ALDERWOOD RETAIL OR MEDICAL OFFICE SPACE
Offering Memorandum
EXECUTIVE SUMMARY
Exclusively listed by zeptoRE’s Jonathan Nicoli, this high visibility property in a high traffic regional retail area is a great opportunity for an Owner/User looking to attract customers and grow their medical office or retail business. The regional shopping center zoning allows for very broad permitted commercial uses including light-industrial, automotive, eating and entertainment, personal services, senior housing, warehouse or distribution centers, and residential.
3503 188TH ST SW, LYNNWOOD WA, 98037
This property in rapidly-growing, upcoming, light-rail city of Lynnwood is highly-visible to over 20,000 vehicles daily. The current use is for medical offices with five treatment offices on the ground floor and five treatment offices on the second floor. There are reception desks, waiting areas, and restrooms on both floors. In front of the building are 10 parking spaces. The current owner has updated the building to conform to current building codes.
The PRC zoning allow for all uses permitted in the Neighborhood Commercial (NC) and General Commercial (CG) zones. This includes office, retail, residential, light industrial, medical, automotive, as well as eating and entertainment, personal services, institutional (senior living and educational), and warehouse/distribution centers. The future owner-user takes advantage of the area’s growing demographics in anticipation of the light rail station completion. Since 2015, about 1,600 multifamily units were built within two miles of this site and another 1,400 units are either proposed or under construction within one mile of 3503 188th St SW, Lynnwood, WA.
Asking Price: $1,550,000
Rentable Building Area: 2,612 SF total
1st Floor: 1,344 SF
2nd Floor: 1,268 SF
Price per SF: $593
Lot Size: 9,600 SF | 0.22 Acres
Year Built: 1954 Renovated: 2015
Office Rooms:
1st Floor: Five (5) Treatment Rooms
2nd Floor: Five (5) Treatment Rooms
Vehicle Parking: 10 Spaces
Amenities: Restrooms, reception desks, and waiting area on both floors.
Employee kitchen on 1st floor.
Parcel Number: 27041500101600 Snohomish County
Zoning: PRC: Proposed Regional Shopping Center
Vehicle Per Day: 20,000 VPD
Present Use: Medical Offices
RENT ROLL
The opportunity is for a new owner-user to occupy the building and retain some tenants or bring in new ones, if not fully occupying the building. The current property owner occupies most of the ground floor and would either vacate or entertain a short leaseback after closing. A chiropractor was sharing the ground floor and vacated in May 2021. The second floor is occupied by a counselor/therapist and three massage therapists on a month-to-month basis.
BUILDING IMPROVEMENTS
After acquisition of this property in 2014, which was then mostly a shell, the current owner made improvements to the interior and exterior of the building totaling over $200,000 in hard and soft costs. Prior to constructing the treatment rooms, all the electrical and plumbing systems were brought up to current code. Also, the rear staircase was demolished, zen garden installed, and parking lot repaved. Since then, building maintenance has been kept current.
BUILDING AMENITIES
OFFICE ROOM DIMENSIONS
The diagrams are for illustration purposes ONLY and the measurements are approximate.
CONFIDENTIALITY & DISCLAIMER
The information contained in the following Market Positioning Analysis is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from zeptoRE LLC & Century 21 Real Estate Center (“Brokers”) and should not be made available to any other persons or entity without the written consent of zeptoRE LLC. This Market Positioning Analysis has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.
The information contained herein is not a substitute for a thorough due diligence investigation. The Brokers have not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Market Positioning Analysis has been obtained from sources we believe to be reliable; however, the Brokers have not verified, and will not verify, any of the information contained herein, nor has the Brokers conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
zeptoRE LLC & Century 21 Real Estate Center is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of zeptoRE LLC, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of the Brokers and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. ZeptoRE LLC & Century 21 Real Estate Center had not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. zeptoRE LLC’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. zeptoRE LLC and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.
By accepting this Offering Memorandum, you agree to release zeptoRE LLC & Century 21 Real Estate Center and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.