lund pointe apartments · 2018. 7. 30. · lund pointe apartments starbucks, walgreens, staples,...

LUND POINTE APARTMENTS3301 Valentine Lane SE - Port Orchard, WA 98366

Corey Crain I 425-422-7931 I [email protected] I KW Commercial Realty Bellevue

O�ered At: $2,630,000

Multifamily Offering

25 Unit Apartment Complex

HIGHLIGHTS

• Located just down the street from the 209 AcreSouth Kitsap Regional Park

• Port Orchard is located 13 miles west of Seattle& 9 miles south of Bremerton- home to the NavalBase Kitsap

• Built & Placed into Service in 1995

• Walmart, Starbucks, and Safeway are all locatedwithin a short walking distance of the property

For additional information contact:Corey Crain - Multifamily SpecialistKW Commercial Realty BellevuePhone: [email protected]

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

LUND POINTE APARTMENTS

Lund Pointe Apartments is a 25-unit affordable housing community located in Port Orchard, WA. The property was built and placed into service in 1995 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. It is within walking distance to a number of shopping and dining venues, as well as public parks and provides easy access to Highway-16, Its convenient location allows tenants easy commutes to both Tacoma and Seattle, while also providing a quiet, peaceful setting.

Lund Pointe Apartments has undergone many recent improvements from the past year including new flooring in 95% of the units (floors are all hard surface, no carpet), new cabinets in many of the units, new exterior paint, new gutter system, and new landscaping. Its convenient location allows tenants easy commutes to both Tacoma and Seattle, while also providing a quiet, peaceful setting that is easy to call home.

There is an existing regulatory agreement in place which requires 24 units to be rented to income qualifying residents earning no more than 50% and 60% of Area Medium Income (AMI) limits, which are provided by the Washington State Housing Finance Commission. There is one unit rented at market rate and adjoined by 1,000 of office/maintenance space. The property is out of its initial tax credit compliance period. Please see the Property Summary page for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordability restrictions.

Lund Pointe Apartment community offers two and three bedroom apartment homes featuring an open floor plan and full appliance package. Community amenities include well maintained grounds and a convenient location.

COMMUNITY AMENITIES

• Convenient Location• Well Maintained Grounds

UNIT AMENITIES

• Open Floor Plan• Full Appliance Package




LUND POINTE APARTMENTS PROPERTY DESCRIPTION

NEIGHBORHOOD AMENITIES LOCATION HIGHLIGHTS KITSAP COUNTY TOP EMPLOYERS (NO. EMPLOYEES)

• Walmart (0.3 miles)• East Port Orchard Elementary School

(0.5 miles)• US Port Office (1.1 miles)• South Kitsap High School (1.5 miles)

• Population: 13,607• Kitsap County is home

to Naval Base Kitsap- Bremerton, WA

• Port Orchard is located 13 miles west of West Seattle

• Naval Base Kitsap- Non-Military Employees (16,392)

• Naval Base Kitsap- Military (14,953)• Harrison Medical Center (2,442)• Washington State Gov. (1,746)• Central Kitsap School Dist. (1• Olympic College (1,206)





Port Orchard is a picturesque community with a relaxed pace on the “natural side” of Puget Sound. Compared to the more traveled Seattle-Tacoma side, the Kitsap Peninsula feels decidedly less hurried.Isolated by water on all sides, the Kitsap Peninsula developed its own relaxed and authentic charm. No matter how you get to Port Orchard, by driving the spectacular twin suspension bridg-es of the Tacoma Narrows, on a Washington State Ferry from Seattle through scenic Rich Passage, by historic passenger only ferry from Bremerton, the adventure begins the moment you set out to visit Port Orchard Washington.The destination offers many attractions. Waterfront parks abound, with attractive marine views: the impressive Puget Sound Naval Shipyard with imposing aircraft carriers, subs and destroyers. Manchester State Park offers camping and waterfront hikes along Rich Passage, with up-close sightings of lumbering jumbo ferries on their hourly route through the narrows of Rich Passage.

The waterfront district downtown along Bay Street offers a pleasing selection of eateries, pubs, antique malls and collectible shops. A new feature is the Port Orchard Public Market, featuring a restaurant with locally crafted beer, an authentic Mexican taqueria, an ice cream and chocolatier artisan, a seafood and wine pairing shop, a butcher shop and fresh produce.

The Sidney Museum tells an interesting story of Port Orchard, going back to the 1800’s when the town was first known as Sidney. The museum offers walk through historic exhibits, historic photo galleries and a quality collection of original works from local artists. The South Kitsap area has lots of family-friendly events throughout the year, like the annual Seagull Calling Contest, the Fathoms of Fun Festival and Parade, the Olalla Bluegrass Festival, and the Festival of Chimes and Lights. Port Orchard has a large, well-protected marina, should you choose to come by boat, with full services, and easy access by foot to downtown shops. Golfers take note: Port Orchard and South Kitsap are home to some of the finest golf courses in the region, including McCormick Woods, Gold Mountain and Horseshoe Lake. The larger community across the water, Bremerton, has a beautifully renovated waterfront, Naval Museum, fountain park and additional bigger city attractions within easy walking distance from the Port Orchard-Bremerton “foot ferry” which regularly crosses the bay. Port Orchard is also a great jumping off point to see world-class attractions in all directions: downtown Seattle, the Olympic Peninsula, Tacoma and Mt. Rainier.

# OF UNITS

RENTABLESF

YEAR BUILT

LOT SIZE

25 23,738 1995 1.54 acres

NAME & LOCATIONProperty Name Lund Pointe ApartmentsProperty Address 3301 Valentine Lane SE

Port Orchard, WA 98366

SECTION 42 LIHTC RESTRICTIONSPlaced in Service 1995End of Initial Compliance Period 12/31/2009End of Extended Use 12/31/2031

SITE INFORMATIONAssessor’s Parcel Number 012301-2-143-20-01Number of Units 25Number of Buildings 4Number of Stories 2Rentable Square Feet 23,738Year Built 1995Lot Size 1.54 AcresType of Ownership Fee SimpleDensity 15.58 Units/AcreLandscaping Mature Trees, Shrubs & GrassTopography Relatively Flat

UTILITIESWater City of Port OrchardElectric Puget Sound EnergyGas Cascade Natural Gas

CONSTRUCTIONExterior SidingRoof Composite Shingle




LUND POINTE APARTMENTS PROPERTY SUMMARY




LUND POINTE APARTMENTS PROPERTY SUMMARY

Lund Pointe Apartments

Starbucks, Walgreens, Staples, Walmart, Big Lots, Safeway, Taco Time, Wendy’s, The UPS Store (0.3 miles)

South Kitsap Regional Park (0.4 miles)

East Port Orchard Elementary School (0.5 miles)

US Post Office, High Point Shopping Center: Big 5 Sporting Goods, Dollar Tree, Family Pancake House (1.1 miles)

South Kitsap High School (1.5 miles)

Pizza Hut, A&W, Dickey’s BBQ Pit(1.6 miles)

Marcus Whitman Junior High School (1.6 miles)

Albertson’s, Payless Shoes, Papa John’s, Burger King, Bank of America, Jack in the Box (1.6 miles)

Regal Cinemas South Sound Cinema 10 (1.7 miles)

Orchard Heights Elementary School(1.9 miles)

Cedar Heights Middle School (1.9 miles)

Quality Food Center, McDonald’s (2.4 miles)

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LUND POINTE APARTMENTS - LOCAL MAP

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LUND POINTEAPARTMENTS

East Port Orchard Elementary School

Casey’s Batting Range

South Kitsap Regional Park




LUND POINTE APARTMENTS - LOCAL MAP

• Bremerton, WA (8.8 miles)

• Seattle, WA (21.3 miles)

• Tacoma, WA (28.1 miles)

• Olympia, WA (54 miles)

PORT ORCHARD




LUND POINTE APARTMENTS - REGIONAL MAP

LIST PRICE PRICE/UNIT PRICE/SF ACTUALNOI

ACTUALNOI/UNIT

ACTUALCAP RATE

$2,630,000 $105,200 $110.79 $184,001 $7,360 7%




LUND POINTE APARTMENTS - FINANCIAL ANALYSIS

Financial SummaryPRICING FIGURESList Price $2,630,000Price per Unit $105,200Price per SF $110.79

*NOTE: Leveraged IRR Analysis assumes a 6.5% Exit Cap and 5.0% Cost of Sale.

ACTUAL- VITAL DATACAP Rate 7%NOI $184,001 Debt Service $123,473 Net Cash Flow After Debt Service $59,011 Cash on Cash % 8.98%

FinancingPROPOSED NEW FINANCINGLoan Amount $1,972,500 Down Payment $657,500Interest Rate 4.75%Amortization Period 360Loan Term 10 YearsAnnual Debt Service $123,473 Loan to Value % 75%Debt Coverage Ratio 1.48Program CONVENTIONAL

*Down Payment includes 1.0% Loan Origination Fee, 0.5% Acquisition Cost and $1,000 per unit up-front Capital Expense





Income & Expenses

OPERATIONAL ANALYSIS ACTUAL PER UNIT

Gross Actual Rent $295,020 $12,394

OTHER RENTAL INCOMEMisc. Other Income $6,730 $269 Total Other Rental Income $6,730 $269 GROSS POTENTIAL INCOME $316,582 $12,663 ECONOMIC LOSSVacancy Loss 2.00% ($6,197) ($496)Bad Debt 0.00% $0 $0 Concessions 0.00% $0 $0 Total Economic Loss 2.00% ($6,197) ($496)EFFECTIVE GROSS INCOME $310,385 $12,168

EXPENSES

FIXED OPERATIONAL EXPENSETotal Real Estate Property Taxes 7% $23,697 $829Total Property Insurance Expense 2% $7,032 $281Total Property Utility Expense 13% $38,784 $1,593TOTAL FIXED OPERATIONAL EXP 22% $69,513 $2,703VARIABLE OPERATIONAL EXPENSETotal Repairs & Maintenance 4% $12,500 $500Total Administrative Expenses 1% $3,100 $124Total Payroll and Salary Expenses 5% $15,520 $884Property Management Fee 6.00% $18,251 $730TOTAL VARIABLE OPERATIONAL EXP 18% $49,371 $2,238TOTAL FIXED & VARIABLE EXPENSES 41% $118,884 $4,942Reserves & Replacements $7,500 $300TOTAL OPERATING EXPENSES 43% $126,384 $5,242

NET OPERATING INCOME $184,001 $5,242





Unit BD/BA Tenant Rent Lease From Lease To

Lund Pointe Apartments - 3300 Valentine Ln Port Orchard, WA 98366

A-101 3/2.00 03/21/2017 03/31/2018

B-101 3/2.00 08/11/2017 08/11/2018

B-102 2/1.00 11/18/2009

B-103 2/1.00 08/01/2017 07/31/2018

B-104 3/2.00 08/21/2017 08/31/2018

B-201 3/2.00 12/18/2017 06/30/2018

B-202 2/1.00 02/28/2015 02/29/2016

B-203 2/1.00 08/05/2017 02/28/2018

B-204 3/2.00 06/19/2017 06/30/2018

C-101 3/2.00 07/13/2017 07/12/2018

C-102 2/1.00 08/01/2017 07/31/2018

C-103 2/1.00 10/04/2017 09/30/2018

C-104 3/2.00

C-201 3/2.00 11/21/2007

C-202 2/1.00 03/07/2015 02/29/2016

C-203 2/1.00 11/01/2017 10/31/2018

C-204 3/2.00 02/05/2015 02/29/2016

D-101 3/2.00 04/01/2006 01/31/2015

D-102 2/1.00 07/11/2003

D-103 2/1.00 01/01/2017 07/31/2017

D-104 3/2.00 10/14/2015 09/30/2016

D-201 3/2.00 08/05/2017 08/04/2018

D-202 2/1.00 08/21/2017 08/31/2018

D-203 2/1.00 01/10/2005

D-204 3/2.00 07/29/2017 08/01/2018

25 Units 24,585.00

Total 25 Units 24,585.00

Rent RollAll Properties Owned By: Lund Pointe Properties LLC Units: Active





1,200.00

1,095.00

770.00

965.00

1,095.00

1,095.00

895.00

965.00

1,095.00

1,095.00

965.00

965.00

995.00

895.00

965.00

895.00

875.00

770.00

895.00

995.00

1,095.00

965.00

850.00

1,095.00

1,095.00 TBD

lund pointe apartments · 2018. 7. 30. · lund pointe apartments starbucks, walgreens, staples,...

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