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Kimball Creek Village 37624 SE Fury St., Snoqualmie, WA 7328-7329 Better Way SE, Snoqualmie, WA Scott Clements 206.445.7664 206.793.1074 [email protected] P C E David Butler 206.445.7665 425.890.7919 [email protected] P C E www.orioncp.com

Kimball Creek Village - orioncp.com

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Kimball Creek Village

37624 SE Fury St., Snoqualmie, WA7328-7329 Better Way SE, Snoqualmie, WA

Scott Clements

206.445.7664

206.793.1074

[email protected]

P

C

E

David Butler

206.445.7665

425.890.7919

[email protected]

P

C

E

www.orioncp.com

Kimball Creek Village | ORION Commercial Partners | 2

37624 SE Fury St., Snoqualmie, WA7328-7329 Better Way SE, Snoqualmie, WA

tABlE oF contEntS

The information contained herein was obtained from sources believed reliable, however, ORION Commercial Partners LLC makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.

1 EXECUTIVE SUMMARY

2 SITE OVERVIEw

fINANCIAl SUMMARY

MARkET OVERVIEw

5 DEMOGRAPHICS

3

4

Kimball Creek Village | ORION Commercial Partners | 3

EXECUTIVE SUMMARY

THE OffERING

ORION Commercial Partners is pleased to offer for sale the kimball Creek Village office and retail center located in the serene setting of Snoqualmie, wA. Offered at $10,410,000, kimball Creek Village is situated at the entrance to the kimball Creek Master Plan Community comprised of single family homes, town homes, and condominiums.

Nestled under the shadow of Mt. Si, this three building neighborhood center is anchored by Swedish Health Services and other medical tenants in Building C and a strong mix of retail tenants in buildings A & B.

This superior quality and recently built asset supports the high income and rapidly growing city of Snoqualmie. The property is 85% leased with added value through lease-up of the three remaining vacancies.

Snoqualmie is one of the fastest growing cities in western washington primarily due to the development of the Snoqualmie Ridge Community. The city grew by 400% from 2000 to 2010 and its rapid growth continues today. The median home sales price in the past year was just under $475,000.

INVESTMENT HIGHlIGHTS

•Anchored by Swedish Health Services

•located at the entrance to the vibrant kimball Creek planned community

•Quality construction, pride of ownerhship

•Added value through remaining lease-up and contracted rental increases

•located in growing, affluent high-income trade area

Kimball Creek Village | ORION Commercial Partners | 4

SITE OVERVIEw

Snoqualmie PKwy

Mount Si

Kimball Creek Village | ORION Commercial Partners | 5

SITE OVERVIEw

Snoq

ualm

ie PK

wy

Kimball Creek Village | ORION Commercial Partners | 6

SITE OVERVIEw

Tenant SFSnoqualmie Ridge Supermarket 21,400

Starbucks 1,650

Snoqualmie Cleaners 750

Taco Del Mar 1,230

Verizon 1,240

Snoqualmie Ridge Veterinary 1,720

DMW Martial Arts 2,418

Great Clips 957

Hot Yoga 1,222

Seattle Sun Tan 1,210

Cascade Dance Academy 1,453

Snoqualmie Ridge Medical Center 6,368

Acacia Salon 1,094

Snoqualmie Ridge Family Dental 1,990

Available 1,092

Snoqualmie Ridge Town Center

iSSAQuAHBELLEVuE

SnoQuALMiE

SnoQuALMiECASino

tPCSnoQuALMiE

RiDGE GoLF CouRSE

SnoQuALMiERiDGE toWn CEntER

MiCRoSoFtConnECtoR

Snoqualmie Pkwy

Snoqualmie Pkwy

SEAttLE

DoWntoWnSnoWQuALMiE

SnoQuALMiEFALLS

SnoQuALMiEVALLEY

HoSPitAL

wEST TIGER MOUNTAIN

*not complete list

village

Kimball Creek Village | ORION Commercial Partners | 7

fINANCIAl SUMMARY

INVESTMENT HIGHlIGHTS

Offering Price $10,410,000

Cap Rate 6.25%

Total Building Area 29,364 Sf

Price Per Square foot $354.52

Total land Area 70,021 Sf (1.60 Acres)

NOI $650,848

Occupancy 85% leased

Vacancy 4,342 Sf (3 suites)

In february of 2013, kimball Creek Village was re-financed with ladder Capital finance in New York, New York. This attractive loan runs through february of 2023 and must be assumed as part of this transaction. The outstanding principal balance on the note is currently approximately $6,588,000 with an interest rate of 4.59% amoritzed over 30 years. The equity requirement to assume this loan is $3,832,000 or approximately a 37% down payment.

lOAN ASSUMPTION INfORMATION

Kimball Creek Village | ORION Commercial Partners | 8

fINANCIAl SUMMARY

Price: $10,410,000 loan information

Proposed Down Payment: 36.71% $3,822,000 existing First loan Balance: $6,588,000

Current Cap Rate: 6.25% Interest Rate: 4.60%

Approximate Net Rentable Sf: 29,364 sf Ammortization: 30

Approximate lot Size: 70,021 sf Annual Debt Service: $ (418,269)

Year Built: 2007 loan Maturity Date: 02/2023

Cost Per Net Rentable Sf: $354.86

Rent Per Net Rentable Sf: 27.45 NNN

2015 annualized Data 2015 operating expenses

**Gross Potential Rental income: $699,198 Real Estate Taxes (2015): Tenant Paid

Plus Recaptured Operating Expenses: $186,145 Insurance: Tenant Paid

less Vacancy and Credit loss: $ - Repairs: Tenant Paid

Gross operating income: $885,343 Maintenance: Tenant Paid

less Operating Expenses: $234,495 Utilities: Tenant Paid

net operating income: $650,848 Management: Tenant Paid

less Annual Debt Service: $ (418,269)

Pre-Tax Cash Flow: 6.09% $232,579 Total non-Recaptured expenses: $48,350

Plus Principal Reduction: $107,790 Total Property expenses: est. $234,495

Pre-Tax Return: 8.91% $340,369 Property Expenses/Net RSf: $7.99

* as a percent of down payment

*

** Gross Potential Rental Income includes all 2015 Rental Increases (Annualized) plus rental income for new 10-year Orthodontist lease in Suite C220 with a November Rent Commencement Date.

VAlUATION ANAlYSIS: kIMBAll CREEk VIllAGE, SNOQUAlMIE, wA

Kimball Creek Village | ORION Commercial Partners | 9

MARkET OVERVIEw

ABOUT SNOQUAlMIE

Snoqualmie is a city next to Snoqualmie falls in king County, washington. It is located 25 miles east of Seattle and is best known for the Snoqualmie falls, a stunning waterfall that attracts nearly 2.2 million visitors each year. from hiking, mountain biking, and road biking to fishing, kayaking, skiing and golf, the outdoors infuses Snoqualmie with energy and tranquility. The city of Snoqualmie is in the heart of the Mountains to Sound Greenway, a scenic corridor stretching along Interstate 90 from the edge of the desert grassland of Central washington, through the forests and rugged peaks of the Cascades, to the bike and pedestrian trails on the Seattle waterfront.

while city government is focused on protecting the unique character of Snoqualmie and its surrounding environment, economic development initiatives are vigorous. Snoqualmie is the fastest growing city in washington state. To build economic sustainability, city staff and commissions, residents, community businesses, and consultants are working together for thoughtful and measured city planning.

Snoqualmie is dedicated to making this community a leader in small city livability and business growth.

City planning is a top priority in Snoqualmie to ensure a high quality of life for residents and economic viability for businesses. Currently, Snoqualmie is in final development of the Downtown Master Plan, which will provide a land use and development plan for the downtown commercial district. It includes concepts for streetscapes, on-street and off-street parking, a proposed river walk, redesign of Railroad Park, and potential for a new community green. The emphasis of the Downtown Master Plan is pedestrian accessibility, preservation of historic character, business mix, and other elements for downtown revitalization.

Snoqualmie contributes to the revitalization of downtown Snoqualmie as part of the Downtown Master Plan. By consolidating staff, three City of Snoqualmie properties in downtown can be sold, which will open prime real estate locations for additional retail and business services, further supporting economic growth initiatives.

Snoqualmie Valley School District #410 provides academics, sports,

music programs, and much more for approximately 5,600 students in ten schools. Test scores are among the highest in the state. Many excellent public and private colleges and universities are within an hour of Snoqualmie in king and Pierce counties.

Snoqualmie seeks to improve the economic well-being and quality of life for the community by helping to create and retain businesses that provide a stable tax base. Economic development includes job creation, economic diversification, productivity of property, and recognition of local products. Meeting these goals will support tax base growth, which the city government relies on to provide city services to residents, business owners, and tourists.

Businesses in Snoqualmie range from retail stores, restaurants, professional and health services, and non-profits to major corporations and business ventures. Among the largest businesses in Snoqualmie are T-Mobile, Phillips Oral Healthcare, Nuprecon, and Technical Glass, all located in the Snoqualmie Ridge Business Park. Other large employers include the Snoqualmie Valley School District, Snoqualmie Valley Hospital, the City of Snoqualmie, and the Salish lodge & Spa.

Kimball Creek Village | ORION Commercial Partners | 10

DEMOGRAPHICS

DEMOGRAPHICS SNAPSHOT

1 mile 3 mile 5 mile

Average HH Income $131,107 $140,422 $129,249

Population 2,322 14,138 23,672

SnoQuALMiERiDGE toWn CEntER

village

Kimball Creek Village | ORION Commercial Partners | 11

Radius 1 mile 3 mile 5 milePopulation:

2019 Projection 2,487 15,282 25,099

2014 Estimate 2,322 14,138 23,672

2010 Census 2,282 13,451 24,032

Growth 2014-2019 7.11% 8.09% 6.03%

Growth 2010-2014 1.75% 5.11% (1.50%)

2014 Population by Hispanic Origin 134 704 1,170

2014 Population by Race:

white 1,985 12,119 21,006

Black or African American 23 138 187

American Indian and Alaska Native 31 120 206

Asian 180 1,187 1,386

Hawaiian and Pacific Islander 3 14 28

Other Race 101 560 858

Radius 1 mile 3 mile 5 mileHouseholds:

2019 Projection 863 5,269 9,042

2014 Estimate 803 4,855 8,516

2010 Census 783 4,576 8,642

Growth 2014-2019 7.47% 8.53% 6.18%

Growth 2010-2014 (2.48%) 1.93% (5.58%)

Owner Occupied 693 4,140 6,731

Renter Occupied 110 716 1,785

2014 avg Household income: $131,107 $140,422 $129,249

2014 med Household income: $121,283 $122,323 $111,701

2014 Households by Household inc.:

less than $25,000 50 258 692

$25,000 - $50,000 94 297 827

$50,000 - $75,000 131 643 1,221

$75,000 - $100,000 64 496 903

$100,000 - $125,000 74 822 1,315

$125,000 - $150,000 124 716 1,058

$150,000 - $200,000 149 816 1,204

$200,000+ 118 808 1,297

DEMOGRAPHICS

SNOQUAlMIE DEMOGRAPHICS

Snoqualmie Valley

Kimball Creek Village | ORION Commercial Partners | 12

DEMOGRAPHICS

DEMOGRAPHIC RING - 1, 3, 5 MIlES

1 Mile

3 Miles

5 Miles