510 STRANDER BLVD INVESTMENT OPPORTUNITY - BizQuest
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INVESTMENT OPPORTUNITY OFFERING
MEMORANDUM
510 STRANDER BLVD
TUKWILA, WA, 98188
Seattle
vue
Belle
Southcenter Area Subject Property
a
om
c
Ta
Atkore International
Southcenter Mall
Fatigue Technology
Tukwila Fire Department
Parkway Square Shopping Center UPS CC
Red Dot Corp
1 Property
Overview 2 Financial
Overview 3 Market
Overview
1 Property
Overview
Section 1
510 Strander Blvd
Tukwila, Washington
For Sale
Property Overview
BUILDING SIZE
23,600 SF Total
• 15,600 SF Warehouse
• 6,000 SF 1st Floor Office & Showroom
• 2,000 SF 2nd Floor Office
LOT SIZE
49,344 SF
ZONING
TUC-TOD
YEAR BUILT
1975
CURRENT USE
Single-Tenant Wholesale
SALE TYPE
Owner-User
PARCEL NUMBER
917960-1505
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 4
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum
Section 1
Executive Summary
NAI Puget Sound Properties is pleased to offer for sale 510 Strander Boulevard
in Tukwila, WA.
The property sits in an irreplaceable location off the corner of Strander Boulevard and
Andover Park East, adjacent to the Southcenter Mall.
Property Overview
Built in 1975, 510 Strander Boulevard is a 23,600 square foot concrete tilt-up building,
situated on 49,344 square feet of land zoned TUC-TOD. The building includes 15,600
SF of warehouse space, 6,000 SF of 1st floor showroom/office, and 2,000 SF of 2nd
floor office.
The warehouse has 24-foot ceilings, a dry sprinkler system, and 4 interior Reznor
space heaters. The office is served by 3 roof-mounted HVAC units. The property is also
benefitted by 2 dock-high and 1 grade level loading doors.
510 Strander Boulevard is owner-occupied by General Builders Supply, a distributor
of appliances and cabinets. The owners have decided to retire are in the process of
selling assets, including both the real estate and the business. The business is being
offered for sale at a price of $1,400,000. Please contact the listing agent to be
provided with the business financials.
General Builders Supply is currently subject to a NNN lease expiring October 31, 2023, 510 Strander Blvd
ADDRESS
at a rental rate of $25,535 per month plus NNN. The seller intends to vacate the Tukwila, Washington
property at the expiration of the lease, making this offering an opportunity for
an owner-user buyer. The seller will consider vacating the property at an earlier date
to accommodate a buyer’s occupancy timeline. REAL ESTATE PRICE $5,600,000
The current use (wholesale) is currently a non-conforming use within the current TUC-
TOD zoning. Please reference the following “Zoning Description” page for further detail.
BUSINESS PRICE $1,400,000
Highlights
SALE TYPE Owner-User
• Single-Tenant Warehouse Building • 49,344 SF Land
• Business Also For Sale • Irreplaceable Location Adjacent to
Southcenter Mall YEAR BUILT 1975
• Owner-User Opportunity
• Zoning: TUC-TOD
• 23,600 SF Building
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 5
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum
Section 1
Zoning Description
Property Overview
In 2014 the property was up-zoned to TUC-TOD. Industrial uses are not permitted
within this zoning district. The current use at the property (wholesale) is a non-
conforming use. However, the existing use is grandfathered in. Therefore, any
operator that falls within the wholesale use category may purchase this building
and the use will be permitted. In the event the property is vacant for a period of
6 months, the property will lose its non-conforming status.
Please click this link for more zoning details and a full use chart: ZONING DETAILS
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 6
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum
Section 1
Property Overview
Property Overview
510 Strander Blvd
Tukwila, WA 98188
Strander Blvd
Andover Park E
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 7
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum
Section 1
Interior Photos
Property Overview
Warehouse Showroom
1st Floor Office 2nd Floor Office
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 8
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum
2 Financial
Overview
Section 2
Financial Overview
Financial Overview
OPERATING DATA EXPENSES
Current Taxes $33,800
Scheduled Lease Income: $306,420 Water/Sewer $4,000
NNN Charges: $52,698 Repairs & Maintenance $3,751
Effective Gross Income: $359,118 Professional Services $2,760
Sewer Repair $8,387
Expenses: $52,698
Total Expenses: $52,698
Net Operating Income: $306,420 Expenses Per SF $2.23
TENANT INFORMATION
Tenant SF % Lease Expiration Options Monthly Base Rent $/SF/Month
General Builders Supply 23,600 100% 10/31/2023 4 - 5-year @ FMV $25,535.00 $1.08
100% $1.08
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 10
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering MemorandumSection 2
Lease Abstract
Rent Schedule
Financial Overview
November 1, 2020 – October 31, 2021 $24,791 plus NNN
November 1, 2021 – October 31, 2022 $25,535 plus NNN
November 1, 2022 – October 31, 2023 $26,301 plus NNN
• Lease Commencement Date: November 1, 2018
• Lease Expiration Date: October 31, 2023
• NNN Lease
• Landlord Responsibilities: roof, foundation, and
exterior walls
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy.
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 11
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum3 Market
OverviewSection 3
Market Overview
Tukwila is a great place for business. With over 40,000 jobs, more people are employed in the City of Tukwila than in 29 counties in the State
of Washington. Approximately one third of the jobs are in retail, one third are in manufacturing, and the remainder span everything from
Market Overview
entertainment to real estate.
Located in the Kent Valley, Tukwila is in a global aerospace and advanced manufacturing hub in the Seattle region and has has thousands
of people employed in aerospace companies such as Boeing and LeoStella satellites. Further, Tukwila is home to the global headquarters of
BECU, Continental Mills, Odin Brewing Company, Pop Gourmet Foods, Red Dot Corporation, Sabey Corporation, and Seattle Chocolates.
Tukwila is a retail powerhouse. Anchored by Westfield Southcenter, which is the largest mall in the Pacific Northwest, Tukwila generated nearly
$2.0 billion dollars in taxable retail sales in 2016. It is also home to hundreds of small businesses, many of which are owned by members of
Tukwila’s diverse international community.
The Office of Economic Development welcomes your business in Tukwila and can help answer questions about City-specific requirements such
as how to navigate the city permitting process, deciding where to locate, how to get a City of Tukwila business license, and more
Tukwila is not just a great place to live and work, but to visit as well. In addition to shopping, visitors can tour museums, catch a soccer game,
go bowling, or even go indoor skydiving. These are just a few examples of the variety of attractions located in Tukwila.
Source: https://www.tukwilawa.gov/departments/economic-development/
1 Mile Radius 3 Mile Radius 5 Mile Radius
KEY FACTS EDUCATION KEY FACTS EDUCATION KEY FACTS
2,443 38.2 87,295 37.0 293,704 37.6
Population 13% Population 12% Population 12%
Median Age Median Age Median Age
32% 33%
2.1 $60,356 No High School 2.6 Some College
$64,558 No High School 2.7 Some College
$71,694 No High Schoo
Diploma Diploma Diploma
21% 35% 24% 31%
Average Median Household Average
High School Median Household
Bachelor's/Grad/Pr Average
High School Median Household
Bachelor's/Grad/Pr
Household Size Income Household Size
Graduate Income
of Degree Household Size
Graduate Income
of Degree
BUSINESS EMPLOYMENT BUSINESS EMPLOYMENT BUSINESS
62% 58%
White Collar White
The information supplied herein is from sources we deem reliable. It is provided without Collar
any representation, warranty or guarantee, expressed or implied, as to its accuracy. White Collar
Bellevue | Tacoma Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income 13
22% 11.7% 26%
and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\ 6.0%
nai-psp.com Brokerage\Offering Memorandums\510 Strander Blvd - KS\510 Strander Blvd Offering Memorandum
Blue Collar Blue Collar Blue CollarExclusively marketed by:
Kyle Sterling
+1 425 586 5608
ksterling@nai-psp.comYou can also read
