FOR SALE Edward s Duplexes

Size: px

Start display at page:

Download "FOR SALE Edward s Duplexes"

Brendan Short
5 years ago
Views:

FOR SALE Edward s Duplexes 12-Units 6817 NE 124th Avenue Vancouver, WA 98682 PRESENTED BY: David Chatfield

1 FOR SALE Edward s Duplexes 12-Units 6817 NE 124th Avenue Vancouver, WA PRESENTED BY: David Chatfield Multifamily Investment Broker 900 SW 5th Avenue 17th Floor Portland, OR

2 Table of Contents Executive Summary 1 Investment Overview 2 Property Details 4 Interior Photos 5 Exterior Photos 6 Financial Analysis 7 Sale Comparables 8 Demographics 10 Exclusively Represented By: David Chatfield Multifamily Investment Broker DavidC@norris-stevens.com

3 Executive Summary Overview Edward s Duplexes is a 12-unit luxury duplex property located in the Orchards area of Vancouver, Washington. Located within close proximity to the SR-500 and the I-205 freeway, this low-density asset is well positioned being conveniently close to services, amenities and jobs. Kaiser Permanente, Fred Meyer, Vancouver Mall, Orchards Market Center, Walmart, Costco, and Heritage High School are all within a 5 minute drive or bike ride. The property has seen virtually zero vacancy since its delivery in 2013 and offers a new investor a turn-key asset with minimal operating expenses; tenants pay 100% of the property s utilities. Population within a one mile radius is expected to grow by 8.22% by 2023 with less than 100 new units being built within a three mile radius of the property. Unit interiors feature spacious floor plans on the first floor which include an attached double car garage, private back patio with outdoor gas fireplace, half bathroom, island kitchen, pantry, gas fireplace, and air conditioning. The upstairs contains the bedrooms, two full size bathrooms, ample closet space in the bedrooms, and large washer/dryer rooms with extra sink and closet space. The units are equipped with stainless steel appliances, granite countertops, 10 foot ceilings, full size washer and dryers, engineered hardwood floors, porcelain tile in the bathrooms, entry way and laundry room. Vancouver resides in Clark County which is adding an estimated 1,500 new residents per month according to the state Department of Licensing. With 7,500 jobs added last year in Clark County, the three largest growth sectors include construction, trade, transportation, and utilities, and professional and business services. Forbes 2018 annual list of America s fastest-growing cities, which is based on growth of population, employment, wages and economic output, and home price growth, ranks Vancouver 17th out of 25 metropolitan areas; this includes higher growth than New York City. Property Name Property Address Edward s Duplexes 6817 NE 124th Avenue Property City/State/Zip Vancouver, WA Number of Units 12 Year Built 2013 Total Lot Size Total RBA ± 0.87 Acres (37,897 SF) 41,960 SF Number of Stories 2 Unit Types Unit Sizes Foundation Siding Roof A/C 3 Bed/2.5 Bath Townhomes 1,924 SF Crawl Hardy Cement Pitched/Composition Yes 1

Investment Overview Pricing Overview Price $3,500,000 Price Per Unit $291,667 Price Per SF $151.59 Cap Rate 4.

4 Investment Overview Pricing Overview Price $3,500,000 Price Per Unit $291,667 Price Per SF $ Cap Rate 4.89% Terms Total Rentable SF Average Unit Size Free-and-clear 23,088 SF 1,924 SF Current Occupancy 100% Investment Highlights Condo Quality Design, Large Floor Plans, High End Finishes: Edward s Duplexes consists of twelve, condo quality, 3 bed/2.5 bath townhomes all at 1,924 square feet in size. The units are thoughtfully designed, equipped with top-of-the-market finishes and present more like a single family residence. Built With Zero-Lot Lines, Potential for a Condo Conversion: The property was built with zero lines allowing a future investor the opportunity to condominiumize the units. The property is currently under one single tax lot. Suburban Location, East Access to Major Highways: Located in the Orchards neighborhood of Vancouver, the property offers convenient access to services, amenities and major highways. Zero Utility Expenses to Owner: Edward s Duplexes operates with zero utility costs borne to the owner. All units are individually metered with tenants paying for 100% of their water, sewer, garbage, electric and gas usage. Assumable Loan, Attractive Rate and Terms: An investor has the option to assume the existing loan on the property at 3.9% fixed till February Significantly Low Turnover: The property has had 0% vacancy and has seen nominal turnover since it was delivered in Loan Assumption Balance (11/14/18) $1,874,926 Down Payment $1,625,074 LTV 53.57% Term 7 Year Fixed Rate 3.98% Maturity Lender September 1, 2024 Umpqua Bank ADS $109,588 CFADS $58,500 Current ROI 3.60% 2

Investment Overview Unit Amenities Lower Level Upper Level Full Size Washer and Dryer Double Car Garage Private Backyard Granite Countertops Stainless Steel Appliances Built in

5 Investment Overview Unit Amenities Lower Level Upper Level Full Size Washer and Dryer Double Car Garage Private Backyard Granite Countertops Stainless Steel Appliances Built in Microwave and Refrigerator Engineered Hardwood Floors Fireplace 10 Foot Ceilings Porciline Tile Floors in Bathroom Extra Fenced Parking on Two End Units + Expanded Yard Space 3

6 Property Details Costco Heritage High School Fred Meyer SUBJECT PROPERTY Kaiser Permanente Orchards Market Center Walmart Supercenter Vancouver Mall 4

7 Interior Property Photos 5

8 Exterior Property Photos 6

9 Financial Analysis PROPERTY NAME: Edwards Edward s Duplex's Duplexes PROPERTY TYPE: Multifamily PRICE: $3,500,000 ADDRESS: 6817 NE 124th Ave. TOTAL UNITS: 12 PRICE/UNIT: $291,667 CITY/STATE/ZIP: Vancouver, WA YEAR BUILT: 2013 PRICE/SF: $ MARKET: Orchards Area TOTAL GBA: 23,088 CAP RATE: 4.89% SCHEDULE OF MONTHLY RENTS UNIT TYPE # OF UNITS APPROX. SF PRICE/SF SCHEDULED RENT TOTAL RENT 3 Bed/2.5 Bath 7 1,924 $0.83 $1,600 $11,200 3 Bed/2.5 Bath 3 1,924 $0.86 $1,650 $4,950 3 Bed/2.5 Bath 2 1,924 $0.88 $1,700 $3,400 TOTAL: 12 23,088 $19,550 ESTIMATED INCOME SCHEDULED GROSS RENTAL INCOME $234,600 LESS: Vacancy/Credit Loss 4.0% (9,384) POTENTIAL TOTAL INCOME $225,216 PLUS: Other Income 0 EFFECTIVE GROSS INCOME $225,216 ESTIMATED EXPENSES Variable ANNUAL Repairs/Maintenance 3,500 Professional Management Approx. 4.0% of EGI 9,000 Estimated Turnover 1,500 Miscellaneous/Admin 500 Marketing/Advertising 200 TOTAL VARIABLE EXPENSES $14,700 Fixed Real Estate Taxes ,552 Property Insurance 2,200 Landscaping 3,600 Replacement Reserves $250/unit/year 3,000 TOTAL FIXED EXPENSES $39,352 TOTAL ANNUAL EXPENSES $54,052 NET OPERATING INCOME $171,164 Expense Ratio (% of EGI): 24.0% Expenses/Unit: $1,422 7

Sale Comparables 7600 NE 31ST CIR Vancouver, WA 98662 SALE DATE 8/9/2017 PRICE/SF $160 SALE PRICE $2,350,000 # OF UNITS 9 CAP RATE 5.

Partial garages. 8128 NE 20TH ST Vancouver, WA 98662 SALE DATE 6/27/2017 PRICE/SF $165 SALE PRICE $8,600,000 # OF UNITS 32 CAP RATE 5.

Mix of 4 bed/3 bath, 3 bed/2 bath & 2 bed/2 bath units. Attached garages.

10 Sale Comparables 7600 NE 31ST CIR Vancouver, WA SALE DATE 8/9/2017 PRICE/SF $160 SALE PRICE $2,350,000 # OF UNITS 9 CAP RATE 5.50% YEAR BUILT 2017 PRICE/UNIT $261,111 TOTAL GBA 14,693 SF NOTES Townhouse units. Mix of 3 bed/2.5 bath and 4 bed/2.5 bath units. Partial garages NE 20TH ST Vancouver, WA SALE DATE 6/27/2017 PRICE/SF $165 SALE PRICE $8,600,000 # OF UNITS 32 CAP RATE 5.76% YEAR BUILT PRICE/UNIT $268,750 TOTAL GBA 52,058 SF NOTES Townhouse units. Mix of 4 bed/3 bath, 3 bed/2 bath & 2 bed/2 bath units. Attached garages NE 76TH ST Vancouver, WA SALE DATE 10/9/2017 PRICE/SF $165 SALE PRICE $3,300,000 # OF UNITS 14 CAP RATE 5.50% YEAR BUILT 2017 PRICE/UNIT $235,714 TOTAL GBA 20,006 SF NOTES Townhouse units. All 3 bed/2.5 bath between 1,354-1,529. Attached garages. 8

Sale Comparables 5806 NE 72ND AVE Vancouver, WA 98661 SALE DATE 8/16/2018 PRICE/SF $176 SALE PRICE $5,250,000 # OF UNITS 19 CAP RATE 5.

Attached garages. Tenant pays all utilities.

11 Sale Comparables 5806 NE 72ND AVE Vancouver, WA SALE DATE 8/16/2018 PRICE/SF $176 SALE PRICE $5,250,000 # OF UNITS 19 CAP RATE 5.72% YEAR BUILT 2018 PRICE/UNIT $276,316 TOTAL GBA 29,844 SF NOTES New townhouse units. Mostly 3 bed/2.5 bath with a couple 3 bed/3 bath. Attached garages. Tenant pays all utilities NE 76TH WY Vancouver, WA SALE DATE 8/17/2018 PRICE/SF $186 SALE PRICE $1,590,000 # OF UNITS 6 CAP RATE 4.82% YEAR BUILT 2014 PRICE/UNIT $265,000 TOTAL GBA 8,550 SF NOTES Townhouse units. 3 bed/2.5 bath from 1,350-1,525 SF. Attached garages. Not individually metered. 9

Demographics Population 1 Mile 3 Mile 5 Mile 2018 Total Population: 11,736 107,088

19% 8.52% 8.26% Median Household Inc: $55,749 $65,828 $64,936 Avg Household Size: 2.

12 Demographics Population 1 Mile 3 Mile 5 Mile 2018 Total Population: 11, , , Population: 12, , ,735 Pop Growth : 8.22% 8.62% 8.38% Average Age: Households 2018 Total Households: 4,125 38,146 83,955 HH Growth % 8.52% 8.26% Median Household Inc: $55,749 $65,828 $64,936 Avg Household Size: Avg HH Vehicles: Housing Median Home Value: $209,119 $248,453 $262,327 Median Year Built:

13 For more information or to setup a property tour, please contact: David Chatfield Multifamily Investment Broker DavidC@norris-stevens.com

Mountain Crest Apartments 24 Units

INVESTMENT REAL ESTATE SERVICES FOR SALE Mountain Crest Apartments 24 Units 1519 SE Roberts Drive Gresham, Oregon 97080 Exclusively Represented By: Cameron Mercer Multifamily Investment David Chatfield