K.R. TRIGGER BUILDING
SODO OFFICE BUILDING FOR SALE
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
TABLE OF CONTENTS
CONTENTS CONFIDENTIALITY & DISCLAIMER
All materials and information received or derived from SRE Commercial Real Estate its directors, officers, agents, advisors, affiliates and/or any third party PROPERTY INFORMATION 3 sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of LOCATION INFORMATION 19 compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. FINANCIAL ANALYSIS 25 Neither SRE Commercial Real Estate its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to DEMOGRAPHICS 28 accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters SALE COMPARABLES 30 of significance to such party. SRE Commercial Real Estate will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. RENT COMPARABLES 34
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. PRESENTED BY: Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and TYLER SPRINGER investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. SRE Commercial Real President Estate makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. SRE O: 206.486.3112 Commercial Real Estate does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding C: 206.372.6208 financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents E: [email protected] and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. JORDAN SPRINGER Senior Associate Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or O: 206.486.3114 tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and E: [email protected] whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by SRE Commercial Real Estate in compliance with all applicable fair housing and equal opportunity laws.
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] PROPERTY INFORMATION
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
EXECUTIVE SUMMARY
PROPERTY OVERVIEW SALE PRICE $8,450,000 The KR Trigger Building is an multi-tenant investment offering in Seattle. The building is a OFFERING SUMMARY recently remodeled office property in the heart of Seattle's SODO district. Industrial design elements are combined into modern office units. Storage units provide additional income. This Building Size: 27,164 SF offering is an opportunity to acquire a unique property with rent upside. Lot Size: 8,880 SF Price / SF: $311.07 PROPERTY HIGHLIGHTS Cap Rate: 5.57% • Recent Renovations including New Roof and Remodel of Most Offices Stabilized Proforma NOI: $470,744 • Located in an Opportunity Zone Submarket: SODO • 18,740 Square Feet of Office Area • 8,424 Square Feet of Rentable Storage Units • Free Parking on Adjacent Lot
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
COMPLETE HIGHLIGHTS
LOCATION INFORMATION Building Name K.R. Trigger Building Street Address 3201 1st Ave S City, State, Zip Seattle, WA 98134 County King Sub-market SODO
INVESTMENT INFORMATION Stabilized Proforma NOI $470,744.00 Cap Rate 5.57% Office Occupancy Rate 95% Storage Unit Occupancy Rate 67%
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
COMMON AREA
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
COMMON AREA
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
COMMON AREA
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
OFFICE SPACE
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
OFFICE SPACE
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
TOP FLOOR SUITE
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
COMMON AREA
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
STORAGE AREA
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
ENTRY AREA
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
EXTERIOR PHOTO
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
EXTERIOR PHOTO
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
FLOOR PLAN FLOORS 1 & BASEMENT
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
FLOOR PLAN FLOOR 2 & 3
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] LOCATION INFORMATION
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
NEIGHBORHOOD DESCRIPTION
LOCATION DESCRIPTION SoDo, alternatively SODO, is a neighborhood in Seattle, Washington, that makes up part of the city's Industrial District. It is bounded on the north by South King Street, beyond which is Pioneer Square; on the south by South Spokane Street, beyond which is more of the Industrial District; on the west by the Duwamish Waterway, across which is West Seattle; and on the east by Metro Transit's Downtown Seattle Transit Tunnel and SoDo Busway, beyond which is the International District and the rest of the Industrial District.
SoDo was originally named for being located south of the (King)dome, but since the stadium's demolition in 2000, the name has been taken to mean south of downtown. The moniker was adopted in the 1990s after the renaming of the Sears building to the SODO Center (later Starbucks Center, the world headquarters of Starbucks at First Avenue S. and S. Lander Street). It includes Seattle's downtown stadium district of T-Mobile Park (where Major League Baseball's Seattle Mariners play their home baseball games) and CenturyLink Field (built on the former Kingdome site; where the NFL's Seattle Seahawks play their home football games and Major League Soccer's Seattle Sounders FC play their home soccer matches).
SoDo deliberately echoes SoHo in New York City, where, during the 1970s, cheap spaces vacated by departing factories were converted by artists into lofts and studios. Some of SoDo's warehouse buildings remain in their original use; others have been carved up for artists' lofts, art galleries, and an assortment of other businesses. One building directly across from T-Mobile Park houses Pyramid Breweries, Inc. downstairs and a variety of small offices upstairs. As one travels farther south along First Avenue S., these conversions peter out, and light manufacturing, warehouses, and warehouse-style retail stores predominate.
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
RETAILER MAP
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
REGIONAL MAP
KR Trigger Building
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
LOCATION MAPS
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
SODO NEIGHBORHOOD
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] FINANCIAL ANALYSIS
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
FINANCIAL SUMMARY
INVESTMENT OVERVIEW
Price $8,450,000 Price per SF $311.07 CAP Rate 5.6% Cash-on-Cash Return (yr 1) 3.79 % Total Return (yr 1) $236,703 Debt Coverage Ratio 1.26
OPERATING DATA
Total Scheduled Income $551,422 Operating Expenses $80,678 Net Operating Income $470,744 Pre-Tax Cash Flow $96,085
FINANCING DATA
Down Payment $2,535,000 Loan Amount $5,915,000 Interest Rate 4.0% Amortization Schedule 25 Years Debt Service $374,659 Debt Service Monthly $31,221 Principal Reduction (yr 1) $140,618
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
PROFORMA INCOME & EXPENSES
INCOME SUMMARY PER SF
Gross Income $551,422 $20.30
EXPENSE SUMMARY PER SF
Real Estate Tax $21,143 $0.78 Insurance $6,916 $0.25 Utilities $25,432 $0.94 Janitorial $7,887 $0.29 Management Cost $19,300 $0.71 Gross Expenses $80,678 $2.97
Net Operating Income $470,744 $17.33
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] DEMOGRAPHICS
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
DEMOGRAPHICS MAP & REPORT
POPULATION 1 MILE 5 MILES Total population 5,626 422,842 Median age 41.20 38.80
HOUSEHOLDS & INCOME 1 MILE 5 MILES Total households 2,202 198,640 # of persons per HH 2.1 2.1 Average HH income $110,496 $112,435 Average house value $561,781 $582,976
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] SALE COMPARABLES
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
SALE COMPS
SUBJECT PROPERTY
3201 1st Ave S | Seattle, WA 98134 Sale Price: $8,450,000 Lot Size: 0.2 AC Year Built: 1923 Building SF: 27,164 SF Price PSF: $311.07 Cap: 5.57% NOI: $470,744
BRANOM INSTRUMENTS BUILDING 1 5500 4th Ave S | Seattle, WA 98108 Sale Price: $4,500,000 Lot Size: 21,287 SF 1 Building SF: 11,364 SF Price PSF: $395.99 Closed: 08/01/2019
4202 6TH AVE S 2 Seattle, WA 98108 Sale Price: $5,950,000 Lot Size: 17,948 SF 2 Building SF: 18,150 SF Price PSF: $327.82 Closed: 08/01/2018
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
SALE COMPS
MOSES BUILDING 3 312-316 2nd Ave S | Seattle, WA 98104 Sale Price: $9,252,886 Lot Size: 6,534 SF 3 Building SF: 22,484 SF Price PSF: $411.53 Closed: 05/29/2018
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
SALE COMPS SUMMARY
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CAP # OF UNITS
K.R. Trigger Building 3201 1st Ave S $8,450,000 27,164 SF $311.07 5.57% 78 Seattle, WA 98134
SALE COMPS PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE
1 Branom Instruments Building 5500 4th Ave S $4,500,000 11,364 SF $395.99 - - 08/01/2019 Seattle, WA 98108
2 4202 6th Ave S Seattle, WA $5,950,000 18,150 SF $327.82 - - 08/01/2018 98108
3 Moses Building 312-316 2nd Ave S $9,252,886 22,484 SF $411.53 - - 05/29/2018 Seattle, WA 98104
PRICE BLDG SF PRICE/SF CAP # OF UNITS CLOSE Totals/Averages $6,567,629 17,333 SF $378.91 - -
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] RENT COMPARABLES
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]
SRE COMMERCIAL REAL ESTATE | 206.372.6208 | 2200 6TH AVE SUITE 526 SEATTLE, WA 98121 K.R. TRIGGER BUILDING
RENT COMPS
2944 1ST AVE S 1 Seattle, WA 98134 Lease Rate: $25.00 SF Lease Type: NNN 1 Space Size: 17,625 SF Bldg Size: 25,188 SF Lot Size: 0 AC
4130 1ST AVE S 2 Seattle, WA 98134 Lease Rate: $25.00 SF Lease Type: MG 2 Space Size: 2,113 SF Bldg Size: 31,211 SF Lot Size: 0 AC
5602 2ND AVE S 3 Seattle, WA 98108 Lease Rate: $24.00 SF Lease Type: NNN 3 Space Size: 2,690 SF Bldg Size: 5,998 SF Lot Size: 0 AC
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
RENT COMPS
5790 AIRPORT WAY SOUTH 4 Seattle, WA 98108 Lease Rate: $24.00 SF Lease Type: NNN 4 Space Size: 1,105 SF Bldg Size: 73,000 SF Lot Size: 0 AC
1201 1ST AVE S 5 Seattle, WA 98134 Lease Rate: $30.56 SF Lease Type: MG 5 Space Size: 697 SF Bldg Size: 63,360 SF Lot Size: 0 AC
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected] K.R. TRIGGER BUILDING
RENT COMPS SUMMARY
SUBJECT PROPERTY PRICE/SF/YR AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %
K.R. Trigger Building 3201 1st Ave S N/A 0 SF 27,164 SF 78 90.0% Seattle, WA 98134
RENT COMPS PRICE/SF/YR AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY %
1 2944 1st Ave S Seattle, WA $25.00 17,625 SF 25,188 SF - - 98134
2 4130 1st Ave S Seattle, WA $25.00 2,113 SF 31,211 SF - - 98134
3 Jordan Springer 5602 2nd Ave S $24.00 2,690 SF 5,998 SF - - Seattle, WA 98108
4 Jordan Springer 5790 Airport Way South $24.00 1,105 SF 73,000 SF - - Seattle, WA 98108
5 1201 Building 1201 1st Ave S $30.56 697 SF 63,360 SF - - Seattle, WA 98134
PRICE/SF/YR AVAILABLE SF BLDG SF # OF UNITS OCCUPANCY % Totals/Averages $25.71 4,846 SF 39,751 SF 0 0%
3201 1ST AVE S SEATTLE, WA 98134
TYLER SPRINGER JORDAN SPRINGER 206.486.3112 206.486.3114 [email protected] [email protected]