Mt. View Apartments

Real Estate Professionals for Everyone

Real Estate Professionals for Everyone Mt. View Apartments

Offering Summary Contents

Offering Summary 3 Mt. View Apartments Property Details 4 uilt in 1985, this beautiful property has 35 units Property Overview 5 divided between three buildings, all four-plexes. The property has 33 two-bedroom units. The resi- About Mt. View Apartments 6 B dents on the second floor enjoy wood burning fireplaces Real Estate Professionals for Everyone Lynnwood, and Local Attractions 7 and a balcony overlooking the parking lot. The parking Price $8,950,000 lot itself is lined with trees, flowers and bushes making Experts in: Sales Comps 9 for a greener living space. The property has a 5.35% Residential, Retail, Price Per Unit $255,714 Office & Warehouse Listed Comps 10 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- Rent Comps 11 P.O. Box 3103 munity picnic area that is currently under construction. Cap Rate 5.35% Redmond, WA 98072 Target Property 14 Estimated Income and P&L 15 Building Size 31,618 sq ft Address 4113 156th ST SW, Lynnwood, WA 98087 John Pezzanite Janice Tse Notes about the estimated P&L 15 Lot Size 1.66 acres Broker Associate Managing Broker Offering Price: $8,950,000 16 Year Built 1985 cel: (425) 890-8648 cel: (425) 829-9028 Property Highlights ●● 60 PARKING SPACES ●● CHILDREN’S PLAY AREA The figures, statements and computations herein, while not guaranteed, ●● PLANNED GARDEN CENTER FOR BBQ are secured from sources we believe reliable. Investors should verify all ●● SPACIOUS BACK YARD WITH DOG PARK information for Buyer’s investment purpose and intended use. ●● FULL LAUNDRY ROOMS IN TWO-BEDROOM UNITS Trademarked names, logos, and images may appear in this document. ●● MOSTLY TWO-BEDROOM UNITS Rather than use a trademark symbol with every occurrence of a trade- ●● TWO ONE-BEDROOM UNITS 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 ●● FIREPLACES IN UPPER UNITS intention of infringement of the trademark. The use in this document of a Tax Deferred Delayed Exchange under Code Section 1031 ●● BALCONY/DECKS ON UPPER UNITS trade names, trademarks, service marks, and similar terms, even if they of the Internal Revenue Code (I.R.C.), Buyer to co-operate with ●● FRONT LAWN WITH LOWER UNITS 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. ●● EASY ACCESS TO I-405 AND I-5 ●● WALKING DISTANCE TO GROCERY MARKET

Pinnacle International Realty, LLC 3 Mt. View Apartments Mt. View Apartments

Property Details Property Overview

Overview Sale Price $8,950,000 Property Details Year Built 1985 Property Type Multifamily Property Size 1.66 acres Location Information Lot Size 1.66 acres Total Living Space 31,618 sq. ft. Parking Spaces 60 LoopNet Listing ID 15987830 1 Bedroom* 2 Building Name Mt. View Apartments Submarket Meadowdale Street Address 4109, 4111, 4113 156th ST SW 2 Bedroom 33 City, State, Zip Lynnwood, WA 98087 County Snohomish 2 Bedroom Market North Parking & Transportation Size 960 sq. ft. approx. Submarket Meadowdale Bedrooms 2 Parking Type Uncovered Parking Bathroom 1 Number of Spaces 60 Laundry Room 1 Reserved Parking Yes Kitchen 1 Visitor Parking Yes Building Information 1 Bedroom* Number of Floors 2 Size 600 sq. ft. approx. Year Built 1985 Unit Amenities Size 550 sq. ft. approx. Gross Leasable Area 31,618 sq ft Number of Buildings 3 Handicap Access Yes* Site Amenities Number of Two Bedroom Units 33 Formal Laundry In Two-Bedroom Units* Excellent School District (Edmonds School District) Number of One Bedroom Units 2 Exterior Wood, Wood Products Spacious, fenced dog park. Units in Building A 8 Roof Composition Children’s play area with a slide and swing. Units in Building B 12 Wood Burning Fireplaces Upper Units A planned community garden area for BBQ. Units in Building C 15 Balcony/Deck Upper Units Plenty of open spaces for children. Clusters of 4-Plexes Utilities (water, sewer, garbage) Tenant Bill-Back Most units installed with pergo wood flooring. Fireplace in upper units. Property location based on Realist.com. Granite counter top in some units. *One unit has handicap ramp. All two-bedroom units have a laundry room. One-bedroom units share a laundry room. *The two one-bedroom units are non-conforming.

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About Mt. View Apartments Lynnwood, Washington and Local Attractions

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 About the City of Lynnwood Nearby Parks opportunity with a The 35 units are located in let the dogs run off-leash while drive away. M Picnic Point Park Scriber Lake Park three building complex, a great three buildings. The two-bed- keeping the property pristine. he beautiful city of Lynnwood is nestled between Seattle North Lynnwood Park Lynndale Park location, and plenty of room for room units are condo-style clus- Residents with children have Income Potential and Everett where I-5 and I-405 meet. This makes Lynnwood Heritage Park increasing income. tered around a central staircase. used the lawn behind Building T Lynnwood perfectly located for access to many of the area’s B for an additional play area. Current rent allows plenty popular attractions. A children’s play area is lo- of room for income growth. All Shopping Site Features cated near the entrance and is units can be upgraded and ad- Shopping Alderwood Mall Best Buy easily viewable from most units. ditional amenities can be added One of the largest malls in the area is located in Lynnwood. Target Nordstrom Mt. View Apartments has many features appealing to to the property. The interior of Alderwood Mall hosts Apple, Nordstrom, Macy’s, a movie theater renters including: and other stores and restaurants. This is the only mall within miles. Safeway Costco the units can be upgraded in Fred Meyer Tenants the kitchen and dining area. The nearby Best Buy, Costco, Target, Fred Meyer’s are also popu- ●● Custom built condo style (possible condo lar shopping destinations. Long term tenants is common A community picnic and out- conversion) door grilling area was proposed. here. Several families have rent- Restaurants Entertainment ●● Dog park ed here for over 10 years. Most The preliminary work began for Ethnic foods abound in Lynnwood. Popular dining options include Royall Casino Everett Red Dragon Casino units have been remodeled with this project but a new owner can ●● Children’s play area viewable from most units Korean, Thai, Indian, Chinese Hot Pot, Sichuan Chinese are all popu- Washington Gold Casinos Edmonds Family Fun Center easy care pergo wood floors. update this area as desired. This ●● 60 parking spots lar. Ethiopian and Mediterranean restaurants are only minutes away. Lynnwood Bowl and Skate AMC Alderwood Mall 16 is the same location where a Regal Cinemas Alderwood 7 & RPX ●● Fireplaces in upper units Location few residents would show mov- Higher Education and Transportation ●● Balcony/Decks for upper units ies on the side of the building to Edmonds Community College attracts students from all over Mt. View Apartment’s three entertain their children. So there ●● Front Lawn for ground level units the world. Transportation options for students include several bus Minutes from Seattle buildings are located off a pri- are plenty of community options routes, walking, and driving. Boeing Museum of Flight Seattle Science Center ●● Picnic area and garden center for BBQ vate driveway on 156th ST SW available for the space. Light rail terminal proposed for the area. Lots of new construc- Seattle Waterfront ●● Walking distance to Safeway, McDonald’s, in Lynnwood. This charming lo- These are only two areas tion for commercial and residential. Exciting redevelopment plans Bartell’s Drugs, restaurants, bus stops cation allows residents privacy where upgrades can be made in place for Lynnwood. from busy Highway 99 yet easy to increase income potential of ●● Minutes from Alderwood Mall, Boeing, Mulkiteo, Seattle Professional Sports Teams access to shopping, dinning the property. Nearby Attractions and Parks restaurants, banks and markets and entertainment. As the units are condo-style, Popular Picnic Point is located on Puget Sound and has sev- Seattle Sounders FC ●● Easy access to Highway 99, I-405, I-5, Seattle, Located at the junction of a condo conversion is also a eral regional hiking trails running through it. Other entertainment include bowling, batting cages, go carts, and casinos. Add to all Bellevue, Bothell, Everett Highway 99 and Highway 525, possibility for a new owner to Rat City this excitement the local professional sports teams of the Seattle the residents are near I-405 pursue. Seahawks and the Seattle Mariners.

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Statistics Sales Comps

County Snohomish School District Edmonds Subject Property Cedar Village Roosevelt Place 4113 156th ST SW 8122 242nd ST SW 12527 Roosevelt Way NE Lynnwood Population (2010) Lynnwood, WA Image Edmonds, WA Image Seattle, WA 98125 Total 35,836 98087 98026 Sale Date 3/29/2019 Sale Date 1/3/2018 Estimate (2017) 38,273 Sale Price $8,750,000 Not Available Sale Price $1,300,000 Not Available Sale Price $6,710,000 Density 4,857.60/sq mi Units 35 Units 7 Units 23 Year Built 1985 Year Built 1984 Year Built 1986

Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM Lynnwood Historical population $255,714 $285.07 5.35% NA $185,714 $236.84 4.23% 14 $219,739 $344.10 4.91% 14.1 Census Pop. %± 1960 7,207 — Rent roll will be available after the property is 1970 16,919 134.8% under contract. 1980 22,641 33.8% 1990 28,695 26.7% 2000 33,847 18.0% Park 3025 Glen Grove Terra Apartments 2010 35,836 5.9% Est. 2017 38,273 6.8% 8122 242nd ST SW 10295 Bothell Way NE 730 N 85th ST Image Seattle, WA 98125 Image Bothell, WA 98011 Image Seattle, WA 98103 Sale Date 3/27/2018 Sale Date 5/10/2018 Sale Date 6/15/2018 Sale Price $17,750,000 Not Available Not Available Sale Price $6,650,000 Not Available Sale Price $5,850,000 Top Employers Snohomish County (2017) Units 61 Units 24 Units 17 Year Built 1982 Employer Employees Year Built 1968 Year Built 1971 1. The Boeing Company 35,000 2. Providence Regional Medical Center 4,906 Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM 3. Edmonds School District 3,616 $290,983 $309.13 NA NA $277,083 $268.49 4.3% 15.5 $344,117 $381.85 5.1% 13.5 4. The Tulalip Tribes 3,500 5. Washington State Government 3,000 6. Naval Station Everett 2,900 7. The Everett Clinic 2,871 Lynnwood, Washington located in Snohomish County at the junction of 8. Snohomish County Government 2,959 I-5 and I-405. 9. Everett School District 2,443 Source: Bing.com 10. Premera Blue Cross 2,200

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Listed Comps Rent Comps

Subject Property North Park Apartments Finnigan Apartments Subject Property Peaks Apartment Homes A’Cappella 4113 156th ST SW 926 N 104th St 530 Bell St 4113 156th ST SW 16101 36th Ave W 15001 35th Ave W Lynnwood, WA Seattle, WA 98133 Edmonds, WA Lynnwood, WA Lynnwood, WA Lynnwood, WA Image 98087 Image Image 98020 98087 Image 98087 Image 98087 Sale Price $3,295,000 Not Available Sale Price $8,750,000 Not Available Units 22 Not Available Sale Price $2,995,000 Units 35 Not Available Units 64 Not Available Units 387 Units 35 Year Built 1929 Units 11 Year Built 1985 Year Built 1979 Year Built 1939 Year Built 1985 Year Built 1962

Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM Unit Mix Aprox. SF Rent Rent/SF Unit Mix SF Rent Rent/SF Unit Mix SF Rent Rent/SF $255,714 $283.07 5.35% NA $149,773 $316.83 5.92 10.27 $272,273 $440.38 5.07% 13.85 2 BD 960 NA NA 1 BD 633 $1339 $2.12 1 BD 700 $1355 $1.94 1 BD 550 NA NA 1 BD 633 $1399 $2.21 1 BD 700 $1885 $2.69 Rent roll will be available after the property is under contract. 1 BD 600 NA NA 2 BD 890 $1538 $1.74 2 BD 950 $1610 $1.69 Rent roll will be available after the property is 2 BD 890 $1599 $1.80 2 BD 950 $2385 $2.51 under contract. 2 BD 970 $1635 $1.69 2 BD 970 $2310 $2.38 Edmonds West Sheridan Beach Terrace Serra Vista Orchard Ridge Apartments 2 BD 920 $1525 $1.66 2 BD 920 $2200 $2.39 1116-1120 5th Ave S 15530 Bothell Way NE 15517 40th Ave W 3805 164th ST SW Image Edmonds, WA Image Lake Forrest Park, WA Image Lynnwood, WA Image Lynnwood, WA 3 BD 1070 $1830 $1.71 98020 98087 98087 98087 3 BD 1070 $2540 $2.35 Not Available Sale Price $7,295,000 Not Available Sale Price $14,500,000 Not Available Units 138 Not Available Units 104 Units 24 Units 35 Year Built 1989 Year Built 1988 Year Built 1977 Year Built 1985

Price/Unit Price/SF Cap Rate GRM Price/Unit Price/SF Cap Rate GRM Unit Mix SF Rent Rent/SF Unit Mix SF Rent Rent/SF $303,958 $283.85 4.30% 15.0 $273,585 $289.77 5.01% 12.83 1 BD 750 $1677 $2.24 1 BD 738 $1435 $1.94 1 BD 750 $2551 $3.40 1 BD 738 $1874 $2.54 2 BD 934 $1594 $1.71 2 BD 949 $1842 $1.94 2 BD 934 $2793 $2.99 2 BD 949 $2430 $2.56 3 BD 1082 $1635 $1.51 2 BD 838 3 BD 1082 $2310 $2.13 3 BD 1320

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Target Property Estimated Income and P&L 4109, 4111, 4113 156th St. SW, Lynnwood, WA

Estimated Expenses Estimated P&L

Annual Rent Income NA Advertising $468 Vacancy Loss $32,223 Auto and Travel $1,500 Expenses $133,109 Cleaning and Maintenance $7,200 Commissions $- Total Income $479,128 Insurance due Nov. 8, 2018 $7,147 Total Expenses NA Legal and Professional Services $1,150 NOI $479,128 Management Fee $3,600 Rent roll and other financial information will be available after mutual Mortgage Interest $- acceptance. Other Interest $- Repairs $14,300 Supplies $1,500 Offering Price Cap Rate Comparison Real Property Tax $56,152 Personal Property Tax $356 Sale Price $8,950,000 Utilities $39,000 Cap Rate 5.35% Fire Inspection $386

Total $133,109 Notes about the estimated P&L Rent income includes $100 for water, sewer and garbage bill- The property’s rent roll, expenses and other financial documents back charged to each unit per month. Areal view of property. will be supplied once the property is under contract. Source: Bing.com Vacancy loss assumes a 5% vacancy rate. Its the intent of Seller to utilize the subject property to effectuate a Tax Deferred Delayed Exchange under Code Section 1031 of the Property location based on Realist.com. Internal Revenue Code (I.R.C.), Buyer to co-operate with Seller for such exchange at no additional costs to Buyer.

14 Pinnacle International Realty, LLC Pinnacle International Realty, LLC 15 Mt. View Apartments Mt. View Apartments

Offering Price: $8,950,000 Cap Rate: 5.35%

Price $8,950,000 Price Per Unit $255,714 Price Per SF $283.07 Cap Rate 5.35% Building Size 31,618 sq ft Lot Size 1.66 acres Year Built 1985 Real Estate Professionals for Everyone

Experts in: Residential, Retail, Office & Warehouse

P.O. Box 3103 Redmond, WA 98072

John Pezzanite Janice Tse Broker Associate Managing Broker cel: (425) 890-8648 cel: (425) 829-9028

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Real Estate Professionals for Everyone