FOR SALE. Owner/User Mixed-Use Opportunity. 26,238 SF Mixed-Use Retail & Warehouse Property on 1+ Acre Main Street, Union Gap, WA PRICE REDUCED

Transcription

1 FOR SALE PRICE REDUCED OFFERING MEMORANDUM 26,238 SF Mixed-Use Retail & Warehouse Property on 1+ Acre

2 PROPERTY SUMMARY Property Breakdown Owner/User opportunity with investment income Concrete Block on the eastern portion of the building and concrete tilt-up on the western, newer portion Site Coverage 57% Retail 10,030 SF 4 grade-level loading doors 1 dock-high loading door Built in the 1940 s through 1990, some recent retail build-out Warehouse 16,208 SF 62% Building Area 26,238 SF 38% Land Area 45,910 SF Roof-mounted HVAC Current occupancy 38% Central Business District zoning LEASING AGENT Ben Elliott ben.elliott@atlasre.net

3 Investment Summary NET OPERATING INCOME CALCULATION OFFERING PRICE PRICE PER SF Annual Gross Revenue (As-is) $70,454 $1,270,750 $48.43 Annual Operating Expenses $27,770 Current NOI on Actuals $42,684 RENT ROLL Tenant SF % Of Total Monthly Rent $/SF/Yr Start End Escalations Renewal Options Behind the Chute Western Outfitters 3,608 14% $3,121 $10.38 Nov-13 Oct-18 None 1, market La Liga Azteca Indoor Soccer 3,000 11% $1,650 $6.60 Apr-15 Oct-17 None None Conquer Athletics & Transformation 3,351 13% $1,100 $3.94 Jan-17 Dec-17 None None Vacant Retail 6,422 24% Vacant Warehouse 9,857 38% TOTAL 26, % $5,871 TOTAL VACANT 16,279 62% TOTAL OCCUPIED 9,959 38% All leases are modified gross, whereby the tenant is responsible for the repair and maintenance of the interior of the occupied premises and pest control.

4 Large mixed-use building with great potential for partial owner-user or value-add leased investment. HIGHLIGHTS Flexible Occupancy Opportunities. 26,238 square feet of mixed use industrial or retail capabilities. Owner-occupant can take advantage of high-exposure retail showroom space Situated on a dual-corner lot along three thoroughfares with a combined average volume of more than 23,000 vehicles per day. Main street is a major arterial that connects Union Gap to the county seat of Yakima, 3.5 miles away One-half mile away, Valley Mall is the only indoor destination shopping center for residents of the entire Yakima Valley region, and is surrounded by high profile dining establishments and big box stores The city of Union Gap is home to the Central Washington Agricultural Museum, and attracts visitors each year when it hosts the largest Civil War reenactment in Washington State Growing Area. The entire Yakima Valley region has a longstanding reputation as Washington s largest producer of wine, and rivals California s Napa Valley as a destination for wine lovers Yakima Valley is rapidly growing as a hotbed for craft breweries and beer enthusiasts, as around 80% of hops used in U.S. craft beer is grown in the area The population of the Yakima metropolitan area was 248,830 as of 2015

5 Yakima Air Terminal W Valley Mall Blvd YAKIMA 3.5 MILES PROPERTY W Ahtanum Rd ±9,179 ±14,495 Main Street Market S 1st St Main St TRI-CITIES 73 MILES

6 Roll-up Door 178' 0" VACANT La Liga Azteca 97' 5" 162' 6" Conquer Athletics VACANT Dock Door Conquer Athletics Bathroom VACANT Behind the Chute Western Outfitters 19' 8" 27' 3" La Liga Azteca Bathroom Warehouse Retail 146' 0"

7