PHINNEY AVENUE FOURPLEX 4202 PHINNEY AVENUE N, SEATTLE, WA 98103 CONTACT INFORMATION: BILL LEYRER PRINCIPAL BROKER 206.505.9429 bill@westlakeassociates.com TRAVIS KANNIER PRINCIPAL BROKER 206.505.9428 travisk@westlakeassociates.com
OFFERING SUMMARY $1,550,000 ($471.41 PSF) 21.09 GRM 3.20% CAP $387,500 PER UNIT WESTLAKE ASSOCIATES IS PLEASED TO PRESENT THE PHINNEY AVENUE FOURPLEX FOR SALE. ADDRESS 4202 Phinney Avenue N, Seattle, WA 98103 PROPERTY HIGHLIGHTS WONDERFUL FREMONT LOCATION PERFECT OWNER-USER OLD WORLD CHARM RENTAL UPSIDE NEW FURNACE JUST PAINTED UPDATED ELECTRICAL AND PLUMBING ZONING ALLOWS FOR TOWNHOME DEVELOPMENT SHORT DISTANCE TO DOWNTOWN FREMONT, WOODLAND PARK ZOO, GAS WORKS PARKS AND GREEN LAKE 4 UNITS 3,288 Net Rentable SF
PROPERTY DETAILS PRICE $1,550,000000 LOCATION INFORMATION Building Name Phinney Avenue Fourplex Street Address 4202 Phinney Avenue N City, State, Zip Seattle, WA 98103 County/Township King Market Seattle Submarket Fremont PROPERTY DETAILS Property Type Multifamily Property Subtype Mid-Rise Zoning LR1 Lot Size 6,000 SF APN# 812970-1010 Submarket Fremont BUILDING INFORMATION Building Size 3,288 SF Year Built 1910
FINANCIAL OFFERING PROPERTY OVERVIEW Number of Units 4 Year Constructed 1910 Rentable SF 3,288 SF Lot Size 6,000 SF Zoning LR1 PRICE ANALYSIS Sale Price $1,550,000 Price per Unit $387,500 Price per NRSF $471.41 Price per Land SF $258.33 Current Cap 3.20% Current GRM 21.09 Pro Forma Cap 3.98% Pro Forma GRM 18.05 FINANCING Loan Amount $852,500 Down Payment $697,500 Rate 4.500% % Down 45.0% Amortization 30 # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 4 1 BD 1 BA 822 $1,481 $1.80 $1,650 $2.01 Total AVG $5,924 $1.80 $6,600 $2.01 INCOME CURRENT PRO FORMA + Scheduled Rental Income $71,100 $79,200 + Other Income $0 $3,360 + Garage Income $900 $1,080 + Laundry Income $1,500 $2,400 Scheduled Gross Income $73,500 $85,860860 - Vacancy & Cr Losses (2.00%) $1,470 $1,717 Gross Income $72,030 $84,143 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes $9,733 $2,433 $9,733 $2,433 Insurance $2,338 $584 $2,338 $584 Utilities: W G S E $8,225 $2,056 $8,225 $2,056 Maintenance & Repairs $2,200 $550 $2,200 $550 Total Operating Expenses $22,496 $5,624 $22,496 $5,624 Net Operating Income $49,534 $12,383 $61,647 $15,41111 Less Annual Debt Service ($51,834) ($12,958) ($51,834) ($12,958) Cash Before Taxes -$2,300 -$575 $9,813 $2,453 Plus Principal Reduction $13,752.85 $3,438.21 $13,752.85 $3,438.21 Total Return Before Taxes $11,452.85 $2,863.21 $23,565.85 $5,891.46 Term 5 Years Monthly Payment $4,319 Annual Payment $51,834 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.
FINANCIAL SUMMARY INVESTMENT OVERVIEW CURRENT PRO FORMA Price $1,550,000 $1,550,000 Price per Unit $387,500 $387,500 CAP Rate 3.20% 3.98% GRM 21.09 18.30 Cash-on-Cash Return (yr 1) -0.33% 1.41% Total Return (yr 1) $11,452 $23,565 Debt Coverage Ratio 0.96 1.19 OPERATING DATA CURRENT PRO FORMA Gross Scheduled Income $71,100 $79,200 Other Income $2,400 $6,840 Total Scheduled Income $73,500 $86,040 Vacancy Cost $1,470 $1,717 Gross Income $72,030 $84,143 Operating Expenses $22,496 $22,496 Net Operating Income $49,534 $61,647 Pre-Tax Cash Flow -$2,300 $9,813 FINANCING DATA CURRENT PRO FORMA Down Payment $697,500 $697,500 Loan Amount $852,500 $852,500 Debt Service $51,834 $51,834 Debt Service Monthly $4,319 $4,319 Principal Reduction (yr 1) $13,752 $13,752
RENT ROLL BEDROOM/ BATH SIZE RENT PSF MARKET RENT MARKET RENT PSF 1 1x1 822 $1,450 $1.76 $1,650 $2.01 2 1x1 822 $1,550 $1.89 $1,650 $2.01 3 1x1 822 $1,500 $1.82 $1,650 $2.01 4 1x1 822 $1,425 $1.73 $1,650 $2.01 4 3,288 $5, $5,925 925 $1.80 $6, $6,600 600 $2. $2.01 01 822 $1,481 $1.80 $1, $1,650 650 $2. $2.01 01 UNITS Averages The statemen statements, ts, figur figures es & computations her herein, ein, while not guaran guaranteed, teed, ar aree secur secured ed fr from om sour sources ces we believe rreliable. eliable. IInnvestors should verify all numbers, computations, and assumptions befor beforee committing to an in investmen vestment. t.
Phinney Avenue Fourplex LOCATION MAPS
INTERIOR PHOTOS
INTERIOR PHOTOS
FREMONT FREMONT ORIGINALLY A SEPARATE CITY and annexed to Seattle in 1891, Fremont is a neighborhood in Seattle named after the city in Nebraska of the same name. The neighborhood s main thoroughfares are Fremont and Aurora Avenues North (north and southbound) and North 46th, 45th, 36th, and 34th Streets (east and westbound). The Aurora Bridge carries Aurora Avenue (State Route 99) over the Ship Canal to the top of Queen Anne Hill, and the Fremont Bridge carries Fremont Avenue over the canal to the hill s base. Located on the northern edge of the Lake Washington Ship Canal, Fremont is a neighborhood with a long history as a family-oriented, residential but working class area filled with idiosyncratic individuals. It s the self-proclaimed Center of the Universe and features a bohemian, offbeat lifestyle. The neighborhood is often characterized by its quirky public art: the Troll under the Aurora Bridge who clasps a Volkswagen Bug; a seven-ton statue of Lenin that is perpetually for sale; a rocket built into the side of a building; and dinosaur topiaries that once graced the roof of Pacific Science Center. The Fremont Sunday Market is a highlight for locals and visitors, with goodies such as wood oven-baked pizzas, fresh fruits or crepes. On sunny days, grab the makings for a picnic at PCC Natural Market, and enjoy it while watching kayakers glide down the Ship Canal. While Fremont has historically been a working-class neighborhood, industry over time has shifted from sawmills and manufacturing to hightech businesses. The neighborhood is home to campuses for Adobe Systems, Impinj, Google and many small tech companies. But Fremont s manufacturing sector is still in operation, which can be seen from the Burke Gilman Trail. The combination of manufacturing and tech has created a diverse community with a great mix of old and new architecture. WESTLAKE ASSOCIATES, INC.
PUGET SOUND EMPLOYER MAP SEATTLE AREA EMPLOYERS 1. Adobe 2. Alaska Airlines 3. Amazon 4. Bartells Drugs HQ 5. Big Fish Games 6. Children s Hospital 7. City of Seattle 8. Costco 9. Cutter & Buck 10. Expedia, Inc. 11. Expeditors International 12. F5 Networks 13. Facebook 14. Fred Hutch 15. Gates Foundation 16. Getty Images 17. Google 18. Group Health 19. Holland America 20. Microsoft 21. Nordstrom 22. Paccar 23. PATH 24. Pemco Insurance 25. Plum Creek Timber Co. 26. RealNetworks 27. REI 28. Safeco Insurance 29. Saltchuck Resources 30. Starbucks 31. Swedish Health Services 32. Symetra Financial 33. Tableau Software 34. T-Mobile 35. Uber 36. University of Washington 37. Valve 38. Virginia Mason 39. Weyerhaeuser 40. Zillow 41. Zulily 8 20 36 6 17 1 33 10 12 5 9 24 29 13 14 15 3 19 23 7 27 22 41 3138 32 25 10 21 18 37 28 11 40 35 39 16 26 30 34 4 2
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)
DEMOGRAPHICS REPORT 0.5 MILES 1 MILE 1.5 MILES Total population 9,012 30,069 61,003 Median age 33.6 34.9 35.0 Median age (Male) 34.9 35.8 35.7 Median age (Female) 32.2 33.9 34.4 Total households 5,177 15,385 30,049 Total persons per HH 1.7 2.0 2.0 Average HH income $78,294 $85,950 $90,030 Average house value $532,510 $574,121 $600,774 * Demographic data derived from 2010 US Census
DEMOGRAPHICS MAP POPULATION 0.5 MILES 1 MILE 1.5 MILES Total population 9,012 30,069 61,003 Median age 33.6 34.9 35.0 Median age (Male) 34.9 35.8 35.7 Median age (Female) 32.2 33.9 34.4 HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES Total households 5,177 15,385 30,049 # of persons per HH 1.7 2.0 2.0 Average HH income $78,294 $85,950 $90,030 Average house value $532,510 $574,121 $600,774 * Demographic data derived from 2010 US Census