APREN - LoopNet · 2. Investment Overview. The Foundation Group is pleased to exclusively offer for...
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11031 WOODINVILLE DR. 4 units Bothell, Washington
Transcript of APREN - LoopNet · 2. Investment Overview. The Foundation Group is pleased to exclusively offer for...
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11031 WOODINVILLE DR.4 units
Bothell, Washington
For More Information Please Contact
Nathaniel [email protected]
Erich Bubbel206.774.5426 [email protected]
2621 Eastlake Ave E
Seattle, WA 98102
www.tfgre.com
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02Investment Overview
04 Submarket Information
06 Financial Summary
10 Rent Comparables
12 Photo Gallery
14 Regional Information
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Investment OverviewThe Foundation Group is pleased to exclusively offer for sale 11031
Woodinville Drive in Bothell WA. Situated in a pristine residential neigh-
borhood near the University of Washington Bothell campus. 11031
Woodinville is a great value-add opportunity.
11031 Woodinville is still owned by the original developer of the
project. The building consists of four 2 bed/1 bath units, washer and
dryer in unit, and proximity to the Universities. 11031 Woodinville Drive
has copper plumbing, a roof installed in 2009, and 8 parking spots.
With the large units, access to amenities, and location this an desirable
investment.
Bothell is right next to the wineries in Woodinville while also offering UW-Bothell. 12 minutes to Bellevue, 20 minutes to Seattle, and 18 minutes to Everett all make Bothell right in the middle of the major employment centers that anchor our region.
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Price $1,000,000
Units 4
Price Per Unit $250,000
Rentable Sq.Ft. 3,472
Price Per Sq.Ft. $288
Current Cap Rate 3.38%
Market Cap Rate 6.02%
Year Built 1988
Parking 8
Land SF 9,006
Zoning R 2800, OP
Construction Type Wood Frame
Quick Facts
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Bothell Area DescriptionBothell is situated in the Seattle metropolitan areas Eastside. Located
20 minutes from Seattle, 18 minutes to Everett, and 12 minutes to
Bellevue gives Bothell great access to many of the regions employ-
ment centers. 90 minutes away from skiing, right next to Woodinville
(160 wineries and various restaurants), and a strong employment base
make Bothell a top submarket in the Seattle metropolitan area.
Bothell was originally a logging town. The city experienced great
growth in 1992 when 5.9 square miles of land was annexed in
Snohomish County.
In addition, Bothell also offers a diverse employment base locally with
high technology, education, and biomedical companies as the domi-
nant industries.
Bothell is an educational hub in the region with the University of
Washington Bothell Campus and Cascadia College being situated
downtown. Over 8,000 students attend these institutions, with UW
Bothell being ranked by Money Magazine as the best value University in
Washington for 2014 and 2015.
Bothell has a median household income of $81,972, a median home
value of $355,100, and a population of 41,207. Bothell has been experi-
encing as of late a revitalization of the downtown area with restaurants
and cultural amenities.
UNIVERSITY OF WASHINGTON BOTHELLL
NORTH CREEK OFFICE CNTER
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TRANSPORTATION SCORES
38 47
Bothell Area Stats
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RETAIL1. Resaurants & Entertain-
ment
2. Country Village Shops
3. Downtown Bothell
HEALTHCARE1 Evergreen Primary care
2 Bothell Health Care
3 Pacific Medical Cen-
ters-Canyon Park
RECREATION1 Brackett’s Landing
2 North Creek Forest
3 Blyth Park
4. The Park at Bothell
Landing
SCHOOLS1 UW-Bothell
2 Cascadia College
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Unit Type Units Approx Sq Ft
Current Rent
Current / Sq Ft
Market Rent
Market / Sqft
2 Bed/ 1 Bath 1 868 $965 $1.11 $1,650 $1.90
2 Bed/ 1 Bath 1 868 $1,187 $1.37 $1,650 $1.90
2 Bed/ 1 Bath 1 868 $941 $1.08 $1,650 $1.90
2 Bed/ 1 Bath 1 868 $1,095 $1.26 $1,650 $1.90
Average 868 $1,047 $1.21 $1,650 $1.90
Total 4 $4,188 $6,600
Property Notes & Assumptions• Rent Roll as of October 10th,2018
• 8 Parking Spots
• Units include decks & patios
• Immediate upside in rents
• 2 Renovated units
Scheduled Income
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Current Market
Gross Potential Rent $50,256 $79,200
Vacancy $1,508 3% $2,376 3%
Effective Gross Rent $48,748 $76,824
E X P E N S E S
Property Taxes $7,979 $9,485
Insurance $1,196 $1,196
Utilities $5,799 $5,799
Total Expenses $14,973 30% $16,479 21%
Net Operating Income $33,775 3.38% $60,345 6.03%
Financials
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Property Name Year Property Address Unit Type Average SF Rent Current / SF
Interlakken (no washer and dryer in unit)
1975 11119 Woodinville Drive 2 Bed/ 1 Bath 800 $1,504$1.88 (Including utility bill backs)
11211 Woodinville Dr (no washer and dryer in unit)
1994 11211 Woodinville Drive 2 Bed/ 1 Bath 875 $1,497 $1.71
9214 NE 180th St (no washer and dryer in unit)
1953 924 NE 180th St 2 Bed/ 1 Bath 685 $1,301-$1,397 $1.90 - $2.04
Interlakken
Rent Comparables
11211 Woodinville Dr
9214 NE 180th St
11031 Woodinville Dr
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Rent Comparables
11031 Woodinville Dr.1
Interlakken
11211 Woodinville Dr
9214 NE 180th St
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10621 Beardslee Blvd
Sales Comparables
531 Duschess Rd 2625 180th St 11031 Woodinville Dr
Property Address # Units Sale Date Year Built Sale Price Price/Unit Price/SF Cap Rate GRM
10621 Beardslee Blvd 2 03/04/2018 1959 $513,800 $256,900 $266.99 2.50% 30.43
531 Duschess Rd 2 02/28/2018 1991 $800,000 $400,000 $295.86 4.01% 19.48
2625 180th St 2 07/20/2018 1986 $770,000 $385,000 $334.20 4.70% 17.00
Averages $347,300 $299.02 3.74% 22.30
11031 Woodinville DR 4 1988 $1,000,000 $250,000 $288.00 3.38% 19.90
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Sales Comparables
11031 Woodinville Dr
110621 Beardslee Blvd
531 Duschess Rd2625 180th
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Sales Comparables
Units 2
Price $513,800
Sale Date 03/04/2018
Price / Unit $256,900
Price / Sq Ft $266.99
Cap Rate 2.50%
GRM 30.43
1 10621 Beardslee BlvdBothell, WA
2 531 Duschess RdBothell, WA
Units 2
Price $800,000
Sale Date 02/28/2018
Price / Unit $400,000
Price / Sq Ft $296.86
Cap Rate 5.00%
GRM 20.00
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3 2625 180th St SEBothell, WA
Units 2
Price $770,000
Sale Date 07/20/2018
Price / Unit $385,000
Price / Sq Ft $334.20
Cap Rate 4.70%
GRM 17.00
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Seattle / Puget Sound RegionSeattle is the largest city in the state of Washington with an estimated population of 684,500 as
of 2015. The Seattle metropolitan area, also known as The Puget Sound, is comprised of King,
Pierce and Snohomish County; as an MSA it’s the 15th largest metropolitan in the United States
with a population of approximately 3.7 million people.
Seattle has a thriving local economy and is home to eight Fortune 500 companies includ-
ing Costco, Microsoft, Amazon, Paccar, Starbucks, Nordstrom, Expeditors International and
Weyerhaeuser. In addition Seattle is home to other notable tech companies such as Expedia,
Zillow, Tableau and Zulily, and is quickly establishing itself as a national tech hub as companies
from Silicon Valley ranging from Google to Facebook, open Seattle offices in an attempt to draw
on the talented pool of tech workers living in and moving to Seatte.
In 2016, Zillow ranked Seattle as the second hottest housing market in the nation for apprecia-
tion. Similarly in June of 2016, Redfin also ranked Seattle as the second hottest housing market
behind Denver, where the average days on market of a listing is eight and median sales price
growth year over year is 7.5%. Much of this growth comes from the hot job market in Seattle,
ranked as the fourth best in the nation. A statistical analysis by Careerbuilder found that in 2015
Seattle added 78,082 jobs. Recently Conway Pederson forecasts they expect the Puget Sound
region to add 47,900 jobs in 2016.
Currently, the year to date in-migration to the Puget Sound, based on driver’s license data for
January through May, shows 49,656 people have moved into the area. On an annual basis, the
12-month moving average of monthly in migration is approximately 10,000 people. Annually
that puts more than 120,000 people moving into the Puget Sound region; though this does not
account for people moving out of the region, the bottom line is the area has and will continue to
grow at a rapid pace making the rental market as strong as its ever been.
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Buoyed by its technology sector and the metro’s appeal as a live-work-play environment, Seattle’s economy and multifamily market continue to break new ground.
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.
For More Information Please Contact
Nathaniel Kiger206.774.5439 [email protected]
Erich Bubbel206.774.5426 [email protected]
2621 Eastlake Ave E
Seattle, WA 98102
www.tfgre.com
