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Crossroads

100% Leased Multi-Tenant Net Leased Investment 906 SE 164th Ave, Vancouver, WA

$3,095,000.00

6.00% CAP Rate

FOR MORE INFORMATION Blake Federinko Blake@MAJCRE.com 360.823.5111

Brandi M. Ho

Brandi@MAJCRE.com 360.823.5112


Crossroads THIS OFFERING PRESENTS the opportunity to acquire a 100% leased multi-tenant net leased investment located in Vancouver, WA. The property is leased to WellHaven Pet Health, Verizon Wireless and Nail Salon. It is ideally located at the intersection of 164th Ave and Mill Plain, which is considered one of the busiest intersections in all of Vancouver, WA with over 64,000 vehicles driving by the property daily. Some of the surrounding retailers include, Target, Regal Cinema, Fred Meyer, Bed Bath and Beyond, Olive Garden and much more.


Offering Summary Property Address

906 SE 164th Ave

Building Size

6,550

Lot Size

24,394

Year Built

2016

Lease Type

NNN

Parking

22 with Reciprical Parking

Percentage Leased

100%

• Hard Corner Lot Adjacent to 7-Eleven and Starbucks • Within 1-Mile of Columbia Crossing Shopping Center • Located on One of the Busiest Intersections in Vancouver, WA (+64,000 VPD) • Rental Increases during the Initial Term (See enclosed rent roll) • Surrounding Businesses Include Target, Chik-Fil-A, Olive Garden, Starbucks, Regal Cinema and much more.


Property Photos

4


Site Plan

6 N

NAIL SALON

aily

164th Ave - 36,000 Cars D


y

Mill Pla i 28,000 n Blvd. Cars Da ily

Legend Parcel Outline: Subject Property: Trash/Recycle: Signage: Flow of traffic: Ingress/Egress:


Operating Statement

8

Scheduled Income Wellhaven Verizon Nail Salon

Total Gross Income

$137,500 $18,727 $29,400

$185,627.00

Expenses CAMS Property Taxes Insurance Management* Total Expenses

Tenant Tenant Tenant Tenant $0.00

* Wellhaven pays a management fee of 5% base rent

Net Operating Income CAP Rate

Sale Price

$185,627.00 6.00%

$3,095,000


WELLHAVEN PETHEALTH 5,500 SQFT

US NAILS 2 1,050 SQFT

VERIZON

Term Date

Monthly Rent

7/1/2018 7/1/2022 7/1/2027 7/1/2032

4/1/2019 4/1/2020 4/1/2021

3/1/2019 3/1/2020 3/1/2021 3/1/2022 3/1/2023 3/1/2024

Annual Rent

PSF

Years

$11,458.33 $12,604.17 $13,864.58 $15,248.75

$137,499.96 $151,250.04 $166,374.96 $182,985.00

$25.00 $27.50 $30.25 $33.27

1-5 6-10 11-15 16-20

$1,560.60 $1,591.82 $1,623.66

$18,727.20 $19,101.84 $19,483.92

$2,450.00 $2,499.00 $2,548.98 $2,599.96 $2,651.96 $2,705.00

$29,400.00 $29,988.00 $30,587.76 $31,199.52 $31,823.52 $32,460.00

$28.00 $28.56 $29.13 $29.71 $30.31 $30.91

1 2 3 4 5 5.5 3 4 5


Tenant Summary

10 TENANT: WellHaven PetHealth GUARANTOR:

WellHaven PetHealth, LLC

SQFT OCCUPIED:

5,500+/- SqFt

TERM: 10-Year Primary Term INCREASES: 10% Increases Every 5 Years EXTENDED TERMS:

Two, 5-Year Options

LEASE TYPE:

NNN

WellHaven Pet Health will offer pet health services in their Veterinarian Clinic as well as a doggie daycare at their new 5,500 square foot location. WellHaven Pet Health helps veterinarians and their teams succeed both personally and professionally. They value their owner veterinarians and encourage them to stay. WellHaven’s focus on personal growth, practice support and life balance provides the framing of the relationship they want to have with their doctor leaders. WellHaven provides leader doctors an opportunity to share in the rewards of practice ownership without the risks associated. They are committed as servant leaders to ensure the success of their doctors, hospital teams, and profession. Headquarters: Locations: Year Founded: Company Type: Website:

Vancouver, WA 42 2017 Privately Held www.wellhavenpethealth.com


TENANT: Verizon Wireless GUARANTOR: Verizon Wireless, LLC SQFT OCCUPIED: Mechanical Room - Roof Top TERM: 5-Year Primary Term INCREASES: 2% Annual Increases EXTENDED TERMS: Four, 5-Year Options LEASE TYPE: NNN Verizon Wireless is an American telecommunications company which offers wireless products and services. With 149 million subscribers as of October 2017, Verizon Wireless is the largest wireless telecommunications provider in the United States. The company operates a National 4G LTE network covering about 98 percent of the U.S. population, which in December 2015 won or tied for top honors in each category of the RootMetrics RootScore Reports. Verizon Wireless offers cellphones, home telephone, and Internet services through a variety of devices. Headquarters: Basking Ridge, New Jersey Year Founded: 2000 Parent Company: Verizon Communications Website: www.verizonwireless.com

US Nails 2

TENANT: US Nails 2 SQFT OCCUPIED: 1,050 SqFt TERM: 5-Year Primary Term INCREASES: 2% Annual Increases EXTENDED TERMS: Two, 5-Year Options LEASE TYPE: NNN

Professional Nail Salon and Spa offering: Full Set, Fill, Pedicure, Manicure, Shellac, Solar, Gel, Dip Power, Facial, and Waxing.


Aerial

12

New Development Hearth Apartment Hom 179 Units

Subject Pro


Columbia Tech Center

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36,0 164th A 00 V ehicl ve es Da ily

operty North


Aerial

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ve ly h Ales Dai t 4 16 hic 000

36,

Mi

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28


Subject Property North


Demographics

16

5 MILE RADIUS

3 MILE RADIUS

1 MILE RADIUS


Median Age AGE

36.4 Years Old

Gender Male

48.7%

Female

51.3%

2019 Avg. Income

Population

1 Mile

$61,581

3 Mile

$71,813

5 Mile

$68,661

1 Mile

3 Mile

5 Mile

Est. 2019

18,881

90,771

191,198

Proj. 2024

20,187

97,841

206,376

Pop. Growth

6.92%

7.79%

7.94%


DOWN

River d fourth the w Nati spe eas sm

T

VANCOUVER WATERFRONT is open for everyone to enjoy.

Situated along one half mile of south-facing riverfront, this unrivaled location will provide Vancouver with a dynamic reconnection to its waterfront.

At the heart of the development: • a state-of-the-art cable stay pier will help create a spectacular waterfront entrance way along with parks, fountains and open spaces. • At full build-out, the master plan proposes: - 3,300 new residential units, - over 1.25 million square feet of Class A creative office space, - a boutique hotel, - flagship restaurants, - and unique retail spaces.

This $1.5 billion mixed-use development will transform and usher in the next cha for the entire metropolitan Vancouver/Portland area. A unique, public/private collaborative partnership between the City of Vancouver, Columbia Waterfront LL and Gramor Development, Inc. created the opportunity to transform the Columbi Waterfront west of the I-5 Interstate Bridge.


NTOWN VANCOUVER sits on the north bank of the Columbia

directly across from Portland, Oregon. Incorporated in 1857, it is the h-largest city in the state. The Pacific Coast is less than 90 miles to west. The Cascade Mountain Range rises on the east. Mount St. Helens ional Volcanic Monument and Mt. Hood are less than two hours away. The ectacular Columbia River Gorge National Scenic Area lies 30 minutes to the st. Vancouver combines the excitement of a major metropolitan area with mall-town charm and abundant recreational opportunities.

The 5 largest employers are: PeaceHealth Southwest Medical Center | 2841 Employees Evergreen Public Schools | 2455 Employees Vancouver Public Schools | 2203 Employees County of Clark | 1561 Employees Fred Meyer | 1500 Employees

apter

LC ia


300 West 15th Street, Suite 201 Vancouver, WA 98660 360.699.4494 www.MAJCRE.com

While the information provided is not guaranteed it has been obtained from sources we deem reliable. It is provided without any representations, warranty or guarantee, expressed or implied as to its accuracy. Prospective buyer or tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other Professional advisor.

Profile for Blake Federinko

Crossroads (Oct 2019)  

Crossroads (Oct 2019)