Add-ons base: 12 courts · check-in · retail · concourse · lockers
Space ledger 39,622 sf modeled · 39,805 sf leased
Property deal
Rent Buy
ASSUMPTIONS
DRAG TO STRESS-TEST
Stabilized (Year-2) P&L
5-year EBITDA ramp
Financing strategy cash vs loan
Landlord package at current sliders: — TI reduces what you fund; free rent is credited to year-1 operating cash (it funds the ramp, not construction) and flows through to distributions.
Rent vs buy 5-yr founder view
What each add-on contributes EBITDA
Revenue mix
Sources & uses the raise, derived
Deal levers what moves MOIC
Investor MOIC is priced thin (see Findings). Cheapest fixes in order: members / utilization up on Financials, pre-money down here, or swap equity for debt.
Raise progress
COMMITTED
TARGET
TARGET
Add investor
Cash $
Founder %
Note $
Sweat %
Example
Copy summary
Clear
Saved in the page URL — bookmark to keep. Illustrative only; not an offering or legal advice. Securities counsel required.
Deal guardrails standard vs shark
| Term | Standard | Watch out |
|---|---|---|
| Sweat vesting | 4 yr, 1-yr cliff | Fully vested day one |
| Preferred return | 6–8% simple | 10%+ compounding |
| Liquidation pref | 1× non-participating | 2×+ or participating |
| Control | Manager-managed + consent list | Board/veto for a small check |
| Anti-dilution | Broad weighted-avg | Full ratchet |
| Redemption | None | Investor put right |
| Personal guarantee | SBA lender only | PGs to investors |
Cap table & illustrative 5-yr outcomes amounts editable
Who's winning this deal vs industry norms
Findings & moves
resolved
Clear height 17' → 18'
Confirmed 17'-0" sloping to 18'-0", matching the Picklr plan. Above the 17' minimum at centerline, so all 12 courts play properly. Two consequences: fixtures must be tight-mount (the UFO high-bays in the model), and lobs will occasionally find the deck at the 17' end — orient league/tournament play toward the 18' bays. Also confirms no mezzanine is possible without the roof raise.
still open
Crunch Fitness exclusive east third
Crunch occupies the east third; we take the center. Adjacency is fine — the unresolved risk is contractual, not spatial. Gym leases commonly bar other "fitness/recreation" uses centre-wide, and that clause would kill the deal regardless of where we sit. Get written landlord confirmation that no existing exclusive blocks a racquet facility, and take a racquet-sports exclusive of our own. Operationally, Crunch's 5–8pm weekday peak collides squarely with league night — see parking.
code ≠ capacity
Parking 40 stalls satisfies code — it does not satisfy league night
Olathe UDO §18.30.160 puts an indoor athletic facility in an existing building at 1 space / 1,000 sf → ~40 stalls, with shared-parking reductions up to 35% on top. That is the permitting number. Comparable codes that rate racquet sports per court (3/court) land near the same place: ~45. Both understate a full house, because a pickleball facility turns over its entire population every 60–90 minutes and the outgoing wave overlaps the incoming one in the lot. Drag the assumptions — the model is below, not asserted.
confirm path
Zoning & permits
Planned commercial (C-2/CP-2). Use is contemplated by code; confirm permitted-by-right vs site-plan amendment in one pre-app meeting. Assembly occupancy math drives restrooms and exits.
synergy
Neighbors
QuikTrip is an outparcel with no approval rights and every reason to cheer evening traffic. 139k people / $110k median HHI in 3 mi; 32,499 VPD on 135th; signalized corner.
lead time
Alcohol
Kansas ABC drinking-establishment + Olathe licences; county food-sales rules vary — confirm with ABC ~120 days out. Liquor liability and a defined service area are routine.
design to licence
Child watch vs day care
Drop-in with parents on premises is far lighter than KDHE-licensed day care — confirm classification before design; licensure changes ratios, egress and outdoor-space rules.
real quotes
Saunas
No shell expansion — locker block grows inward 10'. Budget mechanical ventilation, dedicated circuits, ADA clearances; confirm shower-adjacency rules with the health dept.
read the fine print
Landlord package ($400k TI + 6 mo)
Three questions before signing: (1) Is the TI a true allowance or amortized into rent (a disguised ~8–9% loan)? (2) Does abatement cover base rent only — is NNN/CAM due from day one? (3) Delivery condition: as-is shell vs "vanilla" with HVAC/sprinkler/power to suit — worth six figures. The package size also signals motivation after The Picklr walked; there may be more TI available for a longer term.
free validation
The Picklr precedent
A national franchise carried this space to final concept (Feb 2025) with the same 12-court scheme. Ask the landlord why they walked.
Site facts & sources. Lease Space B, Indian Creek Retail Center, Santa Fe Dr & Murlen Rd, Olathe KS · 39,805 sf · 132'-8" × 298'-8" · grid 38'-0" × 30'-6" · 17'-18' clear (confirmed) · code parking ~40 stalls @ 1/1,000 sf (operational peak ~75, see parking). Sources: A2 demising plan (Ehnen 2024), A101 concept plan (LARC 2025), Olathe UDO §18.30.160, center marketing package. Disclaimer: working proposal tool; financial outputs are illustrative models on editable assumptions; nothing here is an offer of securities. Dimensions subject to field verification.
Phase plan base = 1 floor, 1 space
Everything on the Design, Financials and Investors tabs is Phase 1 only — twelve courts, one floor, Lease Space B. The two expansions below are deliberately excluded from that pitch and modeled here instead.
Set a phase to year 0 to switch it off entirely.
Phase 2 — raise the roof south 3 bays
Phase 3 — west space placeholder figures
I have no facts on the west space yet — size, price, availability. Every number here is a slider, not a claim.
15-year forecast revenue · costs · EBITDA
The 30-ft roof question
Read this before falling in love: you lease Space B under a roof the landlord just replaced, structurally continuous with Crunch next door. No landlord tears off a new roof mid-center for one tenant — treat a raise here as near-impossible as a leasehold improvement. The three realistic paths: (1) live with 18 ft — the lob tool shows recreational play clears, and Ace competes at similar height; (2) pitch it as the landlord\'s capital project against a rent bump and a 15-yr term (their asset appreciates; run that rent through the Financials tab); (3) bank this analysis as the spec for location #2 — a build-to-suit at 30 ft from day one, where every number below applies without the demolition. This card prices the height honestly wherever you buy it.