Leased Investment Opportunity

Transcription

1 R a w L a n d f o r S a l e 40 Mul family Leased Investment Opportunity East 72nd Street; Tacoma, WA Investment Highlights * Built in 2015 * Individually metered u li es * Near schools, shopping, bus * 100% occupied * Granite countertops * Washer/dryer in each unit * 6 month to 1 year leases * Low maintenance Offering Price: $4,500,000 F o r M o r e I n f o r m a t i o n : J e f f L. H u l i n g B e s t C h o i c e R e a l t y, L L C S o u t h c e n t e r P k w y S u i t e # S e a t t l e, W a s h i n g t o n P h o n e : ( ) F a x : ( ) E m a i l : J L H u l i n c o m c a s t. n e t The information contained herein has been received from sources we deem reliable. It is provided without any representation, warranty or guarantee expressed or implied. All information should be independently verified. CBA Listing #

2 Peachtree Apartments Overview Construction of Peachtree Apartments was concluded in the 4th quarter of The complex consists of two, 20 unit, three story, townhome designed buildings with garden walk up entries. Each building is 15,100 rentable square feet in size with a total of 24 two bedroom / two bath units and 16 one bedroom / one bath units. Both buildings were fully leased within 6 weeks of completion and continue to remain 100% occupied with room to grow rents. Amenities include; granite countertops, washer/dryer in each unit, separately metered power and water, outside security system and landscape irrigation. The complex is located at East 72nd Street in Tacoma, Washington. 72nd Street is a major thoroughfare feeding the Interstate 5 corridor and the city of Tacoma, Washington s third largest metropolitan area. Local employers include the Port of Tacoma who ranks in the top 25 worldwide for container trade volume, US Joint Base Lewis-McCord, the State of WA, nationally known retailers and many Native American businesses. Seattle, Washington is located 31 miles to the North and the state s capital, Olympia, WA is 28 miles to the South. Tacoma has been listed in the top 100 US cities to live by RelocateAmerica out of Brighton, Michigan. Employment, education, community leadership and quality of life were strongly considered in the survey. Today the Chihuly Bridge of Glass, America s Car Museum and restaurants located along the beautiful waterfront make this a destination for tourists and locals alike. 2

3 Peachtree Apartments Building Information Number of Buildings: 2 Building Size: 15,100 Square feet per building Gross Building Area: 30,200 Square feet Type/Size: 16 One-bedroom, one-bath units containing 506± square feet 24 Two-bedroom, two-bath units containing 921± square feet Number of Stories: 3 Elevators: None Build Year: 2015 Number of s Each Building: 20 Total Number of s: 40 Construction Type: Foundation: Heat Type: Roof Type: Water Source: Sewer: Tenant Power: Tenant Water: Wood frame with 6 and 8 horizontal lap siding 5 Concrete slab foundation In wall electric heating Gable style with laminate asphalt shingle finish Public Public Directly metered to each unit Directly metered to each unit Parcel Number: Parcel Information Approximate Lot Size: Parcel Shape: Topography: 47,500 Square Feet / 1.09 Acres Rectangular Flat Number of Driveway Entrances: 2 Entrances Located: East I Street and E 72nd St. Number of Parking Spaces: 56 Off Street Parking Available: Parcel Zoning: Yes, on East I Street C-2 General Commercial District 3

4 Income and Operating Expenses Peachtree Apartments, Tacoma, WA Monthly Scheduled Income Number of s Type Square Feet Monthly Rent 16 1 Bedroom / 1 Bath 506 $650 $ Bedroom / 2 Bath 921 $800 $1025 Total Monthly Income Total Monthly Rent $12,155 $22,600 $34,755 Annualized Income: Scheduled Gross Income: $417,060 Less Vacancy (5%) $20,853 Additional Income (Utility Charges) $31,680 1 Bed $60, 2 Bed $70 Gross Operating Income: $427,887 Annual Operating Expenses: Property Taxes 2016 $49,809 Actual Accounting/Legal $1500 Proforma Insurance $8081 Actual Water for Irrigation $777 Actual Surface Wastewater $25,440 Actual Professional Management $25,000 Proforma Onsite Management $9,000 Proforma Repairs/Maintenance $24,000 Proforma Landscaping/Parking Maint. $3600 Proforma Power for Exterior Lights $1080 Actual Garbage $14,400 Actual Total Expenses: $162,687 $4067 Per Net Operating Income: $265,200 4

5 Investment & Loan Information Peachtree Apartments; Tacoma, WA Sale Price: $4,500,000 30% Down Payment: $1,350,000 Loan Amount: $3,150,000 Term: Amortization: 5 Years 30 Years Interest Rate: 3.50% Annual Debt Service $169,738 Net Operating Income: $265,200 Debt Service Coverage Ratio: 1.56 Maintenance Reserves $8000 Proforma Pre Tax Income After Debt Service: $87,462 Pre Tax Cash on Cash Return: 6.5% Capitalization Rate: 5.89 Price Per : $112,500 Gross Rent Multiplier Price Per Rentable Square Foot: $149 Rent Per Foot: Low $1.03 High $1.83 5

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10 Comparable Property Sales Subject Property Address Sale Date Sale Price Building Sq. Ft. Number of s Year Built Price Per Price Per Foot Amenities E 72 nd St Tacoma, WA $4,500,000 30, $112,500 $149 Granite Countertops, Washer/Dryer, Power, Water, Garbage, Sewer Tenant paid Comparable Property Sale Date Sale Price Building Sq. Ft. Number of s Year Built Price Per Price Per Foot Amenities Address Elm Street E Sumner WA S Delin Street Tacoma WA S 47 th Street Tacoma, WA th Street West 4/10/13 $1,965,000 16, $140,357 $ Garages, Washer/ Dryer 4/15/13 $5,280,000 25, $132,000 $ Water/Sewer Tenant Paid, 24 Covered Parking Spots. 11/30/15 $720,000 6, $120,000 $ Water, Sewer, Garbage, Power Tenant Paid, Washer/Dryer 3/15/13 $870,000 12, $145,000 $68.62 Washer/Dryer Tacoma, WA Rent Comparables Subject Property Type Square Feet Low Rent Per High Rent Per Low Rent Per Sq. Ft. High Rent Per Sq. Ft. Address E 72nd St 1 Bed / 1 Bath 506 $650 $925 $1.28 $1.83 Tacoma, WA 2 Bed / 2 Bath 921 $950 $1025 $1.03 $1.12 Comparable Rental Property Type Square Feet Low Rent Per High Rent Per Low Rent Per Sq. Ft. High Rent Per Sq. Ft Address 3415 S 47 th St Tacoma, WA Bed / 1 Bath 2 Bed / 2 Bath N/A 1040 $950 $950 $.91 $ E 68 th St Tacoma, WA Bed / 1 Bath 2 Bed / 2 Bath $625 $900 $900 $1099 $1.13 $1.00 $1.63 $ E I St Tacoma, WA th St E Tacoma, WA Bed / 1 Bath 2 Bed / 1.5 Bath 1 Bed / 1 Bath 2 Bed / 1 Bath N/A 920 $900 $900 $.98 $.98 N/A 832 $950 $950 $1.14 $