GEM CENTER FOR THE ARTS BUILDING
Sale Summary
2417 W Bank Drive — Boise, ID
Award Winning Building Centrally Located In America’s Fastest Growing City
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SCOTT RAEBER, MBA, CCIM208 472 [email protected]
OLIVER MARON208 472 [email protected]
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GEM CENTER FOR THE ARTS BUILDINGInvestment Summary
This investment opportunity is for the interest in Gem Center for the Arts Building, a 23,688 square foot building sitting on 0.69 acres. The stunning Brutalist Modern architecture is award winning and recently updated. Located 5 minutes south of the Boise Downtown Core, 2417 Bank Drive is surrounded by desirable amenities and easily accessible. Gem Center for the Arts will sell and lease back for 10 years.
Pricing: $1,900,000 *
NOI: $152,311
Cap Rate: 7.5%
Size: 23,688 SF
Price/PSF: $80.70
Occupancy: 100%
* Price includes a deduction of $130,000 to be used for HVAC and fire code upgrades
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GEM CENTER FOR THE ARTS BUILDINGProperty Overview
ProfileProperty Name: Gem Center for the Arts
Address: 2417 Bank Drive
Building Size: 23,688 SF
Land Size: 0.686 Acres
Parcel: R3727000035
Zoning: C-2D/DA
Parking: On-site lot and street parking
Year Built: 1973, Updated 2017-2018
Highlights » Newly-renovated office building with quality finishes (±15% of building is unrenovated)
» Modern “tech” build-out includes exposed ceilings, polished concrete floors, energy-efficient lighting and floor-to-ceiling windows
» Only 5 minutes to the Downtown Core, I-84, Boise State University and the Boise Airport
» Significant upside potential considering low cost per square foot and recent improvements
» Sale-leaseback with tenant dedicated to a 10-year lease; investors upside if tenant exercise early termination
» Building is a unique and wonderful asset to the Boise arts community
» Winner of 2018 Mayor’s Choice Award, Mayor Dave Bieter said “This is an exceptional project”
» Includes adjacent undeveloped lot which tenant will lease for a sculpture garden
» Building has a new roof
» Gem Center for the Arts https://www.gemcenterforthearts.com/
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GEM CENTER FOR THE ARTS BUILDINGGallery
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GEM CENTER FOR THE ARTS BUILDINGLocation
SITE
SITE
SITE
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GEM CENTER FOR THE ARTS BUILDINGDemographics
2417 Bank Drive 1 Mile 3 Miles 5 Miles
POPULATION
2018 Estimated Population 16,526 88,472 169,734
2023 Projected Population 19,040 101,828 194,947
2010 Census Population 15,077 81,599 154,427
Projected Annual Growth 2018 to 2023 3.0% 3.0% 3.0%
HOUSEHOLD
2018 Estimated Households 7,474 42,303 76,097
2023 Projected Households 8,303 46,941 84,197
2010 Census Households 6,563 37,368 66,746
Projected Annual Growth 2018 to 2023 2.2% 2.2% 2.1%
INCOME
2018 Est. Average Household Income $58,787 $68,579 $77,956
2018 Est. Median Household Income $46,175 $52,661 $59,863
MISC.
2010 Median Home Value $199,717 $246,137 $249,155
2010 Median Rent $713 $736 $758
2010 Average Travel Time to Work 14.9 15.5 16.5
2018 Est. Median Age 31.5 35.6 37.0
2018 Est. Labor Population Age 16+ 14,217 75,812 141,699
2018 Est. Total Household Expenditure $363 M $2.27 B $4.46 B
*The Wall Street Journal recently reported in April 2018 that the median price of a single-family home in the Boise area has doubled from $147,000 in 2011 to $297,000 in 2018.
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GEM CENTER FOR THE ARTS BUILDINGArea Overview — Boise
Boise is Idaho’s largest city and the anchor of the Treasure Valley where nearly half of Idahoans reside. The city has established a unique reputation for a high quality of life, a prosperous business community, a vibrant arts & culture scene, and world re-known recreation—in one unbeatable package.
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GEM CENTER FOR THE ARTS BUILDINGArea Overview
Quality of LifeReferred to as the “Treasure Valley”, the region is home to about 675,000 people. The workforce of roughly 330,000, live within a 45-minute draw area. Known for its extraordinary quality of life and affordable cost of living (currently one of the lowest in the western states, according to the ACCRA Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall Street Journal, Livability and Inc. Magazine as one of the best places in the U.S. to live and work.
Commuting in the ValleyThe major interstate serving the Treasure Valley is I-84, running through the metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching off to the northeast is I-184, which runs into downtown Boise. Daily commutes are easy, with several U.S. and state highways providing direct routes and minimal traffic. The average commute time is only 18 minutes. Public transportation is handled by ValleyRide, Treasure Valley Transit and ACHD Commuteride.
RecreationThe Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. Up in Foothills you’ll find more than 135 miles of nationally acclaimed hiking and mountain biking trails that extend from the city up to Bogus Basin Ski Area. Only 17 miles from the city center Bogus Basin offers winter skiing and summer adventure. With world-class golf courses, hiking, fishing and mountain biking, the recreation opportunities are virtually unlimited within a 30-minute drive.
DiversityThe City of Boise has been recognized for its work welcoming over 800 new citizens (refugees) each year from over 20 foreign countries. Annual diversity events and resources include PRIDE activities, The Basque Cultural Center, Hispanic Cultural Center and the Black History Museum. More than 90 different languages are spoken in the Boise School District and the Mexican Consulate also has an office in Boise.
What about logistics? There are 50 motor freight companies traveling 5 interstates, 20 U.S. highways and 30 state highways that serve the Boise Valley. More than 1,600 miles of rail line through Union Pacific and Burlington Northern Santa Fe provide connection points to Canada, Mexico and the U.S. They are aided by the state’s regional line and 6 short line railroads. Annually, the rail system transports over 11 million tons of freight.
Col l iers Internat ional Idaho | 755 West Front Street , Sui te 300 Boise , Idaho 83702 | www.col l iers .com/idaho | 208 345 9000
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GEM CENTER FOR THE ARTS BUILDING2417 W Bank Drive — Boise, ID
SCOTT RAEBER, MBA, CCIM208 472 2817
OLIVER MARON208 472 2839
