Overview

The Offering

This Everett Opportunity Zone Offering consists of two buildings and over 27,000 SF of rentable office space on approximately 38,000 SF of land on two parcels located along the northeastern edge of Everett’s Central Business District. With excellent visibility along several highly trafficked corridors, this offering presents numerous opportunities for a potential owner/user or investor/developer. This opportunity is one block north of the eventful Angel of the Winds Arena at Everett and several blocks east of the growing Everett Downtown with numerous large, growing employer bases, including Boeing, Providence Regional Medical Center, the Everett Naval Station, Funko, and the Snohomish County Government offices.

The two properties in this offering may be purchased together or separately. With a city alleyway separating the two and a third party owner of the surface parking lot on the southwestern portion of the block. The properties in the offering include the Saparto Building and the Lombard Building.

The Saparto Building, located on the eastern half of the block, will be sold vacant with approximately 16,600 SF of space on two floors. That building consists of a simple design layout offering numerous potentials for redesigning the interior of the space. The Saparto Building sits on more than one half acre with 26 parking stalls, large signage opportunity, and a drive aisles for trucks to access the storage area along the back of the building.

Across the alley to the west is the Lombard Building. With approximately 15,400 SF of net rentable office space on 3 stories, the ownership intends on leasing back a 4,000 SF portion of the building for 3-5 years at a market rental rate. This property includes structured parking as well as some surface parking, for a total of 26 stalls.

Both properties have heavy power and present numerous opportunities for redevelopment or adaptive reuse. While situated in an identified Opportunity Zone, prospective buyers will have a unique opportunity to invest into a high growth market while minimizing potential tax liabilities.

Offering Process

The Everett Opportunity Zone Offering is available for $4,250,000. Offers may be submitted for either property or for both properties at any time while a call for offers deadline may be announced.

Investment Highlights

  • Rare investment featuring two properties within opportunity zones
  • Leaseback opportunity for part Lombard building providing potential owner with stable cash flow
  • High visibility and nearby traffic counts
  • Ample parking and inviting street level presence
  • Quality structures with ability to configure interiors in numerous ways
  • Situated in a broad zone with high density providing flexible redevelopment potential
  • Solid demographics within the heart of Snohomish County
  • Approximately 22,000 cars passing site per day

Saparto Building


Lombard Building

Property Details

Saparto Building

Address:   2802 Broadway, Everett WA

Type:   Office – Class B

Gross Building Area:   17,956 SF

Net Rentable Building Area:   11,992 SF

Stories:   Two

Parking:   Approximately 22 Stalls

Tax Parcel:   Snohomish County #0043166301900

Land Size:   23,958 SF | 0.55 Acres

Lombard Building

Address:   2801 Lombard Ave, Everett, WA

Type:   Office – Class B

Gross Building Area:   23,714 SF

Net Rentable Building Area:   15,427 SF

Stories:   Three

Parking:   Approximately 22 Stalls

Tax Parcel:   Snohomish County #0043166300100

Land Size:   14,810 SF | 0.34 Acres

Zoning Info

Zoning:   Central Business District (B-3)

Locality:   City of Everett

Allowed Uses:   General Retail Sales, Office, Multifamily, Hotel, Parking Lot

Floor Area Ratio:   Base = 3.0 / Max = 4.0

Maximum Height Limit:   80’

Zoning Uses

Permitted Uses Development Standards

Location

Snohomish County

With a population pushing 800,000 residents due to significant growth since the end of the 20th century, few places are as strongly positioned for robust business growth and innovation as Snohomish County. A global center of the aerospace industry, in one of the world’s leading hubs of high-tech innovation, the seeds of the next wave of growth engines – from clean energy and biotechnology to composite and advanced technology manufacturing – are rooted here and growing strong.

This innovation doesn’t stop with high-tech industries. Snohomish County has emerged as a regional leader in revitalizing agriculture as a key industry in a rapidly-growing metropolitan region. Home to world-renowned art studios and cultural attractions, spectacular outdoor recreation opportunities, and a strong spirt of entrepreneurship, creativity defines Snohomish County.

Everett

The City of Everett, located just 25 miles north of Seattle, is a Pacific-Rim city with a population of 110,000. Once a mill town built on wood-based industries, today’s labor force of more than 80,000 is predominately employed in technology, aerospace, and service-based industries. Major employers include:

Providence Medical Center
The Boeing Company
Naval Station Everett
Port of Everett
Fluke Corporation
Esterline Engineered Materials
Frontier Communications Solutions

The Puget Sound waterfront plays a major role in the city of Everett. The Everett marina is the largest public marina on the West Coast, and the Port of Everett Seaport is the fastest growing commercial export port on the West Coast.

The area also includes a significant amount of recreational opportunities with more than 40 parks, trails, golf courses, and open spaces. Summer and winter sports opportunities abound at nearby lakes, rivers and campgrounds.

Daily Traffic Flow

Downtown Everett

The Saparto and Lombard Building are located in the Central Business District of Everett, surrounded by a significant amount of commercial and civic-related uses. Numerous restaurants and bars are within walking distance, as is the Xfinity Arena at Everett, an $83 million complex with a capacity of 10,000. The property is within minutes to the Everett CBD, as well as I-5 and the Everett waterfront. Drive times to popular nearby attractions include:

6 minutes to the Providence Regional Medical Center
7 minutes to the Port of Everett
17 minutes to Paine Field Airport
18 minutes to the Mukilteo Ferry Terminal to the San Juan Islands
40 minutes to downtown Bellevue
46 minutes to downtown Seattle
Demographics 1 Mile 3 Mile 5 Mile
Est. Population (2016) 17,775 50,160 118,766
Est. Avg HH Income (2016) $54,663 $64,846 $72,328
Owner-Occupied Median Home Value (2010) $267,374 $284,708 $287,555

Download Demographic Data

Market Area

Overview

The Snohomish County office market showed improvement through 2018, ending the year at 5.6% vacancy, down from 6.8% at the end of 2017. The availability rate dropped 240 basis points over the year, ending at 7.2% indicating a continued decline into 2019. Annual net absorption was 390,749 SF, more than double the average in the previous five years. The Northend submarkets continue to attract tenants looking for a combination of higher value, lower cost office space, and more affordable housing for workforces. Asking rental rates moved up $1/SF in the fourth quarter, though still 30-35% more affordable than market rates in the Eastside and Seattle. The slow decrease of the vacancy rate and increases in rent are expected to continue for the near future. Overall, this market is stable and very attractive as smaller businesses expand leading to incremental improvement.

Snohomish County

Market Highlights

  • 5.6% vacancy rate
  • Net absorption more than double the average in the previous five years
  • Asking rental rates moved up $1/SF in Q4 2018

Due Diligence

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