Advance Auto Parts Building For Sale 14307 1st Avenue South Burien WA 98168 Sale Price: $1,650,000 6.93% cap rate Exclusively Offered By: Rich Cannon 206.436.2345 rich@cannoncommercial.com
Executive Summary Cannon Commercial is pleased to exclusively offer for sale the Advance Auto Part Building located in Downtown Burien. The offering is a great investment opportunity located in one of the most dense and rapidly growing cities in Southwest King County. Burien is an important part of the evolving Central Puget Sound metropolitan area and an important urban concentration on its own. Burien has several advantages for businesses such as tremendous quality of life resources and an attractive business climate. Highlights Advance Auto Parts corporate signature 4 years remaining on the Lease plus a 5 year option 15,000 cars per day on 1st Avenue South 5 minutes to Sea-Tac International Airport 15 minutes to downtown Seattle Flexible CR zoning provides potential for future redevelopment (see page 3 for zoning information) Easy access to Hwy 509 Hard Corner lot with easy ingress and egress 2 curb cuts on the property Ample parking Excellent exposure and signage opportunity Disclaimer This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers and establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Cannon Commercial has not made any investigation, and financial performance of the property, the size and square footage of the property and improvements, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however CannonCommercial has not verified, and will not verify, any of the information contained herein, nor has Cannon Commercial conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Property Overview King County Tax Parcel : 4330600190 Building Size Approximately: 5,950 SF per KCR Lot Size Approximately: 17,304 SF per KCR Year Built: 1977 Floors: 1 Zoning: CR Heating: Space heaters Zoning Information The Regional Commercial (CR) zone implements the Regional Commercial Comprehensive Plan designation. The purpose of this zone is to establish areas for commercial uses that serve the community, the region and the travelling public. The intent is to provide for larger scaled commercial uses that are typically land intensive and are not well-suited to being located downtown, which are designed to encourage pedestrian and transit access, be compatible with adjacent residential neighborhoods, and be consistent with road and utility capacity. Burien Municipal Code 19.15.040 contains more detailed information regarding zoning and can be accessed through: http://www.codepublishing.com/wa/burien/?burien19/burien1915.html Sprinklers: No Construction: Wood & Masonry Ceiling Height: 18'
1st A venu e Sout h Property Aerial Map
Amenities Map Regional Map
Market Overview One of the most significant development projects through the south end corridor has been the expansion of light rail south from Seattle. The Angle Lake Link of the Light Rail Station located at South 200th Street opened in September of 2016. Numerous developers have expressed interest in building transit-oriented development near this new station. The first development which is located at 19707 International Boulevard is a 244,000 square foot senior housing complex which contains 289 units. Construction of the Reserve at SeaTac was completed in late 2016. The record growth of passenger travel at Sea-Tac International Airport which is now the ninth busiest airport in the United States, along with the completion of the new Light Rail Station, has spurred development along the International Boulevard corridor with the most active developers being hoteliers and apartment builders. Downtown Burien is located about 4.6 miles of the Angle Lake Link Light Rain Station. Commercial properties between S.W. 148th and S.W. 153rd Streets generally consist of small owner-user retail and office operations. Older businesses, which have maintained store fronts for decades, mix with newer ones. Commercial activity is centered on Burien Town Square, a mixed-use redevelopment project located at S.W. 151st St. and 5th Ave S.W. which the City of Burien spearheaded in order to revive Downtown Burien. At the southern edge of Downtown Burien is an area known as Five Corners, centered on the intersection of South 160th Street and 1st Ave South. This area has seen a high amount of development in recent years. In 2014, the S.W. corner of this intersection made news with the opening of one of the first CVS pharmacies in the state. In 2016, construction was completed on a new 48,000 square foot outpatient clinic located just south of the CVS. Franciscan Health System is operating this clinic to supplement their operations at Highline Medical Center to the west. Due to the rising prices in the Seattle area, developers and investors are looking towards suburban areas where land is generally more affordable. Southwest King County experienced an increase in activity from the previous year for the fourth consecutive year. Several land sales were previously developed with tear-down or interim-use structures that no longer contribute value to the land. The increased activity and redevelopment is an indication that market conditions are improving for the area. The Link Light rail expansion to Angle Lake has significant influence in this area as market participants anticipate potential growth. The next expansion will occur within the City of Des Moines (located 5 miles south of Burien). Overall, commercial land values in the area are increasing. The final route for the Link Light expansion will dictate which areas have the most growth in the future
Demographics SUMMARY PROFILE 2000-2010 Census, 2017 Estimates with 2022 Projections Calculated using Weighted Block Centroid from Block Groups Lat/Lon: 47.4748/-122.3344 14307 1st Avenue South Burien, WA 98168 0.5 mi radius 1 mi radius 3 mi radius RS1 POPULATION HOUSEHOLDS RACE AND ETHNICITY INCOME EDUCATION (AGE 25+) 2017 Estimated Population 3,397 18,168 97,882 2022 Projected Population 3,712 19,775 106,941 2010 Census Population 3,263 17,001 91,468 2000 Census Population 2,952 15,938 87,659 Projected Annual Growth 2017 to 2022 1.9% 1.8% 1.9% Historical Annual Growth 2000 to 2017 0.9% 0.8% 0.7% 2017 Median Age 38.1 36.7 37.3 2017 Estimated Households 1,272 7,093 35,937 2022 Projected Households 1,377 7,670 39,009 2010 Census Households 1,242 6,729 34,194 2000 Census Households 1,195 6,806 34,508 Projected Annual Growth 2017 to 2022 1.7% 1.6% 1.7% Historical Annual Growth 2000 to 2017 0.4% 0.2% 0.2% 2017 Estimated White 52.1% 51.9% 51.1% 2017 Estimated Black or African American 6.5% 7.9% 10.7% 2017 Estimated Asian or Pacific Islander 19.7% 15.3% 18.8% 2017 Estimated American Indian or Native Alaskan 1.5% 1.7% 1.3% 2017 Estimated Other Races 20.1% 23.2% 18.1% 2017 Estimated Hispanic 22.2% 27.2% 21.2% 2017 Estimated Average Household Income $62,182 $61,432 $72,746 2017 Estimated Median Household Income $56,988 $54,510 $63,834 2017 Estimated Per Capita Income $23,394 $24,084 $26,808 2017 Estimated Elementary (Grade Level 0 to 8) 7.4% 8.9% 8.8% 2017 Estimated Some High School (Grade Level 9 to 11) 11.1% 10.1% 8.4% 2017 Estimated High School Graduate 30.4% 27.6% 26.6% 2017 Estimated Some College 21.2% 22.9% 23.3% 2017 Estimated Associates Degree Only 8.3% 8.8% 8.4% 2017 Estimated Bachelors Degree Only 16.5% 16.1% 17.0% 2017 Estimated Graduate Degree 5.0% 5.5% 7.6% This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. BUSINESS 2017 Estimated Total Businesses 370 1,191 3,437 2017 Estimated Total Employees 2,749 8,426 31,560 2017 Estimated Employee Population per Business 7.4 7.1 9.2 2017 Estimated Residential Population per Business 9.2 15.3 28.5
uto Parts Rent Roll Lease Commencement Lease Expiration Options Monthly Annual PPSF Intial Period 12/9/2008 12/31/2021 1 (5) year option to renew $ 9,528 $ 114,336 $ 19.22 Option Period 1/1/2022 12/31/2026 $ 10,048 $ 120,576 $ 20.27 Terms Interest Offered 100% fee simple interest on 14307 1st Avenue South. Offer Process and Timeline Offers are being sought for the purchase of 14307 1st Avenue South from qualified buyers. The prospective purchaser will be selected by the owner on the basis of the following: (i) price, (ii) financial strength, (ii) due diligence and escrow timeframes. Please submit offers to rich@cannoncommercial.com. Exclusively Offered By: Rich Cannon 206.436.2345 rich@cannoncommercial.com