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Value-Add Community in Seattle

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Value-Add Community in Seattle OFFERING MEMORANDUM VALUE-ADD COMMUNITY IN SEATTLE MSA INSEATTLE COMMUNITY VALUE-ADD Investment Sales Team Financing Team Giovanni Napoli Ray Allen Senior Managing Director First Vice President SEATTLE OFFICE SEATTLE OFFICE Office: 206.826.5675 Office: 206.826.5678 Cell: 206.214.8715 Cell: 206.890.6853 [email protected] [email protected] Philip Assouad Seth Heikkila Senior Managing Director Vice President SEATTLE OFFICE SEATTLE OFFICE Office: 206.826.5676 Office: 206.826.5680 Cell: 206.941.4400 Cell: 206.854.9083 [email protected] [email protected] Ryan Dinius First Vice President SEATTLE OFFICE Office: 206.826.5674 Cell: 425.623.5616 [email protected] Sidney Warsinske Vice President SEATTLE OFFICE Office: 206.826.5672 Cell: 415.233.1289 [email protected] TerraTukwilaOffering.com TABLE OF CONTENTS 01 EXECUTIVE SUMMARY 02 PROPERTY DESCRIPTION 03 LOCATION OVERVIEW 04 FINANCIAL ANALYSIS 05 COMPARABLES 06 PUGET SOUND OVERVIEW Terra Tukwila 6206 S 153rd Street | Tukwila, WA 98188 Number of Units 54 + 1 single-family residence 1980 (30 units) Year Built 1966 (24 units) 1949 (single-family residence) EXECUTIVE SUMMARY EXECUTIVE Residential NRSF ±51,825 359700-0350, Assessor’s Parcel No(s). 359700-0346, & 01 359700-0341 Lot Size 140,884 SF (3.23 acres) Zoning LDR 4 Parking Ratio 1 : 1 Terra Tukwila is not only well positioned to realize immediate rent THE upside, but the property’s location and differentiating characteristics should benefit an incoming investor for the long term as well. OFFERING Centralized Location: The NW Multifamily Group of Institutional Light Rail, Major Property Advisors has been retained as the exclusive listing team for Terra Tukwila, Employment Hubs a 55-unit multifamily community equally Puget Sound’s largest mall, Westfield Southcenter, is less than one mile accessible to the two most vibrant cities from Terra Tukwila and offers high-end retailers such as Apple, Ben in the Pacific Northwest: Seattle and Bridge Jewelers, Lululemon, Michael Kors, Microsoft, and Nordstrom. Bellevue. The Tukwila Light Rail station is less than two miles from Terra Tukwila, linking passengers from Sea-Tac Airport to downtown Seattle, Capitol Hill, and University of Washington. A bus stop steps from Terra Tukwila Low-maintenance, pride of ownership takes residents to the Light Rail station via the RapidRide bus service. asset in one of the top multifamily By 2023, light rail will have service from Roosevelt, Northgate, and Lyn- investment markets in the nation. nwood to the north and downtown Bellevue and Redmond to the east. Ridership on light rail saw almost 5 million more passengers in 2017 compared to 2016, boasting the largest transit growth in the country. Terra Tukwila is a low-density community consisting of nine sepa- Additionally, the Sounder Commuter Train station is only five minutes rate buildings on over three acres of lush, meticulously maintained from Terra Tukwila with access into downtown Seattle and Tacoma. grounds. All but one building are one and two-story structures. The single-story fourplex buildings front South 153rd Street and feature With direct access to State Routes 99 and 509 as well as Interstates 5 direct-access attached garages. All buildings consist of pitched roofs, and 405, residents can easily travel to the region’s major employment double-pane vinyl windows and private balconies/patios. hubs that include: Terra Tukwila features spacious floor plans averaging ±929 square feet Boeing’s Renton Factory 5 miles east with 70% of the unit mix consisting of two- and three-bedroom homes. Southport 700,000 SF Class-A office 5 miles east Residents enjoy the property’s tranquil neighborhood and lush setting yet they have the convenience of being close to major regional shop- Downtown Seattle 13 miles north ping, transportation, and employment centers. Downtown Bellevue 13 miles northeast Recently rebranded, The Terra Tukwila Apartments consist of 54 res- Pioneer Square Tech Hub 12 miles north idential units with an additional single-family residence. The Com- Sea-Tac International Airport 4 miles west munity has recently benefitted from significant capital upgrades and now offers an incoming investor proven renovation premiums on a Kent Valley 3 miles south straight-forward value-add investment strategy through management 5 upside and interior renovation potential. There are over 1.2 million jobs in King County which are comprised of Fortune 500 companies such as Alaska Airlines, Amazon, Apple, Boeing, Facebook, Google, Microsoft, Nordstrom, Starbucks, and Weyerhaeuser, all of which are within minutes of Terra Tukwila. In addition, Kent Valley’s 120 million square feet of flex and industrial space make it the nation’s fourth largest industrial hub in the country. Terra Tukwila’s centralized location and multiple transit options provide easy and quick accessibility to these major employers. Investment Strategy: Value-Add Opportunity Current ownership has meticulously maintained Terra Tukwila while executing a renovation plan throughout the community. Classic homes feature original wood or European white cabinets with white laminate coun- tertops, white or bisque appliance packages, carpet and vinyl flooring, and wood trim throughout. All homes have been retrofitted with in-unit washer / dryers while the current residents remained in their homes. An incoming investor now has the ability to increase rents for those residents to new market rents reflecting these upgrades. RENOVATED KITCHEN Approximately half of the unit interiors have been renovated with new countertops, white shaker cabinetry and brushed nickel hardware stainless steel appliance packages, upgraded lighting and plumbing fixtures, fresh paint, and vinyl plank flooring throughout. An incoming investor has the opportunity to finish the inte- rior renovations at the property and raise remaining classic rents to market, which have been proven at the property. Suggested interior unit renovations include: z Paint existing cabinet boxes white and Install new cabinet faces z Replace countertops with new solid-surface or quartz countertops z Add new stainless steel appliances z Upgrade lighting and plumbing fixtures, install all new six-panel doors z Upgrade flooring with vinyl plank floors in the wet areas and new plush carpeting in the living areas and bedrooms z Install USB outlets Dollars spent on interior unit renovations quickly lead to the bottom line and will allow Terra Tukwila to com- pete with newer construction and recently renovated communities. Similar nearby communities are achiev- ing rental premiums of $200 to $250 per month on renovated homes. Additional upside is available for an 6 incoming investor if they choose to subdivide and the sell the single-family residence separately from the rest CLASSIC KITCHEN of the community as well. In addition to the rental upside and economic drivers, Terra Tukwila’s differentiating characteristics and location will separate itself from competing properties. The Puget Sound region has been experiencing record growth over the past decade and shows little signs of slowing as the technology, e-commerce, and internet industries that have led much of the growth continue to expand. Amazon alone expects to have room to accommodate 85,000 in Seattle and Bellevue by 2023. As more residents move to the area to fill these high-paying jobs, King County has seen its population increased by 243,435 in the past eight years. Both rental rates and housing prices have risen in sync with the population, driving many to move outside the cities cores and into "first ring" markets, such as Tukwila, which is experiencing better rent and population growth compared to other cities due to its affordability, close proximity to major employment hubs, and multiple mass transit options such as Light Rail and the Sounder Commuter Train. 7 EXECUTIVE HIGHLIGHTS Value-add opportunity with proven renovation strategy Partially renovated in 2019 Low density garden community with two- and three-story buildings Buildings include six fourplexes with direct-acces attached garages Meticulously maintained grounds on over three acres of land Oversized floorplans averaging ±919 square feet 70% of units are two- and three-bedroom homes Proven renovation premiums of $200 - $300 per month In-unit washer/dryers have been added in each home Recently re-striped parking lot Ample parking available Within one mile of Westfield Southcenter; largest mall in the states with numerous shopping, dining, and entertainment options Within two miles of the Tukwila Light Rail station and Sounder Train Station, linking passengers to downtown Seattle Within 15 minutes of major employment centers in Seattle and Bellevue CBD’s, Pioneer Square tech hub, Renton, Southport, Seatac, and Kent Valley 8 Value-Add Opportunity with Proven Renovation Premiums 9 Lush landscaping with serene park-like setting Low-density community on over three acres COMMUNITY Pitched roofs and double-pane vinyl windows Wood-burning fireplaces in all homes & APARTMENT Private balconies in select homes In-unit washer / dryers in every unit HOME Ample amount of storage on site Attached direct-access garage parking available AMENITIES on select homes 10 11 BELLEVUE - OVER 150,000 JOBS SEATTLE CBD - OVER 315,000 JOBS 90 99 MERCER ISLAND LINK LIGHT RAIL LAKE WASHINGTON World HQ WEST SEATTLE 5 World HQ LINCOLN PARK SOUTHPORT MIXED-USE SOUNDER DEVELOPMENT TRAIN LINE 700,000 SF Class-A PUGET Office Space SOUND 12,000 Jobs SALMON CREEK RAVINE PARK SEATAC INTERNATIONAL AIRPORT 87,300
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