Market Operating Information

PRICING
Price$5,250,000
Down Payment$2,100,000 (40%)
Loan Amount$3,150,000 (60%)
Interest Rate4.75%
Amortization30 Years
 
Price Per Unit$218,750
Price Per Sq.Ft.$537.91
 
Current GRM13.98
Current CAP4.59%
Market GRM12.63
Market CAP5.26%
 
CURRENT EXPENSES
Current Expenses/Unit$5,124
Expenses/Foot$12.60
% of GSI32.76%
MARKET EXPENSES
Expenses/Unit$5,290
Expenses/Foot$13.01
% of GSI30.54%


MONTHLY SCHEDULED INCOMECurrentMarket
Monthly Scheduled Rent$29,864$32,235
Laundry Income$245$275
Utility Income$705$1,560 ($65/unit)
Misc$470$570
Total Monthly Income$31,284$34,640
 
ANNUALIZED OPERATING DATA
Scheduled Gross Income$375,408$415,680
Less Vacancy$11,262 (3%)$12,470 (3%)
Gross Operating Income$364,146$403,210
Less Expenses$122,970$126,953
Net Operating Income$241,176$276,257
Annual Debt Service ($16,432/mo)$197,183$197,183
Cash flow Before Tax$43,993 (2.09%)$79,074 (3.77%)
Principal Reduction$48,607$48,607
Total Return Before Tax$92,600 (4.41%)$127,681 (6.08%)
 
ANNUALIZED OPERATING EXPENSES
Real Estate Taxes$39,580$42,000
Insurance $5,237$5,237
Utilities$28,784$28,784
Property Management$14,566$16,128
On-Site Management$11,520$11,520
Repairs & Maintenance$14,683$14,683
Landscaping$600$600
Adminstration$2,000$2,000
Reserves$6,000$6,000
Total Operating Expenses$122,970$126,953

Monthly Scheduled Income

# OF UNIT TYPE SIZE CURRENT RENT MONTHLY INCOME MARKET RENT MONTLY INCOME
3 Studio 300 Sq.Ft. $1,085 - $1,295 $3,675 $1,295 $3,885
21 Eff. 1BD/1BTH 400 Sq.Ft. $1,075 - $1,350 $26,189 $1,350 $28,350
24 Average/Totals 388 SqFt $3.06 $29,864 $3.30 $32,235

A Look Around the Property

Sales Comparables

Louis Arms Apartments
1515 Bellevue Ave
Seattle, WA
Year Built 1925
Units 24
Sales Price $5,250,000
Price Per Unit $218,750
Price/Foot $538
GRM/CAP 13.98/4.59%
Sale Date TBD
Queen Anne Apartments
419 Queen Anne Ave N
Seattle, WA
Year Built 1912
Units 20
Sales Price $5,450,000
Price/Unit $272,500
Price/Foot $246
GRM/CAP 17.5/3.3%
Sales Date 1.17.2018
Atwood Apartments
104 Pine St
Seattle, WA
Year Built 1909
Units 55
Sale Price $14,900,000
Price/Unit $270,909
Price/Foot $498
GRM/CAP 21.9/3.7%
Sales Date 12.15.2017
Highland Condos
931 11th Ave E
Seattle, WA
Year Built 1924
Units 12
Sale Price $6,000,000
Price/Unit $500,000
Price/Foot $409
GRM/CAP 18.1/3.8%
Sales Date 8.9.2017
Glen Eden
921 1st Ave W
Seattle, WA
Year Built 1929
Units 36
Sale Price $11,500,00
Price Per Unit $319,444
Price Per Foot $454
GRM/CAP 16.5/3.5%
Sale Date 4.28.2017
Centerview
3016 1st Ave
Seattle, WA
Year Built 1910
Units 38
Sales Price $7,550,000
Price Per Unit $198,684
Price Per Foot $498
GRM/CAP 14.0/4.0%
Sale Date 3.2.2017

Sales Comparables MAP

Louis Arms Apartments
1515 Bellevue Ave
Seattle, WA
Queen Anne Apartments
419 Queen Anne Ave N
Seattle, WA
Atwood Apartments
104 Pine St
Seattle, WA
Highland Condos
931 11th Ave E
Seattle, WA
Glen Eden
921 1st Ave W
Seattle, WA
Centerview
3016 1st Ave
Seattle, WA

Seattle, King County

A HIGHLY-SKILLED WORKFORCE
The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher.

Top-tier talent is one of the key reasons out-of-state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County.

ESTABLISHED INDUSTRY CLUSTERS
The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known

CUTTING-EDGE RESEARCH
Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success.