investment opportunity oakbrook plaza€¦ · 2017 est. labor population age 16+ 6,864 76,043...

OAKBROOK PLAZAINVESTMENT OPPORTUNITY

2150 E Fairview AveMeridian, ID 83642

CLAY ANDERSON, MBA, CPA208 489 [email protected]

MIKE CHRISTENSEN208 472 [email protected]

Owner-User Opportunity In America’s Fastest Growing State

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OAKBROOK PLAZAOffering Memorandum — 2150 E Fairview Ave, Meridian, ID

Confidentiality DisclaimerColliers International has been engaged as the exclusive marketing team to the Seller in connection with Seller’s solicitation of offers for the purchase of the property known as Oakbrook Plaza located at 2150 E Fairview Avenue just north of Locust Grove Rd, in the City of Meridian, County of Ada, State of Idaho (the “Property”). Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including the current financial qualifications of the prospective purchaser. Seller expressly reserves the right in its sole and absolute discretion to evaluate the terms and conditions of any offer and to reject any offer without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final execution of the Purchase Agreement.

The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property, and it is not to be used for any other purpose or made available to any other person without the express written consent of Seller. The material is based in part by information supplied by the Seller and in part by financial information obtained from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and qualified in their entirety by the actual document to which they relate.

No representation or warranty, expressed or implied, is made by the Seller, or any of their respective affiliates as to the accuracy or completeness of the information contained herein. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Property site or used in the construction or maintenance of the building at the Property site.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

Prospective purchasers are not to construe the contents of this Offering Memorandum or any prior or subsequent communication from the Seller or their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents as legal, tax, or other advice. Prior to submitting an offer, prospective purchasers should consult with their own legal counsel and personal tax advisors to determine the consequences of an investment in the Property and arrive at an independent evaluation of such investment.

Offered Exclusively By:

CLAY ANDERSON, MBA, CPA208 489 [email protected]

MIKE CHRISTENSEN208 472 [email protected]

Table of ContentsOverview 2

Valuation 4

Site Layout 5

Location 6

Demographics 9

Area Overview 10


OAKBROOK PLAZAInvestment Summary

This investment opportunity is for the fee simple interest in the 21,200 square foot building in Oakbrook Plaza Shopping Center sitting on nearly 2.5 acres. Ideal opportunity for an owner-user. 13,200 SF of vacant showroom retail space. In place income of $60,240.00 a year to offset mortgage payment. In February of 2018 Forbes named the Boise area as the #1 Fastest Growing City in America.

Pricing: $2,600,000

Vacant: 13,200 SF

Occupied: 8,000 SF

Size: 21,200 SF

Price/PSF: $123

Occupied Income: $60,240

NOT A PART


OAKBROOK PLAZAProperty Overview

Profile

Property Name: Oakbrook Plaza

Address: 2150 E Fairview Ave.Meridian, Idaho 83642

Building Size: 21,200 SF

Land Size: 2.3 Acres

Parcels: R6114160200

Zoning: C-G

Parking: Ample

Year Built: 2000

Highlights» Prime location on busy Meridian arterial

near the Fairview and Eagle intersection

» Below replacement cost

» Upside rent potential

» 13,200 SF of vacant space

» Surrounded by new developmentand national tenants including: Sonic,Meineke, O’Reilly, Fred Meyer, Ross andThe Village

» Located near the busiest intersection inIdaho with high visibility and great access


OAKBROOK PLAZAValuation

Tenant Suite SF % Share NNN Rent PSF Lease Expire

Re-bath #150 8,000 38% $60,215 $7.53 1/31/2021

Vacant User #100 13,200 62%

Total 21,200 100%

Purchase Price $2,600,000 $122.64

Down (20%) $(520,000)

New Loan $2,080,000

Rate 5.50%

Amortization 25

Payment (Debt Service) $(155,063)

Operating Costs $(72,864) -$3.44

CAM from Re-Bath $27,496

Rent from Re-bath $60,215

Debt Service $(155,063)

Net Cost on occupied 13,200 SF $(140,216) $(10.62)

Principal Loan Reduction (10 Yr Avg) $51,227

Adjusted Cost to operate 13,200 SF $(88,989) $(6.74)

Value $PSF

$2,600,000 $123

https://www.crexi.com/properties/150468


OAKBROOK PLAZA

MAVERIKFINANCE

U-DODOGGIE BATH

MACIE’SDANCE STUDIO

RENEWEDEXPRESSIONS

THE PARLOURTATTOO

MARTIALWAY

PREMIER SIGNSINCORPORATED

LOADINGDOCK

LEAP FOX LEARNING

MILLER PAINT

BOBBY DO

Site Plan

NOT A PART

13,200 SFVACANT

NOT A PART

SITE


OAKBROOK PLAZALocation


OAKBROOK PLAZADemographics

2150 E Fairview Ave | Meridian, ID 1 Mile 3 Miles 5 Miles

POPULATION

2017 Estimated Population 9,100 100,635 204,872

2022 Projected Population 10,220 112,457 228,900

2010 Census Population 7,506 85,177 172,396

2000 Census Population 6,279 56,724 121,369

Historical Annual Growth 2000 to 2017 2.6% 4.6% 4.0%

HOUSEHOLD

2017 Estimated Households 3,460 35,624 73,829

2022 Projected Households 3,809 39,101 81,118

2010 Census Households 2,845 29,713 61,234

Historical Annual Growth 2000 to 2017 3.3% 4.9% 4.4%

INCOME

2017 Est. Average Household Income $74,633 $82,544 $85,971

2017 Est. Median Household Income $57,365 $69,299 $70,280

MISC.

2010 Median Home Value $192,533 $209,886 $211,659

2010 Median Rent $693 $841 $837

2017 Est. Median Age 34.6 35.2 36.6

2017 Est. Labor Population Age 16+ 6,864 76,043 157,066

2017 Est. Total Household Expenditure $199 M $2.20 B $4.69 B


OAKBROOK PLAZAArea Overview

The Boise Valley is strategically located in the Mountain Time Zone in Southwestern Idaho, providing easy non-stop access to all major cities on the West Coast, the Pacific Northwest and the Intermountain West. Of the West’s major metropolitan areas, 12 are within 800 miles of the Boise Valley.



Quality of LifeReferred to as the “Treasure Valley”, the region is home to about 675,000 people. The workforce of roughly 330,000, live within a 45-minute draw area. Known for its extraordinary quality of life and affordable cost of living (currently one of the lowest in the western states, according to the ACCRA Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall Street Journal, Livability and Inc. Magazine as one of the best places in the U.S. to live and work.

Commuting in the ValleyThe major interstate serving the Treasure Valley is I-84, running through the metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching off to the northeast is I-184, which runs into downtown Boise. Daily commutes are easy, with several U.S. and state highways providing direct routes and minimal traffic. The average commute time is only 18 minutes. Public transportation is handled by ValleyRide, Treasure Valley Transit and ACHD Commuteride.

What about logistics? There are 50 motor freight companies traveling 5 interstates, 20 U.S. highways and 30 state highways that serve the Boise Valley. More than 1,600 miles of rail line through Union Pacific and Burlington Northern Santa Fe provide connection points to Canada, Mexico and the U.S. They are aided by the state’s regional line and 6 short line railroads. Annually, the rail system transports over 11 million tons of freight.

RecreationLocated 17 minutes from downtown Boise, the Bogus Basin Ski Area offers day and lighted night skiing. The Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. With world-class golf courses, hiking, fishing and mountain biking, the recreation opportunities are virtually unlimited within a 30-minute drive.

DiversityThe City of Boise has been recognized for its work welcoming over 800 new citizens (refugees) each year from over 20 foreign countries. Annual diversity events and resources include the Soul Food Extravaganza, PRIDE activities, Hispanic Cultural Center and the Black History Museum. More than 90 different languages are spoken in the Boise School District and the Mexican Consulate also has an office in Boise.



IDAHO TAX OVERVIEWSales and Use Tax in Idaho is 6%. This would apply to items purchased or consumed in Idaho. Exemptions are available for equipment and raw materials used directly in manufacturing, processing, or fabrication; clean rooms used in semiconductor and semiconductor equipment manufacturing; and any equipment or material used in research and development activities.

We do not tax services including telecommunication services, and utilities such as water, gas, electricity, or natural gas. In our region we do not have any local option sales tax.

Property Tax personal (machinery/equipment) and real (land/buildings) – based on market value. 2017 Rates: Ada County Average Range: 1.1% - 1.8% Canyon County Average Range: 1.5% - 2.5% Elmore County Average rate: 1.8%

Idaho does not have an inventory tax.

Corporate Income Tax – Computed at 7.4% of the Idaho taxable income of a corporation. Corporations that are taxable in Idaho and another state or country or are part of a unitary group of corporations, use a 3 factor formula to ascertain how much of the business is conducted in Idaho. The apportionment formula is made up of a property factor, a payroll factor, and a sales factor. These three factors, with the sales factor being double weighted for all taxpayers except for electrical and telephone companies, are totaled and divided by 4 to compute the Idaho apportionment factor. The Idaho apportionment factor is then applied to the business income of the corporation to compute income assigned to Idaho. Non-business income allocable to Idaho is added to the income apportioned to Idaho to arrive at Idaho taxable income.

SALES & USE TAX6%

CORPORATE INCOME TAX7% MINIMUM

WAGE$7.25/hr

STATE UNEMPLOYMENT INSURANCE RATE1.91%

UNION MEMBERSHIP(NAT’L AVG: 11.9%)7.1%

PERSONAL INCOME TAX RATE RANGE Rate range on a bracketed system based on income levels

1.6%-7.8%#2 BEST STATE Property tax rate (2013 Tax Foundation Study)

PROPERTY EXEMPTIONFirst $100,000 of personal property is exempt from taxation

right to workIDAHO IS A

STATE

OAKBROOK PLAZA2150 E Fairview AveMeridian, ID 83642

CLAY ANDERSON, MBA, CPA208 489 6177

[email protected]

MIKE CHRISTENSEN208 472 2866

[email protected]

Col l iers Internat ional Idaho | 755 West Front Street , Sui te 300 Boise , Idaho 83702 | www.col l iersboise.com | 208 345 9000

investment opportunity oakbrook plaza€¦ · 2017 est. labor population age 16+ 6,864 76,043...

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