30924 Pacific Hwy S, Federal Way, WA 98003 INVESTMENT SALE First time on the market from original developer! Bucky s Auto - original tenant since 1987. JOSH PARNELL (253) 284-3630 josh@firstwesternproperties.com JUSTIN HOLMES (253) 447-2282 justin@firstwesternproperties.com KYLE HERTING (253) 471-5503 kherting@firstwesternproperties.com DISCLAIMER: The above information has been secured from sources believed to be reliable, however, no representations are made to its accuracy. Prospective tenants or buyers should consult their professional advisors and conduct their own independent investigation. Properties are subject to change in price and/or availability without notice.
INVESTMENT HIGHLIGHTS 100% leased with long term tenancy history Strategic location on Pacific Hwy S with excellent visibility and access Strong regional tenant and recession proof business concept LOCATION DETAILS Tenants who have been in their locations for over 10 years High Traffic Location with Great Visibility Bucky s Auto is an original tenant from 1987. OFFERING SUMMARY Price $2,975,000 Building Size Lot Size Bucky s Auto - 5,183 SF Building - 6,000 SF 40,499 SF (includes parking across the street) Price per square foot $266 Cap Rate 6.23% Year Built 1987 Occupancy 100% Tenants 3 Lease Types NNN Tax Parcel # 7853600215, 7853600212
Bucky s has been in the auto business since 1970 and is one of the largest independently owned auto repair companies in the country with 16 Puget Sound area locations owned by Bucky Austin and Austin Family Properties. Bucky s has been in operation at this Federal Way location since 1987. Bucky s Auto Service Centers perform complete automotive repair services and while they specialize in custom exhaust systems, brakes and cooling system repair they can handle all auto maintenance needs. Austin Family Properties have a long history of success in the Greater Seattle Region as operators of Bucky s Auto and as real estate investors. AKMA Martial Arts Hair Lounge Learn more: www.buckys.com The Hair Lounge has been a part of the Federal Way community since 1980, as an educational based salon, providing clients with the most updated and current styles. The Hair Lounge opened at this location in 2001. Learn more: www.hairlounge.com Academy of Kempo Martial Arts (AKMA) has occupied the space since September of 2006. The Academy of Kempo Martial Arts is a family-friendly studio with age-appropriate classes for youth and adults. Learn more: www.bellevueselfdefense.com DEMOGRAPHICS Mile 1 Mile 3 Mile 5 Population 14,000 102,631 211,203 Average HH Income $63,070 $79,456 $79,498 Daytime Population 13,526 69,147 157,367
Tenant Name Size (sf) Monthly Rent Rent /sf/yr Annual Rent Lease Start Lease End Notes Bucky s Auto Service Center 5,183 $10,548 $20.35 $126,576 10/1/1987 9/30/22 1-5 year option, 20% increase or CPI whichever is greatest. Hair Lounge, Inc. 3,000 $3,500 $14.00 $42,000 12/1/2001 9/30/19 2-5 year options, 3% rent increase or CPI whichever is greatest. AKMA Martial Arts 3,000 $2,500 $10.00 $30,000 9/1/2006 4/1/2022 1-5 year option, 4% annual increase Totals 11,183 $16,548 $198,576 FINANCIAL SUMMARY CURRENT INCOME Base Rent (as of October 2017) $198,576 REIMBURSED EXPENSES CAM/Utilities $1.00 $11,199 Property Taxes $2.00 $22,375 Insurance $0.79 $8,810 Total Reimbursed Expenses $3.79 $42,384 TOTAL REVENUE $240,960 OPERATING EXPENSES CAM ($11,199) NNN Property Taxes ($22,375) NNN Insurance ($8,810) NNN TOTAL EXPENSE ($42,384) Vacancy Factor 5% ($12,048) Stuctual Reserve $0.10 ($1,118) NET OPERATING INCOME $185,410 POTENTIAL LOAN* Loan to Value 75% Interest Rate 4% Mortgage $2,231,250 Annual Debt Service $141,328 Cash Down Payment $743,750 Cash Flow $56,129 Amortization 25 Cash On Cash 7.55% SITE Price Per Square Foot $266 Total Price $2,975,000 *Loan estimate provided by Ryan Palmquist at First Citizens Bank. Loan quote reflects qualified investors, subject to bank approval. For more information contact Ryan at (253) 985-0855.
128TH STREET BUCKY S AUTO ANCHORED RETAILINVESTMENT SALE 617 128th 30924 Pacific Street Hwy SW, S, Federal Everett, Way, WA WA 98003 FOR INVESTMENT