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RIVER VOORHEES
BROKER
P: 206.505.9438
LOUIS VOORHEES
BROKER
P: 206.505.9434
WOODLAND GLEN 1801 S WOODLAND GLEN DR | TACOMA, WA 98444
WESTLAKE ASSOCIATES | 2
Headline font
N
WESTLAKE ASSOCIATES | 3
Investment Offering
4
$205.59
$750KLIST PRICE
# OF UNITS
PRICE PER SF
WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE WOODLAND GLEN FOURPLEX EXCLUSIVELY FOR SALE.
The Woodland Glen Fourplex consists of (4) large 2 bedroom units built in 1981. All of the units are a 2 bedroom/1 bathroom layout totaling 912 sq. ft. each. The apartments feature washer and dryer, dishwashers, fireplaces, garages, and decks off of the back of the property.
PROPERTY HIGHLIGHTS
• Large 912 sq. ft. Units
• All units are 2 Bedroom / 1 Bath
• Washer and Dryer In-Unit
• Immediate Rental Upside
• Quiet Community
INVESTMENT HIGHLIGHTS
Name
Address
Price
Year Built
# of Units
Net Rentable SF
$ per Unit
$ per NRSF
Market Cap Rate
Woodland Glen Fourplex
1801 S Woodland Glen Drive, Tacoma
$750,000
1981
4
3,648 SF
$187,500
$205.59
6.63%
WESTLAKE ASSOCIATES | 4
Property Details
PROPERTY DETAILS
BUILDING INFORMATION
County
Market
Submarket
Property Type
Zoning
APN#
Pierce
Tacoma
South End
Multi-Family
R3PRD
9785520180
Name
Year Built
# of Units
# of Floors
Lot Size
Net Rentable SF
Construction
Heat
Parking Spaces
Woodland Glen Fourplex
1981
4
2
14,392 SF
3,648 SF
Wood
Electric BB
8 Total;
4 Garage
Financial Offering
# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF
4 2 BD | 1 BA 912 SF $1,175 $1.29 $1,350 $1.483,648 SF $4,700 $1.29 $5,400 $1.48
CURRENT PRO FORMA
Scheduled Rent Income $56,400 $64,800
+ Other Income $600 $600
+ WSG Bill Back $0 $4,800
Scheduled Gross Income $57,000 $70,200
- Vacancy & Credit Losses ($1,710) 3.00% ($2,106) 3.00%
Gross Income $55,290 $69,094
CURRENT PRO FORMA
RE Taxes $6,953 $6,953
Insurance $1,000 $1,000
Utilities W/S/G/E $5,000 $5,000
Management $2,765 $3,405
Maintenance & Repairs $2,000 $2,000
Total Expenses $17,718 $18,358
CURRENT PRO FORMA
Net Operating Income $37,573 $49,736Less Loan Payments ($28,290) ($28,290)
Pre-Tax Cash Flow $9,283 4.13% $21,446 9.53%
Total Return Before Taxes $19,358 8.60% $31,522 14.01%
PRICE $750,000Price per Unit $187,500
Price per NRSF $205.59
Price per Land SF $52.11
Current Cap 5.01%
Current GRM 13.16
Market Cap 6.63%
Market GRM 10.68
Loan Amount $525,000
Down Payment $225,000
Rate 3.500%
% Down 30.0%
Amortization 30
Term 5 years
Monthly Payment $2,357
Annual Payment $28,290
EXPENSES
INCOME
OPERATING DATA
PRICE ANALYSIS
PROPOSED FINANCING
WESTLAKE ASSOCIATES | 6
Tacoma & Site Demographics
CLEAR VIEWS OF MOUNT RAINIER and the glistening water of the Puget Sound offer a dramatic backdrop for Washington’s third largest city. Tacoma is one of the West’s most ecologically diverse areas with an abundance of sea life at its shores and frequent bald eagle sightings in its skies.
The city is a destination spot for tourism, residents, and more and more a choice location for growing businesses. By offering tax and other incentives to businesses that expand or move here, Tacoma continues to look for ways to capitalize on its status as a gateway to the Pacific Rim. With the port a day closer to Asian countries than California’s ports, trade continues to be an important facet of business in the new Tacoma.
Tacoma is a city that bursts with culture and history. The Historic Union Station is a monument to the city’s railroad heritage. Capped by its gleaming copper dome, it now serves as a federal court house. Next door is the Washington State History Museum with mirror image arches that honor the history of the old station. Furthermore, the Tacoma Dome is the largest wood-domed arena and hosts an array of sporting events, tradeshows, and big-named concerts.
The second-largest urban park in the nation sits in the city of Tacoma. Point Defiance Park is only one of nearly 100 parks in Tacoma. The park spans more than 700 acres with gardens, beaches, forests, “Never Never Land” theme park for kids and a world-class zoo and aquarium.
With its freshwater lakes and miles of Puget Sound waterways, the area provides year-round activities for outdoor enthusiasts, including fishing, sailing, scuba diving, beach combing, camping and sea kayaking.
Tacoma remains a destination spot with the amenities of a big city and the charm of a small town. An ever-changing city, full of potential and excitement, Tacoma is poised to embrace the future.
POPULATION 1-MILE 3-MILE 5-MILE
Total Population 21,131 115,837 256,794
Total Daytime Population 17,623 116,997 256,406
Median Age 31.8 33.6 35.0
HOUSEHOLDS & INCOME 1-MILE 3-MILE 5-MILE
Total Households 7,705 43,101 96,734
Renter Occupied Housing 58.7% 45.6% 42.0%
Average HH Income $55,295 $61,826 $70,270
About WestlakeSince 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sounds Region.
Our unsurpassed commitment to creating and preserving our clients’ real estate investment wealth has resulted in thousands of successful transactions and a long history of repeat business and client referrals.
The professionals at Westlake Associates collaboratively work with clients to develop customized, creative solutions designed to mazimize investment returns.
We’ve built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, and comprehensive real estate services over our 40 year history. We operate as a team and leverage each other’s resources and experience to provide the highest level of client services.
PROUD MEMBERS OF:
Commercial Brokers Association (CBA)
Northwest Multiple Listing Services (NWMLS)
LoopNet National Listing Services
CoStar Commercial Real Estate Data & National Listing
Commercial Investment Real Estate (CREI)
Washington State Realtors Association (WSMA)
EXCLUSIVELY LISTED BY:
LOUIS VOORHEESBROKER P: [email protected]
RIVER VOORHEESBROKER P: [email protected]
1200 Westlake Avenue N, Suite 310Seattle, Washington 98109
©2020 WESTLAKE ASSOCIATES, INC.
DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, and numbers are approximate. Parties must verify the information and bear all risk for any inaccuracies.
