Overview

The Offering

Kidder Mathews is pleased to present the Saparto Building, a great opportunity for an owner/user or investor to acquire an office building with great visibility and stature along Everett’s highly trafficked Broadway Avenue. At approximately 16,000 SF on two floors, the building’s excellent structural integrity allows for a variety of configurations. With a significant amount of parking stalls and great visibility from Broadway Avenue, the offering also presents an end user the potential for retail or showroom space or a welcoming reception area.

The Saparto Building sits on over a half acre on the northeastern block of California St and Broadway, which is situated across the street from one of the largest indoor sports arenas in the Puget Sound. The redevelopment potential is high as more people move into the Puget Sound and the demand for apartments, condos, and hotels continues to climb.

Offering Process

This property is being priced at $2,250,000 ($140/SF). Offers may be submitted at any time while a call for offers deadline may be announced.

Investment Highlights

  • High visibility and nearby traffic counts
  • Ample parking and inviting street level presence
  • Quality structure with ability to configure interiors in numerous ways
  • Situated in a broad zone with high density and allowable height in redevelopment potential
  • Solid demographics within the heart of Snohomish County
  • Approximately 21,000 cars passing site per day

Property Details

Property Overview

Property Address
2802 Broadway, Everett WA

Type
Office – Class B

Gross Building Area
17,956 SF

Net Rentable Building Area
16,058 SF

Stories
Two

Parking
Approximately 22 Stalls

Tax Parcel
Snohomish County #0043166301900

Land Size
23,958 SF | 0.55 Acres

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’


Parking & Grounds
Floor 1
Floor 2


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 108,000. 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

2802 Broadway Ave

The Saparto Building is 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 Interstate 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 2016, ending the year at 7.29% vacancy, down 108 basis points from the end of 2015. The availability rate dropped 30 basis points over the year, ending at 10.20%. Annual net absorption was 450,739 SF, the best total in over 12 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% in the fourth quarter. The slow decrease of the vacancy rate and increases in rent are expected to continue for the near future.

Snohomish County

Market Highlights

  • 7.29% vacancy rate
  • Best annual net absorption in 12 years (2016)
  • Asking rental rates moved up 1% in Q4 2016

Due Diligence

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