for sale: the villa maria apartments $2,800,000 · investment overview the villa maria apartments...

For Sale: The Villa Maria Apartments $2,800,000

Ironridge Real Estate | 5628 Airport Way South #180 Seattle, WA 98108 | 425-466-5681

FINANCIAL OVERVIEW EXECUTIVE SUMMARY Gross Income $184,440 Add: Other Income $9,900 Less: Vacancy $(9,717) Effective Gross Income $184,623 Less Expenses $(41,767) Net Operating Income $142,856 Cap Rate: 5.1%

For More Information Contact:

Erik Strom:

[email protected] 425-466-5681

5628 Airport Way South Suite 180

Seattle, WA 98108

Number of Units: 11

Purchase Price: $2,800,000

Price/Unit: $245,545

Price/Rentable SF: $352

Cap Rate Actual: 5.1%

GRM Actual: 14.45

Zoning: L-3

Year Built: 1986 (2010 Remodel)

Financing: Cash Out

Investment Overview

The Villa Maria Apartments

Highlights: • Excellent Location

• Stainless Appliances/Granite Countertops

• Very Spacious Units

• Washer/Dryer in Units

• Parking for all Tenants and Secure Access

• Windows and Roof Replaced in 2008

• Complete Remodel in 2008-2012

• Unused storage space that could be added into

living area.

FOR SALE—Villa Maria Apartments 1146 N 91st Street Seattle, WA 98103

The Villa Maria is an 11 unit apartment building built in 1986 and has undergone a complete remodel in 2010. The current owner installed a new roof, windows and common area upgrades in addition to renovating the interior of the units. Inside the units, tenants enjoy new cabinets, granite countertops, stainless appliances, partial laminate hardwoods, walk in closets and in-unit washer/dryers in most units. There is also secure access, patios and parking. Adjacent to one of the units is a storage room that could be added as additional living area. Tenants pay their own electricity plus an additional $75/unit/month for water/sewer/garbage. The property is situated in one of the best rental markets for apartments in the City of Seattle. Greek Lake is quietly removed from the noise of downtown, yet retains a close proximity to the commercial core via both Interstate 5 and Highway 99. The lake itself is a beautiful feature of Seattle and is surrounded by many shops, grocery stores, restaurants, bars and residences. It is a destination for the health conscious wanting to jog around the lake’s trails and urbanites looking for a quiet respite from the city to eat dinner and relax.

Property Description


1146 N 91st Street Seattle, WA 98103


Unit Type Square Feet Rents

101 Two-Bed/1.75-Bath 1100 $1,795

102 Two-Bed/1.75-Bath 1100 $1,595

103 studio 400 $1,050

201 One-Bed/One-Bath 740 $1,345








Totals 8,520 $15,470

Actual Rent Roll

Expense Actual 2015 Market

Taxes $12,999.87 $16,000.00

Insurance $2,829.19 $2,400.00

Utilities $6,996.54 $7,500.00

Repairs and Maintenance $3,386.99 $5,500.00

On-Site Management $3,845.00 $0.00

Professional Management $9,147.00 $10,572.00

Landscaping $1,642.50 $1,642.50

Misc. $920.41 $920.41

Reserves $0.00 $2,500

Totals $41,767.50 $47,03491

Yearly Expenses



Property: Villa Maria Apartments

Address: 1146 N 91st Street Seattle, WA 98103

Overview:

Price 2,800,000.00$ Current Cap Rate 5.14%

Price/Unit 254,545.45$ Market Cap Rate 5.53%

Price/Net Rentable SF 328.64$ Current GRM 14.32

Market GRM 13.18

Estimated Financing: General Info:

Loan Amount 1,820,000.00$ Units 11

Down Payment 980,000.00$

Loan to Value 65% Net RSF 8520

Interest Rate 3.80% Lot Size (acres) 0.713

Amortization Period 30 Lot SF 7250

Monthly Payment $8,480.42 Year Built 1986

Debt Service Ratio 1.41 Zoning LR3

Income:

Number Actual Market

of Units Mix SF Rents Rents

8 1-bed/1-bth 740 1,375.00$ 1,450.00$

2 2-bed/1.75bth 1100 1,795.00$ 1,795.00$

1 studio 400 1,050.00$ 1,195.00$

11 Totals: 7944 15,470.00$ 16,385.00$

Other Income (Monthly):

W/S/G 825.00$ 825.00$

Parking -$ 500.00$

Total Other Income 825.00$ 1,325.00$

Expenses (annualized): Actual (2015) Market

Real Estate Taxes 12,999.87$ 16,000.00$

Insurance 2,829.19$ 2,400.00$

Utilities 6,996.54$ 7,500.00$

Repairs and Maintenance 3,386.99$ 5,500.00$

On-Site Management 3,845.00$ -$

Professional Management 9,147.00$ 10,626.00$

Landscaping 1,642.50$ 1,642.50$

Misc. 920.41$ 920.41$

Reserves -$ 2,500.00$

Total Expenses 41,767.50$ 47,088.91$

Annual Operating Data: Current Market

Potential Gross Rents 185,640.00$ 196,620.00$

Add Other Income 9,900.00$ 15,900.00$

Less Vacancy 5% (9,777.00)$ (10,626.00)$

Less: Expenses (41,767.50)$ (47,088.91)$

Net Operating Income 143,995.50$ 154,805.09$



Address: 1146 N 91st Street, Seattle WA

for sale: the villa maria apartments $2,800,000 · investment overview the villa maria apartments...

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