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

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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]

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 2 The 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. Prospective purchaser (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 - Marymoor Design 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 SUMMARY 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 3 The 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. Prospective purchaser (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 HIGHLIGHTS 17935 NE 65TH STREET, REDMOND, WA 98053

  • 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 $21,783.69 per month Gross Rental Rate After Principal Reduction 14.29$ includes operating expenses Estimated 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. 4 The 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. Prospective purchaser (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 SCENARIOS 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 5 The 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. Prospective purchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

    ADDITIONAL PHOTOS 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 6 The 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. Prospective purchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

    ADDITIONAL PHOTOS 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 7 The 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. Prospective purchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

    ADDITIONAL PHOTOS 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 8 The 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. Prospective purchaser (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 MAP 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 9 The 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. Prospective purchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

    LOCATION MAPS 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 10 The 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. Prospective purchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

    AERIAL MAPS 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 11 The 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. Prospective purchaser (or lessee) should verify all such information on their own behalf or have information verified by their attorney, accountant or business advisor.

    SITE PLAN 17935 NE 65TH STREET, REDMOND, WA 98053

  • CONFIDENTIAL OFFERING MEMORANDUM | AGM, INC. 12 The 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. Prospective purchaser (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 & REPORT 17935 NE 65TH STREET, REDMOND, WA 98053

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