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Appraisal of: Garden Court Apartments 3410 Colby Avereet Everett, WA 98201 Prepared By: O’Connor Consulting Group 500 Union Street, Suite 650 Seattle, WA 98101 Brian O’Connor, MAI, CRE Reilly Peavey, Associate Prepared For: Prestige Properties NW, LLC c/o Jason Decker 425.922.9043 [email protected] Effective Date: February 20th, 2020 Date of Report: March 6th, 2020 OCG# 20-104 March 6th, 2020 OCG Ref. No. 20-104 Prestige Properties NW, LLC c/o Jason Decker 425.922.9043 [email protected] RE: Appraisal of: 3410 Colby Ave Everett, WA 98201 Dear Mr. Decker: In accordance with your request, we have written an appraisal and formed an opinion of the current Market Value of the Fee Simple interest in the above-referenced property. The accompanying appraisal report identifies the subject property, describes the market for this type of property, and presents the specific market data and analysis leading to our estimate of value. The subject property consists of two 6-unit multifamily buildings totaling 12 multifamily units. The buildings are recorded as having been built in 1989 and 1990. The buildings are situated on three parcels totaling 18,296 square feet located at 3410 Colby Avenue in the Port Gardner neighborhood of Everett. The subject’s units are both townhouse and flat style and include 3 levels of living area plus covered off- street parking accessible from the alley. Four units are one-bedroom one-bathroom flats, four units are two-bedroom one-bathroom flats, and four units are two-bedroom two-bathroom townhouses. In this report, we have estimated the subject’s current market value effective on the date of inspection, February 20th, 2020. The report has been prepared with the intent to comply with the Standards of Professional Practice of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. It has also been prepared with the intent to comply with Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended in August 1994, governing appraisals used for federally related transactions. This appraisal is intended to comply with the OCC’s amended Appraisal Rule, effective June 7, 1994, as published in the Federal Register, Volume 59, No. 108, and with the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994, and updated December 2010. TEL: 206-622-5100 • FAX: 206-622-5111 • EMAIL: [email protected] • WEBSITE: WWW.OCGP.COM As a result of the inspection, investigation, and analysis, it is our opinion that the Fee Simple market values as of February 20th, 2020, recognizing the assumptions and limiting conditions contained in the following report, are: Value Premise Effective Date Market Value Current Market Value 2/20/2020 $2,600,000 $216,667/Unit Thank you for the opportunity to work with you on this assignment. Sincerely, O'CONNOR CONSULTING GROUP, LLC Brian R. O’Connor, MAI, CRE Reilly Peavey, Associate O’CONNOR CONSULTING GROUP, LLC TABLE OF CONTENTS EXECUTIVE SUMMARY .......................................................................................................................5 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS .......................................................................7 SUBJECT PHOTOGRAPHS .................................................................................................................. 13 REGIONAL ANALYSIS: SEATTLE METROPOLITAN AREA ....................................................................... 28 SEATTLE-BELLEVUE-EVERETT METRO APARTMENT MARKET STUDY ................................................... 65 NEIGHBORHOOD DESCRIPTION ...................................................................................................... 111 HIGHEST AND BEST USE ................................................................................................................. 113 INCOME APPROACH ....................................................................................................................... 116 COST APPROACH ............................................................................................................................ 130 SALES COMPARISON APPROACH .................................................................................................... 131 RECONCILIATION, ESTIMATE OF VALUE .......................................................................................... 140 CERTIFICATE................................................................................................................................... 141 ADDENDA ...................................................................................................................................... 142 EXECUTIVE SUMMARY The subject is a 12-unit apartment building located at 3410 Colby Avenue. It is located on three separate parcels spanning six and a half standard Everett lots. The subject is located in R-5 zoning, allowing for development with no unit density maximum. Development in Everett has increased over the past five years, with successful lease-up periods and relatively inexpensive land attracting regional investors. Regional and local job growth is expected to continue to rise, and supply and demand for new multifamily units appears to be in equilibrium, both locally and regionally. As of our last vacancy survey (December 2019), Snohomish County vacancy rates match the regional average of 3.8% of all units, which is considered a healthy vacancy rate. Snohomish County also lead our absorption survey with the highest average new building absorption at 25.2 units/month, indicating continued healthy demand for units in the Snohomish County submarket. The subject improvements consist of two 6-unit buildings built around 1990 in excellent condition. The improvements’ exterior and landscaping are very attractive and well-situated on the subject parcels. The interiors have also been well-maintained in comparison to other similarly aged properties. In consideration of highest and best use, we considered the financial outlook of condominium conversion, but ultimately concluded that continued use as leasehold apartments yielded an overall higher market value. Rents for many of the subject units are leased on a month-to-month basis and can reasonably be increased to better meet market rental rates. The following page displays our proforma rents and expenses, concluding with an indication of market value. We have utilized a capitalization rate of 5.000% for the subject property. While other comparable sales have transacted at lower and higher capitalization rates, 5.00% was chosen for this assignment due to the subject’s excellent maintenance, attractive exterior/access, and continued compression of capitalization rates in the Everett area. The table below displays some metrics of sales for the comparable properties analyzed: Secondary Metrics of Sales Income Vacancy Expenses CAP Rate Property Units GRM /SF Allowance EGIM /Unit (primary) San Juan Apartments 16 14.4 $ 1.27 3% 14.9 $4,124 4.27% 3617 Hoyt Avenue 8 11.6 $ 1.87 3% 12.0 $4,218 6.04% Everett 4-plex 4 17.0 $ 1.35 5% 17.9 $3,743 3.84% 3726 Wetmore 6 13.9 $ 1.32 5% 14.6 $5,486 4.78% Nassau Terrace Apartments 10 9.8 $ 1.72 4% 10.2 $4,222 6.81% Average: 13.4 $ 1.51 4% 13.9 $4,359 5.15% The scope of this appraisal called for us to perform two approaches to value: An Income Approach and a sales comparison approach. The Income Approach is our best indicator of market value; the Sales Approach is also useful but treated as a secondary indicator of market value. We have reconciled the two approaches’ value conclusions accordingly and have reached a market value of $2,600,000 ($216,667/unit) for the subject. The proforma income/expenses, as well as relevant proforma metrics, is displayed on the following page. O’CONNOR CONSULTING 5 | P a g e GROUP, LLC OCG Ref. No. 20-104 Garden Court - Actual Income/Expenses Income Approach as of January 28th, 2020 Unit % of Unit Avg. Size Net Rentable Mkt. Rent Average Annual No. Total Units Type (S.F.) Area (S.F.) per S.F. Rent/Unit Total 4,9 17% 1/1 Middle 762 1,524 $1.61 $1,225 $29,400 1,12 17% 1/1 End 762 1,524 $1.64 $1,250 $30,000 3,10 17% 2/2 Middle 1,126 2,251 $1.33 $1,495 $35,880 2,11 17% 2/2 End 1,109 2,218 $1.36 $1,505 $36,120 5,8 17% 2/1 1st Floor 1,150 2,300 $1.26 $1,445 $34,680 6,7 17% 2/1 2nd Floor 1,150 2,300 $1.27 $1,465 $35,160 12 100% All Units 1,010 12,117 $1.38 $1,398 $201,240 $/S.F. $/Unit Annual Total Gross Possible Apartment Rents $16.61 $16,770 $201,240 Parking Income: Carport 15 stalls @ $20 /Stall/Month $0.30 $300 $3,600 Total Gross Income $16.91 $17,070 $204,840 Less : Vacancy & Credit Loss @ 5% ($0.85) ($854) ($10,242) Utility Income (W/S/G) Recaptured at 80% $0.83 $840 $10,080 Pet Income $10 /Month, for 25% of all tenants $0.03 $30 $360 Non-Refundable Pet Deposit $250 /Unit/Year $0.06 $63 $750 Misc. Income $10 /Unit/Month $0.12 $120 $1,440 Effective Gross Apartment Income (EGI) $17.10 $17,269 $207,228 Less: Apartment Expenses Fixed Expenses Real Estate Taxes $1.91 $1,927 $23,123 Insurance $0.33 $338 $4,056 Fixed Expenses Subtotal: $2.24 $2,265 $27,179 Variable Expenses Prop. Management @ 8.00% of EGI $1.37 $1,382 $16,578 Advertising/Promotion $0.12 $125 $1,500 Administrative/Misc. $0.35 $350 $4,200 Utilities (Gross) Electricity/Gas (Vacant Units & Common Space) $0.10 $100 $1,200 Water/Sewer $0.64 $650 $7,800 Garbage $0.40 $400 $4,800 Landscaping $0.30 $300 $3,600 Repair & Maintenance $0.45 $450 $5,400 Turnover $0.20 $200 $2,400 Variable Expenses Subtotal:
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