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Morgan StanleyCLARKSTON, WASHINGTON
Morgan Stanley518 DIAGONAL ST, CLARKSTON, WA 99403
$596,000TOTAL PRICE
6.50%CAP
Overview
LEASEABLE SF2,200 SF
LAND AREA10,454 SF
LEASE TYPEMG
PRICE PER SF $271
YEAR BUILT/REBUILT1933 / 2011
PARKING±15 Spaces; 6.8/1,000 SF
Investment Summary
• MORGAN STANLEY IS A GLOBAL FINANCIAL SERVICE FIRM THAT PROVIDES SERVICES IN INVESTMENT BANKING, SECURITIES, WEALTH MANAGEMENT, AND INVESTMENT MANAGEMENT.
• WITH OFFICES IN CLARKSTON, WA, BELLEVUE, WA, AND COEUR D’ALENE, ID, THE CLEARWATER GROUP AT MORGAN STANLEY ASSISTS CLIENTS IN MORE THAN 25 STATES.
• THE TENANT HAS OCCUPIED THE BUILDING SINCE ITS REMODEL IN 2011 AND EXERCISED A 5-YEAR OPTION HIGHLIGHTING THEIR COMMITMENT TO THE AREA.
• 3% ANNUAL BUMPS IN REMAINING LEASE TERM AND OPTIONS.
• IN 2011, THE BUILDING WAS COMPLETELY REBUILT TO MORGAN STANLEY’S SPECS.
• LOCATED AT A SIGNALIZED INTERSECTION IN THE HEART OF A DAILYNEEDS CORRIDOR.
• LEWISTON, ID, HOME TO LEWIS-CLARK STATE COLLEGE AND ST. JOSEPH REGIONAL MEDICAL CENTER, IS LOCATED ONLY ONE MILE AWAY AND DRAWS THROUGH-TRAFFIC PAST THE PROPERTY.
PAGE 3
Overview
This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
PRICE $596,000CAPITALIZATION RATE 6.50%PRICE PER FOOT $271
CASH FLOW SUMMARYSCHEDULED INCOME PER SFBase Rent for the Period of: 12/1/2019 - 11/30/2020 $20.13 $44,282Total Effective Gross Income (EGI) $20.13 $44,282
OPERATING EXPENSES PER SFCAMS $0.72 $1,575Insurance $0.38 $825Property Taxes $1.33 $2,934Reserve $0.10 $220Total Operating Expenses $2.52 $5,554
NET OPERATING INCOME $38,727
9/24/2019 [ <www.CapitalPacific.com> ]
Financial Summary
Rent Roll
11/23/2011 - 11/30/20216 45%
2,200
MONTHLY BASE RENT % INCREASE ANNUAL
RENT PSF
12/1/2019 $3,690 $44,282 $20.1312/1/2020 $3,801 3.0% $45,610 $20.73
12/1/2021 $3,915 3.0% $46,978 $21.3512/1/2022 $4,032 3.0% $48,388 $21.9912/1/2023 $4,153 3.0% $49,839 $22.6512/1/2024 $4,278 3.0% $51,335 $23.3312/1/2025 $4,406 3.0% $52,875 $24.03
CURRENT $3,690 $44,282 $20.13
Morgan Stanley
Lease Term:
Size (SF):
RENT SUMMARY
DATE
OPTIONS
Lease NotesComments: Tenant has 1, 5-Yr Option to be exercised with 180-day prior notice. MG Lease - Tenant pays utilities directly, yet does not reimburse CAMs, Insurance or Property Taxes. Landlord is responsible for Property Taxes, and the maintenance, repair, and replacement of the building structure, roof, and parking lot. Tenant is responsible for all interior maintenance and repair, and reimburses HVAC maintenance (major repair/replacement a LL responsibility).
9/24/2019 [ <www.CapitalPacific.com> ]
RentRoll
Financial Summary
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Operating Expenses
REIMBURSEMENTS
TOTAL PER SF NOTES IN-PLACE
TOTAL EXPENSES $5,554 $2.43 $0
NOTES:1) Based on Operating Budget.2) Based on 2019 Asotin County Tax Assessment.3) Methodology: $0.10/SF.
RESERVES
$825 $0.38 1 $0
$220 $0.00 3 $0
INSURANCE
$0
PROPERTY TAXES $2,934 $1.33 2 $0
PROJECTED OPERATING EXPENSES
CAMS $1,575 $0.72 1
9/24/2019 [ <www.CapitalPacific.com> ]
Financial Summary
3% ANNUAL BUMPS IN REMAINING TERM AND OPTIONS
Financial Summary
PAGE 7
TENANT Morgan Stanley Smith Barney Financing, LLCBUILDING SF 2,200 SFLEASE TYPE MGRENT COMMENCEMENT 11/23/2011EXPIRATION 11/30/2021 OPTIONS 1, 5-year option with 180-days’ notice and 3% annual increases.
Premise & Term
Lease Abstract
CAMS Tenant does not reimburse CAMS. Annual exterior CAMs in 2018 were $0.72 per square foot.
TAXESLandlord is responsible for property taxes.
INSURANCELandlord is responsible for insurance.
UTILITIESTenant is responsible for payment of utilities.
TENANT’S OBLIGATIONSTenant is responsible for the repair and maintenance of the interior, including plumbing equipment, electrical equipment, interior glass and fixtures. Additionally, the tenant is responsible for the maintenance and service of the HVAC.
LANDLORD’S OBLIGATIONSLandlord shall maintain the foundation, roof, exterior walls, exterior glass, parking area, and structural parts of the Building. Landlord is responsible for major replacement or repair of HVAC.
PARKING EASEMENT The tenant has an exclusive use for ingress/egress to the parking lot and Diagonal Street. Tenant shall have a non-exclusive ingress/egress to the north alley and 6th Street. There is an exclusive use for the neighboring tenant to access the 3 continuous parking stalls off of the 6th Street entrance.
LeaseProvisions
Maintenance & Repair
Expenses
Lease Abstract
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MAJOR RETAILAlbertsons Arby’s CostcoDollar Tree
Dutch Bros. Coffee JoAnn Fabrics Mattress Firm McDonald’s Napa Auto Papa Murphy’s
Starbucks SubwayTaco Bell Taco Time Walgreens
TOTAL 1-MILE 3-MILES 5-MILES
Businesses 587 1,747 2,174
Employees 5,862 20,700 24,652
Population 8,705 32,748 46,458
KEY 1-MILE 3-MILES 5-MILES
BusinessSummary
Surrounding Retail
DIAGONAL S
T
BRIDGE ST
WA
SHIN
GTO
N
IDA
HO
12,000 VPD
7,800VPD
MORGANSTANLEY
12
PORT OFCLARKSTON
6TH
ST
PARKWAYELEMENTARY
SCHOOL
CLARKSTONHIGH
SCHOOL
LEWIS-CLARKSTATE
COLLEGE
ST. JOSEPHREGIONAL MEDICAL CENTER
Surrounding Retail
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10,001VPD
DIAGONAL S
T
6TH
ST
PARCEL LINE
VERIZONWIRELESS
HAS EXCLUSIVE USE OF THESE 3
SPACES
Site Plan
Featured Photography
PAGE 13
Contact Us
SEAN [email protected]: 503.675.8378
DAVID [email protected]: 206.693.3349
We’d love to hearfrom you.
The information in this Executive Summary has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.
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