Morgan Stanley - LoopNet

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Morgan Stanley CLARKSTON, WASHINGTON

Transcript of Morgan Stanley - LoopNet

Morgan StanleyCLARKSTON, WASHINGTON

Morgan Stanley518 DIAGONAL ST, CLARKSTON, WA 99403

$596,000TOTAL PRICE

6.50%CAP

Overview

LEASEABLE SF2,200 SF

LAND AREA10,454 SF

LEASE TYPEMG

PRICE PER SF $271

YEAR BUILT/REBUILT1933 / 2011

PARKING±15 Spaces; 6.8/1,000 SF

Investment Summary

• MORGAN STANLEY IS A GLOBAL FINANCIAL SERVICE FIRM THAT PROVIDES SERVICES IN INVESTMENT BANKING, SECURITIES, WEALTH MANAGEMENT, AND INVESTMENT MANAGEMENT.

• WITH OFFICES IN CLARKSTON, WA, BELLEVUE, WA, AND COEUR D’ALENE, ID, THE CLEARWATER GROUP AT MORGAN STANLEY ASSISTS CLIENTS IN MORE THAN 25 STATES.

• THE TENANT HAS OCCUPIED THE BUILDING SINCE ITS REMODEL IN 2011 AND EXERCISED A 5-YEAR OPTION HIGHLIGHTING THEIR COMMITMENT TO THE AREA.

• 3% ANNUAL BUMPS IN REMAINING LEASE TERM AND OPTIONS.

• IN 2011, THE BUILDING WAS COMPLETELY REBUILT TO MORGAN STANLEY’S SPECS.

• LOCATED AT A SIGNALIZED INTERSECTION IN THE HEART OF A DAILYNEEDS CORRIDOR.

• LEWISTON, ID, HOME TO LEWIS-CLARK STATE COLLEGE AND ST. JOSEPH REGIONAL MEDICAL CENTER, IS LOCATED ONLY ONE MILE AWAY AND DRAWS THROUGH-TRAFFIC PAST THE PROPERTY.

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Overview

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Income & Expense

PRICE $596,000CAPITALIZATION RATE 6.50%PRICE PER FOOT $271

CASH FLOW SUMMARYSCHEDULED INCOME PER SFBase Rent for the Period of: 12/1/2019 - 11/30/2020 $20.13 $44,282Total Effective Gross Income (EGI) $20.13 $44,282

OPERATING EXPENSES PER SFCAMS $0.72 $1,575Insurance $0.38 $825Property Taxes $1.33 $2,934Reserve $0.10 $220Total Operating Expenses $2.52 $5,554

NET OPERATING INCOME $38,727

9/24/2019 [ <www.CapitalPacific.com> ]

Financial Summary

Rent Roll

11/23/2011 - 11/30/20216 45%

2,200

MONTHLY BASE RENT % INCREASE ANNUAL

RENT PSF

12/1/2019 $3,690 $44,282 $20.1312/1/2020 $3,801 3.0% $45,610 $20.73

12/1/2021 $3,915 3.0% $46,978 $21.3512/1/2022 $4,032 3.0% $48,388 $21.9912/1/2023 $4,153 3.0% $49,839 $22.6512/1/2024 $4,278 3.0% $51,335 $23.3312/1/2025 $4,406 3.0% $52,875 $24.03

CURRENT $3,690 $44,282 $20.13

Morgan Stanley

Lease Term:

Size (SF):

RENT SUMMARY

DATE

OPTIONS

Lease NotesComments: Tenant has 1, 5-Yr Option to be exercised with 180-day prior notice. MG Lease - Tenant pays utilities directly, yet does not reimburse CAMs, Insurance or Property Taxes. Landlord is responsible for Property Taxes, and the maintenance, repair, and replacement of the building structure, roof, and parking lot. Tenant is responsible for all interior maintenance and repair, and reimburses HVAC maintenance (major repair/replacement a LL responsibility).

9/24/2019 [ <www.CapitalPacific.com> ]

RentRoll

Financial Summary

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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Operating Expenses

REIMBURSEMENTS

TOTAL PER SF NOTES IN-PLACE

TOTAL EXPENSES $5,554 $2.43 $0

NOTES:1) Based on Operating Budget.2) Based on 2019 Asotin County Tax Assessment.3) Methodology: $0.10/SF.

RESERVES

$825 $0.38 1 $0

$220 $0.00 3 $0

INSURANCE

$0

PROPERTY TAXES $2,934 $1.33 2 $0

PROJECTED OPERATING EXPENSES

CAMS $1,575 $0.72 1

9/24/2019 [ <www.CapitalPacific.com> ]

Financial Summary

3% ANNUAL BUMPS IN REMAINING TERM AND OPTIONS

Financial Summary

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TENANT Morgan Stanley Smith Barney Financing, LLCBUILDING SF 2,200 SFLEASE TYPE MGRENT COMMENCEMENT 11/23/2011EXPIRATION 11/30/2021 OPTIONS 1, 5-year option with 180-days’ notice and 3% annual increases.

Premise & Term

Lease Abstract

CAMS Tenant does not reimburse CAMS. Annual exterior CAMs in 2018 were $0.72 per square foot.

TAXESLandlord is responsible for property taxes.

INSURANCELandlord is responsible for insurance.

UTILITIESTenant is responsible for payment of utilities.

TENANT’S OBLIGATIONSTenant is responsible for the repair and maintenance of the interior, including plumbing equipment, electrical equipment, interior glass and fixtures. Additionally, the tenant is responsible for the maintenance and service of the HVAC.

LANDLORD’S OBLIGATIONSLandlord shall maintain the foundation, roof, exterior walls, exterior glass, parking area, and structural parts of the Building. Landlord is responsible for major replacement or repair of HVAC.

PARKING EASEMENT The tenant has an exclusive use for ingress/egress to the parking lot and Diagonal Street. Tenant shall have a non-exclusive ingress/egress to the north alley and 6th Street. There is an exclusive use for the neighboring tenant to access the 3 continuous parking stalls off of the 6th Street entrance.

LeaseProvisions

Maintenance & Repair

Expenses

Lease Abstract

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MAJOR RETAILAlbertsons Arby’s CostcoDollar Tree

Dutch Bros. Coffee JoAnn Fabrics Mattress Firm McDonald’s Napa Auto Papa Murphy’s

Starbucks SubwayTaco Bell Taco Time Walgreens

TOTAL 1-MILE 3-MILES 5-MILES

Businesses 587 1,747 2,174

Employees 5,862 20,700 24,652

Population 8,705 32,748 46,458

KEY 1-MILE 3-MILES 5-MILES

BusinessSummary

Surrounding Retail

DIAGONAL S

T

BRIDGE ST

WA

SHIN

GTO

N

IDA

HO

12,000 VPD

7,800VPD

MORGANSTANLEY

12

PORT OFCLARKSTON

6TH

ST

PARKWAYELEMENTARY

SCHOOL

CLARKSTONHIGH

SCHOOL

LEWIS-CLARKSTATE

COLLEGE

ST. JOSEPHREGIONAL MEDICAL CENTER

Surrounding Retail

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10,001VPD

DIAGONAL S

T

6TH

ST

PARCEL LINE

VERIZONWIRELESS

HAS EXCLUSIVE USE OF THESE 3

SPACES

Site Plan

Featured Photography

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Contact Us

SEAN [email protected]: 503.675.8378

DAVID [email protected]: 206.693.3349

We’d love to hearfrom you.

The information in this Executive Summary has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. All rights reserved to Capital Pacific, LLC.

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