206 East Casino Road Offering Memorandum | Retail Center | Everett,Wa
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206 EAST CASINO ROAD OFFERING MEMORANDUM | RETAIL CENTER | EVERETT,WA Chris Giles Gloria Touch Chris Hewitt Direct: 206.436.2344 Direct: 206.971.0625 Direct: 206.436.2346 Mobile: 206.353.5609 Mobile: 206.931.2267 Mobile: 425.466.0201 [email protected] [email protected] [email protected] Highway 526 Traffic Count: 65,667 Casino Road Traffic Count: 20,261 Subject Property Evergreen Way Traffic Count: 22,585 SITE AERIAL VIEW |3 01 TABLE OF PROPERTY INFORMATION EXECUTIVE SUMMARY PG.06 INVESTMENT HIGHLIGHTS PG.07 CONTENTS ZONING OVERVIEW PG.08-09 NEIGHBORHOOD AMENITIES PG.10-11 02 MARKET INFORMATION MARKET OVERVIEW PG.13 SUBMARKET OVERVIEW PG.14 AREA DEMOGRAPHICS PG.15-16 03 FINANCIAL INFORMATION TENANT OVERVIEW PG.18 COMPS PG.19-21 RENT ROLL PG.22 04 PHOTO GALLERY INTERIOR PERSPECTIVE PG.24 EXTERIOR PERSPECTIVE PG.25 |4 01 PROPERTY INFORMATION EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ZONING AMENITIES |5 PROPERTY OVERVIEW SZD EXECUTIVE Address: 206 East Casino Road Everett, WA, 98208 Sale Price: $1,725,000,75 SUMMARY Tax Parcel #: 28041300100200 Total Lot Size: Approximately 29,185 SF (Per SCR) Zoning: E-1MUO Roof: Torchdown # of Buildings: 1 Total Building Size: Approximately 8,000 SF (Per SCR) Construction Class: Wood & Masonry THE OPPORTUNITY Year Built: 1978 Cannon Commercial is pleased to present the Ceiling Height: 9’ opportunity to acquire Plaza 206. The offering includes Sprinklers: No a fully occupied 8,000 SF retail center with long term tenants in place. Located in the rapidly growing city of $SF/Land: $59.10 Everett, the property presents an excellent $SF/Bldg: $215.62 investment opportunity. Base Rental Income: $10,068/Month Everett has several advantages for businesses such as an excellent transportation system, an international seaport, tremendous quality of life resources and an attractive business climate. This positive climate was a driving force behind Alaska Airlines’ recent announcement to serve Paine Field in 2018 alongside Funko’s HQ relocation to Everett. |6 INVESTMENT HIGHLIGHTS • 100% leased; 6 suites • NNN leases • 6.26% cap rate • Flexible E-1 MUO zoning provides potential for future re-development • Easy access to I-5 and Evergreen Way • 20,261 cars per day on E. Casino Rd and 38,426 cars per day on Evergreen Way • Easy ingress and egress • 3 curb cuts on the property • Ample parking • Excellent exposure and signage opportunity 58,687 (approx.) traffic 5 “ count on Casino Road and Evergreen Way... 6 ” |7 ZONING Mixed Use Overlay The mixed use overlay zone is intended to allow OVERVIEW greater flexibility of development alternatives, especially attractive higher density residential development and live-work buildings. E-1 MUO Evergreen Way The E-1 zone applies as the underlying use zone within the entire commercial corridor. Description For further reference: https://www.codepublishing.com/WA/Everett/html/Everett19/ Everett1931B.html#31B E-1 (Evergreen Way) zone and MUO (mixed-use overlay) zone. Two zones are hereby established by this chapter of the zoning code. The E-1 zone applies as the underlying use zone within the entire commercial corridor. The MUO is an overlay established in the areas surrounding the Swift Bus Rapid Transit stations. The E-1 regulations apply to the entire corridor, as indicated on the zoning map. The MUO applies an additional set of design and development standards as an overlay to the E-1 use zone in those areas designated with the MUO symbol on the zoning map, and may limit certain uses that are otherwise permitted in the E-1 zone. This chapter describes standards for both the underlying E-1 zone and the mixed-use overlay zone. (continued on next page) |8 ZONING (CONT.) Applicability provided herein. These bonuses may be used in combination with each other except as provided in The design and development standards and guidelines herein apply to new construction and remodeling subsection A.3 of this section: activities in the E-1 and MUO zones, with the following exceptions: 1. Through the acquisition of transfer of development rights (TDR) credits; provided, that the applicant A. Major exterior remodels include all remodels within a three-year period whose value exceeds fifty shall be permitted to use two development credits in the E-1 or MUO zone for each TDR credit acquired: percent of the value of the existing structure, at the time of the initial remodeling, as determined by city a. From sites within the city of Everett that are affected by the presence of critical areas, as provided by of Everett valuation methods. All standards that do not involve repositioning the building or reconfiguring Section 19.37.050; or site development, as determined by the city, shall apply to major exterior remodels. b. From sites located outside the city as provided in any TDR program the city may establish with other B. Minor exterior remodels include all remodels within a three-year period with a value of fifty percent jurisdictions according to the provisions of such a program. of the building valuation or less, as determined by the city of Everett valuation methods. For minor exterior remodels, only the proposed improvements shall meet the standards and/or guidelines of this 2. Locating at least forty percent of the off-street parking required for the multiple-family housing chapter, and shall not create a greater nonconformance unless approved by the city, when it is infeasible development within a below grade parking structure. The applicant shall be allowed to increase the for the remodel to comply with these standards. (For example, if a property owner decides to replace a permitted density above the permitted base density by ten percent for each ten percent of the required building facade’s siding, then the siding shall meet the applicable exterior building materials standards, but residential off-street parking provided in a below grade parking structure. elements such as building modulation would not be required.) 3. For mixed-use commercial-residential developments, locating at least fifty percent of the required C. The standards and guidelines do not apply to remodels that do not change the exterior appearance combined commercial and residential off-street parking in a below grade parking structure. The applicant of the building and site. However, if a project involves both exterior and interior improvements, then the shall be allowed to increase the permitted base density by ten percent for each ten percent of the required project valuation shall include both exterior and interior improvements. combined commercial and residential off-street parking provided in a below grade parking structure. D. Designated Side Streets. Designated pedestrian-oriented side streets are: 41st Street, 43rd Street, 4. Permanently reserving a minimum of ten percent of the total number of housing units for affordable 50th Street, 52nd Street, Pecks Drive, Madison Street, 75th Street, Casino Road, 4th Avenue W, 100th housing. “Affordable housing,” for purposes of this section, is defined as households earning eighty percent Street SW, and 112th Street SW. or less of the median family income adjusted for family size for Snohomish County, as reported by the United States Department of Housing and Urban Development. The applicant shall be allowed to increase E. The standards in this chapter apply to areas inside and outside the mixed-use overlay (MUO). Where the number of dwelling units above the permitted base density by: there are special exceptions for areas inside or outside the MUO, they are noted in the text. These standards and guidelines supplement other standards in the zoning code. In the event of a conflict a. Three additional dwelling units for each one dwelling unit that is affordable to households with a between these standards and other sections of the zoning code, these requirements shall control. household income at or below fifty percent of median family income, adjusted for size. Permitted residential densities, density incentives. b. Two additional dwelling units for each one dwelling unit that is affordable to households with a household income between fifty percent and eighty percent of median family income, adjusted for size The maximum base residential density permitted in the E-1 and MUO zones shall be one dwelling unit per seven hundred fifty square feet of lot area. Additional residential density 5. Multiple-family buildings and/or developments that provide two hundred square feet of usable open above the base residential density can be approved through the use of bonus incentives as space per dwelling unit at or near the grade level for either the private use of residents or for general use stated in this section. by residents and customers of mixed-use development on site shall be allowed to exceed the permitted base density by one hundred percent. A. Density Bonus. Additional residential density in the E-1 and MUO zones can be established as |9 13 Nearby Amenities 12 Dining 14 1. Little Caesars 5 2. Burger Master 10 3. Starbucks 4. Jack in the Box 1 5. Mcdonalds 6. Lana Thai 4 21 7. Casa El Dorado 22 8. King Noodle House Shopping and Entertainment 9. Fred Meyer 17 10. Anderson’s Shopping Center 2 3 11 6 11. Dunn Lumber 12. Lee Johnson’s Hyundai verett 19 9 13. Big 5 Sporting Goods 16 14. Big Lots Subject Property 8 15. Xfinity Store by Comcast 16. Franz Bakery Outlet Store 15 Community, Health and Wellness 23 7 17. Everett KinderCare 20 18. Mobile Country Club 18 19. Child Strive 20. Community Health Center 24 21. Davita Everett Dialysis Center 22. Planet Fitness 23. Smile Bright Dentures 24. YMCA Youth Development Center |10 Subject Property Walk Score 69 Everett has many advantages such as “ an excellent transportation system... ” The Everett Link Extension will add six Everett stations to the light rail Snohomish County network in 2036.