THE MARCIA APARTMENTS

Transcription

1 THE MARCIA APARTMENTS 408 N 61ST ST, SEATTLE, WA CONTACT INFORMATION: COLLIN S. HAGSTROM PRINCIPAL BROKER collin@westlakeassociates.com CURRAN C. HAGSTROM PRINCIPAL BROKER curran@westlakeassociates.com

2 OFFERING SUMMARY WESTLAKE ASSOCIATES INC. IS PROUD TO PRESENT THE MARCIA APARTMENTS FOR SALE. IDEALLY LOCATED IN THE CHARMING PHINNEY RIDGE NEIGHBORHOOD JUST NORTH OF FREMONT, THE MARCIA IS PERFECTLY POSITIONED TO CAPITALIZE ON THE BOOMING ECONOMIC GROWTH OF NEARBY SOUTH LAKE UNION AND DOWNTOWN SEATTLE. THE MARCIA'S ATTRACTIVE MIX OF 1 AND 2 BEDROOM UNITS WITH IMMEDIATE INCOME UPSIDE MAKE FOR A RARE INVESTMENT OPPORTUNITY IN ONE OF THE MOST PROFITABLE MULTI-FAMILY MARKETS IN THE COUNTRY. Phinney Ridge is a charming neighborhood located a few miles north of Downtown Seattle. Directly north of the Fremont and Wallingford neighborhoods, Phinney Ridge is at the crest of the hill which separates Greenlake to the east, Ballard to the west, and Greenwood to the north. Phinney Ridge's beautiful craftsman homes, boutique shops, coffee houses, and lively restaurant and pub scene have made the neighborhood a hot spot for young professionals seeking a hip neighborhood close to downtown. ADDRESS 408 N 61st St, Seattle, WA PROPERT PROPERTY Y HIGHLIGHTS Price: $2,200,000 Price Per Unit: $275,000 Price Per NRSF: $ Current Cap Rate: 4.09% Market Cap Rate: 5.64% Current GRM: Market GRM: PRIME PHINNEY RIDGE LLOCA OCATION TION Building Size: 5,150 SF SHORT C COMMUTE OMMUTE TTO O SOUTH LLAK AKE E UNION AND DO DOW WNT NTO OWN Lot Size: 5,000 SF EFFICIENT 1 AND 2 BEDROOM FL FLOOR OOR PL PLANS ANS Year Built: OFF OFF-STREET -STREET P PARK ARKING ING ST STALLS ALLS UPD UPDA ATED PV PVC C PL PLUMBING UMBING SUPPL SUPPLY Y LINES UPD UPDA ATED DOUBLE P PANE ANE VINYL W WINDO INDOWS WS TURK TURK-K -KEY EY PROPERT PROPERTY YW WITH ITH INC INCOME OME UPSIDE

3 50 YARD LINE LOCATION UNIVERSITY DISTRICT WALLINGFORD SEATTLE CBD SOUTH LAKE UNION FREMONT WOODLAND PARK ZOO MARCIA APTS

4 PROPERTY DETAILS SALE PRICE $2,200, LOCATION INFORMATION Building Name Marcia Apartments Street Address 408 N 61st St City, State, Zip Seattle, WA County/Township King Market Seattle Submarket Phinney Ridge Cross Streets 61st and Phinney PROPERTY DETAILS Property Type Property Subtype Zoning Lot Size Multifamily Low-Rise/Garden NC2P-40 5,000 Acres APN# Submarket PARKING & TRANSPORTATIONTION Phinney Ridge Parking Type Surface BUILDING INFORMATION Building Size 5,150 SF Occupancy % Number Of Floors 2 Year Built 1957 Load Factor Construction Status Framing Condition Floor Coverings Yes Existing Wood Good Hardwoods, Carpet Number Of Spaces 5 Parking Description UTILITIES & AMENITIES Laundry Description Plumbing Description Exterior Description Interior Description 5 surface parking spaces located in the front of the property (south side) Common on-site laundry PVC Supply Lines; Individual unit shut-offs Wood frame construction, brick veneer Moderately updated, half with refinished hardwoods

5 FINANCIAL OFFERING PROPERTY OVERVIEW RENT ROLL # AVG. SIZE CURRENT PSF MARKET PSF Number of Units 8 2 BD 1 BA $1,450 $1.93 $1,800 $2.39 Year Built BD 1 BA $1,259 $2.19 $1,525 $2.65 Rentable SF 5,150 SF Total 8 5,150 $10,645 $2.07 $13,025 $2.54 Lot Size Zoning Exterior 5,000 SF NC2P-40 Wood Frame INCOME Scheduled Rental Income + Utility CURRENT $127,740 4,500 MARKET $156,300 8,160 PROPERTY OVERVIEW + Parking 0 4,500 Sale Price $2,200,000 + Laundry 2,160 2,160 Price per Unit $275,000 Scheduled Gross Income $134,400 $171,120 Price per NRSF $ Price per Land SF $440 - Vacancy & Cr Losses Gross Income 3.00% ($4,032) $130, % ($6,665) $164,455 Current CAP 4.09% EXPENSES CURRENT MARKET Current GRM Pro Forma CAP 5.64% Pro Froma GRM Real Estate Taxes (2018) + Property Insurance + Resident Manager + Utilities $17,710 2,701 3,840 8,633 $17,710 2,701 3,840 8,633 FINANCING + Repairs & Maintenance 5,600 5,600 Loan Amount $1,320,000 + Capital Reserves 2,000 2,000 Down Payment $880,000 Total Operating Expenses $40,484 $40,484 Rate 4.25% NET OPERATING INCOME $89,884 $123,971 Amortization 30 years Less Annual Debt Service ($77,923) ($77,923) Term 5 years Cash Before Taxes $11,961 $46,048 Annual Payment $77,923 Monthly Payment $6,493 The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.

6 RENT ROLL UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) CURRENT RENT CURRENT RENT (PER SF) MARKET RENT MARKET RENT/SF $1,475 $1.84 $1,800 $ $1,100 $2.00 $1,525 $ $1,160 $2.11 $1,525 $ $1,400 $2.13 $1,800 $ $1,475 $1.84 $1,800 $ $1,300 $2.36 $1,525 $ $1,360 $2.47 $1,525 $ $1,375 $2.04 $1,525 $2.26 5,131 $10, 0,645 $2.07 $13,025 $2.58 Averages 641 $1,330 $2.08 $1,628 $2.58

7 PHOTOS

8 PHOTOS

9 AERIAL LOOKING EAST TO GREENLAKE NORTHGATE GREEN LAKE ROOSEVELT RAVENNA MARCIA APTS

10 SALE COMPS SUBJECT PROPERTY 1 CROWN HILL APARTMENTS 408 N 61st St Seattle, WA SALE PRICE $2,200,000 UNITS 8 YEAR BUILT NESTUN APARTMENTS 2761 NW 80th Street Seattle, WA Fremont Avenue N Seattle, WA SALE DATE 10/11/2017 SALE DATE 10/12/2017 SALE PRICE $1,465,000 SALE PRICE $2,825,000 UNITS 5 UNITS 7 YEAR BUILT 1962 YEAR BUILT 1967 PRICE/UNIT PRICE/SF CAP RA RATE TE GRM PRICE/UNIT PRICE/SF CAP RA RATE TE GRM PRICE/UNIT PRICE/SF CAP RA RATE TE GRM $275,000 $ % $293,000 $ % 18.5 $403,571 $ % PHINNEY APARTMENTS 4 WINSLOW PLACE APARTMENTS 5 STRANDT APARTMENTS 4800 Phinney Avenue N Seattle, WA Winslow Place N Seattle, WA Linden Avenue N Seattle, WA SALE DATE 10/25/2017 SALE DATE 10/31/2017 SALE DATE 03/12/2018 SALE PRICE $2,975,000 SALE PRICE $1,680,000 SALE PRICE $2,025,000 UNITS 8 UNITS 5 UNITS 7 YEAR BUILT 1988 YEAR BUILT 1967 YEAR BUILT 1912 PRICE/UNIT PRICE/SF CAP RA RATE TE GRM PRICE/UNIT PRICE/SF CAP RA RATE TE GRM PRICE/UNIT PRICE/SF CAP RA RATE TE GRM $371,875 $ % 19.5 $336,000 $ % 17 $289,285 $ % 18.6

11 PHINNEY RIDGE & GREENWOOD PHINNEY RIDGE & GREENWOOD The Phinney Ridge and Greenwood neighborhoods are located north of Fremont, between Ballard and Green Lake. The two neighborhoods, sometimes known as PhinneyWood, offer an array of shopping, coffeehouses, pubs and restaurants, along with many community-based events. Phinney Ridge runs north and south, from approximately north 45th to north 85th Street. The ridge is named after Guy C. Phinney, lumber mill owner and real estate developer. His estate, including a private menagerie, was bought by the city and turned into Woodland Park in Phinney Ridge s main thoroughfare, which runs atop the ridge south of north 67th Street, is Phinney Avenue north. North of north 67th Street, the arterial swings a block to the west and becomes Greenwood Avenue North. The route is lined with many small businesses and shops, as well as the Phinney Neighborhood Center, located at the corner of Phinney and 67th. One of Phinney Ridge s most popular eating spots is Red Mill Burgers. On summer evenings, the line to the counter commonly stretches out the door and along the sidewalk. The main intersection of the Greenwood neighborhood is northwest 85th Street and Greenwood Avenue northwest. Originally named Woodland, the neighborhood became Greenwood in Best known for its antique shops, Greenwood s commercial district also contains an eclectic mix of small businesses, specialty shops, ethnic restaurants and pubs. Notable neighborhood hangouts include the 74th Street Ale House and Yanni s Greek Restaurant. Both Phinney Ridge and Greenwood have experienced a surge of newer condo and townhome development. These, alongside the existing classic Craftsman bungalows and Northwest Modern homes, offer something for single professionals, couples and growing families. GREENWOOD PHINNEY RIDGE 5 WESTLAKE ASSOCIATES, INC.

12 PUGET SOUND SUMMARY PUGET SOUND Set in the beautiful Pacific Northwest, the greater Seattle area is a national center for manufacturing, technology, services, international trade and tourism. MAJOR EMPLOYERS Today some of the world s most recognizable Fortune 500 companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 Networks and Nintendo of America. According to the Puget Sound Business Journal, technology companies are leading the way in employment growth in the Seattle MSA. As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World Headquarters, located in Redmond is over 10 million square feet. largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington. Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by INTERNATIONAL TRADE Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle, which also operates the Seattle-Tacoma International Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest. PUGET SOUND LARGEST EMPLOYERS 80,000 42,000 40,000 JOINT BASE LEWIS-MCCHORD 56,000 25,000 20,000 The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center. The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world s largest aerospace company, second- RECREATION The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World s Fair. Seattle is home to a number of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team. 20,000 15,000 10,000 13,000

13 HAGSTROM TEAM Curran C. Hagstrom Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T curran@westlakeassociates.com Collin S. Hagstrom Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T collin@westlakeassociates.com Shortly after joining the company, Curran and Collin formed Westlake s first brother team, where they focus on representing buyers and sellers of core Seattle multi-family properties. With their straightforward approach and commitment to maximizing client returns, the Hagstroms quickly became top producers in the Seattle multi-family market. In 2017, they brokered over $130 million in multi-family sales, earning them the award as Westlake s Top Listing Broker for the third consecutive year. To better serve clients, the Hagstroms offer professional property management, where an individualized plan is devised for each property to streamline operations and maximize client returns. With a comprehensive marketing strategy and an emphasis on efficient communication, Curran and Collin are a dynamic team with a track record of helping clients achieve their long-term investment goals.

14 ABOUT WESTLAKE Since 1975 Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound region. Our commitment to assist our clients in creating and preserving their real estate investment wealth has led to the successful closing of billions of dollars in investment property and a long history of repeat business and client referrals. Our firm has over twenty full-time real estate professionals with expertise in the multi-family sales market. With a majority of our partners owning and operating their own investment property, we offer clients a unique perspective from both an agent and owner point of view. Our specialization in representing Puget Sound apartment owners results in our clients receiving the most effective representation in the industry, where maximizing client returns is our highest priority. Through effective teamwork, communication, and an unparalleled knowledge of the Puget Sound apartment market, our agents continue to lead the industry in successful closings and client satisfaction. MEMBER: : Commercial Brokers Association (CBA) MEMBER: : Northwest Multiple Listing Services (NWMLS) MEMBER: : Loop Net National Listing Services MEMBER: : Costar Commercial Real Estate Data and National Listing Service MEMBER: : Commercial Investment t Real Estate Institute (CREI) MEMBER: : Washington State Realtors Association (WSMA)