Value Add Office Investment 300 E Willis Street, Prescott ... · 300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045 Offering Highlights

Mary Jo Kirk, CCIM

[email protected]

Exclusive Representation

Offering Price $633,000

±6,329 SF

Value Add Office Investment 300 E Willis Street, Prescott, ArizonaDowntown Prescott, Arizona

Value Add through Significant Upside In Leasing 70% OccupiedOutstanding LocationClose Proximity to Downtown Square, Restaurants, Shopping and EventsBelow Replacement Cost at $100/sfPossible Short Term Seller Lease-Back

300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045

Offering Highlights_________________________________________Price $633,000

Total GLA 6,329 sf

Price PSF $100

Occupancy 70%

Income $37,697

Vacant (2 Suites) $1,874 sf

Owner Occupancy $1,390 sf

Number of Suites 10

Parcel 113-16-049

Site Area .17 acres

Year Built 1969

Renovation 1995

Recent HVAC Capital Improvement $30,529

Zoning Business General

Property

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Comparable Sales______________________________________________________________________________________________________________________________________________________________________


Location


Downtown Prescott Activity 1 Courthouse Square

2 Sharlott Hall Museum

3 Chase Bank

4 The Wild Iris Coffee House

5 El Gato Azul

6 Mile High Middle School

7 City Parking Lot/Garage

8 National Bank of Arizona

9 Marino’s Bistro

10 Yavapai Title Company

11 Keller Williams Realty

12 Genovese's

13 Hotel & Caffe' St Michael

14 Palace Restaurant

15 Highland Hotel

16 Prescott Lobster & Seafood Co.

17 Pangea Bakery

18 Firehouse Kitchen

19 Peregrine Books

20 Wells Fargo Bank

21 Murphy's Restaurant

22 Raven Café

23 Papa's Downtown

24 Territorial Courthouse Membership Gym

25 The Office Restaurant

26 Bashford Courts

27 Chamber of Commerce

28 Post Office

29 Cuppers Coffee House

30 Hotel Vendome

31 The Rose Restaurant

32 Foxworth Galbraith

33 Cross Fit

34 Mountain Artist Guild

35 Northern Arizona Coalition of Governments Economic Workforce Development

36 Prescott Fine Arts

37 Hassayampa Inn and Event Center

38 Washington School

39 City Hall

40 Springhill Suites by Marriott

41 Prescott College

DemographicsTrade Area Prescott MSA

_______________________________________________________________________

Population 51,353 145,000Average HH Income $51,680 $48,368

Education - College and Above 68% 69%


Floor Plans

Street Level_________________________________________Size 4,425 SF

Total Suites 6

LowerLevel_________________________________________Size 1,904 SF

Total Suites 4


The City of Prescott is noted by its quality of life, nicknamed “Everybody’s Hometown”. At an elevation of 5,400 feet with a nearperfect 4-season climate, it is a highly desirable place to live and work. It offers very low crime rates, easy commuting, affordablehousing, excellent air quality and a wide variety of recreational and cultural attractions. Prescott faces few natural disasters making itideal for companies considering relocating or expanding.

Prescott offers residents a full range of educational, outdoor and cultural activities. There are 20 public schools and five charter schoolsoperated by the Prescott Unified School District in Prescott as well as four private schools. Four colleges include Prescott College(4 year) Yavapai College (2 year), Embry-Riddle Aeronautical University (4 year). Northern Arizona University and Old DominionUniversity also offer higher education through their satellite campuses.There are 12 parks for hiking and picnicking, five lakes forfishing and water activities, more than 70 miles of hiking and biking trails, two activity and community centers and four golf courses.Cultural activities include plays and performances at four performing arts theaters, three historical museums, a children’s museum andthe Heritage Park Zoo.

Prescott’s quaint, small town and slower paced lifestyle appeals most to those nearing retirement as 54% of the population is 45 andolder. The City has retained it’s small town charm with historic buildings, storefronts and Victorian style homes. Over 800 buildingsin Prescott are on the National Register of Historic Places.

Prescott Overview

“ Third in the country for job growth and economic vitality.”

– INC. Magazine

City of Prescott Snapshot2013 Estimated Population 51,688_________________________________2018 Projected Population 52,710_________________________________2010 Census Population 51,295_________________________________2000 Census Population 40,490_________________________________Growth 2010-2013 0.77%_________________________________Growth 2013-2018 3.5%_________________________________2013 Estimated Median Age 54.48_________________________________2013 Estimated Average Age 48.97

Whiskey Row, Downtown Prescott


Major Employers Yavapai County_________________________________Yavapai County Government 1,414_________________________________Yavapai Regional Medical Center 1,402_________________________________Veterans Admin. Medical Center 889_________________________________Phelps Dodge 871_________________________________WalMart 750________________________________Humboldt Unified School District 631_________________________________Sturm Ruger & Co 579_________________________________Yavapai College 564_________________________________State of Arizona 560_________________________________Prescott Unified School District 495_________________________________City of Prescott 463_________________________________Embry-Riddle University 375_________________________________Yavapai Gaming 294_________________________________Lockheed Martin 300

“ Third best metro in the country for job creation.”

– Milken Institute

“Top 100 for Best Small Places for Business.”

– Forbes

The Prescott Metropolitan Service Area houses 82,500 residents within the combined city limits with a population base of approximately130,000. The trade area is approximately 220,000, the majority of those living within a 10 mile radius of downtown Prescott. The city’sgrowth has been steady at about 4% per year for the past decade and is expected to continue at that rate with an estimated five yearmarket growth projected at 16.2% within a 30 mile radius. Prescott has settled into a strong pace of economic recovery, with employment3.5% higher than a year ago. The unemployment rate is at 5.9% well below the national average of 6.3%. In addition, every majorindustry other than information is growing on a year-over-year basis. The trade, transportation and utilities sector is the largest industryin the metro area and has also been one of the strongest. Employment in that industry has reached its prerecession peak and is now5.0 % higher than a year earlier. Professional & business services are also joining the recovery with payrolls climbing a whopping 8.%higher over the year.

The retail service area extends 50 milesfrom the center of Prescott. Many residentsin outlying areas travel to Prescott formedical services, employment, entertain-ment, government offices and shopping.Approximately 500,000 visit overnighteach year. Those visitors include a growingnumber of people from the Phoenix area,who make the 90 minute trip during thesummer to escape the desert heat, as wellas the fall and winter visitors looking totake advantage of the year round mild andsunny climate. Population gains, whichare running more than twice the nationalaverage thanks to positive net migration,should help move home sales and prices.The influx of residents should also boostconsumption of local goods and services.

Non-Farm Gain/Loss by Region. Source: Office of Economic Opportunity in collaboration with the US Dept.of Labor’s Bureau of Labor Statistics; 2016 Current Employment Statistics

Prescott 2016 Job Growth Leads the State

Market Overview

Documents

Value Add Office Investment 300 E Willis Street, Prescott ... · 300 E. Willis Street, Prescott, Arizona I Offering Memorandum Mary Jo Kirk, CCIM 928.710.4045 Offering Highlights