OFFERING MEMORANDUM. ALPINE APARTMENTS AND MINI STORAGE SE North Bend Way North Bend, WA

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1 OFFERING MEMORANDUM ALPINE APARTMENTS AND MINI STORAGE SE North Bend Way North Bend, WA

2 OFFERING SUMMARY Name: Address: Alpine Apartments and Mini Storage SE North Bend Way North Bend WA PRICE: $849,000 Parcel numbers: , , TOTAL RESIDENTIAL UNITS: 8 TOTAL STORAGE UNITS: 37 YEAR BUILT: 1961/2000 Residential Square Feet: STORAGE Square Feet: 4,865 Net Rentable 3,600 Net Rentable Lot Size: 33,600 Square Feet (+/-) ZONING: NB (Neighborhood Business) City of North Bend CURRENT CAP/GRM: 6.49% / 8.38 MARKET CAP/GRM: 7.74% / 7.53 This information has been secured from 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. Buyer must verify the information and bears all risk for any inaccuracies. OFFERING MEMORANDUM - 2

3 INVESTMENT HIGHLIGHTS Immediate cash-fl ow with upside potential Attractive and low-maintenance apartment complex 2 triplex buildings and a duplex offer fl exibility and potential to sub-divide Desirable mix of 1 bedroom, 2 bedroom and 3 bedroom units Double-paned windows, forced air electric heating, on-site laundry machines, offi ce 2000 built, 37 unit mini storage provides amenity to residents and strong cash fl ow with upside 33,600 Square Foot lot zoned Neighborhood Business allows for multitude of uses Signifi cant upside opportunity through increased storage occupancy and management Easy access to I-90, only 3 miles to downtown North Bend OFFERING MEMORANDUM - 3

4 THE OPPORTUNITY The Alpine Apartments and Mini-Storage offers an investor the opportunity to purchase a property that provides immediate cash-fl ow in a growing area with the diversity of multi-family and storage income from one property. Through a more active management plan, a new owner will see signifi cant upside through gradually increasing rents and stabilizing storage occupancy while managing operating expenses. This information has been secured from 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. Buyer must verify the information and bears all risk for any inaccuracies. OFFERING MEMORANDUM - 4

5 LOCATION Located just off of exit 32 on SE North Bend Way, in North Bend, the subject property is nestled at the base of Mt. Si in a picturesque and serene forest setting. The property consists of three different parcels of land with the apartments in front, closest to North Bend Way, and the storage in back which is accessed by a central drive way. The three combined parcels total 33,600 sq.ft. of land with a zoning designation of NB (Neighborhood Business), allowing for a multitude of uses. North Bend is a place of natural beauty and is known for the many natural attractions and recreational amenities that bring visitors from all over who are looking to hike, bike, and explore the great outdoors. North Bend is approximately 30 miles east of Seattle and Bellevue and is a bedroom community for these and other surrounding cities. The subject property is a quick 3 mile drive to downtown North Bend where there is a vibrant commercial district with restaurants, bars, entertainment, boutique shops and service businesses. North Bend offers residents an escape from city life, in a place of incredible natural beauty while still having easy access to local amenities and services and only being a short trip to Seattle and Bellevue. OFFERING MEMORANDUM - 5

6 AREA MAP Downtown North bend North bend Premium Outlet Cascade Golf Course Alpine Apartments and Storage OFFERING MEMORANDUM - 6

7 ALPINE APARTMENTS Built in 1961, The Alpine Apartments consist of three single story wood-framed buildings with a total of eight apartment units. Two of the buildings are triplexes and the third is a duplex. The buildings feature low maintenance design elements such as vinyl exterior siding and pitched metal roofs. Updates include double-paned windows and forced air electric wall heaters. The property has a desirable unit balance consisting of 3 one-bedroom/one-bathroom, 4 two-bedroom/one-bathroom and 1 three-bedroom/onebathroom apartment units. The units vary in size and layout, but provide a functional fl oorplan with a complete appliance package including a refrigerator, dishwasher and oven/ range. Unit fi nishes and fi xtures are simple and functional with laminate countertops and fl oor covering of carpet, vinyl and hardwood. Residents benefi t from a convenient on-site coinoperated laundry facility with two sets of owned machines and ample open parking offering approximately twenty parking spaces for residents and guests. The property also has a small offi ce next to the laundry room that could function as a management offi ce, additional storage space or could potentially be incorporated into the adjacent unit. OFFERING MEMORANDUM - 7

8 ALPINE MINI STORAGE The Alpine Mini-Storage was constructed in 2000 to provide an amenity to the residents of the Alpine Apartments and to take advantage of growing storage demand in the surrounding communities. The storage facility provides a total of thirty-seven storage units, offering four different sized units depending on the needs of the tenant. The storage facility sits on a concrete foundation and is steel framed construction with metal exterior UNIT TYPE 5 x x x 15 SqFT TOTAL UNITS MARKET RENT $49 $79 $110 RENT PER SF $0.98 $0.79 $0.73 walls and a metal roofi ng system. The units feature metal roll-up doors, 10 x $140 $0.70 exterior security lighting, wood fl oors and wood interior walls. Average/Totals 3, $34,428 $0.80 OFFERING MEMORANDUM - 8

9 RENT ROLL Unit # Unit Type SqFT Current Rent Current Rent/SF Market Rent Market Rent/SF 1 3BD/1BTH 1,000 SqFt $1,100 $1.10 $1,100 $ BD/1BTH 700 SqFt $825 $1.18 $850 $ BD/1BTH 400 SqFt $750 $1.88 $750 $ BD/1BTH 400 SqFt $750 $1.81 $750 $ BD/1BTH 400 SqFt $700 $1.75 $750 $ BD/1BTH 700 SqFt $800 $1.14 $850 $ BD/1BTH 600 SqFt $875 $1.31 $850 $ BD/1BTH 600 SqFt $850 $1.42 $850 $1.42 Average/Totals 4,800 SqFt $6,650 $1.45/SF $6,750 $1.50/SF This information has been secured from 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. Buyer must verify the information and bears all risk for any inaccuracies. OFFERING MEMORANDUM - 9

10 OPERATING STATEMENT PRICING Price Price Per Rentable Foot Current CAP Market CAP Current GRM Market GRM PROPOSED NEW LOAN Down Payment Loan Amount Interest Rate Amortization $849,000 $ % 7.74% $254,700 30% $594,300 70% 4.75% 30 Years MONTHLY SCHEDULED INCOME Monthly Scheduled Rent - Res Laundry (2014 Actual) Utility Bill Back Other Income (Proforma) Total Monthly Income ANNUALIzED OPERATING DATA Scheduled Gross Income Less Vacancy Gross Operating Income - Res Storage Income Total Income Res and Storage Less Expenses Net Operating Income Annual Debt Service ($3,100.15/mo) Cash flow Before Tax Principal Reduction Total Return Before Tax CURRENT $6,650 $342 $0 $65 $7,057 $84,684 $4,234 (5.00%) $80,450 $20,857 (2014 Actual) $101,307 $46,164 $55,142 $37,202 $17,941 (7.04%) $9,170 $27,111 (10.64%) MARKET $6,750 $342 $320 ($35 - $45/unit) $65 $7,477 $89,724 $4,486 (5.00%) $85,238 $27,542 (20% Vacancy) $112,780 $47,092 $65,688 $37,202 $28,486 (11.18%) $9,170 $37,657 (14.78%) EXPENSE AND RESERVES Real Estate Taxes (2015 Actual) Insurance (Proforma) Utilities (2014 Actual) Management (7% of Gross) Landscaping (2014 Actual) Repairs/Maintenance (Proforma) Storage Leasing Fee (2014 Actual) Advertising/Administration (Proforma) Reserves (Proforma) Total Operating Expenses $12,955 $3,000 $7,935 $7,091 $1,495 $7,000 $2,488 $2,000 $2,200 $46,164 $12,955 $3,000 $7,935 $7,895 $1,495 $7,000 $2,612 $2,000 $2,000 $47,092 CURRENT Expense/Foot: $5.45 % of EGI: 45.57% MARKET Expense/Foot: $5.56 % of EGI: 41.76% This information has been secured from 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. Buyer must verify the information and bears all risk for any inaccuracies. OFFERING MEMORANDUM - 10

11 Exclusively offered by PARAGON REAL ESTATE ADVISORS

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