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326 & 402 W Meeker & 405 Gowe Street Offering Memorandum 326 & 402 W Meeker & 405 Gowe Street Kent, Washington Exclusively Kurt Sorensen marketed by: +1 206 332 1490 [email protected] Join the block of two brew pubs, Starbucks, bakeries and restaurants, and a weekend Farmer’s Market Investment Assemblage The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street 01 02 03 04 05 Property Market Investment Site Supportive Overview Overview Analysis Studies Reports Bellevue | Seattle | Tacoma 1 nai-psp.com Why Not Live 01 or Work... » 1,584 feet from the train station » 1,700 feet from the AMC Movie Theatre » 275 feet from a bakery » 300 feet from a brew pub » 1,600 feet from Kent Station Shopping Center and the Justice Center » 200 feet & 1,100 feet from the two most sought after apartments in Kent » 500 feet from Town Square Fountain » 200 feet from City Hall » 8 second jaywalk to Starbucks Executive Summary 01 Property Overview We are offering an assemblage of three buildings in the heart of downtown Kent. It has been owned by the same family for some forty (40) years. This Estate Sale provides the Buyer an opportunity to purchase assets based on current scheduled income and allows the Buyer to increase rents overtime. Rents that may be well below their market value. For example, one apartment rents for $400.00, ridiculously low. One retail store rents for $0.59 per square foot semi-gross! View the information sheets enclosed on neighborhood rents and judge for yourself. Where is the upside? First, there is normalizing rents by raising them to market value. The second source of upside is the tremendous explosion of the population in downtown Kent. Hundreds of new apartments have been built and filled in the past 02 several years. The proximity to the train station, the new regional Justice Center, and the completion of the new Green River College campus are within blocks of the subject property. Lastly, the vision of Kent is to see tall buildings in downtown. The city has zoned this block Downtown Commercial 03 Enterprise District (DCE) and allows for tall buildings. There is no better Investment Exit Strategy (IES) than buying well located, under-utilized, income producing the land in the heart of a city two blocks from a train station. PRICE $2,452,000 04 326 & 402 W Meeker and 405 Gowe Street ADDRESS Kent, WA 05 TOTAL BUILDING SIZE 19,211 square feet LAND SIZE 24,424 square feet Bellevue | Seattle | Tacoma 3 nai-psp.com 01 Property Overview The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street Property Profile - KCR 01 Property Overview ADDRESS 326 W Meeker 402 W Meeker 405 Gowe Street LAND AREA 8,699 SF 7,774 SF 7,951 SF BUILDING SIZE 6,240 SF 7,656 SF 5,325 SF 02 PARCEL NUMBER 982570-0365 982570-0360 982570-0410 03 YEAR BUILT 1920 1920 1953 / 1986 04 ZONING DCE DCE DCE Rectangle Square SHAPE Square 05 Street to street Built to lot lines Bellevue | Seattle | Tacoma 5 nai-psp.com 8 1 9 6 7 3 2 5 10 4 12 11 14 13 02 15 16 1. Train Station (22 minutes to downtown Seattle) 2. AMC Movie Theater 3. Green River College - Downtown campus 4. Town Square - Public Fountain Play Area 5. Platform Apartments - most expensive (PSF) apartments in Kent 6. Kent Station Shopping Center 7. The Dwell - second most expensive (PSF) 17 apartments in Kent 8. Sureware Center - Home of the Thunderbirds Hockey Team 9. Regional Justice Center 10. Chase Bank 11. Starbucks 12. Airways Brewing -The Bistro 13. Sweet Themes Bakery 14. Kent Public Library 15. The subject property 16. The subject property 17. The subject property 18 18. Police Station and City of Kent Office Building and Courthouse Market Overview The sixth largest city in the State of Washington, Kent is at the heart of the Seattle-Tacoma Metroplex. Accessibility is Kent’s 01 hallmark. As this map indicates, the city is 22 minutes by train and roughly 35-40 minutes from “Everywhere Northwest”: Central Business Districts of Seattle, Bellevue and Tacoma. Nearly 120,000 people call Kent home. It has been named “one of the best places to live” by Seattle-Metropolitan 02 Magazine. A few years back, Sports Illustrated named Kent “Sportstown of the Year for Washington.” The 154,500 square foot ShoWare Center is home to the Seattle Thunderbirds (hockey), the Tacoma Stars (soccer) and the Seattle Mist (legends football). Market Overview This offering is a key piece in the redevelopment of the two “core” blocks of downtown, a short walk to the train to Seattle and Tacoma, Green River college, shopping, brew joints and cafes. A once thriving agricultural area, today Kent is the fourth largest manufacturing and distribution area in the United States. Among Kent’s top employers: Boeing operates a manufacturing plant; Amazon runs a fulfillment center; both REI and Oberto Sausage Company operate headquarters, and several other employers include: 03 04 05 Bellevue | Seattle | Tacoma 7 nai-psp.com 02 Market Overview is the fifth largest city in King County with a population of 124,435. Incorporated in Kent1890, the city’s population has doubled 28,893 since 1990, incorporating tens of thousands of new households and businesses. A culturally rich destination, Kent features captivating Kent Traffic Volume neighborhoods, award-winning parks, exceptional school districts and nationally accredited police and fire departments. In recent block to Starbucks years, Kent has experienced impressive economic growth and is ½Coffee nationally known as a prime location for manufacturing. block to Platform Restaurants, Apartments Kent boasts a diverse economic base. Manufacturing, distribution, 1 Cafes & Nightlife warehousing, professional services and retail companies are blocks to Regional 41 2 Justice Center all located here. This includes a growing number of large and well-known companies, like: The Boeing Company’s Integrated blocks to Kent Station Defense Systems, WCP Solutions, Mikron Industries, Oberto 2 Sausage Company, Starbucks Roasting Plant, and Recreation blocks to shopping 2and sushi Equipment, Inc. (REI). 93 Walk Score blocks to AMC The Kent Valley is home to a growing volume of Class-A wired 3 Theater office space. The Kent Valley is the 2nd largest industrial park on blocks to Green the West Coast; 5th in the nation. It is the 3rd largest distribution/ 3 River College warehouse area after New York/New Jersey and LA, and the block to Dwell Ports of Seattle and Tacoma are the 3rd largest container hub in 4Aparments the nation. 9.05% blocks to Justice Population Growth 2016-2021 4 Center The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street Located within 2 blocks of Subject Property: 01 02 Market Overview New Dwell Apartments The Regional Justice Center 03 Kent Station Shopping 04 05 Watch the drone video on YouTube: Green River College Starbucks Coffee https://youtu.be/_AnZ2X57zzs Bellevue | Seattle | Tacoma 9 nai-psp.com 02 Market Overview The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. 2018/OM/326 and 402 W Meeker and 405 Gowe Street W . JAMES STREET I1 SECOND PLACE J1 I5 J3 P P J5 I7 J6 J7 G1 K12 K11 K9 K8 K7 C2 G2 J9 J14 K6 C1 G3 J10 D6 G4 K3 K1 K5 G5 4TH J11 D1 E1 E5 1ST W . JAMES STREET D3 A A VENUE N. H1 VENUE N. RAMSA Y WAY Fireplace E6 I1 SECOND PLACE L4 L1 M5 M3 M1 E9 J1 B3 B2 I5 B1 J3 P KING COUNTY REGIONAL P A7 Fountain AMC Theatres A9 A10 J5 JUSTICE CENTER I7 A5 A15 F1 TRANSIT S J6 DWELL AT A14 A3 F3 KENT STATION P A J7 13 A2 F4 C2 G1 TA K7 TION K12 K11 K9 K8 A12 A1 G2 J9 Skybridge TEMPERANCE ST.. J14 G3 K6 C1 N4 J10 D6 G4 K3 K1 Green River N3 K5 G5 College Entrance 4TH J11 D1 E1 E5 1ST N5 D3 A A VENUE N. H1 VENUE N. RAMSA Y WAY Fireplace N1 E6P N6 N7 Social Security Administration and FREE COVERED Rose Law Firm Entrance P ARKING L4 L1 M5 M3 M1 E9 P B3 B2 B1 P KING COUNTY REGIONAL A7 Fountain AMC Theatres A9 A10 KentStation.com JUSTICE CENTER A5 A15 F1 TRANSIT S DWELL AT A14 A3 W .
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