MULTI-TENANT RETAIL INVESTMENT OPPORTUNITY · 1 day ago · certified products. WE WANT TO MAKE THE WORLD A HEALTHIER PLACE FOR EVERYONE For nearly 20 years, Pharmaca has been a

KIDDER.COM

MULTI-TENANT RETAIL INVESTMENT

+ DEVELOPMENT OPPORTUNITY

4707-4709 CALIFORNIA AVE SW | SEATTLE, WA | OFFERING MEMORANDUM

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.

This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of 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 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, 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.

01EXECUTIVE SUMMARY

02COMPARABLES

03LEASE ABSTRACT

04VALUATION

05FINANCING

KIDDER.COM

KEVIN SIMPSON-VERGER

Vice President601 Union Street, Ste. 4720, Seattle, WAO 206.398.2278D [email protected]

EXCLUSIVELY LISTED BY

TABLE OF CONTENTS

3MULTI-TENANT RETAIL CENTER OFFERING MEMORANDUM KIDDER MATHEWS

01EXECUTIVE

SUMMARYPROPERTY CHARACTERISTICS

LOT MAPS

DEMOGRAPHICS

AMENITIES AERIAL

EXECUTIVE SUMMARY

BUILDING CHARACTERISTICS

Building Name Multi-Tenant Retail Investment Property + Development Opportunity

Site Address 4707 - 4709 California Ave SW

List Price $2,950,000

Actual Cap Rate 5%

Parcel # 1495300010

Building SF 6,786

GLA 6,228

Lot SF 6,786

Zoning NC3P95 (M)

FAR 6.25

Total Allowable Area 42,412.50

Height Limit 95'

Urban Village Yes

Year Built 1920

Property Taxes (2020) $18,667.39

Tax Accessed Value (2020) $2,067,000

MULTI-TENANT RETAIL CENTER OFFERING MEMORANDUM KIDDER MATHEWS 4


LOT MAPS

MULTI-TENANT RETAIL CENTER

SW ALASKA ST

CA

LIF

OR

NIA

AV

E S

W


DEMOGRAPHICS

5-Mile Trade Area

304,410 POPULATION (2020)

1.1% PROJECTED ANNUAL GROWTH

321,542 ESTIMATED POPULATION (2025)

POPULATION

1 Mile 3 Miles 5 Miles

Est Population (2020) 27,854 87,248 304,410

Proj Population (2025) 29,336 92,227 321,542

Census Population (2010) 21,351 71,676 227,519

Proj Annual Growth (2020-2025) 1,482 (1.1%) 4,979 (1.1%) 17,132 (1.1%)

Hist Annual Growth (2010-2020) 6,503 (3.0%) 15,572 (2.2%) 76,891 (3.4%)

1 Mile

3 Miles

5 Miles

WEST SEATTLE

WHITE CENTER

SEATTLE CBD

HOUSEHOLDS

1 Mile 3 Miles 5 Miles

Est Avg HH Income (2020) $132,657 $130,722 $114,864

Proj Avg HH Income (2025) $150,591 $148,522 $129,312

Proj Annual Change (2020-2025) $17,935 (2.7%) $17,800 (2.7%) $14,447 (2.5%)

Historical Annual Change (2000-2020) $65,423 (4.9%) $64,750 (4.9%) $56,788 (5.1%)

Housing Units Owner-Occup (2020) 6,919 (49.5%) 22,077 (54.9%) 53,495 (35.2%)

Housing Units Renter-Occup (2020) 7,064 (50.5%) 18,148 (45.1%) 98,408 (64.8%)

Est Median HH Income (2020 ) $110,100 $101,632 $87,671

Proj Median HH Income (2025) $128,318 $118,373 $101,785

Est Per Capita Income (2020) $66,703 $60,349 $57,837

Census Per Capita Income (2010) $40,560 $38,984 $33,914


PUGET SOUND


AMENITIES AERIAL


CALIFO

RN

IA A

VE SW

SW ALASKA ST

SW EDMUNDS ST


FLOORPLANS

Store Room

Office


02COMPARABLES

SALE COMPARABLES

SALES COMPARABLES MAP

LEASE COMPARABLES

LEASE COMPARABLES MAP


SALE COMPARABLES

Property Property Type Sale Date Sales Price Cap Rate

Lease Type NOI

Lease Price/SF/Year

Building SF Lot SF

Year Built Zoning

01 SAM'S SMOKE SHOP & CHINA FIRST RESTAURANT

4237 - 4239 University Way NE Seattle, WA 98105

Multi-Tenant Retail

3/31/2020 $2,040,000 4.10% NNN $83,640 $28.94 2,890 4,138 1906NC3-65-P1

02 2 MOM & POP TENANTS

3111 Rainier Ave S Seattle, WA 98144

Multi-Tenant Retail

12/16/2019 $1,875,184 5.33% NNN $99,947.31 $45.02 2,220 9,836 1961 SM-NR-85

03 1 MOM & POP TENANT

1944 1st Ave S Seattle, WA 98134

Single Tenant Retail

9/6/2019 $4,200,000 4.75% NNN $199,500 $25.54 7,810 8,999 1965 IG2 U/85


9448-9456 35th Ave SW Seattle, WA 98126

Retail Strip Center

3/25/2019 $1,150,000 6.00% NNN $69,000 $13.80 5,000 14,400 1986NC2P55 (M)


1501-1535 Melrose Ave Seattle, WA 98122

Multi-Tenant Retail

2/8/2019 $15,515,000 4.57% NNN $709,035.50 $33.63 21,084 12,632 1919 NC385


115 N 85th St Seattle, WA 98103

Multi-Tenant Retail

9/9/2019 $3,950,000 6.02% NNN $237,648 $19.63 12,108 10,870 1961NC255 (M)

07 1 MOM & POP TENANT

115 Occidental Ave S Seattle, WA 98104

Single Tenant Retail

11/26/2018 $1,700,000 5.44% NNN $92,500 $13.89 6,660 3,330 1900PSM 100/100-120

Average 5.17% $25.78


SALE COMPARABLES MAP

01

07

05

03

02

04


PUGET SOUND

LAKE WASHINGTON

WEST SEATTLE

DELRIDGE

PIONEER SQUARE

CENTRAL DISTRICT

CAPITOL HILL

QUEEN ANNE

BALLARD

UNIVERSITY DISTRICT


LEASE COMPARABLES

Property Property Type Lease Date Lease TermLease Price/SF/Year

Type of Lease Leased SF Building SF Lot SF Year Built

01 HIIT LAB

6323 35th Ave SW Seattle, WA 98126

Multi-Tenant Retail

5/3/2018 84 Months $22.00 NNN 2,200 8,926 29,751 1987

02 F45 TRAINING

2221 Queen Anne Ave Seattle, WA 98109

Multi-Tenant Retail

9/24/2018 N/A $28.00 NNN 3,918 3,918 5,227 1991

03 OCTOPUS BAR

2121 N 45th St Seattle, WA 98103

Single-Tenant Retail

5/2/2019 N/A $22.50 NNN 3,856 3,856 3,920 1925

04 CHINA RESTAURANT

4237-4239 University Way NE Seattle, WA 98105

Multi-Tenant Retail

6/1/2019 60 Months $28.94 NNN 1,860 2,890 4,138 1906

05 DAO TAI HOUSE

1621 12th Ave Seattle, WA 98122

Multi-Tenant Retail

12/1/2019 60 Months $25.00 NNN 8,428 16,856 9,679 1917

06 MAMO JEWELERY DESIGN

6317 1/2 Roosevelt Way NE Seattle, WA 98115

Multi-Tenant Retail

1/5/2020 N/A $27.00 NNN 600 1,084 5,663 1934


LEASE COMPARABLES MAP

03

02

04

06

05

01


PUGET SOUND LAKE

WASHINGTON

WEST SEATTLE

DELRIDGE

PIONEER SQUARE

CAPITOL HILLCBD

QUEEN ANNE

BALLARD

WALLINGFORD

UNIVERSITY DISTRICT


03LEASE

ABSTRACTTENANT / LANDLORD OBLIGATIONS

EXPENSES

TENANT PROFILES

LEASE ABSTRACT

TENANT/LANDLORD OBLIGATIONS

Tenants ObligationsTenant is directly responsible for all non-structural portions of the building including above and below ground maintenance & repair.

Landlord Obligations Landlord is responsible for the Exterior Walls, Foundation and Roof of Building.

EXPENSES

CAMS Tenant is directly responsible for all common area maintenance.

Taxes Tenant is responsible for Property Taxes.

Insurance Tenant maintains Property and Liability Insurance Coverage.

Utilities Tenant is responsible for Utilities.


PHARMACAOUR QUALITY ASSURANCE

Put your trust in Pharmaca! We do our research to ensure that the products we sell use only the highest quality ingredients, and come from brands that focus on transparency, sustainability and natural sourcing.

CERTIFIED CLEAN BEAUTY—IT’S ALL RIGHT HERE

We’ve taken the guesswork out of finding the natural skin care and cosmetics you’re looking for by creating a handy way to shop certified products.

WE WANT TO MAKE THE WORLD A HEALTHIER PLACE FOR EVERYONE

For nearly 20 years, Pharmaca has been a force for change in the world of natural health and beauty, empowering customers to think outside the box when it comes to the way they manage their own health and the products they use.

BIN 41There is no such thing as too many opportunities to discover good wine. The bin 41 team in West Seattle welcomes you to come and explore the vast and exciting world of wines! Our West Seattle wine shop can be found at the intersection of Alaska and California streets, in the heart of the West Seattle Junction.

Looking for some great wines for your next get together or to add to your cellar? Stop into the bin and check out our always expanding selections. We taste through and hand select almost every wine in the bin to ensure quality at every price point.

We are a woman owned, neighborhood retail wine shop located in the West Seattle Junction. We carry a mix of wines from around the world, with a strong emphasis on supporting producers from our Pacific Northwest. ‘Specialty’ doesn’t mean expensive...our focus is on offering small production, family operated selections at competitive, affordable pricing. We strive to give you access to value added selections as well as exposing you to new, undiscovered gems.

FLYING APRONBack in the early 2000s, there wasn’t much in the way of gluten-free and plant-based baked goods, so it was out of necessity that Flying Apron was born. Now, almost two decades later, we are serving the greater Seattle area and beyond with locations in Fremont and West Seattle, in addition to a thriving wholesale operations providing our goods to locally-owned businesses and specialty grocery stores.

It’s not hard to bake gluten-free or plant-based, but the combination can be tricky and requires tenacity, creativity, and more often than not, simplicity, to make sure that what you make is wholesome, delicious, and delightful to eat. We have spent (and continue to spend) countless hours in product development perfecting our recipes so that you never have to feel like you’re living “without.”

We firmly believe at Flying Apron that it’s not about what you can’t eat, and we feel privileged to be able to continue to pave the way for gluten-free and plant-based goodies that everyone craves.

TENANT PROFILES

INFORMATION FROM BIN41WINE.COM

INFORMATION FROM PHARMACA.COMINFORMATION FROM FLYINGAPRON.COM



04VALUATION

RENT ROLL

RENT SCHEDULE

REIMBURSEMENTS

VALUATION

FINANCING OPTIONS

RENT ROLL

Tenants Name Lease SF % of GLACommencement Date Term (Years) Security Deposit Type of Lease Monthly Rent Annual Rent Price/SF/Year

Bin 41 1,368 22% 3/1/2010 03/01/2020 - 02/28/2025 $2,800.00 NNN $3,280.63 $39,367.56 $28.78

Pharmaca 2,740 44% 3/11/2008 03/11/2018 - 03/11/2023 N/A NNN $5,773.08 $69,276.96 $25.28

Flying Apron 1,848 31% 10/1/2018 10/2/2018 - 09/30/2025 $5,534.43 NNN $4,774.05 $57,288.60 $31

Total/Average 5,956 100% $8,334.43 $13,827.76 $165,933.12 $28.35


RENT SCHEDULE

Tenants Name Lease SF % of GLA Term Monthly Rent Annual Rent Price/SF/Rent

Bin 41 1,368 22% 03/01/2020 - 02/28/2021 $3,280.63 $39,367.56 $28.78

03/01/2021 - 02/28/2022 $3,480.42 $41,765.06 $30.53

03/01/2022 - 02/28/2023 $3,584.83 $43,018.01 $31.45

03/01/2023 - 02/28/2024 $3,692.38 $44,308.55 $32.39

03/01/2024 - 02/28/2025 $3,803.15 $45,637.81 $33.36

Pharmaca 2,740 44% 03/11/2018 - 03/10/2019 $5,773.08 $69,276.96 $25.28

03/11/2019 - 03/10/2020 $5,917.41 $71,008.88 $25.92

03/11/2020 - 03/10/2021 $6,065.34 $72,784.11 $26.56

03/11/2021 - 03/10/2022 $6,216.98 $74,603.71 $27.23

03/11/2022 - 03/10/2023 $6,372.40 $76,468.80 $27.91

Flying Apron 1,848 34% 10/2/2018 - 09/30/2019 $4,635.00 $55,620.00 $30.10

10/2/2019 - 09/30/2020 $4,774.05 $57,288.60 $31.00

10/2/2020 - 09/30/2021 $4,917.27 $59,007.24 $31.93

10/2/2021 - 09/30/2022 $5,064.79 $60,777.48 $32.89

10/2/2022 - 09/30/2023 $5,216.73 $62,600.76 $33.87

10/2/2023 - 09/30/2024 $5,373.23 $64,478.76 $34.89

10/2/2024 - 09/30/2025 $5,534.43 $66,413.16 $35.94


REIMBURSEMENTS

Tenants Name Lease SF % Reimbursements CAMS Taxes Insurance Management Total Reimbursement

Bin 41 1,368 20% $6,277.56 $3,763.19 $410.40 $1,968.38 $12,419.53

Pharmarca 2,740 40% $12,573.47 $7,537.38 $822 $2,931.77 $23,825.79

Flying Apron 2,120 31% $9,728.38 $5,831.84 $636 - $16,196.22

Total/Average 6,228 92% $28,579.42 $17,132.41 $1,868.40 $4,900.15 $52,441.54

TOTAL NNN EXPENSES

CAMS $31,140.00

Taxes $18,667.39

Insurance $2,035.80

Management $7,260.96

Total $59,104.15

Total Leakage $6,662.61

TENANT SPECIFICS

Bin 41 5% of the Annual Base Rent will be reimbursed to the Landlord for Property Management.

Pharmaca $500/Month for Property Management, Trash, Pest Control, Security Services & Environmental Inspections.

Flying Apron No reimbursements for Property Management. NNN Reimbursements for Flying Apron based off Total Building SQFT vs GLA.


VALUATION

INCOME

Price/SF

Scheduled Rent $26.64 $165,933.12

Reimbursable Income $8.42 $52,441.54

Gross Scheduled Income $218,374.66

Vacancy Factor (5%) $1.75 $10,918.73

Effective Operating Income $207,455.92

EXPENSES

CAM $5.00 $31,140.00

Property Taxes $3.00 $18,667.39

Insurance $0.33 $2,035.80

Management Fee (3.5%) $1.17 $7,260.96

Reserves $0.10 $678.60

Total $9.60 $59,782.75

Net Operating Income $23.71 $147,673.18

List Price $2,950,000

Cap Rate 5%



05FINANCING

FINANCING OPTIONS

FINANCING OPTIONS

Option # Financing Type LTV Interest Rate Term Amortization

1 Conventional 47% 3.08% Fixed 5 Year Fixed 25 Years

2 Conventional 65% 3.75% Fixed 5 Year Fixed 25 Years

Financing Quote By

Jacob WilsonPresidentCrux Commercial PartnersT [email protected]

900 SW 16th StSuite #120Renton, WA 98057


KIDDER.COM

EXCLUSIVELY REPRESENTED BY

KEVIN SIMPSON-VERGER

Vice President601 Union Street, Ste. 4720, Seattle, WAO 206.398.2278D [email protected]

Documents

MULTI-TENANT RETAIL INVESTMENT OPPORTUNITY · 1 day ago · certified products. WE WANT TO MAKE THE WORLD A HEALTHIER PLACE FOR EVERYONE For nearly 20 years, Pharmaca has been a