north park apartments€¦ · the neighborhood lacks parks, but locals can walk a 4-mile route...

NORTH PARK APARTMENTS926-934 N 104TH ST, SEATTLE, WA 98133 CONTACT INFORMATION:

STEVE FISCHERSTEVE FISCHERPRINCIPAL | BROKER

[email protected]

TTYLER SMITHYLER SMITHPRINCIPAL | BROKER

[email protected]

JOE KJOE KINKINKOPFOPFBROKER

[email protected]

http://properties.westlakeassociates.com/380250-sale


Price: $3,295,000

Price Per Unit: $149,773

Price Per NRSF: $316.83

Cap Rate: 5.92%

Market Cap Rate: 6.11 %

GRM: 10.27

Building Size: 10,400 SF

Lot Size: 15,374 SF

Year Built: 1929

Year Renovated: 2017

WESTLAKE ASSOCIATES IS PLEASED TO PRESENT THIS22-UNIT OPPORTUNITY IN NORTH SEATTLE. THE EARLYCONSTRUCTION AND SMALL UNITS PROVIDES A GREATDEAL FOR INVESTORS LOOKING FOR UNITS WITH ALOW PRICE PER UNIT.

Northgate is one of the largest neighborhoods in north Seattle. The area iscomprised of a number of smaller communities, including Pinehurst, NorthCollege Park, and Maple Leaf. The main attraction to this area is the NorthgateMall, which is conveniently located off of Interstate-5, exit Northgate Way. Themall features major department stores, retail shops and restaurants. Beyond theshopping and eating convenience, a bus transit transfer station and commuterparking lot are adjacent to Interstate-5. Simon Property Group has recentlyannounced preliminary plans for a redevelopment of the 55-acre property. On thecoattails of this announcement, the Simon Property Group announced theircollaboration with NHL Seattle to integrate the NHL practice facilities andcommunity center into the transit oriented mixed-use center. In addition toproximity to the mall, the neighborhood will enjoy the arrival of light rail in 2021.

926-934 N 104th St, Seattle, WA 98133

ADDRESSADDRESS

PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS

EXEXCELLENT RENTCELLENT RENTAL INCAL INCOME PER NRSFOME PER NRSF

CCONVENIENT PROONVENIENT PROXIMITXIMITY TY TO LO LOCAL TRANSITOCAL TRANSIT

ONE MILE AONE MILE AWWAAY FROM NORTHGAY FROM NORTHGATE MALL AND FUTURE LIGHT RAIL STTE MALL AND FUTURE LIGHT RAIL STAATIONTION

ONON-SITE L-SITE LAAUNDRY FUNDRY FAACILITIESCILITIES

CLCLOSE PROOSE PROXIMITXIMITY TY TO NORTHGAO NORTHGATE REDEVELTE REDEVELOPOPMENT PLMENT PLANAN

OFFERING SUMMARY



SALE PRICESALE PRICE $3,295,$3,295,000000

LLOCAOCATION INFORMATION INFORMATIONTION

Building Name North Park Apartments

Street Address 926-934 N 104th St

City, State, Zip Seattle, WA 98133

County/Township King

BUILDING INFORMABUILDING INFORMATIONTION

Building Size 10,400 SF

Year Built 1929

PROPERTPROPERTY DETY DETAILSAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning LR2

Lot Size 15,374 SF

APN# 614560-0485

UTILITIES & AMENITIESUTILITIES & AMENITIES

Gas / Propane PSE

Laundry Description Coin

PROPERTY DETAILS

North Park Apartments North Park Apartments

LOCATION MAPS

Number of Units 22

Year Constructed 1929

Rentable SF 10,400 SF

Lot Size 15,374 SF

Zoning LR2

Sale Price $3,295,000

Price per Unit $149,773

Price per NRSF $316.83

Price per Land SF $214.32

Current Cap 5.92%

Current GRM 10.27

Pro Forma Cap 6.11%

Pro Forma GRM 9.8

Loan Amount $2,306,500

Down Payment $988,500

Rate 4.5%

% Down 30.0%

Amortization 30

Term 4 Years

Monthly Payment $11,686

Annual Payment $140,240

PROPERTY OVERVIEW

PRICE ANALYSIS

FINANCING

# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF

10 Studio 350 $952 $2.72 $965 $2.76

6 1 x 1 500 $1,095 $2.19 $1,195 $2.39

6 2 x 1 650 $1,395 $2.15 $1,495 $2.30Total | AVG $24,460 $2.35 $25,790 $2.48

CURRENT PRO FORMA

Scheduled Rent Income $294,120 $309,480

+ Other Income $3,816 $3,816

+ Utility Bill Back $18,600 $18,600

+ Parking $2,400 $2,400

+ Laundry $1,776 $1,776

Scheduled Gross Income $320,712$320,712 $336,$336,007272

- Vacancy & Cr Losses (5.00%) $16,036 $16,804

Gross Income $304,676 $319,268

CURRENT PER UNIT PRO FORMA PER UNIT

Real Estate Taxes (2018) $20,511 $932 $28,047 $1,274

Insurance $6,178 $280 $6,178 $280

Utilities W/S/G/E $39,734 $1,806 $39,734 $1,806

Professional Management $15,234 $692 $15,963 $725

On-Site / Payroll $4,800 $218 $4,800 $218

Maintenance $15,400 $700 $15,400 $700

Landscaping $2,400 $109 $2,400 $109

Reserves $5,500 $250 $5,500 $250

Total Operating Expenses $1$109,75709,757 $4,$4,988988 $118,$118,002222 $5,364$5,364

Net Operating Income $194,$194,919919 $8,$8,859859 $201,2$201,24646 $9,$9,141477

Less Annual Debt Service ($140,240) ($6,374) ($140,240) ($6,374)

Cash Before Taxes $54,679 $2,485 $61,006 $2,773

Plus Principal Reduction $37,208.71 $1,691.31 $37,208.71 $1,691.31

Total Return Before Taxes $91,887.71 $4,176.71 $98,214.71 $4,464.31

INCOME

EXPENSES

FINANCIAL OFFERING

The statements, figures & computations herein, while notguaranteed, are secured from sources we believe reliable. Investorsshould verify all numbers, computations, and assumptions beforecommitting to an investment.

INVESTINVESTMENT OMENT OVERVIEWVERVIEW CURRENTCURRENT PRO FORMAPRO FORMA

Price $3,295,000 $3,295,000Price per Unit $149,772 $149,772CAP Rate 5.92% 6.11%GRM 10.27 9.8Cash-on-Cash Return (yr 1) 5.53% 6.17%Total Return (yr 1) $91,887 $98,214Debt Coverage Ratio 1.39 1.44

OPERAOPERATING DTING DAATTAA CURRENTCURRENT PRO FORMAPRO FORMA

Gross Scheduled Income $294,120 $309,480Other Income $26,592 $26,592Total Scheduled Income $320,712 $336,072Vacancy Cost $16,036 $16,804Gross Income $304,676 $319,268Operating Expenses $109,757 $118,022Net Operating Income $194,919 $201,246Pre-Tax Cash Flow $54,679 $61,006

FINANCING DFINANCING DAATTAA CURRENTCURRENT PRO FORMAPRO FORMA

Down Payment $988,500 $988,500Loan Amount $2,306,500 $2,306,500Debt Service $140,240 $140,240Debt Service Monthly $11,686 $11,686Principal Reduction (yr 1) $37,208 $37,208

FINANCIAL SUMMARY

PRICE/UNITPRICE/UNIT PRICE/SFPRICE/SF CAP RACAP RATETE GRMGRM

$149,773 $316.83 5.92% 10.27

SUBJECT PROPERTY

926-934 N 104th StSeattle, WA 98133

SALE PRICE $3,295,000

UNITS 22

YEAR BUILT 1929


$199,888 $235.16 4.57% 13.5

2711 115TH

2711 NE 115th StSeattle, WA 98125

SALE DATE 08/16/2017


UNITS 9

YEAR BUILT 1966

1


$285,000 $401.60 5.82% 14.2

OAK TREE APARTMENTS

10317 Midvale Ave NSeattle, WA 98133



UNITS 6

YEAR BUILT 1968

2


$155,000 $310.00 2.81% 18.2

12552 PHINNEY

12552 Phinney Ave NSeattle , WA 98133


SALE PRICE $775,000

UNITS 5

YEAR BUILT 1921

3


$127,500 $259.15 4.81% 12

10555 MIDVALE

10555 Midvale Ave NSeattle, WA 98133


SALE PRICE $765,000

UNITS 6

YEAR BUILT 1971

4


$198,125 $359.57 4.32% 12.7

DORLYNN APARTMENTS

8800 Nesbit Ave NSeattle , WA 98103



UNITS 8

YEAR BUILT 1966

5

SALE COMPS

SUBJESUBJECT PROPERTCT PROPERTYY PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF PRICE/UNITPRICE/UNIT CAPCAP GRMGRM # OF UNITS# OF UNITS

North Park Apartments

926-934 N 104th St

Seattle, WA 98133

$3,295,000 10,400 SF $316.83 $149,773 5.92% 10.27 22

SALE CSALE COMPSOMPS PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF PRICE/UNITPRICE/UNIT CAPCAP GRMGRM # OF UNITS# OF UNITS SALE DSALE DAATETE

2711 115th2711 NE 115th StSeattle, WA 98125

$1,799,000 7,650 SF $235.16 $199,888 4.57% 13.5 9 08/16/2017

Oak Tree Apartments10317 Midvale Ave NSeattle, WA 98133

$1,710,000 4,258 SF $401.60 $285,000 5.82% 14.2 6 06/09/2017

12552 Phinney12552 Phinney Ave NSeattle , WA 98133

$775,000 2,500 SF $310.00 $155,000 2.81% 18.2 5 07/11/2017

10555 Midvale10555 Midvale Ave NSeattle, WA 98133

$765,000 2,952 SF $259.15 $127,500 4.81% 12 6 02/29/2016

Dorlynn Apartments8800 Nesbit Ave NSeattle , WA 98103

$1,585,000 4,408 SF $359.57 $198,125 4.32% 12.7 8 05/18/2018

PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF PRICE/UNITPRICE/UNIT CAPCAP GRMGRM # OF UNITS# OF UNITS SALE DSALE DAATETE

Totals/Averages $1,326,800 4,354 SF $313.10 $193,102 4.47% 14.12 6.8

1

2

3

4

5

SALE COMPS SUMMARY

INTERIOR PHOTOS

NORTHGATE DEVELOPMENT IN THE NEWS

“On October 8, 2018, NHL Seattle announced plans to build a state-of-the-art practice facility and front offices that we be home to a future NHL franchise as a part of the redevelopment plans of Northgate...”

New Seattle NHL team’s practice facility to be located at Northgate

THE NEWS TRIBUNE

CLICK HERE FOR FULL ARTICLE


Simon Property Group’s Preliminary Plans for Northgate Mall Approved at Early Design Guidance Meeting

THE REGISTRY

“In mid-March 2018, developer Simon Property Group announced its preliminary plans to redevelop the 55-acre site around Northgate Mall, which opened in 1950 as the country’s first regional shopping center. And on Monday, August 13th, a large-scale mixed-use development, the first stage of Simon Property Group’s redevelopment of the Northgate Mall, was given the green light at an Early Design Guidance (EDG) meeting...”

“This facility is so significant, it will be nationally and internationally renowned for hosting tournaments. There is simply not another site like this… ”

An amazing opportunity for Seattle’: NHL group touts Northgate practice facility as asset for area

THE SEATTLE TIMES


“Documents details plan to add a “Central Park” and at least one hotel in addition to 1,200 new housing units to the current site of the Northgate Mall...”

Northgate Mall developers plan radical redesign

KING 5 NEWS


NORTHGATE NEWS

WESTLAKE ASSOCIATES, INC.

NORTH SEATTLE

NORTHGATE Northgate is one of the largest neighborhoods in north Seattle. The area is comprised of a number of smaller communities, including Pinehurst, North College Park, and Maple Leaf. The main attraction to this area is the Northgate Mall, which is conveniently located off of I-5, exit Northgate Way. The mall features major department stores, retail shops and restaurants. Beyond the shopping and eating convenience, a bus transit transfer station and commuter parking lot are adjacent to I-5. Although the mall is the neighborhood’s largest pull, Northgate is home to the North Seattle Community College (NSCC), the south fork of the Thornton Creek watershed, and the Sheihk Idriss Mosque, known for its unique and distinctive architechture.

Named for Northgate Mall, a shopping center built in 1950, the Northgate neighborhood is dense and decidedly suburban. The mall was the idea of Rex Allison, then-president of Bon Marche (now Macy’s), and was deliberately sited north of the city for urban shoppers who would travel by car from the nearby highway. Among the first such malls in the nation, Northgate made national headlines in its early years of operation.

The neighborhood lacks parks, but locals can walk a 4-mile route along Thornton Creek, which has benefited from watershed restoration efforts in recent years. The Northgate Community Center offers a fitness facility with a nominal drop-in fee. The center rents meeting and party rooms, and the center and the local branch of the Seattle Public Library offer children’s programs. Northgate is home to several health clubs, and is just a few minutes by bike or car to sports options at Green Lake.

NORTH SEATTLEThe North Seattle area has experienced a surge of newer condo and townhome development. These, alongside the existing classic Craftsman bungalows and Northwest Modern homes, offer something for single professionals, couples, and growing families. This retail-fueled community is an easy commute to Seattle as well as to Snohomish County. It offers easy access to I-5, bus lines and a new Link light-rail extension is opening in 2021, with new infrastructure modifications to improve walkability and bike-friendliness.

Roosevelt Way, the major thoroughfare, provides an array of shopping, coffeehouses, pubs and restaurants, along with many community-based events. The arterial road spans from the University District, connecting the University of Washington to the residential areas of neighborhoods like Ravenna, Lake City, Northgate, and Shoreline.

NORTH SEATTLE COMMUNITY COLLEGE

JACKSON PARK GOLF COURSE

NORTH SEATTLE

NORTHGATE LINK LIGHT RAIL

Passengers began riding Link light rail trains between down-town Seattle and Sea-Tac Airport in 2009, and to Capitol Hill and the University of Washington in March 2016. A light rail extension south to Angle Lake is scheduled to open late 2016.

Construction is also underway on the Northgate Link Extension, which will take light rail riders north to the U District, Roosevelt and Northgate neighborhoods by 2021.

Northgate Link is a key part of the regional mass transit system approved by voters in 2008. The 4.3-mile line will provide a fast, reliable option for getting through one of the region’s most congested areas.

Most of Northgate Link is underground in twin-bored tunnels, with trains moving to the surface at a tunnel portal on the east side of Interstate 5 at about NE 94th Street. From the portal, trains will rise to an elevated guideway moving north alongside

I-5 before crossing over First Avenue NE, south of NE 100th Street and connecting to the elevated Northgate Station spanning NE 103rd Street.

Excavation at the Maple Leaf tunnel portal site was completed in 2014. Two tunnel boring machines (TBMs) were launched from the site that same year. One TBM completed its journey to the University of Washington Station in March 2016. The second tunnel is expected to be completed by late 2016.

As tunneling progresses, construction crews are digging small safety cross-passages tht connect the northbound and southbound train tunnels.

Soon crews will begin building the stations ad the elevated guideway connecting the tunnel portal to Northgate Station.

For more information, you can visit the website:soundtransit.org/northlink.

NORTHGATE LINK LIGHT RAIL

STEVE FISCHER JOE KINKOPFTYLER SMITH

Principal Broker BrokerPrincipal Broker

PROFESSIONAL BACKGROUND PROFESSIONAL BACKGROUNDPROFESSIONAL BACKGROUNDA lifetime resident of the Seattle area, Steve graduated from the University of Washington with a degree in Economics. Beginning his real estate career as an analyst, his work ethic quickly tran-sitioned from analyst to full time apartment broker. Since the inception of his brokerage career, Steve has successfully closed over $100 million in sales totaling over 100 transactions. To expand his skill set, Steve also manages a portfolio of 130 apartment units in the Seattle area.

Steve excels at problem solving to complete his client’s invest-ment goals. His diverse background of brokerage and manage-ment provide a unique spectrum of knowledge. Drawing from this knowledge allows him to guide his clients not only through the sales process, but to also navigate the operational side of owning an apartment building. He truly is “A Wealth of Experience.”

A firm believer of investing in real estate as a module to gain wealth, Steve has been actively investing in Seattle real estate since 2011. In 2012, he was unanimously voted a partner at West-lake Associates, Inc. Away from the office, Steve is a huge sports fan, enthusiast of the outdoors, enjoys cooking, an avid soccer player and a die-hard husky.

Joe specializes in the sale of multifamily properties in the Puget Sound. Upon graduation from the University of Washington, Joe began his career at Westlake.

Growing up in North King County, Joe acquired a fascination with real estate after seeing the great change in his hometown as a result of urban growth. Joe enjoys looking at the numbers and analyzing different markets throughout the Puget Sound region to help his clients make the right investment decisions.

Joe stresses the importance integrity and believes that dealing honestly with clients is the greatest priority in business.

For over 13 years, Tyler has specialized in the sale of middle market multi-family assets in the Puget Sound Region. Tyler’s extensive experience includes the sale of various types of asset size and classifications. As an apartment owner himself, Tyler understands the importance of evaluating each client’s needs individually and carefully. Since joining Westlake Associates, he has consistently been one of the firm’s top performers and quickly rose to Partner. Tyler’s consistent effort and drive have earned him Westlake Asso-ciates Top Producer award.

Education

Tyler earned a degree in economics from the University of Wash-ington. Tyler worked in finance for a company headquartered in Irvine, CA before returning home to the Pacific Northwest. He joined Westlake Associates in 2004 and currently resides with his wife and two boys in Northeast Seattle.

1200 Westlake Ave N, Suite 310 Seattle, WA 98109T 206.505.9435C [email protected]



BROKER BIO & CONTACT