For Sale: $799,000 Crestwood Park is a peaceful, quiet family community located in Airway Heights, less than 10 minutes from downtown Spokane. There are 18 pads & 17 homes inside Crestwood Park. All 17 are occupied and park owned. Lot size is 1.03 +/- acres. Average current rent is $764 (11% CAP). Property Details Total Lot Size: ± 45,000 SF (1.03 acres) Lot Dimensions: 360 X 125 Parcel #: 15234.6001 Number of Pads: 18 Number of Homes: 17 Year Built: 1970 Zoning: MF Marc Shapori Marc@Marcshapori.com 509-999-2326
OPERATING DATA Current Year 1 Gross Scheduled Rent $146,760.00 $151,162.00 Vacancy/Deductions (GPR) 3% / ($4,402.00) 3% / ($4,535.00) Total Effective Rental Income $142,358.00 $146,627.00 Other Income (Laundry) $1200.00 $1200.00 Effective Gross Income $143,558.00 $147,827.00 Less: Expenses $54,431.00 $55,288.00 Net Operating Income $89,127.00 (11% CAP) $92,539.00 Cash Flow $89,127.00 $92,539.00 Debt Service $39,693.00 $39,693.00 Net Cash Flow After Debt Service $49,434.00 $52,846.00 Principle Reduction $9,437.00 $9,920.00 Total Return $58,871.00 $62,766.00 The city of Airway Heights is in the midst of tremendous economic growth. This town's location with abundance of developable land so close to downtown Spokane has created the ability for major developments.
EXPENSES Current Year 1 Real Estate Taxes $5,465.00 $6,465.00 Insurance $3,000.00 $3,150.00 Utilities & WSG $21,411.00 $21,750.00 Repairs & Maintenance $10,200.00 $10,200.00 Management Fee (10%) $14,399.00 $15,116.00 Total Expenses $54,431.00 $56,681.00 Expenses Per Unit $3,202.00 $3,252.00 Expenses Per SF $0.00 $0.00 % of EGI 37% 37.5% The new Spokane tribe casino is in the first phase of the Spokane Tribe economic project (STEP). A 145 acre mixed -use development in Airway Heights. Future phases will include retail and commercial space, a hotel, and entertainment/ event facility.
For More Information, Contact: Marc Shapori 509-999-2326 marc@marcshapori.com 12823 W. 13th Ave., Airway Heights, WA 99001
- RENT ROLL - Rarely does a manufactured housing community in this vicinity ever come on the market. For More Information, Contact: Marc Shapori 509-999-2326 marc@marcshapori.com
12823 W. 13th Ave., Airway Heights, WA 99001 In addition U.S. Air Force selection of Fairchild Air Force Base for 12 more KC 135 tankers, along with three additional back up tankers will make the 92nd Air Refueling Wing the largest tanker fleet in the Air Force, while adding 400 new jobs to the base. Fairchild has experienced continuous growth as nine other tankers were transferred in March from Kansas. The USAF moves alone are expected to add $20 million annually to the local economy.
SUMMARY CAPITAL OUTLAY PRICE $799,000.00 Total Cap. Invest. $199,750.00 Down Payment $199,750.00 /25% Vac. Loss 0 Number of Units 18 Price Per Pads $44,389.00 ROI 11% Price Per SqFt Rentable SqFt Lot Size 45,000sqft / 1.03 Acres Approx. Year Built 1960-1970 - 1980 RETURNS CURRENT MARKET STABILIZATION RENO CAP Rate 11% GRM 5.45% Cash-on-Cash.30% Debt Coverage Ratio 1.53% PRICING DETAILS Financing 75 LTV Loan Amount $600,000.00 Loan Type New/Seller Financing Interest Rate 5% Amortization 30 Years Year Due 2048 Loan information is subject to change. Contact your agent or mortgage representative. *Seller Financing Available*
PROPERTY DETAILS PROPERTY Property Address CRESTWOOD PARK 12823 W. 13th Ave. Spokane, WA 99001 Parcel ID 15234.6001 Zoning Number of Units 18 Number of Buildings 17 Number of Stories 1 Year Built 1960-1970 - 1980 Lot Size Type of Ownership +- 45,000 sf / 1.3 acres Fee Simple Parking +- 30 UTILITIES UTILITY Water, Sewer & Garage Electric & Gas Electric Unit - 2, 9, 12, 13 PAID BY Owner Pays Tenant Pays Owner Pays CONSTRUCTION Foundation Exterior Parking Surface Roof Concrete Slab Mobile Home Unpaved /Grated Mobile Home / Flat
CRESTWOOD PARK DETAILS Current Rent Unit 1 $800 BARR - 1973-64/12 Unit 2 $700 FLTWD - 1961-55/10 Unit 3 $700 PRNCT - 1973-52/12 Unit 4 3 Bed, 2 Bath $820 ELCAR - 1973-55/24ST Unit 5 $585 BELM - 1980-60/14 Unit 6 $750 VANDK - 1967-55/12 Unit 7 Under Construction SKYL - 1961-50/10 Unit 8 Vacant Pad Unit 9 $700 GRATL - 1965-57/10 Unit 10 $560 TAMAR - 1980-56/14 Unit 11 $700 MODUL - 1984-60/14 Unit 12 $400 LIBER - 1955-41C/8 Unit 13 3 Bed, 2 Bath $1,000 SILCR - 1976-60/24 Unit 14 $575 BUDDY - 1973-50/12SS Unit 15 $600 SPAMA - 1960-50P/10 Unit 16 $700 Unit 17 1 Bed, 2 Bath $650 BUDDY - 1972-50/12S Unit 18 $800
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