Offering Memorandum KENMORE VILLAGE th Ave NE Kenmore, WA Exclusively offered by Paragon Real Estate Advisors
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1 Offering Memorandum KENMORE VILLAGE th Ave NE Kenmore, WA Exclusively offered by Paragon Real Estate Advisors 1
2 Offering Summary Paragon Real Estate Advisors is proud to exclusively offer for sale the 58-unit Kenmore Village apartments. Located in Kenmore, Washington on the North shore of Lake Washington, Kenmore Village is well positioned to take advantage of the recent rental growth in the Bothell/Kenmore neighborhoods. This is the first time the property has been on the market in 25+ years, and offers the Buyer an excellent opportunity to purchase a pride-of-ownership property with significant upside potential. Name Kenmore Village Address th Ave NE, Kenmore WA Total Units 58 Built 1986 Square Feet 34,975 Total Net Rentable (35,758 Gross) Price $12,000,000 Price Per Unit $206,897 Price Per Foot $ Current GRM/CAP 16.99/3.64% (2% Vacancy) Market GRM/CAP 11.88/5.44% (5% Vacancy) Market Expense Per Unit $5,286/Year Terms Cash Out Lot Size 53,564 Square Fee (Per King County Records) Zoning R18 2
3 Investment Highlights First time on the market in 25+ years Significant rental upside Stacked washer and dryer in each unit Individual water shut-offs offer the ability to sub-meter water and sewer charges Dishwasher and garbage disposals Double-pane vinyl windows Private deck or patio in each unit Vented range hoods One piece fiberglass bath and shower enclosures Carpet and vinyl floor coverings Ample on-site parking with 88 total spaces Low maintenance landscaping 3
4 Neighborhood Map BELLEVUE SEATTLE CBD KIRKLAND BASTYR UNIVERSITY WOODINVILLE KENMORE VILLAGE DOWNTOWN KENMORE UW BOTHELL 4
5 Aerial Map BURKE-GILMAN TRAIL KENMORE VILLAGE 5
6 Location Highlights Minutes to Bothell Landing One mile to the new 9.6 acre Kenmore Village development in downtown Kenmore Three miles to UW Bothell with 5,000+ enrolled students 8 minute drive to Bastyr University, a leading natural sciences university Two minute walk to the Burke Gilman Trail, connecting The University of Washington, Seattle, Woodinville and Redmond One block from Highway 522 with direct access to Seattle and I-405 Bothell/Kenmore area rents are up 8.6% year-over-year (Sept 2016) 6
7 Bothell and Kenmore On the Rise A SHINING FUTURE The City of Bothell is stepping boldly into the future. 150 million dollars worth of new public infrastructure improvements the result of cooperation between the city and private developers is transforming Bothell into a thriving hub of walkable housing, office and entertainment destinations. The result of these public investments will be a fully integrated and pedestrian friendly downtown that reflects the City s heritage, while leveraging 25 acres of city-owned aggregated properties (acquired over the last two years) into a destination and gathering place for area residents, employees and visitors. HIGHER EDUCATION UW Bothell is one of the three campuses that make up the University of Washington, and offers multiple opportunities to its students and locals. The campus is conveniently located in the heart Bothell and boasts a rigorous interdiciplinary curriculum, teaching professors and high standards of social responsibility. FAST FACTS Less than 3 miles from Apartments Largest branch campus in Washington State 5,279 students 89% Undergraduates 93% Full time Over 650 faculty and staff Over 45 degrees offered In 20 years has awarded over 10,500 degrees 7
8 Employment The Seattle metro area is currently characterized by positive job growth, with a 2.9% gain in employment, which represents an increase of 43,000 new jobs. Downtown Seattle ranks 12th among the 231 major employment markets in the U.S. for job density, and that ranking is expected to rise. HEADQUARTERED IN PUGET SOUND Amazon, Microsoft, Nordstroms, Starbucks, Costco, Zillow, Porch, PitchBook, Real Networks, Expeida, Weyerhauser, Zulily, REI, Bill and Melinda Gates Foundation, Paul Allen Institute, Holland America, Expeditors International, Alaska Airlines, T-Mobile, Paccar, Nintendo of America OTHER MAJOR EMPLOYERS University of Washington, Fred Hutchinson Cancer Research Center, Zymo Genetics, Tommy Bahama, Seattle Bio Medical, Facebook, Alibaba MAJOR UNIVERSITIES AND COLLEGES Seattle Pacific University, University of Washington, Seattle University, Cornish College of the Arts, The Art Institute of Seattle, Bastyr University, City University MAJOR MEDICAL Seattle Children s Hospital, Swedish Medical Center, Virginia Mason, Harborview, Providence, Group Health Cooperative 8
9 Improvements Built in 1986, Kenmore Village consists of 58 units across four buildings. The unit mix offers spacious layouts consisting of 51 one-bedroom units and 6 two-bedroom configurations. There is one studio/office unit that the owner uses for his personal office (this is a one bedroom unit that is used as an office/ storage unit). The apartments include individual decks and patio areas, and offer open floor plans with convenient features including washer and dryers in unit, garbage disposals, dishwashers, and double-paned vinyl windows. All of the units have electric baseboard heat. The current ownership does not charge tenants for utility expenses, although the water shut-offs in each unit would allow a new owner to sub-meter this usage, or institute a monthly utility RUBS billing system. The property is well-laid out with ample parking (88 spaces) through a mix of open, covered, and 12 garage spaces. The low-maintenance landscaping and hillside location offers a quiet, park-like setting for residents. 9
10 Building Photos 10
11 Unit Photos 11
12 Unit Photos 12
13 Site Plan BLDG D GARAGE BUILDING A BUILDING B BUILDING C 13
14 Floorplans 1BD/1BTH UNIT 585 SQ.FT. 2BD/1BTH UNIT 790 SQ.FT. 14
15 Rent Roll Unit Type Approx SF Current $ Rent/SF Market $ Rent/SF Unit Type Approx SF Current $ Rent/SF Market $ Rent/SF Bd/1 Bth 790 $1,445 $1.83 $1,545 $ Bd/1 Bth 585 $1,045 $1.79 $1,345 $ Bd/1 Bth 790 $1,060 $1.34 $1,545 $ Studio 400 $1,200 $3.00 $1,200 $ Bd/1 Bth 585 $1,040 $1.78 $1,345 $ Bd/1 Bth 585 $775 $1.32 $1,345 $ Bd/1 Bth 585 $845 $1.44 $1,345 $ Bd/1 Bth 585 $840 $1.44 $1,345 $ Bd/1 Bth 585 $995 $1.70 $1,345 $ Bd/1 Bth 585 $895 $1.53 $1,345 $ Bd/1 Bth 585 $960 $1.64 $1,345 $ Bd/1 Bth 585 $1,270 $2.17 $1,345 $ Bd/1 Bth 585 $995 $1.70 $1,345 $ Bd/1 Bth 585 $875 $1.50 $1,345 $ Bd/1 Bth 585 $1,195 $2.04 $1,345 $ Bd/1 Bth 585 $850 $1.45 $1,345 $ Bd/1 Bth 585 $995 $1.70 $1,345 $ Bd/1 Bth 585 $895 $1.53 $1,345 $ Bd/1 Bth 585 $850 $1.45 $1,345 $ Bd/1 Bth 585 $890 $1.52 $1,345 $ Bd/1 Bth 790 $1,100 $1.39 $1,545 $ Bd/1 Bth 585 $870 $1.49 $1,345 $ Bd/1 Bth 790 $1,095 $1.39 $1,545 $ Bd/1 Bth 585 $1,245 $2.13 $1,345 $ Bd/1 Bth 585 $895 $1.53 $1,345 $ Bd/1 Bth 585 $935 $1.60 $1,345 $ Bd/1 Bth 585 $1,395 $2.38 $1,395 $ Bd/1 Bth 585 $860 $1.47 $1,345 $ Bd/1 Bth 585 $1,020 $1.74 $1,345 $ Bd/1 Bth 585 $945 $1.62 $1,345 $ Bd/1 Bth 585 $1,095 $1.87 $1,345 $ Bd/1 Bth 585 $1,095 $1.87 $1,345 $ Bd/1 Bth 585 $1,045 $1.79 $1,345 $ Bd/1 Bth 585 $995 $1.70 $1,345 $ Bd/1 Bth 585 $935 $1.60 $1,345 $ Bd/1 Bth 585 $1,145 $1.96 $1,345 $ Bd/1 Bth 585 $1,195 $2.04 $1,345 $ Bd/1 Bth 585 $945 $1.62 $1,345 $ Bd/1 Bth 585 $895 $1.53 $1,345 $ Bd/1 Bth 585 $995 $1.70 $1,345 $ Bd/1 Bth 790 $1,045 $1.32 $1,545 $ Bd/1 Bth 585 $1,345 $2.30 $1,345 $ Bd/1 Bth 790 $965 $1.22 $1,545 $ Bd/1 Bth 585 $870 $1.49 $1,345 $ Bd/1 Bth 585 $895 $1.53 $1,345 $ Bd/1 Bth 585 $1,145 $1.96 $1,345 $ Bd/1 Bth 585 $910 $1.56 $1,345 $ Bd/1 Bth 585 $1,145 $1.96 $1,345 $ Bd/1 Bth 585 $880 $1.50 $1,345 $ Bd/1 Bth 585 $860 $1.47 $1,345 $ Bd/1 Bth 585 $1,040 $1.78 $1,345 $ Bd/1 Bth 585 $945 $1.62 $1,345 $ Bd/1 Bth 585 $1,045 $1.79 $1,345 $ Bd/1 Bth 585 $850 $1.45 $1,345 $ Bd/1 Bth 585 $935 $1.60 $1,345 $ Bd/1 Bth 585 $1,280 $2.19 $1,345 $ Bd/1 Bth University $925 Street $1.58 Suite 2018 $1,345 Seattle, $2.30 WA Bd/1 Bth 585 $890 $1.52 $1,345 $
16 Operating Summary Units 58 Year built 1986 Rentable Area 34,975 Sq.Ft. Down Payment $4,000, % Loan Amount $8,000, % Interest Rate 3.40% Amortization 30 Years Price $12,000,000 Price Per Unit $206,897 Per Square Foot $ Current GRM Current CAP 3.64% Market GRM Market CAP 5.44% Annualized Operating Data Current Market Scheduled Gross Income $706,500 $1,009,740 Less Vacancy 2.0% $14, % $50,487 Gross Operating Income $692,370 $959,253 Less Expenses $255,044 $306,611 Net Operating Income $437,326 $652,642 Annual Debt Service ($35,478/mo) $425,742 $425,742 Cash Flow Before Tax 0.29% $11, % $226,900 Principal Reduction $156,161 $156,161 Total Return Before Tax 4.19% $167, % $383,060 Units Type Size Current Rent Monthly Income Market Rent Monthly Income 1 Studio 400 $1,200 $1,200 $1,200 $1, Bd/1Bth 585 $775 - $1,345 $50,675 $1,345 68, Bd/1Bth 790 $965 - $1,445 $6,710 $1,545 $9, Averages 603 $1,010 $1,363 $1.68/Sq.Ft. $2.26/Sq.Ft. Total Monthly Income Monthly Scheduled Rent $58,585 $79,065 Parking Income $0 $75/garage $900 Utility Income $0 $65/$85 $3,890 Annualized Operating Expenses Current Market Real Estate Taxes 2016 $75,645 $100,000 Insurance 2016/Proforma $9,588 $14,500 Utilities 2016 Annualized $56,371 $56,371 Property Management 4% $27,695 $38,370 On-Site Management $45/door $31,320 $31,320 Maintenance & Repairs 2016/Proforma $31,876 $43,500 Landscaping Proforma $6,000 $6,000 Advertising & Admin Proforma $2,050 $2,050 Reserves Proforma $14,500 $14,500 Total Expenses $255,044 $306,611 Non-Refundable Fees/Misc $290 $290 Total Monthly Income $58,875 $84,145 Current Operations Expenses/Unit Expenses/Foot Percent of EGI $4,397 $ % Market Operations Expenses/Unit Expenses/Foot Percent of EGI $5,286 $ % 16
17 Sale Comparables SUBJECT - KENMORE VILLAGE th Ave NE, Kenmore WA Year Built 1986 Units 58 Sales Price $12,000,000 Price/Unit $206,897 Price/Foot $ GRM/CAP 16.9/3.6% (Current) GRM/CAP 11.9/5.4% (Market) 1. NORTHGATE MANOR 818 NE 106th St, Seattle WA Year Built 1978 Units 56 Sales Price $10,500,000 Price/Unit $187,500 Price/Foot $310 GRM/CAP 13.0/5.0% Sales Date NORTHSHORE APARTMENTS 6321 NE 181st St, Kenmore WA Year Built 1966 Units 10 Sales Price $3,100,000 Price/Unit $310,000 Price/Foot $339 GRM/CAP 14.0/4.8% Sales Date ROSECREST APARTMENTS th Ave NE, Kirkland WA Year Built 1985 Units 35 Sales Price $6,784,000 Price/Unit $193,829 Price/Foot $319 GRM/CAP 14.0/4.2% Sales Date MARTINE APARTMENTS NE 8th St, Bellevue WA Year Built 1985 Units 67 Sales Price $21,247,412 Price/Unit $317,126 Price/Foot $337 GRM/CAP 13.2/5.0% Sales Date CREEKSIDE PLACE NE 68th St, Kirkland WA Year Built 1977 Units 21 Sales Price $5,310,000 Price/Unit $252,857 Price/Foot $345 GRM/CAP 14.3/4.2% Sales Date
18 Sales Comparables Map Kenmore Village th Ave NE Kenmore, WA 2 KENMORE VILLAGE 1. Northgate Manor 818 NE 106th St Seattle, WA 2. Northshore Apartments 6321 NE 181st St Kenmore, WA 1 3. Rosecrest Apartments th Ave NE Kirkland, WA 3 4. Martine Apartments NE 8th St Bellevue, WA 5 5. Creekside Place NE 68th St Kirkland, WA 4 18
19 Rent Comparables Property Units Age Unit Type Size Rent Rent/Sq.Ft. Comments Kenmore Village - CURRENT th Ave NE Kenmore, WA Studio 1Bd/1Bth 2Bd/1Bth $1,200 $775 - $1,280 $965 - $1,445 $3.00 $ $2.18 $ $1.83 Owner currently pays utilities Kenmore Village - MARKET th Ave NE Kenmore, WA Bd/1Bth 2Bd/1Bth $1,345 $1,545 $2.30 $1.96 Tenant paid utilities 1. Ivorywood Apartments 8700 Bothell Way NE Bothell, WA Bd/1Bth 2Bd/1Bth 2Bd/2Bth ,152 $1,500 - $1,557 $1,800 $2,000 $ $1.97 $1.82 $1.74 Tenant paid utilities 2. Asteria Place th Ave NE Kenmore, WA Bd/1Bth 2Bd/2Bth 750 1,050 $1,295 - $1,345 $1,495 $ $1.79 $1.42 Tenant paid utilities 3. Northpointe Highlands rd Pl NE Bothell, WA Bd/1Bth 2Bd/1Bth 2Bd/2Bth $1,245 $1,375 - $1,425 $1,524 $1.81 $ $1.58 $1.55 Tenant paid utilities 4. Spencer NE 182nd St Kenmore, WA Bd/1Bth 2Bd/2Bth ,080 $1,695 - $1,775 $2,075 $ $2.23 $1.92 Tenant paid utilities 19
20 Rent Comparables Map Kenmore Village th Ave NE Kenmore, WA 1. Ivorywood Apartments 8700 Bothell Way NE Bothell, WA 4 2. Asteria Place th Ave NE Kenmore, WA 2 KENMORE VILLAGE 3. Northpointe Highlands rd Pl NE Bothell, WA 4. Spencer NE 182nd St Kenmore, WA
21 Paragon Real Estate Advisors ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family property sales in Washington State. We have accrued over $3 billion in sales and have closed nearly 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 20 years experience in the industry. Paragon s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships. The information found in this offering memorandum 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 or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 21
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