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The Glacier Building Office/Retail Condominums OFFICE/RETAIL CONDOMINIUM OFFERING MEMORANDUM THE GLACIER BUILDING OFFICE/RETAIL CONDOMINUMS 116 Glacier Drive | Lolo MT, 59847 Claire Matten, CCIM Matt Mellott, CCIM Advisor Advisor +1 406 360 3102 +1 406 203 3950 [email protected] [email protected]| 116 Glacier Lolo MT OFFERING MEMORANDUM The Glacier Building 116 Glacier Drive - Lolo, Montana 8 Condominiums Available as Combined or Individual Suites ± 1,104- ±14,483 SF Available TABLE OF CONTENTS I: PROPERTY HIGHLIGHTS Executive Summary Offering Investment Drivers & Highlights Unit Descriptions Location Overview II: MARKET COMPARABLES Sale Comparables III: MARKET OVERVIEW Demographics Development Pipeline Office Market Overview IV. THE MARKETING TEAM 4025 Flynn Ln, Missoula, MT 59808 Claire Matten, CCIM Matt Mellott, CCIM SterlingCREadvisors.com Advisor Advisor [email protected] +1 406 360 3102 +1 406 203 3950 [email protected] [email protected] 2| 116 Glacier Lolo MT HIGHWAY 93 GLACIER DRIVE Matt Mellott, CCIM Advisor +1 406 203 3950 [email protected] 3| 116 Glacier Lolo MT PROPERTY HIGHLIGHTS 4| 116 Glacier Lolo MT 5| 116 Glacier Lolo MT THEOFFERING GLACIER MEMORANDUM BUILDING 8 UNITS 14,483± SF TOTAL RENTABLE BUILDING AREA 1,104±-3,600 ± SF SIZE RANGE OF AVAILABLE SUITES On Site Amenities AMPLE PARKING, MARQUEE SIGNAGE, EASY ACCESS TO US 93 SOUTH NEARBY 1987/2007 2 AMENITIES YEAR BUILT STORIES WITH DEDICATED RETAIL, PARKING DINING, COFFEE 6|4. |116 2010 Glacier South Lolo 3rd MT Street West INVESTMENT HIGHLIGHTS Sterling CRE Advisors is pleased to present the opportunity to acquire the office condominiums in The Glacier Building. This office condominium building is located at 116 Glacier Drive, off of US 93 South in Lolo Montana. Built between 1987 and 2007, the property has a variety of suites available ranging from 1,104 ± SF to 3,600 ± SF. The building is situated on approximately .8± acres with ample parking and easy access to US 93 South. Buyers have the opportunity to purchase one unit, multiple condominiums, or the entire building. The unit mix consists of a variety of floor plans suited to office or retail users. There is the potential to purchase and combine multiple units to create a larger floor plate. Currently 6 units are leased with staggered lease expiration dates. The Glacier Building offers affordable ownership opportunities. Office and retail condominiums are scarce in the Missoula market, so these units are ideal for small businesses looking to own their space. It is also a great opportunity for an investor looking to purchase a property in a growing submarket. In recent years, there have been several housing developments (single and multifamily) built within a one mile radius of the subject property. 200 more units are planned in the immediate area at the Lolo Peaks project. 7| 116 Glacier Lolo MT OFFERING TERMS BY UNIT Unit 101 102 103 104 105 106 107 201/202 Suite Size ±1,800 ±1,800 ±1,800 ±1,403 ±1,104 ±1,222 ±2,581 ±2,773 Existing Buildout Type Retail Retail Retail Retail Retail Retail Retail Office Price $180,000 $180,000 $180,000 $140,300 $110,400 $149,900 $258,100 $277,300 Price Per Square Foot $100 $100 $100 $100 $100 $122.66 $100 $100 Lease Status Occupied Occupied Occupied Occupied Occupied Occupied Vacant Vacant Lease Expiration 11/2023 5/2021 5/2021 8/2020 MTM 3/31/2023 NA NA 8| 116 Glacier Lolo MT OFFERING TERMS BUILDING OFFERING TERMS Total Offering Price $1,476,000 Unit Count Eight (8) (note there are 10 (ten) units but some are available as a combined offering) Total Price Per Square Foot $101.91 Address 116 Glacier Drive, Lolo MT, 59847 Property Size ± 14,483 Acreage .8 acres | 35,020 square feet Zoning Unzoned Taxes $17,736 (2019) Year Built 1987/2007 Water/Sewer City Water/ City Sewer 9| 116 Glacier Lolo MT PROPERTY HIGHLIGHTS INVESTMENT DRIVERS Scarcity of affordable office/retail condominiums in Missoula County Located near the Lolo Peak development project that will bring ±200 new residential units to Lolo Near the intersection of Highway 93 S and Glacier Drive SHOP Features include a drive thru, ample parking, monument & marquee signage and multiple ingress/egress points Well maintained property with little deferred maintenance 10| 116 Glacier Lolo MT PROPERTY HIGHLIGHTS 11| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR UNIT DETAIL : SUITE 101 104 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 101 Square Feet ±1800 Price $180,000 Price Per Square Foot $100 Lease Expiration 11/30/23 Tenant Lifetouch Open Floorplan with one private office. Storage in rear area Notes Grade level loading door Private Restroom 12| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR 104 UNIT DETAIL : SUITE 102 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 102 Square Feet ±1800 Price $180,000 Price Per Square Foot $100 Lease Expiration 5/31/21 Tenant SNAP FITNESS Currently combined with Suite 103 to create a 3,600 Notes square foot space Can purchase together or separately. 13| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR UNIT DETAIL : SUITE 103 104 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 103 Square Feet 1800 Price $180,000 Price Per Square Foot $100 Lease Expiration 5/31/21 Tenant SNAP FITNESS Currently combined with Suite 102 to create a 3,600 square foot space. Notes Can purchase together or separately. Restrooms in suite. 14| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR 104 UNIT DETAIL : SUITE 104 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 104 Square Feet 1,403 Price $140,300 Price Per Square Foot $100 Lease Expiration 8/31/20 Tenant Berube Physical Therapy Built out for physical therapy business. Notes Currently accessible from Suite 103 (SNAP FITNESS). Large garage door for larger loading needs. 15| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR UNIT DETAIL : SUITE 105 104 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 105 Square Feet ±1,104 Price $110,400 Price Per Square Foot $100 Lease Expiration Month to month Tenant Meetings Northwest LLC Office buildout with private offices, break area and Notes bullpen 16| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR 104 UNIT DETAIL : SUITE 106 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 106 Square Feet ±1,222 Price $149,900 Price Per Square Foot $122.66 Lease Expiration 3/31/23 Tenant Lolo Wash & Dry Fully built out for Laundromat. Notes Restrooms in suite 17| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR UNIT DETAIL : SUITE 107 104 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 107 Square Feet ±2,581 Price $258,100 Price Per Square Foot $100 Lease Expiration Currently Vacant Tenant Vacant Drive Thru Notes Former restaurant space Restrooms in suite 18| 116 Glacier Lolo MT STAIRS TO 201/202 GARAGE DOOR 104 UNIT DETAIL : SUITE 201/202 101 102 103 105 UTILITY CLOSET 106 DECK DECK 201202 107 UPPER LEVEL Suite 201/202 Square Feet ±2,773 Price $277,300 Price Per Square Foot $100 Lease Expiration Vacant Tenant Vacant Combine 201/202. Includes rooftop terrace. Notes Built out with private offices, reception area, break area and restroom in suite 19| 116 Glacier Lolo MT PROPERTY IMAGE 20| 116 Glacier Lolo MT Aerial View HIGHWAY 93 GLACIER DRIVE 21| 116 Glacier Lolo MT LOCATION OVERVIEW 116 Glacier LOLO PEAK- 200 HOMES IN DEVELOPMENT 22| 116 Glacier Lolo MT LOCATION OVERVIEW 23| 116 Glacier Lolo MT MARKET COMPARABLES 24| 116 Glacier Lolo MT 25| 116 Glacier Lolo MT SALE COMPARABLES Map Image Property Address Sale Date Sale Price Price/ Total Year Zoning Remarks # Sq Ft Sq Ft Built Nine rooms including a large recep- 2831 Fort Missoula Rd, 1 6/20/19 $242,450 $167 1,448 1980 OP-3 tion area. Ideally suited for medical Suite 301 professionals 1201 S 6th St W, Unit Ground level condo, currently 2 6/6/2019 $355,000 $180 1,967 2009 M1R-2 102 seperated into 2 units Like new office with private en- 2825 Stockyard Rd, SD/ 3 2/15/2019 $65,000 $113 574 2005 trance, bathroom and elevator Suite A-17 NRBC access handicap accessibility 2829 Great Northern 4 10/17/2018 $217,500 $134 1,622 2009 C-12 Loop, Suite 101 2831 Fort Missoula Rd, Medical office suited for a sole prac- 5 1/8/2018 $82,000 $120 683 1980 OP-3 Suite 300 tioner. Easy access to elevator 2825 Stockyard Rd, SD/ Entry office, ADA restroom, storage 6 12/2/2017 $165,000 $110 1500 2005 Suite A-10 NRBC & warehouse area Two offices conveniently located 2825 Stockyard Rd, SD/ 7 8/14/2017 $72,250 $94 800 2005 near stairs and elevator for easy Suite A-7 NRBC access. Median Figures $171,743 $120 1,448 2005 26| 116 Glacier Lolo MT SALE COMPARABLE MAP 27| 116 Glacier Lolo MT SALE COMPARABLE SUMMARY SALES PRICE 28| 116 Glacier Lolo MT SALE COMPARABLE SUMMARY SALES PRICE PER SQUARE FOOT SQUARE SALES PER PRICE 29| 116 Glacier Lolo MT MARKET OVERVIEW 30|18. | 116 4915 Glacier Potter Lolo Park MT Loop, Missoula 31| 116 Glacier Lolo MT 116 GLACIER DRIVE TIME MAP 32| 116 Glacier Lolo MT Source: ©2019 Esri. February 17, 2020 ©2020 Esri Page 1 of 1 DRIVE TIME DEMOS 10 Minutes 20 Minutes 30 Minutes Residential Overview 2019 Residential Population 5,505 75,944 109,563 2024 Projected Population 5,866 80,412 116,289 2019-2024 Annual Growth Rate 1.28% 1.15% 1.2% Median Household Income $65,477 $50,127 $51,582 Under 18 1,303 13,298 20,107 18 to 34 1,142 25,602 33,619 35 to 64 2,167 25,803 38775 65 & Up 895 11,238 17,062 % Homeowners 69.4% 44.6% 54.1% Business Overview Businesses 333 5,190 6,538
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