123 LAKE STREET123 LAKE STREET S , KIRKLAND, WA 98033 CONTACT INFORMATION:

ALLALLAN FRIEDMANAN FRIEDMANPRINCIPAL | MANAGINGBROKER206.505.9406allanf@westlakeassociates.com

INVESTMENT SUMMARY

PRICE $9,730,000CAP RATE 4.84%TOTAL BUILDING NET SF 16,517 SFYEAR BUILT 1954PRICE / SF $589LOT SIZE 21,034 SFZONING CBD 2POPULATION - 3 MILE 81,394

Westlake Associates is pleased to present the 123 Lake Street Commercial Property for sale. Thisis a rare opportunity to purchase a 100% leased, multi-tenant commercial investment consistingof two buildings on a Downtown Kirkland lot with Partial Lake Washington Frontage.

Located in the heart of this lake-oriented neighborhood, the property fronts the main north tosouth Arterial into downtown Kirkland. The downtown area waterfront offers restaurants, artgalleries, public parks and beaches.

PROPERTPROPERTY OY OVERVIEWVERVIEW

PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS

• Two Contiguous Buildings

• New Architectural Designed Storefronts and Glass Awnings

• Onsite parking for 34 cars

• Substantially Upgraded over the past five years

• Free and Clear

EXECUTIVE SUMMARY

SALE PRICESALE PRICE $9,730,$9,730,000000

LLOCAOCATION INFORMATION INFORMATIONTION

Building Name 123 Lake Street

Street Address 123-133 Lake Street S

City, State, Zip Kirkland, WA 98033

County/Township King

BUILDING INFORMABUILDING INFORMATIONTION

Building Size 16,517 SF

Number Of Floors 2

Year Built 1954

Load Factor Yes

PROPERTPROPERTY DETY DETAILSAILS

Property Type Retail / Office

Property Subtype Street Retail

Zoning CBD 2

Lot Size 21,034 SF

APN# 082505-9196 and 082505-9129

UTILITIES & AMENITIESUTILITIES & AMENITIES

Exterior Description Brick

Stucco

Frame

PROPERTY DETAILS

EXPENSES SUMMARY

7,885.52

4,198.58

2,842.75

1,354.46

554.00

225.00

42,745.99

14,025.00

Gas & Electric

Water

Waste Disposal

Maintenance

Janitorial

Landscaping

Property Taxes

Insurance

Management 5,500.00

Total Expenses $ 79,329.30

INCOME SUMMARY

Base Rents 504,309

Expense Reimbursements 46,332

Total Income $ 550,641

NET OPERATING INCOME $ 471,311.70

CAP RATE 4.84 %

INCOME & EXPENSES

TENANTNAME

UNITNUMBER

UNITSIZE (SF)

LEASEEND

ANNUALRENT

RENTPER SF/YR

Studio 150 123 - 102 2,147 3/31/2020 $87,638 $40.82

Reach Network 123 - B1 4,396 7/31/2018 $90,650 $20.62

Pipeline Platform 123 - 100126

131 - B4,571 12/31/2023 $142,543 $31.18

My Flawless Tan 125 623 12/31/2018 $24,460 $39.26

Twisted Couture 127 1,149 2/28/2018 $37,897 $32.98

Via Logo 129 1,979 3/31/2021 $38,897 $42.20

Jennifer Winter 133 - B 1,610 3/31/2021 $30,000 $18.63

PHP Storage/Office 131 - B 42

AMPCO PARKING LOT $6,600

$504,309$504,309

TTOOTTALAL 16,516,51717 $504,309$504,309

RENT ROLL

SITE PLAN

UPPER FLOOR PLAN

LOWER FLOOR PLAN

PHOTOS

POPULPOPULAATIONTION 1 MILE1 MILE 3 MILES3 MILES 5 MILES5 MILES

Total population 9,416 81,394 224,198

Median age 39.8 38.8 37.8

Median age (male) 39.3 38.1 37.0

Median age (Female) 40.3 39.6 38.8

HOUSEHOLDS & INCHOUSEHOLDS & INCOMEOME 1 MILE1 MILE 3 MILES3 MILES 5 MILES5 MILES

Total households 4,607 35,818 98,240

# of persons per HH 2.0 2.3 2.3

Average HH income $133,750 $124,765 $117,053

Average house value $743,329 $619,940 $561,401

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP

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AMENITIES MAP

WESTLAKE ASSOCIATES, INC.

KIRKLANDFOUNDED NORTH OF BELLEVUE more than a century ago by Peter Kirk, Kirkland is the Eastside’s oldest city. Today, suburban life centers on waterfront and recreation in Kirkland, the 12th largest city in Washington.

Located on the shore of Lake Washington and a stone’s throw from Seattle, Kirkland offers the conveniences of a big city with the personal feel of a small town. Kirkland prides itself on its strong sense of community, features unique neighborhoods and places a strong emphasis on maintaining a highly desirable quality of life for its residents.

Kirkland is at once charming and modern. Both residential neighborhoods and the city’s Downtown Shopping District are just a stroll from the lake. The result is a picturesque community with four miles of lakefront, of which nearly one mile is open to the public. In December, decorated Christmas Ships festooned with colored lights dock at Kirkland for an evening of good cheer and caroling.

The city’s beautiful waterfront includes nine parks, a public marina and boat launch, as well as a large dock for tour boats. In addition, the city offers four community sports parks, six neighborhood parks, two public swimming pools, and a senior center. Even the city’s streets are sports-friendly, with bicycle and walking lanes included as part of road improvement projects.

Kirkland’s residential community offers a wide variety of housing, much of it on exclusive waterfronts or on hillsides within view of Lake Washington and the Seattle skyline. From luxury condominiums to acre-sized, single-family lots in the Bridle Trails development, Kirkland has a variety of affordable family-oriented neighborhoods, where the spirit of community thrives. The city places strong values on amenities such as safety, service, recreation, and education.

CARILLON POINT

JUANITA BAY PARK

12TH LARGEST

CITY IN

WASHINGTON

5 MILES DOWNTOWN

BELLEVUE

KIRKLAND

Since 1975 Westlake Associates, Inc. has been the premier provider ofcommercial real estate brokerage services in the Puget Sound region. Ourcommitment to assist our clients in creating and preserving their realestate investment wealth has led to the successful closing of billions ofdollars in investment property and a long history of repeat business andclient referrals.

Our firm has over twenty full-time real estate professionals with expertisein the multi-family sales market. With a majority of our partners owningand operating their own investment property, we offer clients a uniqueperspective from both an agent and owner point of view. Ourspecialization in representing Puget Sound apartment owners results inour clients receiving the most effective representation in the industry,where maximizing client returns is our highest priority.

Through effective teamwork, communication, and an unparalleledknowledge of the Puget Sound apartment market, our agents continue tolead the industry in successful closings and client satisfaction.

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MEMBERMEMBER: W: Washington Sashington State Rtate Realtors Association (WSMAealtors Association (WSMA))

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