Brix Vatten Building - LoopNet · Brix Vatten Building 6.35% CAP RATE $1,120,000 PRICE 18955...
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Brix Vatten Building POULSBO, WASHINGTON
Transcript of Brix Vatten Building - LoopNet · Brix Vatten Building 6.35% CAP RATE $1,120,000 PRICE 18955...
Brix VattenBuildingPOULSBO, WASHINGTON
Brix Vatten Building
6.35%CAP RATE
$1,120,000PRICE
18955 ANDERSON PKWY NE POULSBO, WA 98370
Overview
LEASEABLE SF4,226 SF
PPSF$265
OCCUPANCY100%
SUBMARKET VACANCY3.4%
YEAR BUILT1978
NUMBER OF TENANTSFour
Investment Summary
THE BRIX VATTEN BUILDING is a fully occupied street front retail/office building located in the heart of Downtown Poulsbo’s popular waterfront and marina. The Property benefits from destination and daily-needs exposure with high foot traffic counts. Nearby amenities support downtown Poulsbo’s status as a walkable corridor conducive to office and retail, in close proximity to a number of art galleries, museums, and several restaurants.
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Overview
LOCATED IN THE HEART OF LITTLE NORWAY, POULSBO’S MOST POPULAR DESTINATION FOR VISITORS.
EXPOSED TO HIGH TRAFFIC AND FOOT COUNTS IN DOWNTOWN.
ALL TENANTS ARE ON NNN LEASES.
WHILE POULSBO THRIVES OFF TOURISM, MANY SHOPS HAVE STRONG CLIENTELE FROM LOCAL RESIDENTS, PROVIDING A YEAR-ROUND CUSTOMER BASE DURING THE OFF-SEASON.
POULSBO HAS SHOWN STEADY POPULATION GROWTH WITH ANNUAL INCREASES THE PAST 5 YEARS.
Investment Highlights
JEN
SEN
WAY
NE
JEN
SEN
WAY
NE
FRONT STREET NE
FRONT STREET NE
LIBERTY BAY WATERFRONT PARK
& MARINAApprox 170 Slips
PORT OF POULSBO
POULSBO MARINA15 boathouses
384 Moorage Slips (254 permanent
& 130 guest)
POULSBO,WASHINGTON
Named “Best City/Town” by Westsound (2019) 2,000+ Businesses 3.4% Vacancy Rate
MORAICED CREAMERYVoted One of the
Top 10 Ice Cream Shops in the U.S.
(foodandwine.com)
BRIX VATTEN
Surrounding Retail
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Q: DOES THE PARCEL INCLUDE PARKING?A: The Property doesn’t include parking, yet benefits from close proximity to a 1.5+ acre public parking lot owned by the City of Poulsbo. Additional public parking is provided via street parking throughout the downtown Poulsbo area.
Q&A
Site Plan
SITE PLAN NOT TO SCALE
BRIX VATTENBUILDING
Site Plan
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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.
Income & Expense
PRICE $1,120,000CAPITALIZATION RATE 6.35%PRICE PER FOOT $265
CASH FLOW SUMMARYSCHEDULED INCOME PER SFBase Rent for the Period of: 5/1/2020 - 4/30/2021 $17.86 $75,478Rent Increases Over Base Rent $0.28 $1,194Operating Expense Reimbursement $4.74 $20,022Equals: Scheduled Gross Income $22.88 $96,694Vacancy Factor 5% ($1.14) ($4,835)Total Effective Gross Income (EGI) $21.74 $91,859
OPERATING EXPENSES PER SFCAMS $1.70 $7,193Property Taxes $1.53 $6,487Insurance $0.41 $1,738Management Fee of EGI $1.09 $4,604Reserves $0.10 $423Total Operating Expenses $4.84 $20,445
NET OPERATING INCOME $16.90 $71,414
5.0%
2/28/2020 [ <www.CapitalPacific.com> ]
Financial Summary
RentRoll
TO EXECUTE FULL FINANCIAL SUMMARY INCLUDING RENT ROLL, PLEASE CLICK HERE.
Combined Financial Summary
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Featured Photography
Featured Photography
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POULSBO, WASHINGTON is located in the northern part of Kitsap County and is a popular regional tourist destination that maintains a Scandinavian theme to honor its early history throughout the downtown area. One of its local products, Poulsbo Bread, is made locally at Sluy’s Bakery and used to be sold internationally. Many visitors arrive by boat; there are three marinas near the town, and the town’s harbor is an excellent anchorage.
Poulsbo,Washington
Location
POPULATION
5 MINS 10 MINS 15 MINS
2010 3,848 12,751 40,305
2019 4,231 14,896 44,065
2024 4,484 15,928 46,194
2019 HH INCOME
5 MINS 10 MINS 15 MINS
Average $75,214 $93,745 $96,781
Median $58,772 $75,904 $77,521
KEY 5 MINS 10 MINS 15 MINS
DriveTime
48 MILES
Tacoma,Washington
23 MILES
Seattle, Washington
DistanceTo
Demographics
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The information in this Executive Summary has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.
Contact Us
MEET THE ENTIRE TEAM HERE.
KEVIN ADATTO
MICHAEL HORWITZ
SEAN MACK
DAVID GELLNER
LANCE SASSER
SEAN TUFTS
SCOTT FRANK
PETER DUNN
MICHAEL LOWES
DAVID [email protected]: 206.693.3349
Contact the listing team:
Our brokers collaborate:
SEAN [email protected]: 206.693.3352
Contact Us
