Offering Memorandum JENNIE LANE RIVER ACADEMY 7655 N JENNIE LANE | BOISE, ID 83714 LINCOLN HAGOOD 208 472 1667 [email protected] MIKE PEñA 208 472 1666 [email protected]
Mar 05, 2021
Offering Memorandum
JENNIE LANE RIVER ACADEMY7655 N JENNIE LANE | BOISE, ID 83714
LINCOLN HAGOOD208 472 [email protected]
MIKE PEñA208 472 [email protected]
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JENNIE LANE RIVER ACADEMYInvestment Summary
This investment opportunity is for the interest in Jennie Lane River Academy, a 10,060 SF square foot Preschool & Learning Center sitting on nearly .582 acres. This property is shadow anchored by national tenants and surrounded by new residential and commercial development.
Pricing: $3,650,000
NOI: $240,000
Cap Rate: 6.58%
Size: 10,060 SF
Annual NNN Rent
01APR18 - 31MAR23 $240,000
01APR23 - 31MAR28 $246,000
Renewal Option 1
01APR28 - 31MAR33 $252,150
Renewal Option 1
01APR33 - 31MAR38 $258,454
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JENNIE LANE RIVER ACADEMYProperty Overview
Highlights
» +7 years remaining on 10 year single Tenant NNN lease with two 5 year
options
» Great location and view corridor to building on State St and Horseshoe
Bend Rd Intersection
» Newer construction (2017) with modern architecture design including
exposed high ceilings and large windows
» On site Commercial Kitchen
» Call agent for guided tour during working hours
ProfileAddress: 7655 N Jennie Lane | Boise, ID 83714
Property Type: Investment
Building Size: 10,060 SF
Land Size: ±.582 Acres
Year Built: 2017
Parking 21 on-site spaces & shared common parking
Zoning: C-2/D
Sale Price: $3,650,000
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JENNIE LANE RIVER ACADEMYGallery
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JENNIE LANE RIVER ACADEMY
River Academy Preschool and Learning Center was built in response to the need in the community for high quality Early Childhood Education for young children. At River Academy, they want to ensure the best possible educational experience for children while maintaining an environment of stability, safety, care, exploration and fun. They believe these to be essential elements in encouraging developmental growth educationally, cognitively, physically, mentally and emotionally as they address each learner individually and holistically.
www.riveracademy.com
Tenant Profile
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JENNIE LANE RIVER ACADEMYFloor Plan
LEVEL 1 LEVEL 2
ROOFTOP
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JENNIE LANE RIVER ACADEMYLocation
SITE
CLICK ON THE FOLLOWING LINKS: Google Map Street View
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JENNIE LANE RIVER ACADEMYDemographics
7655 N Jennie Lane, Boise, ID 1 Mile 3 Miles 5 Miles 10 Min Drive
POPULATION
2020 Estimated Population 4,850 57,173 157,741 65,328
2025 Projected Population 5,483 64,488 179,579 73,883
2010 Census Population 3,749 49,002 130,240 55,824
Projected Annual Growth ‘20-‘25 2.6% 2.6% 2.8% 2.6%
HOUSEHOLD
2020 Estimated Households 2,007 23,002 62,212 27,120
2025 Projected Households 4,950 29,293 82,994 41,521
2010 Census Households 1,497 18,620 49,441 22,082
Historical Annual Growth ‘00-‘20 5.1% 2.9% 3.1% 2.9%
INCOME
2020 Est. Average HH Income $107,904 $108,274 $93,642 $101,710
2020 Est. Median HH Income $79,309 $80,960 $77,715 $77,546
MISC.
2020 Median Home Value * $321,294 $316,917 $303,878 $323,447
2020 Median Rent $913 $976 $955 $937
2020 Est. Median Age 45.4 43.1 40.1 42.9
2020 Average Travel Time to Work 21.0 20.1 19.0 20.0
2020 Est. Labor Population Age 16+ 3,929 45,953 126,282 52,705
2020 Est. Total HH Expenditure $150.87 M $1.7 B $4.16 B $1.92 B
*In 2019, Meridian grew to 114,680 residents, up 8,270 people from last year, according to estimates from COMPASS, the Treasure Valley’s regional planning agency. The Boise Metrowas the 2nd fastest growing metro in the past year at 2.6% and was the fastest-growing metro area outside of Florida. The median sale of a single-family home in Ada Countyincreased 12.5% in just a year from 2018 to 2019, compared to a 4.8% 1-year change nationally during the same time period.
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JENNIE LANE RIVER ACADEMY
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IDAHO FACTSArea Overview — Boise
Boise is Idaho’s largest city and the anchor of the Treasure Valley where nearly half of Idahoans reside. The city has established a unique reputation for a high quality of life, a prosperous business community, a vibrant arts & culture scene, and world re-known recreation—in one unbeatable package.
Area Overview - Boise
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JENNIE LANE RIVER ACADEMYArea Overview
Quality of LifeReferred to as the “Treasure Valley”, the region is home to about 675,000 people. The workforce of roughly 330,000, live within a 45-minute draw area. Known for its extraordinary quality of life and affordable cost of living (currently one of the lowest in the western states, according to the ACCRA Cost of Living Index), the Valley is consistently ranked by Forbes, The Wall Street Journal, Livability and Inc. Magazine as one of the best places in the U.S. to live and work.
Commuting in the ValleyThe major interstate serving the Treasure Valley is I-84, running through the metro area’s major cities (Boise, Meridian, Nampa and Caldwell). Branching off to the northeast is I-184, which runs into downtown Boise. Daily commutes are easy, with several U.S. and state highways providing direct routes and minimal traffic. The average commute time is only 18 minutes. Public transportation is handled by ValleyRide, Treasure Valley Transit and ACHD Commuteride.
RecreationThe Boise River runs through downtown and is accessible through a greenbelt system with over 25 miles of bike paths and 850 acres of parks. Up in Foothills you’ll find more than 135 miles of nationally acclaimed hiking and mountain biking trails that extend from the city up to Bogus Basin Ski Area. Only 17 miles from the city center Bogus Basin offers winter skiing and summer adventure. With world-class golf courses, hiking, fishing and mountain biking, the recreation opportunities are virtually unlimited within a 30-minute drive.
DiversityThe City of Boise has been recognized for its work welcoming over 800 new citizens (refugees) each year from over 20 foreign countries. Annual diversity events and resources include PRIDE activities, The Basque Cultural Center, Hispanic Cultural Center and the Black History Museum. More than 90 different languages are spoken in the Boise School District and the Mexican Consulate also has an office in Boise.
What about logistics? There are 50 motor freight companies traveling 5 interstates, 20 U.S. highways and 30 state highways that serve the Boise Valley. More than 1,600 miles of rail line through Union Pacific and Burlington Northern Santa Fe provide connection points to Canada, Mexico and the U.S. They are aided by the state’s regional line and 6 short line railroads. Annually, the rail system transports over 11 million tons of freight.
Area Overview
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JENNIE LANE RIVER ACADEMYArea Overview
IDAHO TAX OVERVIEWSales and Use Tax in Idaho is 6%. This would apply to items purchased or consumed in Idaho. Exemptions are available for equipment and raw materials used directly in manufacturing, processing, or fabrication; clean rooms used in semiconductor and semiconductor equipment manufacturing; and any equipment or material used in research and development activities.
We do not tax services including telecommunication services, and utilities such as water, gas, electricity, or natural gas. In our region we do not have any local option sales tax.
Property Tax personal (machinery/equipment) and real (land/buildings) – based on market value. 2019 Average Rates: Ada County: 1.03% – 1.21% Bannock County: .98% - 1.88% Bonneville County: 1.03% - 1.66% Canyon County: 1.06% - 1.64% Elmore County: .93% - 1.85% Twin Falls County: 1.17% - 1.79% Statewide: .89% - 1.32%
Idaho does not have an inventory tax. Corporate Income Tax – Computed at 7.6% of the Idaho taxable income of a corporation. Corporations that are taxable in Idaho and another state or country or are part of a unitary group of corporations, use a 3 factor formula to ascertain how much of the business is conducted in Idaho. The apportionment formula is made up of a property factor, a payroll factor, and a sales factor. These three factors, with the sales factor being double weighted for all taxpayers except for electrical and telephone companies, are totaled and divided by 4 to compute the Idaho apportionment factor. The Idaho apportionment factor is then applied to the business income of the corporation to compute income assigned to Idaho. Non-business income allocable to Idaho is added to the income apportioned to Idaho to arrive at Idaho taxable income.
SALES & USE TAX6%
CORPORATE INCOME TAX7.6% MINIMUM
WAGE$7.25/hr
STATE UNEMPLOYMENT INSURANCE RATE1.91%
UNION MEMBERSHIP(NAT’L AVG: 11.9%)7.1%
PERSONAL INCOME TAX RATE RANGE Rate range on a bracketed system based on income levels
1.6%-7.8%#2 BEST STATE Property tax rate (2013 Tax Foundation Study)
PROPERTY EXEMPTIONFirst $100,000 of personal property is exempt from taxation
right to workIDAHO IS A
STATE
Area Overview
JENNIE LANE RIVER ACADEMY7655 N Jennie LaneBoise, Idaho 83714
MIKE PEñA208 472 1666
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LINCOLN HAGOOD208 472 1667
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