Mt. View Apartments
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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, Washington 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 Seattle 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. 4 Pinnacle International Realty, LLC Pinnacle International Realty, LLC 5 Mt. View Apartments Mt. View Apartments 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 the world. Transportation options for students include several bus ● Front Lawn for ground level units 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 Storm 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 Seattle Seahawks Seattle Mariners 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 Roller Derby this excitement the local professional sports teams of the Seattle the residents are near I-405 pursue. Seahawks and the Seattle Mariners. 6 Pinnacle International Realty, LLC Pinnacle International Realty, LLC 7 Mt. View Apartments Mt. View Apartments 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.