OFFERING MEMORANDUM T•O ENGINEERS 1998 West Judith Lane Boise, ID 83705
High Quality Office Building in Central JAMIE ANDERSON SCOTT RAEBER, MBA, CCIM Location of America’s Fastest Growing City 208 472 2842 208 472 2817 [email protected] [email protected]
Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Investment Summary
This investment opportunity is for the ownership interest in 1998 W Judith Lane, a 4,250 square foot office building in the desirable View Pointe Business Park. The building is high quality and easily accessible, just off Federal Way and Overland Road, and only minutes away from Downtown Boise, Interstate 84, and Boise State University. Boise is Idaho’s largest city with a population of nearly 750,000 in the metro area, and in February of 2018 Forbes named the Boise area as the #1 Fastest Growing City in America.
Profile Pricing
Property Name: T-O Engineers Building Sale Price: $735,000
Address: 1998 W Judith Lane NOI: $49,638
Building Size: 4,250 SF Cap Rate: 6.75%
Land Size: 0.191 SF Price/PSF: $173.00
Zoning: L-OD | City of Boise Occupancy: 100%
Parking: 4 : 1,000 SF shared access
Year Built: 2007
Highlights » Newer office, built by Dave » Growing regional tenant with strong financials Evans construction in 2007 » Tenant has been in place since 2008, and will » Located in the well-maintained sign a new three year extension beginning in View Pointe Business Park May 2019
» Desirable location with easy » Abundant parking on-site access to Downtown, Boise State, and the Freeway » High-end finishes throughout
Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Valuation
Tenant Square Feet Commencement Date Dates PSF* FSEJ Current Monthly Base Rent Annual T-O Engineers 4,250 5/1/2019 Year 1 $17.00 $6,020.83 $72,250.00 Tenant’s lease originated 2008, and includes multiple renewal options Year 2 $17.51 $6,141.25 $74,417.50 * Rents bump annually at 3% Year 3 $18.04 $6,264.08 $76,650.03
Income/Expenses PSF 2017 Actual Total Cap Rate Price PSF Total Price Gross Income *For New Lease Starting 5/1/2019 $72,250 6.75% $173.03 $735,384.26 Net Income (Less Expenses) $52,251 Reserve 5% Year Snow Removal Cost Fully Leased NOI (Less Reserve) $49,638 2015 $ — 2016 $302.56 Building Expenses $0.24 $1,031.99 2017 $2,178.21 Association Dues $0.67 $2,862.12 Total $2,480.77 Snow Removal (Assoc) ** $0.19 $826.92 **3 Year Average $826.92 Property Taxes (2017) $2.32 $9,848.00 Insurance $0.20 $829.00 Boise City Utility $0.05 $203.77 Idaho Power $0.75 $3,176.56 Intermountain Gas $0.16 $699.85 Suez Water $0.12 $520.80 TOTAL $4.70 $19,999
Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Floor Plan
Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Site Plan