The Aloha House - LoopNet€¦ · The Aloha House is located in close proximity to (just to the...
Transcript of The Aloha House - LoopNet€¦ · The Aloha House is located in close proximity to (just to the...
701 NE Northlake Ave N | Seattle, WA 98105P 206-274-8000 | www.portagebayadvisors.com
The Aloha House2460 NE Northgate Way | Seattle, WA 98125
$2,675,000
Will Gibsono: 206-274-8108c: [email protected]
Portage Bay AdvisorsWorld Headquarters701 Northlake Ave NSeattle, WA 98105
The information included in this document has been obtained by sources we believe to be reliable. While we do not doubt itsaccuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility toindependently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for exampleonly and may not accurately represent the current or future performance of the property. The value of any proposed transactionto you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and youradvisors should conduct a careful, independent investigation of the property to determine to you satisfaction the suitability ofthe property for your needs.
Property Overview
Building Name The Aloha House
Address 2460 NE Northgate Way | Seattle, WA 98125
Total Units 10
Year Built 1962; renovated in 2018
Square Feet 5,800 net rentable / 6,320 gross square feet
Price $2,675,000
Price Per Unit $267,500
Price Per Foot Net $461.21 / Gross $423.26
Current GRM/CAP 14.92 / 4.76%
Expense Per Unit $4,302
Terms All cash to seller
Lot Size 8,000 sf
Zoning NC3-30
Portage Bay Advisors is pleased to exclusively offer for sale The Aloha House, a 10 unit multifamily on NE Northgate Way in the Victory Heights neighborhood of Seattle, Washington.
The Aloha House is a two story, 10 unit building that was in 1962, but has just been totally renovated down to the studs and massively updated both inside and out. Upgrades include new double-pane vinyl windows; new plumbing throughout; updated common areas; a brand new 30 year TPO roof (with warranty); updated envelope & common areas; & all new unit interiors have been massively renovated to feature high end finishes including custom acrylic cabinets & quartz countertops in the kitchens and bathrooms; cork floors in the upper units & polished concrete floors in the lower units; & new stainless steel Blomberg appliances throughout. There are common coin-operated laundry facilities located on-site, along with 10 tenant storage lockers in the laundry room available for rent by tenants.
The building offers a good mix of units: five large ground floor studios; four 1bd/1ba units, each with individual balconies; & one 2bd/1ba unit with a study, and has 8 off-street parking spots.
The Aloha House offers investors an opportunity to acquire a newly renovated, turn key property ideally located to benefit from the Northgate Light Rail Station scheduled to open in 2021 as part of a massive redevelopment of the Northgate Mall property.
offering summary _____________
Turn-key asset at a desirable Northgate location
Building recently totally renovated from the studs
All new plumbing & electrical distribution throughout
Brand new TPO roof (with warranty)
All new energy efficient double-paned vinyl windows
Custom acrylic cabinetry & quartz countertops in kitchens & bathrooms
Polished concrete or cork floors throughout
All brand new Blomberg appliances
Some units have private balconies
8 off-street parking spaces
Coin-operated laundry facilities on-site
High Visibility location
The Aloha House offers investors an opportunity to acquire a newly renovated, turn key property ideally located to benefit from the Northgate Light Rail Station scheduled to open in 2021 as part of a massive redevelopment of the Northgate Mall and surrounding area.
The Aloha House is located in close proximity to (just to the east of) Northgate, which is planned to undergo a massive 33 acre redevelopment that will add nearly 600,000 square feet of new retail, over 750,000 square feet of new office space, two new hotels, over 1,200 new apartment units, and a hockey arena slated to be the home of Seattle’s NHL Hockey Expansion team in a new mixed-use project that will be developed in four phases which will incorporate a network of pedestrian friendly open spaces surrounding a Central Park Plaza.
investment overview____________
Subject Property Profile
OFFERING SUMMARY
Monthly Income
Unit Unit Type Square Footage Current Rent Current Rent/SF
1 Studio 450sf $1,195 $2.66/sf
2 Studio 450sf $1,195 $2.66sf
3 Studio 450sf $1,195 $2.66/sf
4 Studio 450sf $1,195 $2.66/sf
5 Studio 450sf $1,275 $2.83/sf
6 1bd/1ba 700sf $1,475 $2.11/sf
7 1bd/1ba 650sf $1,325 $2.04/sf
8 1bd/1ba 675sf $1,395 $2.07/sf
9 1bd/1ba 675sf $1,395 $2.07/sf
10 2bd/1ba 850sf $1,795 $2.11/sf
Totals $13,440
580sf avg $1,344avg $2.32/sf avg
rent roll______________________
Subject Property Profile
#
Rent Income
Units Type Approximate Size Current Rent Rent per sf Monthly Income
5 Studio 450sf $1,195-$1,275 $2.66-$2.83/sf $6,055
4 1bd/1ba 675sf $1,325-$1,395 $1.96-$1.99/sf $4,115
1 2bd/1ba 850sf $1,795 $2.11/sf $1,795
10 580 sf avg. $2.32/sf avg $13,440
Annualized Operating Expenses Current
Real Estate Taxes (2019 actual) $10,555
Insurance (pf $350 per unit) $3,500
Utilities (pf $850 per unit) $8,500
Maintenance & Repairs (pf $900 per unit) $9,000
On-site Management (pf 5%) $8,964
Reserves (pf $250 per unit) $2,500
Total Expenses $43,019
Annualized Operating Data Current
Gross Scheduled Income $179,280
Vacancy (4%) ($8,964)
Gross Operating Income $170,316
Less Expenses ($43,019)
Net Operating Income $127,297
Annual Debt Service ($97,233)
Cash Flow Before Tax $30,064
Principal Reduction $29,100
Total Return Before Tax $59,164
Total Monthly Income Current
Rent Income $13,440
Utility Income $700
Parking Income $450
Laundry Income $200
Pet/ Other Income $150
Total Income $14,940
Building Overview
Price $2,675,000 Units 10
Price Per Unit $267,500 Year Built 1962
Price/Net SF $461.21 Net Rentable SF 5,800
Price/Gross SF $423.26 Gross SF 6,320
Current GRM 14.92 Down Payment $1,000,000
Current CAP 4.76% Loan Amount $1,675,000
Interest Rate 4.1%
Amortization 30 Years
Current Operations
Expenses per Unit $4,302
Expenses per Foot $7.42
Percentage of Gross 24.00%
operating summary____________
OFFE2207RING SUMMARY
Year Built UnitsPrice
Per UnitPrice
Per SFGRM CAP Selling Price Sale Date
Subject Property2460 NE Northgate WaySeattle, WA 98125
The Aloha House
1962 10 $267,500 $461.21 14.92 4.76% $2,675,000
Sales Comparable 13116 NW 85th StreetSeattle, WA 98117
Golden Gardens Apartments
1962 11 $209,909 $438.96 13.65 4.87% $3,200,000 12/10/2018
Sales Comparable 29030 Greenwood Avenue NSeattle, WA 98103
Greenwood Inn
1971 23 $209,348 $470.44 12.47 5.15% $4,815,000 5/21/2018
Sales Comparable 3730 N 85th StreetSeattle, WA 98103
Terra
1971 17 $344,118 $392.22 13.3 5.09% $5,850,000 6/15/2018
Sales Comparable 3Sales Comparable 2Subject Property Sales Comparable 1
sales comparables ___________
Subject Property Profile
building photography____________
Subject Property Profile
OFFERING SUMMARY
building photography____________
Subject Property Profile
building photography____________
for more informationplease contact
Will Gibsono: 206-274-8000d: 206-274-8108c: [email protected]
World Headquarters701 NE Northlake Ave N
Seattle, WA 98105www.portagebayadvisors.com