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Everett Triplex 8712 - 8Th Avenue W | Everett, Wa 98204

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Everett Triplex 8712 - 8Th Avenue W | Everett, Wa 98204 EVERETT TRIPLEX 8712 - 8TH AVENUE W | EVERETT, WA 98204 STEVE FISCHER TYLER SMITH PRINCIPAL | BROKER PRINCIPAL | BROKER P: 206.505.9435 P: 206.505.9425 [email protected] [email protected] Investment Offering WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE EVERETT $550K TRIPLEX EXCLUSIVELY FOR SALE. LIST PRICE This property is a cash flowing triplex in Everett near Paine Field. It is the perfect starter investment or owner occupied opportunity! Lock in long term debt in the low 3’s on investment property. The 3 unit mix consists of a 3bed/2bath, 1bed/1bath and a studio. # OF UNITS $183,333 PER UNIT INVESTMENT HIGHLIGHTS Name Everett Triplex Address 8712 - 8th Ave W | Everett, WA 98204 Price $550,000 Year Built 1962 # of Units 3 Net Rentable SF 2,426 SF $ per Unit $183,333 $ per NRSF $226.71 Market Cap Rate 6.38% WESTLAKE ASSOCIATES | 2 Property Profile PROPERTY DETAILS County Snohomish Market Everett Land Use Apartments Style Low-Rise APN# # 005806-000-005-00 Zoning R3 8712 - 8TH AVE W BUILDING INFORMATION Name Everett Triplex Address 8712 - 8th Avenue W Everett, WA 98204 Year Built 1962 # of Floors 1 8TH AVE W 8TH AVE # of Units 3 Lot Size 11,761 Net Rentable SF 2,426 SF Construction Wood 88TH ST SW Heat Electric Baseboard Roof Gable Composition Laundry In-Unit 88TH ST SW Parking Garage / Surface WESTLAKE ASSOCIATES | 3 Location 8712 - 8TH AVE W 8712 - 8TH AVE W 8TH AVE W 8TH AVE 88TH ST SW 88TH ST SW WESTLAKE ASSOCIATES | 4 Financial Analysis PRICE ANALYSIS UNIT MIX # TYPE SF CURRENT PRO FORMA PRICE $550,000 1 3 BD | 2 BA 1,590 $1,700 $1.06 $1,700 $1.06 Price per Unit $183,333 1 1 BD | 1 BA 500 $995 $1.99 $995 $1.99 Price per NRSF $226.71 1 STUDIO 336 $900 $2.67 $900 $2.67 Price per Land SF $46.76 TOTAL 3 2,426 SF $3,595 $1.90 $3,595 $1.90 Current Cap 6.38% Current GRM 11.92 INCOME Market Cap 6.38% CURRENT PRO FORMA Market GRM 11.92 Scheduled Rent Income $43,140 $43,140 + Utility Bill Back $3,000 $3,000 PROPOSED FINANCING Scheduled Gross Income $46,140 $46,140 - Vacancy & Credit Losses ($2,307) 5.00% ($2,037) 5.00% Loan Amount $385,000 Gross Income $43,833 $43,833 Down Payment $165,000 Rate 3.400% EXPENSES % Down 30.0% CURRENT PRO FORMA Amortization 30 Years RE Taxes $3,466 $3,466 Term 5 Years Insurance $1,200 $1,200 Monthly Payment $1,838 Utilities W/S/G/E $4,050 $4,050 Annual Payment $22,057 Total Expenses $8,716 $8,716 OPERATING DATA CURRENT PRO FORMA Net Operating Income $35,117 $35,117 Less Loan Payments ($22,057) ($22,057) Pre-Tax Cash Flow $13,060 7.92% $13,060 7.92% Plus Principal Reduction $6,780 $6,780 Total Return Before Taxes $19,840 12.02% $19,840 12.02% Rent Roll UNIT UNIT TYPE SF CURRENT RENT / SF MARKET RENT / SF 1 3 BD | 2 BA 1,590 $1,700 $1.06 $1,700 $1.06 2 1 BD | 1 BA 500 $995 $1.99 $995 $1.99 3 STUDIO 336 $900 $2.67 $900 $2.67 TOTAL 3 2,426 SF $3,595 $1.90 $3,595 $1.90 WESTLAKE ASSOCIATES | 6 Interior Photos WESTLAKE ASSOCIATES | 7 Site Demographics & Amenities WHAT’S NEARBY POPULATION 1-MILE 3-MILE 5-MILE Fred Meyer Target Total Population 23,090 117,441 237,941 Grocery Outlet Growth 2020 - 2025 (est.) 7.89% 7.38% 7.73% Trader Joe’s 50 Safeway Median Age 34.0 35.5 36.9 WinCo Foods HOUSEHOLDS & INCOME 1-MILE 3-MILE 5-MILE Walmart MINUTES Everett Mall Total Households 8,783 45,846 92,275 Costco Downtown Seattle Average HH Income $64,707 $84,244 $98,742 Boeing Renter Occupied Housing 61.13% 51.04% 43.44% Paine Field Walter Hall Golf Course Kasch Park Horizon Elementary School Explorer Middle School 5 Challenger Elementary School Cascade High School Solomon International School Zoey’s Fried Chicken & Wings MILES Tasty Indian Bistro Downtown Everett C C Teriyaki Gyro Plus Casa El Dorado Nom Nom Teriyaki Los Potrillos Giorgio’s Pizza Spaghetti Pho Hung 2 Starbucks Little Caesars Toyama Sushi Chipotle Mexican Gril MILES Panera Bread to I-5 Freeway Bob’s Burgers Ramp WESTLAKE ASSOCIATES | 8 Everett EVERETT is a beautiful city of more than 100,000 people located in North Despite its historical past, Everett offers a expanding high-tech industry, Puget Sound Area. Located about 25 miles north of Seattle, Everett is a a deep water port accessing the Pacific Ocean, established and diverse Pacific-Rim city situated on Port Gardner Bay. Nestled along the nationally- manufacturing and retail core and Naval Station with it’s 16,000 personnel acclaimed Puget Sound coast, Everett is a city rich with opportunity and is and family members. Companies in this area are well positioned to tap on the way to becoming a leading Northwest business center. Starting in markets from around the Puget Sound and the World. The Boeing Company, the 1890’s as a lumber port that attracted the eyes of mogul investors like a world-wide manufacturer assembles 747’s and 767’s at the Everett Plant. J.D. Rockefeller. The small port rapidly became a boom town and many local Planned bicycle and jogging trails weave through Snohomish County and lumber barons made their homes in town. Several of the elaborate mansions let you see the beauty of tall Evergreen Trees that Washington is known for. can still be found in the north end of town on Rucker and Grand Avenues. With more than 40 parks, trails, golf courses and open spaces, residents and Everett is an All-American City that has focused on citywide investments, visitors enjoy the great outdoors. Summer and winter sports opportunities growing our economy and creating a better quality of life. Once a mill town abound at nearby lakes, rivers and campgrounds, the Cascade and Olympic built on wood-based industries today’s labor force of more than 80,000 Mountains, Whidbey and San Juan Islands. is predominately employed in technology, aerospace and service based industries. Everett is home to the AquaSox baseball team, a Class A minor league team associated with the Seattle Mariners. The Everett Events Center, which seats In 1893, Everett took over as the county seat from the city of Snohomish and 8,000, opened September of 2003 and is home to the Everett Silvertips, since has worked through numerous challenges to encourage economic Western Hockey League and the Everett Hawks, an Arena football team. development and maintain ecological soundness. The city governments operates with an elected mayor and a seven member city council. Everett was home to the late U.S. Senator Henry M. Jackson. THE BOEING COMPANY WESTLAKE ASSOCIATES | 9 About Westlake Since 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sounds Region. Our unsurpassed commitment to creating and preserving our clients’ real estate investment wealth has resulted in thousands of successful transactions and a long history of repeat business and client referrals. The professionals at Westlake Associates collaboratively work with clients to develop customized, creative solutions designed to mazimize investment returns. EXCLUSIVELY LISTED BY: We’ve built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, TYLER SMITH and comprehensive real estate services over our 40 year history. PRINCIPAL | BROKER We operate as a team and leverage each other’s resources and P: 206.505.9425 experience to provide the highest level of client services. [email protected] PROUD MEMBERS OF: STEVE FISCHER Commercial Brokers Association (CBA) PRINCIPAL | BROKER Northwest Multiple Listing Services (NWMLS) P: 206.505.9435 LoopNet National Listing Services [email protected] CoStar Commercial Real Estate Data & National Listing Commercial Investment Real Estate (CREI) Washington State Realtors Association (WSMA) 1200 Westlake Avenue N, Suite 310 DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no representa- tions or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, and Seattle, Washington 98109 numbers are approximate. Parties must verify the information and bear all risk for any inaccuracies. ©2020 WESTLAKE ASSOCIATES, INC. .
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