Shogun Restaurant

Retail-Commercial for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30007478
Property Subtypes: Restaurant
Building Size (RSF): 11,544 SF
Gross Land Area: 18,058 SF
Sale Price: $2,254,000
Unit Price: $195.25 PSF
Ceiling: 12 ft.
Property Use Type: Business
Building Name: Shogun Restaurant
Usable Size (USF): 11,544 SF
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 100
Last Updated: 7/27/2017

Overview / Comments

Shogun Restaurant - Spokane's iconic dining celebration

The iconic Shogun Restaurant known for its flashy presentations by its Hibachi Chefs of a wide variety of dishes specializing in steak, sushi and cocktails. It has continuously operated at the site since its inception in 1992. Repeatedly written up for its flair and ambiance in addition to its excellent menu, it has become the special event go to place for anniversaries, graduations, and celebration parties (see attached Spokane LivingReview). As you enter the restaurant you cross a pond on a wooden bridge to the hostess area where memories are posted on the walls of previous festivities. With several grills usually going, with chef spatulas whirling, lights flashing, and fireballs of cooking spirits lighting up the guests, it creates a festive and holiday type atmosphere even during week nights. The evening shows always entertain the newbies as well as the regulars. To the side is a quieter sushi bar with the sushi chef creating masterpieces of animals and designs made from vegetables and cooked, smoked, or sashimi on rolls of sticky rice. Yum! The cocktail lounge and banquet rooms can handle parties large and small with the food staff attending to every detail. The Shogun has always worked hard at giving good memories, the key to long lasting customers and friendships.
The restaurant is situated on three land parcels totaling 18,058 sf, one to the north of the restaurant building, one to the east of the building, and the restaurant parcel. The sale will include all of the existing equipment and inventory and land. The FF&E figure herein is an estimate as no complete valuation inventory has been completed. The land valuation is the County's appraised tax value. The building has had many improvements including HVAC, roof, and exterior modeling/remodeling. Approximately 30 surface parking slots are available to the property adjacent to the building and on the lot to the north of the building in addition to street parking. The restaurant has a full cadre of chefs, cooks, and service staff. The pricing was arrived at by applying a 10 CAP to ordinary business income plus the $48,000 paid as compensation to S-corp officers as reported on the 2015 tax returns. 2016, like previous years, is showing a year over year increase in gross and nets.

Additional Details

Nearest MSA: Spokane-Spokane Valley
County: Spokane
Taxing Authority: Spokane County
Tax ID/APN: 35201.2508-10
Retail Clientele: General, Family, Tourist, Recreation, Convention
Property Located Between: Sprague Way and Arthur St.
Property Visibility: Excellent
Largest Nearby Street: 3rd Ave and Sprague Way
Feet of Frontage: 250
Traffic/Vehicle Count: 8,100
Highway Access: I-90 East or West bound to 3rd Ave
Airports: SIA
Site Description: The site is flat and at the corner of Sprague Way and 3rd Ave with access on both 3rd Ave and Sprague Way. There are a total of three parcels two of which are paved parking areas.
Area Description: Located eight blocks to the east of Division St and downtown Spokane, the area is going through a revitalization due to the build up of the University District and the new medical school just to the northwest of the parcels.
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 11,727 SF
Property Condition: Fair
Year Built: 1951
Year Renovated: 2004
Roof Type: Flat
Construction/Siding: Wood Siding
Exterior Description: Japanese themed design
Total Parking Spaces: 30
Parking Ratio: 3 (per 1000 SF)
Parking Type: Surface
Parking Description: North, west and east of building and street parking to the south.
Heat Type: Electricity, Natural Gas
Heat Source: Central, Ceiling Units
Air Conditioning: Engineered System
Internet Access: Cable, DSL, Satellite
Interior Description: Japanese motif with interior pond and bridge over the water at the entrance, sushi bar room, banquet rooms, and individual serving and cooking stations at each table.
Zoning Description: GC150 See zoning uses attached
Lot Frontage: 120
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Shogun, Inc
Legal Description: Those three Spokane County commercial parcels identified by the Assessor's numbers below and also known as 824 E 2nd Ave, 821 E 3rd Ave, and 825 E 3rd Ave, Spokane, WA 99202 and as may be further described or modified in the Title report to be issued by FATCo, Spokane. Parcel Number: 35201.2508 NOSLERS ADD LOTS 9-10&11 B25 INC VAC 8' STP N OF & ADJ L1 1;EXC HWY Parcel No. 35201.2509 NOSLERS ADD PTN OF LT 12 BLK 25 DAF; PTN LYG WLY OF FOL DESC LN; BEG AT INTERSEC OF N LN OF S1/2 OF VAC ALLEY & SELYR/W LN TH E59.69' TO TRUE POB TH S TO N LN OF 3RD AVE & TERMO F SD LN EXC HWY Parcel Number: 35201.2510 NOSLER'S ADD PTN OF LT 2 BLK 25 & THAT PTN IF ANY OF VAC STADJ ON THE E THAT WOULD ATTACH TO SD LT ACCORDING TO LAW LYG SELY OF A LN DRWN PARA WITH E50FT SELY WHE N MEAS AT RIGHT ANGLES FROM C LN E BOUND LANE OF ST HWY #2

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,322 129,406 217,202
Median Age: 32.97 35.76 36.43
Households: 6,405 54,608 91,330
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