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EPO Center and Storage
2501-2509 Southeast Mile Hill Drive, Port Orchard, WA 98366
Last Updated over 1 year ago
Listing ID 17098472
- 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
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.
Map of 2501-2509 Southeast Mile Hill Drive, Port Orchard, WA 98366 (Kitsap County)
Additional Information for 2501 Se Mile Hill Drive, Port Orchard, WA 98366
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The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-P