taylor west apartments - loopnet · 1100 dexter avenue north, suite 275 seattle, wa 98109 charles...

KW COMMERCIAL1100 Dexter Avenue North,Suite 275Seattle, WA 98109

CHARLES BURNETT, CCIMPrincipal Managing Broker0: 206.931.6036C: [email protected] #36996

Taylor West Apartments

OFFERING MEMORANDUM

PRESENTED BY:

RENTON, WA

OFFERING MEMORANDUM

Each Office Independently Owned and Operated kwcommercial.com 2

KW COMMERCIAL1100 Dexter Avenue North,Suite 275Seattle, WA 98109

Confidentiality & Disclaimer

CHARLES BURNETT, CCIMPrincipal Managing Broker0: 206.931.6036C: [email protected] #36996

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Downtown Seattle in compliance with all applicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

RENTON, WA

http://www.kwcommercial.com


OFFERING SUMMARY

SALE PRICE: $3,350,000

NUMBER OF UNITS: 16

CAP RATE: 5.82%

NOI: $194,901

LOT SIZE: 0.415 Acres

YEAR BUILT: 1969

BUILDING SIZE: 10,943 SF

RENOVATED: 2016

ZONING: RM-F

MARKET: Renton

SUBMARKET: Renton

PRICE / SF: $306.13

PROPERTY OVERVIEW16-unit apartment complex. Meticulously cared for; this is a solid, turn-keyinvestment property with great street appeal. Units offer spacious floor plans withseparate dining areas and large private balconies; many have been updated.Onsite coin-op laundry facility, storage, & office. Covered parking spaces could beconverted to garages or potentially more units? Fully occupied with quality tenantswith room for upside in rents. Property consists of two lots totaling 18,089 SF,nicely landscaped with a private courtyard and located on a quiet dead-end street.Located close to downtown Renton; close to all amenities.

PROPERTY HIGHLIGHTS• Turn-Key

• No deferred maintenance

• Actual 5.8% Cap

• On site coin-op laundry facility

• Storage

• Two Tax Parcels

• Upside in rental income and utility pass-through

Executive Summary

TAYLOR WEST APARTMENTS |



SALE PRICE $3,350,000

LOCATION INFORMATION

Building Name Taylor West Apartments

Street Address 401 Taylor Place NW

City, State, Zip Renton, WA 98057

County/Township King

Market Renton

Submarket Renton

Cross Streets Taylor Ave NW

BUILDING INFORMATION

Building Size 10,943 SF

NOI $194,901

Cap Rate 5.82%

Price / SF $306.13

Year Built 1969

Last Renovated 2016

Occupancy % 100%

Tenancy Multiple

Number Of Floors 3

Average Floor Size 645 SF

Gross Leasable Area 10,154 SF

Load Factor Yes

Construction Status Existing

Framing Wood

Condition Good

Roof flat metal

Free Standing Yes

Exterior Walls stucco

Foundation poured concrete

PROPERTY DETAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning RM-F

Lot Size 0.415 Acres

APN# 4202400430 & 4202400440

Submarket Renton

MLS ID# 1438210

PARKING & TRANSPORTATION

Parking Type Surface

Parking Ratio 1.9

Number Of Spaces 20

Parking Description One garage, 7 carport, 12 uncovered

UTILITIES & AMENITIES

Broadband Cable

Landscaping shrubbery

Laundry

Description

Coin-Op

Interior

Description

updated and remodeled

Utilities

Description

Owner pays water/sewer/garbage and

exterior electricity

Property Details




INVESTMENT OVERVIEW TAYLOR WEST APARTMENTS

Price $3,350,000

Price per Unit $209,375

Cap Rate 5.82%

GRM 13.7

OPERATING DATA TAYLOR WEST APARTMENTS

Gross Scheduled Income $244,800

Other Income $2,795

Total Scheduled Income $247,595

Vacancy Cost $7,344

Gross Income $240,251

Operating Expenses $45,350

Net Operating Income $194,901

FINANCING DATA TAYLOR WEST APARTMENTS

Down Payment $1,172,500.00

Loan Amount $2,177,500.00

Annual Debt Service $145,239.03

Cash Flow Before Taxes $49,661.97

Principal Reduction (yr 1) $48,238.37

Cash On Cash Return 8%

DSCR 1.3

Financial Summary




UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

1 1 1 645 10/6/2015 month to month $1,250 $1.94 $1,000

2 1 1 645 2/26/2016 month to month $1,250 $1.94 $995

3 1 1 645 5/4/2016 month to month $1,250 $1.94 $1,000

4 1 1 645 4/30/2018 4/30/2019 $1,250 $1.94 $1,300

5 1 1 645 4/26/2016 month to month $1,250 $1.94 $1,000

6 1 1 645 1/26/2018 month to month $1,250 $1.94 $1,000

7 2 1 850 4/24/2015 month to month $1,450 $1.71 $995

8 1 1 645 10/8/2015 month to month $1,250 $1.94 $995

9 1 1 645 1/1/1993 month to month $1,250 $1.94 $100

10 1 1 645 10/11/2011 month to month $1,250 $1.94 $500

11 1 1 645 7/20/2016 month to month $1,250 $1.94 $1,000

12 1 1 645 2/8/2019 7/31/2019 $1,250 $1.94 $1,000

13 1 1 645 10/11/2018 9/30/2019 $1,250 $1.94 $1,000

14 2 1 850 8/16/2016 month to month $1,450 $1.71 $1,000

15 1 1 645 5/4/2017 4/30/2019 $1,250 $1.94 $1,000

16 1 1 645 3/9/2018 month to month $1,250 $1.94 $1,000

Rent Roll




UNIT

NUMBER

UNIT

BED

UNIT

BATH

UNIT

SIZE (SF)

LEASE

START

LEASE

END

CURRENT

RENT

CURRENT

RENT (PER SF)

MARKET

RENT

MARKET

RENT/SF

SECURITY

DEPOSIT

Totals/Averages 10,730 $20,400 $1.90 $0 $14,885

Rent Roll




INCOME SUMMARY TAYLOR WEST APARTMENTS

Gross Income $240,251

EXPENSE SUMMARY TAYLOR WEST APARTMENTS

Utilities $13,596Maintenance/Repairs $7,184Landscaping $695Admin/Misc $1,190Property Taxes $21,294Insurance $1,391

Gross Expenses $45,350

Net Operating Income $194,901

Income & Expenses




Additional Photos





Regional Map




Location Maps





Aerial Map




Subject Property

401 Taylor Place NW | Renton, WA 98057

$3,350,000Sale Price: 1969Year Built:

10,943 SFBuilding SF: $306.13Price PSF:

16No. Units: $209,375Price / Unit:

5.82%CAP: $194,901NOI:

13.68GRM:

16-unit apartment complex. Meticulously cared for; this is a solid, turn-key investment property with great street appeal. Units offer spacious floor plans with separate dining areas and large private balconies; manyhave been updated. Onsite coin-op laundry facility, storage, & office. Covered parking spaces could be converted to garages or potentially more units? Fully occupied with quality tenants with room for upside inrents. Property consists of two lots totaling 18,089 SF, nicely landscaped with a private courtyard and located on a quiet dead-end street. Located close to downtown Renton; close to all amenities.

20 Unit Apartment

1

Chalet

606 Mills Avenue S | Renton, WA 98057

$3,500,000Sale Price: 0.797 AcresLot Size:

1962Year Built: 14,196 SFBuilding SF:

$246.55Price PSF: 20No. Units:

$175,000Price / Unit: 4.75%CAP:

06/25/2018Closed: 100%Occupancy:

14.30GRM: $166,306NOI:

1

20 Unit Apartment

2

Burien Manor

11822 1st Avenue South | Burien, WA 98168




$232,500Price / Unit: 3.93%CAP:


$182,745NOI:

2

12-Unit Apartment

3

Totem Apartments

16644 31st Ave S | SeaTac, WA 98188




$191,666Price / Unit: 4.80%CAP:


13.00GRM: $114,505NOI:

3

Sale Comps




1

2

3

SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS

Taylor West Apartments401 Taylor Place NWRenton, WA 98057

$3,350,000 10,943 SF $306.13 $209,375 5.82% 13.68 16

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Chalet606 Mills Avenue SRenton, WA 98057

$3,500,000 14,196 SF $246.55 $175,000 4.75% 14.3 2006/25/2018

Burien Manor11822 1st Avenue SouthBurien, WA 98168

$4,650,000 14,204 SF $327.37 $232,500 3.93% - 2009/20/2018

Totem Apartments16644 31st Ave SSeaTac, WA 98188

$2,300,000 10,128 SF $227.09 $191,666 4.8% 13 1206/14/2018

PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Totals/Averages $3,483,333 12,843 SF $271.22 $201,000 4.49% 13.65 17.33

Sale Comps Summary




401 Taylor Place NW | Renton, WA 98057SUBJECT PROPERTY

1606 Mills Avenue SRenton, WA 98057

CHALET 211822 1st Avenue SouthBurien, WA 98168

BURIEN MANOR

316644 31st Ave SSeaTac, WA 98188

TOTEM APARTMENTS

Sale Comps Map




1 MILE 2 MILES 3 MILES

Total population 13,103 38,066 87,851

Median age 33.5 36.7 36.3

Median age (male) 30.4 33.9 34.9

Median age (female) 36.3 38.8 37.4

1 MILE 2 MILES 3 MILES

Total households 5,422 16,430 36,780

Total persons per HH 2.4 2.3 2.4

Average HH income $58,548 $63,753 $68,120

Average house value $363,302 $370,586 $411,256

* Demographic data derived from 2010 US Census

Demographics Report



taylor west apartments - loopnet · 1100 dexter avenue north, suite 275 seattle, wa 98109 charles...

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