NORTH BEND T O W N H A L L
BANK OF AMERICA RIVERFRONT PARK TWEEDE S CAFE BARTELL DRUG SNOQUALMIE RIVER NORTH BEND T O W N H A L L STARBUCKS TWO RIVERS SCHOOL NORTH BEND ACE HARDWARE DRIVERS LICENSING NORTH BEND ELEMENTARY SCHOOL UPS TORGUSSON PARK SI VIEW PARK
OFFERING Paragon Real Estate Advisors is pleased to be the exclusive listing agent for the Old North Bend City Hall located just one block off North Bend Way. The property offers two different types of use. The old fire department that has been uniquely crafted into an open restaurant/bar layout occupied by a wine bar that serves Washington State wine complemented with food and entertainment. The second space offers 5,093 square feet of office space currently occupied by city halls administrative workers, along with the mayor. Above the wine bar is additional office space featuring a kitchen and two bathrooms. The town hall presents a rare opportunity to purchase investment property in an area that has little office space and restaurant space available. NAME North Bend Town Hall ADDRESS 211 Main Ave N, North Bend WA 98045 TOTAL UNITS 3 BUILT 1939/1984 SQUARE FEET 12,528 Total Net Rentable PRICE $1,388,000 PRICE PER UNIT $462,667 PRICE PER FOOT $110.79 CURRENT GRM/CAP 34.17/1.10% MARKET GRM/CAP 8.64/8.48% LOT SIZE ZONING 10,500 Square Feet DC (Downtown Commercial) This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.
INVESTMENT HIGHLIGHTS Currently 62% of the square footage is being used rent-free by the city Newly remodeled restaurant space featuring tenant improvements Well maintained property Market Cap rate of 8.48% One block off North Bend Way High ceilings in restaurant space Less than a mile off I-90 Restaurants and amenities nearby Updated windows New roof Corner lot Potential uses include office, retail, industrial or apartments Close to some of Washington s best hiking trails
LOCATION HIGHLIGHTS Located in the heart of the Snoqualmie Valley and made famous by David Lynch s television series Twin Peaks, North Bend is a thriving and vibrant community with a diverse culture. In addition to the growing opportunity, development and migration, North Bend provides all the perks of a comfortable, amenity rich community as well as adventure for residents and visitors alike. Local businesses such as the world famous Tweede s Cafe share space alongside well known chains, giving the city an eclectic and quirky palette to go with the many historical sites located in North Bend. The North Bend museum located at the entrance to the city along with the historical railway station and park all bring out the historical significance of North Bend. WALK SCORE 78 The city is also known for its vibrant downtown association, strong community feel and inviting attitude towards all visitors. The city has a visitor information center at the city entrance where guests can find a long list of the upcoming events the downtown association or the city has planned. Events such as the EG blues night, the wine walk, sips, block parties and much more bring out of town guests flocking to the city. POPULATION 13,888 North Bend is home to stunning vistas rich with indigenous wildlife and an impressive array of hiking and cycling trails, including the most famous and popular hike in Washington State, the Mount Si Trail. The area is also known as the gateway to the East and plays host to a variety of recreational resorts, such as the Summit at Snoqualmie Ski Resort. 5 minutes from the famous Snoqualmie Falls 20 minutes from the Summit at Snoqualmie Ski Resort 30 minutes from Seattle MEDIAN INCOME $96,779 40 minutes to Seattle-Tacoma International Airport
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Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Units 3 Year Built 1939/1984 Rentable Area 12,528 Down Pmt $485,800 Loan Amount $902,200 Interest Rate 5.00% Amortization 30 years Price $1,388,000 Per Unit $462,667 Per Sq. Ft. $110.79 Current GRM 34.17 Current CAP 1.10% Market GRM 8.64 Market CAP 8.48% Scheduled Gross Income $40,620 $160,580 Less Vacancy 5.00% $2,031 5.00% $8,029 Gross Operating Income $38,589 $152,551 Less Expenses $23,300 $34,900 Net Operating Income $15,289 $117,651 Annual Debt Service ($4,843/mo) $58,118 $58,118 Cash Flow Before Tax -8.82% ($42,829) 12.25% $59,532 Principal Reduction $13,311 $13,311 Total Return Before Tax -6.08% ($29,519) 14.99% $72,843 UNIT CURRENT MARKET UNIT TYPE SIZE RENT RENT 1 Retail 4,742 $2,885 $3,952 2 Office 5,093 $0 $4,244 3 Office 2,693 $0 $2,244 3 Total/Avg 3,835 $7.30 $10.00 MONTHLY INCOME CURRENT MARKET Monthly Scheduled Rent $2,885 $10,440 NNN Reimbursements $500 $2,942 Miscellaneous $0 $0 Gross Potential Income $3,385 $13,382 ANNUALIZED OPERATING EXPENSES CURRENT MARKET Real Estate Taxes 2018 Actual $0 $11,600 Insurance 2018 Actual $5,500 $5,500 Utilities Proforma $8,000 $8,000 Maintenance & Repairs 2018 Actual $5,000 $5,000 Landscaping 2018 Actual $300 $300 Administration 2018 Actual $2,000 $2,000 Reserves $2,500 $2,500 Total Expenses $23,300 $34,900 CURRENT OPERATIONS Expense/Unit $7,767 Expense/Foot $1.86 Percent of EGI 57.36% MARKET OPERATIONS Expense/Unit $11,633 Expense/Foot $2.79 Percent of EGI 21.73%
SALES COMPARABLES North Bend Town Hall 211 Main Ave N Year Built 1939/1984 Units 3 Sales Price $1,388,000 Price/Unit $462,667 Price/Foot $110.79 Current GRM/CAP 34.17/1.10% Market GRM/CAP 8.64/8.48% 1 1 Year Built 1923 Units 8 Sales Price $1,500,000 Price/Unit $187,500 Price/Foot $150 GRM/CAP 9.80/5.55% 39570 SE Park St Snoqualmie, WA 98065 Sales Date 6.27.2017 2 Year Built 1946 Units 2 Sales Price $1,163,293 Price/Unit $581,646 Price/Foot $114 GRM/CAP N/A 106 Main Ave N Sales Date 5.23.2017 NORTH BEND T O W N H A L L 4 3 Year Built 1934 Units 1 Sales Price $486,707 Price/Unit N/A Price/Foot $114 GRM/CAP N/A 160 E Northbend Way Sales Date 5.23.2017 4 Year Built 2010 Units 4 Sales Price $669,900 Price/Unit $167,475 Price/Foot $263 GRM/CAP N/A 401 Ballarat Ave N Sales Date 4.6.2017 2 3
RENT COMPARABLES North Bend Town Hall 211 Main Ave N Retail Office Office 4,742 Sq.Ft. 5,093 Sq.Ft. 2,693 Sq.Ft. $7.30 1939/1984-3 Units 1 301 W North Bend Way Office 732 Sq.Ft. $16.00 1930/2000-3 Units 2 3 129 W North Bend Way 1930/2000-1 Unit 426-458 SW MT Si Blvd Retail 1,800 Sq.Ft. $19.50 Retail 5,662 Sq.Ft. $18.00 4 1 6 2 NORTH BEND T O W N H A L L 1997/1999-1 Unit 5 4 213 Bendigo Blvd N Office/Retail 979 Sq.Ft. $14.00 3 1945/2005 1 Unit 5 330-434 Main Ave S Retail 800 Sq.Ft. $22.00 1988-1 Unit 6 111 W North Bend Way Office 2,250 Sq.Ft. $14.00 1954-1 Unit
600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / info@paragonrea.com www.paragonrea.com This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.