FOR SALE Downtown Office Building The Commerce Building East th Avenue & Pearl Streets, Eugene
EAST TH & PEARL 2
Downtown Office Building ADDRESS: 220-228 East th Avenue & 5 Pearl Street Eugene, Oregon The Commerce Building is a two-story, multi-tenant, second floor walk-up office building with a gross building area of 9,920 square feet. The ground floor contains approximately 9,69 square feet and the second floor contains approximately 0,790 square feet. The total net rentable square footage of the building is 7,5 sf. The building was originally built in 96 and consists of a concrete block structure with an aggregate finish. It has been upgraded and remodeled several times and is in good condition relative to its age. Details RENTABLE SQUARE FEET...Approx. 7,5 net PARKING... on site parking spaces ZONED...C-2 (Community Commercial)......................................... TD Transit Oriented Development PRICE: $ 2,00,000 Brokers John Brown john@eebcre.com Stephanie Seubert stephanie@eebcre.com (5) 5-860 EAST TH & PEARL
Overview High Speed Fiber The building is scheduled to be connected to the new EUGNet High Speed Fiber. This is an open access fiber optic network that has been supercharged with backbone connections to Portland and Silicon Valley, increasing speed and reducing cost. Parking There are on-site parking spaces. This gives a ratio of space per 27 square feet of leased office. As Downtown parking is very limited, this is a highly desirable and hard to find parking ratio. Roof The roof was replace in June of 205. The structure is a flat wood frame with a new G-2 base slip sheet and.060 mil heat welded single ply TPO membrane. The scupper drains were replaced with new TPO clad scuppers and were connected to existing downspouts. There was new flashing for all HVAC units, platform curbs and duct drops. A new metal cap was also installed on two CMU block walls. HVAC There are 8 units that serve this building which are located on the roof, three of which are split units that have a heat pump on the ground. The units vary in age and are a mixture of gas pack and electric units. Zoning The property is zoned C-2 Community Commercial and TD Transit Oriented Development. TD zoning is a beneficial zoning overlay as it encourages enhanced pedestrian spaces that in turn create more foot traffic and accessibility to the property and surrounding areas. EAST TH & PEARL
First Floor Plan Washington Federal Defazio for Congress Democratic Party of Lane County Parke Gordon Law DPLC AFLAC EAST TH & PEARL 5
Second Floor Plan Emberex Suite 2 Emberex Suite 6 Suite 7 Common Conference Room Andrew Ross Suite Suite Oregon Eye Suite EAST TH & PEARL 6
' Site Map and Tax Lot This property consists of Map # 7-0-- and Tax Lots 6200 & 600. Tax Lot 6200 Approximately. acres or,792 square feet 208 property taxes for this parcel are $,966.00 Tax Lot 600 Approximately 0.8 acres or 20,909 square feet 208 property taxes for this parcel are $2,7.00 ( ( ( ( ( ( ( ( ( 9' 20.05' ' ' 5 600 6 8 6000 5900 7 2 MULLIGANS S 8'5"W - 00.02' (CITY GRID) 8' 95' 65' 2 600 500 5200 6200 95' 60' 5' 5' 50' 0' 65' 85' 2.2' 5' 90' 00' 67' 6 500 ' 67' 5 5800 5500 7 5600 7.8' ADD. 5700 ' 8 70' 90' 20' 50' 50' EAST 500 5000 900 5 8' 8 50' ' ' S 59'5"W - 00.22' (CITY GRID) D (CITY GRID) 00' 2 0 7 6 R ' 5.' 5.' 5.' 0' 9 00 5.' 2.6' 5.' 75' 00' 60'M/L 0' 60' 8 500 60' 00 200 00 55' 5' 50' 700 ' 6 600 60.07' 0' 60' S88D2'7"E - 98.62' (CITY GRID) 2TH. AVENUE EAST S88D2'2"W (CITY GRID) PEARL STREET 2' 76' 60' 60' 2 6700 6600 6500 2 6800 0.5 AC ' 0' 8' ' 800 700 60' HIGH STREET 5.5' 67' 7 900 000 05' 97.5' 7 800 6 55' 0.5' EAST TH & PEARL 7
Financials - Projected Proforma Purchase Price $ 2,00,000.00 Square Feet 7,5 Cap Rate 7.0% Price per Square Foot $.8 Net Operating Income Proforma Summary Income PER SF Scheduled Rental Income $.0 $252,75 Plus: CAM Reimbursements (Utilities & Janitorial) $.2 $56,807 Plus: Other Income $0.07 $,227 EQUALS: Scheduled Gross Income $7.7 $0,509 Less: Vacancy 5% $5,525 EQUALS: Effective Gross Income $6.82 $29,98 Expenses CAMS $.56 $27, Property Taxes $.5 $2,7 Utilities $.90 $,2 Insurance $0.27 $,7 Janitorial $.6 $2,8 % OF EGI PER SF Management % $0.67 $,799 Reserves 0% $0 Other Variable 0% $0 Financing Summary Purchase Price $ 2,00,000 Less: Down Payment 5% $805,000 Total Loan Amount $,95,002 Interest Rate 5% Loan Term (years) 25 Monthly Payment $8,79.62 Investment Performance Summary Net Operating Income $70,6 Minus: Annual Debt Service $0,875 Pre-Tax Annual Cash Flow $65,27 Debt Service Coverage.62 Expense Ratio 2.2% Cash-on-Cash Return 8.% Annual Cap Rate 7.0% Intial Annual Yield.85% Total Operating Expenses $2,87 EQUALS: Net Operating Income $70,6 EAST TH & PEARL 8
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Downtown Office Building East th and Pearl Street Eugene, Oregon For more information, contact: John Brown john@eebcre.com Stephanie Seubert stephanie@eebcre.com 0 E. Broadway, Suite 0 Eugene, OR 970 (5) 5-860 eebcre.com