Klineline Residential Rental Portfolio New …...Portfolio Summary (see page 9 for details on...

Klineline Residential Rental Portfolio

New Construction Attached Homes

6 Attached Single Family Units

Patrick Ginn Owner | Principal Broker

Ginn Realty Group

360-600-8813

[email protected]

Ginn Realty Group | Klineline Rental Portfolio 2

Table of Contents

I. Project Summary & Bulk Listing Details

II. Map & Location

III. Schools & Community

IV. Rental Management

V. Financial Information

VI. Site Plans

VII. Included Floor Plans

VIII. Included Features & Finishes

I. Project Summary & Portfolio Summary


A gated community, the Klineline Townhomes neighborhood consists of a total of 40 homes. This Klineline Portfolio consists of up to 6 Residential Units currently under construction in Vancouver, Washington. Vancouver, Washington features one of the fastest appreciating rental markets in the entire nation. https://www.apartmentlist.com/rentonomics/july-2015-national-rental-price-monitor/ http://www.oregonlive.com/front-porch/index.ssf/2015/09/vancouver_had_nations_fastest-.html http://www.columbian.com/news/2016/jun/30/newcomers-flock-to-clark-county/

This turn-key, new construction project is a perfect opportunity for investors. Extra thought and planning was put into the design and construction knowing they would be long-term rentals requiring durable and long lasting features. General Property Information

Address: 11208 NE 14th Court Vancouver, WA 98685

Location: Conveniently located just East of I-5 and South of the I-5/I-205 Intersection in Vancouver, Washington.

Ownership: Klineline Rentals, LLC

Management Company: Ginn Property Management, LLC, which is affiliated with the Seller/Builder.

Project Status: Construction Start on October 1st, 2017.

Portfolio Summary (see page 9 for details on individual floorplans)

Units Offered for Sale: up to 6 units

Date built: 2017/2018

Sales Price: Varies by package (Up to $1,554,545.00)

Annual Net Operating Income: Varies by package (Up to $85,500.00)

Projected Capitalization Rate (2017): Pro forma 5.50%

(Based on projected rents & expenses in

surrounding areas)

Lease type: To be 12 months or longer leases at market rate

No rent controls.

https://www.apartmentlist.com/rentonomics/july-2015-national-rental-price-monitor/

http://www.oregonlive.com/front-porch/index.ssf/2015/09/vancouver_had_nations_fastest-.html

http://www.columbian.com/news/2016/jun/30/newcomers-flock-to-clark-county/


II. Map & Location Klineline is located in North Vancouver, WA just across the Columbia River from Portland, OR. This ideal location benefits from its close proximity to both the Portland International Airport (17 miles away) and downtown Portland (14 miles away) as well as being just blocks away from the Salmon Creek Regional Park that includes Klineline Pond and the popular Salmon Creek Greenway Trail. Tenants of Klineline can enjoy the absence of both a state income tax in Washington and a sales tax in Oregon. The Greater Portland/Vancouver metropolitan area is growing as new residents are attracted to a robust local economy and the lifestyle that the Pacific Northwest has to offer.


II. Schools & Community Community Information

Neighborhood: Salmon Creek/Felida Shopping: Chuck’s Produce

Safeway WinCo

Parks & Recreation: Salmon Creek Regional Park Klineline Pond Salmon Creek Greenway Trail School Information

School District: Vancouver School District High School: Columbia River High School

800 NW 99th Street Vancouver, WA 98665

Middle School: Jefferson Middle School

3000 NW 119th Street Vancouver, WA 98685

Elementary School: Sacajawea Elementary School

700 NE 112th Street Vancouver, WA 98685

Secondary Education: Clark County Skills Center 12200 NE 28th Street Vancouver, WA 98682 Clark College 1933 Fort Vancouver Way Vancouver, WA 98683 Washington State University Vancouver 14204 NE Salmon Creek Avenue Vancouver, WA 98686


IV. Rental Management

Typical Fees in Clark County for this type of project

Monthly Management Fee: 5% of the payable monthly gross receipts from the premises, payable the following month for the duration of the agreement.

Set-up Fee per Unit: $35

Lease renewal fee: $99

Maintenance Billed at: $54.95/hour

Property Inspection Survey prior to Lease renewal (optional):

$74.95/survey

Security Deposits (To be transferred to new owner)

Approx. 1 month rent or more based on tenant profile. (Credit, rental history, pets, etc)

Note: Seller/Builder manages its properties internally through a related entity Ginn Property Management, LLC. Utility Information

Tenant is Responsible for All Utilities Landlord pays HOA dues per pro-forma, which includes front landscaping.


V. Financial

Projected Cap Rate is Approximately 5.50% based on the package

See attached spreadsheet detailing the

different packages

Cap rate is projected at 5.50%

Lot BD/BA Sq. Ft. Rent MGMT (5%) Taxes Insurance

Vacancy

Factor (2%)

Turnover cost/

Reserves (3%)

Misc repairs and

maintenance Neighorhood HOA Monthly NOI Annual NOI

35 3/2.5 1486 1,625.00$ 81.25$ 250.00$ 30.00$ 32.50$ 48.75$ 10.00$ 75.00$ 1,097.50$ 13,170.00$

36 3/2.5 1653 1,775.00$ 88.75$ 250.00$ 30.00$ 35.50$ 53.25$ 10.00$ 75.00$ 1,232.50$ 14,790.00$

37 3/2.5 1653 1,775.00$ 88.75$ 250.00$ 30.00$ 35.50$ 53.25$ 10.00$ 75.00$ 1,232.50$ 14,790.00$

38 3/2.5 1653 1,775.00$ 88.75$ 250.00$ 30.00$ 35.50$ 53.25$ 10.00$ 75.00$ 1,232.50$ 14,790.00$

39 3/2.5 1653 1,775.00$ 88.75$ 250.00$ 30.00$ 35.50$ 53.25$ 10.00$ 75.00$ 1,232.50$ 14,790.00$

40 3/2.5 1486 1,625.00$ 81.25$ 250.00$ 30.00$ 32.50$ 48.75$ 10.00$ 75.00$ 1,097.50$ 13,170.00$

9584 10,350.00$ 517.50$ 1,500.00$ 180.00$ 207.00$ 310.50$ 60.00$ 450.00$ 7,125.00$ 85,500.00$

Annually 124,200.00$ 6,210.00$ 18,000.00$ 2,160.00$ 2,484.00$ 3,726.00$ 720.00$ 5,400.00$ 85,500.00$

List price 10 Units $1,554,545

NOI 85,500.00$

Cap Rate 5.50%

Tenant pays all utilities

Klineline -6 Plex Option


VI. Overall Site Plan The Klineline Plat consists of 40 lots. This sale package consists of 6 lots/units each featuring two story units in a Gated Community. Lots included in this bulk package:

(1) 6-Plex: Lots 35-40 Klineline Plat/Site Plan:

Klineline is a Gated Community with additional parking.


Bedrooms: 3 Bathrooms: 2 Full 1 Half Est. Square Feet 1,486

Garage: 2 Car

VII. Included Floorplans 1486 Plan – Lots 35 & 40

*Actual photos (interior/exterior) of similar homes built are available for each plan by request via Dropbox


Bedrooms: 3

Bathrooms: 2 Full, 1 Half

Est. Square Feet: 1,653

Garage: 1 Car

1653 Plan – Lots 36, 37, 38 & 39

*Actual photos (interior/exterior) of similar homes built are available for each plan by request via Dropbox.


VIII. Included Features

Unit Features & Finishes

Design Criteria Great Room Concept Floor Plans with Natural Light Walk-In Closet in the Master Bedroom Fully Wrapped Windows with Enamel Trim

Quality Exterior Features Craftsman Front Elevation 7’-8’ Overhead Garage Steel Door w/Garage door Opener 10 Year Warranty Upgraded Du Pont Tyvek Wrap (Brochure Available Upon Request) 30 Year Warranty James Hardi Plank Siding & Trim Boards (Brochure Available Upon Request) 30 Year Warranty IKO Asphalt Shingle Roof Lifetime Warranty Cascade Windows Self Lock w/ Low-E Glass in Almond Color (Brochure Available Upon Request) Concrete Patio (size varies per plan)

Galvanized Steel Gutters and Downspouts Fully Fenced Backyard Front Yard Landscape

Plumbing 50 Gallon Hot Water Heater Ice Maker Connection in the Kitchen 1⁄2 Horsepower Garbage Disposal at Kitchen Sink Oil Rubbed Bronze Designer Plumbing Fixtures

Electrical Central Air Conditioning Copper Electrical Wiring Wiring for TV and Cable in the Great Room and Master Designer Light Package in Oil Rubbed Bronze Abundant Recessed Can Lighting

Energy Efficiency 96% Efficient Electric Furnace Located in Attic Residential Programmable Thermostat w/Smart Fan Stainless Steel Frigidaire® Appliances Meets All Requirements of Current Model Energy Code

Detailed Interior Finishes Ultra-Durable Luxury Vinyl Tile (LVP) Flooring in Entry, Kitchen & Great Room (Brochure Available Upon Request) Tile Floors in Bathrooms and Utility Room Rounded Drywall Corners Craftsman Enamel Painted Trim Package Two Panel Interior Doors Color Coordinated Slab Granite Countertops in Kitchen FHA/VA Approved Carpet


Designer Selected Paint Colors to Accent Finishes Sliding Glass Doors to Patio

Unit Features & Finishes (continued)

Structural Integrity Individual Site Inspection on each Building Site

Foundation Engineered to Specific Soil Conditions Slab on Grade Flatwork in the Garage Crawl Space Finished with Vents, Mechanical Vents and Vapor Barrier as Required Per Code.

Kitchen Elegance 36” High Alder Shaker Cabinets Concealed Cabinet Hinges Polished, Stainless Steel Double Bowl Under-mount Sink Single Handle Stainless Kitchen Faucet w/Sprayer Slab Granite Countertops Full Tile Backsplash Pre-Plumbed for Ice Maker Stainless Steel Frigidaire® Electric Stainless Steel Stove, or equivalent Stainless Steel Frigidaire® Microwave/Hood above Stove, or equivalent Stainless Steel Frigidaire® Dishwasher, or equivalent Stainless Steel Frigidaire® Refrigerator, or equivalent

Bathroom Selections Rubbed Oil Bronze Faucets Stand up Shower Insert with Seats Double Vanity in Master Bath Slab Granite Countertops Full Width Vanity Mirrors 36” High Vanities in Master Bath Rubbed Oil Bronze Hardware Glass Shower Doors in Master Bathroom

Additional Conveniences Solid Wood Closet Shelving in All Areas (No Wire) Windows with Self-Lock Closing System Integrated Carbon Monoxide and Smoke Detector System Refrigerator Window Coverings – 2” Faux Wood Blinds


Request Additional Information

To request additional information about this opportunity as well as other residential investment opportunities within Southwest Washington, please contact Patrick Ginn.

Patrick Ginn Owner | Principal Broker

Ginn Realty Group

360-600-8813

[email protected]

www.GinnDevelopment.com

mailto:[email protected]

http://www.ginndevelopment.com/

Klineline Residential Rental Portfolio New …...Portfolio Summary (see page 9 for details on...

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