNN in
9/1/2024 - 8/31/2025 $170,785 $14,232 $74.00 5.72%
nature featuring zero landlord management or repair Type of Ownership Fee Simple
responsibilities. The lease features strong, contractual Year Built 2015
9/1/2025 - 8/31/2026 $177,353 $14,779 $76.84 5.94%
rent increases resulting in a 6.78% cap rate effective
9/1/2026 - 8/31/2027 $183,922 $15,327 $79.69 6.16%
September, 2027. The historic sales figures are strong,
resulting in a 6.5% rent/sales ratio based on the current LEASE SUMMARY 9/1/2027 - 8/31/2031 $202,314 $16,860 $87.66 6.78%
rent. The Property is located adjacent to Hwy 3 featuring Tenant SuperDeluxe
9/1/2031 - 8/31/2036 $222,546 $18,545 $96.42 7.46%
in excess of 74,000 vehicles per day with great ingress/
Guarantee Corporate Guarantee
egress and visibility. The lease is guaranteed by Sortis OPTION
Sortis Income Fund REIT, Inc.
Income REIT, Inc, a large holding company with over Guarantor
($17M+ Annual Net Income) 9/1/2036 - 8/31/2041 $222,546 $18,545 $96.42 7.46%
$100,000,000 of assets and $17,000,000+ annual net
Varies Annually (+3.5%)
income. SuperDeluxe was founded in 2018 and has Rent Increases for Years 7-10,
since grown to five total locations in the Pacific then 10% Every 5 years
Northwest with several more openings planned over Lease Type Absolute Net
the next 24 months. The Property features roughly
Lease Commencement 09/01/2015
PRICE: $2,985,000
115,000 residents within a 5-mile radius with average
household incomes of approximately $113,000. Lease Expiration 08/31/2036
CAP RATE: 5.50%*
Lease Term 13.75 Years
Price/SF $1,293.33
GLA 2,308 SF Renewal Options 1, 5-Year Option
Lot Size
Year Built
0.97 Acres
2015
2027 CAP RATE: 6.78% Landlord Responsibility None
Taxes, Insurance,
Tenant Responsibility
*Cap rate based on 9/1/2023 rent of $164,216/year Repairs, & Maintenance
4 SuperDeluxe | Offering Memorandum SuperDeluxe | Offering Memorandum 5
THE HIGHLIGHTS
13+ YEAR ABSOLUTE NNN LEASE
The Property features roughly 13.75 years of lease term remaining providing an
investor with long-term, passive cash flow.
STRONG CONTRACTUAL RENT INCREASES
The Property features +3.5% annual rent increases over the first five years of
the lease followed by a 10% rent increase resulting in a 6.78% cap rate effective
September, 2027.
STRONG STORE SALES (6.5% RENT/SALES RATIO)
The Property features strong historical store sales and roughly a 6.5% rent/
sales ratio supporting long-term profitability.
HIGH-TRAFFIC, HIGH-VISIBILITY LOCATION
The Property is located adjacent to HWY 3, on the corner of Viking Way
and State HWY 305, featuring in excess of 74,000+ vehicles per day with
great ingress/egress and visibility to the drive-thru and drive-in stations.
STRONG LEASE GUARANTEE
The lease is guaranteed by Sortis Income REIT, Inc, a large holding
company with over $100,000,000 of assets and $17,000,000+ annual
net income.
POPULAR, GROWING PACIFIC NORTHWEST CONCEPT
SuperDeluxe was founded in 2018 and has since grown to five total
locations in the Pacific Northwest with several more openings
planned over the next 24 months.
ABSOLUTE NNN LEASE
The Property feature an Absolute NNN lease with ZERO Landlord
management or repair responsibilities.
AFFLUENT DEMOGRAPHICS
The Property features roughly 115,000 residents within
a 5-mile radius with average household incomes of
approximately $113,000.
INCOME TAX FREE STATE
R E P R E S E N TAT I V E P R O P E R T Y P H O T O ACTUAL PROPERTY PHOTO Washington State is an Income Tax-Free State.
6 SuperDeluxe | Offering Memorandum SuperDeluxe | Offering Memorandum 7
THE SITE PLAN
SuperDeluxe GLA 2,308 SF
Lot Size 0.97 Acres
Year Built 2015
SuperDeluxe is a Portland-based fast food chain that currently
has 4 loactions in Oregon and is expanding into Washington.
Restauranteur Micah Camden is re-designing fast food by
offering high-quality locally-sourced traditional menu items
to imitate the classic In-N-Out experience. Camden is known
for the success of previous bussinesses such as Little Big
Burger and Blue Star Donuts, which both brought him
great success and were sold at high values.
D)
00+ VP
SuperDeluxe offers customers a refresh when it comes
to quick service options in a time when some national
NW (3,1
R E P R E S E N TAT I V E P R O P E R T Y P H O T O
QSR brands are struggling to keep up. SuperDeluxe is
capitalizing on a changing consumer demographic
WAY
that demands high food quality. Their no-frills options
VIKING
maintain low prices with the same quality you can
expect from your local burger bistro. Since it's first
location opened its doors in 2019, SuperDeluxe has
been a massive success with a constant stream of
traffic at all locations.
IN THE NEWS
STATE HWY 305 (36,557+ VPD)
Why Is Super Deluxe Rocking Portland’s Fast-Food World?
Restaurateur Micah Camden Has Opened a Fourth
SuperDeluxe in Bend
R E P R E S E N TAT I V E I N T E R I O R P H O T O
8 SuperDeluxe | Offering Memorandum SuperDeluxe | Offering Memorandum 9
Activity ID: ZAD0110478
MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY
THE MARKET AS FOLLOWS
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this
information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about
KITSAP COUNTY, WASHINGTON the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness
of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity.
Kitsap County is situated across the Puget Sound f rom the city Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this
Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should
of Seattle and the city of Tacoma is 30 miles to the south. It is be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of
surrounded by water on three sides, and has a vast array of 5 Miles any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer
and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at
water activities that draw tourists. The water also serves as this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-
the backbone for the local maritime and military economic acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the
tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole
sectors. Quick ferry access to Seattle helps draw new residents, due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all
matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default
including many retirees. Over the next f ive years, the market’s 3 Miles
or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability
population is slated to grow by roughly 11,500 residents. to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind
of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.
ECONOMY CONFIDENTIALITY & DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap
Roughly 45,000 of the county’s jobs are related to the military 1 Mile and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary,
and defense industry. Naval Base Kitsap has the largest unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for
a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the
shipyard on the West Coast. Fishing, food processing, subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating
substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects
shipping, maritime logistics, shipbuilding, and ship repair of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from
and maintenance are other vital maritime-related segments sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any
investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers
of the economy. Olympic College contributes to a skilled must take appropriate measures to verify all of the information set forth herein.
labor force. Roughly 32 percent of residents have earned a
NON-ENDORSEMENT NOTICE
bachelor’s degree or higher, slightly above the national level.
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing
package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective
THE DEMOGRAPHICS customers.
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N LY
1 MILE 3 MILES 5 MILES Please consult your Marcus & Millichap agent for more details.
Avg. HH Income $105,275 $111,707 $112,710 SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem
2022 Population 3,803 18,762 31,564 necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct,
due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and
2027 Population Projection 4,020 19,761 33,035 sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised
to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook.
Pop Growth 2010 - 2022 15.35% 12.58% 8.07% Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely
on their own projections, analyses, and decision-making.
Pop Growth Forecast 2022 - 2027 5.71% 5.32% 4.66% C O O P E R AT I V E B R O K E R A G E C O M M I S S I O N
Marcus & Millichap is offering a cooperative brokerage commission by Seller to brokers who represent purchasers that were not directly contacted via phone or e-mail by the listing
Average Age 39.7 41.3 42.4
brokers and who successfully close on the property at terms acceptable to Seller.
10 SuperDeluxe | Offering Memorandum SuperDeluxe | Offering Memorandum 11
C L AY T O N J . B R O W N RUTHANNE LOAR C H R I S E D WA R D S
Senior Vice President, Investments Associate, Brown Retail Group Associate, Brown Retail Group
206.826.5787 D 206.493.2622 D 206.826.5819 D
253.569.4338 C 916.206.4027 C 206.475.5578 C
clayton.brown@marcusmillichap.com ruthanne.loar@marcusmillichap.com chris.edwards@marcusmillichap.com
ANDREW SCOTLAND DY L A N W O L F P R E S T O N V I LT Z
Associate, Brown Retail Group Associate, Brown Retail Group Associate, Brown Retail Group
206.826.5706 D 206.826.5728 D 206.826.5667 D
206.718.6756 C 425.667.9875 C 206.399.0229 C
andrew.scotland@marcusmillichap.com dylan.wolf@marcusmillichap.com preston.viltz@marcusmillichap.com
JENNY LIU R AY M O N D A L L E N MICHAEL HORNER
Associate, Brown Retail Group First Vice President, Capital Markets First Vice President, Lease Advisory
206.826.5789 D 206.826.5678 D 206.826.5807 D
425.230.7538 C rallen@ipausa.com michael.horner@marcusmillichap.com
jenny.liu@marcusmillichap.com
R E P R E S E N TAT I V E P R O P E R T Y P H O T O
12 SuperDeluxe | Offering Memorandum
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