T•O ENGINEERS 1998 West Judith Lane Boise, ID 83705

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T•O ENGINEERS 1998 West Judith Lane Boise, ID 83705 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 2,082 SF 4,200 SF SASSER & INGLIS Built and Occupied ST. ALS SITE LAW CONDO BUILDING 10 11 12 13 14 Not Built EPISCOPAL DIOCESE 9 15 3,330 SF FEDERAL 16 W A Y INSURANCE NETWORK AMERICA 8 VIEW POINTE BUSINESS CENTER 2,500 SF 18 GEO VIEW POINTE ENGR. BUSINESS PARK 7 PARKING INFORMATION LAND AREA 241,101 SF BLDG. AREA 70,127 SF BRIGHT COVERAGE 29.0% 2 ADVT. PARKING REQ’D 281 SPACES (1:250) 6 TOTAL PARKING SHOWN 454 SPACES (1:154) L.I.N.C. 2,449 SF QUADRANT ENGR. 3 5 4 WWW.DEVANSCONSTRUCTION.COM OVERLANDLA D RRD. Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Location Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Location DOWNTOWN BOISE BOISE STATE UNIVERSITY BOISE AIRPORT Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Tenant Profile VIEW POINTE BUSINESS CENTER Neighboring Tenants in the Office Park include: With more than 40 years of experience providing quality consulting, planning and engineering » Saint Alphonsus Medical Group Center for services throughout the Northwest, T-O Engineers can provide you with a level of expertise Global Health and Healing and network of contacts you would expect from a large firm while providing you with the responsive, personalized service you expect from a local company. » Insurance Network America We have more than 90 individuals in Meridian, Boise, Nampa, Coeur d’Alene, Idaho and » Bright Advertising Spokane, Washington, ready to provide you with the responsive service you deserve. We are » Living Independence Network a company that believes in providing our clients with innovative solutions delivered with a » The Episcopal Diocese of Idaho focus on integrity and responsiveness from start to finish. We will work to understand you, your goals and your projects so we can serve as an extension of your staff to help make your » The Roman Catholic Diocese of Boise projects a success. We only succeed when you succeed! T-O provides professional services in the following areas: Licensed to provide professional services in Idaho, Washington, Oregon, Montana, Nevada, Utah, California and North Dakota. » Airports » Construction administration and » Roads and bridges management » Land development » Quality control inspections » Landscape architecture » Environmental/cultural resource studies » Water treatment, storage and distribution » Hydrology and hydraulics » Wastewater collection and treatment » Wetlands delineations » Flood plain studies » Permitting » Finance administration » Surveying and mapping » Recreational planning and landscape design Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Demographics 1998 W Judith Lane | Boise, ID 1 Mile 3 Miles 5 Miles POPULATION 2018 Estimated Population 17,453 88,852 163,851 2023 Projected Population 19,580 99,989 183,956 2010 Census Population 15,811 81,313 148,260 2000 Census Population 15,739 81,724 144,162 Projected Annual Growth 2018 to 2023 2.4% 2.5% 2.5% HOUSEHOLD 2018 Estimated Households 7,704 41,212 71,593 2023 Projected Households 8,546 45,722 79,231 2010 Census Households 6,911 37,329 64,469 INCOME 2018 Est. Average Household Income $54,604 $71,057 $77,647 2018 Est. Median Household Income $44,238 $54,525 $59,962 MISC. 2010 Median Home Value * $205,904 $252,378 $252,067 2010 Median Rent $716 $739 $758 2018 Est. Median Age 30.3 36.0 37.0 2010 Average Travel Time to Work 14.9 15.5 16.5 2018 Est. Labor Population Age 16+ 15,292 76,040 136,892 2018 Est. Total Household Expenditure $355 M $2.27 B $4.18 B *The Wall Street Journal recently reported in April 2018 that the median price of a single-family home in Boise’s Ada County is around $300,000 Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Area Overview — Boise Boise is Idaho’s largest city and the anchor of the Treasure Valley where nearly half of Idahoans reside. The city has established a unique reputation for a high quality of life, a prosperous business community, a vibrant arts & culture scene, and world re-known recreation—in one unbeatable package. Colliers International Idaho | 755 West Front Street, Suite 300 Boise, Idaho 83702 | www.colliersboise.com | 208 345 9000 T•O ENGINEERS BUILDING Area Overview Quality of Life What about logistics? Referred to as the “Treasure Valley”, the region is home to about 675,000 There are 50 motor freight people. The workforce of roughly 330,000, live within a 45-minute draw companies traveling 5 area. Known for its extraordinary quality of life and affordable cost of living interstates, 20 U.S. highways (currently one of the lowest in the western states, according to the ACCRA and 30 state highways that Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall serve the Boise Valley. More Street Journal, Livability and Inc. Magazine as one of the best places in the than 1,600 miles of rail line U.S. to live and work. through Union Pacific and Burlington Northern Santa Fe Commuting in the Valley provide connection points to The major interstate serving the Treasure Valley is I-84, running through the Canada, Mexico and the U.S. metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching They are aided by the state’s off to the northeast is I-184, which runs into downtown Boise. Daily commutes regional line and 6 short line are easy, with several U.S. and state highways providing direct routes railroads. Annually, the rail and minimal traffic. The average commute time is only 18 minutes. Public system transports over 11 transportation is handled by ValleyRide, Treasure Valley Transit and ACHD million tons of freight. Commuteride. Recreation The Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. Up in Foothills you’ll find more than 135 miles of nationally acclaimed hiking and mountain biking trails that extend from the city up to Bogus Basin Ski Area.
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