juanita townhomes...juanita townhomes exclusively listed by casey zejdlik p: 206.566.6599 c:...

JUANITA TOWNHOMESOffering Memorandum

11611 10

0TH Ave N

E | K

IRK

LAN

D

JUANITATOWNHOMES

EXCLUSIVELY LISTED BY

Casey ZejdlikP: 206.566.6599C: [email protected]

Jason KonoP: 206.566.6595C: [email protected]

Investment Overview

Property Location

Financials

Comparables

TABLE of CONTENTS

The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Investment Overview

1990’s townhomes in walking distance of Juanita Village

JUANITA TOWNHOMES

JUANITA TOWNHOMES | 5

15,246 SF Lot Zoned RM 1.8

Currently Fully Occupied

In-Unit Laundry

Close to Downtown Kirkland and I-405

KIRKLAND, WA | 98034

11611 100th Ave. NE

Juanita Townhomes are located in the cozy suburb of Juanita, a neighborhood of Kirkland (Seattle’s upscale and affordable “hub of the eastside”).

Despite Kirkland’s large size and dense population, its friendly neighborhoods frequently gather for events, outreach projects and other festivities. Its vibrant downtown waterfront features parks and beaches, restaurants, art galleries, public art installations and a performing arts center for neighbors and visitors to enjoy year-round.

Juanita is best known for its two main attractions: the Juanita Beach Park and Juanita Bay Park. Both are treasures!

Juanita Beach Park offers a swimming area, dock, beach volleyball, horseshoe pits, a playground and recreational fields; whereas Juanita Bay Park offers hiking trails and opportunities for wetland observation.

As an established suburb of Kirkland, Juanita is occupied by a mix of owners (57%) and renters (43%). Residents earn mid-to-high incomes, making Juanita an above average income area. The median household age is 37 and median household income is $60K.

Juanita’s downtown waterfront is bustling with shopping and recreation and easily accessible by foot or bike. However, most Kirkland area neighborhoods are car-dependent, and outlying Seattle areas must be accessed by car or public transportation.


Property Location

NEIGHBORHOOD MAP

45

39

Transportation

JUANITA BAY

JUANITA HEIGHTS

PARK

PADRIA MEDITERANIAN

CAFÉ

OTO SUSHI

JUANITA VILLAGE

BRIX WINE CAFÉ

CAFÉ JUANITA JUANITA

PUB

LEE’S BRICKHOUSE

PUB


Price $2,950,000

Units 8

Price Per Unit $368,750

Rentable SF 8,492 SF

Price Per SF $347

Current Cap Rate 2.24%

Market Cap Rate 4.63%

Current GRM 26.3

Market GRM 15.4

Year Built 1990

Parcel Number 302605-9141

Land SF 15,246 SF

Zoning RM 1.8

Construction Type Wood Frame

Plumbing Copper Pipe

Parking Surface Parking, 14 Spaces

Hot Water Electric

Heating Cadet Electric, Wood Burning Fireplace

Roof Composition (2016)

Laundry In-Unit Washer / Dryer

AT A GLANCE

$136,731PRO-FORMA NOI


COMMUNITY


Financials

Unit Type Approx. SF Current Rent Current SF Mkt. Rent Mkt. SF

1 2 Bd / 1.5 Bth 900 $1,190 $1.32 $1,850 $2.06

2 2 Bd / 1.5 Bth 900 $1,110 $1.23 $1,850 $2.06

3 2 Bd / 2 Bth 1100 $1,135 $1.03 $2,050 $1.86

4 2 Bd / 2 Bth 1100 $1,085 $0.99 $2,050 $1.86

5 2 Bd / 2 Bth 1100 $1,135 $1.03 $2,050 $1.86

6 2 Bd / 2 Bth 1100 $1,300 $1.18 $2,050 $1.86

7 2 Bd / 2 Bth 1100 $1,190 $1.08 $2,050 $1.86

8 2 Bd / 2 Bth 1100 $1,190 $1.08 $2,050 $1.86

8 UNITS 8,400 $9,335 $1.10 $16,000 $1.90

RENT ROLL


FORBES RANKED

SEATTLE METRO “BEST AREA FOR TECH JOBS

IN THE NATION”

CURRENT PRO-FORMA

Gross Potential Rent $112,020 $192,000

Vacancy $3,361 3.00% $7,680 4.00%

Effective Gross Rent $108,659 $184,320

OTHER INCOME

Utility Billback $0 $800

Miscellaneous $0 $0

Total Other Income $0 $800

Effective Gross Income $108,659 $185,120

EXPENSES

Property Taxes - 2017 $16,801 $19,584

Insurance $2,600 $2,600

Utilities - Proforma $9,600 $9,600

Maintenance /Repairs - Pro-Forma

$6,000 $6,000

Professional Management $4,346 4.00% $7,405 4.00%

Administrative /Misc $1,000 $1,000

Reserves $2,200 $2,200

TOTAL EXPENSES $42,547 $5,318 $48,389 $6,049

NET OPERATING INCOME $66,112 $136,731

FINANCIAL ANALYSIS

• Property is fully leased. Pro-Forma Expense Numbers in place.

• Market Rents are Pro-Forma after unit rehab.

• Rent Roll as of October 2017.


Comparables

1 2

5

3

64

6725 112th AVE NE

Year Built:1977

RESIDENCES AT 518

Year Built:1901

KIRKLAND SHORES

Year Built:1976

LA SEVILLE

Year Built:1978

KIRKTON

Year Built:1968

NORTHSHORE

Year Built:1966

PROPERTY ADDRESS Building Name Units Price Sale Date Price/Unit Price/SF Cap Rate

1) 6725 112th Ave NE 6725 112th 5 $1,840,000 6/23/2017 $368,000 $344 3.82%

2) 518 2nd St Residences at 518 10 $3,150,000 4/19/2017 $315,000 $520 4.19%

3) 6321 NE 181st St Northshore 10 $3,100,000 6/30/2016 $310,000 $339 4.80%

4 ) 205 5th Ave S Kirkland Shores 6 $2,250,000 2/26/2016 $375,000 $355 3.90%

5 ) 11305 NE 88th St La Seville 5 $1,300,000 1/22/2016 $260,000 $313 2.60%

6 ) 303 10th Ave S Kirkton 9 $2,660,000 1/14/2016 $295,556 $354 1.80%

AVERAGES: $320,593 $371 3.52%

SALES COMPARABLES


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SALES COMPARABLES


65

PROPERTY ADDRESS Building Name Unit Type Avg. SF Current Rent Current SF

1) 9311 NE 118th Lane Starboard Apartments 2 bd / 1 bth 890 $1,793 $2.01

2) 11803 100th Avenue NE 11803 100th Avenue NE 2 bd / 1 bth 859 $1,700 $1.98

3) 9838 NE 122nd Street 9838 NE 122nd Street 2 bd / 1 bth 1,015 $1,800 $1.77

4 ) 11718 97th Lane NE Chelsea at Juanita Village 2 bd / 1 bth 1,063 $2,490 $2.34

5 ) 9311 NE 118th Lane Starboard Apartments 2 bd / 1.5 bth 974 $2,004 $2.06

6 ) 11620 100th Avenue NE 11620 100th Avenue NE 2 bd / 2 bth 1,300 $1,775 $1.37

7 ) 11801 97th Avenue NE Waterscape at Juanita Village 2 bd / 2 bth 1,384 $2,337 $1.69

8) 12520 NE 101st Way NE Hubbard’s Crossing 2 bd / 2.5 bth 1,202 $2,379 $1.98

TOTAL: $1.90

1 2 3

7

STARBOARD APARTMENTS

Unit Type: 2 Bd / 1 Bth

STARBOARD APARTMENTS

Unit Type: 2 Bd / 1.5 Bth

11803 100th

Unit Type:2 Bd / 1 Bth

11620 100th


9838 NE 122nd


WATERSCAPE AT JUANITA VILLAGE


CHELSEA AT JUANITA VILLAGE


HUBBARD’S CROSSING

Unit Type:2 Bd / 2.5 Bth

4

8

RENT COMPARABLES


RENT COMPARABLES

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Our ServicesBuilt upon trust and experience, Pilot Ventures was founded by principals Casey Zejdlik and Jason Kono.

Specializing in multifamily investments and property management services, our focus on long-term client success is at the core of everything we do.

At Pilot Ventures, our experienced team of industry professionals offer more than 50 years of creative investment expertise. We engage with every client in a goal-oriented manner to enhance their portfolio and maximize results.

Together, we don’t just build equity— we build relationships.

BrokerageWhether you’re buying or selling, our experienced team of brokers will ensure you receive the best possible representation.

ManagementManaging property can be an overwhelming experience—in working with Pilot Ventures, we help streamline processes and systems to maximize your cash flow and ROI.

Investments Our firm’s financial expertise and professional management allows individuals, families, partnerships and trusts to invest in income producing properties without worrying about the day-to-day operations. We provide a full-service approach to every stage of your multifamily real estate investment.

Consulting Investing smartly is the easiest way to achieve long-term goals—collaborate with industry professionals who apply systematic market research and financial analysis to produce feasible solutions for all types of real estate projects.


Brokerage / Management / Investments / Consulting

pilotNW.com

juanita townhomes...juanita townhomes exclusively listed by casey zejdlik p: 206.566.6599 c:...

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