sullivan business strip center - accel
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BUSINESS STRIP CENTER INVESTMENT OPPORTUNITY
SULLIVAN BUSINESS STRIP CENTER 2613 –2621 W. Camas Street,
Boise, Idaho, 83705
FOR ADDITIONAL INFORMATION, PLEASECONTACT:
Steven Caporale Amherst Madison Partners208-409-1708
All information herein has been obtained from sources believed to be reliable but is subject to verification by buyer.This offering is subject to price change, corrections, errors, omissions, prior sales and/or withdrawal.
PURCHASE TERMS – OPEN TO ALL , CAP RATE ; NO DEBT ON PROPERTY
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All information herein has been obtained from sources believed to be reliable but is subject to verification by buyer.This offering is subject to price change, corrections, errors, omissions, prior sales and/or withdrawal.
OFFERING PRICE $324,900
NUMBER OF UNITS 5PRICE PER UNIT N/APRICE PER SQ FT GLA $77.73NOI $27,102CAP RATE 7.2%
LOAN BALANCE (12/2014) NONE • Interest Rate N/A• Monthly P&I N/A
TOTAL EXPENSES: PROJECTPer Unit
$ 7,698 $ 10,485
ESTIMATED PROPERTY INCOME
4 BUSINESS UNITS: Approximately 1000+ square feetPROJECTED ANNUAL INCOME
$ 34,800
1 REFRIGERATOR SPACE AND RESTAURANT PARKING $ -
TOTAL SCHEDULED RENT $
ADDITIONAL MISC. INCOME $ -
TOTAL POTENTIAL INCOME $ 34,800
LESS VACANCY, 0% < $0 >
EFFECTIVE GROSS INCOME, 2015 $ 34,800
EXPENSE SUMMARY, 2015
2015 ESTIMATED PROFORMAPROFESSIONAL MANAGEMENT $ 0 $ 2,500ON-SITE MANAGEMENT $ 0 $ 0ADMINISTRATION / LEGAL $ 310 $ 310MAINTENANCE / TURNOVER $ 675 $ 675UTILITIES $ 923 $ 1,000ADVERTISING & PROMO / MISC $ 0 $ 0REAL ESTATE TAXES &INSURANCE
$ 5,790 $ 6,000
OPERATING INCOME $ 34,800 $ 34,800
CAPITAL REPLACEMENTS - -
NET OPERATING INCOME $ 27,102 $ 24,320
SITEGROSS AREA
YEAR BUILT
BUSINESS UNITS
.38Acres4220 SquareFeet1959
4
SINGLE-STORY BUILDING• GroundLevel:Parking• Front and Back Entry Doors
ON-SITE PARKING• 24Spaces
COMMUNITY FEATURES• 75 Feet from High Traffic Street• Street parking
LEASE INFORMATION –Leases available with Purchase Offer
2613 FRONT $650/ Month Karate Studio Leased through 11- 20182613BACK $150/ Month Restaurant Freezer Leased through 6-20192617 $600/ Month Restaurant Mgmt. Group Leased through Month to Month2619 $500/ Month 208 Golf, LLC Leased through 5-20172621 $1000/ Month Canine Design Leased through 8-2022
Owner pays Water, Sewer, Trash, Bldg. Maintenance
Zoning –C2D PARCEL ID –R8248000020
4
CEILING 8 ‘or 9’
MISC per unit.
Horizontal mini-blinds throughout
Hollow-core,wood
Incandescentfixtures throughoutFlorescent E-Star in 1 Suite
FLOORING
WINDOW COVERINGS
DOORS
LIGHTING
WATER
SEWER
GAS
ELECTRIC
CABLE /PHONE
United Water of IdahoCity ofBoiseInter-mountain Gas, individuallymeteredIdahoPower, individually metered
Century Lin k
UTILITIES
The Sullivan Business Strip Center is a one of a kind investment opportunity in Boise, Idaho. The 4180 sf building has had the same owner for over 40 years. It consists of 4 business suite units. The property sits on .38 acres and is within a half mile of numerous FORTUNE 500 business operations. This property is near a high-traffic roadway located half a block down on a quiet street in the heart of the Boise Bench. This prime locationis only minutes from shopping, restaurants, employment, and business corridors, as well as everythingdowntown Boise has to offer. Only a short driving distance from the Interstate, airport, and the greater TreasureValley, this well-built brick building offer the best of all worlds.
As an investment, the property represents a rare find in the Boise area. Throughout its lifetime as an rentalcomplex, the property has taken advantage of its unique position in the market by consistently maintainingstrong occupancy. Contingent on proper financing, the property has and will continue to prove a steadyinvestment with reliable cash-flow. The true opportunity for the investor may be may be looking in the Bench area for a user friendly space or one with the possibility of later conversion. Demand around this location and downtown is strong. While there are other small strip projects, none combine the location, amenities andaffordable price that this one does. Moderate property upgrades will allow for increased future rents.
• Solid Brick and Frame Construction• Great Rental History• Quickly Re-gentrifying Area of Boise • Appreciation Potential
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The heart of the capital city, downtown Boise is one of the most diverse, vibrant and fun downtown areas in the northwest United States. The highquality of life offered is due to its unique combination of small town charm in an exciting, contemporary urban setting.
The downtown area is easily accessible from the Boise Greenbelt with morethan 30 miles of non-motorized, paved trail along the Boise River, connectingcity parks, neighborhoods and Boise State University to the downtown core.
Dining options include more than 80 choices offering everything from casualcounter and food truck options to wine bars and fine dining - there issomething to satisfy, everyone.
Cultural attractions and organizations include more than a dozen art galleries, public art installations, Ballet Idaho, Basque Museum & Cultural Center, BoiseArt Museum, Boise Contemporary Theater, Boise Philharmonic, DiscoveryCenter of Idaho, Esther Simplot Performing Arts Academy, Idaho Anne FrankHuman Rights Memorial, Idaho Black History Museum, Idaho Dance TheatreInc., Idaho State Historical Museum, Oinkari Basque Dancers, Opera Idaho, TheCabin Literary Center, Boise Creative Center, CenturyLink Arena and MovieTheaters including the historic Egyptian Theatre.
Live music options abound and are available in many downtown venuesfrom intimate lounge music to large national tours and free outdoor summerconcerts on the Grove.
Sport fans can cheer-on the Idaho Steelheads, the city’s league championhockey team or college football team favorite, The Boise State Broncos at thenearby Boise State University campus.
Downtown Boise offers something for everyone. Its’ unique urban lifestyle offers an exceptional value for both work and play.
AdaCountyPopulation (2014)Boise Population (2013)
426,236214,237
The capital and largest city in the state and the third largest city in thenorthwest United States. Boise is the hub of commerce, banking andgovernment in Idaho. Located along the Boise River and nestled against thefoothills of the Rocky Mountains, Boise offers many outdoor activities. Wintersports are highlighted by skiing at the many nearby ski resorts including worldfamous Sun Valley. Summer offers biking and hiking along the Boise River andextensive trails just minutes from downtown. The Boise area has it all - desert, rivers, lakes and mountains for hiking, camping, water sports, hunting andfishing. The city celebrates a diverse art, culture and entertainment communityas well as world class educational opportunities. Boise offers the amenities oflarger cities while maintaining a small town lifestyle.
Many large regional, national and international companies areheadquartered or house major operations in Boise. A few such companies are: Simplot Corporation, Boise Corporation, the Washington division of theURS Corporation (formerly Washington Group International), Micron Technology (the region’s largest private, locally based and publicly tradedemployer), WinCo Foods, Clearwater Analytics, Hewlet-Packard, BoiseCascade, and Idaho Power (IdaCorp).
Boise and the surrounding valley has experienced significant growth overthe last decade due in large part to its high quality of life and low cost ofliving. It is annually ranked among the fastest growing cities in the U.S. andhas consistently been named by Forbes, Kiplinger, US News & World Report,USA Today and other news outlets to be one of the best places to live, workand do business in the nation. In 2014, Time magazine listed Boise as #1 for“Getting it Right” in an article called,“Solutions for America”.