North Star Building Offering Great Add-Value Opportunity
OVERVIEW The Offering Great Location * Easy Freeway Access * Warehouse * Small & Large Offices * Dedicated Parking * HSI * Fiber Optics Parker Property is pleased to present the North Star Building, an ideal opportunity for add-value investors or owner/user. This 21,000 sf four story building offers a unique blend of small office, large office and warehouse space. A high visibility & traffic area with easy freeway access makes this a prime location for any business. The property features High Speed Internet, Fiber Optics, and Dedicated Parking. The North Star Building sits on Hewitt Ave with rear entrance off of Wall, one block from Broadway & Xfinity Arena. Walking distance to Everett Transit Center This beautiful 1907 building is as strong and stout as they come with a great internal structure with new low maintenance roof.
Property Details Property Overview Property Address:, Everett WA Parking: Approximately 28 Stalls Locality: City of Everett Type: Office / Warehouse Tax Parcel: 004378-689-014-00 Allowed Use: C1 General Commercial Gross Building Area: 19,200 SF Land Size: 5,227 SF Stories: Four
Location Snohomish County Snohomish County is located on Puget South, between King County (and Seattle) to the south, and Skagit County to the north. Covering over 2,000 square miles, it is the 13 th largest county in total land area in Washington. The county s population of about 800,000 residents, has experienced significant growth since the end of the 20th century. Located in one of the world s leading hubs of high-tech, aerospace, biotechnology and advanced technology manufacturing industries, and as a leader in revitalizing agriculture as a key industry in a rapidly-growing metropolitan region, there are few places as strongly positioned for business growth as Snohomish County. Home to world-renowned art studios, cultural attractions, and spectacular outdoor recreation opportunities, a strong spirt of entrepreneurship and creativity defines Snohomish County. Everett The Puget Sound port city of Everett is located just 25 miles north of Seattle. With a population of about 108,000, and a work force of more than 80,000 people, Everett is the largest city in the county, as well as the county seat. It is also home to the county s regional airport (Paine Field), and US Naval Station Everett. The central business district is flanked by housing and agriculture to the east, and a vibrant waterfront to the west, and is home to all city and county municipal offices. Major employers include:
Broadway Amenities The North Star Building is in a terrific location surrounded by many commercial and civic amenities Numerous restaurants and bars are within walking distance, as is the Xfinity Arena at Everett, an $83 million complex with a capacity of 10,000. The property is walking distance to the Everett CBD, and just a few minutes to Interstate 5 and the Everett waterfront.
The Re-Development Plan Since 2005, Everett has been working on a re-development plan that is well underway. This will have a significantly positive impact on the North Star Building and the surrounding areas; most importantly will be the re-zoning of the property. Currently, the property is zoned (C- 1) General Commercial. Under the new plan, the North Star Building will fall into the following categories: Everett Metro, Central Business District, Historic Overlay (but not a registered Historic property) No Adult Business Zoned Urban Mixed (UM) (current zoning is C-1) 7 11 Floor Height restriction Adjacent to Everett Station & Growth Center (Conceptual Plan) The parking lot: Everett Metro, Central Business District Parking Area A No Adult Business Zoned Urban Mixed (UM) (current zoning is C-2ES) 12 25 Floor Height restriction Adjacent to Everett Station & Growth Center (Conceptual Plan)
Why This is a Great Deal There are two significant factors that make this a great deal. First, the building in currently being re-positioned and the opportunity to add-value couldn t be greater. The NOI projections, fully occupied with conservative rents, is estimated at approximately $189,000. That would put the income valuation using a 7 cap at $2.7m. Second, the long term play and re-development of this property has a much higher ceiling. Highest and best use will change throughout the area and land values will continue to rise. Offering $1,700,000 Please send me an email and I will send you the due diligence documents