Download - FOREST PARK - LoopNet
NON-ENDORSEMENT AND D ISCLAIMER NOTICE
NON-ENDORSEMENTSMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.
EXLUSIVELY LISTED BY:
Seattle Office(206) 826-5700
3
FOREST PARK
TABLE OF CONTENTSTABLE OF CONTENTS
PROPERTY DESCRIPTIONPROJECT HISTORYPARCEL DETAILS
PROPOSED SITE PLANAERIAL PARCEL OUTLINECIVIL ENGINEERING COVER SHEET
LOCATION DYNAMICS
GENERAL DESCRIPTIONFOR SALE HOUSING SUPPLY
FINANCIAL ANALYSIS
PROPOSED UNIT MIX - PROJECTED 2021 OPERATING BUDGET PROJECT DEVELOPMENT COST ESTIMATE PRELIMINARY GOVERNMENTAL FEE SCHEDULES
COMPARABLE PROPERTY METRICSPROPERTY SALES:
TOWNHOME/APARTMENT SALES MULTIFAMILY ZONED LAND SALES
MARKET RENTS:PROJECTS WITH TOWNHOMES NEWEST BUILT APARTMENTSNEARBY APARTMENTS
LOCATION MAPS VICINITY MAPTUMWATER HILL PARK TRAILS MAP – FUTURE EXTENSION TUMWATER HILL PARK TRAILS MAP – DISTANCE SOUTH SOUND COMMUNITY COLLEGE CAMPUS
FOREST PARK
5
PROPERTY DESCRIPTION PROPERTY & AREA PHOTOS
Fence is the approximate property line with Tumwater Hill Elementary
Percival Landing Park
View of Black Hills from Property
FOREST PARK
6
PROPERTY DESCRIPTION
6
FOREST PARK
PROPERTY DESCRIPTION
Forest Park Townhomes was part of the 100-acre Somerset Hill PUD, which now hosts 332 contemporary single family homes completed between 2003 - 2010, and a new 15-unit apartment complex. The PUD’s third phase, The Overlook at Somerset Hill, required the design and installation of a $600,000 stormwater treatment vault and conveyance system routed through this parcel, which outflows at the Linwood Avenue Regional Stormwater Detention Facility. The same civil engineer who designed the conveyance system did so concurrent with Forest Park’s road profile and utility plan to prevent conflicts. A Declaration of Stormwater Easement was recorded prior to the conveyance system’s construction in 2006, which preserves this parcel’s use and not subject to connection charges or Late Comer Fees. All utilities, including WAVE broadband fiber optics, are presently on-site.
The all triplex-townhome site plan for this 7.73-acre parcel was driven by market metrics, site topography, land use regula-tions and impact fees. For-rent townhomes, with attached garages, have the lowest vacancy and turnover rates of all unit types in Thurston County. Impact Fees were optimized with 22-triplex building pads, with attached leasing office at the entry. Any subdivision of a building into less than three-units would add $4,770 per unit in Impact Fees. A building larger than three-units would require 2% of the units meet Barrier Free requirements.
Thirteen of the building pads are flat, and nine-building pads absorb grade change from the garage to the second floor that allow access to backyard living space. More than 2-acres of forested open space separate an upper bench of 14-building pads from a lower bench with 8-building pads that have separate utility connection points and could make a natural phase-line.
Stormwater treatment will be provided at the end of each cul-de-sac by AquaSwirl structures, before discharging treated stormwater into the conveyance system. Sewer lines are designed to connect to existing manhole structures in a 25’ utility easement from the school. CCTV of storm and sewer lines will be required before permit issuance.
6
Project History
FOREST PARK
7
PROPERTY DESCRIPTION PROPERTY DESCRIPTION
Washington State Capitol Campus Brewery Park at Tumwater Falls
Marina in Budd Bay Tumwater Hill Elementary Playground
FOREST PARK
8
PROPERTY DESCRIPTION PROPERTY DESCRIPTION
Price: $1,250,000 ($18,939 per dwelling unit)
Closing: By agreement
Site Address: Ridgeview Loop SW & Banks Lane SW
Tumwater, WA
General Location: Approximately 1/4 mile south of Hwy 101 on/off ramps to Crosby/Cooper Point Rd. SW, which is 1-mile west of I-5 Exit 104
Purchase include: Assignment of all rights, title and interest in real property, reports and work study produced for land use and permit approvals
Land Area: 7.73 Acres
Zoning: MFM Medium Density Multifamily
9(min) to 15(max) dwelling units per acre
Thurston County APN: 55201200000
Site Plan: 66 Dwelling Units on 22-Triplex Building Pad Sites
11 Pad Sites @ 40ft x 55.5ft and
11 Pad Sites 47ft x 58.5ft
Utilities: All public utility connections are presently located within street frontage although, on-site electrical power distribution plans remain
to be designed by Puget Sound Energy. Gas service is available, but not contemplated. No off-site extensions orimprovements are
known to exist.
8
Parcel Details
FOREST PARK
14
DYNAMICS OF LOCATION LOCATION DYNAMICS
The Forest Park Development site possesses all of the elements for living, learning and enjoying our environment for all of its residents. It borders Tumwater Hill Elementary School’s playfield and 45-acres of forested walking trails throughout Tumwater Hill Park.
South Sound Community College's Olympia Campus is located about 1/2 mile from the site, and boasts the highest enrollment in the county with more than 6,000 students in 2017. It was recently named one of the top 150 community colleges in the country by the Aspen College Excellence Program, and promotes a broad range of studies, from accounting to welding. The Evergreen State College is located about 6-miles away and had an estimated 3,900 Full-Time En-rolled students for 2017.
In 2017 Forbes Magazine ranked the Olympia-Tumwater MSA #32 for the BEST PLACES in the nation for business and careers. The ranking acknowledges the county’s favorable performance in the areas of cost of living, job growth, recreational and cultural opportunities and educational attainment. Housing in Thurston County is less expensive than Pierce and King County however, the rental and for sale housing supply side has been insufficient to keep average oc-cupancies lower than 95%, and for sale housing listings are down 35%, with less than a 2-months’ supply.
Thurston County's trended Census Study estimates a total population for 2018 of 286,419 residents, which represents a 2.19% growth over 2017 estimates. State, County and City Government employment amounts to an estimated 37,300 of the 146,215 Labor Force, with Military Employment in Pierce County provided by 4,700 county residents.
The site is located approximately 18-miles from the JBLM West Gate and Visitor's Center. Military personnel are provided a monthly "Basic Allowance for Housing" (BAH) based on rank and pay grade. For 2019 an E5 rank with dependents would receive $1,914 per month in BAH, which is adjusted every year.
Quick and easy access to Interstate-5 and Highway 101 is a major advantage for this location. Forest Park's close proximity to major points of interest:
1.8 miles - Thurston County Court House2.1 miles - Costco/Walmart/Fredmeyer/Albertons/Walgreens2.4 miles - Capital Mall shopping mall3.5 miles - Washington Capital campus24.1 miles - Lakewood Station & Parking Facility, Sounder Commuter Rail32 miles - Tacoma51 miles - Seattle-Tacoma International Airport66 miles - Seattle104 miles - Portland, Oregon
14
FOREST PARK
15
SITE PLAN SITE PLAN
15
FOREST PARK
LOCATION DYNAMICS
15
For Sale Housing Supply as of October 2019
FOREST PARK
17
FINANCIAL ANALYSIS FINANCIAL ANALYSIS
Market Rental Income Schedule Consolidated
Other Income
Financial Analysis2021 Stabilized Operating Budget
Take-out Financing
Expense Analysis
NUMBER UNIT TYPE AVE. S.F. AVE. RENT RENT/S.F. RENT RANGE PLAN TYPE
22 3BR, 2.5BA, 2 CG 1,388 $2,350 $1.69 $2,300 - 2,400 2-STORY END
11 2BR+, 2.5BA, 1CG 1,427 $2,200 $1.54 $2,150 - 2,250 3-STORY CENTER
11 2BR, 2.5BA, 2 CTG 1,408 $2,175 $1.54 $2,125 - 2,225 3-STORY CENTER
22 2BR, 2.5BA, 2 CTG 1,408 $2,200 $1.56 $2,150 - 2,250 3-STORY END
66 TOTAL 92,697 $148,225
AVERAGE 1,405 $2,246 $1.60
NUMBER UNIT TYPEMONTHLYINCOME
POTENTIAL ECONOMIC NET REVENUE
% OF G.O.I 23.91%
66 Misc. Income $25 $19,800 95.50% $18,909 PER UNIT $6,443
22 Pet Rents $25 $6,600 95.50% $6,303 PER NRSF ($4.59)
2021 STABILIZED PROFORMA INCOME AND EXPENSE
Estimated Total Cost $17,093,627
Market Value @ 5.0% CAP $25,619,832
Per Unit Value $388,179
Per Sq. Ft. Heated - Value $276.38
1st Yr. CAP on Cost after Res. 7.49%
Estimated Equity $6,043,627
Equity Created by YE 2021 $8,526,205
Annualized
Gross Scheduled Income $1,778,700
Vac/Credit Loss @ 4.5% ($80,042)
Other Income $25,212
Gross Operating Income $1,723,871
Operating Expenses ($425,266)
Net Operating Income $1,298,604
Debt Service ($976,370)
Capital Reserves @ $0.19 PSF ($17,612)
Net Cash Flow $304,622
Loan Amount $17,146,000
Loan per Unit $259,788
Loan Rate 3.95%
Debt Service @ 360 - AMT $976,370
Debt Coverage Radio 1.33
Loan to Value 66.92%
Loan to Cost Ratio 100.31%
17
2021 Stabilized Operating Expense
*2021 Proforma RE Taxes as if fully assessed; 1/01/2020 Valuation is paid in 2021.** Projections and Budgets are estimates only and provided as a courtesy and are not warrantied by Marcus & Millichap .
Other Income Expense Analysis
ANNUAL PER UNIT
Administration $14,850 $225
Payroll $82,500 $1,250
Contract Services $24,750 $375
Management $60,335 $914
Marketing/Retention $16,500 $250
Repairs/Maintenance $13,200 $200
Turnover $18,150 $275
Unrecoverable Utilities $14,850 $225
Storm Vault Maint. $4,290 $65
* Est. RE Taxes $150,150 $2,275
Insurance $21,450 $325
County Stormwater Mgmt $4,241 $64
Total $425,266 $6,443
FOREST PARK
18
FINANCIAL ANALYSIS FINANCIAL ANALYSIS
Forest Park Apartments
CONSTRUCTION COST ESTIMATE BUDGET
Land Purchase and Closing Costs 7.73 Acres $18,939.39 Per Unit $1,250,000
Site Development Costs $28,424.24 Per Unit $1,876,000
Inspection Services 300 Hours $55.00 $16,500
Site Development Contingencies 10% $187,600
Total Estimated Municipal and Utility Fees per Detailed Schedule $21,787.91 Per Unit $1,438,002
Residential Unit Construction Heated Area 92,697 SF $98 PSF $9,084,306
Garage Area 29,920 SF $18 PSF $538,560
Landscaping - Design/Install $105,000
Unit & Landscape Construction Contingencies 7% $7.35 PSF $680,951
Project Management 18 Months @ $5000 $90,000
Sales Tax 8.90% $1,001,509
Architechural and Engineering Design $100,000
Equipment/Furniture $15,000
Temp Power & Services $26,400
Construction Loan Fee 1% 65% $11,050,000 $110,500
Construction Loan Interest 400BP over Treasuries @ 1.8% 5.80% $333,340
Take Out Financing Loan Fee 1% 66.925% $17,146,000 $171,460
Legal $5,000
FF&E Office Models $15,000
Real Estate Taxes B4 Completion $12,500
Insurance and Bonding $36,000
Total Costs $17,093,627
18
*Projections and Budgets are estimates only and provided as a courtesy and are not warrantied by Marcus & Millichap.
FOREST PARK
19
FINANCIAL ANALYSIS FINANCIAL ANALYSIS
ASSUMPTIONS
Start Date 01-Apr-21 Total Units 66 Per Unit
Holding Period (Yrs.) 5 & 10 Rentable SF 92,697 1,405
Reversion Cap Rate 5.00% Cost Basis $17,093,627 $258,994
Selling Costs 4.78% Construction Equity Funding $6,043,627 $91,570
Take-Out Financing $17,146,000 $259,788
10 Year Financial Analysis
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
1 2 3 4 5 6 7 8 9 10
Annual Growth Rates:
Rent 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Utilities 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Taxes 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Other Operating Exp. 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Economic Vacancy 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Income:
Gross Scheduled Rent $1,778,700 $1,832,061 $1,887,023 $1,943,634 $2,001,943 $2,062,001 $2,123,861 $2,187,577 $2,253,204 $2,320,800
Avg. Rent Per Month $2,246 $2,313 $2,383 $2,454 $2,528 $2,604 $2,682 $2,762 $2,845 $2,930
Avg. Rent Per SF $1.60 $1.65 $1.70 $1.75 $1.80 $1.85 $1.91 $1.97 $2.03 $2.09
Economy Vacancy ($) ($80,042) ($82,443) ($84,916) ($87,464) ($90,087) ($92,790) ($95,574) ($98,441) ($101,394) ($104,436)
Net Rental Revenue $1,698,659 $1,749,618 $1,802,107 $1,856,170 $1,911,855 $1,969,211 $2,028,287 $2,089,136 $2,151,810 $2,216,364
Other Income $25,968 $26,747 $27,550 $28,376 $29,228 $30,104 $31,008 $31,938 $32,896 $33,883
Effective Gross Income $1,724,627 $1,776,366 $1,829,657 $1,884,546 $1,941,083 $1,999,315 $2,059,295 $2,121,074 $2,184,706 $2,250,247
Expenses: Base Stabilized
Payroll $1,250 $82,500 $84,150 $85,833 $87,550 $89,301 $91,087 $92,908 $94,767 $96,662 $98,595
Utilities $175 $14,850 $15,147 $15,450 $15,759 $16,074 $16,396 $16,724 $17,058 $17,399 $17,747
Turnover $275 $18,150 $18,513 $18,883 $19,261 $19,646 $20,039 $20,440 $20,849 $21,266 $21,691
Repairs / Maintenance $200 $13,200 $13,464 $13,733 $14,008 $14,288 $14,574 $14,865 $15,163 $15,466 $15,775
Marketing / Retention $250 $16,500 $16,830 $17,167 $17,510 $17,860 $18,217 $18,582 $18,953 $19,332 $19,719
Administration $225 $14,850 $15,147 $15,450 $15,759 $16,074 $16,396 $16,724 $17,058 $17,399 $17,747
Insurance $325 $21,450 $21,879 $22,317 $22,763 $23,218 $23,683 $24,156 $24,639 $25,132 $25,635
RE Taxes - Fully Assesed 01/01/22 $2,275 $28,000 $150,150 $153,153 $156,216 $159,340 $162,527 $165,778 $169,093 $172,475 $175,925
Management Fee at 3.25% $709 $59,453 $61,237 $63,074 $64,966 $66,915 $68,922 $70,990 $73,120 $75,313 $77,573
Contract Services $375 $24,750 $25,245 $25,750 $26,265 $26,790 $27,326 $27,873 $28,430 $28,999 $29,579
Storm Vault Maint. $65 $4,290 $4,376 $4,463 $4,553 $4,644 $4,737 $4,831 $4,928 $5,026 $5,127
Total Expenses $6,124 $297,993 $426,137 $435,273 $444,609 $454,151 $463,903 $473,870 $484,057 $494,470 $505,112
FOREST PARK
20
FINANCIAL ANALYSIS FINANCIAL ANALYSIS
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
1 2 3 4 5 6 7 8 9 10
Expense Ratio 17.3% 24.0% 23.8% 23.6% 23.4% 23.2% 23.0% 22.8% 22.6% 22.4%
Expenses Per Unit $4,515 $6,457 $6,595 $6,736 $6,881 $7,029 $7,180 $7,334 $7,492 $7,653
Combined Annual Expense Growth 46.4% 43.0% 2.1% 2.1% 2.1% 2.1% 2.1% 2.1% 2.2% 2.2%
Reserve Replacement Account $235 $17,612 $17,965 $18,324 $18,690 $19,064 $19,446 $19,834 $20,231 $20,636 $21,048
Net Operating Income $1,409,021 $1,332,264 $1,376,060 $1,421,247 $1,467,868 $1,515,967 $1,565,590 $1,616,785 $1,669,600 $1,724,086
Growth Rate in NOI 99.63% -5.45% 3.29% 3.28% 3.28% 3.28% 3.27% 3.27% 3.27% 3.26%
Debt Service: ($976,370) ($976,370) ($976,370) ($976,370) ($976,370) ($976,370) ($976,370) ($976,370) ($976,370) ($976,370)
Principle Reduction $304,578 $316,829 $329,573 $342,829 $356,619 $370,963 $385,884 $401,406 $417,551 $434,346
Cummulative Principle Reduction $304,578 $621,406 $950,979 $1,293,808 $1,650,427 $2,021,389 $2,407,274 $2,808,679 $3,226,230 $3,660,577
Net Cash Flow $432,652 $355,894 $399,690 $444,877 $491,498 $539,597 $589,220 $640,415 $693,230 $747,716
Cummulative Net Cash Flow $805,112 $1,161,006 $1,560,696 $2,005,574 $2,497,072 $3,036,669 $3,625,889 $4,266,304 $4,959,535 $5,707,251
Total Cash Flow / Principle Equity $1,109,690 $1,782,413 $2,511,675 $3,299,382 $4,147,498 $5,058,058 $6,033,163 $7,074,983 $8,185,765 $9,367,828
10 Year Financial Analysis Cont.
FOREST PARK
22
FINANCIAL ANALYSIS
22
FOREST PARK
COMPARABLE PROPERTY METRICS
Forest Park
Kennedy Creek
Dakota Apts.
Clock Tower Village
The Marq at Martin
Campus Lofts
Montair Apartments +
2
23
4
4
1
Townhome/Apartment Sales Comps
1
22
5
3
5
6
6
FOREST PARK
23
COMPARABLE PROPERTY METRICS
Townhome/Apartment Sales Comps
23
1
2 Dakota Apts.
NO. UNITS 156
LAND AREA 8.2 Acres
SALE DATE 1/17/2019
SALE PRICE $24,844,000
SALE PRICE PER UNIT $159,256
Kennedy Creek
NO. UNITS 118
LAND AREA 11.94 Acres
SALE DATE 9/16/2019
SALE PRICE $28,150,000
SALE PRICE PER UNIT $238,559
SALE PRICE PER SQ FT $206.81
FOREST PARK
24
FINANCIAL ANALYSIS COMPARABLE PROPERTY METRICS
24
3
4
Clock Tower Village
NO. UNITS 188
LAND AREA 12.68 Acres
SALE DATE 10/10/2018
SALE PRICE $46,700,000
SALE PRICE PER UNIT $248,404
SALE PRICE PER SQ FT $224.41
The Marq at Martin
NO. UNITS 248
LAND AREA 12.06 Acres
SALE DATE 6/15/2018
SALE PRICE $54,500,000
SALE PRICE PER UNIT $219,758
SALE PRICE PER SQ FT $264.75
Townhome/Apartment Sales Comps
FOREST PARK
25
FINANCIAL ANALYSIS COMPARABLE PROPERTY METRICS
25
5 Campus Lofts
NO. UNITS 43
LAND AREA .53 Acres
SALE DATE 6/14/2018
SALE PRICE $9,541,400
SALE PRICE PER UNIT $221,893
SALE PRICE PER SQ FT $319.11
Montair Apartments +
NO. UNITS 396
LAND AREA 38 Acres
SALE DATE 5/24/2018
SALE PRICE $76,352,000
SALE PRICE PER UNIT $192,808
SALE PRICE PER SQ FT $229.15
6
Townhome/Apartment Sales Comps
FOREST PARK
26
FINANCIAL ANALYSIS
26
FOREST PARK
COMPARABLE PROPERTY METRICS
Forest Park
6705 Linderson Way SWOlympia, WA
6950 Birdseye Ave NEOlympia, WA
SWC Crosby & BarnesOlympia, WA
3003 Crosby BlvdOlympia, WA
8525 Pacific Ave SEOlympia, WA
3335 Martin WayOlympia, WA
2
2
3
44
1
Land Sales Comparables
1
26
5
3
5
6
6
FOREST PARK
27
COMPARABLE PROPERTY METRICS
Land Sales Comparables
27
1
2
6705 Linderson Way SWOlympia, WA
NO. UNITS 142
LAND AREA 5.73 Acres
SALE DATE 10/17/2018
SALE PRICE $2,700,000
SALE PRICE PER UNIT $19,014
SALE PRICE PER SQ FT $10.82
6950 Birdseye Ave NEOlympia, WA
NO. UNITS 165
LAND AREA 6.66 Acres
SALE DATE 4/24/2018
SALE PRICE $2,607,000
SALE PRICE PER UNIT $15,800
SALE PRICE PER SQ FT $8.99
3
4
SWC Crosby & BarnesOlympia, WA
LAND AREA 3.52 Acres
SALE DATE 8/8/2017
SALE PRICE $500,000
SALE PRICE PER SQ FT $3.26
SALE PRICE PER UNIT $9,259
NO. UNITS 54
3003 Crosby BlvdOlympia, WA
NO. UNITS 80
LAND AREA 3.22 Acres
SALE DATE 7/26/2017
SALE PRICE $1,200,000
SALE PRICE PER UNIT $15,000
SALE PRICE PER SQ FT $8.56
FOREST PARK
28
FINANCIAL ANALYSIS COMPARABLE PROPERTY METRICS
28
5 8525 Pacific Ave SEOlympia, WA
NO. UNITS 265
LAND AREA 13.21 Acres
SALE DATE 2/6/2017
SALE PRICE $3,000,000
SALE PRICE PER UNIT $11,321
SALE PRICE PER SQ FT $5.21
3335 Martin WayOlympia, WA
NO. UNITS 82
LAND AREA 5.72 Acres
SALE DATE 1/3/2017
SALE PRICE $1,850,000
SALE PRICE PER UNIT $22,561
SALE PRICE PER SQ FT $7.42
6
Land Sales Comparables
FOREST PARK
29
PRICING NET PROCEEDS
29
FOREST PARK
COMPARABLE PROPERTY METRICSComparable Town & Patio Home Communities
Forest Park
The Villas at Kennedy Creek1840 54th Ave, SW Tumwater, WA
Stonebrook Apts.4834 Rural Rd.Tumwater, WA
Redleaf Townhomes1330-1344 Fones Rd. SEOlympia, WA
Yauger Park Villas322 Lachman Lane SWOlympia, WA
Pacific Place 748 Sutter Lane SELacey, WA
Woodbury Crossing TH's538 Greenwood Dr. SWOlympia, WA
2
3
4
1
1
4
53
29
5
6
2
6
FOREST PARK
30
COMPARABLE PROPERTY METRICS
Market Rents – Town & Patio Home Units
OCCUPANCY ADDRESS AREA STREET RENTS RENT UNIT SF # BR # BA GARAGE BLDG. STYLE AGE
93% The Villas at Kennedy Creek NW Tumwater $1,352 - 1,631 $1.62 - 1.81 800 1 1 1 Garage All 2-Story 2008
LAST SALE 9/16/19 1840 54th Ave, SW 360-754-6500 $1,628 - 1,880 $1.47 - 1.70 1,102 2 2 1 Garage Flats, Carriage
$28,150,000 Tumwater, WA 0 EV Stations $1,730 - 1,835 $1.53 - 1.63 1,125 2 2 2 Garage & Townhomes
$238,559 118 Units - 13.89 Acres 8.5 UPA $1,696 - 1,832 $1.47 - 1.58 1,154 2 2 2 Garage
PER UNIT * Highest rents for 3-mo. Term $1,790 - 2,174 $1.34 - 1.46 1,298 3 2 2 Garage
*Lowest rents for 18-mo. Term $1,775 - 1,925 $1.26 - 1.36 1,411 3 2.5 2 Garage
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
100% Redleaf Townhomes SE Olympia $1,570 $1.13 1,388 2 1.5 1 included Town Home 2011
Last Sale 12/16/16 1330-1344 Fones Rd. SE 360-900-6043 $1,800 $0.98 1,842 3 2.5 2 included Town Home
$12,710,000 Olympia, WA 0 Vacant units
$226,964 PU 56 Units - 2.44 Acres 22.9 UPA
30
2
1
FOREST PARK
31
COMPARABLE PROPERTY METRICS
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
100% Leased Yauger Park Villas W Olympia $2,005 - 2,155 $1.65 - 1.77 1,215 2 2 1 Car Incl. Patio 2010
Land Sale 2/11/08 322 Lachman Lane SW 360-915-9697 $2,005 $1.66 1,209 2 2 1 Car Incl. Patio
$2,100,000 Olympia, WA 0 EV Stations $2,265 $1.86 1,218 2 2 1 Car Incl. Patio
$26,250 80 Units - 8.26 Acres 9.75 UPA $2,370 $1.88 1,264 2 2 1 Car Incl. Patio
PU Land Price * 55+ Restricted Community Cable
All leases 6+ mo.
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
98% Pacific Place E Lacey $1,400 $1.82 771 1 1 1 Car Incl. Stacked Flats 2009
Last Sale 12/05/13 748 Sutter Lane SE 360-339-7739 $1,700 $1.72 990 2 1 1 Car Incl. Stacked Flats
$9,920,000 6-12 mo. Lease only Lacey, WA
0 EV Stations $1,800 $1.53 1,177 2 1 1 Car Incl. Stacked Flats
$168,136 59 Units - 4.82 Acres 12.2 UPA $1,900 - 2,000 $1.71 - 1.80 1,110 2 2 2 Car Incl. Town Home
31
3
4
Market Rents – Town & Patio Home Units
FOREST PARK
32
COMPARABLE PROPERTY METRICS
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
98% Stonebrook Apts. NW Tumwater $1,350 - 1,675 $1.83 - 2.26 738 1 1 $150 Gar Stacked Flats 2017
4834 Rural Rd 360-810-3183 $1,450 - 1,800 $1.51 - 1.92 957 2 1 $35-45 Cov. Stacked Flats
Tumwater, WA 0 EV Stations $1,600 - 1,925 $1.33 - 1.60 1,204 2 2 Stacked Flats
233 Total Units - 16 TH's 28.4 UPA $1,895 - 2,195 $1.50 - 1.74 1,264 2 2.5 1 Garage 8 Townhomes
0 EV Stations $1,725 - 2,195 $1.43 - 1.82 1,204 3 2 Stacked Flats
3 - 13 Month Lease Available Cable $1,995 - 2,345 $1.41 - 1.65 1,415 3 2.5 2 Garage 8 Townhomes
32
5
6
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
In Lease Up Woodbury Crossing TH's NW Olympia $1,845 $1.62 1,137 2 2 1 & 2 Car All 2018
538 Greenwood Dr. SW 360-529-5771 $1,995 - 2,095 $1.47 - 1.54 1,356 2 2.5 Attached Townhomes
Olympia, WA O EV Stations $2,095 - 2,195 $1.38 - 1.44 1,521 3 2.5 Garages
84 Townhome Units - 5 Acres 16 UPA $2,195 - 2,295 $1.27 - 1.32 1,728 3 2.5
$2,095 - 2,195 $1.18 - 1.29 1,780 3 2.5
Market Rents – Town & Patio Home Units
FOREST PARK
33
FINANCIAL ANALYSIS
33
FOREST PARK
COMPARABLE PROPERTY METRICS
Forest Park
Tumwater Hill Apts.1992 Ridgeview Loop SWTumwater, WA
Briggs Village4225 Briggs Dr. SE Olympia, WA
Affinity at Lacey 55+6950 Birdseye Ave. NELacey, WA
Toscana Apartments6979 Birdseye Ave. NE Lacey, WA
Britton Place6655 Britton Prky NELacey, WA
The Marq on Martin8515 Litt DriveLacey, WA
2
2
3
3
4
1
1
33
5
6
56
4
Thurston County – Newest Built Apartments
FOREST PARK
34
\
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
In Lease Up Tumwater Hill Apartments NW Tumwater $1,620 $2.00 808 2 1 1 Carport 2-Story 2019
1992 Ridgeview Loop SW 360-943-8060 Per Unit Stacked Flats
Tumwater, WA 0 EV Stations Included
15 Units - 1 Acre 15 UPA
Only 1-Yr Term
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
In Lease Up Briggs Village SE Olympia $1,450 - 1,510 $1.99 - 2.04 727 - 737 1 1 No Garage 3-Story Flats 2019
4225 Briggs Dr. SE - Olympia 360-485-5161 $1,575 - 1,635 $1.87 - 1.91 842 - 855 2 1 Carports
72 Units - 2.9 Acres 25 UPA $1,650 - 1,710 $1.78 - 1.83 949 - 960 2 2 $35
$1,900 - 1,930 $1.74 - 1.75 1,090-1,102
3 2
34
1
2
COMPARABLE PROPERTY METRICSThurston County – Newest Built Apartments
FOREST PARK
35
FINANCIAL ANALYSIS
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
In Lease Up Toscana Apartments Hawks Prarie $1,295 - 1,345 $2.40 - 2.47 539-543 Studio 1 Garage 3 & 4 Story Flats 2019
6979 Birdseye Ave. NE - Lacey $1305 - 1,400 $1.78 - 1.98 659 - 788 1 1 $50
165 Units - 6.29 Acres 26.2 UPA $1,605 - 1,675 $1.58 - 1.61 850 - 1,038 2 2
35
4
COMPARABLE PROPERTY METRICS
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
In Lease Up Affinity at Lacey 55+ Hawks Prarie $1,430 - 1,505 $2.88 - 3.04 495 Studio 1 Carport $50 4-Story 2019
Land Sale 4/24/18
6950 Birdseye Ave. NE - Lacey $1,640 - 1,780 $2.75 - 2.98 596 1 1 Gar. $125
$2,607,000 170 Units - 6.6 Acres 25.75 UPA $1,811 - 1,946 $2.28 - 2.49 794 2 1
Upon Permit $2,175 - 2,375 $1.97 - 2.27 810 - 1,001 2 1.5
3
Thurston County – Newest Built Apartments
FOREST PARK
36
\
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
97.5% Leased Britton Place NE Lacey $1,255 - 1,305 $2.39 - 2.49 525 Studio 1 Detached Stacked Flats 2017
Land Sale 6/30/17 6655 Britton Prky NE 360-810-4700 $1,350 - 1,400 $1.88 - 1.95 718 1 1 Garages Stacked Flats
Multi-Parcel REO Lacey, WA 1 EV Station $1,585 - 1,635 $1.68 - 1.74 938 2 1 $125 Stacked Flats
192 Units - 7.6 Acres 25.2 UPA $1,650 - 1,700 $1.59 - 1.64 1,037 2 2 Carports Stacked Flats
OCCUPANCY ADDRESS AREAPHONE #
STREET RENTS RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
98% Leased The Marq on Martin E Lacey $1,355 $2.37 572 Studio 1 Detached Stacked Flats 2017
8515 Litt Drive 360-456-5600 $1,375 $1.90 638 1 1 Garages Stacked Flats
Sold 6/27/18 Lacey, WA 0 EV Stations $1,495 $1.81 756 1 1 $125 Stacked Flats
$54,400,000 248 Units - 12.6 Acres Fiber $1,880 - 1,900 $1.85 - 1.86 1,012-1,025
2 2 Carports Stacked Flats
$219,354.84 19.7 units/acre $40
Per Unit
36
5
6
COMPARABLE PROPERTY METRICSThurston County – Newest Built Apartments
FOREST PARK
37
FINANCIAL ANALYSIS
37
FOREST PARK
Forest Park
Woodbury Apartments3425 Polo Club LnOlympia, WA
Parkview at Briggs Vill.4523 Briggs Dr. SEOlympia, WA
Montair at Somerset1704 Barnes Blvd. SWTumwater, WA
Breckenridge1923 Brittany Lane SWTumwater, WA
2
2
3
34 4
1
Nearby Apartment Communities
1
37
COMPARABLE PROPERTY METRICS
FOREST PARK
38
COMPARABLE PROPERTY METRICS
Nearby Apartment Communities
38
1
2
OCCUPANCY ADDRESS AREAPHONE #
PRELEASERENT
RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
92% Woodbury Apartments SE Olympia $1,327 $1.75 758 1 1 $130 * Stacked Flats 2009
3425 Polo Club Ln 360-923-9300 $1,551 $1.70 912 2 1 $130 * Stacked Flats
Olympia, WA Cable $1,551 $1.60 967 2 2 $130 * Stacked Flats
0 EV Station $1,868 $1.68 1110 3 2 $130 * Stacked Flats
127 Units on 6.63 Acres 19.9 UPA 12 mo. Leases^ * Add $30 For Remote
OCCUPANCY ADDRESS AREAPHONE #
PRELEASERENT
RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
98% Parkview at Briggs Vill. SE Olympia $1,375 $1.74 788 1 1 No Gar. Stacked Flats 2012
4523 Briggs Dr. SE 360-352-7275 $1,545 $1.33 1083 2 2 Parking Stacked Flats
Olympia, WA 0 EV Stations $1,625 - 1,725 $1.31 - 1.39 1243 3 2 1 Carport Stacked Flats
72 Units on 3.17 Acres 22.7 UPA Included Stacked Flats
FOREST PARK
39
FINANCIAL ANALYSIS COMPARABLE PROPERTY METRICS
39
4
OCCUPANCY ADDRESS AREAPHONE #
PRELEASERENT
RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
95% Montair at Somerset NW Tumwater $1,124 - $1,753 $1.79 - $2.79 628 1 1 Garages Stacked Flats 1989-93
1704 Barnes Blvd. SW 360-956-3000 $1,200 - $1,769 $1.35 - $2.00 884 2 1 $100 - $150 Stacked Flats
Tumwater, WA $1,429 - $1,925 $1.50 - $2.02 951 2 2 Carports Stacked Flats
370 Units, 36.94 Acres 10 UPA $1,393 - $1,701 $1.15 - $1.40 1,212 3 2 $35 Stacked Flats
3
OCCUPANCY ADDRESS AREAPHONE #
PRELEASERENT
RENT PER SF
UNIT SF # BR # BA GARAGEPARKING
BLDG. STYLE AGE
97% Breckenridge NW Tumwater $1,105 $1.38 800 1 1 Garages Stacked Flats 1990-94
1923 Brittany Lane SW 360-786-5055 $1,225 $1.34 915 2 1 $125 Stacked Flats
436 Units - 30.16 Acres 14.5 UPA $1,320 $1.28 1030 2 2 Carports Stacked Flats
0 EV Stations $1,525 $1.33 1145 3 2 Included Stacked Flats
Nearby Apartment Communities
FOREST PARK
41
DYNAMICS OF LOCATION VICINITY MAP
41
Subject Property
Thurston County Court House
Thurston County Administration Bldg