forest park - loopnet

FOREST PARKTumwater, WA

A fully engineered 66-unit townhome development site

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

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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

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FOREST PARK

PROPERTY

DESCRIPTION

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PROPERTY DESCRIPTION PROPERTY & AREA PHOTOS

Fence is the approximate property line with Tumwater Hill Elementary

Percival Landing Park

View of Black Hills from Property

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PROPERTY DESCRIPTION

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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.

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Project History

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PROPERTY DESCRIPTION PROPERTY DESCRIPTION

Washington State Capitol Campus Brewery Park at Tumwater Falls

Marina in Budd Bay Tumwater Hill Elementary Playground

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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.

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Parcel Details

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FOREST PARK

PROPOSED SITE PLAN

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SITE PLAN SITE PLAN

TUMWATER HILL ELEMENTARY

SCHOOLBASEBALL

FIELD

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PLAYFIELD

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SITE PLAN PARCEL MAP AERIALS

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THURSTON COUNTY GEODATA CENTER PARCEL MAPS

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SITE PLAN

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PROPOSED SITE PLAN

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FOREST PARK

LOCATION

DYNAMICS

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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

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SITE PLAN SITE PLAN

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LOCATION DYNAMICS

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For Sale Housing Supply as of October 2019

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FINANCIAL

ANALYSIS

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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%

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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

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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

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*Projections and Budgets are estimates only and provided as a courtesy and are not warrantied by Marcus & Millichap.

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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

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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.

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PROPERTY SALES AND MARKET RENTAL RATES

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FINANCIAL ANALYSIS

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COMPARABLE PROPERTY METRICS

Forest Park

Kennedy Creek

Dakota Apts.

Clock Tower Village

The Marq at Martin

Campus Lofts

Montair Apartments +

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4

4

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Townhome/Apartment Sales Comps

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22

5

3

5

6

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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 PER SQ FT $206.81

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FINANCIAL ANALYSIS COMPARABLE PROPERTY METRICS

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3

4

Clock Tower Village

NO. UNITS 188


SALE DATE 10/10/2018




The Marq at Martin

NO. UNITS 248


SALE DATE 6/15/2018





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5 Campus Lofts

NO. UNITS 43

LAND AREA .53 Acres

SALE DATE 6/14/2018




Montair Apartments +

NO. UNITS 396

LAND AREA 38 Acres

SALE DATE 5/24/2018




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FINANCIAL ANALYSIS

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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

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27

1

2

6705 Linderson Way SWOlympia, WA

NO. UNITS 142


SALE DATE 10/17/2018




6950 Birdseye Ave NEOlympia, WA

NO. UNITS 165


SALE DATE 4/24/2018




3

4

SWC Crosby & BarnesOlympia, WA


SALE DATE 8/8/2017

SALE PRICE $500,000



NO. UNITS 54

3003 Crosby BlvdOlympia, WA

NO. UNITS 80


SALE DATE 7/26/2017




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28

5 8525 Pacific Ave SEOlympia, WA

NO. UNITS 265


SALE DATE 2/6/2017




3335 Martin WayOlympia, WA

NO. UNITS 82


SALE DATE 1/3/2017




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PRICING NET PROCEEDS

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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

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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

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2

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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.




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

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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

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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


FOREST PARK

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FINANCIAL ANALYSIS

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FOREST PARK


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

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Thurston County – Newest Built Apartments

FOREST PARK

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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




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

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1

2

COMPARABLE PROPERTY METRICSThurston County – Newest Built Apartments

FOREST PARK

35

FINANCIAL ANALYSIS




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

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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

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Thurston County – Newest Built Apartments

FOREST PARK

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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




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

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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

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Nearby Apartment Communities

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FOREST PARK

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PRELEASERENT

RENT PER SF


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


PRELEASERENT

RENT PER SF


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

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PRELEASERENT

RENT PER SF


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


PRELEASERENT

RENT PER SF


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


FOREST PARK

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FOREST PARK

LOCATION MAPS

FOREST PARK

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DYNAMICS OF LOCATION VICINITY MAP

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Subject Property

Thurston County Court House

Thurston County Administration Bldg

FOREST PARK

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FINANCIAL ANALYSIS LOCATION MAPSPARK TRAILS AERIAL

FOREST PARK

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FINANCIAL ANALYSIS LOCATION MAPSTUMWATER HILLS TRAILS

FOREST PARK

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FINANCIAL ANALYSIS LOCATION MAPSSOUTH SOUND COMMUNITY COLLEGE CAMPUS MAP

FOREST PARK

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EXCLUSIVELY LISTED BY:

forest park - loopnet

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