Mt. Vernon 4-Plex | Mt. Vernon 4-Plex · Mt. Vernon 4-Plex . ... The Offering Memorandum does not...

Mt. Vernon 4-Plex | 105 North 11th Street, Mount Vernon, WA

Mt. Vernon 4-Plex

$325,000 4 Units Built 1925 / Renovated 1995 Mt Vernon, WA

Conf ident ia l Of fer ing Memorandum

For more information, please contact:

Ryan Kidwell | 425-889-6501 | [email protected]

Mt. Vernon 4-Plex is proudly represented by our Multifamily Team:

Robert Parmar Designated Broker

[email protected]

Ryan Kidwell Managing Broker

[email protected]

Greg Wendelken Senior Broker

[email protected]

Andre LaMarre Broker

[email protected]

David Crockett Broker

[email protected]


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Disclaimer

This Offering Memorandum has been prepared by Summerfield Commercial for use by a limited number of parties and has been obtained from sources

believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your re-

sponsibility to confirm, independently, its accuracy and completeness. All projections have been developed by Summerfield Commercial, Owner and des-

ignated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and there-

fore are subject to variation. No representation is made by Summerfield Commercial or Owner as to the accuracy or completeness of the information

contained herein, and nothing contained herein is or shall be relied on as a promise or presentation as to the future performance of the property. Alt-

hough the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect pro-

spective purchasers to exercise independent due diligence in verifying all such information. Further, Summerfield Commercial, Owner and its employees

disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum

or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since

the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the

responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective

investors.

Owner and Summerfield Commercial each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regard-

ing the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to

any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written

agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by

Owner thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the pub-

lic, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will

not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your de-

termination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authori-

zation of Owner or Summerfield Commercial and that you will use the information in this Offering Memorandum or any of its content in any fashion or

manor detrimental to the interest of Owner or Summerfield Commercial. If you have no interest in the property, please return the Offering Memoran-

dum forthwith.


Table of Contents

Property Overview .......................... 4

Rent Comparables .......................... 7

Recent Sales ................................... 10

Rent Schedule Summation ............ 13

Financial Summary ....................... 15

Table of Contents


Property Overview


Offering Summary

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This 4 unit building was built in two phases. The ground floor

holds the 1 bedroom units and was built in 1925. The second

floor with 2 bedroom units was built as an addition in 1992.

This building is conveniently located two blocks south of

Mount Vernon High School and within a few minute drive of

great shopping, entertainment and dining options. Skagit Val-

ley Hospital is less than 5 blocks away.

A short 3 minute drive will take you to the downtown business

community of Mount Vernon, which is situated along the east-

ern bank of the Skagit River, and home of the Annual Skagit

Valley Tulip Festival.


Property Photos

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Rent Comparables


Property: Mt Vernon 4-Plex Neptune Apartments Mt Vernon 6-Plex Mt Vernon Triplex

Address: 105 North 11th Street 327 North 4th Street 520 North 1st Street 515 East Lawrence Street

City, State: Mount Vernon, WA Mount Vernon, WA Mount Vernon, WA Mount Vernon, WA

Units: 4 Units 9 Units 6 Units 3 Units

Year Built: 1925/1995 1907 1921 1900

Utilities: W/S/G Included W/S/G Included W/S/G Included W/S/G Included

Laundry: No on-site laundry Community Room Community Room Community Room

Parking: Street Parking Street Parking Street Parking Street Parking

Rental Data Rent Sq Ft PSF Rent Sq Ft PSF Rent Sq Ft PSF Rent Sq Ft PSF

1 x 1 $695 550 $1.26 $475-650 300-500 $1.30-

1.58 $575-750 500-650

$1.15-

1.16 $650 700 $0.93

2 x 1 $795 650 $1.22 - - - $625 500 $1.25 - - -

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Rent Comparables Map

Neptune Apartments

327 N 4th St,

Mount Vernon, WA

Subject

105 N 11th St,

Mount Vernon, WA

Mt Vernon Triplex

515 E Lawrence St,

Mount Vernon, WA

Mt Vernon 6-plex

520 N 1st St,

Mount Vernon, WA


Recent Sales


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Property

Name: Mt Vernon 4-Plex Mt Vernon Triplex Mt Vernon 4-Plex Mt Vernon 4-Plex

Address: 105 North 11th Street 311 South Baker Street 816 North 6th Street 303 South 20th Street

City/State: Mount Vernon, WA Mount Vernon, WA Mount Vernon, WA Mount Vernon, WA

Total Units: 4 Units 3 Units 4 Units 4 Units

Year Built: 1925/1995 1910 1908 1986

Sale Price: $325,000 $253,500 $312,700 $375,000

Closing Date: 6/10/2015 8/8/2014 1/30/2015

Sale $ / Unit: $84,500 $78,175 $93,750

Sale $ / SF: $130.47 $70.91 $89.80

Cap Rate: 9.1% 8.7% 7.7%

GRM: 8.2 8.7 9.4


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Recent Sales Map

Subject

105 N 11th St,

Mount Vernon, WA

4-plex

816 N 6th St,

Mount Vernon, WA

Triplex

311 S Baker St,

Mount Vernon, WA

4-plex

303 S 20th St,

Mount Vernon, WA


Rent Schedule Summation


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Rent Schedule

This information has been secured from various sources we believe to be reliable, but we make no representations or warranties, expressed or implied

as to the accuracy of the information. References to square footage or age are approximate. Anyone Utilizing this information must verify it and bear

all risk for any inaccuracies.

Unit Type No. of Units Average Square

Footage Current Average

Rent Current $ Per

NRSF SMF Market Rent

SMF $ Per NRSF

1x1 2 550 $722 $1.31 $750 $1.36

2x1 2 650 $795 $1.22 $805 $1.24

Total 4 2,400 $3,034 $3,110

NRSF Current Rent Summerfield Rent

Average Rent Per Unit $759 $778


Financial Summary


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Operating Statement

Scheduled Income No. of Units Total Sq. Ft. Current Avg. Rents Current Income SMF Income Projection

Gross Potential Rent: 4 2,400 $759 $36,408 $37,320

Less: Vacancy (5%) ($1,820) ($1,866)

Total Rental Income: $34,588 $35,454

Total Collected Revenue: $34,588 $35,454

Expenses Current Expenses SMF Expense Projection

Management Fees01 $1,729 $1,773

Maintenance Expenses02 $2,400 $2,472

Property Taxes 03 $2,402 $2,474

Insurance04 $1,025 $1,025

Utility Expenses05 $3,190 $3,286

Total Expenses: $10,746 $11,029

Expenses Per Unit: $2,687 $2,757

Expenses Per Sq.Ft.: $4.48 $4.60

Expenses as a % of Collected Revenue: 31.07% 31.11%

1. Based on 5% of collected revenue

2. Based on $600 per unit; projection is plus 3%

3. Current is 2015 actuals; projection is plus 3%

4. Current and projection based on Farmer's quote 12/1/2015

5. Current is 2014 actual; projection is plus 3%


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Operating Statement

This information has been secured from various sources we believe to be reliable, but we make no representations or warranties, expressed or implied

as to the accuracy of the information. References to square footage or age are approximate. Anyone Utilizing this information must verify it and bear

all risk for any inaccuracies.

Current Income and SMF Expenses SMF Market Projection Operating Data Summary

Total Collected Revenue $34,588 $35,454

Total Expenses: ($10,746) ($11,029)

Net Operating Income: $23,841 $24,425

Price: $325,000 Current Operations SMF Market Projection

Price/Unit: $81,250 Cap Rate: 7.34% 7.52%

Price/Sqft: $135 GRM 8.93 8.71


Brentwood Apartments

$325,000 4 Units Built 1925 / Renovated 1995 Mt Vernon, WA

Conf ident ia l Of fer ing Memorandum

For more information, please contact:

Ryan Kidwell | 425-889-6501 | [email protected]

Mt. Vernon 4-Plex is proudly represented by our Multifamily Team:

Robert Parmar Designated Broker

[email protected]

Ryan Kidwell Managing Broker

[email protected]

Greg Wendelken Senior Broker

[email protected]

Andre LaMarre Broker

[email protected]

David Crockett Broker

[email protected]

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