Benjamin Widmyer - Kootenai General

Benjamin Widmyer Broker Coldwell Banker Commercial Schneidmiller Owner Widmyer Corpora7on Real Estate Development and Property Management Outline
• Retail • Office • Land • Industrial • Forecast & Outlook Kootenai County Taxable Sales
1,600 1,400 1,200 1,000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Retail Vacancy
25% 20% 15% 10% 5% 0% Coeur d' Alene 2010 Hayden 2011 2012 Post Falls 2013 2014 Rathdrum 2015 Retail Vacancy
Shopping SF Vacant/ Vacancy Center Rate Ironwood 15,589 / 19% Square Prairie 34,045 / 22% Shopping Center Silver Lake Mall 26,004 / 8% Lease Rate $18 PSF NNN $16 PSF NNN Not Reported Average Retail Rental Rate
$14 $12 $/SF/Year $10 $8 $6 $4 $2 $0 Coeur d' Alene Hayden 2010 2011 Post Falls 2012 2013 Rathdrum 2014 2015 Sale Comps
Address 704 E Sherman Coeur d Alene 309 E Sherman 313-­‐315 E Sherman 310 N 4th St Coeur d Alene Coeur d Alene Coeur d Alene Sale Date 10/12/15 10/01/15 4/17/15 9/25/15 Price $1,200,000 $560,000 $1,150,000 $360,000 Square Feet 5,332 One level 5,262 9,096 ½ Basement ½ Basement 7 ,650 1/3 Basement Price/PSF $225.06 $106.42 $47.06 $126.43 Panera Bread
Prairie Shopping Center, Hayden
Anthony’s
1926 W Riverstone Dr, CDA
Chipotle
305 W Appleway, CDA
Cracker Barrel
Ramsey Crossing, CDA
Retail Center
3095 Mullan Ave, Post Falls
Downtown Office
Aspen Homes
Pinkerton Headquarters
Kootenai Health Hospital Expansion
Kootenai Clinic Post Falls
Expansion
Tenant Relocation and Expansion
Office Vacancy 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% CDA Hayden 2012 2013 2014 Post Falls 2015 Office Average Rental Rate $20.00 $18.00 $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $-­‐ CDA Hayden 2012 2013 2014 Post Falls 2015 Commercial Land Sales
160 $55,000,000 $53m 150 $50,000,000 140 $45,000,000 130 120 $40,000,000 $35,000,000 100 90 $30,000,000 80 $25,000,000 70 60 $20,000,000 50 40 $1.5m 30 $5.1m $15,000,000 $10,000,000 20 $5,000,000 10 0 $0 2005 2006 2007 2008 2009 2010 Number of Sold Lis7ngs 2011 2012 2013 2014 Sold Volume *As Reported to the CDA Mul>ple Lis>ng Service 2015 Sold Volume Number of Lis>ngs 110 2014-2015 Closed Land
Transactions
•  SE Corner of Sherman Avenue & 6th Street • 0.48 Acres Development Land • $1,000,000 ($47/sf) • Zoned Downtown Core • Tenta>ve plans for mixed-­‐use development Seltice Way- East of Atlas Road
• 4.6 Acres • Zoned C-­‐17 • Residen>al Development PINEGROVE Canfield Ave. & Pinegrove Dr.
C
LD
E
I
F
AN
• 1.2 Acre • Zoned C-­‐17L • Mul>-­‐Family Development Post Falls Medical Land Sales
•  3 Reported Sales •  5 Acres KOOTENAI COUNTY
INDUSTRIAL VACANCY
•  305,000 Square Feet Vacant
•  Average Vacancy Rate 4.86%
•  565 Properties Surveyed
•  6.3 Million Square Feet
14
13.69
12
10
2013
8
6
4
7.93
6.94
6.57
5.91
7.76
8.42 8.5
2014
2015
5.07
4.42
4.92
3.33
2
0
Coeur d'Alene
Hayden
Post Falls
Rathdrum
Source: Valbridge
INDUSTRIAL BUILDINGS
$70.94
$60.55
15
Units
2014
2015
24
Price PSF
Source: CdA MLS Multi
Family
Industrial
Industrial
CdA
AIRPORT
Ramsey Bypass
New
Odom
Site
15 Acres
Warren K
Expansion
Commercial
Ramsey Bypass
CROFFOOT
PARK
New
Convenience
Store
The Odom Corp. expects to move its
North Idaho operations in the spring to
a new distribution center, illustrated here
Source: Spokane Journal of Business
Pleasan
t View R
oad
Riverbend
Commerce
Park
POST
FALLS
OUTLET
MALL
PLEASANT VIEW ROAD
38 LOT
BIGHORN
INDUSTRIAL
PARK
POLELINE AVENUE
Strengths
• Solid Vacancy Rates • Apartment Market • Industrial Rental Rates • Investor New Construc7on Low • Absorp7on of Space • Available Capital and Low Interest Rates Weaknesses
• Stagnant Rental Rates • Downtown Office • Post Falls Outlets and Larger Retail Centers • Quality Investment Sales Inventory Low Opportunities
•  Industrial Development •  Class A Mul7family •  New Development in Winco area, Sel7ce Way and North of the Airport and East Sherman •  Repurposed Older Buildings in Good Loca7on or change use (Outlet Mall) •  New Larger Companies Coming to Kootenai County & Con7nued Growth Threats
•  Rental Growth outpacing Wage Growth •  Oversupply of Apartment Market •  Downturn in the Economy •  Loss of Construc7on Jobs •  Rising Interest Rates THANK YOU
Benjamin Widmyer 410 E. Sherman Ave Suite 207 Coeur d’ Alene, ID 83814 208-­‐661-­‐6808 www.bwrealestatellc.com www.widmyercommercial.com Real Estate Development and Property Management