GLEN TURRET APARTMENTS 640 GLEN STREET, EDMONDS, WA 98020 CONTACT INFORMATION: TRAVIS KANNIER PRINCIPAL BROKER T 206.505.9428 C 206.302.9211 travisk@westlakeassociates.com
OFFERING SUMMARY WESTLAKE ASSOCIATES, INC. IS PLEASE TO PRESENT THE GLEN TURRET APARTMENTS FOR SALE. The Glen Turret Apartments is a 6-unit apartments building constructed in 1989. The unit mix consists of 2-one bedroom units, one bath with a den and 4-two bedroom, two bath units. Each unit has its own washer/dryer, separate entrance and garages or car ports. This is a rare opportunity to own a well located, stabilized asset with huge rental upside in one of the most desirable suburbs of Seattle. The Glen Turret is on the market for the first time. ADDRESS 640 Glen Street, Edmonds, WA 98020 PROPERTY HIGHLIGHTS 6 SPACIOUS UNITS 2 GARAGES GES AND CARPORT PARKING FOR 4 Price: $1,800,000 Price Per Unit: $300,000 Price Per NRSF: $283.64 Cap Rate: 2.43% Market Cap Rate: 4.24 % GRM: 17.14 Net Rentable SF: 6,346 SF Lot Size: 10,019 SF Year Built: 1989 ALL UNITS FEATURE WASHER/DRYER AND A BALCONY SHORT WALK TO DOWNTOWN N EDMONDS AND FERRY LANDING LIMITED APARTMENT DEVELOPMENT IN IMMEDIATE AREA POTENTIAL RENTAL UPSIDE WITH SLIGHT IMPROVEMENTS COVETED EDMONDS SCHOOL DISTRICT $12M UPGRADE TO CIVIC FIELD/PARK FIRST TIME ON THE MARKET
PROPERTY DETAILS SALE PRICE $1,800, 800,000000 LOCATION INFORMATION Building Name Glen Turret Apartments Street Address 640 Glen Street City, State, Zip Edmonds, WA 98020 County/Township Snohomish Market Edmonds PROPERTY DETAILS Property Type Multifamily Property Subtype Low-Rise/Garden Zoning RM1.5 Lot Size 10,019 SF APN# 00395710201300 BUILDING INFORMATION Building Size 6,531 SF Number Of Floors 3 Year Built 1989 Gross Leasable Area Roof 6,346 SF Shingle Number Of Buildings 1 Floor Coverings Carpet / Vinyl PARKING & TRANSPORTATIONTION Parking Type UTILITIES & AMENITIES Exterior Description Laundry Structure Wood W/D In Unit
FINANCIAL OFFERING PROPERTY OVERVIEW Number of Units 6 Year Constructed 1989 Building SF 6,531 SF Rentable SF 6,346 SF Lot Size 10,019 SF Zoning RM1.5 Exterior Wood PRICE ANALYSIS Sale Price $1,800,000 Price per Unit $300,000 Price per NRSF $283.64 Price per Land SF $179.66 Current Cap 2.43% Current GRM 17.14 Market Cap 4.24% Market GRM 9.89 FINANCING Loan Amount $1,080,000 # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 2 1 BD 1 BA + Den 1,035 $1,425 $1.38 $1,925 $1.86 4 2 BD 2 BA 1,069 $1,475 $1.38 $1,925 $1.80 Total AVG $8,750 $1.38 $11,550 $1.82 INCOME CURRENT PRO FORMA Scheduled Rent Income $105,000 $138,600 Scheduled Gross Income $105, 05,000000 $138,600 - Vacancy & Cr Losses (3.00%) $3,150 $4,158 Gross Income $101,850 $134,442 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes $12,629 $2,104 $12,629 $2,104 Insurance $3,665 $610 $3,665 $610 Utilities (W/S/G/E) $17,180 $2,863 $17,180 $2,863 Maintenance & Repairs $24,687 $4,114 $24,687 $4,114 Total Operating Expenses $58,161 $9,693 $58,161 $9,693 Net Operating Income $43,689 $7,281 $76,281 $12,713 Less Annual Debt Service ($65,666) ($10,944) ($65,666) ($10,944) Cash Before Taxes -$21,977 -$3,662 $10,615 $1,769 Plus Principal Reduction $17,422.43 $2,903.74 $17,422.43 $2,903.74 Total Return Before Taxes -$4,554.57 -$759.09 $28,037.43 $4,672.91 Down Payment Rate % Down Amortization Term Monthly Payment $720,000 4.5% 35.0% 30 5 Years $5,472 Annual Payment $65,666 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.
RENT ROLL UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) CURRENT RENT CURRENT RENT (PER SF) MARKET RENT MARKET RENT/SF 1 1 1 1,035 $1,375 $1.33 $1,925 $1.86 2 1 1 1,035 $1,475 $1.43 $1,925 $1.86 3 2 2 1,066 $1,475 $1.38 $1,925 $1.81 4 2 2 1,066 $1,475 $1.38 $1,925 $1.81 5 2 2 1,072 $1,475 $1.38 $1,925 $1.80 6 2 2 1,072 $1,475 $1.38 $1,925 $1.80 6,346 $8,750 $1.38 $11,550 $1.82 Averages 1,057 $1,458 $1.38 $1,925 $0.30
640 Glen Street LOCATION MAPS
PHOTOS
EDMONDS EDMONDS THE CITY OF EDMONDS is located in south Snohomish County on the shores of Puget Sound approximately 14 miles north of Seattle. The community s location on the west-facing slopes of Puget Sound provides many amenities, including extensive views of the water and Olympic Mountains, access to beaches and waterfront parks. An active arts and cultural community contributes to the strong sense of civic pride widely shared in the community. There are numerous well-kept residential neighborhoods, a viable economic base, and an active, involved citizenry. Edmonds is the title-holder as the model for Northwest living and Friendliest Community. The existing transportation system consists of a complete network of arterials, providing links to major centers and to the ferry system. The Edmonds- Kingston Ferry connects Edmonds with the northern Kitsap Peninsula and points west on the Olympic Peninsula via the Hood Canal Bridge. The Burlington Northern Railroad runs adjacent to the city s shoreline and provides AMTRAK passenger rail service. Edmonds parks have something for everyone. The city has more than 325 acres of parkland, more than 1,000- feet of waterfront shoreline, and 20,000 square feet of flower bed, all maintained by the Parks Department. For example you can spend the day at Marina Beach, where you can see the Olympic Mountains, fly a kite, sculpt a castle, and explore the marine life at low tide. This spectacular waterfront park includes picnicking, car top boat launch, off-leash dog area and walking along the waterfront. In addition to the Edmonds Historical Museum and the Edmonds Center for the Arts, there are many community related events throughout the year, such as the Edmonds Arts Festival, Edmonds in Bloom and the Edmonds Waterfront Festival. 40,400 POPULATION $71,787 AVERAGE INCOME EDMONDS-KINGSTON FERRY 45 Mins AVERAGE SEATTLE COMMUTE WEYERHAEUSER HEADQUARTERS WEYERHAEUSER WEYERHAEUSER WESTLAKE ASSOCIATES, HEADQUARTERS HEADQUARTERS INC.
DEMOGRAPHICS MAP & REPORT POPULATION 1 MILE 3 MILES 5 MILES Total population 10,666 61,746 146,206 Median age 50.7 45.4 41.8 Median age (Male) 48.2 43.5 40.4 Median age (Female) 52.3 46.6 42.8 HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 5,097 27,076 61,831 # of persons per HH 2.1 2.3 2.4 Average HH income $94,589 $95,035 $83,058 Average house value $557,587 $572,073 $474,141 * Demographic data derived from 2010 US Census
BROKER BIO & CONTACT TRAVIS KANNIER Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA 98109 T 206.505.9428 C 206.302.9211 travisk@westlakeassociates.com PROFESSIONAL BACKGROUND Travis is one of Westlake Associates' most experienced brokers and has been with the company for over 13 years. A Seattle adopted son; Travis has lived in the area for 20 years while focusing on multi-family and land development sales in the Tri-county area. A consummate advocate for transparency and trustworthiness, Travis represents both commercial buyers and sellers. Throughout his years of brokering, Travis has attested his success to a code of ethics that involves giving the same quality service to all clients while keeping their best interests his top priority. At Westlake, I am able to ensure that I am working in the client s best interest. Here, I am representing the client rather than just representing the brokerage firm.
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. :: C Commer ommercial cial B Brrok okers ers Association ((CBA CBA)) :: N North orthwest west M Multiple ultiple LListing isting S Ser ervices vices (N (NW WMLS) :: Loop N Net et N National ational LListing isting S Ser ervices vices :: C Costar ostar C Commer ommercial cial R Real eal E Estate state D Data ata and N National ational LListing isting S Ser ervice vice :: C Commer ommercial cial IInnvestmen vestmentt R Real eal E Estate state IInstitute nstitute ((CREI) CREI) :: W Washington ashington S State tate R Realtors ealtors Association (WSMA (WSMA))