RENTON FOURPLEXES · 2020. 7. 13. · 8 | RENTON FOURPLEXES LOCATION OVERVIEW $59,894 PROFORMA NOI Price $ 950,000 Address 904 N 5th St, Renton Price Per Unit $ 237,500 Rentable SF

RENTON FOURPLEXESOffering Memorandum547 Index Pl NE, 554 Index Pl NE, & 904 N 5th St | Renton, WA

Casey ZejdlikP: 206.566.6599C: [email protected]

Jason KonoP: 206.566.6595C: [email protected]

Matt JohnstonP: 206.556.4419C: [email protected]

Justin KraftP: 206.566.6608C: [email protected]

EXCLUSIVELY LISTED BY

Investment Overview

Location

Financials

Comparables

Offer Guidelines

TABLE of CONTENTS

The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. © Pilot Ventures LLC.

INVESTMENT OVERVIEW

4 | RENTON FOURPLEXES

Price $ 850,000

Address 547 Index Pl NE, Renton

Price Per Unit $ 212,500

Rentable SF 2,620

Price Per SF $ 324

Current Cap Rate 5.43 %

Market Cap Rate 5.99 %

Current GRM 13.2

Market GRM 12.4

Year Built 1960

Parcel Number 722780-0620

Land SF 8,611

Zoning R-10

Construction Type Wood Frame

Plumbing Galvanized

Parking 6 Surface

Hot Water Individual H2O Tanks

Heating Electric Baseboard

Roof Type Composition

PILOT VENTURES | 76 | RENTON FOURPLEXES

$50,938PROFORMA NOI

$55,151PROFORMA NOI

Price $ 935,000

Address 554 Index Pl NE, Renton


Rentable SF 3,300

Price Per SF $ 283



Current GRM 13.3

Market GRM 12.7

Year Built 1965


Land SF 11,230

Zoning R-10


Plumbing Copper

Parking Surface

Hot Water Individual H2O Tanks

Heating Electric Baseboard



LOCATION OVERVIEW

$59,894PROFORMA NOI

Price $ 950,000

Address 904 N 5th St, Renton


Rentable SF 3,588

Price Per SF $ 265



Current GRM 13.6

Market GRM 12.2

Year Built 1946


Land SF 5,227

Zoning R-8


Plumbing Copper/Galvanized

Parking Street Parking

Hot Water Individual 50 Gal. Tanks

Heating Electric



Regi

onal

Info

rmat

ion

seattle

In total, Fortune 500 companies represent two-thirds of the U.S. GDP with $13.7 trillion in revenues, $1.1 trillion in profits, $22.6 trillion in market value, and employ 28.7 million people worldwide.

Washington state and the Puget Sound region are home to an array of Fortune 500 companies covering a variety of industries, including:

647,500 employees

131,000 employees 194,000 employees





WASHINGTON STATE IS HOME TO 11

COMPANIES ON THE 2019 FORTUNE 500 LIST

Internet Services and Retailing

Technology

General Merchandisers

Food Services

Construction & Farm Machinery

Airlines

Transportation & Logistics

Forest & Paper Products

Industrial Machinery

Expedia’s new $900 million HQ on Seattle’s waterfront opened in fall 2019. The site will house 4,500 Seattle metropolitan area employees as the company shifts operations from their Eastside Bellevue location to Downtown Seattle. Approvals are in place to continue future expansion to 8,000 employees at the campus.

Expedia, which spun out of Microsoft in 1999, is one of the world’s largest online travel companies. The brand umbrella includes Expedia, Hotels.com, Egencia, and Expedia Partner Solutions.

Google’s continued expansion in Seattle and Kirkland brings the total office space leased and owned to over 2 million square feet. Google currently has 4,500 employees in the region and its real estate portfolio gives the tech giant room for more than 10,000 people. Google is one of more than 130 companies from around the globe that have set up engineering centers in the Seattle area.

Google is a multinational technology company specializing in internet related services and products.

Facebook’s leasing velocity makes room for 23,700 new employees in the Seattle area, according to the 150 square feet per employee industry standard. Facebook’s recently signed lease includes 325,000 square feet in Block 6 of Bellevue’s Spring District. Facebook currently employs 5,000 people across Downtown Seattle, Bellevue, and Redmond. The projected headcount will easily exceed Facebook’s Silicon Valley offices, at approximately 15,000.

Facebook allows people to stay connected and share and express what matters to them. Other products and services owned by Facebook include Instagram, WhatsApp, Oculus, and GrokStyle.

Apple’s expansion in Seattle at 333 Dexter includes two 12-story office towers totaling 635,000 square feet, with room to house 4,200 employees. Seattle has become Apple’s hub for developing artificial intelligence and machine learning technologies.

The company designs, manufactures, and markets mobile communication and media devices as well as personal computers, and sells a variety of related software, services, accessories, and third-party digital content and applications. Apple is the world’s largest technology company by revenue and became the first public U.S. company to be valued at over $1 trillion.

EXPANDING TECH COMPANIES IN SEATTLE


puget sound

Empl

oym

ent

Hub

sSouth Lake Union

South Lake Union is the heart of Seattle’s tech hub, home to Amazon’s headquarters and a variety of cutting-edge technology and biotech companies including Juno Therapeutics, Allen Institute and Fred Hutchison Cancer Research

Seattle’s CBD is home to major finance, legal, government and insurance companies with a total of 35 million of inventory and 874,000 square feet of positive absorption in the office sector

Bustling core packed with entertainment, restaurants and artsy attractions

First Hill / Pill Hill

Home to major healthcare facilities including Harborview, Swedish, and Virginia Mason

Seattle University, the largest independent university in the Northwest, with over 7,500 students enrolled

Tourist destination that provides a plethora of dining, shopping and entertainment opportunities

Bellevue

The Eastside’s most sought after office submarket by tech companies including Amazon, Google and Facebook

Amazon has plans to add over 20,000 employees into this submarket by 2024

Downtown Bellevue has a current workforce of about 46,200 and is one of the top 100 most educated populations in the country

Redmond

World-renowned as the region’s hub for technological innovations

Home to Microsoft’s, SpaceX, Oculus (Facebook’s virtual reality headset division), and Nintendo of America

Microsoft expansion plans allow for up to 8,000 additional employees at its Redmond campus by 2023

Kirkland

Kirkland benefits from a high proportion of tech tenants including Google, Tableau, and GoDaddy

The downtown waterfront has an unparallel blend of public parks and beaches, fine dining, art galleries, and a performing arts center

EMPLOYMENT HUBS

14 | RENTON FOURPLEXES PILOT VENTURES | 15

seattle

Amaz

on’s

SLU

Cam

pus

Jobs: Amazon has created more than 53,000 jobs in Seattle since 2010 and 11,393 new job postings as of January 2020, with 30% of those in AWS, Amazon’s flagship cloud business.

Multifamily Demand: Amazon’s job growth has impacted neighborhoods surrounding South Lake Union, Bellevue, and the greater Puget Sound region.

Evolving Skyline: Amazon’s growth, with 12 million square feet leased or owned, has shaped the skyline of Seattle and driven consistent demand in the multifamily sector. In addition, Amazon’s rapid expansion in Bellevue could reach 4.8 million square feet and power spectacular growth in the area’s suburbs.

AMAZON’S EMPLOYMENT TRENDS IN SEATTLE

AMAZON’S SEATTLE GROWTH IMPACT

5.0 K8.5 K

11.0 K

16.0 K

21.0 K

27.5 K

38.0 K40.0 K

45.0 K

53.0 K

0.0 K

10.0 K

20.0 K

30.0 K

40.0 K

50.0 K

60.0 K

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

16 | RENTON FOURPLEXES PILOT VENTURES | 17

Two-acre open plaza that can hold up to 12,000 people

Pedestrian and cyclist-only bridge over SR 520 connecting the east and west campuses

Multi-use outdoor spaces, including running/walking trails, sports facilities, and green space

Microsoft store, retail shops, and restaurants

Car-free pedestrian zones and an underground smart parking facility

Link Light Rail stop (scheduled completion by 2023)

MICROSOFT’S GROWTH IMPACT

Microsoft is the world’s largest software company with their global headquarters located in Redmond.

In 2018, Microsoft broke ground on a multi-billion dollar renovation and development project at its

Redmond campus. Planned construction over the next 5-7 years includes 18 new buildings totaling 2.5

million square feet, and the renovation of a majority of the 80 existing buildings totaling 6.7 million

square feet. Microsoft is investing $150 million in transportation infrastrucure that will include a

pedestrian and cyclist bridge, connecting the east and west campuses. The renovation will add 8,000

employees to its 47,000 total in the Puget Sound region, with a vast majority at the Redmond Campus.

MULTI-BILLION DOLLAR RENOVATION & DEVELOPMENT

Mic

roso

ft’s

Wor

ld H

Q

redmond


SOUTHPORT ON LAKE WASHINGTON

The southernmost end of Lake Washington in Renton is in the midst of a revitalization project known as

Southport. Seco Development has put their stamp on an undisputed masterpiece. Southport contains the

luxurious 347-room Hyatt Regency hotel, three nine-story office buildings totaling 715,000 square feet and

7 on-site apartment buildings totaling 383 units. The project is the only full-building solution available in

the Greater Puget Sound area and has the capacity to employ 6,000 people, providing workers a unique

waterfront work environment.

Sout

hpor

t Re

nton

renton

715,668 SF WATERFRONT CAMPUS

30,000 SF RETAIL & RESTAURANTS

17.1+ ACRE EXPANSION CAPABILITIES

RENTON ATTRACTIONS

Gene Coulon Memorial Beach Park

Situated on the southeast shore of Lake Washington, Gene Coulon Memorial Beach Park

boasts 57 acres of land along 5,400 feet of shoreline, offering a great destination for water-

related activities. The park’s amenities include a launch ramp, picnic shelters, waterfront

restaurants, sand volleyball courts, a polar plunge swimming area, over 1.5 miles of paved

walking trails, an interpretive botanical walk, and playground. During the holiday season,

Ivar’s Clam Lights animate the park with thousands of lights in a stunning visual display.

Renton History Museum

Houses the history of greater Renton, and its mission is to preserve, document, interpret,

and educate through exhibits and programs. The museum, located in a historic Art Deco

firehouse constructed in 1942, has a vast collection of photographs, objects, and archives

that include books, newspapers, records, school-life photos and memorabilia, and coal

mining and firefighting artifacts, making learning about Renton a dynamic experience.

The Landing in Renton

The Landing offers an urban lifestyle retail experience with 63 stores encompassing $40

million in dining and entertainment volume, and $80 million in retail volume annually.

Anchors include the Regal Entertainment Group, Dicks Sporting Goods, and Target.


SUBMARKET TRENDS

4.9%4.9% 4.9% 4.8%

4.8%4.8% 4.8%

4.7% 4.7%4.6% 4.6%

4.6% 4.6%

4.4%

4.5%

4.6%

4.7%

4.8%

4.9%

5.0%

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

Cap Rate compression driven by both private capital and institutional investors due to a changing submarket from

various Eastside employers

92

150

-25

1

-32-18

189172

214

260

179

229

187

-50

0

50

100

150

200

250

300

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

Absorption driven by a fast growing population that generates solid demand for rental housing leading to positive

absorption during the last 7 quarters

2.5% 2.5%

3.1% 3.1% 3.1%

0.5% 0.5% 0.5% 0.5%

0.0% 0.0% 0.0% 0.0%0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

Under Construction % of 14K Total Supply has been declining since 2018. Recent developments since 2016

have catered to the area's more affluent workforce

DEMOGRAPHIC SUMMARY

1 MILE 3 MILES 5 MILES

2019 Population: 15,857 107,840 246,025

2024 Population: 17,116 114,676 259,951

Growth 2019-2024: 7.94 % 6.34 % 5.66 %

Average Age: 37.8 37.8 38

POPULATION


2019 HH Total: 7,523 42,739 91,261

Growth 2019-2024: 8.64 % 6.48 % 5.56 %

Median HH Income: $ 70,226 $ 75,532 $ 78,962

Average HH Size: 2.1 2.5 2.6

Average HH Vehicles: 1 2 2

HOUSEHOLDS


Median Home Value: $ 358,020 $ 385,794 $ 407,875

Median Year Built: 1991 1981 1978

HOUSING

5 MILES

3 MILES

1 MILE

5.5% 5.3%

6.5%

3.7%4.0%

3.4%

2.0%

4.4%3.8%

4.8% 5.1%

4.0% 4.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

Rent Growth has been healthy the last several years driven by job growth and affordability compared to Seattle core


Prop

erty

Sum

mar

y

renton

RENTON

HIGHLANDS PARK

THE LANDING

LAKEWASHINGTONE

AT

+ D

RIN

K 1 Viet Wah Asian Market

2 Vince’s Italian

3 Pizza Hut

4 Subway

5 Kate J’s Bar and Grill

6 The Brick Pub and Grill

7 Taqueria Sanchez

8 Santa Fe Mexican Grill

9 Tapout

10 Panda Express

11 Panera Bread

12 Top Pot Doughnuts

13 Torero’s Mexican

14 The Rock Wood Fired Pizza

15 Vino at the Landing

16 Wingstop

17 Emerald City Smoothie

18 Starbucks

19 Mighty Mugs

20 Nice Thai

1 Kiwanis Park

2 Honeydew Athletic Fields

3 Heritage Park

4 Cedar River Park

5 Liberty Park

6 Gene Coulon Park

1 Walgreens

2 Safeway

3 Rite Aid

4 Goodwill Renton

5 Tienda Latina

6 Lowe’s Home Improvement

7 Target

8 PetSmart

9 Dick’s Sporting Goods

10 Fry’s

1 Renton Highlands Library

2 Reign Fitness

3 Total Body Transformation

4 LA Fitness

5 Orangetheory Fitness

6 24 Hour Fitness

RE

CR

EA

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NS

HO

PP

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1

2

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16

17

18

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2

3

4

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1

3

1

2

3

4

5

6

4

5

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2

RENTON | WA | 98055

WALKSCORE.COM

50 35 45

RENTON FOURPLEXES This three-property multifamily portfolio is well-positioned in amenity rich pockets of Renton that offer close proximity to both Bellevue and Seattle, while providing a residential feel that appeals to a wide range of tenants. The portfolio consists of 12 units ranging from a studio, one, two, and three bedrooms. Situated in neighborhoods near The Landing, and a convenient commute to a growing number of reputable manufacturing, technology, and healthcare employers such as Boeing, Paccar, and Kaiser Permanente, this portfolio offers ideal connectivity to all that the growing Renton submarket has to offer.

The three properties in this portfolio are uniquely poised to provide a residential experience for tenants, while offering rents that provide a more affordable option than many of the Class A new-development product that has been built in Renton over the last several years. The properties also allow quick access to I-405, promoting ease of travel to many of the region’s other employment and amenity hubs. As renters are continually priced out of the Seattle and Bellevue cores, this Renton portfolio is in an advantageous position to capture increased renter demand in the Renton market.

Index Place Fourplex – 547 Index Pl NE: Single story building with 6 surface parking stalls. Unit mix consists of one studio, one 1-bedroom, one two-bedroom, one 3-bedroom. The property sits on 0.2 acres and has 2,620 NRSF.

Index Place Fourplex – 554 Index Pl NE: Single story building with 4 tandem surface parking stalls. Unit mix consists of one 1-bedroom and three 2-bedrooms. The property sits on 0.26 acres and has 3,300 NRSF.

Fifth Street Fourplex – 904 N 5th St: Single story building with a unit mix consisting of four 2-bedrooms. The property sits on corner lot with 0.12 acres and has 3,588 NRSF.

All three of the assets in this portfolio are a 5-7 minute commute to premier Renton attractions, The Landing and the soon to be completed Southport On Lake Washington. With accessibility to many of the area’s top employers, this portfolio provides an attractive footprint in one of King County’s most promising submarkets.

1

3

2

904 N 5TH ST3547 INDEX PL NE 1

554 INDEX PL NE 2

FINANCIALS


CONVENIENT LOCAL ACCESS

SEATTLE 16

MINUTES

PUGETSOUND

LAKEWASHINGTON

BELLEVUE 18

MINUTES

FACTORIA 12

MINUTES

MERCERISLAND

16 MINUTES

WESTSEATTLE

22 MINUTES

GEORGETOWN 12

MINUTES

547 INDEX PL NE 1

554 INDEX PL NE 2

904 N 5TH ST3


RENT ROLL547 Index Pl NE

UNIT Type Approx SF Current Rent Current / SF Market Rent Market / SF

547 3 Bd / 1 Bth 1,000 $ 1,850 $ 1.85 $ 1,900 $ 1.90

549A 1 Bd / 1 Bth 580 $ 1,000 $ 1.72 $ 1,250 $ 2.16

549B Studio 290 $ 900 $ 3.10 $ 915 $ 3.16

551 2 Bd / 1 Bth 750 $ 1,600 $ 2.13 $ 1,625 $ 2.17

2,620 $ 5,350 $ 2.20 $ 5,690 $ 2.35

FINANCIAL ANALYSIS547 Index Pl NE

CURRENT PRO FORMA

Gross Potential Rent $ 64,200 $ 68,280

Vacancy $ (1,926) 3.00 % $ (2,048) 3.00 %

NET RENTAL INCOME $ 62,274 $ 66,232

OTHER INCOME

Pet Rent $ 0 $ 300

RUBS $ 0 $ 3,120

Misc Fees $ 0 $ 300

Total Other Income $ 0 $ 3,720

EFFECTIVE GROSS INCOME $ 62,274 $ 69,952

EXPENSES

Property Taxes $ 7,110 $ 8,505

Insurance $ 1,400 $ 1,400

Utilities $ 3,600 $ 3,708

Maintenance / Repairs $ 4,000 $ 3,400

Reserves $ 0 $ 800

Landscaping $ 0 $ 1,200

Total Expenses $ 16,110 $ 19,013

NET OPERATING INCOME $ 46,164 $ 50,938


RENT ROLL554 Index Pl NE


1 2 Bd / 1 Bth 756 $ 1,500 $ 1.98 $ 1,575 $ 2.08

2 2 Bd / 1 Bth 904 $ 1,550 $ 1.71 $ 1,625 $ 1.80

3 1 Bd / 1 Bth 510 $ 1,250 $ 2.45 $ 1,300 $ 2.55

4 2 Bd / 1 Bth 906 $ 1,550 $ 1.71 $ 1,625 $ 1.79

3,076 $ 5,850 $ 1.97 $ 6,125 $ 2.06

CURRENT PRO FORMA


Vacancy $ (2,106) 3.00 % $ (2,205) 3.00 %


OTHER INCOME

Pet Rent $ 0 $ 300

RUBS $ 0 $ 3,120

Misc Fees $ 0 $ 300



EXPENSES

Property Taxes $ 9,652 $9,356

Insurance $ 1,500 $1,400

Utilities $ 3,600 $3,708

Maintenance / Repairs $ 2,000 $3,400

Reserves $ 0 $800

Other $ 0 $1,200

Total Expenses $ 16,752 $19,864

NET OPERATING INCOME $ 51,342 $55,151

FINANCIAL ANALYSIS554 Index Pl NE


RENT ROLL904 N 5th St


904 2 Bd / 1 Bth 897 $ 1,400 $ 1.56 $ 1,625 $ 1.81

904 1/2 2 Bd / 1 Bth 897 $ 1,600 $ 1.78 $ 1,625 $ 1.81

906 2 Bd / 1 Bth 897 $ 1,450 $ 1.62 $ 1,625 $ 1.81

906 1/2 2 Bd / 1 Bth 897 $ 1,350 $ 1.51 $ 1,625 $ 1.81

3,588 $ 5,800 $ 1.62 $ 6,500 $ 1.81

CURRENT PRO FORMA


Vacancy $ (2,088) 3.00 % $ (2,340) 3.00 %


OTHER INCOME

Pet Rent $ 0 $ 300

RUBS $ 0 $ 3,120

Misc Fees $ 0 $ 300



EXPENSES

Property Taxes $ 9,652 $ 8,978

Insurance $ 1,400 $ 1,400

Utilities $ 3,600 $ 3,708

Maintenance / Repairs $ 4,000 $ 3,400

Reserves $ 0 $ 800

Total Expenses $ 18,652 $ 19,486

NET OPERATING INCOME $ 48,860 $ 59,894

FINANCIAL ANALYSIS904 N 5th St

COMPARABLES



SALES COMPARABLES

Property Address Building Name Units Price Sale Date Price/Unit Price/NRSF Cap Rate Year Built / Reno

1 361 Earlington Ave SW 361 Earlington Ave SW 2 $ 660,000 2/14/20 $ 330,000 $ 311 5.1 % 1979

2 2625 Jones Ave NE 2625 Jones Ave NE 2 $ 476,000 1/6/20 $ 238,000 $ 290 3.2 % 1963

3 3101 NE 11th Pl * Highlands West * 4 $ 877,500 11/1/19 $ 219,375 $ 258 3.1 % 1983

4 3109 NE 11th Pl * Highlands West * 4 $ 877,500 11/1/19 $ 219,375 $ 258 3.1 % 1983

5 211 Park Ave N 211 Park Ave N 4 $ 1,000,000 10/30/19 $ 250,000 $ 384 5.1 % 1904 / 2019

6 3105 NE 15th St 3105 NE 15th St 4 $ 826,700 9/30/19 $ 206,675 $ 284 4.9 % 1961

7 401 Taylor Pl NW Taylor Place Apartments 15 $ 3,220,000 8/20/19 $ 214,667 $ 294 5.5 % 1969

8 303 Houser Way S 303 Houser Way S 4 $ 995,000 5/1/19 $ 248,750 $ 298 5.0 % 1985

AVERAGES $ 240,855 $ 297 4.4 %* Indicates Pilot Ventures sale

SALES COMPARABLES

361 EARLINGTON AVE SW

361 Earlington Ave SW

2625 JONES AVE NE

2625 Jones Ave NE

HIGHLANDS WEST

3101 NE 11th Pl

HIGHLANDS WEST

3109 NE 11th Pl

211 PARK AVE N

211 Park Ave N

3105 NE 15TH ST

3105 NE 15th St

TAYLOR PLACE APARTMENTS

401 Taylor Pl NW

303 HOUSER WAY S

303 Houser Way S

11

22

33

44

55

66

LAKEWASHINGTON

RENTON

77

88

547 INDEX PL NE 1

554 INDEX PL NE 2

904 N 5TH ST3

11

22

44

55

66

77

88

33


HIGHLANDS WEST - 3101 NE 11th Pl

Units 4

Total SF 3,400

Year Built 1983

Laundry In-Unit

Parking 4 Tuck Under

Sale Details

Sale Date 11/1/19

Sale Price $ 877,500


Price Per SF $ 258

Cap Rate 3.1 %

Unit Type Units Avg SF

2 Bd / 1 Bth 4 850

2625 JONES AVE NE

Units

Total SF 1,640

Year Built 1963

Laundry In-Unit

Parking 4 Surface

Sale Details

Sale Date 1/6/20



Price Per SF $ 290

Cap Rate 3.2 %


1 Bd / 1 Bth 1 820

2 Bd / 1 Bth 1 820


Units 2

Total SF 2,120

Year Built 1979

Laundry In-Unit

Parking 4 Surface

Sale Details

Sale Date 2/14/20



Price Per SF $ 311

Cap Rate 5.1 %


3 Bd / 2 Bth 2 1,060

SUBJECT

SALES COMPARABLES SALES COMPARABLES

1

2

3SUBJECT

SUBJECT

INDEX PLACE FOURPLEX547 Index Pl NE

Units 4

Total SF 2,620

Year Built 1960

Laundry 3 of 4 In-Unit

Parking 6 Surface

Recommended List Price

Sale Date TBD

List Price $ 850,000


Price Per SF $ 324



Studio 1 290

1 Bd / 1 Bth 1 580

2 Bd / 1 Bth 1 750

3 Bd / 1 Bth 1 1,000

INDEX PLACE FOURPLEX554 Index Pl NE

Units 4

Total SF 3,300

Year Built 1965

Laundry In-Unit

Parking 4 Surface

FIFTH STREET FOURPLEX904 N 5th St

Units 4

Total SF 2,496

Year Built 1946

Laundry 3 of 4 In-Unit

Parking Street


Sale Date TBD



Price Per SF $ 283



1 Bd / 1 Bth 1 510

2 Bd / 1 Bth 3 855


Sale Date TBD



Price Per SF $ 265



2 Bd / 1 Bth 4 897


3105 NE 15TH ST

Units 4

Total SF 2,916

Year Built 1961

Laundry Common

Parking Street

Sale Details

Sale Date 9/30/19



Price Per SF $ 284

Cap Rate 4.9 %


2 Bd / 1 Bth 4 729

211 PARK AVE N

Units 4

Total SF 2,500

Year Built / Reno 1904 / 2019

Laundry Common

Parking 4 Surface

Sale Details

Sale Date 10/30/19

Sale Price $ 1,000,000


Price Per SF $ 384

Cap Rate 5.1 %


2 Bd / 1 Bth 4 625

HIGHLANDS WEST - 3109 NE 11th Pl

Units 4

Total SF 3,400

Year Built 1983

Laundry In-Unit

Parking 4 Tuck Under

Sale Details

Sale Date 11/1/19



Price Per SF $ 258

Cap Rate 3.1 %


2 Bd / 1 Bth 4 850

SALES COMPARABLES

4

5 303 HOUSER WAY S

Units 4

Total SF 3,336

Year Built 1985

Laundry In-Unit

Parking 5 Surface

Sale Details

Sale Date 5/1/19



Price Per SF $ 298

Cap Rate 5.0 %


2 Bd / 1 Bth 4 834

TAYLOR PLACE APTS - 401 Taylor Pl NW

Units 15

Total SF 10,085

Year Built 1969

Laundry Common

Parking 8 Carports, Surface Lot

Sale Details

Sale Date 8/20/19

Sale Price $ 3,220,000


Price Per SF $ 294

Cap Rate 5.5 %


1 Bd / 1 Bth 13 645

2 Bd / 1 Bth 2 850

SALES COMPARABLES

7

8

6


RENT COMPARABLESRENT COMPARABLES

Property Address Building Name Unit Type Unit SF Rent Rent /SF Year Built

1 16223 SE 136th St 16223 SE 136th St 1 Bd / 1 Bth 400 $ 1,225 $ 3.06 1971

2 665 Ferndale Pl NE 665 Ferndale Pl NE 1 Bd / 1 Bth 700 $ 1,595 $ 2.28 1942

3 2908 NE 12th St Heather Apartments 1 Bd / 1 Bth 600 $ 1,125 $ 1.88 1968

4 401 Taylor Pl NW Taylor West Apartments 1 Bd / 1 Bth 850 $ 1,380 $ 1.62 1969

5 3323 NE 12th St Highland Ridge Apartments 1 Bd / 1 Bth 750 $ 1,450 $ 1.93 1979

AVERAGES 660 $ 1,355 $ 2.15


5 3323 NE 12th St Highland Ridge Apartments 2 Bd / 1 Bth 720 $ 1,595 $ 2.22 1962

6 1511 Index Ave NE 1511 Index Ave NE 2 Bd / 1 Bth 760 $ 1,700 $ 2.24 1943

7 1709 Index Ave NE 1710 Index Ave NE 2 Bd / 1 Bth 875 $ 1,895 $ 2.17 1943

8 5520 NE 10th St 5520 NE 10th St 2 Bd / 1 Bth 875 $ 2,100 $ 2.40 2005

9 3105 NE 15th St 3105 NE 15th St 2 Bd / 1 Bth 729 $ 1,580 $ 2.17 1961

AVERAGES 792 $ 1,774 $ 2.24


10 363 Earlington Ave SW 363 Earlington Ave SW 3 Bd / 2 Bth 1,060 $ 1,950 $ 1.84 1979

11 15518 116th Ave SE 15518 116th Ave SE 3 Bd / 1 Bth 1,010 $ 2,100 $ 2.08 1962

12 2601 Lake Youngs Ct SE 2601 Lake Youngs Ct SE 3 Bd / 1 Bth 1,000 $ 2,100 $ 2.10 1963

13 558 Index Ave NE 558 Index Ave NE 3 Bd / 1 Bth 1,144 $ 2,095 $ 1.83 1959

14 3408 NE 7th St 3408 NE 7th St 3 Bd / 1.5 Bth 1,350 $ 2,350 $ 1.74 1963

AVERAGES 1,113 $ 2,119 $ 1.92

16223 SE 136TH ST

665 FERNDALE PL NE

HEATHER APTS

TAYLOR WEST APTS

HIGHLAND RIDGE APTS

1511 INDEX AVE NE

1709 INDEX AVE NE

5520 NE 10TH ST

3105 NE 15TH ST


15518 116TH AVE SE

2601 LAKE YOUNGS CT SE

558 INDEX AVE NE

3408 NE 7TH ST

11

22

33

44

55

66

LAKEWASHINGTON

RENTON

77

88

99

1010

1111

1212

1313

1414

554 INDEX PL NE 2

1010 N 2ND ST4

904 N 5TH ST3

1 547 INDEX PL NE

11

22

33

44

55

66

77

88

99

1010

1111

1212

1313

1414

OFFER GUIDELINESOFFER GUIDELINES


Pilot Ventures is pleased to announce

All questions and inquiries regarding tours and this opportunity should be addressed to the Pilot Ventures representatives listed herein. Pilot Ventures’ team will be available to assist prospective investors with questions upon their review of the offering. Investors will receive advanced notification of the bid deadline via email. Offers should include, at a minimum, the following:

• The purchase price, contingencies and closing date;

• The amount of earnest money deposit;

• The source of capital for down payment;

• A detailed timeline for the transaction;

• A brief overview of the Buyer’s qualifications.


Built upon trust and experience, Pilot Ventures was founded by principals Casey Zejdlik and Jason Kono.

Specializing in multifamily investments and property management services, our focus on long-term client success is at the core of everything we do.

At Pilot Ventures, our experienced team of industry professionals offer more than 50 years of creative investment expertise. We engage with every client in a goal-oriented manner to enhance their portfolio and maximize results.

Together, we don’t just build equity— we build relationships.

BrokerageWhether you’re buying or selling, our experienced team of brokers will ensure you receive the best possible representation.

SyndicationOur firm’s financial expertise and professional management allows individuals, families, partnerships and trusts to invest in income producing properties without worrying about the day-to-day operations. We provide a full-service approach to every stage of your multifamily real estate investment.

ManagementManaging properties can be an overwhelming experience— in working with Pilot Ventures, we help streamline processes and systems to maximize your cash flow and ROI.

pilotNW.com

Brokerage / Syndication / Management

Documents

RENTON FOURPLEXES · 2020. 7. 13. · 8 | RENTON FOURPLEXES LOCATION OVERVIEW $59,894 PROFORMA NOI Price $ 950,000 Address 904 N 5th St, Renton Price Per Unit $ 237,500 Rentable SF