ELEVENTHSTREETAPARTMENTS501 11TH STREET SEPUYALLUP, WA 98372
FOR MORE INFORMATION:
TTYLER SMITHYLER SMITHPRINCIPAL BROKER
STEVE FISCHERSTEVE FISCHERPRINCIPAL BROKER
206.505.9435��������eassociates.com
Price: $1,450,000
Price Per Unit: $181,250
Price Per NRSF: $205.85
Cap Rate: 5.84%
Market Cap Rate: 6.11 %
GRM: 11.31
Building Size: 7,044
Lot Size: 1.17 Acres
Year Built: 1967
Year Renovated: 2017
THE OFFERING PROVIDES AN OPPORTUNITY TO ACQUIRE ASTABILIZED ASSET WHERE 7 OF THE 8 UNITS HAVE BEENUPDATED. ALL UNITS ARE LARGE 2 BEDROOM UNITS WITHWASHER AND DRYER IN SUITE. EACH UNIT HAS A SLIDING GLASSDOOR THAT OPENS IN TO A PARK LIKE GARDEN AREA.
The property is perfectly situated near downtown Puyallup c� ee,restaurants, employers and grocery with easy access to the growing southhill retail corridor. Puyallup remains one of the fastest growing areas in thestate with an estimated population of 40,000. Known for its strong schoolsand beautiful views of the cascades and Mount Rainier, it has become afavorite destination for young families in the Puget sound region.
501 11th Street SE | Puyallup, WA 98372ADDRESSADDRESS
PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS2017 REMODELED BUILDING2017 REMODELED BUILDING
EXTERIOR AND INTERIOR UPGRADESEXTERIOR AND INTERIOR UPGRADES
ADDITIONAL UPSIDE IN RENTSADDITIONAL UPSIDE IN RENTS
UNIQUE GARDEN STUNIQUE GARDEN STYLE LYLE LAAYYOUT PROOUT PROVIDES A SINGLE FVIDES A SINGLE FAMILAMILY PROPERTY PROPERTY FEELY FEEL
FFANTANTASTIC MEEKASTIC MEEKER NEIGHBORHOOD LER NEIGHBORHOOD LOCAOCATIONTION
MASSIVE 50,MASSIVE 50,822 SF L822 SF LOOT - POT - POTENTIAL FOR FUTURE DEVELTENTIAL FOR FUTURE DEVELOPOPMENTMENT
SHORTSHORT WWALKALK TTOO DODOWWNN TTOOWWNN PUYPUYALLALLUPUP RESTRESTAAURANTS,URANTS, CCOFFEE,OFFEE, ANDANDGROCERYGROCERY
5.84% CAP RA5.84% CAP RATE WTE WITH ADDITIONAL UPSIDEITH ADDITIONAL UPSIDE
ALL 2 BEDROOM UNITS WALL 2 BEDROOM UNITS WITH LITH LAAUNDRYUNDRY
OFFERING SUMMARY
SALE PRICESALE PRICE $1,450,$1,450,000000
LLOCAOCATION INFORMATION INFORMATIONTION
Building Name Eleventh Street Apartments
Street Address 501 11th Street SE
City, State, Zip Puyallup, WA 98372
County/Township Pierce
Market Puyallup
Submarket Downtown Puyallup
BUILDING INFORMABUILDING INFORMATIONTION
Building Size 7,044 SF
Occupancy % 100.0
Number Of Floors 1
Year Built 1967
Last Renovated 2017
Framing Wood
Roof Flat
Siding Wood composite
PROPERTPROPERTY DETY DETAILSAILS
Property Type Multifamily
Property Subtype Low-Rise/Garden
Zoning RM-10
Lot Size 50,822 SF
APN# 6270200040
Submarket Downtown Puyallup
UTILITIES & AMENITIESUTILITIES & AMENITIES
Central HVAC Electric
Laundry Description Full Size In Unit
Plumbing Description Galvanized
PROPERTY DETAILS
LOCATION MAPS
Number of Units 8
Year Constructed 1967
Remodel 2017
Rentable SF 7,044
Lot Size 50,822 SF
Zoning RM-10
Exterior Wood
Heat Electric
Sale Price $1,450,000
Price per Unit $181,250
Price per NRSF $205.85
Price per Land SF $28.53
Current Cap 5.84%
Current GRM 11.31
Market Cap 6.11%
Market GRM 10.95
Loan Amount $1,087,500
Down Payment $362,500
Rate 4.0%
% Down 25.0%
Amortization 30
Term 5 years
Monthly Payment 62,303
Annual Payment 62,303
PROPERTY OVERVIEW
PRICE ANALYSIS
FINANCING
# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF
8 2 BD | 1 BA 880 $1,310 $1.49 $1,355 $1.54
Total | AVG $10,480 $1.49 $10,840 $1.54
CURRENT PRO FORMA
Scheduled Rent Income $125,760 $130,080
+ Other Income $200 $200
Scheduled Gross Income $128,$128,160160 $132,480$132,480
- Vacancy & Cr Losses $6,408 $6,624
Gross Income $121,752 $125,856
CURRENT PER UNIT PRO FORMA PER UNIT
Real Estate Taxes $9,191 $1,148 $9,191 $1,148
Insurance $2,953 $369 $2,953 $369
Utilities W/S/G/E $7,246 $905 $7,246 $905
Management $6,088 $761 $6,293 $786
Maintenance $6,000 $750 $6,000 $750
Grounds $2,400 $300 $2,400 $300
Miscellaneous $1,200 $150 $1,200 $150
Reserves $2,000 $250 $2,000 $250
Total Operating Expenses $37,078 $4,$4,634634 $37,283 $4,$4,660660
Net Operating Income $84,674 $1$10,5840,584 $88,573 $11,$11,007171
Less Annual Debt Service $62,303 $7,787 $62,303 $7,787
Cash Before Taxes $22,371 $2,796 $26,270 $3,283
Plus Principal Reduction $19,151.58 $2,393.95 $19,151.58 $2,393.95
Total Return Before Taxes $41,522.58 $5,190.32 $45,421.58 $5,677.70
INCOME
EXPENSES
FINANCIAL OFFERING
T����������es & computations herein, while notguaranteed, are secured from sources we believe reliable. Investorsshould verify all numbers, computations, and assumptions beforecommitting to an investment.
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UNITS BEDROOM/BATH SIZE RENT PSFLEASE
EXPIRATION
501 2 x 1 880 $1,345 $1.53 2/28/2018
502 2 x 1 880 $1,350 $1.53 7/31/2018
503 2 x 1 880 $1,345 $1.53 3/31/2018
504 2 x 1 880 $1,345 $1.53 4/30/2018
505 2 x 1 880 $1,200 $1.36 6/30/2018
506 2 x 1 880 $1,270 $1.44 1/31/2018
507 2 x 1 880 $1,355 $1.54 3/31/2018
508 2 x 1 880 $1,270 $1.44 1/31/2018
88 7,7,040040 $1$10,4800,480 $1.4$1.499
AAveragesverages 880880 $1,31$1,3100 $1.4$1.499
RENT ROLL
POPULPOPULAATIONTION 1 MILE1 MILE 3 MILES3 MILES 5 MILES5 MILES
Total population 8,172 65,661 150,185
Median age 35.0 36.0 36.1
Median age (male) 33.5 34.9 35.4
Median age (Female) 36.5 36.7 36.7
HOUSEHOLDS & INCHOUSEHOLDS & INCOMEOME 1 MILE1 MILE 3 MILES3 MILES 5 MILES5 MILES
Total households 3,343 25,903 58,953
# of persons per HH 2.4 2.5 2.5
Average HH income $62,080 $70,583 $72,182
Average house value $237,953 $325,840 $329,879
* Demographic data derived from 2010 US Census
DEMOGRAPHICS MAP
TTYLER SMITHYLER SMITH
PROFESSIONAL BACKGROUNDFor over 13 years, Tyler has specialized in the sale of middle market multi-family assets in thePuget Sound Region. Tyler’s extensive experience includes the sale of various types of asset sizeand ��������As an apartment owner himself, Tyler understands the importance ofevaluating each client’s needs individually and carefully. Since joining Westlake Associates, he hasconsistently been one of the ��’s top performers and quickly rose to Partner. Tyler’s consistent� ort and drive have earned him Westlake Associates Top Producer award.
Education
Tyler earned a degree in economics from the University of Washington. Tyler worked in ���e fora company headquartered in Irvine, CA before returning home to the P���Northwest. He joinedWestlake Associates in 2004 and currently resides with his wife and two boys in NortheastSeattle.
Principal Broker
1200 Westlake Ave N, Suite 130Seattle, WA 98109T 206.505.9425C [email protected]
STEVE FISCHERSTEVE FISCHER
PROFESSIONAL BACKGROUNDA lifetime resident of the Seattle area, Steve graduated from the University of Washington with adegree in Economics. Beginning his real estate career as an analyst, his work ethic quicklytransitioned from analyst to full time apartment broker. Since the inception of his brokeragecareer, Steve has successfully closed over $100 million in sales totaling over 100 transactions. Toexpand his skill set, Steve also manages a portfolio of 130 apartment units in the Seattle area.
Steve excels at problem solving to complete his client’s investment goals. His diverse backgroundof brokerage and management provide a unique spectrum of knowledge. Drawing from thisknowledge allows him to guide his clients not only through the sales process, but to also navigatethe operational side of owning an apartment building. He truly is “A Wealth of Experience.”
A ��believer of investing in real estate as a module to gain wealth, Steve has been activelyinvesting in Seattle real estate since 2011. In 2012, he was unanimously voted a partner atWestlake Associates, Inc. Away from the ��e, Steve is a huge sports fan, enthusiast of theoutdoors, enjoys cooking, an avid soccer player and a die-hard husky.
Principal Broker
1200 Westlake Ave N, Suite 130Seattle, WA 98109T 206.505.9435C 426.830.2254��������eassociates.com
BROKER BIO & CONTACT
Since 1975 Westlake Associates, Inc. has been the premier provider ofcommercial real estate brokerage services in the Puget Sound region. Ourcommitment to assist our clients in creating and preserving their realestate investment wealth has led to the successful closing of billions ofdollars in investment property and a long history of repeat business andclient referrals.
O������������������eal estate professionals with expertisein the multi-family sales market. With a majority of our partners owningand operating their own investment property�������������perspective from both an agent and owner point of view. Ourspecialization in representing Puget Sound apartment owners results inour clients r���������������epresentation in the industry,where maximizing client returns is our highest priority.
Thr����������work, communication, and an unparalleledknowledge of the Puget Sound apartment market, our agents continue tolead the industry in successful closings and client satisfaction.
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