FOR SALE
BELLEVUE CBD INVESTMENT OPPORTUNIT Y
LOT S I Z E :
ZONING:
TA X PA R C E L :
12,500 square feet
DNTN MU (200’ max height)
Subdistrict C, City of Bellevue
154410-0348
A S S E S S E D V A L U E : $2,375,000 Total
$2,376,000 Land
$1,000 Improvements
2 0 1 3 TA X E S : $23,225.79 per year
JIFFY LUBE
GROUND LEASE
FOR SALE
10510 MAIN STREET :: BELLEVUE, WASHINGTON 98004
F O R M O R E I N F O R M AT I O N C O N TA C T:
Steve Storrar
First Vice President
+1 206 292 6107
[email protected]
JIFFY LUBE
GROUND LEASE
FOR SALE
10510 MAIN STREET :: BELLEVUE, WASHINGTON 98004
TENANT
Jiffy Lube International, Inc., a Delaware Corporation, is a wholly owned
subsidiary of Pennzoil Company, which is itself a wholly owned subsidiary
of Shell Oil ($451.2 billion in revenue, $16.5 billion in income). Jiffy Lube
International operates over 1,400 units in the United States.
LEASE TERMS
BEGINNING
END
R E N T/ Y E A R
INCREASES
20-Jul-87
17-May-08
$34,800.00
18-May-08
17-May-13
$246,000.00
Annual CPI increase* (1st 5 year option)
18-May-13
17-May-14
$258,048.48
Annual CPI increase* (1st year of last 5 year option)
18-May-14
17-May-15
$261,137.76
CPI increase annually*
18-May-15
17-May-16
CPI
CPI increase annually*
18-May-16
17-May-17
CPI
CPI increase annually*
18-May-17
17-May-18
CPI
CPI increase annually*
*CPI for (Seattle-Tacoma-Bremerton, WA for All Urban Consumers) - All Items 1982-84=100
INVESTMENT
RETURNS
INVESTMENT
HIGHLIGHTS
Asking Price
PRICE
C A P R AT E
$5,500,000
4.69%
$/S F O F L A N D
$440
• Acquire a key property in the most vigorous and properous market in the
greater Seattle area
• Property has a market income return from a high net worth corporate client
• Property will be a future key acquisition necessity for the future development
of the surrounding property (see Major Bellevue CBD Development Projects
map at the right)
• Land lease expires May 2018
M A JOR BELLEVUE CBD DEVELOPMENT PROJECTS
SITE
C O M PA R AT I V E
GROUND LEASE
OFFERINGS
TENANT
LO C AT I O N
C A P R AT E
S TAT U S
Lynnwood, WA
4.00%
Sold
Tacoma, WA
6.09%
Sold
Tacoma, WA
4.00%
On Market
NOW
AVAILABLE
JIFFY LUBE
GROUND LEASE
FOR SALE 10510 MAIN STREET :: BELLEVUE, WASHINGTON 98004
106th Avenue NE
105th Avenue NE
SITE
Main Street
105th Avenue SE
FOR MORE
Steve Storrar
I N F O R M AT I O N
First Vice President
PLEASE
+1 206 292 6107
C O N TAC T
[email protected]
CBRE, Inc. | 1420 Fifth Avenue | Suite 1700 | Seattle, WA 98101
© 2014 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections,
opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. 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. ejs 05-19-14