Airplane Hangar and Office - commercialmls.com · Airplane Hangar and Office Bellingham, WA (KBLI) Coldwell Banker This information is believed to be reliable, but we make no warranties

Airplane Hangar and Office Bellingham, WA (KBLI)

Offering Memorandum: Sale or Lease

ANDY WEBSTER, REAL ESTATE BROKER

360-305-1329 [email protected]

COLDWELL BANKER BAIN

Bellingham International Airport (KBLI)

mailto:[email protected]


Coldwell Banker This information is believed to be reliable, but we make no warranties as

to the accuracy of the information. Buyer must verify the information.

References to square footage or age are approximate.

Andy Webster, Broker Page 2

Section One ……………………………………… Pricing and Sales Information

Section Two ……………………………………… Leasing Information

Section Three ………………………………………Property Photographs

Section Four ……………………………………... Property Description






Section One:






PRICING AND SALE INFORMATION:

Offering Summary

Price: $857,500

Down Pmt: (30%) $257250

Gross Square Feet: 8,765

Price / Square Feet: $97.83

Year Built: 2008

Type of Ownership: Leasehold-Estate

Proposed Financing: First Trust Deed

Loan Amount $600,250

Loan Type Proposed New

Interest Rate 4.2 %

Amortization 25 Years

Program Recourse

Loan to Value 70% LTV

Annual Expenses: Property Tax 2015 $5,957

Insurance $3,440

Ground Lease $9,802






Sales Comparison Approach

The Comparison Approach is based upon the direct comparison of the subject property with those

properties possessing similar qualities and characteristics. An investigation was undertaken to locate

sales of similar properties. The following table summarizes the relevant sales and property type. In

the case of the subject, the most appropriate unit of comparison is the price per square foot of building

area.

WHATCOM & SKAGIT SALES COMPARABLES CHART

No.

Address/City

Seller/Buyer

Property Type

Yr Built

Sold Date

Price

Bldg. SF

$$/SF

1

4109 Mitchell Way #E

Bellingham, WA

Hagen/Select Wealth

M/Hangar

1984

1/31/2013 $375,000 4,200 $89.29

2

2015 W Bakerview

Bellingham, WA

Hi Five/Canyon Industries

M/Hangar

1989

5/18/2012 $304,000 3,600 $84.44

3

15053 Crosswind Dr

Burlington, WA

Holt Const. /HFM

M/Hangar/Offices

2005

5/31/2013

$2,175,000

24,800 $87.70

4

4110 Airport Rd

Anacortes, WA

Whidbey Is Bk/Anders

M/Hangar 2006 3/27/2013 $400,000 4,709 $84.94

WHATCOM & SKAGIT SALES CORRELATION:

Sales Comparable No. 1 is a 4,200SF hangar located with small office and one bath and street access

and parking. Subject property is superior.

Sales Comparable No. 2 is a 3,600 SF, hangar of similar construction, road frontage, visibility office

space and bathrooms. Subject property is superior.

Sales Comparable No. 3 is a 24,800 SF, hangar/office, located at Skagit Regional Airport is in nearly

new condition. The Subject property is superior.

Sales Comparable No. 4 is a 4,700 SF hanger/office, located at Anacortes Airport is in nearly new

condition. The Subject property superior.






SALES COMPARABLES SUMMARY

The sales comparables support the value market value of the subject property, and establish necessary

value bracketing for the subject property. Comparables No 1 and 2 are the most recent sales at BLI

and are used to provide an indicator of value. Comparable No 3 and 4 are also useful to establish

value of improvement. The Subject property is superior to all four of the sales and is adjusted

accordingly.

8,765 square feet x $97.83/SF = $857,500

SALES COMPARABLE (ROUNDED): $860,000

ACTIVE OR EXPIRED LISTINGS:

A limited number of recent sales are available; it is therefore useful to look at properties currently for

sale. The following active listings help to validate the Sales Comparable Approach.

ACTIVE LISTINGS

No.

Address/City

Seller:

Property Type

Yr Built

Sold Date

Ask Price

Bldg. SF

$$/SF

1

Paine Field

3125 100th St. SW

Everett, WA

Tailwind

M/Hangar/Office/Bath

1990

N/A $1,295,000 10,835 SF $119.52

2 Bremerton National

Port Orchard

For Sale

M/Hangar/Office/ba 1998 N/A $649,000 6,000 $108.17

3

Paine Field

Everett, WA

For Sale

M/Hangar/Office 2009 N/A $3,500,000 27,000 SF $129.63






Section Two:






Leasing Information: Rentable Square Feet 8,765

Share of Condo Development 50.4%

Base Rent: Annual Rent Monthly Rent Monthly Rent / SF

$71,940 $5,995 $0.68 / SF

Additional Rents:

Annual NNN Monthly NNN Annual NNN / SF

Estimated: $19,199 $1,560 $2.19 / SF

The lease type is a triple net lease (NNN) where the tenant or lessee agrees to pay all real estate taxes,

building insurance and maintenance on the property in addition to the pro rata share of the POB

Ground Lease.

Unit A premises are located within S.I.S. Flight Hangar Condominium and the tenant will be subject

to the condo association CC&Rs and Bylaws. A copy of the CC&Rs is available for review on

request.

Base Rent per month is calculated as follows:

Office @ $10.00/SF x 2180 SF = $1,816.67

Hangar @ $0.63/SF x 6585 SF = $4,178.33

Total per month: $5,995.00 + NNN

Estimated Triple Net/month

NNN @ $0.18/SF x 8765 = $1,599.61






Section Three






Subject Photographs

East Side of Units A (street side) from Mitchell Way.

West side of Unit A from taxiway.






Street Scene: Southerly view of Mitchell Way.

Street Scene: Northerly view of Mitchell Way.






Unit A: hangar side.

Unit A: Office/Reception area.






ADA BATHROOMS

HANGAR FLOOR 65 X 101 WITH RADIANT HEAT






Section Four






PROPERTY DESCRIPTION: UNIT A

Airplane Hangar and Offices: Unit A is ideally suited for airport related businesses wanting public

access and visibility. This is the former site of the Heritage Flight Museum, and has 2,180 SF of

offices, 2 ADA bathrooms and 6,585 SF of hangar space. The bi-fold door opening is 58’ wide with

an overhead clearance of 20 feet. HVAC system provides air-condition and gas forced air heating for

offices and radiant natural gas heating elements for the hangar. The hangar is insulated, and finished

with sheet rock. The flooring is painted with durable epoxy paint and one additional half bath is

located in the hangar.

AIRPORT DESCRIPTION

Bellingham International Airport is a public airport located three miles north of Bellingham, WA and

is the third-largest commercial airport in Washington State. The airport has a single runway 16/34

which is 6701’ x 150’ and serves both Commercial and General Aviation. Major carriers include

Alaska Airlines, Allegiant Air, Frontier Airlines and Horizon Air. Direct non-stop flights are available

to Maui, Honolulu, Los Angeles, Palm Springs, San Francisco, San Diego, Phoenix, Denver, and

Portland. Air taxi service, hangars, aircraft maintenance, fuel, flight instruction and US Customs are

available.

TOPOGRAPHY AND SIZE OF PARCEL(S)

Topography is level. SIS Flight LLC executed a thirty year (30) Airport Lease dated September 25,

2005. The leased premises, as per the Modification of Airport Lease dated September 7, 2009 are

13C , BIA Binding Site Plan (Mod. 22) and non-exclusive Taxiway Lease area 13B (Mod. 19).

Approximately 36,468SF.

SUMMARY OF GROUND LEASE AND OPTION TO RENEW.

Lease is for thirty (30) years commencing on November 1, 2005 and terminating October 31, 2035.

The Ground lease may be renewed three (3) consecutive ten (10) year periods, provided the lease is in

good standing. Annual increase of 3% with market re-assessed value every 5 years.

GROUND LEASE CALCULATIONS

Lease Rate with leasehold tax:

Area 13C: $6.50/SF x 9% ROI x Leased SF (29,686) = $17,366/yr

Non-Exclusive: $3.50/SF x 9% ROI x Leased SF (3,390) = $ 1,068/yr

An additional “lease-hold tax 12.8% is required to be paid by the tenant.

Rents will be re-determined every 5 years for the remainder of the ground lease, with the next

modification set for January 1, 2019. Unit A is approximately 50.4% of the total ground lease.

Documents

Airplane Hangar and Office - commercialmls.com · Airplane Hangar and Office Bellingham, WA (KBLI) Coldwell Banker This information is believed to be reliable, but we make no warranties