for sale...server room details currently has 5 full-height locking server cabinets organized into 10...

Downtown Office Building1035-1045 Willamette Street, Eugene Oregon

FOR SALE

1035 - 1045 WILLAMETTE STREET | 2

Downtown Office Building

Address1035 - 1045 Willamette Street Eugene, Oregon 97402

This property is located on Willamette Street between 10th & 11th Avenues in the heart of Downtown Eugene. It is located in close proxemity to Downtown Athletic Club, the McDonald Theater, The Lane Community College Downtown Campus, Lane Transit District’s main hub and the Eugene Public Library as well as many retail stores, professional offices, restaurants and Governmental Agencies.

Details• Approximately 13,987 square feet of leased, high quality office space

Ground Floor: 7,143 sf

2nd Floor: 2,608 sf with additional mezzanine of 432 sf (walk up)

Basement: 3,804 sf

• Zoned C-3 (Major Commerical)

• 3 Parking space on alley in rear of building

PRICE: $ 2,100,000 $ 1,995,000


Stephanie [email protected](541) 345-4860

Building DescriptionThe building consists of three floors and is occupied by one Tenant who has leased space in the building since 2011. The Ground floor area totals approximately 7,143 square feet and contains of a mixture of private offices, open work spaces, restrooms, a kitchenette and reception area. The space has good natural light and high ceilings with quality finishes. According to Lane County Records, the building was original built in the mid 1920’s and has been extensively remodeled and upgraded many times over the years. The building is fully sprinkled.

Second floor space: The second floor walk up space consists approximately 2,608 square feet of open office work area with a large private conference room and two restrooms. There is a also a small mezzanine office/conference room in the Northeast corner of the building that is approximately 432 sf. The second floor space has high, open wooden ceilings with exposed metal ductwork and quality finishes which provide a modern, urban feel.

Basement: The basement space consists of approximately 3,804 square feet of dry storage/meeting area. There is a secure server room in the basement which includes its own cooling system as well as a specialized fire protection system and alarmed door. There are three high speed fiber connections available in the building including the City of Eugene’s new high speed fiber. There is a kitchenette area in the basement and an updated restroom.

HVACThe HVAC system was replaced in 2014 and includes 10 gas-fired furnaces, 3 mini-split units and air conditioning condensers which support the entire building. There are 12 separate zones in the building. The equipment and controls are located on the roof. The system has wireless capabilities which are not currently utilized. The equipment was installed by Innovative Air and has been maintained on a service contract since installation in summer of 2014.


RoofIn fall of 2018, the entire roof was stripped including decomposing insulation and dry rot sections of tongue and groove decking. The areas of dry rot were removed and replaced with new hemlock car decking installed, retaining all sprinklers, lighting and other fixtures below. The tongue and groove decking was sheeted with plywood for stronger sheer strength and seismic activity. The entire deck was sealed with an underlayment and then rigid cyan foam was installed at varying depths of 6”-20”. The tapered insulation creates drainage to the 3 roof drains in the roof. All rooftop skylights, HVAC equipment and piping was raised to match the new roof level. Parapet walls were added in the front and rear with scuppers for emergency drainage to keep a lip above the new roof level. The rooftop buildings which house rooftop equipment were replaced with pressure treated lumber and were clad entirely in sheet metal. A grey, 20-year warranted TPO membrane was added and tapered to the insulation. All work was completed by Umpqua Roofing and Halvorsen Construction was the GC on the project.

Server Room DetailsCurrently has 5 full-height locking server cabinets organized into 10 bays of 20U half-racks. There is bay being used by the shared fiber access in the building with an edge router. The current tenant rents 2 bays for a full 42U rack as part of the use in place when the server room was remodeled.

That leaves 7 more half-rack bays available within the current locking cabinets. The price for these, as occupied is a $500/month rack fee without power or connectivity. Power and connectivity are available but would be worked out by new users either sharing with existing users or establishing new connectivity and power usage payment to the internet provider or building respectively.

The room is designed to accommodate up-to 8 additional cabinets if it is expanded which would bring the total number of cabinets to 13 or 26 half-rack locking cabinets. There are 3 distinct fiber routes into the building with active connections on 2 (Comcast and Century Link) and a high-density (32 strand) dark fiber run through the EWEB steam ducting to the Eugene Downtown Fiber operation center. Telecom and cable connections also are active and terminate in the server room.

The room currently has a 4-ton dedicated cooling system that can manage the existing cabinets if full. There are HVAC refrigerant line sets in place to support

one or even two more such HVAC units for redundancy or increased cooling capacity. The roof rack for the HVAC condensers is built to accept the additional condensers as they are added.

Fire suppression is done using a whole-room FM-200 dry agent fire suppression system that is both safe for humans and effective at fire suppression without dousing the room and all the equipment in it. This is monitored for arc and smoke and externally connected to the fire department along with the building’s general fire suppression.

Power in the room is currently supplied through a dedicated 100Amp sub-panel in the server room. The building has 600Amp 3-phase service. There is also a hardened, fire-rated rooftop shed that formerly housed the building’s boiler which can be used for a natural gas-fired generator for server support if desired.

All other systems (video, POTs phone lines, alarm, lighting controls, and HVAC controls) are pulled in to the server room and mounted on fire-proof panels on the East wall. Cable trays and conduit routes exist to most locations in the building for low voltage wiring runs.


Site DescriptionThis property consists of one map & tax lot # listed below:

Map & Tax Lot #: 17-03-31-14-12700 consisting of approximately 8,276 square feet of land (0.19 ac)

Property Taxes2018 Real Property Taxes: $19,807.80

ZoningThe property is zoned C-3 (Major Commercial)


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FOR ASSESSMENT ANDTAXATION ONLY S.E.1/4 N.E.1/4 SEC. 31 T.17S. R.3W. W.M.

Lane County1" = 100'

CANCELLED10030050012003000-32003400-38004100-43004500500051005900-61006301640064017000-74008500-900094009700-9900

17033114EUGENE

EUGENE17033114

lcatdwc - 2011-07-29 12:28

REVISIONS07/18/2011 - LCAT113 - CONVERT MAP TO GIS


Financials

Purchase Price $ 1,995,203

Square Feet 13,987

Cap Rate 6.716%

Price per Square Foot $142.65

Net Operating Income Proforma Summary

IncomePER SF

Scheduled Rental Income $10.90 $152,421

Plus: CAM Reimbursements $0.00

Basement rent @ 53¢/sq.ft. (Projected)** $1.72 $24,000

EQUALS: Scheduled Gross Income $12.61 $176,421

Less: Vacancy 5% $8,821

Management 3% $5,293

EQUALS: Effective Gross Income $11.60 $162,307

Expenses% OF EGI PER SF

EWEB/NW Natural (5% of total bill) 0.56% $0.07 $909.20

Real Property Taxes 12.20% $1.42 $19,807.80

Insurance 2.36% $0.27 $3,838.00

Maintenance* 2.31% $0.27 $3,754.48

DEI Fee

Total Operating Expenses $28,309

EQUALS: Net Operating Income $133,998

Financing Summary

Purchase Price $1,995,203

Less: Down Payment 25% $498,801

Total Loan Amount $1,496,402

Interest Rate 5%

Loan Term (years) 25

Monthly Payment $8,747.82

Investment Performance Summary

Net Operating Income $133,998

Minus: Annual Debt Service $104,974

Pre-Tax Annual Cash Flow $29,024

Debt Service Coverage 1.28

Expense Ratio 17.44%

Cash-on-Cash Return 5.82%

Annual Cap Rate 6.72%

Intial Annual Yield 11.86%

*Maintenance includes: HVAC contract, annual back flow fire sprinkler testing, fire life safety testing, server room dry-agent fire supression system and pest control

**Basement Rent: Rent for the basement has been projected in this proforma at 53¢ per square foot on a modified gross basis. There is additional rent which could be achieved by renting out server space in the high tech server room as described on page 5


Mezzanine / Second Floor

First Floor


First Floor Photographs


Mezzanine / Second Floor Photographs


Basement Photographs

1035-1045 Willamette Street 1035 - 1045 WILLAMETTE STREET | 12

Parking

Parking

City ofEugene

FederalCourthouse

EWEBRiverfront

1035-1045 Willamette

Building

Building

Parking

Downtown Office Building1035 - 1045 Willamette Street Eugene, Oregon

For more information, contact:

Stephanie [email protected](541) 345-4860

101 E. Broadway, Suite 101Eugene, OR 97401(541) 345-4860

eebcre.com

for sale...server room details currently has 5 full-height locking server cabinets organized into 10...

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