This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

Puget Sound Townhomes1500-1510 S PUGET DR | RENTON, WA

FOR SALE

STRATEGICALLY positioned approximately 1.5 miles from Renton’s resurgent downtown, and within 25 minutes of both Seattle and Bellevue

THE CITY of Renton experienced a 149.7% population increase from 1990 to 2018

2019-BUILT property featuring condo-quality finishes: attached garages, walk-in closets, dual-basin vanities, in-unit laundry rooms with front-load machines, quartz countertops, subway tile backsplashes, and new flooring (carpet, hardwood, and tile)

PRICED at $270 per square foot, with a current 5.2% cap rate

List Price | $3,200,000

KIDDER.COM

DAN SWANSON

Kidder Mathews206.296.9610dan.swanson@kidder.com

DONNA MARSHALL

Capstone Real Estate Group425.422.0954donna@capstonerealestategroup.com

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

KIDDER.COM

1500-1510 S PUGET DR | RENTON, WA

FOR SALE

Puget Drive Townhomes

PROPERTY DESCRIPTION

The Puget Drive Townhomes in Renton, Washington offers an investor the rare opportunity to acquire a new-construction apartment community in one of the Puget Sound’s most rapidly growing cities. The property is conveniently located approximately a mile and a half from Renton’s vibrant and resurgent downtown and approximately 25 minutes from two major employment and entertainment hubs: Seattle and Bellevue. The 8 luxury townhomes were completed in 2019 by a developer whose original strategy was a long-term hold, and as such, the property boasts a higher-than-typical quality of construction and finish work. Priced at $270 per square foot, the investment offers a current cap rate of 5.2% with a potential market cap rate of 5.5%.

The Puget Drive Townhomes are strategically located in Renton, Washington, which is positioned at the center of an extensive transportation network of four state routes and Interstate 405, which connects to Interstates 5 and 90 within just a few miles of the city in either direction. The property is also less than 15 miles from both Downtown Seattle and Downtown Bellevue. Additionally, residents of the townhomes benefit from a variety of neighborhood amenities in their own immediate vicinity. The vibrant restaurant and nightlife scene of Downtown Renton is roughly a mile and a half away. Moreover, Rainier Avenue, which connects to Lake Washington, provides dining and retail options, and is also approximately a mile and a half away. For even more options, residents can visit the Landing (2.7 miles) or Southcenter Mall (4.8 miles).

The City of Renton has undergone a major revitalization since the mid-1990s. Prominent developments in the city include a transit center, Southport, a 700,000+ SF office development targeting high tech companies as tenants, a major medical center expansion project and the Seahawk training facility, among others. These efforts, combined with the area’s affordability as compared to neighboring cities, has resulted in an explosive population boom. From 1990 to 2018, the city experienced nearly 150% increase in population, according to the Renton Reporter (August 1, 2019). Meanwhile, the city’s revitalization efforts continue. In January of 2018, the city adopted a new vision and action plan for the downtown core – roughly a mile and a half from the Puget Drive Townhomes.

Built in 2019, the Puget Drive Townhomes is a turnkey property comprised of four buildings on a private cul-de-sac. Each structure boasts two 1,480-square-foot, 3-bedroom/2.5-bath room townhouses,

each with its own attached one-car garage. There is also ample driveway parking. The units are separately metered for all utilities, paid directly to utility providers by the residents. The luxury townhouses feature an abundance of condo-quality details, including walk-in closets, dual-basin vanities, in-unit laundry rooms with front-load washer/dryers, stainless steel appliances, quartz countertops, subway tile backsplashes, stained wood millwork, new flooring (carpet, hardwood, and tile), attractive molding, and high-end finishes. Some units also boast outdoor patios. The property features complete irrigation for the entirety of the manicured landscaping.

This offering presents an investor with the opportunity to acquire a new-construction, high-end townhouse property with condo-quality features that is well-located in one of the region’s fastest growing cities. With a current 5.2% cap rate, the Puget Drive Townhomes property is an excellent investment.

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

KIDDER.COM

FINANCIALS

UNIT MIX SUMMARY

INCOME

Current Market

Total Scheduled Rent $230,160 $240,000

Processing $1,500 $1,500

Utility Bill-Back $12,000 $12,000

Gross Potential Income $243,660 $253,500

Less Physical Vacancy (4.0%) ($9,746) ($10,140)

Effective Gross Income $233,914 $243,360

Unit TypeNo. of Units SF

Avg Current Rent $/SF

Avg Market Rent $/SF

3 Bed 2.5 Bath 8 1,480 $2,398 $1.62 $2,500 $1.69

Total 8 11,840 $19,180 $20,000

Average 1,480 $2,398 $1.62 $2,500 $1.69

EXPENSES

Current Market

Real Estate Taxes $28,738 $28,738

Insurance $3,200 $3,200

Utilities $12,000 $12,000

Repairs & Maintenance $8,000 $8,000

Professional Management $11,696 $11,696

Landscaping $3,000 $3,000

Capital Reserves $2,000 $2,000

Total Expenses $68,633 $68,633

Expenses Per Unit $8,579 $8,579

Expenses Per SF $5.80 $5.80

Net Operating Income $165,280 $174,727

PROPERTY OVERVIEW

Address 1500-1510 S Puget Dr Renton, WA 98055

No. of Units 8

NRSF ±11,840

Year Built 2019

Price $3,200,000

Price / Unit $400,000

Price / SF $270.27

Cap Rate 5.2%

Market Cap Rate 5.5%

GRM 13.1

Market GRM 12.6

Zoning RM-F

Lot Size 20,473 SF

1500-1510 S PUGET DR | RENTON, WA

FOR SALE

Puget Drive Townhomes

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

KIDDER.COM

Property Year Built Date Sold Sale Price Price / Unit Price / SF Cap Rate Units

01 978 EDMONDS AVE NE

978 Edmonds Ave NE Renton, WA

2011 09.27.19 $2,250,000 $375,000 $250.00 5.4% 6

02 WATERTREE PLACE

23998 64th Ave S Kent, WA

2008 12.23.19 $13,250,000 $358,108 $230.14 4.9% 37

03 THE MORGAN

20801 110th Ln SE Kent, WA

1993 06.26.18 $5,941,000 $330,056 $260.95 5.5% 18

04 4821 NE SUNSET BLVD

4821 NE Sunset Blvd Renton, WA

2010 02.16.17 $1,075,000 $358,333 $203.60 4.8% 3

05 AMBAUM TOWNHOMES

12404 Ambaum Blvd SW Renton, WA

2007 Pending $3,200,000 $355,556 $260.10 4.8% 9

SALE COMPARABLES

1500-1510 S PUGET DR | RENTON, WA

FOR SALE

Puget Drive Townhomes

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03

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01

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PUGET SOUND

PUGET DRIVE TOWNHOMES

SOUTHCENTER

RENTON EAST RENTON

HIGHLANDS

Squak Mountain State Park

Natural Area

EAST HILL-MERIDIAN

HIGHLINE

WHITE CENTER

SeaTac Airport

MAPLE HEIGHTS