GERBER COLLISION & GLASS 6811 212TH ST SW, LYNNWOOD, WA 98036 CONTACT INFORMATION: JEFF AYERS BROKER 206.505.9433 jeff@westlakeassociates.com NICHOLAS T. GILL PRINCIPAL MANAGING BROKER 206.505.9410 gill@westlakeassociates.com
PROPERTY OVERVIEW Westlake Associates, Inc. is pleased to present the opportunity to acquire a single tenant investment leased to Gerber Collision & Glass. Gerber Collision & Glass has occupied the building since March 2000, and is in the first of their three 5-year options. The tenant has two additional 5-year options to renew at market rates. The current rental rate is under market, providing an investor with the opportunity to increase their yield upon renewal. PROPERTY HIGHLIGHTS + Single Tenant NNN Investment + 18-Year Operating History At This Location + Lease Coporately Guaranteed by The Boyd Group, Inc. + Under Market Lease Rate With Renewals At "Market Rate" Price $1,799,999 NOI $96,516 Cap Rate 5.36% Proforma Cap Rate 7.40% Address 6811 212th St SW Lynnwood, WA 98036 Par arcel # 27042000301000000 Zoning CG Lot Size 39,640 SF 0.91 Acr cres Building Net SF 8,328 SF
LOCATION MAP City of Lynnwood Municipal Golf Course Doug s Hyundai Japanese Auto Care HWY 99 208th St SW Porbug Repair James Auto Services Sorenson Automotive Repair 6811 212th St SW Performance Motors Interurban Trail Magic Toyota Service Dept. Service Repair Solutions 212th St SW Andy s Auto Repair Inc CarMax Swedish Hospital Edmonds Campus Acura of Lynnwood Interurban Trail 216th St SW Jeff s Auto Repair HWY 99
TENANT PROFILE OVERVIEW Company: Gerber Collision & Glass Founded: 1937 COMPANY OVERVIEW Founded in 1937 by Phil Gerber, Gerber Collision & Glass has provided quality auto collision and glass repair service for more than 75 years. What started as a single glass and trim shop in Chicago has grown to one of the largest auto collision and glass repair companies in North America. Headquarters: Website: Elmhurst, Illinois www.gerbercollision.com There are over 350 repair center locations in the United States and Canada. In Washington state, there are 27 repair center locations. SERVICES Gerber's glass services include windshield replacement, windshield repair, and mobile auto glass services. Collision repair services comprise of auto body, hail damage, and paint less dent repair services.
INCOME & EXPENSES TENANT NAME UNIT SIZE (SF) LEASE START LEASE END ACTUAL MONTHLY RENT PRICE PER SF/YR PRO FORMA MONTHLY RENT PRICE PER SF/YR Gerber Collision & Glass 8,328 SF 3/16/2000 3/15/2020 $8,042.97 $11.59 $11,104 $16.00 Annual $96,516 $133,248 INCOME SUMMARY ACTUAL PRO FORMA Scheduled Rental Income $96,516 $133,248 NNN Reimbursement $25,973 $25,973 Gross Income $122,489 $159,221 EXPENSE SUMMARY ACTUAL PRO FORMA Real Estate Taxes $17,522 $17,522 Property Insurance $2,847 $2,847 Management $5,604 $5,604 Gross Expenses $25,973 $25,973 Net Operating Income $96,516 $133,248 Cap Rate 5.36% 7.40%
DEMOGRAPHICS MAP & REPORT POPULATION 1 MILE 3 MILES 5 MILES Total population 13,129 126,066 280,132 Median age 36.9 39.3 40.1 Median age (Male) 35.7 38.0 38.6 Median age (Female) 38.1 40.4 41.4 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 5,843 53,705 115,122 # of persons per HH 2.2 2.3 2.4 Average HH income $62,138 $72,648 $80,224 Average house value $314,020 $397,578 $428,668 * Demographic data derived from 2010 US Census
BROKER BIO & CONTACT JEFF AYERS Broker 1200 Westlake Ave N, Suite 310 Seattle, WA 98109 (T) 206.505.9433 jeff@westlakeassociates.com NICHOLAS T.. GILL Principal Managing Broker 1200 Westlake Ave N, Suite 310 Seattle, WA 98109 (T) 206.505.9410 gill@westlakeassociates.com PROFESSIONAL BACKGROUND Jeff started in commercial real estate in 2009 and joined Westlake Associates in 2016. Focusing on retail and office sales and leasing, Jeff is able to effectively represent his clients interests through in depth market knowledge, a diligent work ethic and creative problem solving. Jeff graduated from Seattle Pacific University, where he paid for most of his tuition fees with an ebay business he started in his dorm room. Jeff has been a guest lecturer in high school and college classes, speaking about entrepreneurship and how to prepare for success after school. PROFESSIONAL BACKGROUND Nicholas focuses on Land Development and Tenant Representation. Sourcing land for apartments, hotel, retail, self-storage developers, as well as national retailers Panera Bread, CVS Pharmacy, Virginia Mason Hospital, and Chase Bank, Nicholas prides himself on honest relationships and business practices. With vast market knowledge, integrating retail and development, Nicholas provides his clients with the most up-to-date information on what is happening in the Puget Sound region.