FOR SALEOFFICE INVESTMENT OPPORTUNITY
96 S. BALTIC AVENUE | MERIDIAN, ID 83642
PRESENTED BY:Chase [email protected]
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
Fastest growing city in Idaho and 6th fastest
growing city in the U.S.
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
OVERVIEW
Lee & Associates is pleased to present for sale this strategically located, single-tenant office building located at 96 S. Baltic Avenue in Meridian, Idaho on an exclusive basis to qualified investors. This building is 100% leased to one quality tenant in a well established business park and an amenity rich surrounding area with close access to Interstate I-84, Downtown Meridian and various goods and services. The property is in good condition with high-end finishes and attractive landscaping.
PRICING BREAKDOWN PROPERTY SUMMARY• Sales Asking Price: $939,000• CAP Rate: 6.45%
PHYSICAL ATTRIBUTES• Size Building: 3,912 SF• Year Built: 2007• Stories: One• Zoning: City of Meridian C-G• Land: .153 Acres• Parking: Ample
INVESTMENT HIGHLIGHTS• 100% occupied investment with new 5 Yr NNN
Lease • Minimal Landlord responsibilities• Under market rents• Tenant invested approximately $150,000 in
TI’s, showing commitment to space
•
SHOWING INSTRUCTIONS• Contact agent for showing instructions
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
PRICING BREAKDOWN
TENANT PROFILE | INTERIORWORX
Pricing
Sales Asking Price $939,000
CAP Rate 6.45%
Net Operating Income $63,750
Asking Price Per SF $240.03
*Rental income based on current rent
Financials available upon request
InteriorWorx provides commercial and residential builders, architects, designers, and homeowners with complete interior finish solutions. We’ve reimagined the building and design process to integrate six proven partner companies for a collaborative solution that improves both buyer satisfaction and builder productivity.
The InteriorWorx approach is built on years of experience. We combine products for any budget and style with an expertly guided selection process. The result assures a great experience for buyers and a high level of productivity for builders.
https://interiorworx.com
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
PROPERTY AERIAL
Looking Northwest
E. Franklin Rd.96 S. Baltic
Avenue
Signs Etc.U-Haul
Meridian Fire StationMeridian
Meridian City Hall
The Family Table
Ada County Air Quality Board
S. Baltic Ave.
First Interstate Bank
Factory Direct Flooring
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
AREA AMENITIES MAP
DRIVING DISTANCES TO:Downtown Meridian ..................................1 MileVillage at Meridian......................................3 MilesDowntown Boise ........................................9.6 MilesBoise Airport ................................................10.8 Miles
VEHICLE COUNT:Franklin Rd. & 5th Ave., Meridian .........18,383 VPD
96 S. BALTIC AVE.Meridian, ID 83642
OFFICE FOR SALE
All information furnished regarding property for sale, rental or financing is from sources deemed reliable,but no warranty or representation is made to the accuracy thereof and same is submitted to errors,omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Chase Erkins | [email protected] 208.789.4900
802 W. Bannock Street, 12th Floor Boise, ID 83702 208.343.2300 leeidaho.com
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
LOCATION MAP
96. S. BALTIC AVENUE
96. S. BALTIC AVENUE
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
LOCATION
LOCATION HIGHLIGHTS - MERIDIAN SUBMARKET | ADA COUNTY
• Located in Meridian, 1.5 miles from interstate 84• 81.5% increase in population since 2000• Fastest growing city in Idaho, and 6th fastest growing city in the U.S.• Labor force has grown by over 31,000 since 2006, with 3.4% growth between 2015 and 2016 alone• 2nd lowest property tax in the country, 6th best economic outlook• 18,000 acre health and sciences corridor, which attracts dozens of new businesses each year• 3rd most improved state for business, and 1st most friendly state for small business
*Statistics derived from commerce.idaho.gov
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
AREA STATISTICS AND OVERVIEW
BOISE, IDAHOBoise, Idaho is the state capital, the third largest city in the Pacific Northwest, and the county seat of Ada County. Located on the Boise River in southwestern Idaho, the population of Boise is currently 241,368. Once a hub for extraction industries, the city is now a center for high tech, agribusiness, food processing, shared services, manufacturing and state government. The major employers located in Boise include Albertsons, J.R. Simplot Company, Idaho Pacific Lumber Company, Idaho Timber, WinCo Foods, Bodybuilding.com and Clearwater Analytics. Other major industries have a presence in Boise such as Hewlett Packard and Wal-Mart.
MERIDIAN OFFICE MARKETThe Meridian office submarket is located north of Interstate 84, west of Interstate 184, west of Eagle Road and south of Chinden Boulevard. Currently (November 2018) there are some 3,200,00 square feet of office product in the Meridian submarket. The current vacancy rate according to Costar is 3.1% after a year to date absorption of 174,000 square feet. The average asking rate is $17.88 SF/yr, up 2.23% from $17.49 one year ago.
MARKET AVERAGE ASKING RATE (SF/Yr)
TOTAL AVAILABLE
TOTALUNDER CONST.
VACANCY RATE
YEAR TO DATEVACANCY CHANGE
12 MONTHABSORBTION
Meridian $17.88 SF/yr 3,200,000 SF 83,400 SF 3.1% 2.2% 174,000 SF
DEMOGRAPHICSPOPULATION 1 MILE 3 MILE 5 MILE2018 Total Population Est: 5,541 82,113 187,1022023 Population Projection: 6,058 90,510 205,855Pop Growth 2018-2023: 9.33% 10.23% 10.02%Average Age: 35.60 36.10 36.80HOUSEHOLDS2018 Total Households: 2,229 29,316 66,079HH Growth 2018-2023: 10.18% 10.77% 10.32%Meidan Household Inc.: $43,097 $65,873 $67,662Avg Household Size: 2.40 2.80 2.802018 Avg HH Vehicles: 2.00 2.00 2.00HOUSINGMedian Home Value: $190,466 $231,239 $235,564Median Year Built: 1996 1999 1998
802 W. Bannock Street, 12th Floor | Boise, Idaho 83702 | 208-343-2300 | leeidaho.com
96 S. BALTIC AVENUEMERIDIAN, ID 83642
OFFICE INVESTMENT OPPORTUNITY
Chase [email protected] 208.789.4900
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
DOWNTOWN MERIDIAN REDEVELOPMENT PLAN
PROJECT KEY
Northern Gateway District
Neighborhood Preservation Areas
Washington & Main District
Traditional City Core
TOD/Cultural District
Southern Gateway Entertainment & Hospitality District
The various downtown districts, identify the desired character of each area by defining the major uses within a mixed use environment. The districts will have distinct streetscape characteristics that will help to define them, and create variety.
The Subject Property is located just outside the pathway of redevelopment planned by the City of Meridian. This plan’s main focus is to create a mixed-use urban environment in Meridian’s Downtown, built around 4 main goals to protect and promote: Livability, Mobility, Prosperity and Sustainability. These goals will be achieved by completing long-term projects such as creating more places for community gathering and entertainment, providing for a multi-modal transportation hub, improving the diversity of business activity/retail vitality, and promoting/encouraging innovative and progressive development.
802 W. Bannock Street, 12th Floor | Boise, ID 83702 | 208-343-2300 | leeidaho.com
