SVN | RETTER & COMPANY | 329 N. KELLOGG, KENNEWICK, WA 99336 OFFERING MEMORANDUM
KELLOGG RETAILBUILDING320 N. KELLOGG STREETKENNEWICK, WA 99336
Rob Ellsworth, CCIMSenior [email protected]
PROPERTY INFORMATION 3Property Summary
LOCATION INFORMATION 5Regional MapAerial MapRetailer Map
FINANCIAL ANALYSIS 9Financial SummaryIncome & ExpensesRent Roll
DEMOGRAPHICS 13Demographics MapBack Page
OFFERING MEMORANDUMKELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET, KENNEWICK, WA 99336
1 PROPERTYINFORMATION
320 N. Kellogg StreetKennewick, WA 99336
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 3
OFFERING SUMMARY
Sale Price: $595,000
Cap Rate: 7.0%
NOI: $41,627
Lot Size: 0.54 Acres
Year Built: 2003
Building Size: 2,566 SF
Renovated: 2016
Zoning: Commercial General
Traffic Count: 14,701
Price / SF: $231.88
100% occupied retail building for sale. Strong tenants. Long term leases.
PROPERTY OVERVIEW
PROPERTY HIGHLIGHTS
• 100% Occupied
• High Traffic Area
• Both Tenants Have Drive Thru
• Strong Tenants
• Long Term Leases
Property Summary
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 4The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
2 LOCATIONINFORMATION
320 N. Kellogg StreetKennewick, WA 99336
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 5
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 6The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
Kellogg Retail Building
Regional Map
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 7The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
Kellogg Retail Building
Aerial Map
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 8The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
Retailer Map
3 FINANCIALANALYSIS320 N. Kellogg Street
Kennewick, WA 99336
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 9
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 10The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
INVESTMENT OVERVIEW
Price $595,000Price per SF $231.88CAP Rate 7.0%Cash-on-Cash Return (yr 1) 6.22 %Total Return (yr 1) $16,862Debt Coverage Ratio 1.22
OPERATING DATA
Gross Scheduled Income $46,800Other Income $6,240Total Scheduled Income $53,040Vacancy Cost $0Gross Income $53,040Operating Expenses $11,413Net Operating Income $41,627Pre-Tax Cash Flow $7,398
FINANCING DATA
Down Payment $119,000Loan Amount $476,000Debt Service $34,229Debt Service Monthly $2,852Principal Reduction (yr 1) $9,464
Financial Summary
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 11The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
INCOME SUMMARY PER SF
Gross Income $46,800 $18.24Reimbursements $6,240 $2.43
Gross Income $53,040 $20.67
EXPENSE SUMMARY PER SF
Property Tax $6,093 $2.37Insurance $1,200 $0.47Utilities $3,550 $1.38Supplies $80 $0.03Repairs $190 $0.07Snow Removal $300 $0.12
Gross Expenses $11,413 $4.45
Net Operating Income $41,627 $16.22
Income & Expenses
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 12The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
TENANTNAME
UNITNUMBER
UNITSIZE (SF)
LEASESTART
LEASEEND
ANNUALRENT
% OFGLA
PRICEPER SF/YR
RECOVERYTYPE
Pho Le A 1,283 7.1.15 6.30.21 $22,799 50.0 $17.77 Gross
Barracuda Coffee B 1,283 9.1.16 8.30.26 $24,005 50.0 $18.71 NNN
Totals/Averages 2,566 $46,804 $18.24
Rent Roll
4DEMOGRAPHICS
320 N. Kellogg StreetKennewick, WA 99336
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 13
KELLOGG RETAIL BUILDING | 320 N. KELLOGG STREET KENNEWICK, WA 99336 SVN | Retter & Company | Page 14The information presented here is deemed to be accurate, but it has not been independently verified. We make no guarantee, warranty or representation. It is your responsibility to independently confirm accuracy and completeness. All SVN® offices are independently owned and operated.
POPULATION 1 MILE 3 MILES 5 MILES
Total population 8,280 51,504 120,136
Median age 29.8 33.1 33.2
Median age (Male) 29.1 32.0 32.7
Median age (Female) 31.2 34.9 34.1
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 2,873 19,228 43,719
# of persons per HH 2.9 2.7 2.7
Average HH income $54,023 $65,975 $67,373
Average house value $215,457 $192,967 $183,842
* Demographic data derived from 2010 US Census
Demographics Map
329 N. KelloggKennewick, WA 99336
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