Chris O’ConnorNAI Puget Sound Properties +1 425 586 [email protected]
John Werdel, CCIMNAI Puget Sound Properties +1 206 332 [email protected]
FOR SALE
11120 NE 2nd Street | Bellevue, WA 98004
Betts Austin Building
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
11Executive SummaryBetts Austin Building
LOT SIZE16,448 SF
PARCEL NUMBERS239960-0035 (8,224 SF) & 239960-0040 (8,224 SF) - Subject Site322505-9212 (3,592 SF) - Across Street Parking Lot
BUILDING SIZE13,609 SF
CURRENT ZONINGDNTN-MU
LISTING PRICEContact Brokers
Betts Austin Bldg
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
Executive SummaryBetts Austin Building
NAI Puget Sound Properties is pleased to present an opportunity to purchase a prime commercial investment site with 16,448 SF of land, a 13,609 SF office building, and an off site parking lot across the street. The site is located in the Bellevue's Central Business District with excellent visibility, zoning and potential for redevelopment. It is in close proximity to the East Main Station of the future East Link Light Rail. This Bellevue investment / development site offers an opportunity in what many consider to be one of the fastest growing submarkets in the Puget Sound. Building is currently 97% leased to multiple Tenants on month to month leases.
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
Executive SummaryBetts Austin Building
Property Highlights
• The building is currently 97% leased with all but one tenant on Month-to-Month leases. The one lease not Month-to-Month runs through April 2021.
• Estimated Net Operating Income is approximately $247,974.11 (buyer to verify)
• Development Opportunity & Potential Owner/User Opportunity
• Seller Massing Study provided with Signed Confidentiality Agreement
• Off Site Parking lot of 3,592 Square Feet Available (11105 NE 2nd St); *Optional, this lot can be part of the offer or not
• Outstanding Transit Oriented Development (“TOD”) site just off of I-405 and NE 4th Street Exit
• Excellent access to the Bellevue Transit Center (Buses) & Bus routes on 112th Ave NE
• Excellent future access to East Main Station & City Hall Station of East Link Light Rail
Located on the NE Corner
of NE 2nd Street and 112th
Ave NE in Bellevue
NE 2nd Street
112th Ave N
E
Off Site Parking
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
PARCEL A
PARCEL B
Executive SummaryLegal Descriptions
King County Assessor's Office, King County GIS Center, K ing County, Kingcounty Assessor's Office, King County GIS Center
Date: 10/11/2019
±The information included on this map has been compiled by King County staff from a variety of sources and issubject to change without notice. King County makes no representations or warranties, express or implied,as to accuracy, completeness, timeliness, or rights to the use of such information. This document is not intendedfor use as a survey product. King County shall not be liable for any general, special, indirect, incidental, orconsequential damages including, but not limited to, lost revenues or lost profits resulting from the use or misuseof the information contained on this map. Any sale of this map or information on this map is prohibited except bywritten permission of King County.
King County
Off Site Parking Available
Across the Street
Off Site Parking
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
Executive SummaryEstimated Parking
Estimated Parking Highlights
Off Site Parking Betts
Austin Building
Covered 16
Non Covered 12
East Side of Bldg on 112th Ave NE 4
Near Main Bldg Entrance 4
Total 36
Lot on NE 2nd Street 14
Total 50
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
5 Minute Walk
3 Minute Walk
Bellevue Transit Center
East Main Link
Station
City Hall Station
Off Site Parking
Executive SummaryWalking Distances
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
Executive SummaryClose-in Transit
East Main Link
Station
Wilburton Station
City Hall Station
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
Betts Austin Bldg
Source: NW Progressive
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE.
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
Off Site Parking
FEASIBILITY STUDY
1 1 120 NE 2ND ST, BELLEVUE WA © 2019 Ankrom Moisan Architects, Inc.
October 11, 2019
Executive SummaryAerial Overview
Source: Ankrom Moisan
Source: NW Progressive
Bellevue Transit Center
East Main Link
Station
City Hall Station
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
The East Link Expansion is schedule to open in 2023 providing a 24 min trip from Westlake Station & downtown Bellevue.
Northgate
NE 130th
Shoreline South/145th
Roosevelt
U District
University of Washington
Capitol Hill
Future Link Extensions
Current Link Route
Rainier Mercer Island
Bellevue Transit Center
120th 130th
South Bellevue
East Main
Hospital
Overlake Village
Overlake Transit Center
WestlakeUniversity Street
Pioneer SquareInternational District
Stadium
SODO
Beacon Hill
Mount Baker
Columbia City
Othello
Rainier Beach
SeaTac Airport Station 12 mins from
Rainier Beach
The Northgate Link Extension is scheduled to open in 2021 providing an 8 min ride from U District to Westlake station.
Executive SummaryTransit Link
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
01 Executive Summary
Betts Austin Bldg
Future
Amazon
Towers
Transit Center
Close proximity to retail amenities, hotels and I-405
22Office Market OverviewBellevue CBD
The Bellevue Central Business District (CBD) continues to be one of the most sought after submarkets for high-end tech tenants in the metro. The submarket's inventory comprises roughly 85% 4 & 5 Star space, the highest proportion in the Seattle area. A spike in development activity earlier in the cycle resulted in an uptick in the vacancy rate, but vacancy compression has resulted in some of the tightest levels in the metro. Developers are starting to respond to pent-up demand for high-end office space, with several large under-construction and proposed projects in the works, many of which have been preleased by Amazon.
Rent growth has accelerated in a tight vacancy environment, and rents are now the highest of all submarkets in the Seattle area. Sales activity is sporadic, and banner years are usually driven by several large institutional deals. Institutional investment has resulted in robust price appreciation, and cap rates are among the lowest in the metro. Sales activity in 2019 started off slow, but a large acquisition by Amazon has helped the submarket play catch up in terms of sales volume.
Source: CoStar
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
02 Market Overview
Market OverviewBellevue CBD
1. Amazon 2. Amazon3. Vulcan4. Concur5. Bellevue City Hall6. Puget Sound Energy7. City Center Plaza8. Bellevue Library9. Expedia/Amazon
10. Apptio11. Proposed 8-story
Building12. Fana 13. Salesforce & Visa
14. Skanska (proposed)15. Amazon16. Amazon17. Amazon (permitted)18. Vulcan19. Onni 20. Sheraton Bellevue21. Red Lion Hotel22. Virginia Mason23. Overlake24. AutoNation25. Hampton Inn26. Extended Stay27. AppleOne
Downtown Park
Bellevue Square
Lincoln Square
1
4
3
192
5
8
10
23
1113
1412
7
15
1617 69
21
20
22
2427
26
25
18
Transit Center
The Bravern
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
02 Market Overview
1 Mile Radius
3 Mile Radius
5 Mile Radius
Market OverviewDemographics
THE INFORMATION CONTAINED HEREIN HAS BEEN GIVEN TO US BY THE OWNER OF THE PROPERTY OR OTHER SOURCES WE DEEM RELIABLE, WE HAVE NO REASON TO DOUBT ITS ACCURACY, BUT WE DO NOT GUARANTEE IT. ALL INFORMATION SHOULD BE VERIFIED PRIOR TO PURCHASE OR LEASE. 2019\BELLEVUE\OFFERING MEMORANDUMS\BETTS AUSTIN BUILDING
600 108th Avenue NE, Suite 340Bellevue, Washington 98004
+1 425 586 5600nai-psp.com
02 Market Overview
Custom Map
Source: ©2019 Esri
October 08, 2019
©2019 Esri Page 1 of 1
1 Mile
3 Mile
5 Mile
Market OverviewDemographics
3Offering Terms & ProceduresBetts Austin Building
Terms of Sale
The Property is being offered “as is”, “where is” and subject to all agreed terms. Seller makes no representation or warranty with respect thereto. Buyer acknowledges that buyer is not relying on any representation or warranty of Seller or of any agent or representative of Seller. All information furnished regarding property for sale is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and the same is subject to errors, omissions, changes of prices, rental or other conditions, prior sale or lease or withdrawal without notice.
No Contact with Seller
All contact with seller shall be conducted through listing agents with prior written approval.
Offering Procedure
NAI Puget Sound Properties hereby solicits offers to purchase the Betts Austin Building. Offers may be responded to as received or “Best and Final” offers may be requested. Inquiries concerning the procedures outlined in this Offering Memorandum may be directed to:
Chris O’ConnorNAI Puget Sound Properties +1 425 586 [email protected]
John Werdel, CCIMNAI Puget Sound Properties +1 206 332 [email protected]
3
600 108th Avenue NE Suite 340Bellevue, Washington USA 98004+1 425 586 5600
1700 Seventh Avenue Suite 2050Seattle, Washington USA 98101+1 206 332 1466
1201 Pacific Avenue Suite 1703Tacoma, Washington USA 98402+1 253 383 3100
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