Mt. View Apartments
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Mt. View Apartments Real Estate Professionals for Everyone Real Estate Professionals for Everyone Contents Offering Summary 3 Property Details 4 Property Overview 5 About Mt. View Apartments 6 Real Estate Professionals for Everyone Lynnwood, Washington and Local Attractions 7 Experts in: Sales Comps 9 Residential, Retail, Office & Warehouse Listed Comps 10 Rent Comps 11 P.O. Box 3103 Redmond, WA 98072 Target Property 14 Estimated Income and P&L 15 John Pezzanite Janice Tse Notes about the estimated P&L 15 Broker Associate Managing Broker Offering Price: $8,950,000 16 cel: (425) 890-8648 cel: (425) 829-9028 The figures, statements and computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all information for Buyer’s investment purpose and intended use. Trademarked names, logos, and images may appear in this document. Rather than use a trademark symbol with every occurrence of a trade- marked name, logo, or image we use the names, logos, and images only in an editorial fashion and to the benefit of the trademark owner, with no Its the intent of Seller to utilize the subject property to effectuate intention of infringement of the trademark. The use in this document of a Tax Deferred Delayed Exchange under Code Section 1031 trade names, trademarks, service marks, and similar terms, even if they of the Internal Revenue Code (I.R.C.), Buyer to co-operate with are not identified as such, is not to be taken as an expression of opinion Seller for such exchange at no additional costs to Buyer. as to whether or not they are subject to proprietary rights. Mt. View Apartments Offering Summary Mt. View Apartments uilt in 1985, this beautiful property has 35 units divided between three buildings, all four-plexes. B The property has 33 two-bedroom units. The resi- dents on the second floor enjoy wood burning fireplaces and a balcony overlooking the parking lot. The parking Price $8,950,000 lot itself is lined with trees, flowers and bushes making for a greener living space. The property has a 5.35% Price Per Unit $255,714 Cap Rate and a number of features appealing to renters Price Per SF $283.07 including a dog park, a children’s play area, and a com- munity picnic area that is currently under construction. Cap Rate 5.35% Building Size 31,618 sq ft Address Lot Size 1.66 acres 4113 156th ST SW, Lynnwood, WA 98087 Year Built 1985 Property Highlights ● 60 PARKING SPACES ● CHILDREN’S PLAY AREA ● PLANNED GARDEN CENTER FOR BBQ ● SPACIOUS BACK YARD WITH DOG PARK ● FULL LAUNDRY ROOMS IN TWO-BEDROOM UNITS ● MOSTLY TWO-BEDROOM UNITS ● TWO ONE-BEDROOM UNITS ● FIREPLACES IN UPPER UNITS ● BALCONY/DECKS ON UPPER UNITS ● FRONT LAWN WITH LOWER UNITS ● EASY ACCESS TO I-405 AND I-5 ● WALKING DISTANCE TO GROCERY MARKET Pinnacle International Realty, LLC 3 Mt. View Apartments Property Details Sale Price $8,950,000 Property Details Property Type Multifamily Location Information Lot Size 1.66 acres LoopNet Listing ID 15987830 Building Name Mt. View Apartments Submarket Meadowdale Street Address 4109, 4111, 4113 156th ST SW City, State, Zip Lynnwood, WA 98087 County Snohomish Market North Seattle Parking & Transportation Submarket Meadowdale Parking Type Uncovered Parking Number of Spaces 60 Reserved Parking Yes Visitor Parking Yes Building Information Number of Floors 2 Year Built 1985 Unit Amenities Gross Leasable Area 31,618 sq ft Number of Buildings 3 Handicap Access Yes* Number of Two Bedroom Units 33 Formal Laundry In Two-Bedroom Units* Number of One Bedroom Units 2 Exterior Wood, Wood Products Units in Building A 8 Roof Composition Units in Building B 12 Wood Burning Fireplaces Upper Units Units in Building C 15 Balcony/Deck Upper Units Clusters of 4-Plexes Utilities (water, sewer, garbage) Tenant Bill-Back *One unit has handicap ramp. All two-bedroom units have a laundry room. One-bedroom units share a laundry room. 4 Pinnacle International Realty, LLC Mt. View Apartments Property Overview Overview Year Built 1985 Property Size 1.66 acres Total Living Space 31,618 sq. ft. Parking Spaces 60 1 Bedroom* 2 2 Bedroom 33 2 Bedroom Size 1,000 sq. ft. Bedrooms 2 Bathroom 1 Laundry Room 1 Kitchen 1 1 Bedroom* Size 600 sq. ft. Size 550 sq. ft. Site Amenities Excellent School District (Edmonds School District) Spacious, fenced dog park. Children’s play area with a slide and swing. A planned community garden area for BBQ. Plenty of open spaces for children. Most units installed with pergo wood flooring. Fireplace in upper units. Property location based on Realist.com. Granite counter top in some units. *The two one-bedroom units are non-conforming. Pinnacle International Realty, LLC 5 Mt. View Apartments About Mt. View Apartments t. View Apartments of- Apartments The dog park located behind and I-5 making Seattle, Bothell, fers residential income Building A allows residents to and Everett just a few minutes M opportunity with a The 35 units are located in let the dogs run off-leash while drive away. three building complex, a great three buildings. The two-bed- keeping the property pristine. location, and plenty of room for room units are condo-style clus- Residents with children have Income Potential increasing income. tered around a central staircase. used the lawn behind Building B for an additional play area. Current rent allows plenty A children’s play area is lo- of room for income growth. All Site Features cated near the entrance and is units can be upgraded and ad- easily viewable from most units. ditional amenities can be added Mt. View Apartments has many features appealing to to the property. The interior of renters including: the units can be upgraded in Tenants the kitchen and dining area. ● Custom built condo style (possible condo A community picnic and out- conversion) Long term tenants is common here. Several families have rent- door grilling area was proposed. ● Dog park ed here for over 10 years. Most The preliminary work began for ● Children’s play area viewable from most units units have been remodeled with this project but a new owner can easy care pergo wood floors. update this area as desired. This ● 60 parking spots is the same location where a ● Fireplaces in upper units Location few residents would show mov- ● Balcony/Decks for upper units ies on the side of the building to Mt. View Apartment’s three entertain their children. So there ● Front Lawn for ground level units buildings are located off a pri- are plenty of community options ● Picnic area and garden center for BBQ vate driveway on 156th ST SW available for the space. ● Walking distance to Safeway, McDonald’s, in Lynnwood. This charming lo- These are only two areas Bartell’s Drugs, restaurants, bus stops cation allows residents privacy where upgrades can be made from busy Highway 99 yet easy to increase income potential of ● Minutes from Alderwood Mall, Boeing, Mulkiteo, access to shopping, dinning the property. restaurants, banks and markets and entertainment. As the units are condo-style, ● Easy access to Highway 99, I-405, I-5, Seattle, Located at the junction of a condo conversion is also a Bellevue, Bothell, Everett Highway 99 and Highway 525, possibility for a new owner to the residents are near I-405 pursue. 6 Pinnacle International Realty, LLC Mt. View Apartments Lynnwood, Washington and Local Attractions About the City of Lynnwood Nearby Parks Picnic Point Park Scriber Lake Park he beautiful city of Lynnwood is nestled between Seattle North Lynnwood Park Lynndale Park and Everett where I-5 and I-405 meet. This makes Lynnwood Heritage Park T Lynnwood perfectly located for access to many of the area’s popular attractions. Shopping Shopping One of the largest malls in the area is located in Lynnwood. Alderwood Mall Best Buy Alderwood Mall hosts Apple, Nordstrom, Macy’s, a movie theater Target Nordstrom and other stores and restaurants. This is the only mall within miles. Safeway Costco The nearby Best Buy, Costco, Target, Fred Meyer’s are also popu- Fred Meyer lar shopping destinations. Restaurants Entertainment Ethnic foods abound in Lynnwood. Popular dining options include Royall Casino Everett Red Dragon Casino Korean, Thai, Indian, Chinese Hot Pot, Sichuan Chinese are all popu- Washington Gold Casinos Edmonds Family Fun Center lar. Ethiopian and Mediterranean restaurants are only minutes away. Lynnwood Bowl and Skate AMC Alderwood Mall 16 Regal Cinemas Alderwood 7 & RPX Higher Education and Transportation Edmonds Community College attracts students from all over the world. Transportation options for students include several bus Minutes from Seattle routes, walking, and driving. Light rail terminal proposed for the area. Lots of new construc- Boeing Museum of Flight Seattle Science Center tion for commercial and residential. Exciting redevelopment plans Seattle Waterfront in place for Lynnwood. Nearby Attractions and Parks Seattle Professional Sports Teams Popular Picnic Point is located on Puget Sound and has sev- Seattle Storm Seattle Sounders FC eral regional hiking trails running through it. Other entertainment Seattle Seahawks Seattle Mariners include bowling, batting cages, go carts, and casinos. Add to all Rat City Roller Derby this excitement the local professional sports teams of the Seattle Seahawks and the Seattle Mariners. Pinnacle International Realty, LLC 7 Mt. View Apartments Statistics County Snohomish School District Edmonds Lynnwood Population (2010) Total 35,836 Estimate (2017) 38,273 Density 4,857.60/sq mi Lynnwood Historical population Census Pop. %± 1960 7,207 — 1970 16,919 134.8% 1980 22,641 33.8% 1990 28,695 26.7% 2000 33,847 18.0% 2010 35,836 5.9% Est. 2017 38,273 6.8% Top Employers Snohomish County (2017) Employer Employees 1.