AGM commenced a capital raise of $2.5 million in equity mid-2022 to purchase a retail property within the Spring District of Bellevue. Located at 2102 140th Avenue NE, the property consists of a 23,087 SF lot with 5,400 SF building occupied by Dick’s Restaurant Supply since 2009.
The Spring District has had explosive growth over the last three years and will continue this trend for a number more. Values will only increase for retail properties as development continues to eliminate smaller, older retail locations while strengthening the desirability of the area with newer commercial product, anchored by significant multifamily growth and the delivery of the transit system later this year.
Prior to closing, the sponsor secured a new ten-year lease extension for the current tenant, with annual rental escalations. The raise was completed and closed along with the property late December providing for:
- 2022 accelerated depreciation of $461,000 through cost segregation
- 6% Year One cash-on-cash returns, increasing annually
- Over $1 million in value creation/appreciation with the execution of the new lease
- A very low risk investment, as we secured a proven tenant at reasonable rents
The property is envisioned as a long-term, cash-flowing asset to be a part of the AGM portfolio for the next ten years.
For more information on this current offer or other investment opportunities contact AGM Capital.