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For Sale: The Villa Maria Apartments $2,800,000
Ironridge Real Estate | 5628 Airport Way South #180 Seattle, WA 98108 | 425-466-5681
FINANCIAL OVERVIEW EXECUTIVE SUMMARY Gross Income $184,440 Add: Other Income $9,900 Less: Vacancy $(9,717) Effective Gross Income $184,623 Less Expenses $(41,767) Net Operating Income $142,856 Cap Rate: 5.1%
For More Information Contact:
Erik Strom:
[email protected] 425-466-5681
5628 Airport Way South Suite 180
Seattle, WA 98108
Number of Units: 11
Purchase Price: $2,800,000
Price/Unit: $245,545
Price/Rentable SF: $352
Cap Rate Actual: 5.1%
GRM Actual: 14.45
Zoning: L-3
Year Built: 1986 (2010 Remodel)
Financing: Cash Out
Investment Overview
The Villa Maria Apartments
Highlights: • Excellent Location
• Stainless Appliances/Granite Countertops
• Very Spacious Units
• Washer/Dryer in Units
• Parking for all Tenants and Secure Access
• Windows and Roof Replaced in 2008
• Complete Remodel in 2008-2012
• Unused storage space that could be added into
living area.
FOR SALE—Villa Maria Apartments 1146 N 91st Street Seattle, WA 98103
The Villa Maria is an 11 unit apartment building built in 1986 and has undergone a complete remodel in 2010. The current owner installed a new roof, windows and common area upgrades in addition to renovating the interior of the units. Inside the units, tenants enjoy new cabinets, granite countertops, stainless appliances, partial laminate hardwoods, walk in closets and in-unit washer/dryers in most units. There is also secure access, patios and parking. Adjacent to one of the units is a storage room that could be added as additional living area. Tenants pay their own electricity plus an additional $75/unit/month for water/sewer/garbage. The property is situated in one of the best rental markets for apartments in the City of Seattle. Greek Lake is quietly removed from the noise of downtown, yet retains a close proximity to the commercial core via both Interstate 5 and Highway 99. The lake itself is a beautiful feature of Seattle and is surrounded by many shops, grocery stores, restaurants, bars and residences. It is a destination for the health conscious wanting to jog around the lake’s trails and urbanites looking for a quiet respite from the city to eat dinner and relax.
Property Description
The Villa Maria Apartments
1146 N 91st Street Seattle, WA 98103
FOR SALE—Villa Maria Apartments 1146 N 91st Street Seattle, WA 98103
The Villa Maria Apartments
FOR SALE—Villa Maria Apartments 1146 N 91st Street Seattle, WA 98103
Unit Type Square Feet Rents
101 Two-Bed/1.75-Bath 1100 $1,795
102 Two-Bed/1.75-Bath 1100 $1,595
103 studio 400 $1,050
201 One-Bed/One-Bath 740 $1,345
202 One-Bed/One-Bath 740 $1,350
203 One-Bed/One-Bath 740 $1,395
204 One-Bed/One-Bath 740 $1,350
301 One-Bed/One-Bath 740 $1,400
302 One-Bed/One-Bath 740 $1,395
303 One-Bed/One-Bath 740 $1,395
304 One-Bed/One-Bath 740 $1,400
Totals 8,520 $15,470
Actual Rent Roll
Expense Actual 2015 Market
Taxes $12,999.87 $16,000.00
Insurance $2,829.19 $2,400.00
Utilities $6,996.54 $7,500.00
Repairs and Maintenance $3,386.99 $5,500.00
On-Site Management $3,845.00 $0.00
Professional Management $9,147.00 $10,572.00
Landscaping $1,642.50 $1,642.50
Misc. $920.41 $920.41
Reserves $0.00 $2,500
Totals $41,767.50 $47,03491
Yearly Expenses
The Villa Maria Apartments
FOR SALE—Villa Maria Apartments 1146 N 91st Street Seattle, WA 98103
Property: Villa Maria Apartments
Address: 1146 N 91st Street Seattle, WA 98103
Overview:
Price 2,800,000.00$ Current Cap Rate 5.14%
Price/Unit 254,545.45$ Market Cap Rate 5.53%
Price/Net Rentable SF 328.64$ Current GRM 14.32
Market GRM 13.18
Estimated Financing: General Info:
Loan Amount 1,820,000.00$ Units 11
Down Payment 980,000.00$
Loan to Value 65% Net RSF 8520
Interest Rate 3.80% Lot Size (acres) 0.713
Amortization Period 30 Lot SF 7250
Monthly Payment $8,480.42 Year Built 1986
Debt Service Ratio 1.41 Zoning LR3
Income:
Number Actual Market
of Units Mix SF Rents Rents
8 1-bed/1-bth 740 1,375.00$ 1,450.00$
2 2-bed/1.75bth 1100 1,795.00$ 1,795.00$
1 studio 400 1,050.00$ 1,195.00$
11 Totals: 7944 15,470.00$ 16,385.00$
Other Income (Monthly):
W/S/G 825.00$ 825.00$
Parking -$ 500.00$
Total Other Income 825.00$ 1,325.00$
Expenses (annualized): Actual (2015) Market
Real Estate Taxes 12,999.87$ 16,000.00$
Insurance 2,829.19$ 2,400.00$
Utilities 6,996.54$ 7,500.00$
Repairs and Maintenance 3,386.99$ 5,500.00$
On-Site Management 3,845.00$ -$
Professional Management 9,147.00$ 10,626.00$
Landscaping 1,642.50$ 1,642.50$
Misc. 920.41$ 920.41$
Reserves -$ 2,500.00$
Total Expenses 41,767.50$ 47,088.91$
Annual Operating Data: Current Market
Potential Gross Rents 185,640.00$ 196,620.00$
Add Other Income 9,900.00$ 15,900.00$
Less Vacancy 5% (9,777.00)$ (10,626.00)$
Less: Expenses (41,767.50)$ (47,088.91)$
Net Operating Income 143,995.50$ 154,805.09$
The Villa Maria Apartments
FOR SALE—Villa Maria Apartments 1146 N 91st Street Seattle, WA 98103
Address: 1146 N 91st Street, Seattle WA