Portfolio of Downtown Retail Properties

Investment Overview

THIS OFFERING is for the unique opportunity to acquire a portfolio of five downtown retail properties at a below market price. Four of the properties prominently front W Yakima Ave while the fifth fronts S 1st St. Approximately 80% of the buildings are leased at below market rents and mostly with short terms providing a relatively easy path to unlocking upside. While the total advertised building area is approximately 31,774SF, there are an additional approximately 21,000SF of unfinished areas on the 2nd and 3rd floors of 24 S 1st St. Seller will entertain selling properties separately upon terms to be agreed upon.

Investment Highlights

• Currently scheduled NOI delivering a stabilized cap rate of approximately 7.3% with approximately 6,278SF remaining to lease.
• Mostly leased at below market rents averaging approximately $7.84/SF, modified gross, with short terms remaining providing significant upside potential.
• Fair market rent is conservatively estimated to be $9/SF, NNN, blended, providing a path to up to $285,966 of projected gross annual income.
• Low blended price/SF of improvement at approximately $63/SF attributable to the leasable ground floors (or approximately $38/SF including the unfinished upper floors of 24 S 1st St).
• Seller will entertain selling properties separately upon terms to be agreed upon.
• As a condition of sale, seller reserves the right to occupy 611 W Yakima Ave for up to 1-year on terms to be agreed upon.