SOUTH HILL COMMONS€¦ · Laundry & Vending $3,581 Total Revenue $6,524 $378,393 Estimated Expense...

Associate [email protected]

GAGAVIN LEJAMEYERVIN LEJAMEYERSenior [email protected]

MAMATTTHEW BTHEW BYRDYRD

All SVN® Offices Independently Owned & Operated.The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. ssvncvncornerornerssttone.one.ccomom

• 58-Unit Apartment Community

• $37,931 per unit, under market rents (CAP Rate based on 2016 Proformanumbers)

• Property is a Low Income Housing Tax Credit Property which must remaincompliant through 2029 with Rent Control Requirements.

• Located across from Ferris High School and adjacent to Adams Elementary

• Do not disturb On-Site Staff or Tenants. Contact Listing Broker for moreinformation

FOR SALE | MULTI-FAMILY

3121 E 37th Ave | Spokane, WA 99223SOUTH HILL COMMONS

PROPERPROPERTTY SUMMARY SUMMARYY

SALE PRICE: $2,200,000

NUMBER OF UNITS: 58

CAP RATE: 6.74%

LOT SIZE: 2.64 Acres

BUILDING SIZE: 42,616 SF

YEAR BUILT: 1972

RENOVATED: 1989

ZONING: RMF (Residential Multi-Family)


3121 E 37th Ave | Spokane, WA 99223AERIAL VIEW





Unit Type # of Units Apx. SF Average Rent Monthly Rent Annual Rent Rent Per SF

1x1 32 664 $545 $17,440 $209,280 $.82

2x1 24 860 $625 $15,000 $180,000 $.73

Studio 2 364 $360 $720 $8,640 $.99

58 42,616 $510 $33,160 $397,920 Average $.85

Income Per Unit/Yr Annual

Total Rent $397,443

Vacancy 7% ($27,821)

Other Income $5,190

Laundry & Vending $3,581

Total Revenue $6,524 $378,393

Estimated Expense

Taxes $366 $21,205

Insurance $177 $10,287

Utilities $1,304 $75,649

Management 5.99% $391 $22,666

Repairs & Maintenance 8.03% $524 $30,385

Payroll 13.21% $862 $49,995

Audit & Admin 5.29% $345 $20,017

Total Expense 57.91% $3,969 $230,204

Net Operating Income (NOI) $148,189

Less: Annual Debt & Service $120,000

Cash Flow Before Taxes $28,189 *Proforma Numbers


3121 E 37th Ave | Spokane, WA 99223AMENITIES





AMENITIESAMENITIES

• 58 Unit complex consisting of:

• - 32 one bed/bath

• - 24 two bed/1 bath

• - 2 Studio Units

• Centrally Located Pool

• Onsite Laundry Facilities

• Onsite Property Manager/Office

• 20 Covered Parking Spots

• Storage Units Located Onsite

• Separately Metered Units

• Projected 2016 Income of $378,393

• Projected 2016 Expenses of $230, 204

• Tax Credit Conditions:

• -All Tenants Must Have An Income Less Than the60% Median Income for Spokane County

• -All Tax Benefits Were Absorbed in the First 10Years of Compliance

• -Approximately 13 Years Left With Rent ControlCompliance Requirement

• -The 60% Income Requirement is Near theApproximate Market Rent For This Area


3121 E 37th Ave | Spokane, WA 99223SOUTH HILL COMMONS






3121 E 37th Ave | Spokane, WA 99223ADDITIONAL PHOTOS






3121 E 37th Ave | Spokane, WA 99223AERIALS






3121 E 37th Ave | Spokane, WA 99223DEMOGRAPHICS





* Demographic data derived from 2010 US Census

1 M1 Mileile 3 M3 Milesiles 5 M5 Milesiles

Total Population 13,835 74,853 154,192

Population Density 4,404 2,647 1,963

Median Age 38.9 39.4 37.6

Median Age (Male) 36.1 37.1 36.0

Median Age (Female) 41.0 40.9 38.9

Total Households 6,035 31,817 65,373

# of Persons Per HH 2.3 2.4 2.4

Average HH Income $65,251 $71,685 $63,255

Average House Value $255,421 $230,568 $233,137


3121 E 37th Ave | Spokane, WA 99223BROKER BIO





Matthew ByrdSenior AdvisorSVN | Cornerstone

Matthew Byrd is co-owner and founding partner of SVN Cornerstone a National Commercial Real Estate firm inSpokane, Washington offering services in office, retail, investment, multi-family, and development properties.

Matthew offers over 24 years experience in the Spokane real estate industry.

Matthew’s primary focus is office, multi-family, multi-use, and investment properties, primarily in the SpokaneArea. Matthew has been involved in over 20 sales and leasing transactions in the downtown core in the past 5years. His client list includes the City and County of Spokane, Next IT, Venture Data, Avista Labs, DCIEngineers, Spokane CHAS Clinic, and People to People Ambassador Programs.

A native of the Spokane area, Matthew has many associations and relationships providing valuable experienceand knowledge to his clients.

Phone: 509.499.9229

Email: [email protected]

Memberships & Affiliations

Spokane Trader's ClubSpokane Association of RealtorsCCIM Candidate

Cell: 509.499.9229

Address: 1311 N. Washington St.Suite CSpokane, WA 99201


3121 E 37th Ave | Spokane, WA 99223BROKER BIO





Gavin LejameyerAssociate AdvisorSVN | Cornerstone

Gavin Lejameyer is an Associate Advisor at SVN Cornerstone in Spokane, Washington.

He grew up 120 miles south of Spokane in Clarkston, Washington where his family still resides. He thenattended Washington State University, earning degrees in both Business Economics and Sport Management.

Throughout college, he worked as a seasonal guide for one of the premier outdoor adventure companies inColorado. Upon graduation, he joined them full-time. Serving as their business and marketing managerincluded any of the wide variety of duties a small business may have.

His experience and skill in decision making and leadership combined with his love of working with peoplemake Gavin a competent advisor who will go to great lengths to meet the needs of any client.

During off hours, Gavin enjoys rooting for WSU, anything outdoors and spending time with both friends andfamily.

Phone: 509.552.3123

Email: [email protected]

Memberships & Affiliations

Cell:

Address: 1311 N. Washington St.Suite CSpokane, WA 99201


3121 E 37th Ave | Spokane, WA 99223DISCLAIMER





The material contained in this Investment Offering Brochure is furnished solely for thepurpose of considering the purchase of the property within and is not to be used forany other purpose. This information should not, under any circumstances, bephotocopied or disclosed to any third party without the written consent of SVN orOwner, or used for any purpose whatsoever other than to evaluate the possiblepurchase of the Property.

The only party authorized to represent the Property Owner (“Owner”) in connectionwith the sale of the Property is the SVN Advisor listed in this proposal, and no otherperson is authorized by the Owner to provide any information or to make anyrepresentations other than contained in this Investment Offering Brochure. If theperson receiving these materials does not choose to pursue a purchase of theProperty, this Offering Brochure must be returned to SVN.

Neither the SVN Advisor nor the Owner make any representation or warranty, expressor implied, as to the accuracy or completeness of the information contained herein,and nothing contained herein is or shall be relied upon as a promise or representationas to the future performance of the Property. This Offering Brochure may includecertain statements and estimates by SVN with respect to the projected futureperformance of the Property. These Assumptions may or may not be proven to becorrect, and there can be no assurance that such estimates will be achieved. Further,the SVN Advisor and the Owner disclaim any and all liability for representations orwarranties, expressed or implied, contained in or omitted from this InvestmentOffering Brochure, or any other written or oral communication transmitted or madeavailable to the recipient. The recipient shall be entitled to rely solely on thoserepresentations

Disclaimer | Confidentiality

and warranties that may be made to it in any final, fully executed and delivered RealEstate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipientof these materials shall not look to Owner or the SVN Advisor, nor any of their officers,employees, representatives, independent contractors or affiliates, for the accuracy orcompleteness thereof. Recipients of this Investment Offering Brochure are advised andencouraged to conduct their own comprehensive review and analysis of the Property.

This Investment Offering Brochure is a solicitation of interest only and is not an offer tosell the Property. The Owner expressly reserves the right, at its sole discretion, to rejectany or all expressions of interest to purchase the Property and expressly reserves theright, at its sole discretion, to terminate negotiations with any entity, for any reason, atany time with or without notice. The Owner shall have no legal commitment orobligation to any entity reviewing the Investment Offering Brochure or making an offerto purchase the Property unless and until the Owner executes and delivers a signedReal Estate Purchase Agreement on terms acceptable to Owner, in Owner’s solediscretion. By submitting an offer, a prospective purchaser will be deemed to haveacknowledged the foregoing and agreed to release the Owner and the SVN Advisorfrom any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospectivepurchaser, any prospective purchaser should not rely on any such correspondence orstatements as binding Owner. Only a fully executed Real Estate Purchase Agreementshall bind the property and each prospective purchaser proceeds at its own risk.

SOUTH HILL COMMONS€¦ · Laundry & Vending $3,581 Total Revenue $6,524 $378,393 Estimated Expense...

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