AUBURN RETAIL CENTER NICHOLAS GILL - Commercial Brokers Association
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AUBURN RETAIL CENTER
1510 Industry Drive SW, Auburn, WA 98001
CONTACT INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
PRINCIPAL | BROKER PRINCIPAL | BROKER
206.505.9410 206.505.9436
gill@westlakeassociates.com hagstrom@westlakeassociates.com
OFFERING SUMMARY
Site Location
Auburn is centrally located between Seattle and Tacoma in the heart of the
Green River Valley with easy access to the best of both cities. Auburn is a quick
Site Address: 1510 Industry Dr SW
30 minute drive to all Seattle has to offer and more, and a 20 minute drive to
Tacoma. Auburn, WA 98001
Auburn is the center of the largest industrial complex in the northwest and sits Parcel Number: 030150-0220
in the middle of the major north-south, east-west routes of this region. With two
railroads and close proximity to the Ports of Seattle and Tacoma, Auburn has Price: $6,944,000
been identified by the Department of Commerce as one of only 14 Innovation
Partnership Zones in Washington. With continued job expansion and above Price / NRSF: $469.98
average retail growth, Auburn enjoys a vibrant and sustainable business
environment. Cap Rate: 6.25%
Auburn has reason to be proud of its schools. They pride themselves in providing
an excellent education that produces students who have a love of learning and a Year Built: 2007
sense of responsibility. Auburn boasts over two dozen elementary, middle school
and high schools, each one unique, but all offering a supportive learning Lot Size: 72,424 SF | 1.66 Acres
environment designated to foster each student’s natural abilities. Green River
College provides the serious student a quiet, natural environment in which to Total Building Size, Net: 14,775 SF
study. This is a community that puts learning and education first.
FOR MORE INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
206.505.9410 206.505.9426
gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
FINANCIAL OFFERING
PROPERTY OVERVIEW INCOME CURRENT
Sale Price $6,944,000 Scheduled Rental Income $451,433
+ NNN Reimbursements 130,731
Price per NRSF $469.98
Scheduled Gross Income $582,164
NRSF 14,775 SF
- Vacancy & Cr Losses 3.00% ($17,465)
Lot Size 72,424 SF Gross Income $564,699
Current CAP 6.25%
EXPENSES CURRENT
+ Real Estate Taxes $83,010
+ Property Insurance 4,276
+ Landscaping 4,939
FINANCING
+ Cleaning 116
Loan Amount $4,860,444 6,785
+ Fire Alarm
Rate 4.87% + Sweeping 6,933
+ HVAC 5,538
Amortization 30
+ Locks & Keys 201
Term 5 years 3,266
+ Roof Cleaning & Repair
Annual Payment $308,485 + Electrical Repair 495
+ Repairs 66
Monthly Payment $25,707
+ Management Fees 15,106
***Proposed Financing by $130,731
Total Operating Expenses
Fidelity Bancorp Funding
NET OPERATING INCOME $433,968
Less Annual Debt Service 1.20 $308,485
Return Before Taxes 9.48% $197,411
The statements, figures & computations herein, while not guaranteed, are secured from sources we
believe reliable. Investors should verify all numbers, computations, and assumptions before committing
to an investment.
FOR MORE INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
206.505.9410 206.505.9426
gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
TENANT MIX
TENANT SUITE SIZE MONTHL RENT RENT / SF LEASE TERM
Amore Shenanigans 100 & 101 2,660 SF $5,542 $25.00 3/27/2021
McSwain LLC 102 1,313 SF $ 3,064 $28.00 3/31/2023
Asiana Teriyaki 103 1,281 SF $ 3,456 $32.38 12/2/2022
Jersey Mike’s Subs 104 1,337 SF $ 3,120 $28.00 8/31/2023
T-Mobile 105 2,473 SF $ 9,460 $45.90 1/31/2023
Sleep Train 200 5,711 SF $12,978 $27.27 10/29/2028
Totals | Averages 7 14,775 SF $37,841 $31.09 -
FOR MORE INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
206.505.9410 206.505.9426
gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
RENT ROLL PROJECTIONS
10 Year Projection 2018-2028
TENANT 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Amore Shenanigans $68,499 $70,554 $72,671 $74,851 $77,096 $79,409 $81,792 $84,245 $86,773 $89,376
McSwain LLC $36,764 $36,764 $36,764 $36,764 $36,764 $42,279 $42,279 $42,279 $42,279 $42,279
Asiana Teriyaki $42,721 $44,003 $45,323 $46,683 $48,083 $49,526 $51,012 $52,542 $54,118 $55,742
Jersey Mike’s Subs $41,180 $41,180 $41,180 $41,180 $41,180 $47,357 $47,357 $47,357 $47,357 $47,357
T-Mobile $113,520 $113,520 $113,520 $113,520 $124,872 $124,872 $124,872 $124,872 $124,872 $124,872
Mattress Firm $155,739 $155,739 $171,330 $171,330 $188,463 $188,463 $188,463 $188,463 $188,463 $188,463
Annual Totals $458,423 $461,760 $480,788 $484,328 $516,458 $531,906 $535,775 $539,758 $543,862 $548,089
FMV denotes Fair Market Value
Thick outside borders denote the end of current term
Asiana Teriyaki doesn’t have an options period past 2023
Blue font denotes Fair Market Value of Future Rent projections based on current market knowledge
Increase Schedule
Amore Shenanigans 3% Annual Increases. (2) - 3 year options at FMV
McSwain LLC $28 per square foot flat for five years and then FMV
Asiana Teriyaki 3% Annual Increases from 2018-2023. No options to extend past 2023. Assuming 3% increases
Jersey Mike’s Subs $30.80 From 2019-2023. Fair Market Value from there onwards
T-Mobile 10% Flat 1st option period 2018-2023. 10% increase during 2nd option period
Mattress Firm 10% Increase in April 2021 and October 2023 and then flat til 2028.
FOR MORE INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
206.505.9410 206.505.9426
gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
LOCATION
167 18
C St SW
18
167
C St SW
15th St SW
15th St SW 15th St SW
SITE
FOR MORE INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
206.505.9410 206.505.9426
gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
SITE PLAN FOR MORE INFORMATION: NICHOLAS GILL COLLIN HAGSTROM 206.505.9410 206.505.9426 gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
PHOTOS FOR MORE INFORMATION: NICHOLAS GILL COLLIN HAGSTROM 206.505.9410 206.505.9426 gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
PHOTOS FOR MORE INFORMATION: NICHOLAS GILL COLLIN HAGSTROM 206.505.9410 206.505.9426 gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
TENANT HIGHLIGHTS
T-Mobile US provides wireless voice, messaging, and data services H & R Block is a publicly traded American tax preparation company.
in the United States, Puerto Rico, and the US Virgin Islands under the With locations in Australia and India, in addition to North America, H
T-Mobile, Metro PCS, and GoSmart Mobile brands. The company & R Block has over 12,000 retail locations. The business generates
operates the third largest wireless network in the US market with over 43billion in revenues and over 87,500 employees (including
over 65.5 million customers and annual revenues of $32 billion. Its tax seasonal hires). H & R Block, originally founded by two brothers
nationwide network reaches 98 percent of Americans. in Kansas City, can now advise digitally. Transforming for the digital
age further simplifies what can otherwise be a very frustrating few
As of 2018, J. D. Power and Associates, a global marketing-informa- weeks for the average American.
tion-services firm, ranked the company highest among major wire-
less carriers for retail-store satisfaction consecutively for four years
and highest for wireless customer care for two years running.
At age 14, Peter Cancro of Point Pleasant Beach, New Jersey, took a Sleep Country USA was a Pacific Northwest bedding retailer found-
part-time job at Mike’s Submarines, a neighborhood sandwich shop. ed in 1991. It had more than 80 mattress stores in Oregon, Washing-
Today, Cancro is the owner and CEO of the company now known as ton, and Idaho. The company headquarters were in Kent, Washing-
Jersey Mike’s. Cancro began franchising the restaurant in 1987. By ton and operated as a specialty sleep store chain. It started with 8
2014 it had 750 locations, with an additional 650 in some stages of stores and approximately 25 employees in Washington.
development. In 2015, 197 new locations opened and the total
number of Jersey Mike’s locations exceeded 1,000. Jersey Mike’s In March 2000, New York-based Fenway Partners Inc. acquired
locations are gaining a larger presence on the west coast, particular- Sleep Country from Sunny Kobe Cook and Robert Cook. In 2003,
ly in Southern California. Fenway Partners sold Sleep Country USA to the Atlanta-based
Simmons Company. In August 2006, The Sleep Train, Inc. purchased
the then-55-store Sleep Country USA Pacific Northwest chain from
Simmons for $55 million. The chain continued to operate as Sleep
Company USA.
In July 2015, the company announced that it would begin rebranding
FOR MORE INFORMATION: all of its stores with the Sleep Train name, now owned by Mattress
NICHOLAS GILL COLLIN HAGSTROM
Firm.
206.505.9410 206.505.9426
gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INCDEMOGRAPHICS Drive Time Demographics Population 5-Min 10-Min 15-Min 2010 4,051 52,492 214,244 2017 4,458 58,713 240,954 2022 4,749 62,917 258,752 2017 HH Incomes 5-Min 10-Min 15-Min Average $60,208 $72,975 $80,226 Median $45,784 $83,160 $91,284 Radius Demographics Population 1-Mile 3-Mile 5-Mile 2010 5,283 64,705 169,420 2017 5,706 71,951 190,709 2022 6,097 77,158 204,791 2017 HH Incomes 1-Mile 3-Mile 5-Mile Average $57,329 $76,908 $82,261 Median $44,167 $59,856 $63,771 FOR MORE INFORMATION: NICHOLAS GILL COLLIN HAGSTROM 206.505.9410 206.505.9426 gill@westlakeassociates.com hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
LOCATION
AUBURN
LOCATED BETWEEN THE GREEN AND STUCK RIVERS, Auburn is centrally located
in the Green River Valley just 24 miles Southeast of Seattle and 14 miles Northeast of
Tacoma.
Auburn has the spirit of the pioneers. Founded in 1891, the community has grown to
24 MILES 14 MILES
a comfortable population of over 40,000. The city’s growth is carefully planned and DOWNTOWN DOWNTOWN
controlled, reflecting the importance residents place on retaining open spaces and parks. SEATTLE TACOMA
Emerald Down is the center of the thoroughbred horse racing in the Pacific Northwest.
Emerald Downs showcases a dazzling six-story grandstand overlooking a 167-acre
facility, offering world class racing and entertainment for all ages.
THE OUTLET COLLECTION | SEATTLE
Auburn is also home to the Outlet Collections, taking place of the former Super Mall.
Shoppers find over 130 stores in its one million square foot indoor shopping space, The Outlet Collection | Seattle is the largest outlet mall in the Pacific Northwest, featuring
making it the largest outlet mall in the Pacific Northwest. a unique mix of top-brand outlets like Nike Factory Outlet, J. Crew Factory, Old Navy
Outlet, as well as traditional stores like Sam’s Club, H&M and Bed Bath & Beyond.
The Muckleshoot Casino also holds a big place within the community. Opened in April of Conveniently located in Auburn, WA at Highway 18 and State Route 167, The Outlet
1995, the casino offers a variety of entertainment and dining options. Collection | Seattle is an easy escape from the busy city.
Auburn is rapidly becoming a destination city, mostly due to the amenities it offers and If you get hungry during your visit, you can enjoy a blast from the past at Johnny Rocket’s,
its location. Quality of life is key to both businesses and families located in Auburn. There or opt for something fresh at Villa Fresh Italian Kitchen, or choose from many other dining
is an abundance of freshwater fishing and boating in surrounding rivers and lakes, while options.
the beaches of the Puget Sound are only 15 minutes away. Bring the kids along to ride the carousel or the kiddie rides, play in the Doxon Playland and
join our Kids Club to receive exclusive discounts and attend fun events!
Auburn’s housing market is dominated by single-family homes that are reasonably priced
within the King County market. There are also a number of condo and apartment options FULL LIST OF RETAIL HERE.
within the community.
AUBURN SOUNDER STATION
FOR MORE INFORMATION:
NICHOLAS GILL COLLIN HAGSTROM
206.505.9410 206.505.9426
EMERALD DOWN hagstrom@westlakeassociates.com WESTLAKE ASSOCIATES, INC
gill@westlakeassociates.comWESTLAKE ASSOCIATES, INC.
Serving Washington State since 1975, Westlake Associates has earned its
reputation as a leader in Commercial and Investment Real Estate Broker-
age. We’ve built a strong foundation of experience in Investment Property
Sales, Commercial Leasing, Property Management, and comprehensive
real estate services over our 40 year history. At Westlake Associates, we
operate as a team and leverage each other’s resources and experience to
provide the highest level of client services.
CONTACT INFORMATION:
NICHOLAS GILL
PRINCIPAL | BROKER
206.505.9410
gill@westlakeassociates.com
COLLIN HAGSTROM
PRINCIPAL | BROKER
206.505.9436
collin@westlakeassociates.comYou can also read
