DESIRABLE ZONING OFFICE, DAY CARE, SPECIALTY SCHOOL, MEDICAL, CHURCH / RELIGIOUS FACTORIA BLVD FACTORIA MALL BUILDING FEATURES 9,558 square foot Owner/User opportunity. Rare, Flexible Zoning: Community Business (CB) District allows a wide variety of uses (see inside for a summary). Strategic Location: Near I-90 / I-405 junction and across from Factoria Mall. Rare above standard parking ratio: 48 stalls - provides a ratio over 5 stalls per 1,000 square feet. Flexibility: Month-to-month leases allowing for a full building owner/user opportunity. Evergreen Plaza 12838 SE 40th Place Bellevue, Washington 98006 SALE PRICE: $3,300,000 For further information or to schedule a tour, please contact: PAUL SWEENEY (425) 646-5225 sweeney@broderickgroup.com JOHN COOMBS (425) 274-4284 coombs@broderickgroup.com 10500 NE 8th Street, Suite 900 Bellevue, Washington 98004 main. 425. 646.3444 fax. 425. 646.3443 Commercial Real Estate Services John Coombs broderickgroup.com (425) 274-4284 coombs@broderickgroup.com Prospective tenants The should information carefully contained verify all herein information has been contained given to herein. us by 2016 the owner or sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it.
1 2 3 4 5 6 7 31 8 30 9 FACTORIA BLVD. 29 27 28 10 11 22 12 13 14 Evergreen Plaza 26 25 24 23 21 20 19 15 16 17 Factoria Mall 18 Newport High School Area Amenities 1 Tokyo Japanese 2 Applebee s 3 Square Lotus 4 QFC; QFC Pharmacy 5 Great Harvest Bread Co. 6 Bartell Drugs 7 Sacks Gourmet Sandwiches / Kung-Ho Chinese 8 Tasty Thai / BECU / T-Mobile 9 Starbucks / Musashi s / Subway / Sideline Sports Bar 10 Chevron / Brown Bear Car Wash 11 Seabell Bakery / JImmy John s / Tofu 101 / Peking Wok 12 The Saigon Cafe & Deli / Ooba Tooba 13 Boulangerie Bakery & Cafe / I Love Pho / Verizon 14 Taco Time 15 Toshi s Teriyaki 16 McDonald s 17 Key Bank 18 Ricardo s Mexican Restaurant 19 Big 5 20 Burger King 21 Chase Bank 22 Bank of America 23 Factoria Mall Dining Boba T Cold Stone Creamery Dim Sum Factory Genki Sushi Goldbergs Famous Deli Gophers Greek Express Jamba Juice Old Country Buffet Panda Express Panera Bread Pizza Roma Red Robin Safeway Factoria Mall Retail / Services Bath & Body Works DSW Factoria Shoe Repair Famous Footwear inspa MasterCuts Nordstrom Rack Old Navy Pearle Vision RadioShack Target TJ Maxx Ulta Beauty Wal-Mart 24 KFC 25 Novilhos Brazilian Steak 26 Top Gun Seafood Restaurant 27 Cafe Cubano 28 Shanghai Cafe Katsu Burger Thai Ginger 29 Taco Bell 30 Romio s Pizza 31 AMC Loews Factoria Cinema
BUILDING FACT SHEET TOTAL BUILDING SIZE: 9,558 Gross Square Feet Approx. 4,779 SF on Floors 1 and 2 SITE SIZE: 0.66 Acres (~28,750 SF) ZONING: CB - City of Bellevue SUMMARY OF PERMITTED USES: Traditional office, child day-care, religious activities, specialty schools, vet clinic, therapeutical / medical clinic and healthcare services, various retail uses, assisted living or aging home care. * Inquire with brokers for full list of permitted uses. (Note: all uses must be approved by the City of Bellevue) YEAR BUILT: 1969 PARKING: 48 stalls; Above market parking ratio of over 5 stalls /1,000 SF SALE PRICE: $3,300,000
FLOOR 2 FLOOR PLAN
FLOOR 1 FLOOR PLAN
OWNER / USER ANALYSIS Purchase Price $3,300,000 Cost to Own/Occupy Annual Opportunity Cost of Down Payment / Loan Costs $512,525 at 4% tax free rate of return $20,501 Annual Debt Service (Interest Only Expenses) Loan Balance: $2,805,000 Interest: 4.3% $120,615 Reserves for Capital Improvements ($1.00/SF/Year) $9,558 Total Annual Costs $150,674 Less Annual Net Appreciation (Estimated at 2.5% of Purchase Price) <$82,5000> Effective Annual Costs to Occupy $68,174 ($7.13/SF, NNN) Total Annual Costs/SF Occupied (net of operating costs) are $7.13/SF, NNN (equivalent rate $17.13/SF, Fully Serviced - FIXED!). Current Bellevue/Factoria area rents are $33.00/SF, Fully Serviced, with annual increases and, in many cases, additional parking charges. Note: Analysis does not account for the benefits buyer receives from ownership such as depreciation.
OWN VS RENT OWN (CONTROL FUTURE OCCUPANCY COST INCREASES) Purchase Assumptions Purchase Price $3,300,000 Parking (48 stalls free) $0 Start-Up Costs Down payment (15%) $495,000 Loan fees and costs $17,525 Total Start-up Costs $512,525 Annual Costs Per Sq.Ft. Amount Interest expense $12.62 $120,615 Operating expenses* $10.00 $95,580 Reserves $1.00 $9,558 Parking $0 $0 Opportunity cost of Down payment** $2.14 $20,501 Total Annual Costs $25.76 $246,254 Less Annual appreciation at 2.5% <$82,500> RENT (NO CONTROL OVER FUTURE OCCUPANCY COST INCREASES) Lease Assumptions Average annual starting rent per sq. ft., NNN* $17.00 Annual increases $1.00/RSF Total Avg./10 years $21.50 NNN Parking (35 stalls free) $0 Start-Up Costs Security deposit $29,470 Total start-up costs $29,470 Annual Costs Per Sq.Ft. Amount Rent payment/10 yr. avg. $21.50 $205,497 Operating expenses $10.00 $95,580 Reserves and dues $0 $0 Parking $0 $0 Total avg. annual costs $31.50 $301,077 Monthly Ownership Benefits Annual appreciation $0 Annual depreciation $0 Total Ownership Benefits $0 TOTAL EFFECTIVE ANNUAL COST $163,754 (Fully Serviced Rate: $17.13/SF/Year) TOTAL EFFECTIVE ANNUAL COST $301,077 $1,373,230 ESTIMATED SAVINGS OVER 10 YEARS * Operating Expenses are an estimate * Estimate for average rent over next 10 years for well-located Kirkland/Bellevue office space. ** Opportunity cost of capital on startup fees/down payment factored at 4.0% tax free rate of return. Note: Analysis does not account for tax benefits to Owner of depreciation.