north seattle 8-unit...the neighborhood lacks parks, but locals can walk a 4-mile route along...

NORTH SEATTLE8-UNIT1300 N 107TH STSEATTLE, 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/535564-sale



Price: $1,795,000

Price Per Unit: $224,375

Price Per NRSF: $359.00

Cap Rate: 4.05%

Market Cap Rate: 5.65 %

GRM: 15.54

NRSF: 5,000 SF

Lot Size: 5,475 SF

Year Built: 1987

WESTLAKE ASSOCIATES, INC. IS PROUD TO MARKETFOR SALE AN 8-UNIT BUILDING IN NORTH SEATTLE.

Consisting of 8 well laid out and spacious 1 bedroom / 1 bath units, thisbuilding is primed for a reposition. Each unit is about 625 square feet, boastsin suite W/D and five come with a private deck. Built in 1987, this assetoffers some rare attributes for a smaller building providing residents bothsecure garage parking and secure entry access and video surveillance. Theexterior of the building is freshly painted and the pitched composite roofwith leaf guard gutters is approximately 10 years old. The building isapproximately 1 mile from Northgate Mall and the future Northgate LightRail Station. With the great bones already complete, future owners canupgrade the interiors on turnover and capitalize on the large upside in rent,billing utilities back and charging for parking.

1300 N 107th St, Seattle, WA 98133

ADDRESSADDRESS

PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS

BRAND NEW EXTERIOR PBRAND NEW EXTERIOR PAINTAINT

ININ-UNIT L-UNIT LAAUNDRYUNDRY

ALL SPALL SPAACIOUS 1 BEDROOM LCIOUS 1 BEDROOM LAAYYOUTSOUTS

5 UNITS W5 UNITS WITH PRIVITH PRIVAATE DETE DECKSCKS

SESECURE ENTRYCURE ENTRY

SESECURE GARACURE GARAGE PGE PARKARKINGING

SIGNIFICANT RENTSIGNIFICANT RENTAL UPSIDEAL UPSIDE

PITPITCHED CCHED COMPOSITE ROOF - APPROOMPOSITE ROOF - APPROX. 1X. 10 YEARS OLD0 YEARS OLD

CLCLOSE TOSE TO NORTHGAO NORTHGATE MALL AND FUTURE LIGHT RAILTE MALL AND FUTURE LIGHT RAIL

OFFERING SUMMARY



SALE PRICESALE PRICE $1,795,$1,795,000000

LLOCAOCATION INFORMATION INFORMATIONTION

Street Address 1300 N 107th St

City, State, Zip Seattle, WA 98133

County/Township King

Market North Seattle

BUILDING INFORMABUILDING INFORMATIONTION

Net Rentable SF 5,000 SF

Number Of Floors 2

Year Built 1987

PROPERTPROPERTY DETY DETAILSAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning LR2

Lot Size 5,475 SF

APN# 630000-0225

PPARKARKING & TRANSPORTING & TRANSPORTAATIONTION

Parking Type Secure Garage

UTILITIES & AMENITIESUTILITIES & AMENITIES

Laundry Description In-Unit

PROPERTY DETAILS

1300 N 107th S t1300 N 107th S t

LOCATION MAPS

Number of Units 8

Year Constructed 1987

Zoning LR2

Rentable SF 5,200 SF

Lot Size 5,475 SF

SSale Pale Pricerice $1,795,$1,795,000000

Price per Unit $224,375

Price per NRSF $359.00

Price per Land SF $327.85

Current Cap 4.05%

Current GRM 15.54

Market Cap 5.65%

Market GRM 12.03

Loan Amount $1,256,500

Down Payment $538,500

Rate 3.75%

% Down 30.0%

Amortization 30

Term 5 Years

Monthly Payment $5,819

Annual Payment $69,829

PROPERTY OVERVIEW

PRICE ANALYSIS

FINANCING

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

8 1 BD | 1 BA 625 $1,195 $1.91 $1,395 $2.23Total | AVG $9,550 $1.91 $11,160 $2.23

CURRENT PRO FORMA

Scheduled Rent Income $114,600 $133,920

+ Other Income $900 $900

+ Utility Billback $0 $9,600

+ Parking $0 $4,800

Scheduled Gross Income $115,500$115,500 $14$149,2209,220

- Vacancy & Credit Losses (5.00%) $5,775 $7,461

Gross Income $109,725 $141,759

CURRENT PER UNIT PRO FORMA PER UNIT

Real Estate Taxes (2019) $13,312 $1,664 $15,000 $1,875

Insurance $2,294 $286 $2,294 $286

Utilities W/S/G/E $8,461 $1,057 $8,461 $1,057

Management (5%) $5,486 $685 $7,088 $886

Maintenance / Turnover $6,000 $750 $6,000 $750

Reserves $1,500 $187 $1,500 $187

Total Operating Expenses $37,$37,053053 $4,$4,631631 $40,343$40,343 $5,$5,040422

Net Operating Income $72,$72,672672 $9,$9,084084 $1$101,401,41616 $12,$12,676777

Less Annual Debt Service ($69,829) ($8,728) ($69,829) ($8,728)

Cash Before Taxes $2,843 $355 $31,587 $3,948

Plus Principal Reduction $23,104.67 $2,888.08 $23,104.67 $2,888.08

Total Return Before Taxes $25,947.67 $3,243.46 $54,691.67 $6,836.46

INCOME

EXPENSES

FINANCIAL OFFERING

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.

INVESTINVESTMENT OMENT OVERVIEWVERVIEW CURRENTCURRENT MARKMARKETET

Price $1,795,000 $1,795,000Price per Unit $224,375 $224,375CAP Rate 4.05% 5.65%GRM 15.54 12.03Cash-on-Cash Return (yr 1) 0.53% 5.87%Total Return (yr 1) $25,947 $54,691Debt Coverage Ratio 1.04 1.45

OPERAOPERATING DTING DAATTAA CURRENTCURRENT MARKMARKETET

Gross Scheduled Income $114,600 $133,920Other Income $900 $15,300Total Scheduled Income $115,500 $149,220Vacancy Cost $5,775 $7,461Gross Income $109,725 $141,759Operating Expenses $37,053 $40,343Net Operating Income $72,672 $101,416Pre-Tax Cash Flow $2,843 $31,587

FINANCING DFINANCING DAATTAA CURRENTCURRENT MARKMARKETET

Down Payment $538,500 $538,500Loan Amount $1,256,500 $1,256,500Debt Service $69,829 $69,829Debt Service Monthly $5,819 $5,819Principal Reduction (yr 1) $23,104 $23,104

FINANCIAL SUMMARY

UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

1 1 1 625 $1,300 $2.08 $1,395 $2.23

2 1 1 625 $1,000 $1.60 $1,395 $2.23

3 1 1 625 $1,200 $1.92 $1,395 $2.23

4 1 1 625 $1,000 $1.60 $1,395 $2.23

5 1 1 625 $1,200 $1.92 $1,395 $2.23

6 1 1 625 $1,300 $2.08 $1,395 $2.23

7 1 1 625 $1,250 $2.00 $1,395 $2.23

8 1 1 625 $1,300 $2.08 $1,395 $2.23

5,5,000000 $9,550$9,550 $1.$1.9191 $11,$11,160160 $2.23$2.23

AAveragesverages 625625 $1,$1,193193 $1.$1.9191 $1,395$1,395 $0.28$0.28

RENT ROLL

UNIT MIXUNIT MIX SFSF RENTRENT RENTRENT/SF/SF

1 BD | 1 BA 808 $1,445 $1.79

NORTHGATE PLAZA CONDOS

9416 1st A ve NESeattle, WA 98115

UNITS 84

YEAR BUILT 1979

1


1 BD | 1 BA 704 $1,495 $2.12

LINDEN PARK CONDOS

13717 Linden A ve NSeattle, WA 98133

UNITS 93

YEAR BUILT 1982

2


1 BD | 1 BA 720 $1,445 $2.01

WATERCREST

14812 Bo thell Way NELake Forest Park, WA98155

UNITS 175

YEAR BUILT 1968

3


1 BD | 1 BA 655 $1,475 $2.25

MOSAIC ON GREENW OOD

13543 Gr eenwood Ave NSeattle, WA 98133

UNITS 39

YEAR BUILT 1995

4


1 BD | 1 BA 625 $1,495 $2.39

RALEIGH MANOR

12000 15th A ve NESeattle, WA 98125

UNITS 39

YEAR BUILT 2000

5


1 BD | 1 BA 680 $1,495 $2.20

ANDANTE

3031 NE 137th S tSeattle, WA 98125

UNITS 68

YEAR BUILT 1965

6

RENT COMPS

RENT CRENT COMPSOMPS RENTRENT/SF/SF AAVVAILAILABLE SFABLE SF BLDG SFBLDG SF # OF UNITS# OF UNITS

Northgate Plaza Condos9416 1st Ave NESeattle, WA 98115

$1.79 808 SF 75,600 SF 84

Linden Park Condos13717 Linden Ave NSeattle, WA 98133

$2.12 704 SF 80,631 SF 93

Watercrest14812 Bothell Way NELake Forest Park, WA 98155

$2.01 720 SF 212,185 SF 175

Mosaic on Greenwood13543 Greenwood Ave NSeattle, WA 98133

$2.25 655 SF 25,872 SF 39

Raleigh Manor12000 15th Ave NESeattle, WA 98125

$2.39 625 SF 28,785 SF 39

Andante3031 NE 137th StSeattle, WA 98125

$2.20 680 SF 54,858 SF 68

RENTRENT/SF/SF AAVVAILAILABLE SFABLE SF BLDG SFBLDG SF # OF UNITS# OF UNITSTotals/Averages $2.13 699 SF 79,655 SF 83

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EXTERIOR PHOTOS

INTERIOR PHOTOS

NORTHGATE LINK EXTENSION

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

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]



FISCHER/SMITH/KINKOPF BIO

Since 1975 Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound region.Our commitment to assist our clients in creating and preserving theirreal estate investment wealth has led to the successful closing ofbillions of dollars in investment property and a long history of repeat business and client referrals.

Our firm has over thirty real estate professionals with expertise in the multi-family sales market. With a majority of our partners owning and operating their own investment property, we offer clients a unique perspective from both an agent and owner point of view. Our specialization in representing Puget Sound apartment owners resultsin our clients receiving the most effective representation in theindustry, where maximizing client returns is our highest priority.

Through effective teamwork, communication, and an unparalleled knowledge of the Puget Sound apartment market, our agentscontinue to lead the industry in successful closings and clientsatisfaction.

MEMBERMEMBER: C: Commerommercial Bcial Brrokokers Association (ers Association (CBACBA))

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MEMBERMEMBER: Loop N: Loop Net Net National Lational Listing Sisting Serervicesvices

MEMBERMEMBER: C: Costar Costar Commerommercial Rcial Real Eeal Estate Dstate Data and Nata and National Lational Listing Sisting Serervicevice

MEMBERMEMBER: C: Commerommercial Icial Innvestmenvestment Rt Real Eeal Estate Istate Institute (nstitute (CREI)CREI)

MEMBERMEMBER: W: Washington Sashington State Rtate Realtors Association (WSMAealtors Association (WSMA))

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