INVESTMENT HIGHLIGHTS
FULLY LEASED RETAIL CENTER WITH STRONG HISTORICAL OCCUPANCY
The Property is currently 92.4% occupied with pending LOIs on two vacant suites, which the Seller will guarantee for two years post-closing. Nearly 80% of the GLA has occupied the Property for more than 6 years.
ATTRACTIVE ASSUMABLE FINANCING AVAILABLE
The Seller’s current loan, fixed at a 5.00% interest rate until March, 2026 and amortized over 30 years, is assumable and features a balance of roughly $6,300,000. Contact listing agent for additional details.
BELOW MARKET RENT IN UPSTAIRS REGUS SUITE
Regus occupies approximately 42% of the GLA at the Property and is only paying $6.60/SF NNN in rent, with market rents achievable in the $20/SF – $22/SF NNN range, providing an Investor with significant upside in increasing rents for this space to market.
ATTRACTIVE NNN LEASE STRUCTURE
All of the tenants at the Property currently operate on NNN leases allowing for reimbursement of nearly all expenses and providing a hedge against rising operating expenses.
STAGGERED LEASE EXPIRATION DATES
The Property features a total of eleven tenants with varying lease expiration dates, ensuring long-term occupancy levels. In addition, multiple tenants at the Property have recently expressed interest in extending their lease terms.
HIGH-QUALITY 2010 CONSTRUCTION
The Property was built in 2010, features high-quality finishes and has been maintained in great condition.
STRONG, INCREASING CUSTOMER VISITS
The Property has seen an increase in customer visits by over 20% year-over-year, with over 312,000 visits in the last twelve months, per Placer.ai.
AFFLUENT, HIGH POPULATION GROWTH SUB-MARKET
The Property benefits from a population of over 165,000 residents within a 5-mile radius, with average household incomes exceeding $105,000, well above the national average. Within a 5-mile radius, the population has grown nearly 20% since 2010 and is projected to increase by another 4.6% in the next 5 years. Within a 1-mile radius, the population has grown by more than 36% since 2010.
STRONG RENT GROWTH (9.5%) AND HIGH BARRIER TO ENTRY MARKET
Camas/Washougal Submarket rents have increased a cumulative 9.5% over the past three years, per CoStar. With only 5.0% retail footprint growth in the past decade and zero square feet of new retail space currently under construction, the development lull creates a high barrier to entry and demand for space remains high.
STRATEGIC LOCATION SURROUNDED BY RESIDENTIAL DEVELOPMENT
The Property benefits from being surrounded by residential neighborhoods and apartments, including Westridge Lofts (100 units) and Grandview Place (154 units) directly adjacent to the Property, 192nd West Lofts (169 units) across the street, and Kielo at Grass Valley (276 units) within a quarter mile. The Property also provides services to the employees from the surrounding business campuses, including Fisher Investment’s headquarters and the Vancouver Innovation Center, a 179-acre master-planned campus catering to the high-tech, bio-tech, and light industrial industries.
EXCELLENT RETAIL LOCATION WITH STRONG VISIBILITY TO OVER 26,000 VPD
Located on a signalized, hard-corner with excellent visibility and exposure to over 26,000 VPD on SE 192nd Ave and SE 20th St. with multiple points of ingress and egress.
DIVERSE, SERVICE, AND DAILY NEEDS ORIENTED TENANT MIX
The Property is occupied with a mix of retail, medical, and professional service tenants offering a stable and diversified income stream.
INCOME TAX FREE STATE
Washington State is an income tax free state.
Listing Agents:
CLAYTON J. BROWN
