THE DEN ON BROOKLYN FOR MORE INFORMATION PLEASE CONTACT: 5043 Brooklyn Ave NE, Seattle, WA 98105 PRICE: $9,050,000 FEATURES UNITS: 50 + Steps to future Light Rail Station $/UNIT: $181,000 + Loft style apartments, 10 ceilings $/SF: $685.61 CAP: 4.65% + Green 4 Star Certified Building GRM: 15.04 + Leased through September 2017 MKT CAP: 5.28% + Efficient kitchens with granite counters MKT GRM: 13.32 + Keyless secured building ian@ westlakeassociates.com
Financial Analysis PROPERTY OVERVIEW Number of Units 50 Year Constructed 2013 No. of Stories 4 Rentable SF 13,200 Lot Size 8,404 Zoning Roof Exterior Heating PRICE ANALYSIS LR3 Flat Hardi EBB Sale Price $9,050,000 Price per Unit $181,000 Price per NRSF $685.61 Current CAP Rate 4.65% Current GRM 15.04 Pro Forma CAP Rate 5.28% Pro Forma GRM 13.32 ASSUMABLE FINANCING Loan Amount $5,000,000 Down Payment $4,050,000 Rate 3.70% Term 5 Years Amortization 30 Monthly Payment $23,014 Annual Payment $276,170 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. UNITS TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 44 Studio 234 $875 $3.74 $1,000 $4.27 1 1 Bedroom 1 Bathroom 475 $1,400 $2.95 $1,500 $3.16 5 2 Bedroom 1 Bathroom 475 $1,400 $2.95 $1,500 $3.16 Total AVG 13,200 $46,375 $3.35 $52,500 $3.72 INCOME CURRENT PRO FORMA Scheduled Rental Income $556,500 $630,000 + Laundry $530 $6,360 $600 $7,200 + Other (Late Fees Non-Ref Deposit Etc.) $3,250 $39,000 $3,500 $42,000 Scheduled Gross Income $601,860 $679,200 - Vacancy & Cr Losses 2.0% ($12,037) 3.0% ($20,376) Gross Income $589,823 $658,824 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes (2016) $58,254 $1,165 $65,000 $1,300 Insurance $6,417 $128 $6,500 $130 Utilities (W S G) $41,472 $829 $41,472 $829 Cleaning TO $6,387 $128 $6,387 $128 Repairs Maintenance $15,946 $319 $16,000 $320 Advertising $1,200 $24 $1,200 $24 Management $23,573 $472 $24,500 $490 On-Site Management $6,000 $120 $6,000 $120 Reserves $7,800 $156 $12,000 $240 Telephone $2,313 $46 $2,000 $40 Total Operating Expenses $169,362 $3,387 $181,059 $3,621 CURRENT PRO FORMA Net Operating Income $420,461 $477,765 Less Annual Debt Service ($276,170) ($276,120) Cash Before Taxes $144,291 3.56% $201,595 4.98% Plus Principle Reduction $92,732 $92,732 Total Return Before Taxes $237,023 5.85% $294,327 7.27%
Property Overview Location Westlake Associates, Inc. is proud to present the The Den on Brooklyn for sale. Located on the historic Brooklyn Avenue in the University District and just steps from the future Light Rail Station, scheduled to open in 2021. The U District has always been one of the strongest rental sub-markets in Seattle with an average vacancy rate of less than 3% for the last five years. The immediate location has convenient access to the Roosevelt/Green Lake Areas which are walking distance to the north. Across the street from The Den on Brooklyn is the University Heights School which is home to the University Farmers Market, a Saturday tradition in the University District. Building Description The newly constructed 50 unit building was architecturally designed to blend with the existing neighborhood while still creating significance. Large windows and a courtyard were designed to provide more natural light to the apartments and common areas. The Den on Brooklyn has an ideal unit mix for the student tenant profile of the University Area with 44 furnished loft studio units with 10 ft ceilings. The property also has 6 larger one and two bedroom units that are ideal for roommates. The units all have bamboo flooring with spacious bathrooms and efficient kitchens that feature granite counters. Built in 2013, The Den has several modern features including a secure keyless entry system that makes turnovers and lockouts an easy streamlined process for building management. Additionally, the subject property boasts a Green Roof, sub metered units, energy effect heating and lighting, and water efficient landscaping. The Den on Brooklyn provides investors with the unique opportunity to acquire a newly built property in the heart of one of the best sub markets in the Puget Sound Region.
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Comparable Sales Summary Address Sale Price # of Units Sale Date $/Unit $/NRSF CAP GRM 1. 2. 3. 4. 5. 6. BROOKLYN BOUTIQUE 5246 Brooklyn Avenue NE YARDHOUSE 1406 E Republican Street SEDONA APARTMENTS 8520 20th Avenue NE STUDIO 7 4029 7th Avenue NE MOD 19 1814 E Denny Way THE SILVER APARTMENTS 4134 11th Avenue NE $4,300,000 12 01.20.2016 $358,333 $602 4.7% 16.5 $13,950,000 35 02.01.2016 $398,571 $766 4.1% 17.0 $8,980,169 80 05.2016 $112,252 $543 5.9% N/A $14,450,000 75 06.30.2016 $192,667 $589 4.7% 13.5 $2,950,000 8 09.20.2016 $368,750 $728 4.1% 16.5 $5,100,000 11 ON-MARKET $463,636 $530 4.8% 15.7 3. THE DEN ON BROOKLYN 1. 6. 4. 2. 5.