This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

Dan SwansonSenior Vice President, Partner 206.296.9610dswanson@kiddermathews.com

Donna MarshallVice President, Investment Sales 425.422.0954donna@capstonerealestategroup.com

Exclusive Multifamily Offering

MARTIN AT MEADOWDALE16028 44th Avenue W, Lynnwood, WA

$5,495,000 | 24 units

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Situated minutes from Interstate 5 and 405, and centrally located between the major employment hubs of Everett and Seattle

Turnkey, fully renovated investment

Features 1, 2, and 3 bedroom units with spacious floor plans and in-unit washer/dryers

Ample parking - 43 open spaces and 5 covered spaces

Lynnwood’s rental rates have increased 47% over the last 5 years

Major employers in the area include Boeing, Swedish, Philips Healthcare, Fluke Corporation, Crane Aerospace & Electronics, and Intermec Technologies

Lynnwood

MARTIN AT MEADOWDALE

CO-BROKERED BY

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

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Martin at Meadowdale

Property OverviewThe Martin at Meadowdale consists of 24 fully renovated apartments with ample parking. This property provides a great mix of spacious one, two and three bedroom units and offers tenants a quiet residential home that is centrally located in Lynnwood, Washington. It is also located between the major employment centers of Seattle and Everett.

Lynnwood is known as south Snohomish County’s economic hub. Minutes from Interstates 5 and 405, the Martin at Meadowdale is three miles from the city’s Convention Center, the Lynnwood Transit Center, and the future Link light rail station which is currently in the final design phase of the project and is targeted to open for service in 2023. The property is also approximately three miles from Edmonds Community College and roughly four miles from Swedish Hospital.

The Martin at Meadowdale is comprised of three buildings with recently replaced roofs (2012). The property consists of 24 spacious units and 48 parking spaces, of which five are covered. The fully renovated, turnkey apartments are composed of seven 750-square-foot one-bedroom/one-bath units, thirteen 950-square-foot two-bedroom/one-bath units, and four 1,350-square-foot three-bedroom/two-bath units. These condo-quality apartments feature large private decks, dining rooms, wood burning fireplaces, wood-style flooring, dishwashers, and stacking washer/dryers. Most homes also boast stainless steel appliance packages, quartz countertops, and serene wooded views. The property also provides eight 24-square-foot storage lockers, two 500-square-foot storage/work rooms, and an on-site leasing office.

The Martin at Meadowdale offers an investor the opportunity to acquire an easily managed turnkey asset located in a growing area with a strong job market in which rents have increased by nearly 50% in the last five years. This solid income generator should continue to provide strong returns for the foreseeable future as increasing rental rates in the Seattle core continue to outprice renters. Lynnwood’s rents and vacancy rates should only improve further benefiting the new operator of the Martin at Meadowdale. CO-BROKERED BY

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

Financials & Overview

PROPERTY OVERVIEW

Address 16028 44th Avenue W, Lynnwood, WA

Price $5,495,000

Down Payment $1,470,000

Price per Unit $228,958

Price per SF $238.91

# of Units 24

Avg Unit Size 958 SF

Net Rentable SF ±23,000

Lot Size 1.19 AC

Year Built 1978

APN 00372900100703

Current GRM 11.4

Current Cap Rate 5.4%

CURRENT INCOME

Total Scheduled Rent $426,780

Parking/Storage $4,800

Other Income* $15,204

Utility-Bill-Back $33,744

Scheduled Potential Income $480,528

Less Physical Vacancy (3.5%) ($16,818)

Effective Gross Income $463,710

CURRENT EXPENSES

Real Estate Taxes** $53,796

Insurance $8,566

Utilities $35,520

Repairs & Maintenance $16,800

Professional Management $23,185

On-Site Management $10,080

Capital Reserves $6,000

Pest Control $1,380

Landscaping $4,200

General & Administrative $4,200

Advertising $5,096

Total Expenses ($168,823)

Expenses Per Unit $7,034

Expenses Per Square Foot $7.34

Net Operating Income $294,886

Martin at Meadowdale

CO-BROKERED BY

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* See breakdown in Other Income table.** Estimated taxes for 2019. Current taxes are $41,954.

OTHER INCOME

Bad Debt Collections $636

Late Fees $2,640

Damage & Cleaning Fees $1,200

Application Fees $2,064

Pet Rent $5,664

Non-Refundable Fees $3,000

Total $15,204

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

Sales Comparables

SALISH APARTMENTS21110 80th Pl. W, Edmonds

Date Sold 03/08/2016Sale Price $1,398,000Price/Unit $233,000Price/SF $345.19Cap Rate 3.4%GRM 16.2Units 6Year Built 1952

Martin at Meadowdale

TRILLIUM APARTMENTS4902 148th St. SW, Edmonds

Date Sold 08/01/2016Sale Price $21,800,000Price/Unit $242,222Price/SF $295.81Cap Rate 4.9%GRM 13.0Units 90Year Built 2015

EDMONDS 5-UNIT7161-7620 200th St. SW, Edmonds

Date Sold 10/10/2016Sale Price $1,479,000Price/Unit $295,800Price/SF $197.91Cap Rate 4.3%GRM 15.4Units 5Year Built 1991

THE ANCHOR APARTMENTS8705 238th St. SW, Edmonds

Date Sold 08/21/2016Sale Price $1,500,000Price/Unit $250,000Price/SF $118.71Cap Rate 3.8%GRM 15.7Units 6Year Built 1979

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CREEKSIDE APARTMENTS3309 132nd St. SE, Everett

Date Sold 12/15/2016List Price $9,500,000Price/Unit $263,889Price/SF $246.86Cap Rate 4.8%GRM 13.9Units 36Year Built 2013

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