Exclusive Multifamily Offering · Donna Marshall Capstone Real Estate Group Vice President...
4
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. Exclusive Multifamily Offering WINSLOW APARTMENTS 4318 Winslow Place N, Seattle, WA $1,695,000 | 5 units | $429 per square foot A premier walkable Wallingford location near Amazon’s world headquarters Rent upside Parking for five cars (four covered) Washers / dryers, dishwashers in each apartment Excellent access to Downtown Seattle, South Lake Union, and the UW Several remodeled units with oak flooring, updated countertops and cabinets, and/or new bathroom vanities and tile surrounds Copper plumbing with new connection to street Walking distance to trendy and well regarded restaurants, shops, and grocery options Constant transit access to Downtown Seattle and the UW Contact Dan Swanson Kidder Mathews Senior Vice President, Partner 206.296.9610 [email protected] Donna Marshall Capstone Real Estate Group Vice President 425.422.0954 [email protected] kiddermathews.com PHINNEY RIDGE FREMONT GREEN LAKE WINSLOW APARTMENTS WALLINGFORD GREEN LAKE
Transcript of Exclusive Multifamily Offering · Donna Marshall Capstone Real Estate Group Vice President...
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Exclusive Multifamily Offering
WINSLOW APARTMENTS4318 Winslow Place N, Seattle, WA
$1,695,000 | 5 units | $429 per square footA premier walkable Wallingford location near Amazon’s world headquarters
Rent upside
Parking for five cars (four covered)
Washers / dryers, dishwashers in each apartment
Excellent access to Downtown Seattle, South Lake Union, and the UW
Several remodeled units with oak flooring, updated countertops and cabinets, and/or new bathroom vanities and tile surrounds
Copper plumbing with new connection to street
Walking distance to trendy and well regarded restaurants, shops, and grocery options
Constant transit access to Downtown Seattle and the UW
ContactDan SwansonKidder MathewsSenior Vice President, Partner [email protected]
Donna MarshallCapstone Real Estate GroupVice President [email protected]
kiddermathews.com
PHINNEY RIDGE
FREMONT
GREEN LAKE
WINSLOW APARTMENTS
WALLINGFORD
GREEN LAKE
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.comkiddermathews.com
Winslow Apartments
Property Overview
The Winslow Apartments is a fi ve-unit apartment building located in Seattle’s highly desirable Wallingford neighborhood. The property’s current rents are approximately 25% below market making this property an easy value-add opportunity. Further, with a “Very Walkable” Walk Score of 82 out 100, the properly is within a third of a mile of 15 restaurants and 6 coffee shops and is very appealing to the city’s current generation of renters.
The Winslow Apartments is comprised of three 600-square foot one-bedroom/one-bathroom units, one 900-square foot two-bedroom/two-bathroom unit, and one 1,250-square foot three-bedroom/two-bathroom unit with seasonal/peek-a-boo views of Downtown and Lake Union. Each unit features its own in-unit washer/dryer and dishwasher. Other recent renovations in some units have included new oak fl ooring, new interior doors and molding, updated cabinets and countertops, new bathroom vanities and tile surrounds, and/or updated lighting. Four of the fi ve units have their own deck or patio.
The property features an easily maintained marble crete and wood siding exterior, updated dual pane windows, and copper piping throughout with a new connection to the street. In addition, there are fi ve large resident storage lockers, one oversize storage/work area for the owner, and fi ve parking spaces, four of which are covered and each with extra room for uncovered tandem parking.
The property’s Wallingford location is very central to the city and residents will be attracted to many of the nearby
amenities. There are 7 parks and playfi elds, more than 15 bars and taverns, and 12 markets and grocers including QFC, PCC Natural Markets, Fred Meyer, and both the Wallingford and Fremont farmers markets – all within one mile of the Winslow Apartments. The property is also within a quarter mile of fi ve metro bus lines – including the RapidRide E Line – that take residents to Downtown Seattle, Queen Anne, and the UW. Additionally, the Winslow Apartments is near a variety of popular attractions including the Woodland Park Zoo (0.5 mile), Gas Works Park (1.4 miles), and Green Lake Park’s green space, boat rentals, and trail (1 mile from the lake’s southernmost point). Cyclist tenants of the Winslow Apartments can easily bike to a variety of destinations including the employment and entertainment centers of South Lake Union or Downtown Seattle, as well as to the waterfront and a variety of parks.
The Winslow Apartments is profi table in its current operations; however, current rents are approximately 25% below current market rates. The Wallingford location is one of the best in Seattle and a new operator can benefi t from this signifi cant immediate upside. Current and increasing future cash fl ow, when combined with renter demand for the property’s excellent location, make this easily managed building an attractive long-term investment.
PROPERTY OVERVIEW
Address4318 Winslow Place N
Seattle, WA
Price $1,695,000
Down Payment $785,000
Price per Unit $339,000
Price per SF $429.11
Current Cap Rate 4.2%
Market Cap Rate 5.2%
Current GRM 17.1
Market GRM 13.2
# of Units 5
Net Rentable SF 3,950
Year Built 1967
Financials & Overview
Winslow Apartments
CURRENT PRO FORMA
INCOME
Total Scheduled Rent $96,060 $121,680
Utility-Bill-Back $2,820 $6,055
Non-Ref. / Late Fees $387 $787
Scheduled Potential Income $99,267 $128,522
Less Physical Vacancy* ($2,978) ($5,141)
Effective Gross Income $96,289 $123,381
EXPENSES
Real Estate Taxes $10,652 $13,065
Insurance $1,780 $1,780
Utilities $7,569 $7,569
Repairs and Maintenance $3,096 $4,000
Professional Management - $6,169
Capital Reserves $1,250 $1,250
Landscaping $854 $854
Total Expenses $25,201 $34,687
Expenses Per Unit $5,040 $6,937
Expenses Per Square Foot $6.38 $8.78
Net Operating Income $71,088 $88,694
UNIT MIX
UNIT TYPE # UNITS AVERAGE SFCURRENT AVG RENT
CURRENT RENT/SF
PRO FORMAAVG RENT
PRO FORMARENT/SF
1 BR / 1 BA 3 600 $1,442 $2.40 $1,713 $2.86
2 BR / 2 BA 1 900 $1,700 $1.89 $2,000 $2.22
3 BR / 2 BA 1 1,250 $1,980 $1,58 $3,000 $2.40
TOTAL 5 3,950 $8,005 $10,140
AVERAGE ±790 $1,601 $2.03 $2,028 $2.57
*Current based on a 3% vacancy. Pro Forma is based on 4%.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.comkiddermathews.com
Winslow Apartments
Property Overview
The Winslow Apartments is a fi ve-unit apartment building located in Seattle’s highly desirable Wallingford neighborhood. The property’s current rents are approximately 25% below market making this property an easy value-add opportunity. Further, with a “Very Walkable” Walk Score of 82 out 100, the properly is within a third of a mile of 15 restaurants and 6 coffee shops and is very appealing to the city’s current generation of renters.
The Winslow Apartments is comprised of three 600-square foot one-bedroom/one-bathroom units, one 900-square foot two-bedroom/two-bathroom unit, and one 1,250-square foot three-bedroom/two-bathroom unit with seasonal/peek-a-boo views of Downtown and Lake Union. Each unit features its own in-unit washer/dryer and dishwasher. Other recent renovations in some units have included new oak fl ooring, new interior doors and molding, updated cabinets and countertops, new bathroom vanities and tile surrounds, and/or updated lighting. Four of the fi ve units have their own deck or patio.
The property features an easily maintained marble crete and wood siding exterior, updated dual pane windows, and copper piping throughout with a new connection to the street. In addition, there are fi ve large resident storage lockers, one oversize storage/work area for the owner, and fi ve parking spaces, four of which are covered and each with extra room for uncovered tandem parking.
The property’s Wallingford location is very central to the city and residents will be attracted to many of the nearby
amenities. There are 7 parks and playfi elds, more than 15 bars and taverns, and 12 markets and grocers including QFC, PCC Natural Markets, Fred Meyer, and both the Wallingford and Fremont farmers markets – all within one mile of the Winslow Apartments. The property is also within a quarter mile of fi ve metro bus lines – including the RapidRide E Line – that take residents to Downtown Seattle, Queen Anne, and the UW. Additionally, the Winslow Apartments is near a variety of popular attractions including the Woodland Park Zoo (0.5 mile), Gas Works Park (1.4 miles), and Green Lake Park’s green space, boat rentals, and trail (1 mile from the lake’s southernmost point). Cyclist tenants of the Winslow Apartments can easily bike to a variety of destinations including the employment and entertainment centers of South Lake Union or Downtown Seattle, as well as to the waterfront and a variety of parks.
The Winslow Apartments is profi table in its current operations; however, current rents are approximately 25% below current market rates. The Wallingford location is one of the best in Seattle and a new operator can benefi t from this signifi cant immediate upside. Current and increasing future cash fl ow, when combined with renter demand for the property’s excellent location, make this easily managed building an attractive long-term investment.
PROPERTY OVERVIEW
Address4318 Winslow Place N
Seattle, WA
Price $1,695,000
Down Payment $785,000
Price per Unit $339,000
Price per SF $429.11
Current Cap Rate 4.2%
Market Cap Rate 5.2%
Current GRM 17.1
Market GRM 13.2
# of Units 5
Net Rentable SF 3,950
Year Built 1967
Financials & Overview
Winslow Apartments
CURRENT PRO FORMA
INCOME
Total Scheduled Rent $96,060 $121,680
Utility-Bill-Back $2,820 $6,055
Non-Ref. / Late Fees $387 $787
Scheduled Potential Income $99,267 $128,522
Less Physical Vacancy* ($2,978) ($5,141)
Effective Gross Income $96,289 $123,381
EXPENSES
Real Estate Taxes $10,652 $13,065
Insurance $1,780 $1,780
Utilities $7,569 $7,569
Repairs and Maintenance $3,096 $4,000
Professional Management - $6,169
Capital Reserves $1,250 $1,250
Landscaping $854 $854
Total Expenses $25,201 $34,687
Expenses Per Unit $5,040 $6,937
Expenses Per Square Foot $6.38 $8.78
Net Operating Income $71,088 $88,694
UNIT MIX
UNIT TYPE # UNITS AVERAGE SFCURRENT AVG RENT
CURRENT RENT/SF
PRO FORMAAVG RENT
PRO FORMARENT/SF
1 BR / 1 BA 3 600 $1,442 $2.40 $1,713 $2.86
2 BR / 2 BA 1 900 $1,700 $1.89 $2,000 $2.22
3 BR / 2 BA 1 1,250 $1,980 $1,58 $3,000 $2.40
TOTAL 5 3,950 $8,005 $10,140
AVERAGE ±790 $1,601 $2.03 $2,028 $2.57
*Current based on a 3% vacancy. Pro Forma is based on 4%.
PHINNEY RIDGE
FREMONT
LAKE
GREEN LAKE
JAKARTA615 NW 85th Street, Seattle
Sale Date 06/28/2017Sale Price $3,150,000Price/Unit $350,000Price/SF $413GRM 16.5Cap Rate 4.1%Units 9Year Built 1967
PARK VIEW6016 14th Avenue NW, Seattle
Sale Date 06/14/2017Sale Price $3,075,000Price/Unit $384,375Price/SF $403GRM 15.5Cap Rate 4.5%Units 8Year Built 1968
4800 PHINNEY4800 Phinney Avenue N, Seattle
Sale Date PendingSale Price $3,000,000Price/Unit $375,000Price/SF $463GRM 19.7Cap Rate 3.6%Units 8Year Built 1988
3
4
5
3
4
5
21
WINSLOW APARTMENTS
EVANSTON4238 Evanston Avenue N, Seattle
Sale Date 06/27/2017Sale Price $4,170,000Price/Unit $379,091Price/SF $530GRM 16.0Cap Rate 4.6%Units 11Year Built 1959
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.comThis information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Exclusive Multifamily Offering
WINSLOW APARTMENTS4318 Winslow Place N, Seattle, WA
$1,695,000 | 5 units | $429 per square foot
ContactDan SwansonKidder MathewsSenior Vice President, [email protected]
Donna MarshallCapstone Real Estate GroupVice [email protected]
A premier walkable Wallingford location near Amazon’s world headquarters
Rent upside
Parking for fi ve cars (four covered)
Washers / dryers, dishwashers in each apartment
Excellent access to Downtown Seattle, South Lake Union, and the UW
Several remodeled units with oak fl ooring, updated countertops and cabinets, and/or new bathroom vanities and tile surrounds
Copper plumbing with new connection to street
Walking distance to trendy and well regarded restaurants, shops, and grocery options
Constant transit access to Downtown Seattle and the UW
Sales Comparables
Winslow Apartments
DAYTON HOUSE4333 Dayton Avenue N, Seattle
Sale Date 06/23/2017Sale Price $1,965,000Price/Unit $393,000Price/SF $455GRM 17.5Cap Rate 4.1% Units 5Year Built 1972
GREEN LAKE
PUGET SOUND
1
2
N 45th St
Phinney A
ve N
3rd A
ve NW
Leary Way N
W
NW Market St
NW 65th St
NW 80th St
NW 85th St
kiddermathews.com
WINSLOW APARTMENTS
GREEN LAKE
WALLINGFORD
