14605-14615 1ST AVE SBURIEN, WA 98168
CONTACT INFORMATION:
ELLEN MOHLELLEN MOHLSENIOR BROKER
MAMATHEW QUTHEW QUAACKCKENBUSHENBUSHBROKER
Price: $2,500,000
Price Per NRSF: $266.04
Price Per Land SF $56.47
Cap Rate: 6.65%
GRM: 13.7
Building Size: 2,197 |7,200
Lot Size: 44,265 SF
Year Built: 1962
OVER 1 ACRE CORNER LOT SITUATED ON HIGH TRAFFIC1ST AVE S IN BURIEN. IMMEDIATE RETURN WITH FULLYLEASED RETAIL, 7-11, AND SHELL.
High Visibility, income producing investment opportunity on 1st Ave S in BurienWashington. 7-11 and Shell are strong anchor retail uses, next to a fully leasedstrip retail building, located on large lot for immediate returns and potential longterm development. Site is contiguous to Safeway anchored shopping center.Minutes from Sea-Tac. No expenses taken for management fees or reserves.Landlord pays water and sewer for multi tenant building. Tenants pay all otherutlities, 7-11 pays R.E. taxes.
14605-14615 1st Ave S , Burien, WA 98168
ADDRESSADDRESS
PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS
STRONG ANCHORSTRONG ANCHOR
IMMEDIAIMMEDIATE 6.TE 6.65% CAP RA65% CAP RATETE
HIGH VISIBILITHIGH VISIBILITYY
CLCLOSE TOSE TO MAO MAJOR RETJOR RETAILAIL
LLARGE CARGE CORNER LORNER LOOTT
OFFERING SUMMARY
SALE PRICESALE PRICE $2,500,$2,500,000000
LLOCAOCATION INFORMATION INFORMATIONTION
Street Address 14605-14615 1st Ave S
City, State, Zip Burien, WA 98168
County/Township King
Market South King County
Submarket Burien
Cross Streets SW 146th St & 1st Ave S
BUILDING 1BUILDING 1
Building Size 2,197 SF
Occupancy % 100%
Tenancy Single
Number Of Floors 1
Year Built 1962
Effective Year 1990
PROPERTPROPERTY DETY DETAILSAILS
Property Type Retail
Property Subtype Street Retail
Lot Size 44,265 SqFt
BUILDING 2BUILDING 2
Building Size 7,200 SF
Occupancy 100%
Tenancy Multiple
Number Of Floors 2
Year Built 1962
Effective Year 1980
PROPERTY DETAILS
INCOME CURRENT
+ Current Rental Income $183,379
Scheduled Gross Income $183,379
Effective Gross Income $183,379
# UNITS AVG. SIZE CURRENT
6 1,342 SF $2,304
TOTAL 9,397 SF $13,824
PRICE ANALYSIS
PRICE $2,500,000
Price per NRSF $266.04
Price per Land SF $56.47
1st Ave S Gas and Retail CAP 6.65%
1st Ave S Gas and Retail GRM 13.7
PROPERTY OVERVIEW
Number of Units 6
Year Constructed 1962
Number of Buildings 2
Rentable SF 2,197 | 7,200
Lot Size 44,265 SF
Zoning SPA-3
EXPENSES CURRENT
- Water | Sewer (2016) Current
- Taxes 2018 $10,326
- LID 456
- Insurance 2,646
- Water | Sewer 3,806
Total Operating Expenses $17,234
CASH FLOW CURRENT
Net Operating Income $166,145
The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.
FINANCIAL OFFERING
INVESTINVESTMENT OMENT OVERVIEWVERVIEW1ST A1ST AVE SVE S GAS ANDGAS AND
RETRETAILAIL
Price $2,500,000
Price per SF $266.04
CAP Rate 6.65%
Cash-on-Cash Return (yr 1) 6.65%
Total Return (yr 1) $166,145
OPERAOPERATING DTING DAATTAA1ST A1ST AVE SVE S GAS ANDGAS AND
RETRETAILAIL
Gross Scheduled Income $183,379
Other Income $0
Total Scheduled Income $183,379
Vacancy Cost -$901
Gross Income $183.379
Operating Expenses - No expenses taken for management fee or reserves. Landlord pays water and sewer, tenants pay all other utilities. 7-11 pays R.E. taxes. ($17,234)
Net Operating Income $166,145
Pre-Tax Cash Flow $166,145
FINANCIAL SUMMARY
TENANTNAME
UNITSIZE (SF)
RENT INCREASESANNUAL
RENTPRICE
PER SF/YR
Seven-Eleven/Shell 2,197 3% Annual Increase $85,972 $20.25
Pho Lily 1,600 3% Annual Increase $30,848 $19.28
Lolys 1,000 3% Annual Increase $12,978 $12.98
house of hybrids 1,600* 3% Annual Increase $30,847.92 $19.27
W Golden Coins 800 $1,200 Annual Increase $16,200 $39.13
Visions Ink 600 $120 Annual Increase $8,100 $13.50
Storage 1,600 $0 $0.00
9,3979,397
* A* Additional 7dditional 7000 S000 SqqFFt Ot Of Of Outdoor Sutdoor Spacepace
RENT ROLL
AMENITIES MAP
PROPERTY PHOTOS
PROPERTY PHOTOS
PROPERTY PHOTOS
INTERIOR PHOTOS
WESTLAKE ASSOCIATES, INC.
BURIEN, SEATAC, TUKWILA
SEATTLE-TACOMA INTERNATIONAL AIRPORT
DISTANCE TO SEATTLE
20 Mins
DISTANCE TO TACOMA
27 Mins
The communities of Burien, SeaTac and Tukwila sit at the crossroads of the major freeway interchanges of 1-5 and I-405, with a 20-minute trip to downtown Seattle.
Southwest King County offers a wide choice of housing options. Affordable multiplefamily dwellings provide entry-level hosing. Well-maintained, quiet residential neighborhoods offer opportunities for first time homebuyers. Vies of Mt. Rainier and Puget Sound are available in many neighborhoods.
There is no doubt that the region takes education seriously. The area’s network of public school districts, private schools, community colleges and technical colleges provide a multitude of options for lifelong learning.
The region also provides a wealth of opportunities for arts and sports enthusiasts. Theaters, museums, orchestras, professional and amateur arts and sporting groups, sailing, golfing, hiking, canoeing, biking and bird watching are all available for leisure time enjoyment.
Southwest King County not only has a number of showcase malls, but there is a growing commitment in each community to provide a unique atmosphere to individual retail districts. Southcenter, a major suburban shopping center, is located in Tukwila. A wide variety of sister malls continue to hold a dominant place in the area’s retail life. A variety of ethnic and uniquely focused shops lend a unique favor to the downtown core of Burien.
BURIEN, SEATAC, TUKWILA
1200 Westlake Ave N, Suite 310Seattle, WA 98109T [email protected]
PROFESSIONAL BAPROFESSIONAL BACKCKGROUNDGROUND
Ellen has worked in commercial real estate since 1987 representing buyers and sellers of office, retail andindustrial buildings as well as helping tenants find locations and landlords lease space. She brings a wealth oftransactional experience and a local‘s knowledge of the Seattle and Eastside markets having been born andraised in greater Seattle. As a result of Ellen’s experience, expertise and dedication, she represents multipleinfluential clients who use her services exclusively. She also frequently receives agent referrals as well asreferrals from pleased clients. Her high level of integrity has resulted in a loyal customer base that providesthem, and Ellen, with continued success year after year
EDUCAEDUCATIONTION
Culinary Institute of America, AOS 1974University of Washington, BA 1976
ELLEN MOHLELLEN MOHLSenior Broker
BROKER CONTACT
1200 Westlake Ave N, Suite 310Seattle, WA 98109T [email protected]
PROFESSIONAL BAPROFESSIONAL BACKCKGROUNDGROUND
Mathew began his career as a research assistant at Westlake Associates, Inc. in the summer of 2015. Uponearning his Bachelor’s Degree from University of the Pacific, Mathew returned to Seattle where he joined theWestlake team as a Broker in the fall of 2016. Mathew specializes in assisting his clients with the acquisition andsale of commercial investment properties throughout King and Snohomish counties. His attention to detail andcommitted work ethic make him an asset to anyone he works with. As a Seattle native, Mathew has an extensiveknowledge of in-city and territory neighborhood markets.
EDUCAEDUCATIONTION
University of the Pacific, BA 2016
MAMATHEW QUTHEW QUAACKCKENBUSHENBUSHBroker
BROKER CONTACT
