j professional $4,650,000...1-mi 3-mi 5-mi population 4,430 39,350 107,141 households 1,745 14,638...
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2010 Demographics
1-mi 3-mi 5-mi
Population 4,430 39,350 107,141
Households 1,745 14,638 39,477
Avg. Inc. $87,695 $81,672 $70,571
Individual Member
“Call me today for detailed information
and a confidential
preview of this
Property.” - Rusty
THIS PREMIERE PROPERTY IS
LOCATED IN CENTRAL RICH-
LAND. IT IS ONE OF THE NEW-
ER BUILDINGS IN RICHLAND.
INTERIOR FINISHES INCLUDE
POLISHED MARBLE FLOORS
AND CHERRY WOODWORK ON
THE MAIN FLOOR. THE AN-
CHOR TENANT IS COMMUNITY
FIRST BANK, ON THE MAIN
FLOOR, WITH A DRIVE-UP WIN-
DOW. RUSTY MORSE (509)
737-3021 OFC. OR (509)
438-9865 CELL
Coldwell Banker Commercial / Tomlinson Associated Brokers
FOR SALE: 1060 Jadwin Ave. / Richland, WA.
J A D W I N P R O F E S S I O N A L B L D G .
$4,650,000
E. A. ’Rusty’ Morse, CCIM
8836 W. Gage Blvd.
Suite 201-B
Kennewick, WA 99336
www.RustyMorse.com
Phone: 509.737.3021 Direct
Fax: 509.737.3070
E-mail:rmorse@cbcworldwide.com
Class ‘A’ Professional Office Building
A 30,858 Gross sq. ft. Class ‘A’ 3-story brick
bldg.(incl. bsmt.)
Fire protection & mon-
itored security.
Tremendous value for
a first class building.
Details: This fine build-
ing was constructed in
2005. Tenancies are typi-
cally full-service leases,
with Oper. Exp. approx.
$6.52 PSF. The basement
is partitioned for storage &
serviced by the elevator.
CURRENT TENANCIES
Tenant
Commenced Terminates Square Foot
Leased
Current Base Rate Per
Sq. Ft
Annually
Community First
Bank
1st Floor
1/1/2016 12/31/2020 3,027 $24.50 - Net
Greg Dow Law
Firm
1st Floor
5/1/2006 4/30/2014
Mo-to-Mo
950 $22.00 - Net
Jerry D. Abrams
Co. (Owner)
1st Floor
TBD TBD 1,791
$20.00 - Net
Vacant
2nd Floor
3,661 $20.00 - Net
Kadlec Admin.
2nd Floor
4/5/2016 Mo-to-Mo 1,228 $31.00 - F/S
Vacant
2nd Floor
836 $20.00 - Net
Edward Jones
3rd Floor
8/1/2012 7/31/2017 1,212 $30.69 - F/S
Kadlec Clinic
Administration
3rd Floor
8-1-2012 7-31-2017 4,172 $31/30— F/S
Vacant
3rd Floor
2,191 $20.00 - Net
Note: Basement rentable square footage is 5,478 square feet, and is offered at $8.00 per sq. ft. GROSS.
PRO-FORMA INVESTMENT ANALYSIS
* ASSUMES STABILIZED INCOME *
Property: 1060 JADWIN AVENUE - RICHLAND, WA
Building Size: 30,858 Gross SF 24,766 NRSF
Land Size (Acres): 1.08
Price: $ 4,650,000.00
Income & Expense Capitalization Rate: 8.07%
*PRO-FORMA* Price Per Foot: $ 150.69
Dn. Pmt.
Proposed New Loan: 25.00% 75.00% LTV $ 3,487,500.00
Interest Rate 4.25%
Amortization (Years) 20
Loan Fees: 0.70% $ 24,412.50
Total Annual Payment - Principal & Interest: ($259,149.63)
Income Per Sq. Ft. Annual $ Amount
ScheduledAnnual GROSS Rent $ 24.50 (Blended) $ 606,767.00
Less: Vacancy @ 5.00% $ (30,338.35)
Equals: Effective Gross Income $ 576,428.65
Less Operating Expenses: Per Gross S/F Annual $ Amount
Property Taxes $ (1.87) $ (46,336.00)
Insurance $ (0.36) $ (8,865.00)
Electric $ (0.50) $ (12,500.00)
HVAC Maint/Repair $ (0.97) $ (24,000.00)
Water & Sewer $ (0.21) $ (5,200.00)
Garbage Disposal $ (0.15) $ (3,660.00)
Gas & Oil $ (0.57) $ (14,016.00)
Elevator $ (0.31) $ (7,560.00)
Repairs & Maintenance $ (1.05) $ (26,051.00)
Snow Removal $ (0.07) $ (1,800.00)
Landscaping $ (0.22) $ (5,380.00)
Parking Lot maint. $ (0.15) $ (3,600.00)
Janitorial $ (0.85) $ (21,000.00)
Licenses/Fees/Permits $ (0.06) $ (1,500.00)
Advertising/Promo $ (0.10) $ (2,400.00)
Management (As % of EGI): 3.0% $ (0.70) $ (17,292.86)
Totals: $ (6.52) $ (201,160.96)
Total Operating Expenses: $ (201,160.96)
Net Operating Income: $ 375,267.69
Leveraged Return Calculations:
Equity Requirement: $ 1,188,656.25
Debt Coverage Ratio: 1.45
Net Operating Income: $ 375,267.69
Less: Total Annual Debt Service $ (259,149.63)
Equals: Pre-tax Cash Flow $ 116,118.17
Pre-Taxed Leveraged Cash-on-Cash Return 9.78%
Plus: Principal Pay-down Year 1 $ 113,117.43
Equals: Cash Flow Including Pay-down $ 229,235.60
Yield After Principal Reduction: 19.31%
VIEW FROM THE SOUTH
VIEW FROM NORTHWEST
Aerial View from South
Typical Floor Plan (2nd & 3rd)
1060 Jadwin Avenue
Richland, WA
Tri-Cities, WA:
Kennewick, Pasco &
Richland.
S/E corner of
Washington State.
LOCATION AND VICINITY MAP
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