KARINA PLACE 2213 NW 59TH ST SEATTLE, WA 98107 FOR MORE INFORMATION: STEVE FISCHER PRINCIPAL BROKER 206.505.9435 fischer@ westlakeassociates.com TYLER D SMITH PRINCIPAL BROKER 206.505.9425 tylersmith@ westlakeassociates.com
OFFERING SUMMARY THE KARINA PLACE APARTMENTS IS A TURNKEY PROPERTY CENTRALLY LOCATED IN THE VIBRANT NEIHGBORHOOD OF BALLARD. The offering provides an opportunity to acquire a beautiful, turnkey property less than 15 minutes from downtown Seattle and only blocks away Ballard s lively restaurants and night life. The interiors of the units all have remodeled with new kitchens featuring granite counter tops and new maple cabinets. Consisting of four - 2 bedroom one bath units and three - 3 bedroom one and a half bath units, each unit boasts a large floor plans, private deck (except one unit) and washer dryer in unit. The exterior of the building is composed of marble crete with fresh paint, updated double pane vinyl windows and a new roof. The interior systems feature copper supply and drain lines with new electrical panels. Complete with 5 tandem parking spaces, the property offers a buyer a truly low maintenance turnkey asset. ADDRESS 2213 NW 59th St Seattle, WA 98107 Price: $2,700,000 Cap: 5.31% GRM: 13.93 Price Per Unit: $385,714 Price Per SF: $443.71 PROPERTY HIGHLIGHTS + 96 WALKSCORE. LOCATED IN HEART OF BALLARD. WALKABLE TO RESTAURANTS, BARS, COFFEE AND TRANSIT + 1/2 BLOCK TO BALLARD COMMONS, LIBRARY, QFC & MORE + COMPLETELY REMODELED UNITS WITH NEW KITCHENS INCLUDING GRANITE COUNTERTOPS & NEW CABINETS + WASHER / DRYER IN ALL UNITS + NEW ROOF, NEW PANELS, UPDATED VINYL WINDOWS & COPPER PLUMBING (SUPPLY & WASTE) + MOST UNITS WITH DECKS + 4 TANDEM PARKING SPACES AND 1 UNCOVERED SPOT + TRULY TURN-KEY ASSET + 2 BLOCKS FROM MAJOR BUS LINES (MARKET ST. & 24TH AVE NW) + 15 MINUTES TO DOWNTOWN SEATTLE.
INVESTMENT CONSIDERATIONS Price: $2,700,000 Units: 7 Cap Rate: 5.31% Price Per Unit: $385,714 Price Per SF: $443.71 Type: Marblecrete Wood Frame Year Built: 1967 Lot Size: ±5,000 Neighborhood: Ballard Zoning: LR3 RENT SCHEDULE UNIT TYPE Unit # AVG SIZE (SF) CURRENT RENTS MARKET RENTS (PRO-FORMA) CURRENT PSF PRO FORMA PSF 2 Bed 1 Bath B2 700 $1,795 $2.56 $1,850 $2.64 3 Bed 2 Bath 101 1,020 $2,695 $2.64 $2,695 $2.64 2 Bed 1 Bath 102 775 $1,650 $2.13 $1,950 $2.52 3 Bed 2 Bath 201 1,020 $2,695 $2.64 $2,695 $2.64 2 Bed 1 Bath 202 775 $1,895 $2.45 $1,950 $2.52 3 Bed 2 Bath 301 1,020 $2,495 $2.45 $2,695 $2.64 2 Bed 1 Bath 302 775 $1,895 $2.45 $1,975 $2.55 TOTALS 7 6,085 $15,120 $2.47 $15,810 $2.59 TOTAL MONTHLY RENT: $15,120 $15,810
FEATURED INTERIOR PHOTOS HIGHLIGHTS + REMODELED UNITS + MIX OF 2 + 3 BEDROOM UNITS + NEW ROOF, WINDOWS & ELECTRICAL PANEL + 3 BLOCKS FROM BALLARD AVENUE RETAIL + LARGE FLOOR PLANS + W/D IN ALL UNITS
FINANCIAL OFFERING PROPERTY OVERVIEW Number of Units 7 Year Constructed 1967 Rentable SF 6,085 Lot Size 5,000 # of UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF B2 2 Bedroom 1 Bath 700 $1,795 $2.56 $1,850 $2.64 101 3 Bedroom 2 Bath 1,020 $2,695 $2.64 $2,695 $2.64 102 2 Bedroom 1 Bath 775 $1,650 $2.13 $1,950 $2.52 201 3 Bedroom 2 Bath 1,020 $2,695 $2.64 $2,695 $2.64 Zoning Roof Exterior Heat L3 TPO Membrane Marblecrete Electric 202 2 Bedroom 1 Bath 775 $1,895 $2.45 $1,950 $2.52 301 3 Bedroom 2 Bath 1,020 $2,495 $2.45 $2,695 $2.64 302 2 Bedroom 1 Bath 775 $1,895 $2.45 $1,975 $2.55 Total AVG 6,085 $15,120 $2.47 $15,810 $2.59 PRICE ANALYSIS Sale Price $2,700,000 Price per Unit $385,714 Price per NRSF $443.71 Price per Land SF $540 Current CAP Rate 5.31% Current GRM 13.93 Pro Forma CAP Rate 5.33% Pro Forma GRM 13.17 FINANCING Loan Amount $1,890,000 Down Payment $810,000 Rate 4.000% % Down 30% Amortization 30 Term 5 Monthly Payment $9,023 Annual Payment $108,278 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. INCOME CURRENT PRO FORMA Scheduled Rental Income $181,440 $428,820 + Utility Bill Back $800 $9,600 $800 $9,600 + Parking $110 $1,320 $350 $4,200 + Laundry $0 $0 $0 $0 + Misc Income $125 $1,500 $125 $1,500 Scheduled Gross Income $193,860 $205,020 - Vacancy & Cr Losses 3.0% ($5,816) 5.0% ($10,251) Gross Income $188,044 $194,769 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes (2016) $13,096 $1,871 $19,000 $2,714 Insurance $2,719 $385 $2,719 $385 Utilities: W S G Electric $9,803 $1,400 $9,803 $1,400 Professional Management $9,402 $1,343 $9,402 $1,343 Maintenance $6,556 $937 $6,556 $937 Turnover $1,500 $214 $1,500 $214 Reserves $1,575 $225 $1,575 $225 Total Operating Expenses $44,651 $6,379 $50,891 $7,270 Net Operating Income $143,393 $143,878 Less Annual Debt Service ($108,278) ($108,278) Cash Before Taxes $35,115 4.34% $35,600 4.40% Plus Principal Reduction $32,678 $32,678 Total Return Before Taxes $67,793 8.37% $68,278 8.43%
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 Real Estate Institute (CREI) + MEMBER: Washington State Realtors Association (WSMA)..