taylor west apartments - loopnet · 1100 dexter avenue north, suite 275 seattle, wa 98109 charles...
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KW COMMERCIAL1100 Dexter Avenue North,Suite 275Seattle, WA 98109
CHARLES BURNETT, CCIMPrincipal Managing Broker0: 206.931.6036C: [email protected] #36996
Taylor West Apartments
OFFERING MEMORANDUM
PRESENTED BY:
RENTON, WA
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 2
KW COMMERCIAL1100 Dexter Avenue North,Suite 275Seattle, WA 98109
Confidentiality & Disclaimer
CHARLES BURNETT, CCIMPrincipal Managing Broker0: 206.931.6036C: [email protected] #36996
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.
Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Downtown Seattle in compliance with all applicable fair housing and equal opportunity laws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.
OFFERING MEMORANDUM
PRESENTED BY:
RENTON, WA
Each Office Independently Owned and Operated kwcommercial.com 3
OFFERING SUMMARY
SALE PRICE: $3,350,000
NUMBER OF UNITS: 16
CAP RATE: 5.82%
NOI: $194,901
LOT SIZE: 0.415 Acres
YEAR BUILT: 1969
BUILDING SIZE: 10,943 SF
RENOVATED: 2016
ZONING: RM-F
MARKET: Renton
SUBMARKET: Renton
PRICE / SF: $306.13
PROPERTY OVERVIEW16-unit apartment complex. Meticulously cared for; this is a solid, turn-keyinvestment property with great street appeal. Units offer spacious floor plans withseparate dining areas and large private balconies; many have been updated.Onsite coin-op laundry facility, storage, & office. Covered parking spaces could beconverted to garages or potentially more units? Fully occupied with quality tenantswith room for upside in rents. Property consists of two lots totaling 18,089 SF,nicely landscaped with a private courtyard and located on a quiet dead-end street.Located close to downtown Renton; close to all amenities.
PROPERTY HIGHLIGHTS• Turn-Key
• No deferred maintenance
• Actual 5.8% Cap
• On site coin-op laundry facility
• Storage
• Two Tax Parcels
• Upside in rental income and utility pass-through
Executive Summary
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SALE PRICE $3,350,000
LOCATION INFORMATION
Building Name Taylor West Apartments
Street Address 401 Taylor Place NW
City, State, Zip Renton, WA 98057
County/Township King
Market Renton
Submarket Renton
Cross Streets Taylor Ave NW
BUILDING INFORMATION
Building Size 10,943 SF
NOI $194,901
Cap Rate 5.82%
Price / SF $306.13
Year Built 1969
Last Renovated 2016
Occupancy % 100%
Tenancy Multiple
Number Of Floors 3
Average Floor Size 645 SF
Gross Leasable Area 10,154 SF
Load Factor Yes
Construction Status Existing
Framing Wood
Condition Good
Roof flat metal
Free Standing Yes
Exterior Walls stucco
Foundation poured concrete
PROPERTY DETAILS
Property Type Multifamily
Property Subtype Low-Rise/Garden
Zoning RM-F
Lot Size 0.415 Acres
APN# 4202400430 & 4202400440
Submarket Renton
MLS ID# 1438210
PARKING & TRANSPORTATION
Parking Type Surface
Parking Ratio 1.9
Number Of Spaces 20
Parking Description One garage, 7 carport, 12 uncovered
UTILITIES & AMENITIES
Broadband Cable
Landscaping shrubbery
Laundry
Description
Coin-Op
Interior
Description
updated and remodeled
Utilities
Description
Owner pays water/sewer/garbage and
exterior electricity
Property Details
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INVESTMENT OVERVIEW TAYLOR WEST APARTMENTS
Price $3,350,000
Price per Unit $209,375
Cap Rate 5.82%
GRM 13.7
OPERATING DATA TAYLOR WEST APARTMENTS
Gross Scheduled Income $244,800
Other Income $2,795
Total Scheduled Income $247,595
Vacancy Cost $7,344
Gross Income $240,251
Operating Expenses $45,350
Net Operating Income $194,901
FINANCING DATA TAYLOR WEST APARTMENTS
Down Payment $1,172,500.00
Loan Amount $2,177,500.00
Annual Debt Service $145,239.03
Cash Flow Before Taxes $49,661.97
Principal Reduction (yr 1) $48,238.37
Cash On Cash Return 8%
DSCR 1.3
Financial Summary
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UNIT
NUMBER
UNIT
BED
UNIT
BATH
UNIT
SIZE (SF)
LEASE
START
LEASE
END
CURRENT
RENT
CURRENT
RENT (PER SF)
MARKET
RENT
MARKET
RENT/SF
SECURITY
DEPOSIT
1 1 1 645 10/6/2015 month to month $1,250 $1.94 $1,000
2 1 1 645 2/26/2016 month to month $1,250 $1.94 $995
3 1 1 645 5/4/2016 month to month $1,250 $1.94 $1,000
4 1 1 645 4/30/2018 4/30/2019 $1,250 $1.94 $1,300
5 1 1 645 4/26/2016 month to month $1,250 $1.94 $1,000
6 1 1 645 1/26/2018 month to month $1,250 $1.94 $1,000
7 2 1 850 4/24/2015 month to month $1,450 $1.71 $995
8 1 1 645 10/8/2015 month to month $1,250 $1.94 $995
9 1 1 645 1/1/1993 month to month $1,250 $1.94 $100
10 1 1 645 10/11/2011 month to month $1,250 $1.94 $500
11 1 1 645 7/20/2016 month to month $1,250 $1.94 $1,000
12 1 1 645 2/8/2019 7/31/2019 $1,250 $1.94 $1,000
13 1 1 645 10/11/2018 9/30/2019 $1,250 $1.94 $1,000
14 2 1 850 8/16/2016 month to month $1,450 $1.71 $1,000
15 1 1 645 5/4/2017 4/30/2019 $1,250 $1.94 $1,000
16 1 1 645 3/9/2018 month to month $1,250 $1.94 $1,000
Rent Roll
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UNIT
NUMBER
UNIT
BED
UNIT
BATH
UNIT
SIZE (SF)
LEASE
START
LEASE
END
CURRENT
RENT
CURRENT
RENT (PER SF)
MARKET
RENT
MARKET
RENT/SF
SECURITY
DEPOSIT
Totals/Averages 10,730 $20,400 $1.90 $0 $14,885
Rent Roll
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INCOME SUMMARY TAYLOR WEST APARTMENTS
Gross Income $240,251
EXPENSE SUMMARY TAYLOR WEST APARTMENTS
Utilities $13,596Maintenance/Repairs $7,184Landscaping $695Admin/Misc $1,190Property Taxes $21,294Insurance $1,391
Gross Expenses $45,350
Net Operating Income $194,901
Income & Expenses
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Additional Photos
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Additional Photos
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Taylor West Apartments
Regional Map
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Location Maps
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Taylor West Apartments
Aerial Map
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Subject Property
401 Taylor Place NW | Renton, WA 98057
$3,350,000Sale Price: 1969Year Built:
10,943 SFBuilding SF: $306.13Price PSF:
16No. Units: $209,375Price / Unit:
5.82%CAP: $194,901NOI:
13.68GRM:
16-unit apartment complex. Meticulously cared for; this is a solid, turn-key investment property with great street appeal. Units offer spacious floor plans with separate dining areas and large private balconies; manyhave been updated. Onsite coin-op laundry facility, storage, & office. Covered parking spaces could be converted to garages or potentially more units? Fully occupied with quality tenants with room for upside inrents. Property consists of two lots totaling 18,089 SF, nicely landscaped with a private courtyard and located on a quiet dead-end street. Located close to downtown Renton; close to all amenities.
20 Unit Apartment
1
Chalet
606 Mills Avenue S | Renton, WA 98057
$3,500,000Sale Price: 0.797 AcresLot Size:
1962Year Built: 14,196 SFBuilding SF:
$246.55Price PSF: 20No. Units:
$175,000Price / Unit: 4.75%CAP:
06/25/2018Closed: 100%Occupancy:
14.30GRM: $166,306NOI:
1
20 Unit Apartment
2
Burien Manor
11822 1st Avenue South | Burien, WA 98168
$4,650,000Sale Price: 0.34 AcresLot Size:
1996Year Built: 14,204 SFBuilding SF:
$327.37Price PSF: 20No. Units:
$232,500Price / Unit: 3.93%CAP:
09/20/2018Closed: 100%Occupancy:
$182,745NOI:
2
12-Unit Apartment
3
Totem Apartments
16644 31st Ave S | SeaTac, WA 98188
$2,300,000Sale Price: 0.496 AcresLot Size:
1977Year Built: 10,128 SFBuilding SF:
$227.09Price PSF: 12No. Units:
$191,666Price / Unit: 4.80%CAP:
06/14/2018Closed: 100%Occupancy:
13.00GRM: $114,505NOI:
3
Sale Comps
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1
2
3
SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS
Taylor West Apartments401 Taylor Place NWRenton, WA 98057
$3,350,000 10,943 SF $306.13 $209,375 5.82% 13.68 16
SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE
Chalet606 Mills Avenue SRenton, WA 98057
$3,500,000 14,196 SF $246.55 $175,000 4.75% 14.3 2006/25/2018
Burien Manor11822 1st Avenue SouthBurien, WA 98168
$4,650,000 14,204 SF $327.37 $232,500 3.93% - 2009/20/2018
Totem Apartments16644 31st Ave SSeaTac, WA 98188
$2,300,000 10,128 SF $227.09 $191,666 4.8% 13 1206/14/2018
PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE
Totals/Averages $3,483,333 12,843 SF $271.22 $201,000 4.49% 13.65 17.33
Sale Comps Summary
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401 Taylor Place NW | Renton, WA 98057SUBJECT PROPERTY
1606 Mills Avenue SRenton, WA 98057
CHALET 211822 1st Avenue SouthBurien, WA 98168
BURIEN MANOR
316644 31st Ave SSeaTac, WA 98188
TOTEM APARTMENTS
Sale Comps Map
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1 MILE 2 MILES 3 MILES
Total population 13,103 38,066 87,851
Median age 33.5 36.7 36.3
Median age (male) 30.4 33.9 34.9
Median age (female) 36.3 38.8 37.4
1 MILE 2 MILES 3 MILES
Total households 5,422 16,430 36,780
Total persons per HH 2.4 2.3 2.4
Average HH income $58,548 $63,753 $68,120
Average house value $363,302 $370,586 $411,256
* Demographic data derived from 2010 US Census
Demographics Report
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