offering memorandum 1059 E. Iron eagle drive eagle, idaho 83616 Iron Eagle Building 100% LEASED 6.5% CAP $1,195,000.00 Al Marino, SIOR 208.947.0811
table of contents SECTION 1 investment OFFERING, property PHOTOS & REGISTRATION The Offering 1 Property Summary 3 Property Photos 5 Building Floor Plan 8 SECTION 2 tenant profile Tenant Profile 9 SECTION 3 demographics & area information Demographics 10 Submarket Snapshot 11 Boise Area Information 13 The information presented has been obtained from sources believed reliable. You are responsible for confirming its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction depends on many factors which should be evaluated through investigation by your advisors.
the offering The is a retail/office building located in the Rocky Mountain Business Park just off the Hwy 44 Bypass. Constructed in 2000 - single story, wood frame, stucco and stone veneer exterior, metal pitched roof - this 5,940 square foot building sits on.615 acres. The building hosts two suites, a large pergola covered patio, 30 parking spaces (4.51:1000 ratio), and mature, low maintenance landscaping. The two suite building is currently occupied by a single tenant, Miracle Ear Hearing Aid Center, which is an independently owned and operated hearing aid center. The tenant not only operates the corporate office for 94 locations throughout the Northwest at this location, but they also hold the only franchisee license to sell Miracle-Ear hearing aids in the area. The current lease, set to expire on June 15, 2021 with one option to renew for 5 years, is a modified gross lease with the tenant responsible for all utilities, maintenance and snow removal of the premises. The Landlord is responsible for structural components, real estate taxes, and landscaping. Priced at $201.18 per square foot, 1095 Iron Eagle Road is competitively priced and well positioned for a new owner. [1]
offering summary the offering offering overview Offering Price: Capitalization Rate: Net Operating Income: Current Occupancy: Tenant: Lease Rate: $1,195,000.00 $201.18 per square foot 6.50% $77,641.42 100% Miracle-Ear Hearing Aid Center $17.00 per square foot, Modified Gross 3% Annual Increases [2]
property summary the property property overview Property Name: Property Address: 1059 E. Iron Eagle Drive Eagle, Idaho 83616 Legal Description: Lot 10, Block 3 of the Merrill Subdivision No. 2 Assessor s Parcel: R5674010070 Building Size: 5,940 SF Total, Built in 2000 Parcel Size: 0.615 acres (26,789 SF) Land : Building Ratio: 4.51 : 1000 Zoning: MU (Mixed Use) [3]
property summary the property UTILITY overview Electric: Idaho Power Sewer: Eagle Sewer District Gas: Intermountain Gas Water: Eagle Water Company Garbage: Republic Services HVAC: Gas Forced Heat & Air Conditioning Construction: Wood Frame construction with a stucco and stone veneer exterior and multiple patios. Metal pitched roof. Interior: Tile and commercial carpet, high ceilings Exterior: Landscaped with sprinkler and drip, sidewalks, signage, exterior lighting. 30 painted parking spaces (198 SF/space) [4]
property Photos EXTERIOR [5]
property Photos interior [6]
property Photos interior
Site PROPERTY analysis Building Size: 5,940 Square Feet Occupancy: 100% leased Suite 175 3,360 SF Suite 155 2,580 SF [8]
tenant profile Since 1948, Miracle-Ear has been committed to eliminating the stigma around hearing loss and providing quality, life-changing products to our customers. As an industry leader in hearing devices, Miracle-Ear has 70 years of experience in creating hearing aid products and solutions. We are a hearing aid company that has franchised and corporately-owned retail centers all over the United States. With over 1,400 locations, we strive to bring our customers leading-edge technology and hearing solutions that improve lives, relationships and communities. [9]
the area demographics overview 2018 estimates 1 MILE 3 MILES 5 miles Population 4,797 24,510 81,003 Households 2,890 15,799 48,793 Families 2,029 Owner occupied housing 2,128 12,694 38,331 Renter occupied housing 762 3,106 10,463 Median age 44.6 40.2 37.5 2018-2023 trends AREA STATE national Population 2.39% 1.47% 0.83% Households 2.39% 1.42% 0.79% Families 2.17% 1.29% 0.71% Owner occupied housing 2.58% 1.65% 1.16% Median household income 3.08% 2.14% 2.50% Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2016 and 2021. Esri converted Census 2000 data into 2010 geography. [10]
market snapshot overall market & submarket vacancy rates the graph below shows office vacancy in the overall market and the Eagle submarket. VAcAncY RA 14% 13.42% OFFICE VACANCY Overall Eagle 12.49% 12% 11.41% 10.57% VACANCY RATE 10% 8% 6% 9.51% 7.61% 9.55% 5.91% 9.84% 8.78% 4.95% 8.13% 4% 5.17% 4.43% 2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2014 2015 2016 2017 2018 [11]
market snapshot overall market & submarket lease rates the graph below shows office lease rates for the overall market and the Eagle submarket. $20 Overall Asking Eagle Asking Overall Actual Eagle Actual OFFICE LEASE RATES (FULL SERVICE RENTS ONLY) $18 $18.00 LEASE RATE $16 $14 $15.50 $13.40 $14.00 $16.50 $15.30 $14.95 $14.40 $17.05 $16.40 $17.00 $16.75 $16.40 $16.25 $12 $12.65 $12.40 $10 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 [12]
Boise Valley - The Boise Valley is not only home to the capitol of Idaho, but also serves as the center of commerce, politics, population, cultural events, and the blue field that personifies the Boise State Broncos. As a high desert community resting at the foot of the mountains, it is surrounded by thriving bedroom communities rich in their own histories and economies, bringing the metro area population to approximately 712,000. Experts estimate the MSA population will exceed 764,000 by 2023. Although Idaho is world famous for its agriculture, it has an equally vibrant economic environment for high-tech, healthcare, education, transportation, service, tourism, and retail industries. Many nationally and globally recognized corporations have a home in the valley including Micron Technology, Hewlett Packard, DirecTV, Albertsons, J.R. Simplot Company, MotivePower, Materne, LambWeston, and many others. The Boise Valley... Although world famous for its agriculture, Boise has an equally vibrant environment for a variety of industries. Forbes consistently ranks the Boise Valley as one of the top places in the country to do business, high quality of life, raising a family, entertainment, and recreation. Top Private Employers St. Luke s Regional Medical Ctr. 9,000-9,999 Micron Technology, Inc. 6,000-6,499 Saint Alphonsus Health System 4,500-4,999 West Ada School District 4,500-4,999 Boise State University 3,500-3,999 Boise School District 3,500-3,999 Walmart 3,000-3,499 Albertson s 2,500-2,999 HP Inc. 1,500-1,999 Source 2018 Boise Valley Spotlight [13]
$233,941 Ada County Median: Home Value (STDBonline 2018) 2.9% Boise MSA: Unemployment Rate (Dec 2017) $83,437 The Boise Valley The third largest metro in the Northwest and #64 largest in the country. Average: Household Income (STDBonline 2018) [14]