rainier 6 - loopnet...admin/legal proforma $798 $798 reserves proforma $250/unit $1,500 $1,500 total...
TRANSCRIPT
RAINIER 6
RAINIER 6
MERCER ISLANDLAKE WASHINGTON
RAINIER VALLEY
RENTON
BEACON HILL
OTHELLO LIGHT RAIL STATION
RAINIER STATION
COLUMBIA CITY STATIONCOLUMBIA CITY
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Rainier 6. This 6-unit apartment building is well located in South Seattle. The Rainier 6 is a solid 1960’s property that has recently been updated.
This property offers a buyer the opportunity to acquire a building in one of the best multi-family investment markets in the country, with the potential to produce excellent cash flow.
Exclusively offered by Paragon Real Estate Advisors
NAME Rainier 6
ADDRESS 6527 Rainier Ave S, Seattle, WA
TOTAL UNITS 6
BUILT 1967
SQUARE FEET 4,752 Total Net Rentable
PRICE $1,100,000
PRICE PER UNIT $183,333
PRICE PER FOOT $231.48
CURRENT GRM/CAP 13.3/5.1%
MARKET GRM/CAP 11.8/6.0%
TERMS Cash Out
LOT SIZE 5,072 Square Feet
ZONING LR3
O F F E R I N G
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 all information and bears all risk for inaccuracies.
� Less than 1 mile from Sound Transit light rail station
� 15 minutes to Downtown Seattle
� Spacious 1 and 2 bedroom floorplans
� Over $100k in improvements
� New roof
� Market 6.0% CAP
� Potential to add bedrooms by reconfiguring living rooms
� The property is located in an Opportunity Zone
I N V E S T M E N T H I G H L I G H T S
1967 wood-framed construction
Three-story, wood-sided building
Desirable mix of 3 – 1 bedroom units and 3 – 2 bedroom units
Updated kitchens and bathrooms
New shower surrounds
New solid surface flooring
Windows replaced
Decks resurfaced
New roof
Common laundry
Potential to reconfigure living rooms to add bedrooms/den and convert 1 bedroom units to 2 bedroom unit and 2 bedroom units to 3 bedroom units
I M P R O V E M E N T S
M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T
M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N
Columbia City has the highest Walk Score of any neighborhood south of downtown, including the ever-popular “Junction” in West Seattle. There’s a lot to do here, and it’s all concentrated in one area. The people here love to support the local businesses. Today, the thriving pedestrian business district along Rainier Avenue South is home to six bars, a grocery store, a number of restaurants, bakeries, coffee shops, assorted retail, an art gallery, fitness facilities, a fraternal clubhouse, a movie theater, and multiple live music venues.
With the neighborhoods mix of craftsman bungalows, market rate and low-income apartment buildings, and townhouse developments, this area is quickly becoming a popular neighborhood for those looking for an urban environment without the high prices of the downtown area. Community estimates have put the number of new homes in the planning pipeline as numbering at least 1,500. Many of these developments are in formerly vacant lots similar to the subject.
Train service at the neighborhood’s Link Light Rail station began in July 2009. The station is situated between the Othello and Mount Baker stations on the Central Link line, which runs from Seattle–Tacoma International Airport to Downtown Seattle and the University of Washington as part of the Link light rail system. The station consists of two at-grade side platforms between South Alaska Street and South Edmunds Street in the median of Martin Luther King Jr. Way South in the Columbia City neighborhood, part of Seattle’s Rainier Valley. Trains serve the station twenty hours a day on most days; the headway between trains is six minutes during peak periods, with less frequent service at other times. Columbia City station is also served by two King County Metro bus routes that connect it to Mount Baker, Renton and West Seattle.
C O L U M B I A C I T Y
U N I T P H O T O S
F L O O R P L A N S
BEDROOMBEDROOM
LIVING AREA PATIO
KIT
CH
EN
BA
TH
BATH
KIT
CH
ENBEDROOM
LIVING AREAPATIO
1 BD/1BTH 2 BD/1BTH
F L O O R P L A N S : P R O P O S E D A D D I T I O N A L B E D R O O M O R D E N *
BEDROOMBEDROOM
LIVING AREA
PATIO
KIT
CH
EN
BA
TH
BATH
KIT
CH
ENBEDROOMLIVING AREA
PATIO
1 BD/1BTH 2 BD/1BTH1 BD/1BTH 2 BD/1BTH
* B u y e r t o v e r i f y
BEDROOM
OR DEN
BEDROOM
OR DEN
Unit Breakdown
UNIT
TYPE
APPROXIMATE
UNIT SIZE
CURRENT
RENT
CURRENT
RENT/SQ.FT.
MARKET
RENT
MARKET
RENT/SQ.FT.
1 1 Bd/1 Bth 600 Sq.Ft. $1,020 $1.70 $1,050 $1.75
2 2 Bd/1 Bth 1,000 Sq.Ft. $1,200 $1.20 $1,350 $1.35
3 2 Bd/1 Bth 1,000 Sq.Ft. $1,250 $1.04 $1,350 $1.75
4 1 Bd/1 Bth 600 Sq.Ft. $1,020 $1.70 $1,350 $1.35
5 2 Bd/1 Bth 1,000 Sq.Ft. $1,200 $1.20 $1,350 $1.35
6 1 Bd/1 Bth 600 Sq.Ft. $1,020 $1.70 $1,050 $1.75
Totals 4,800 Sq.Ft. $6,710 $1.43 $7,200 $1.50
RAINIER 6
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $6,710 $7,200
Utility Bill Back $390
Laundry Income $120 $120
Other Income $60 $60
Gross Potential Income $6,890 $7,770
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $82,680 $93,240
Less Vacancy 3.00% $2,480 3.00% $2,797
Gross Operating Income $80,200 $90,443
Less Expenses $23,968 $23,968
Net Operating Income $56,232 $66,475
Annual Debt Service ($3,676/mo) $44,113 $44,113
Cash Flow Before Tax 3.67% $12,119 6.78% $22,362
Principal Reduction $13,560 $13,560
Total Return Before Tax 7.78% $25,679 10.89% $35,922
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
RE Taxes 2019 $6,986 $6,986
Insurance Proforma $250/Unit $1,500 $1,500
Utilities 2018 $8,384 $8,384
Maint/Repairs Proforma $800/Unit $4,800 $4,800
Admin/Legal Proforma $798 $798
Reserves Proforma $250/Unit $1,500 $1,500
Total Expenses $23,968 $23,968
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
3 1 Bd/1 Bth 600 $1,020 $1,050
3 2 Bd/1 Bth 1,000 $1,200-$1,250 $1,350
6 Total/Avg 792 $1.43 $1.52
Units 6
Year Built 1967
Rentable Area 4,752
Down Pmt $330,000
Loan Amount $770,000
Interest Rate 4.00%
Amortization 30 years
Price $1,100,000
Per Unit $183,333
Per Sq. Ft. $231.48
Current GRM 13.30
Current CAP 5.11%
Market GRM 11.80
Market CAP 6.04%
Expense/Unit $3,995
Expense/Foot $5.04
Percent of EGI 28.99%
Expense/Unit $3,995
Expense/Foot $5.04
Percent of EGI 25.71%
CURRENT
OPERATIONS
MARKET
OPERATIONS
Pearl St Lofts 3940 S Pearl St Seattle, WA 98118
1 Year Built 1966 Units 12 Sales Price $3,100,000 Price/Unit $258,333 Price/Foot $244.87 GRM/CAP 21.3/2.6% Sales Date 09.18.2018
Upland View Apts 5716 Wilson Ave S Seattle, WA 98118
2 Year Built 1956 Units 11 Sales Price $2,800,000 Price/Unit $254,545 Price/Foot $341.71 GRM/CAP 16.0/4.1% Sales Date 09.17.2018
Walden St Apts 2701 S Walden St Seattle, WA 98144
3 Year Built 1966 Units 10 Sales Price $1,904,000 Price/Unit $190,400 Price/Foot $284.09 GRM/CAP Unknown Sales Date 08.24.2018
14th Ave Apts 1307 14th Ave S Seattle, WA 98144
4 Year Built 1968 Units 6 Sales Price $1,900,000 Price/Unit $316,667 Price/Foot $305.52 GRM/CAP 27.4/2.1% Sales Date 06.01.2018
1
3
4
2
S A L E S C O M P A R A B L E S
Wabash Ave Apts 8316 Wabash Ave S Seattle, WA 98118
5 Year Built 1957 Units 4 Sales Price $750,000 Price/Unit $187,000 Price/Foot $200.53 GRM/CAP Unknown Sales Date 05.25.2018
L O G OL O G O
5
Rainier 6 6527 Rainier Ave S Seattle, WA 98118Year Built 1967 Units 6 Sales Price $1,100,000 Price/Unit $183,333 Price/Foot $231.48 Current GRM/CAP 13.3/5.1% Market GRM/CAP 11.8/6.0%
RAINIER 6
2
Rainier 66527 Rainier Ave SSeattle, WA 98118
1967 - 6 Units
1 Bd/1 Bth2 Bd/1 Bth
6001,000
$1,020 $1,200-$1,250
$1.70$1.20 - 1.25
Myrtlewood Apts 7001 Rainier Ave S Seattle, WA 98118
1959 - 28 Units
1 Bd/1 Bth $1,250
Graham Place Apts 4601 S Graham Seattle, WA 98118
1968 - 60 Units
1 Bd/1 Bth 675 $1,375 $2.04
Cresent Apts5210 42nd Ave S Seattle, WA 98118
1963 - 37 Units
1 Bd/1 Bth 558 $1,205 $2.16
Wilson Ave Apts 5701 Wilson Ave SSeattle, WA 98118
1955 - 17 Units
1 Bd/1 Bth 650 $1,720 $2.65
Rainier 87310 Rainier Ave S Seattle, WA 98118
1960 - 8 Units
1 Bd/1 Bth $1,400
3
R E N T C O M P A R A B L E S
4
5
1
1
3 4
2
5
RAINIER 6
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / [email protected]
www.ParagonREA.com
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 all information and bears all risk for inaccuracies.