INVESTMENT HIGHLIGHTS
POPULAR PACIFIC NORTHWEST QSR BRAND
Aceituno’s, founded in 2013, is a rapidly growing Hispanic fast food brand with 13 locations across the Puget Sound and a 14th location opening soon in Tacoma, WA.
3% RECENT $650,000+ REMODEL (2021)
In 2021, the Property was completely renovated with a total project cost in excess of $650,000 including a new roof, HVAC, façade, signage and menu board, exterior and interior lighting, exterior and interior paint, doors, flooring, ceiling tiles, furniture and fixtures, ADA ramp, and landscaping.
2% ANNUAL RENT INCREASES
The Lease features rare 2% annual rent increases during the 10-year term, and 2% rent increases in all options, providing an investor with a hedge against inflation.
STRONG CORPORATE & PERSONAL GUARANTEE
The lease features a Corporate Guarantee from Aceituno’s Mexican Restaurants, backed by all 13 locations, as well as a Personal Guarantee from the owner/founder.
ABSOLUTE NNN LEASE
The Tenant operates on an Absolute NNN lease structure with no landlord management or repair responsibilities.
STRATEGIC LOCATION
The Property is centrally located between the historic downtown Poulsbo and the main freeway access point to the city. It is nearby numerous national retailers including Town & Country Markets, Burger King, Dollar Tree, Safeway, CVS and more
HIGH BARRIER-TO-ENTRY MARKET WITH LOW VACANCY RATE (3.2%)
Poulsbo retail submarket has a 3.2% vacancy rate and has seen a 14.4% increase in rents in the past 3 years per CoStar. With no new retail development under construction and no new supply delivered in the past 12 months; the development lull creates an incredibly high barrier-to-entry as demand for space remains high.
AFFLUENT DEMOGRAPHICS / HIGH-GROWTH POPULATION SUBMARKET
The Property is located in the affluent and rapidly growing Poulsbo, WA submarket and benefits from a population of nearly 41,000 residents with an average household income exceeding $110,000 within a 5-mile radius. Since 2010 the population has grown over 7% within a 5-mile radius and within a 1-mile radius has seen over a 19% increase.
INCOME TAX-FREE STATE
Washington State is an Income Tax-Free State.
Listing Agents:
CLAYTON J. BROWN
RUTHANNE LOAR
206.493.2622
ruthanne.loar@marcusmillichap.com
