FOR SALE Fastest growing city in Idaho and 6th fastest growing city in the U.S. PRESENTED BY: 208.789.4900
OVERVIEW PRICING BREAKDOWN Sales Asking Price: $939,000 CAP Rate: 6.77% PHYSICAL ATTRIBUTES Size Building: 3,912 SF Year Built: 2007 Stories: One Zoning: City of Meridian C-G Land:.153 Acres Parking: Ample PROPERTY SUMMARY Lee & Associates is pleased to present for sale this strategically located, single-tenant office building located at 96 S. Baltic Avenue in Meridian, Idaho on an exclusive basis to qualified investors. This building is 100% leased to one quality tenant in a well established business park and an amenity rich surrounding area with close access to Interstate I-84, Downtown Meridian and various goods and services. The property is in good condition with high-end finishes and attractive landscaping. SHOWING INSTRUCTIONS Contact agent for showing instructions INVESTMENT HIGHLIGHTS 100% occupied investment Minimal Landlord responsibilities Under market rents Tenant invested approximately $150,000 in TI s, showing commitment to space
PRICING BREAKDOWN Financials available upon request Pricing Sales Asking Price $939,000 CAP Rate 6.77% Net Operating Income $63,558 Asking Price Per SF $240.03 *Rental income based on current rent TENANT PROFILE INTERIORWORX InteriorWorx provides commercial and residential builders, architects, designers, and homeowners with complete interior finish solutions. We ve reimagined the building and design process to integrate six proven partner companies for a collaborative solution that improves both buyer satisfaction and builder productivity. The InteriorWorx approach is built on years of experience. We combine products for any budget and style with an expertly guided selection process. The result assures a great experience for buyers and a high level of productivity for builders. https://interiorworx.com
PROPERTY AERIAL Meridian City Hall First Interstate Bank Meridian Meridian Fire Station U-Haul Signs Etc. Factory Direct Flooring The Family Table Ada County Air Quality Board E. F ran klin 96 S. Baltic Avenue altic S. B Rd.. Ave Looking Northwest
FFICE FOR SALE 6 S. BALTIC AVE. ridian, ID 83642 AREA AMENITIES MAP DRIVING DISTANCES TO: se ErkinsDowntown Meridian... 1 Mile ee@leeidaho.com Village at Meridian... 3 Miles 08.789.4900 Downtown Boise... 9.6 Miles Boise Airport... 10.8 Miles W. Bannock Street, 12th Floor Boise, ID 83702 208.343.2300 VEHICLE COUNT: Franklin Rd. & 5th Ave., Meridian... 18,383 All information furnished regarding property for sale,vpd rental or financing is from sour but no warranty or representation is made to the accuracy thereof and same is omissions, change of price, rental or other conditions prior to sale, lease or fina without notice. No liability of any kind is leeidaho.com
LOCATION MAP 96. S. BALTIC AVENUE 96. S. BALTIC AVENUE
LOCATION LOCATION HIGHLIGHTS - MERIDIAN SUBMARKET ADA COUNTY Located in Meridian, 1.5 miles from interstate 84 81.5% increase in population since 2000 Fastest growing city in Idaho, and 6th fastest growing city in the U.S. Labor force has grown by over 31,000 since 2006, with 3.4% growth between 2015 and 2016 alone 2nd lowest property tax in the country, 6th best economic outlook 18,000 acre health and sciences corridor, which attracts dozens of new businesses each year 3rd most improved state for business, and 1st most friendly state for small business *Statistics derived from commerce.idaho.gov
AREA STATISTICS AND OVERVIEW BOISE, IDAHO Boise, Idaho is the state capital, the third largest city in the Pacific Northwest, and the county seat of Ada County. Located on the Boise River in southwestern Idaho, the population of Boise is currently 241,368. Once a hub for extraction industries, the city is now a center for high tech, agribusiness, food processing, shared services, manufacturing and state government. The major employers located in Boise include Albertsons, J.R. Simplot Company, Idaho Pacific Lumber Company, Idaho Timber, WinCo Foods, Bodybuilding.com and Clearwater Analytics. Other major industries have a presence in Boise such as Hewlett Packard and Wal-Mart. MERIDIAN OFFICE MARKET The Meridian office submarket is located north of Interstate 84, west of Interstate 184, west of Eagle Road and south of Chinden Boulevard. Currently (November 2018) there are some 3,200,00 square feet of office product in the Meridian submarket. The current vacancy rate according to Costar is 3.1% after a year to date absorption of 174,000 square feet. The average asking rate is $17.88 SF/yr, up 2.23% from $17.49 one year ago. DEMOGRAPHICS POPULATION 1 MILE 3 MILE 5 MILE 2018 Total Population Est: 5,541 82,113 187,102 2023 Population Projection: 6,058 90,510 205,855 Pop Growth 2018-2023: 9.33% 10.23% 10.02% Average Age: 35.60 36.10 36.80 HOUSEHOLDS 2018 Total Households: 2,229 29,316 66,079 HH Growth 2018-2023: 10.18% 10.77% 10.32% Meidan Household Inc.: $43,097 $65,873 $67,662 Avg Household Size: 2.40 2.80 2.80 2018 Avg HH Vehicles: 2.00 2.00 2.00 HOUSING Median Home Value: $190,466 $231,239 $235,564 Median Year Built: 1996 1999 1998 MARKET AVERAGE ASKING RATE (SF/Yr) TOTAL AVAILABLE TOTAL UNDER CONST. VACANCY RATE YEAR TO DATE VACANCY CHANGE 12 MONTH ABSORBTION Meridian $17.88 SF/yr 3,200,000 SF 83,400 SF 3.1% 2.2% 174,000 SF
DOWNTOWN MERIDIAN REDEVELOPMENT PLAN The Subject Property is located just outside the pathway of redevelopment planned by the City of Meridian. This plan s main focus is to create a mixeduse urban environment in Meridian s Downtown, built around 4 main goals to protect and promote: Livability, Mobility, Prosperity and Sustainability. These goals will be achieved by completing long-term projects such as creating more places for community gathering and entertainment, providing for a multi-modal transportation hub, improving the diversity of business activity/retail vitality, and promoting/encouraging innovative and progressive development. PROJECT KEY Northern Gateway District Neighborhood Preservation Areas Washington & Main District Traditional City Core TOD/Cultural District Southern Gateway Entertainment & Hospitality District The various downtown districts, identify the desired character of each area by defining the major uses within a mixed use environment. The districts will have distinct streetscape characteristics that will help to define them, and create variety.
802 W. Bannock Street, 12th Floor Boise, ID 83702 208-343-2300 leeidaho.com