amara apartments · 2019-04-25 · amara apartments location: 124 n 103rd street, seattle, wa total...
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A M A R A A PA RT M E N T S
LOCATION: 124 N 103rd Street, Seattle, WA
TOTAL UNITS: 53 (47 Residential + 6 Commercial, Live/Work)
BUILT: 1990
SQUARE FEET: 39,500 Net Rentable
PRICE: $10,995,000
COST PER UNIT: $207,453
COST PER FOOT: $278.35 Net Rentable (745 Avg SqFt)
AVG RENT/SQFT: $1.47
CURRENT GRM/CAP: 15.50/3.75% (3.5% Vacancy)
MARKET GRM/CAP: 12.41/5.01% (5% Vacancy)
EXPENSE PER UNIT: $5,142/Year
TERMS: Cash Out
HIGHLIGHTS: • First time on the market
• 7 different floor plans including Live/Work units
• Washer and dryer hook-ups in each unit
• Underground gated garage parking for 55
• Roof-top deck as well as private balconies or patios
LOCATION
Greenwood is a vibrant, eclectic, family-friendly neighborhood which is quietly becoming one of the most sought after neighborhoods in the city. Over the past year Greenwood’s business district has seen a surge in new establishments that draw in young professionals as well as those setting roots to establish family life. Of late many Greenwood apartment operators are noticing an increase in young professionals working in downtown Seattle applying to rent apartments. People are moving out of expensive downtown Seattle housing in search of quality housing with less congestion at affordable prices.
The property’s location provides an easy fifteen minute commute to Seattle’s CBD via Highway 99, I-5 or Greenwood Avenue North. Ballard and Fremont are less than a ten minute commute via Third Avenue Northwest. North Seattle Community College and Northgate Mall are also within a ten minute commute of the Amara. Carkeek Park, a 216-acre park offering extraordinary views of the Puget Sound and Olympic Mountains, picnic areas, hiking trails and access to the beach is located within five blocks of the Amara affording residents a quiet respite from the hustle of city life. Additionally, Green Lake, Woodland Park Zoo, Golden Gardens and Shilshole Bay Marina also popular destination points are all within a short distance of the subject property. Tenants have access to nearby bus stops with service to all of these destinations.
The neighborhood has benefited from the recent development of several mixed-use apartment buildings. Additionally, the newly completed city funded Greenwood Avenue North Transit & Sidewalk Project make this an even more pedestrian friendly neighborhood.
THE OPPORTUNITY
Available for the first time the Amara offers multiple upside opportunities to a new owner.
• An investor could continue to manage the building, increase rents to market levels upon turnover, institute a utility bill back and charge for parking.
• A higher level of rental income could be achieved with minimal cosmetic improvements and adding a washer and dryer to each unit.
• An even higher level of rental income could be achieved by renovating the kitchens and bathrooms as well as adding a washer and dryer to each unit.
The Amara has never before been offered to the market and provides an investor the rare opportunity to purchase an exceptionally high quality investment property in a great location that will only continue to appreciate as the area continues to thrive.
Greenwood is a thriving location in north-central Seattle that is being discovered by millennials who are flocking to the area for high quality apartment homes as well as the vibrant commercial, restaurant and nightlife scene. Greenwood is becoming the new Ballard.
A E R I A L M A P
The Amara Apartments
Magnolia
Greenwood Avenue North
Greenwood
Carkeek Park
Ballard
Green Lake
Queen Anne
Fremont
CBD
IMPROVEMENTS
Built in 1990 the Amara has been owned and managed by the original builder which is evidenced by its exceptional condition. The Amara is a well-built four-story wood-framed building with an attractive low-maintenance stucco exterior. The property consists of 47 residential apartment units and 6 commercial live/work units as well as 55 spaces of underground gated garage parking. The Amara also offers two additional outside parking spaces for the commercial units.
The unit mix is extremely well-tailored to the local market consisting of 4 studio units of approximately 456 square feet, 29 one-bedroom units averaging approximately 681 square feet and 14 two-bedroom units averaging approximately 860 square feet. There are seven spacious floor plans each featuring high ceilings, abundant closet space and large kitchens with a separate dining area. Units offer large and plentiful windows which maximize the amount of natural light and contribute to the open feel. Each unit has a washer and dryer hook-up with tenant paid electric baseboard heat.
The Amara offers residents a roof-top deck for their enjoyment and thirty-four of the units have either a deck or patio, one unit has both a deck and a patio. This is a controlled access building with an intercom system, an elevator and a welcoming entry lobby with wide hallways. A laundry room is located on each floor for ease of use. There is also additional storage available for residents at a nominal additional charge. The owner does not charge any additional fees for water and sewer and each unit has one garage parking space at no additional charge.
A D D I T I O N A L P H O T O S
A D D I T I O N A L P H O T O S
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 the information and bears all risk for any inaccuracies.
OPERAT ING INFORMAT ION
One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101T 206.623.8880 F 206.623.7435 www.ParagonREA.com
Units 53 (47 Res + 6 Com)
Year Built 1990
Rentable Area 39,500
Down Payment $4,850,000 48%
Loan Amount $5,700,000 52%
Interest Rate 3.10% Variable
Amortization 30 Years
Lot Size 20,640 Sq. Ft.
AMARA APARTMENTS124 N 103RD STSEATTLE, WA
Price $10,995,000
Per Unit $207,453
Per Sq. Ft. $278.35
Current GRM 15.50
Current CAP 3.75%
Market GRM 12.41
Market CAP 5.01%
Monthly Scheduled Rent
Utility Bill Back
Laundry
Parking
Miscellaneous/Storage
Total Monthly Income
MONTHLY SCHEDULED INCOME
CURRENT RENT
$886
$1,031
$1,259
$1,140
$1.47
SIZE
456
681
860
984
745
TYPE
Studio
1 BD/1 Bth
2 BD/1 Bth
Com Live/Work
Averages
# OF UNITS
4
29
14
6
53
MONTHLY INCOME
$3,544
$29,899
$17,626
$6,840
$57,909
$0
$500
$120
$600
$59,129
MONTHLY INCOME
$3,980
$35,525
$21,700
$6,840
$68,045
$2,700
$0
$2,350
$750
$73,845
MARKET RENT
$995
$1,225
$1,550
$1,140
$1.72
47 Units
47 Unit at $50/mo
Real Estate Taxes
Insurance
Utilities
Professional Management
On-Site Management
Maint/Turnover/Grounds
Elevator/Fire Alarm
Administration
Capital Reserves
Total Expenses
ANNUALIZED OPERATING EXPENSES MARKET
$80,000
$12,576
$55,111
$33,673
$31,800
$52,850
$7,500
$5,300
$11,925
$290,735
Expenses per Unit $5,142
Expenses Per Foot $6.90
Percent of Gross 38.41%
Expenses per Unit $5,486
Expenses Per Foot $7.36
Percent of Gross 32.81%
CURRENT OPERATIONS
MARKET OPERATIONS
CURRENT
$68,072
$12,576
$55,111
$27,389
$31,800
$52,850
$7,500
$5,300
$11,925
$272,523
Scheduled Gross Income
Less Vacancy
Gross Operating Income
Less Expenses
Net Operating Income
Annual Debt Service
Cash Flow Before Tax
Principal Reduction
Total Return before Tax
ANNUALIZED OPERATING DATA CURRENT
$709,548
$24,834
$684,714
$272,523
$412,191
$292,079
$120,112
$117,033
$237,144
MARKET
$886,140
$44,307
$841,833
$290,735
$551,098
$292,079
$259,019
$117,033
$376,052
3.50%
$24,339.93/mo
2.48%
4.89%
5.00%
5.34%
7.75%
Proforma
55 Garage Spaces
Proforma
2015 AV: $7.15 M
2014 Actual
Proforma
4% of Collections
$50/Unit/Month
$700/Unit/Year
Estimated
Proforma
Proforma
APARTMENTS | INVESTMENT | BROKERAGE
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 the information and bears all risk for any inaccuracies.
RENT AND SALE COMPARABLES
# OF UNITS
53
YEAR
1990
PRICE
$10,995,000
PRICE PER UNIT
$207,453
PRICE PER SQFT
$278.35
GRM
15.5
CAP
3.8%
CLOSING DATE
TBD
One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101T 206.623.8880 F 206.623.7435 www.ParagonREA.com
# OF UNITS
53
YEAR BUILT
1990
STUDIO RENTSF & RENT/SF
$886456/$1.94
1 BD/1BTH RENTSF & RENT/SF
$1,031681/$1.51
2 BD/2BTH RENTSF & RENT/SFSUBJECT PROPERTY
Amara Apartments124 N 103rd StSeattle, WA
SALE COMPARABLES
Amara Apartments124 N 103rd StSeattle, WA
The Max8520 Evanston Ave NSeattle, WA
107 on Greenwood10770 Greenwood Ave NSeattle, WA
Carkeek Park Place431 NW 100th PlSeattle, WA
Lux at Meridian10306 Meridian Ave NSeattle, WA
32
56
80
145
1998
2013
1999
1970
$1,100468/$2.35
$1,250423/$2.96
$1,350613/$2.20
$1,475601/$2.45
$1,400699/$2.00
$1,338565/$2.37
$1,723933/$1.85
$2,0001,081/$1.85
$1,650861/$1.92
COMPARABLE PROPERTIES
Duo8026 15th Ave NWSeattle, WA
1800 Eastlake1800 Eastlake Ave ESeattle, WA
107 on Greenwood10770 Greenwood Ave NSeattle, WA
Francis3636 Francis Ave NSeattle, WA
Maple Leaf Villa9400 Roosevelt Way NESeattle, WA
25
30
56
22
23
2014
1999
2013
1987
1993
$6,000,000
$11,000,000
$11,770,000
$5,700,000
$5,100,000
$240,000
$314,286
$210,178
$259,090
$221,739
$420.61
$455.51
$382.84
$375.64
$277.28
13.2
15.5
12.5
14.2
13.8
4.4%
4.4%
5.0%
4.9%
4.0%
6.2.2015
3.31.2015
9.16.2014
4.1.2014
Sale Pending
COMPARABLE PROPERTIES
APARTMENTS | INVESTMENT | BROKERAGE
2 BD/1BTH RENTSF & RENT/SF
$1,259860/$1.46
$1,763885/$1.99