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OFFERING MEMORANDUM TUMWATER CENTER Multi-Tenant Retail Center in Olympia MSA, WA TUMWATER CENTER

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OFFERING MEMORANDUM TUMWATER CENTER Multi-Tenant Retail Center in Olympia MSA, WA TUMWATER CENTER OFFERING MEMORANDUM TUMWATER CENTER Multi-Tenant Retail Center in Olympia MSA, WA TUMWATER CENTER Table of Contents 01 Property Overview Investment Summary Quick Stats Property Summary Site Plan Tenant Profiles Recent Property Upgrades Aerial Map Nearby Retailers Contact Information Financial Analysis Terry Wilson Rebecca Liddell, CCIM Ryan O’Leary 02 [email protected] [email protected] [email protected] Income Capitalization 360.705.1296 503.221.2279 503.221.2294 Rent Roll Financial Quote The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. Area Overview 03 This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of Regional Map interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial Location Overview performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, current or past tax payments, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. kiddermathews.com Tumwater Center HIGHLIGHTS This highly visible and well-maintained 12,120 SF retail center across from Home Depot, Costco, WalMart and Fred Investment Summary Meyer is 100% leased and strategically positioned on a corner lot with access points from a signalized intersection along Littlerock Road. Just a short distance to Interstate 5 on and off ramps, and just a few minutes from the state capitol, major area employers, and one of the largest air force bases in the nation. Offering Price $3,350,000 STRONG CREDIT TENANTS Cap Rate 6.57% Fully leased with a mix of nationally recognized, strong-credit tenants and long-term neighborhood owner/operator tenants for diversity of foot traffic and stability in the center. Mattress Firm has been at this location since original Price Per SF $276 construction in 2004. The property generates an additional $5,562 annually with CPI escalations on a long-term parking lot lease to Twinstar Community Credit Union. NOI $219,944 FULLY LEASED, NNN INVESTMENT Passive income property with minimal Landlord responsibility. Stable operating income, recently signed leases Size 12,120 SF and built-in escalations. Should Best Buffet, a month to month tenant, vacate, their large suite can be demised and leased at higher rates. 100% Leased, NNN Investment PROVEN LOCATION & PATH OF GROWTH with annual escalations Tumwater Center’s proven location is strategically located along Littlerock Road, which sees an average of 15,500 vehicles per day. As an outlet from the I-5 Trosper Road Exit, and part of the dense retail landscape nearby, the site has excellent access and exposure to the area. Kidder Mathews | Offering Memorandum 3 Tumwater Center QUICK STATS TENANT MIX Specialty 13.2% Close to large Annual Rent Restaurant Escalations national retailers Building Area 48.13% 12,120 SF 38.37% Tumwater Goods & Services Center High Traffic Area & Urban Signalized Growth Corner Boundary 2004 construction 100% Leased NOI: $219,944 Kidder Mathews | Offering Memorandum 4 Tumwater Center PROPERTY SUMMARY Property Address 5765 Littlerock Rd SW Tumwater, WA Property Type Multi-Tenant Retail Strip Year Built 2004 Building Size 12,120 SF Land Area 55,321 SF (1.27 AC) Floors One (1) Occupancy 100% Construction Metal and block - stone facade Parking 5.07:1,000 surface spaces Zoning GC, General Commercial Parcel Number 8062-00-00200 DEMOGRAPHICS $ AVERAGE ESTIMATED HH INCOME HOUSEHOLDS POPULATION $90,101 17,140 41,230 3 mile radius Kidder Mathews | Offering Memorandum 5 Tumwater Center SITE PLAN BEST BUFFET Kidder Mathews | Offering Memorandum 6 Tumwater Center TENANT PROFILES BEST BUFFET TENANT SINCE: 2004 TENANT SINCE: 2004 TENANT SINCE: 2012 TENANT SINCE: 2016 TENANT SINCE: 2017 Based in Houston, Texas, Family friendly Chinese buffet Pizza Hut has been a staple Cricket Wireless is a Games Workshop specializes Mattress Firm has the offering a rich selection of American restaurant chain subsidiary of AT&T, acquired in table-top fantasy games largest geographic footprint classic Chinese dishes and since 1958. With over 16,000 in 2013, as a prepaid wireless and figurines, primarily among multi-brand mattress modern interpretations at a locations worldwide, in 2015 alternative to traditional focused on Warhammer, retailers with 3,500+ stores value-focused price for both recently was acquired by cellular service companies. a 28-year old battle game nationwide. lunch and dinner. one of the world’s largest legendary among fantasy restaurant companies, Yum! Since inception, the wireless game hobbyists and featured This publicly traded company Brands, sharing the stage carrier has consistently in The Guardian online. It was (NASDAQ: MFRM) includes with fast-food heavy hitters expanded its presence to awarded by reviewers 4 out Sleep Train and Sleepy’s, such as KFC and Taco Bell. new cities, expanded service of 5 stars and touted as being reported over 3.5 billion coverage areas, released “an absorbing evening of dollars in sales in 2015. Several rebrands since brand-specific versions of combat.” inception including expanding popular devices including its dine-in restaurant format the Apple iPhone, and to fast-food, and delivery has become increasingly formats has made Pizza Hut a recognizable through creative household name. marketing campaigns. GLA 27% GLA 37% GLA 11% GLA 11% GLA 13% Kidder Mathews | Offering Memorandum 7 Tumwater Center RECENT PROPERTY UPGRADES CROSS-PARKING EASEMENT ROOF UPGRADES LANDSCAPING UPGRADES NEW HVAC NEW LIGHTING FIXTURES RECENTLY SIGNED LEASES Games Workshop, Cricket Kidder Mathews | Offering Memorandum 8 Tumwater Center AERIAL MAP TUMWATER CENTER PELEGRINO EVENT CENTER Littlerock Rd SW MILLS & MILLS FUNERAL HOME Kidder Mathews | Offering Memorandum 9 Tumwater Center NEARBY RETAILERS OLYMPIA - 2.5 MILES ALIPINE VILLAGE APARTMENTS FALLS POINTE APARTMENTS TUMWATER HIGH SCHOOL TUMWATER MIDDLE SCHOOL Trosper Rd SW TUMWATER CENTER 85,000+ DAILY Littlerock Rd SW VILLAS AT KENNEDY CREEK 15,500+ DAILY 23,975+ DAILY Kidder Mathews | Offering Memorandum 10 Tumwater Center FINANCIAL ANALYSIS - Income Capitalization CURRENT INCOME $/SF Annual Gross Rental Income $19.16 $232,268 TwinStar Credit Union Parking Lease $5,562 Expense Reimbursements $4.89 $59,296 TOTAL INCOME $24.52 $297,126 Vacancy Factor @ 5% ($1.23) ($14,856) EFFECTIVE GROSS INCOME $23.29 $282,269 OPERATING EXPENSES $/SF Annual Property Tax $2.23 $27,017 Insurance $0.24 $2,941 Utilities $0.97 $11,811 Repairs & Maintenance $0.63 $7,647 Management Fee (3.5% EGI) $0.82 $9,879 Reserves for Replacement $0.25 $3,030 TOTAL OPERATING EXPENSES $5.14 $62,326 NET OPERATING INCOME $18.15 $219,944 CAP RATE 6.57% ASKING PRICE: $3,350,000 Kidder Mathews | Offering Memorandum 11 Tumwater Center FINANCIAL ANALYSIS RENT ROLL Total Annual Tenant Suite Lease Start Lease Expire SF % of Bldg Monthly Rent $/SF/YR, NNN Base Rent Mattress Firm 103 Jun-04 Jun-19 3,290 27% $6,561 $78,727 $23.93 Games Workshop (dba 105 Jun-17 Sep-22 1,600 13% $2,533 $30,396 $19.00 Warhammer) Cricket Wireless 107 Oct-16 Apr-22 1,360 11% $2,267 $27,200 $20.00 Pizza Hut 109 May-12 May-21 1,370 11% $2,245 $26,945 $19.67 Best Buffet 113 MTM MTM 4,500 37% $5,750 $69,000 $15.33 Totals 12,120 100% $19,356 $232,268 $19.16 Kidder Mathews | Offering Memorandum 12 Tumwater Center FINANCIAL QUOTE PRICE $3,350,000 Down Payment $1,172,500 Loan Amount $2,177,500 Interest Rate 5.15% Amortization 25 years Term 10 years Loan to Value 65% Annual Debt Service $155,046 Cash on Cash 5.54% LOAN QUOTE Glenn Gioseffi PROVIDED BY Vice President Debt & Equity Finance [email protected] 206.398.2291 Kidder Mathews | Offering Memorandum 13 Tumwater Center REGIONAL MAP Seattle - 1 hour north POPULATION THE EVERGREEN STATE COLLEGE 1 MILE 3 MILES 5 MILES 2017 7,015 41,230 104,701 5 Miles 2022 7,408 43,910 111,312 Olympia WASHINGTON STATE 3 Miles CAPITOL CAMPUS HOUSEHOLDS Lacey 1 MILE 3 MILES 5 MILES 1 Mile 2017 3,255 17,140 44,568 TUMWATER
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