Overview

The Offering

The Rucker Building is a beautiful, well maintained three-story office building with a full basement and ample parking in the middle of Everett’s Central Business District. This offering presents an excellent opportunity for either an owner/user or an investor to purchase an incredibly well-maintained building with an abundance of potential.

The building totals approximately 90,000 square feet on open floor plans all with significant natural light from the skylight and open atrium that runs down the middle of the building. Rectangular, open floor plans with perimeter offices comprise the three floor building, while the basement includes secure parking with access from the back alley. Two additional, standalone parking lots included in this sale provide a total of 90 stalls for the building.

Located in the heart of Everett’s Central Business District, the Rucker Building is blocks from one of the area’s largest employers, Providence Regional Medical Center, as well as one of the area’s largest Port systems, in the Port of Everett. Everett has experienced a healthy amount of recent growth and appears poised to continue as new of North American Stevedoring recently announced plans to redevelop a large portion of the Everett waterfront while bringing a significant amount of new employment to the area.

Offering Process

This property is priced at $8,500,000. Offers may be submitted at any time while a call for offers deadline may be announced.

Investment Highlights

  • Beautiful building with natural light from large skylight
  • Incredibly well-maintained property with solid structure
  • Two adjacent, additional parcels provide more parking potential and future redevelopment opportunity
  • Existing income currently coming from a lease with the Internal Revenue Service on the third floor
  • Emergency generator power supply as well as three negative air pressure clinic rooms
  • Central location with significant amount of nearby amenities
  • Multi-tenant capability
  • Broad zone and solid structure allows for numerous potential new uses for the site, including self-storage, residential, and most general commercial uses

Property Details

Property Summary

Address
3020 Rucker Ave, Everett, WA

Type
Office – Class B

Total Gross Building Area
95,675 SF

Net Rentable Building Area
67,042 SF

Gross Area | Net Rentable Area (By Floor)
Total: 95,675 SF | 67,042 SF
Basement: 24,000 SF | 1,827 SF
First Floor: 23,814 SF | 22,043
Second Floor: 23,814 SF | 21,476 SF
Third Floor: 24,047 SF | 21,696 SF

Stories
Four

Parking
Approximately 90 Stalls

Tax Parcels
Snohomish County #00437572002200
Snohomish County #00437572000900
Snohomish County #00437572000800
Snohomish County #00439171900500

Land Size
35,719 SF | 0.82 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 = 7.0

Maximum Height Limit
80’

Zoning Uses

Permitted Uses Development Standards

Floor Plans & Current Layout

FLOOR 1
FLOOR 2
FLOOR 3
GARAGE
FLOOR 1 - EVAC MAP
FLOOR 2 - EVAC MAP
FLOOR 3 - EVAC MAP
BASEMENT - EVAC MAP

Building Info

Year Built / Renovated
1986 / 2016

Roof
Age: 6 Years
Roof Membrane: White TPO Membrane
Roof Framing: TJL Joists
Numerous Mechanical Units on Roof

Interior Finishes
Carpet Tile, Gypsum Wall Board, 2x4 Acoustic Ceiling Tile

Skylight
Occupies the Center of the Roof
Metal Frame with Insulated Glazing Panels

Exterior Walls
Concrete Masonry / Stucco Finish

Windows
Fixed aluminum frames with insulated glazing units

Basement
Cast-in-Place Concrete with Concrete Floor Slab

HVAC
Combination of Heat Pumps, Packaged Rooftop Units, Makeup Air Unit, and Exhaust Fans

Bathrooms
1 Men’s & 1 Women’s Restroom on Each Floor, Upgraded Fixtures , ADA Compliant


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
Esterline Engineered Materials
Port of Everett
Fluke Corporation
Naval Station Everett
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.

Address

3020 Rucker Avenue, Everett, WAshington

Traffic Count

Demographics

Demographics 1 Mile 3 Mile 5 Mile
Estimated Population (2016) 14,714 56,410 112,344
Estimated Avg HH Income (2016) $54,558 $66,242 $70,975
Owner-Occupied Median Home Value (2010) $281,014 $284,875 $288,772

3020 Rucker Avenue

The Rucker Building is located in close proximity to one of the City of Everett’s largest employers, the Providence Regional Medical Center, as well as the Port of Everett. Located within Everett’s Downtown area, the Rucker Building is surrounded by numerous amenities, including bars, retail, and restaurant. This property is also within minutes to Interstate 5, connecting the city to regional giants, Vancouver and Seattle, as well as Highway 2, connecting the City of Everett to much of Snohomish County’s industrial markets.

Drive Times

Drive times to popular nearby attractions include:

2 minutes to the Providence Regional Medical Center
3 minutes to Xfinity Arena
3 minutes to the Port of Everett
18 minutes to the Mukilteo Ferry Terminal to the San Juan Islands
40 minutes to downtown Bellevue
46 minutes to downtown Seattle

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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