for sale 11120 ne 2nd street | bellevue, wa 98004 betts ... · e do not guarantee it all...

Chris O’ConnorNAI Puget Sound Properties +1 425 586 [email protected]

John Werdel, CCIMNAI Puget Sound Properties +1 206 332 [email protected]

FOR SALE

11120 NE 2nd Street | Bellevue, WA 98004

Betts Austin Building

THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING

600 108th Avenue NE, Suite 340Bellevue, Washington 98004

+1 425 586 5600nai-psp.com

11Executive SummaryBetts Austin Building

LOT SIZE16,448 SF

PARCEL NUMBERS239960-0035 (8,224 SF) & 239960-0040 (8,224 SF) - Subject Site322505-9212 (3,592 SF) - Across Street Parking Lot

BUILDING SIZE13,609 SF

CURRENT ZONINGDNTN-MU

LISTING PRICEContact Brokers

Betts Austin Bldg



+1 425 586 5600nai-psp.com

01 Executive Summary

Executive SummaryBetts Austin Building

NAI Puget Sound Properties is pleased to present an opportunity to purchase a prime commercial investment site with 16,448 SF of land, a 13,609 SF office building, and an off site parking lot across the street. The site is located in the Bellevue's Central Business District with excellent visibility, zoning and potential for redevelopment. It is in close proximity to the East Main Station of the future East Link Light Rail. This Bellevue investment / development site offers an opportunity in what many consider to be one of the fastest growing submarkets in the Puget Sound. Building is currently 97% leased to multiple Tenants on month to month leases.



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Executive SummaryBetts Austin Building

Property Highlights

• The building is currently 97% leased with all but one tenant on Month-to-Month leases. The one lease not Month-to-Month runs through April 2021.

• Estimated Net Operating Income is approximately $247,974.11 (buyer to verify)

• Development Opportunity & Potential Owner/User Opportunity

• Seller Massing Study provided with Signed Confidentiality Agreement

• Off Site Parking lot of 3,592 Square Feet Available (11105 NE 2nd St); *Optional, this lot can be part of the offer or not

• Outstanding Transit Oriented Development (“TOD”) site just off of I-405 and NE 4th Street Exit

• Excellent access to the Bellevue Transit Center (Buses) & Bus routes on 112th Ave NE

• Excellent future access to East Main Station & City Hall Station of East Link Light Rail

Located on the NE Corner

of NE 2nd Street and 112th

Ave NE in Bellevue

NE 2nd Street

112th Ave N

E

Off Site Parking



+1 425 586 5600nai-psp.com


PARCEL A

PARCEL B

Executive SummaryLegal Descriptions

King County Assessor's Office, King County GIS Center, K ing County, Kingcounty Assessor's Office, King County GIS Center

Date: 10/11/2019

±The information included on this map has been compiled by King County staff from a variety of sources and issubject to change without notice. King County makes no representations or warranties, express or implied,as to accuracy, completeness, timeliness, or rights to the use of such information. This document is not intendedfor use as a survey product. King County shall not be liable for any general, special, indirect, incidental, orconsequential damages including, but not limited to, lost revenues or lost profits resulting from the use or misuseof the information contained on this map. Any sale of this map or information on this map is prohibited except bywritten permission of King County.

King County

Off Site Parking Available

Across the Street

Off Site Parking



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Executive SummaryEstimated Parking

Estimated Parking Highlights

Off Site Parking Betts

Austin Building

Covered 16

Non Covered 12

East Side of Bldg on 112th Ave NE 4

Near Main Bldg Entrance 4

Total 36

Lot on NE 2nd Street 14

Total 50



+1 425 586 5600nai-psp.com


5 Minute Walk

3 Minute Walk

Bellevue Transit Center

East Main Link

Station

City Hall Station

Off Site Parking

Executive SummaryWalking Distances



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Executive SummaryClose-in Transit

East Main Link

Station

Wilburton Station

City Hall Station



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Betts Austin Bldg

Source: NW Progressive

THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE.


+1 425 586 5600nai-psp.com

Off Site Parking

FEASIBILITY STUDY

1 1 120 NE 2ND ST, BELLEVUE WA © 2019 Ankrom Moisan Architects, Inc.

October 11, 2019

Executive SummaryAerial Overview

Source: Ankrom Moisan

Source: NW Progressive


East Main Link

Station

City Hall Station



+1 425 586 5600nai-psp.com


The East Link Expansion is schedule to open in 2023 providing a 24 min trip from Westlake Station & downtown Bellevue.

Northgate

NE 130th

Shoreline South/145th

Roosevelt

U District

University of Washington

Capitol Hill

Future Link Extensions

Current Link Route

Rainier Mercer Island


120th 130th

South Bellevue

East Main

Hospital

Overlake Village

Overlake Transit Center

WestlakeUniversity Street

Pioneer SquareInternational District

Stadium

SODO

Beacon Hill

Mount Baker

Columbia City

Othello

Rainier Beach

SeaTac Airport Station 12 mins from

Rainier Beach

The Northgate Link Extension is scheduled to open in 2021 providing an 8 min ride from U District to Westlake station.

Executive SummaryTransit Link



+1 425 586 5600nai-psp.com


Betts Austin Bldg

Future

Amazon

Towers

Transit Center

Close proximity to retail amenities, hotels and I-405

22Office Market OverviewBellevue CBD

The Bellevue Central Business District (CBD) continues to be one of the most sought after submarkets for high-end tech tenants in the metro. The submarket's inventory comprises roughly 85% 4 & 5 Star space, the highest proportion in the Seattle area. A spike in development activity earlier in the cycle resulted in an uptick in the vacancy rate, but vacancy compression has resulted in some of the tightest levels in the metro. Developers are starting to respond to pent-up demand for high-end office space, with several large under-construction and proposed projects in the works, many of which have been preleased by Amazon.

Rent growth has accelerated in a tight vacancy environment, and rents are now the highest of all submarkets in the Seattle area. Sales activity is sporadic, and banner years are usually driven by several large institutional deals. Institutional investment has resulted in robust price appreciation, and cap rates are among the lowest in the metro. Sales activity in 2019 started off slow, but a large acquisition by Amazon has helped the submarket play catch up in terms of sales volume.

Source: CoStar



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02 Market Overview

Market OverviewBellevue CBD

1. Amazon 2. Amazon3. Vulcan4. Concur5. Bellevue City Hall6. Puget Sound Energy7. City Center Plaza8. Bellevue Library9. Expedia/Amazon

10. Apptio11. Proposed 8-story

Building12. Fana 13. Salesforce & Visa

14. Skanska (proposed)15. Amazon16. Amazon17. Amazon (permitted)18. Vulcan19. Onni 20. Sheraton Bellevue21. Red Lion Hotel22. Virginia Mason23. Overlake24. AutoNation25. Hampton Inn26. Extended Stay27. AppleOne

Downtown Park

Bellevue Square

Lincoln Square

1

4

3

192

5

8

10

23

1113

1412

7

15

1617 69

21

20

22

2427

26

25

18

Transit Center

The Bravern



+1 425 586 5600nai-psp.com

02 Market Overview

1 Mile Radius

3 Mile Radius

5 Mile Radius

Market OverviewDemographics



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02 Market Overview

Custom Map

Source: ©2019 Esri

October 08, 2019

©2019 Esri Page 1 of 1

1 Mile

3 Mile

5 Mile

Market OverviewDemographics

3Offering Terms & ProceduresBetts Austin Building

Terms of Sale

The Property is being offered “as is”, “where is” and subject to all agreed terms. Seller makes no representation or warranty with respect thereto. Buyer acknowledges that buyer is not relying on any representation or warranty of Seller or of any agent or representative of Seller. All information furnished regarding property for sale is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and the same is subject to errors, omissions, changes of prices, rental or other conditions, prior sale or lease or withdrawal without notice.

No Contact with Seller

All contact with seller shall be conducted through listing agents with prior written approval.

Offering Procedure

NAI Puget Sound Properties hereby solicits offers to purchase the Betts Austin Building. Offers may be responded to as received or “Best and Final” offers may be requested. Inquiries concerning the procedures outlined in this Offering Memorandum may be directed to:

Chris O’ConnorNAI Puget Sound Properties +1 425 586 [email protected]

John Werdel, CCIMNAI Puget Sound Properties +1 206 332 [email protected]

3

600 108th Avenue NE Suite 340Bellevue, Washington USA 98004+1 425 586 5600

1700 Seventh Avenue Suite 2050Seattle, Washington USA 98101+1 206 332 1466

1201 Pacific Avenue Suite 1703Tacoma, Washington USA 98402+1 253 383 3100

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for sale 11120 ne 2nd street | bellevue, wa 98004 betts ... · e do not guarantee it all...

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