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AGM, INC. 2100 124th Avenue NE, Suite 100 Bellevue, WA 98005 425.576.8700 | agmrealestate.com [ OWNER / USER OPPORTUNITY ] FLEX PROPERTY FOR SALE OR LEASE Marymoor Former Force 10 Building 17935 NE 65th Street, Redmond, WA 98053 TROY GESSEL JIM REED 425.576.8747 206.210.5202 [email protected] [email protected]

TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 [email protected] [email protected] • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

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Page 1: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

AGM, INC.2100 124th Avenue NE, Suite 100

Bellevue, WA 98005425.576.8700 | agmrealestate.com

[ OWNER / USER OPPORTUNITY ]

FLEX PROPERTY FOR SALE OR LEASE

Marymoor Former Force 10 Building17935 NE 65th Street, Redmond, WA 98053

TROY GESSEL JIM REED425.576.8747 206.210.5202

[email protected] [email protected]

Page 2: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

OFFERING SUMMARY

Sale Price: $6,000,000

Year Built: 1986

Building Size: 18,289

Renovated: 2010

Zoning: MDD5 - MarymoorDesign District

Price / SF: $328.07

Oakridge Park 18,289 SF Flex Building on 41,742 SF lot, visible from NE 65th in Redmond/Marymoor/East Lake Sammamish area.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

• Well-maintained masonry building

• Visibility from NE 65th / opportunity for prominent signage

• Zoned MDD5 - Marymoor Design District

• Easy access to downtown Redmond, WA-520, and Marymoor Park

• Walking distance to East Lake Sammamish Trail, Mac & Jack's Brewery, Whole Foods Market, and other retailers

• 100% Available August 1, 2020

EXECUTIVE SUMMARY17935 NE 65TH STREET, REDMOND, WA 98053

Page 3: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 3The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

LOCATION INFORMATION

Building Name Marymoor Former Force 10 Building

Street Address 17935 NE 65th Street

City, State, Zip Redmond, WA 98053

County King

Signal Intersection No

BUILDING INFORMATION

Tenancy Single

Ceiling Height 24 ft

Office Space 13,141 SF

Number of Floors 2

Average Floor Size 11,331 SF

Year Built 1986

Year Last Renovated 2010

Construction Status Existing

Warehouse % 28.1%

Condition Excellent

Free Standing Yes

Number of Buildings 1

Exterior Walls Masonry

COMPLETE HIGHLIGHTS17935 NE 65TH STREET, REDMOND, WA 98053

Page 4: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

Owner User Analysis New Lease Building

Building SF 18,289 Building SF 18,289 Price 6,000,000$ Base Rental Rate 18.00$ Loan to Value 90% Monthly Base Rent 27,433.50$ Down Payment 600,000$ Operating Expenses 6.00$ Loan Amount-SBA Loan 5,400,000$ Monthly Operating Expenses 9,144.50$ Interest Rate/Amortization-(50% Bank/40% SBA, 3.5% Bank, 2.41% SBA) Total Gross Monthly Rent 36,578.00$ Annual Mortgage $308,124.62 Total Annual Gross Rent 438,936.00$ Annual Operating Costs-($6.00psf) 109,734$ Gross Rental Rate Per Year 24.00$ Total Cost Of Ownership-Annually 417,858.62$ Total Gross Monthly Rent 34,822$ Gross Rental Rate Per SF 22.85$ Average Annual Principal Reduction over 5 years 156,454.37$ Annual Cost after Principal Reduction 261,404.25$ Monthly Cost after Principal $21,783.69 per monthGross Rental Rate After Principal Reduction 14.29$ includes operating expensesEstimated Depreciation Deduction (39 Years-2/3 of sale price) 102,564.10$ Avg Tax Savings at 37.5% 38,461.54$

Accelerated Depreciation/Cost Segregation Deduction 400,000.00$ Tax Savings Year 1 at 37.5% 150,000$

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 4The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

OWNER/USER & LEASING SCENARIOS17935 NE 65TH STREET, REDMOND, WA 98053

Page 5: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 5The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

ADDITIONAL PHOTOS17935 NE 65TH STREET, REDMOND, WA 98053

Page 6: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 6The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

ADDITIONAL PHOTOS17935 NE 65TH STREET, REDMOND, WA 98053

Page 7: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 7The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

ADDITIONAL PHOTOS17935 NE 65TH STREET, REDMOND, WA 98053

Page 8: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 8The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

Redmond, WA

REGIONAL MAP17935 NE 65TH STREET, REDMOND, WA 98053

Page 9: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 9The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

LOCATION MAPS17935 NE 65TH STREET, REDMOND, WA 98053

Page 10: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 10The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

AERIAL MAPS17935 NE 65TH STREET, REDMOND, WA 98053

Page 11: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 11The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

SITE PLAN17935 NE 65TH STREET, REDMOND, WA 98053

Page 12: TROY GESSEL JIM REED - CityFeet · TROY GESSEL JIM REED 425.576.8747 206.210.5202 troy@agmrealestate.com jimr@agmrealestate.com • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2

CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 12The information contained herein, while not guaranteed, has been secured from sources AGM Incorporated, a commercial real estate company, believes to be reliable and is considered the most current and correct data available. Prospectivepurchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 4,125 72,625 189,388

Average age 30.0 35.3 36.0

Average age (Male) 29.2 33.7 34.9

Average age (Female) 31.1 37.1 37.3

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total households 1,829 29,897 76,417

# of persons per HH 2.3 2.4 2.5

Average HH income $103,722 $111,289 $112,141

Average house value $517,559 $597,482 $549,363

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP & REPORT17935 NE 65TH STREET, REDMOND, WA 98053