Offering Memorandum WASHINGTON SQUARE VILLAGE APARTMENTS 825 32nd Avenue Longview, WA 98632 1
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â 2017 Marcus & Millichap. All rights reserved. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. WASHINGTON SQUARE VILLAGE APARTMENTS Longview, WA ACT ID Y0210259 2
TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map FINANCIAL ANALYSIS 02 Rent Roll Summary Rent Roll Detail Operating Statement Notes Pricing Detail Acquisition Financing MARKET COMPARABLES 03 Sales Comparables Rent Comparables MARKET OVERVIEW 04 Demographic Analysis 3
INVESTMENT OVERVIEW WASHINGTON SQUARE VILLAGE APARTMENTS
EXECUTIVE SUMMARY NUMBER OF UNITS UNIT TYPE VITAL DATA Price $10,950,000 CURRENT PRO FORMA Loan Amount $7,665,000 CAP Rate 6.50% 9.09% Loan Type Proposed New GRM 9.46 7.22 Interest Rate / Amortization 4.44% / 30 Years Net Operating Income $711,490 $995,359 Price/Unit $85,547 Net Cash Flow After Debt Service 7.57% / $248,714 16.21% / $532,583 Price/SF $107.41 Total Return 11.38% / $373,686 20.19% / $663,219 Number of Units 128 Rentable Square Feet 101,950 Year Built / Renovated 1975 / 2013 Lot Size 7.8 acre(s) UNIT MIX 126 Two Bedroom 800 1 Office 880 1 One Bedroom 750 APPROX. SQUARE FEET OFFERING SUMMARY MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES St John Medical Center 2,000 St Johns Medical Center 1,640 Peterson Machinery Co 1,121 Kapstone 1,012 Foster Poultry Farms 800 Deere & Company 712 Walmart 669 Dick Hannah Toyota 625 Lcc 580 Nippon Dynawave Packaging Co 540 County of Cowlitz 537 Schwei Mark G MD Dabpm 437 DEMOGRAPHICS 128 Total 101,950 1-Miles 3-Miles 5-Miles 2017 Estimate Pop 10,981 43,372 67,982 2017 Census Pop 10,841 42,671 66,880 2017 Estimate HH 4,257 17,633 26,982 2017 Census HH 4,270 17,630 26,922 Median HH Income $31,726 $35,530 $39,189 Per Capita Income $16,916 $21,327 $22,010 Average HH Income $43,389 $51,553 $54,803 # 5
INVESTMENT OVERVIEW OFFERING SUMMARY Marcus & Millichap is pleased to offer this fantastic asset of 127 occupied units apartment complex exclusively listed for sale in Longview Washington. The Washington Square Village is a 128-unit complex located in Longview, Washington. This attractive community was built in 1975 and renovated in 2012. The property has new roofs and windows on all buildings in 2012, as well as over 80 percent of units have interior upgrades. The property consists of 127 two-bed/one-bath and 1 one-bed/one-bath. All two-bedroom units offer three floor plans ranging from 720, 800 and 880 square feet. Additionally, there are two laundry facilities onsite. Each unit is separately metered for electricity. Landlord pays water, sewer, garbage and common area electricity. The property offers ample off-street parking as well as on-street parking with a bus stop just a block away. An add value component would be to add carports and charge $15/mo equaling $23k/ year additional income. Longview benefits from the greater Portland area's very low vacancy rates, while enjoying lower utility rates and no state income tax. As Portland, Oregon and Vancouver, Washington have continued to see substantial increases in effective rents (10 percent in 2016 & almost 15 percent in 2017) Longview and Kelso have definitely started to experience the inevitable growth in local rents as tenants search for more affordable housing options, inadvertently driving up the overall market. INVESTMENT HIGHLIGHTS 100% Occupied, Low 2% Vacancy Market Substantial Upside In Current Market Rents Recent New Roofs and Windows, 80% Upgraded Interiors All Spacious 2 Bedroom 1 Bathroom Units Additional Income with 2 On-Site Laundry Facilities 9.02% CAP Rate Year 1 Tons of Parking! Add Carports & Charge an Additional Fee of $15/mo equals $23k per Year Extra Income 6
INVESTMENT OVERVIEW CONTINUED Longview has just announced great news for huge growth in the area. A fertilizer plant has just confirmed a $1 billion investment into Longview. Construction is schedule to start in approximately one year and will bring at minimum 1,000 construction workers for two to three years and will create almost 200 family paid jobs thereafter. Also, a new large Las Vegas style Casino has just opened south of Longview in La Center, Washington. They have plans to add two large hotels soon. Kelso is also constructing a new Methanol Plant, and will add several new job opportunities soon. The property is located very close to the Columbia River which separates Oregon and Washington, and is off Interstate 5. The location sits between Portland, OR & Vancouver, WA, which is 44 miles south, and Seattle, WA, which is 130 miles north of the property. The closest International Airport is in Portland. Longview, Washington is the largest city in Cowlitz County with a population of roughly 36,000. It is home to Lower Columbia College, championship golf courses and beautiful Lake Sacajawea. FORBES Magazine named Longview the Prettiest Town in the USA OFFERING SUMMARY Common Area Amenities Two Coin Operated On-Site Laundry Facilities Ample Off-Street Parking No Thru-Traffic Children's Covered Playground Large Courtyard for Pets and Children to Play Walk to the Famous Lake Sacajawea mentioned by FORBES Magazine calling Longview The Prettiest Town in the USA Unit Amenities Spacious Two-Bedrooms with One-Bath Most Interiors have Basic Updates New Windows, Newer Roofs Electric Heat and Appliances # 7
PROPERTY PHOTO 8
REGIONAL MAP 9
LOCAL MAP 10
PROPERTY PHOTOS 11
PROPERTY PHOTO Marcus & Millichap closes more transactions than any other brokerage firm. 12
IN THE NEWS (Friday, May 5, 2017) OFFERING SUMMARY 13 #
OFFERING SUMMARY IN THE NEWS (Cont d) The Longview City Council is scheduled to vote on the sale of the Mint Farm property at its May 11 meeting. Pacific Coast will pay nearly $1.8 million to the city for its 17 acres and a quarterly holding fee for three years while it undergoes permitting, according to Longview City Manager Dave Campbell. The holding fee is about $18,000 quarterly the first year, $23,000 the second year and $29,000 the third year, Campbell said. The purchase price for the PNW Recycling land was not immediately available. The plant would convert natural gas into anhydrous ammonia, a liquid commercial fertilizer. Anhydrous ammonia is not ammonium nitrate, the type of fertilizer used in the April 1995 Oklahoma City domestic terror explosion that killed 168 people. Oregon s largest fertilizer plant, the Dyno Nobel facility just north of St. Helens, Ore., has manufactured anhydrous ammonia for years without a serious incident. To ensure safe and secure operations at all times, PCF s state-of-the-art fertilizer manufacturing, storage and distribution facility will adhere to industry leading operating standards. Throughout planning, construction and ongoing operations, the project is required to follow Process Safety Management (PSM), a 14-element analytical tool covering all aspects of handling, storage, production and disposal of hazardous materials, Richey said by email. Pacific Coast Fertilizer is planning to obtain natural gas through the pipeline that serves the Weyerhaeuser/Nippon industrial site, said Campbell. That pipeline connects to the main Northwest Williams natural gas pipeline at Ostrander. Pacific Coast has been looking for a site to build a fertilizer plant to serve the Pacific Northwest agriculture industry for several years. Longview is ideally located to serve the region s agriculture needs and has an industrial work force that can be trained to operate the plant, Richey said Wednesday. All the pieces really make sense for us, he added. If the sale goes though, the city would be left with ownership of just the lot in the Mint Farm, Campbell said. Weyerhaeuser Co. still owns between 100 and 120 acres of undeveloped land in the park, and the city will continue to market that to other clients. Campbell said ability to serve West Coast and export markets by rail, truck or boat and the availability of natural gas were key factors for Pacific Coast deciding to locate at the Mint Farm, Campbell said. The development is some longawaited good news for the Mint Farm, which the city laid out more than two decades ago hoping to lure employers and thousands of jobs. Pacific Coast Fertilizer would nearly double the current level of employment there a little over 100 jobs. The fertilizer plant is targeted for a site where a wood truss plant shuttered briefly after opening early last decade, scotching hopes that it would create 400 jobs. Pacific Coast officials say they expect to hire locally and provide substantial training for specialized roles. While operators and maintenance workers can be trained, the company would also need engineers, IT support, accountants, superintendents and other professionals with some kind of post-secondary education, company officials said last fall during a visit here. Construction will likely be done with a contractor who uses union labor, although Pacific Coast does not yet have a project labor agreement with building trades unions, the company said. The liquid fertilizer would be sold to agricultural retailers throughout the Northwest and shipped by truck and ships. Pacific Coast Fertilizer would transfer its products by pipeline to nearby docks owned by Millennium Bulk Terminals or Weyerhaeuser Co. It will produce the equivalent of 11 semi-truck loads of liquid fertilizer daily. Ammonia is not very flammable on its own, but high airborne concentrations can ignite at extreme temperatures (1,200 degrees). Although the substance is corrosive to the skin and eyes, it is not considered explosive unless it is exposed to a fire source. Explosions are rare. However, a 2013 explosion at a fertilizer plant in a small town in Texas injured 160 people and killed at least five. The Texas plant stored both anhydrous ammonia and ammonium nitrate. 14 #
IN THE NEWS (Friday, June 8, 2017) OFFERING SUMMARY As rents continue to rise in Clark County, so does the wage needed to afford one. A full-time worker needs to earn $18.19 hourly to afford a studio apartment, $20.25 for a one-bedroom or $23.88 for a twobedroom, according to the National Low Income Housing Coalition s annual Out of Reach Report. Affordable means rent is no more than 30 percent of a renter s income, but more than half of Clark County renters devote a larger chunk of their paychecks toward rent. The report released Thursday analyzed 2017 fair market rents and wages, showing what people can and cannot afford. There is nowhere in the United States where a full-time minimum wage worker can afford a two-bedroom apartment, the report said. With an $11 hourly minimum wage in Washington, rent would have to be $572 to be affordable. Or, that worker would need to work 66 hours weekly to afford even a studio apartment. The wage needed to afford a one-bedroom apartment in Clark County known as the housing wage has increased 58 percent since 2012. This has created a gap between what renters actually earn and what they can afford. By Patty Hastings Andy Silver, executive director of the Vancouver-based Council for the Homeless, said the problem is that wages aren t keeping pace with rents. The average hourly renter wage is $15.07. We are expecting rents to continue to rise in the near future, Silver said. There is an enormous amount of development in the pipeline, but because the rental market is so tight right now and because there s still a considerable net migration to the region, specifically to Vancouver/Clark County, we re hoping that the rate of increase slows down. Newly constructed apartments tend to be priced above fair market rents and impact the rest of the stock, pulling up prices for older apartment complexes, Silver said. He believes that rents are unlikely to stop increasing, much less decline anytime soon, which is affirmed by the report s findings. While the largest rent increases happened between 2015 and 2016, rents are still going up. CONTINUED 15 #
IN THE NEWS (Cont d) A growing number of his agency s clients are looking for roommates. Two full-time workers earning about $12 an hour could theoretically afford a two-bedroom apartment. But, Silver said, at the same time it s gotten harder to find those room-for-rent opportunities. A room may not be affordable to a renter whose only income is a monthly Social Security check of $781. Retired couple Don, 77, and Dawn Mongeau, 73, live off Social Security. They said they recently got a 60-day notice that the monthly rent on their three-bedroom house off Padden Parkway would increase from $860 to $1,250. After 12 years in the same house, they re looking to downsize to a smaller, more affordable place. Washington remains the 10th most expensive rental market in the United States. Seattle-Bellevue, Portland-Vancouver- Hillsboro, Ore., Tacoma, San Juan County and Olympia- Tumwater are the state s most expensive areas in that order. There are more than 1 million renter households statewide, including 58,058 in Clark County. Thirty-six percent of households here are renters, which is higher than the state average. Portland-Vancouver-Hillsboro, Ore., tops Oregon s list of its most expensive areas, followed by Corvallis, Hood River County, Eugene-Springfield and Albany. Oregon has the 18th most expensive rental market in the country. Most of the country s costliest rental markets are concentrated in California, particularly in and around San Francisco. Clark County s 2017 Rental Market Hourly housing wage (Rent = 30% of full-time income) Studio: $18.19 One-bedroom: $20.25 Two-bedroom: $23.88 Three-bedroom: $34.77 Four-bedroom: $42.08 OFFERING SUMMARY Monthly fair market rent Studio: $946 One-bedroom: $1,053 Two-bedroom: $1,242 Three-bedroom: $1,808 Four-bedroom: $2,188 16 #
FINANCIAL ANALYSIS 17
OPERATING STATEMENT FINANCIAL ANALYSIS 18
PRICING DETAIL FINANCIAL ANALYSIS 19
RENT ROLL SUMMARY FINANCIAL ANALYSIS 20
RENT ROLL DETAIL FINANCIAL ANALYSIS 21
RENT ROLL DETAIL FINANCIAL ANALYSIS 22
RENT ROLL DETAIL FINANCIAL ANALYSIS 23
RENT ROLL DETAIL FINANCIAL ANALYSIS 24
ACQUISITION FINANCING MARCUS & MILLICHAP CAPITAL CORPORATION CAPABILITIES MMCC our fully integrated, dedicated financing arm is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and terms. We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Mae, Freddie Mac and HUD to provide our clients with the greatest range of financing options. Our dedicated, knowledgeable experts understand the challenges of financing and work tirelessly to resolve all potential issues to the benefit of our clients. Closed 1,651 debt and equity financings in 2016 National platform operating within the firm s brokerage offices $5.1 billion total national volume in 2016 Access to more capital sources than any other firm in the industry WHY MMCC? Optimum financing solutions to enhance value Our ability to enhance buyer pool by expanding finance options Our ability to enhance seller control Through buyer qualification support Our ability to manage buyers finance expectations Ability to monitor and manage buyer/lender progress, insuring timely, predictable closings By relying on a world class set of debt/equity sources and presenting a tightly underwritten credit file 25
MARKET COMPARABLES 26
SALES COMPARABLES MAP WASHINGTON SQUARE VILLAGE APARTMENTS (SUBJECT) 1 Clearwater Bay 2 University Place 3 University Park 4 Fairways Aparments 5 Mountain View SALES COMPARABLES 27
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES Average Cap Rate Average GRM 7.0 13.00 6.3 5.6 Avg. 5.56% 11.70 10.40 Avg. 9.47 4.9 9.10 4.2 7.80 3.5 6.50 2.8 5.20 2.1 3.90 1.4 2.60 0.7 1.30 0.0 Washington Square Village Clearwater Bay Average Price Per Square Foot University Place University Park Fairways Aparments Mountain View 0.00 Washington Square Village Average Price Per Unit Clearwater Bay University Place University Park Fairways Aparments Mountain View $200.00 $180.00 $90,000 $81,000 Avg. $81,604 $160.00 $72,000 $140.00 $63,000 $120.00 $100.00 Avg. $98.98 $54,000 $45,000 $80.00 $36,000 $60.00 $27,000 $40.00 $18,000 $20.00 $9,000 $0.00 Washington Square Village Clearwater Bay University Place University Park Fairways Aparments Mountain View $0 Washington Square Village Clearwater Bay University Place University Park Fairways Aparments Mountain View 28
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS SALES MARKETING COMPARABLES TEAM SALES COMPARABLES WASHINGTON SQUARE VILLAGE APARTMENTS 825 32nd Avenue, Longview, WA, 98632 CLEARWATER BAY 5225 W Clearwater Ave, Kennewick, WA, 99336 1 UNIVERSITY PLACE APARTMENTS 501 E 18th Ave, Ellensburg, WA, 98926 2 rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Offering Price: $10,950,000 126 Two Bdr Price/Unit: $85,547 1 Office Price/SF: $107.41 1 One Bdr CAP Rate: 6.50% GRM: 9.46 Total No. of Units: 128 Year Built: 1975 Units Unit Type Close Of Escrow: 9/1/2016 14 1 Bdr Bath Sales Price: $6,136,181 42 2 Bdr Bath Price/Unit: $87,660 14 3 Bdr Bath Price/SF: $76.28 CAP Rate: 5.60% Total No. of Units: 70 Year Built: 1977 Units Unit Type Close Of Escrow: 4/20/2016 121 2 Bdr Bath Sales Price: $9,740,500 Price/Unit: $80,500 Price/SF: $110.30 CAP Rate: 5.40% Total No. of Units: 121 Year Built: 1993 rentpropertyaddress1 Underwriting Criteria Income $1,160,190 Expenses $448,701 NOI $711,490 Vacancy ($34,738) rentpropertyaddress1 NOTES This property sits on the waterfront and has a nice view. The property is in good condition and offers many amenities. rentpropertyaddress1 NOTES Credits were given in the amount of $165,000 for deferred maintenance. Gross Potential Rent is disclosed as $1,136,720 29
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS SALES MARKETING COMPARABLES TEAM SALES COMPARABLES UNIVERSITY PARK APARTMENTS 300 E Helena Ave, Ellensburg, WA, 98926 3 FAIRWAYS APARMENTS 3858 Pennsylvania St, Longview, WA, 98632 4 MOUNTAIN VIEW APARTMENTS 2185 38th Ave, Longview, WA, 98632 5 rentpropertyname1 rentpropertyname1 rentpropertyname1 Units Unit Type Close Of Escrow: 4/20/2016 96 2 Bdr Bath Sales Price: $7,969,500 Price/Unit: $83,016 Price/SF: $106.64 CAP Rate: 5.40% Total No. of Units: 96 Year Built: 1997 Units Unit Type Close Of Escrow: 10/1/2016 1 Studio 1 Bath Sales Price: $14,790,000 67 1 Bdr 1 Bath Price/Unit: $75,459 79 2 Bdr 1 Bath Price/SF: $99.93 49 3 Bdr 1 Bath CAP Rate: 6.50% GRM: 7.55 Total No. of Units: 196 Year Built: 1978 Units Unit Type Close Of Escrow: 8/21/2017 28 1 Bdr 1 Bath Sales Price: $10,580,000 87 2 Bdr 1 Bath Price/Unit: $81,385 2 2 Bdr 1.5 Bath Price/SF: $101.73 13 3 Bdr 1 Bath CAP Rate: 4.92% GRM: 11.38 Total No. of Units: 130 Year Built: 1979 rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 NOTES Credits were given in the amount of $135,000 for deferred maintenance. Gross Potential Rent is disclosed at $958,800. NOTES Comparable property is a larger apartment complex on the outskirts of town. Comparable is 19 years older than the subject property and not as well located. NOTES Mountain View is a larger apartment community in the northwest corner of Longview. Subject property is in a better location given it's proximity to downtown, medical and retail services. 30
8 RENT COMPARABLES MAP WASHINGTON SQUARE VILLAGE APARTMENTS (SUBJECT) 1 Fairways Aparments 2 3 4 5 Hidden Creek Columbia Valley Garden 3045 Maryland Street Dry Creek 7 8 9 10 11 12 13 14 15 16 17 18 20 31
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS AVERAGE RENT - MULTIFAMILY RENT COMPARABLES 2 Bedroom $1,000 $900 Avg. $888 $800 $700 $600 $500 $400 $300 $200 $100 $0 Washington Square Village Fairways Aparments Hidden Creek Columbia Valley Garden 3045 Maryland Street Dry Creek 1 Bedroom $800 $720 Avg. $719 $640 $560 $480 $400 $320 $240 $160 $80 $0 Washington Square Village Fairways Aparments Hidden Creek Columbia Valley Garden 3045 Maryland Street Dry Creek 32
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS RENT MARKETING COMPARABLES TEAM WASHINGTON SQUARE VILLAGE rentpropertyname1 APARTMENTS 825 32nd Avenue, Longview, WA, 98632 rentpropertyaddress1 FAIRWAYS APARMENTS 3858 Pennsylvania St, Longview, WA, 98632 1 HIDDEN CREEK APARTMENTS 5607 Finch Dr, Longview, WA, 98632 2 rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF Two Bdr 126 796 $752 $0.94 Office 1 880 $1,000 $1.14 One Bdr 1 750 $695 $0.93 Total/Avg. 128 796 $753 $0.95 Unit Type Units SF Rent Rent/SF Studio 1 Bath 1 310 $437 $1.41 1 Bdr 1 Bath 67 592-646 $700- $725 $1.15 2 Bdr 1 Bath 79 776 $890 $1.15 3 Bdr 1.5 Bath 49 943 $975 $1.03 Total/Avg. 196 762 $848 $1.11 Unit Type Units SF Rent Rent/SF 2 Bdr 1.5 Bath 84 925 $950 $1.03 3 Bdr 16 1,026 $1,100 $1.07 Total/Avg. 100 941 $974 $1.03 YEAR BUILT: 1975 rentpropertyaddress1 OCCUPANCY: 100% YEAR BUILT: 1978 NOTES Property amenities include a pool, picnic area, laundry service, playground, and storage rentpropertyaddress1 units. Units offer balcony/patio and dishwashers. Utilities that are included with rent are water, sewer and garbage. OCCUPANCY: 100% YEAR BUILT: 1992 NOTES Amenities for this property include assigned parking, laundry facilities, playground, storage units, rentpropertyaddress1 and picnic area. Units include balconies/patios, dishwashers, air conditioning, disposals and washer and dryer hookups. Utilities: There are currently no known RUBS in place for this property. 33
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS RENT MARKETING COMPARABLES TEAM COLUMBIA VALLEY GARDEN APARTMENTS 3921 Ocean Beach Hwy, Longview, WA, 98632 3 3045 MARYLAND STREET 3045 Maryland St, Longview, WA, 98632 4 DRY CREEK APARTMENTS 944-972 33Rd Ave, Longview, WA, 98632 5 rentpropertyname1 rentpropertyname1 rentpropertyname1 Unit Type Units SF Rent Rent/SF 2 Bdr 1 Bath 28 919 $850 $0.92 3 Bdr 2 Bath 4 1,100 $950 $0.86 Total/Avg. 32 942 $863 $0.92 Unit Type Units SF Rent Rent/SF 1 Bdr 1 Bath 4 692 $725 $1.05 2 Bdr 1 Bath 18 960 $900 $0.94 3 Bdr 2 Bath 14 1,226 $950 $0.77 4 Bdr 2 Bath 4 1,524 $1,287 $0.84 Total/Avg. 40 1,083 $939 $0.87 Unit Type Units SF Rent Rent/SF 2 Bdr 1 Bath 45 780 $800- $900 $1.09 Total/Avg. 45 780 $850 $1.09 OCCUPANCY: 100% YEAR BUILT: 1998 NOTES Amenities for this property include on-site covered parking and property manager on-site. Units include rentpropertyaddress1 washer and dryer hook ups, dishwashers and balconies/patios. Utilities include water, sewer, garbage and cable included in rent. OCCUPANCY: 95% YEAR BUILT: 1971 NOTES Amenities for this property include laundry facilities and BBQ area on-site. Utilities include water, rentpropertyaddress1 sewer and garbage being included in rent. OCCUPANCY: 100% YEAR BUILT: 1973 NOTES Directly next door rentpropertyaddress1 34
MARKET OVERVIEW 35
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS Created on February 2018 POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection Total Population 10,843 43,150 68,494 2017 Estimate Total Population 10,981 43,372 67,982 2010 Census Total Population 10,841 42,671 66,880 2000 Census Total Population 10,578 41,709 63,851 Daytime Population 2017 Estimate 8,086 54,803 72,833 HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection Total Households 4,295 17,998 27,846 2017 Estimate Total Households 4,257 17,633 26,982 Average (Mean) Household Size 2.51 2.38 2.45 2010 Census Total Households 4,270 17,630 26,922 2000 Census Total Households 4,203 16,843 25,117 Growth 2015-2020 0.89% 2.07% 3.20% HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units 2022 Projection 4,295 17,998 27,846 2017 Estimate 4,586 18,852 28,783 Owner Occupied 2,221 8,938 15,302 Renter Occupied 2,036 8,694 11,680 Vacant 329 1,219 1,801 Persons In Units 2017 Estimate Total Occupied Units 4,257 17,633 26,982 1 Person Units 29.25% 32.34% 29.07% 2 Person Units 31.85% 33.36% 34.70% 3 Person Units 15.81% 14.54% 15.07% 4 Person Units 12.59% 10.78% 11.63% 5 Person Units 6.13% 5.17% 5.59% 6+ Person Units 4.37% 3.81% 3.95% MARKETING DEMOGRAPHICS TEAM HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate $200,000 or More 0.79% 1.32% 1.45% $150,000 - $199,000 0.99% 1.88% 2.01% $100,000 - $149,000 6.11% 9.32% 10.05% $75,000 - $99,999 7.93% 7.80% 9.05% $50,000 - $74,999 12.41% 15.35% 16.97% $35,000 - $49,999 16.43% 15.02% 15.35% $25,000 - $34,999 15.96% 14.35% 13.71% $15,000 - $24,999 16.94% 15.97% 15.07% Under $15,000 22.44% 19.00% 16.34% Average Household Income $43,389 $51,553 $54,803 Median Household Income $31,726 $35,530 $39,189 Per Capita Income $16,916 $21,327 $22,010 POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age 2017 Estimate Total Population 10,981 43,372 67,982 Under 20 27.80% 24.73% 25.22% 20 to 34 Years 21.97% 19.94% 18.98% 35 to 39 Years 6.27% 5.69% 5.78% 40 to 49 Years 10.71% 11.20% 11.67% 50 to 64 Years 17.30% 19.83% 20.21% Age 65+ 15.94% 18.59% 18.14% Median Age 35.17 39.66 40.01 Population 25+ by Education Level 2017 Estimate Population Age 25+ 7,174 29,814 46,541 Elementary (0-8) 5.52% 3.75% 3.09% Some High School (9-11) 10.98% 9.32% 8.90% High School Graduate (12) 28.12% 29.19% 29.71% Some College (13-15) 30.51% 31.34% 31.57% Associate Degree Only 11.24% 9.75% 10.31% Bachelors Degree Only 8.73% 9.75% 9.63% Graduate Degree 4.25% 5.73% 5.70% Population by Gender 2017 Estimate Total Population 10,981 43,372 67,982 Male Population 48.19% 48.84% 48.87% Female Population 51.81% 51.16% 51.13% Source: 2017 Experian 36
PROPERTY WASHINGTON NAME SQUARE VILLAGE APARTMENTS MARKETING DEMOGRAPHICS TEAM Population In 2017, the population in your selected geography is 43,372. The population has changed by 3.99% since 2000. It is estimated that the population in your area will be 43,150.00 five years from now, which represents a change of -0.51% from the current year. The current population is 48.84% male and 51.16% female. The median age of the population in your area is 39.66, compare this to the US average which is 37.83. The population density in your area is 1,529.52 people per square mile. Race and Ethnicity The current year racial makeup of your selected area is as follows: 83.95% White, 1.16% Black, 0.41% Native American and 2.37% Asian/Pacific Islander. Compare these to US averages which are: 70.42% White, 12.85% Black, 0.19% Native American and 5.53% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 11.38% of the current year population in your selected area. Compare this to the US average of 17.88%. Households There are currently 17,633 households in your selected geography. The number of households has changed by 4.69% since 2000. It is estimated that the number of households in your area will be 17,998 five years from now, which represents a change of 2.07% from the current year. The average household size in your area is 2.38 persons. Housing The median housing value in your area was $179,128 in 2017, compare this to the US average of $193,953. In 2000, there were 9,511 owner occupied housing units in your area and there were 7,332 renter occupied housing units in your area. The median rent at the time was $457. Income In 2017, the median household income for your selected geography is $35,530, compare this to the US average which is currently $56,286. The median household income for your area has changed by 3.88% since 2000. It is estimated that the median household income in your area will be $39,604 five years from now, which represents a change of 11.47% from the current year. Employment In 2017, there are 26,090 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 45.78% of employees are employed in white-collar occupations in this geography, and 54.68% are employed in blue-collar occupations. In 2017, unemployment in this area is 8.72%. In 2000, the average time traveled to work was 22.00 minutes. The current year per capita income in your area is $21,327, compare this to the US average, which is $30,982. The current year average household income in your area is $51,553, compare this to the US average which is $81,217. Source: 2017 Experian 37
8 DEMOGRAPHICS 38