This property is Off-Market

2501-2509 Southeast Mile Hill Drive
Port Orchard, WA 98366 ·

31,300 SF · Office For Sale

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EPO Center and Storage

Price N/A No. Stories 2
Building Size 31,300 SF Building Class B
Property Type Office Tenancy Multiple
Property Sub-type Office-Business Park Property on Ground Lease? Yes
Property Use Type Investment Year Built 1971
Commission Split 2% Clear Ceiling Height 10 ft.
Cap Rate 6.25% Lot Size 3.06 AC
Listing ID: 17098472 Date Created: 04/01/2011 Last Updated: 07/07/2011

Description

Marcus & Millichap is pleased to offer for sale EPO Center and Storage, a 31,300-net rentable square foot office complex and self storage facility. The center originally consisted of three office buildings totalling 18,230 net rentable square feet and was built in 1971. In 2002 a self storage facility was built on 1.03 acres in the rear of the property, consisting of 13,070 net rentable square feet and 67 units. As of March 1, 2011 the office building is 63.5 percent physically occupied and the storage facility is 77.6 percent occupied. At the current occupancies both assets are 10 to 15 percent less occupied than the office and self storage markets in Port Orchard.

A free and clear asset, the seller is providing interest-only financing for 120 months. The rate for the first 30 months will be 5.000 percent and will increase 50 basis points every 30 months thereafter through the end of the term. Based on the current net operating income, a new buyer will walk into a 10 percent cash-on-cash return day one with an opportunity to lease the vacant office and storage spaces and bring them to market occupancies.

Highlights

  • Seller Financing at Five Percent Interest Only with Twenty Percent Down / Ten Percent Cash-on-Cash Return
  • Value-Add Opportunity by Leasing Vacant Office Space
  • Immediate Opportunity to Increase Net Operating Income Through Property Tax Reduction
  • Excellent Visibility Along Southeast Mile Hill Drive
  • Traffic Count Exceeds 18,000 Vehicles per Day
  • Self Storage Rents are 15 to 25 Percent Lower than Closest Competitor

Research

2501-2509 Southeast Mile Hill Drive, Port Orchard, WA 98366 (Kitsap County)

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