furlani apartments...furlani apartments | 130 sw 184th street, normandy park, 98166. steve fischer...
TRANSCRIPT
130 SW 184th Street, Normandy Park, WA 98166
PRICE: $1,298,000
YEAR BUILT: 1967
NET RSF: 5,760
LAND SF: 11,916
ZONING: RM1800
CONSTRUCTION: Wood Frame
Steve FischerPRINCIPAL | BROKER
206.505.9435
fischer@ westlakeassociates.com
Tyler SmithPRINCIPAL | BROKER
206.505.9425
tylersmith@ westlakeassociates.com
FURLANI APARTMENTS
FEATURES
+ New Roof
+ New Exterior Paint
+ 2:1 Parking Ratio
+ Heavy 2 Bedroom Unit Mix
+ Rare Normandy Park Location
+ Strong Upside in Rents
Site Location
Steve FischerPRINCIPAL | BROKER
206.505.9435
Tyler SmithPRINCIPAL | BROKER
206.505.9425
Property PhotosFurlani Apartments | 130 SW 184th Street, Normandy Park, 98166
Steve FischerPRINCIPAL | BROKER
206.505.9435
Tyler SmithPRINCIPAL | BROKER
206.505.9425
Address Price # of Units $/Unit Cap Rate $/SqFt GRM
Imperial Arms 22005 7th Ave S, Des Moines
$1,349,200 8 $168,650 4.2% $160.39 13.3
Robstone Apartments 1219 SW 124th St, Burien
$1,300,000 9 $144,444 3.51% $175,87 15.1
The Olive Branch 427 SW 154th St, Seattle
$1,250,000 6 $208,333 5.78% $258.69 12.66
Lorheim Apartments 421 SW Ambaum Blvd, Burien
$784,350 6 $130,725 3.5% $186.80 13.5
Carleton Park Apartments 6631 Carleton Ave S, Seattle
$1,296,582 8 $162,072 3.90 $233.62 N/A
Delview Apartments 8412 Delridge Way SW, Seattle
$1,950,000 13 $150,000 N/A $218.93 N/A
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Rent Comparables SummaryFurlani Apartments | 130 SW 184th Street, Normandy Park, 98166
Steve FischerPRINCIPAL | BROKER
206.505.9435
Tyler SmithPRINCIPAL | BROKER
206.505.9425
Financial Analysis
PROPERTY OVERVIEW
Number of Units 8
Year Constructed 1967
Rentable SF 5,760
Lot Size 11,916
Zoning RM 2400
Roof TPO
Exterior T1-11
Heat Electric Baseboard
PRICE ANALYSIS
Sale Price $1,298,000
Price per Unit $162,250
Price per NRSF $224.57
Price per Land SF $108.93
Current CAP Rate 4.85%
Current GRM 12.15
Pro Forma CAP Rate 6.03%
Pro Forma GRM 10.89
FINANCING
Loan Amount $843,700
Down Payment $454,300
Rate 3.85%
% Down 35%
Amortization 30
Term 5
Monthly Payment $3,955
Annual Payment $47,464
UNIT # UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF
1 1 Bedroom | 1 Bath 600 $795 $1.33 $950 $1.58
2 2 Bedroom | 1 Bath 740 $985 $1.33 $1,250 $1.69
3 2 Bedroom | 1 Bath 740 $995 $1.34 $1,250 $1.69
4 2 Bedroom | 1 Bath 740 $1,195 $1.61 $1,250 $1.69
5 2 Bedroom | 1 Bath 740 $1,050 $1.42 $1,250 $1.69
6 2 Bedroom | 1 Bath 740 $995 $1.34 $1,250 $1.69
7 2 Bedroom | 1 Bath 740 $1,175 $1.59 $1,250 $1.69
8 2 Bedroom | 1 Bath 740 $1,195 $1.61 $1,250 $1.69
Total | AVG 5,780 $8,385 $1.45 $9,700 $1.68
INCOME
CURRENT PRO FORMA
Scheduled Rental Income $8,385 $9,700
+ Parking $35 $60
+ Utility Billback $300 $750
+ Other (Late Fees|Non-Ref Deposit|Etc.) $25 $25
+ Laundry $150 $150
Scheduled Gross Income $106,860 $119,220
- Vacancy & Cr Losses 5.0% ($5,343) ($5,961)
Gross Income $101,517 $113,259
CURRENT PRO FORMA
Net Operating Income $62,910 $78,205
Less Loan Payments ($47,464) ($47,464)
Pre Tax Cash Flow $15,446 3.40% $30,741 6.77%
Plus Principle Reduction $15,249 $15,249
Total Return Before Taxes $30,695 6.76% $45,990 10.12%
EXPENSES
CURRENT PER UNIT PRO FORMA PER UNIT
Real Estate Taxes (2017) $10,341 $1,292 $10,341 $1,292
Insurance $2,350 $294 $2,350 $294
Utilities (W|S|G) $8,300 $1,038 $8,300 $1,038
Pro Mgmt $5,076 $635 $5,663 $708
On Site Management $4,140 $518 $0 $0
Maintenance $6,400 $850 $6,400 $850
Reserves $2,000 $250 $2,000 $250
Total Operating Expenses $38,607 $4,826 $35,054 $4,382
The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.