FORMER SKJERSAA S BUILDING

Transcription

1 FOR SALE OWNER-USER/INVESTMENT FORMER SKJERSAA S BUILDING 130 SW Century Drive Bend OR This 6,240 +/- SF building has excellent visibility right off Century Drive. Main floor consists of two (2) retail suites, remodeled with upgraded ADA compliant access, full HVAC, updated electrical, shared bathrooms, and all SDCs are paid for specialty retail use. Second level consists of two (2) apartments and one (1) office. Great owner/user opportunity or investment property. Contact a listing broker for more information and showing instructions. Brian Fratzke, CCIM, Principal brian@fratcommercial.com O C Nick Vaughn, Broker nick@fratcommercial.com O C Collier Ehlers, Broker collier@fratcommercial.com O C Offered at $1,700,000

2 NOTICES With You Every Square Foot of the Way. 963 SW Simpson Ave., Suite 220 Bend, OR www. fratzkecommercial.com Brian Fratzke, CCIM Nick Vaughn, Broker Tom Tapia, CCIM Dan Steelhammer, Broker Collier Ehlers, Broker Chris Cochran, Director of Property Management Kristine Parker, Office Manager DISCLAIMER: This information is from sources we deem reliable, but for which we assume no liability. This is an exclusive listing. The information contained herein is given in confidence with the understanding that all negotiations pertaining to this property be handled through Fratzke Commercial Real Estate. All measurements are approximate.

3 TABLE OF CONTENTS 1. PROPERTY HISTORY & SUMMARY 2. PROPERTY IMPROVEMENTS 3. APOD 4. AERIAL AND TAX MAP 5. RETAIL LEVEL FLOOR PLAN 6. PARKING MAP 7. PROPERTY PHOTOS 8. AREA INFORMATION

4 PROPERTY & INVESTMENT SUMMARY PROPERTY HISTORY Originally constructed in 1965, the building became the home for the second location for Skjersaas when Bend was a small mill town. Over the next 50 years, the Skjersaas name became famous in Central Oregon. While the skiing industry grew so did the neighborhood. As the nearby mills closed, retail development took over. Century Center which is a redevelopment of the old Brightwood Mill one block to the north is now home to Goodlife Brewery, Next Level Burger, and Barre III. Just a few blocks south sits a neighborhood grocery center anchored by Safeway, Starbucks, and Del Taco. There are three (3) banks located on Century Drive including Umpqua Bank, US Bank and Bank of the Cascades each with a drive thru teller. There are multiple restaurants, retail and fitness facilities, and coffee shops located next to the property. PROPERTY SUMMARY PRICE $1,700,000 PRICE/SF $272/SF BUILDING SF 6,240 +/- (2 STORY) YEAR BUILT 1965, Renovated in 2017 LOT SIZE ZONING 0.33 ACRE PROFORMA CAP RATE 6.32% PARKING CC-Convenience Commercial *12 Stalls *Plus 3 on-street pending Oregon State University Cascades Campus OSU Cascades is just ¼ of a mile south of the property.

5 PROPERTY IMPROVEMENTS Recent Property Improvements/Renovations Totaling $445, New design, permits, prints, engineering, power company fees -Excavation & trenching -Fill & gravel -Drain pipe & conduit -Concrete & pavement -Concrete -Footing & stem wall -Board form work walls -Flat work -Stairs -Stains & sealers -Rat slab -Board form wall at garage -Driveway circle -Waterproof foundation -Framing Materials -Floor package -Wall package -Roof package -Steel -Trellis -Plumbing -Rough in -Fixtures -HVAC -Mini split HP -Air conditioning -Venting -Gas piping -Fireplace -Electrical -Rough in -Fixtures -Windows -Metal -Window coverings -Exterior Doors -Glass -Wood -Overhead -Hardware -Interior Doors -Glass -Wood -Hardware -Roofing -Metal -Composition -Slate -Membrane -Flashings -Gutters -Metal -Siding -Wood -Hardy board -Stucco -Insulation -Walls -Ceiling -Floor -Sheetrock -Hang & tape -Prime -Smooth wall -Hand texture -Masonry -Natural stone -Flooring -Wood -Concrete -Carpet -Vinyl -Finish Carpentry -Ceiling paneling -Trim -Base -Soffits -Cabinets -Style -Hardware -Mirrors -Stairs -Wood -Stone -Glass -Metal -Showers -Tile -Glass doors -Counter Tops -Slabs -Tile -Painting -Exterior -Interior -Kitchen Equipment -Dishwasher -Glass door refrigerator -48 under counter freezer -48 under counter refrigerator -Electric stove -Exhaust hood -Sinks

6 APOD Property Name Skjersaas Annual Property Operating Data Location Type of Property Size of Property Purpose of analysis Bend, Oregon Commercial 6,240 (Sq. Ft./Units) Sale Purchase Price Plus Acquisition Costs Plus Loan Fees/Costs Less Mortgages Equals Initial Investment 1,700,000 1,700,000 Assessed/Appraised Values Land 0 15% Improvements 0 85% Amort Loan Personal Property 0 0% Balance Periodic Pmt Pmts/Yr Interest Period Term Total 0 100% 1st 2nd Adjusted Basis as of: 11/29/2017 $1,700,000 $/SQ FT % ALL FIGURES ARE ANNUAL or $/Unit of GOI COMMENTS/FOOTNOTES POTENTIAL RENTAL INCOME 6, ,085 $1.65/SF/Month on retail and $3,200 per Less: Vacancy & Cr. Losses ( 5.% of PRI ) 5,654 Month on two (2) Apartments & small office EFFECTIVE RENTAL INCOME 107,431 Plus: Other Income (collectable) GROSS OPERATING INCOME 107,431 OPERATING EXPENSES: Real Estate Taxes Personal Property Taxes Property Insurance Off Site Management Payroll Expenses/Benefits Taxes/Worker's Compensation Repairs and Maintenance Utilities: Reserves Accounting and Legal Licenses/Permits Advertising Supplies Miscellaneous Contract Services: TOTAL OPERATING EXPENSES NET OPERATING INCOME Less: Annual Debt Service Less: Participation Payments Less: Leasing Commissions Less: Funded Reserves CASH FLOW BEFORE TAXES 107,431 $107,431 Cap: 6.32% $1,700,000 = Sales Price $272 PSF Authored by Gary G. Tharp, CCIM Copyright 2003 by the CCIM Institute The statements and figures herein, while not guaranteed, are secured from sources we believe authoritative. Prepared for: Investor Prepared by: Brian E. Fratzke

7 SUBJECT PROPERTY AERIAL/TAX MAP

8 RETAIL LEVEL RETAIL LEVEL FLOOR PLAN

9 PARKING PLAN

10 EXTERIOR PHOTOS

11 RETAIL LEVEL INTERIOR PHOTOS

12 SECOND FLOOR OFFICE INTERIOR PHOTOS

13 APARTMENTS INTERIOR PHOTOS

14 WELCOME TO CENTRAL OREGON! The region encompasses dramatic snow-capped mountain ranges to high desert plateaus within the counties of Crook, Deschutes, and Jefferson. Central Oregon has led the state s population growth over the last two decades; in fact, Deschutes County is among the fastest growing areas of the country over the past year. A lesser known fact is that our region has also topped the state in job growth over the past year and over the past ten years, creating a region that's characterized by dynamic small businesses and entrepreneurial activity. The region boasts strong clusters in high technology (software, hardware and energy), advanced manufacturing, biosciences, renewable energy, brewing & distilling, and recreation equipment. For most new residents, Central Oregon is a lifestyle choice, offering a friendly environment, year round recreation options, and world class amenities all with the benefits of a hassle-free, small town feel. From a ranch in Prineville to an upscale urban condo in Bend, and the range of options in between, the region presents a rare diversity of places to live all with an easy commute to work. For a relocating business, Central Oregon has a reputation for welcoming new companies. The region has some of the lowest operating costs in the Pacific Northwest, without sacrifice in human talent, quality health care, transportation or telecommunications infrastructure. What sets Central Oregon apart from other lifestyle cities like Aspen/Vail, CO; Sun Valley, ID; Jackson Hole, WY or Lake Tahoe is that it s filled with middle-class working people who are not escaping from the rest of the world, but building and living their dreams here. Dreams of a quality education for their children. Dreams of launching their own business. Dreams of short commutes and breathtaking landscapes. Dreams of interesting, challenging work without the big-city hassle. TOP EMPLOYERS & INDUSTRIES According to the Oregon Employment Department, over 75% of Oregon firms have nine or fewer employees and the average firm employs 15 people. Recent research released by Dun & Bradstreet and American Express said that 99.1% of businesses in Oregon were less than $10 million in revenues. To an even greater extent than the state, Central Oregon's business environment is typified by innovative, small companies, producing niche-market products and services. Still, a number of large employers operate successfully here, tapping into Central Oregon s ever-expanding workforce, overall low cost of doing business and business-friendly local governments. Year over year, the region s Top 50 Private Employers collectively added 1,100 jobs, and thereby employed nearly 20,000 Central Oregonians. Large employers include some distinct groups including: Advanced Manufacturing Bioscience (pharmaceuticals, medical device) Brewing & Distilling (craft beer, cider, spirits, tea) Building Products (doors, windows, molding, furniture) High Technology (electronics, software, data centers) Outdoor Gear & Apparel Healthcare is led by St. Charles Medical Center, the largest private employer in the region. St. Charles owns and operates hospitals in Bend, Redmond Madras, and Prineville. Additionally, Bend Memorial Clinic is the largest of nearly 100 private clinics and practices in the area. Overall, the health care sector employs over 10,000 Central Oregonians. Headquarter operations play a prominent role among top employers and include Keith Manufacturing, Les Schwab Tires, Bank of the Cascades, Deschutes Brewery, 10 Barrel Brewing and Administrative/ call centers including Consumer Cellular, IBEX Global and Navis are also among the largest private employers in the tri-county area Employment in tourism and hospitality reflects the importance of this sector to the region. Central Oregon has the largest concentration of destination resorts in the Pacific Northwest and includes Riverhouse convention center, Sunriver Resort, Mt. Bachelor, Eagle Crest (Resort Acquisition Partners), Kah Nee Ta Resort, and Indian Head Casino. Page 1 Last updated 5/22/2015 Central Oregon Profile Copyright 2015 EDCO Central Oregon Profile Courtesy of EDCO