CAPITOL HILL FOURPLEX - LoopNet · 2020. 1. 3. · Real Estate Taxes $ 9,816.00 Insurance $ 1,437.00 Estimated Water/Sewer/Garbage $ 3,774.00 Current Operations Electricity $ 165.00

For more information contact:

CAPITOL HILL FOURPLEX1124 Lakeview Boulevard EastSeattle, WA 98102

Price: $1,450,000

Andrew P. LangsfordFounder & Principal(425)[email protected]

40 Lake Bellevue Dr. Suite 230 | Bellevue, WA 98005 | Phone: 425.531.7966 | Fax: 425.732.3200 | www.vreg.co

PROPERTY HIGHLIGHTS

Price Reduced Capitol Hill Fourplex●

Each unit has views of Lake Union●

Value add opportunity ●

Below market rents●

Coin operated laundry in place●

Basement and storage income ●

Opportunity to convert basement into additional unit●

Easy access to Amazon, SLU, Google, Facebook, I5, and more●

New roof 2014/2015●

New sewer main 2007●

Andrew P. LangsfordFounder & Principal

(425)5317966

[email protected]

The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The informationprovided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of thissoftware should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions.

TABLE OF CONTENTSProperty Description 3

Property Photos 4

Location Map 5

Maps and Aerials 6

Investment Details 7

Gross Income Vs. Operating Expenses 8

Operating Income Analysis 9

Cash Flow Analysis 10

Executive Summary 11

Valuation 12

PROPERTY DESCRIPTIONCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


Price reduced. Amazing views of Lake Union from every unit in charming building in Prime Capitol Hill location. Unfinishishedbasement leaves room for expansion, possibly add stairs to make current ground floor units larger, possible 5.18 capmaybe more. Great value add opportunity. 4plex with 1 bed/1 bath units lives large and spacious, with abundance ofnatural light and hardwoods throughout. New roof in 2014/2015, new sewer main in 2007. LR2 Zoning, easy access toAmazon, SLU, Google, Facebook, I5 and the Eastside. Excellent owner occupied property.

Page 03

PROPERTY PHOTOSCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102

Page 04

LOCATION MAPCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102

Page 05

MAPS AND AERIALSCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


Page 06

INVESTMENT DETAILSCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


ANALYSIS

Analysis Date December 2019

PROPERTY

Property Type Residential

Property Capitol Hill Fourplex

Property Address1124 Lakeview Boulevard East, Seattle, WA

98102

PURCHASE INFORMATION

Purchase Price $1,450,000

Units 4

Total Rentable Sq. Ft. 2,720

INCOME & EXPENSE

Gross Operating Income $90,962

Monthly GOI $7,580

Total Annual Expenses ($18,792)

Monthly Expenses ($1,566)

FINANCIAL INFORMATION

Down Payment $528,500

LOANS

Type Debt Term Amortization Rate Payment LO Costs

Fixed $981,500 30 years 30 years 4.50000% $4,973

Page 07

GROSS INCOME VS. OPERATINGCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


Year 1 2 3 4 5 6 7 8 9 10

$13,000

$26,000

$39,000

$52,000

$65,000

$78,000

$91,000

$104,00

$117,00

$130,00

Legend

GROSS SCHEDULED INCOME Total Operating Expenses

YearGROSS SCHEDULED

INCOMETotal Operating Expenses

1 $93,648 ($18,792)

2 $96,334 ($18,792)

3 $99,100 ($18,792)

4 $101,949 ($18,792)

5 $104,884 ($18,792)

6 $107,906 ($18,792)

7 $111,020 ($18,792)

8 $114,226 ($18,792)

9 $117,529 ($18,792)

10 $120,931 ($18,792)

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OPERATING INCOME ANALYSISCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


Year 1 2 3 4 5 6 7 8 9 10

$12,000

$24,000

$36,000

$48,000

$60,000

$72,000

$84,000

$96,000

$108,00

$120,00

Legend

GROSS OPERATING INCOME NET OPERATING INCOME NET CASH FLOW (b/t)

YearGROSS OPERATING

INCOMENET OPERATING INCOME NET CASH FLOW (b/t)

1 $90,962 $72,170 $12,493

2 $93,567 $74,775 $15,098

3 $96,251 $77,459 $17,781

4 $99,014 $80,222 $20,545

5 $101,861 $83,069 $23,391

6 $104,793 $86,001 $26,323

7 $107,813 $89,021 $29,343

8 $110,923 $92,131 $32,454

9 $114,127 $95,335 $35,658

10 $117,427 $98,635 $38,958

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CASH FLOW ANALYSISCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


Description Year 1 Year 2 Year 3 Year 4 Year 5

GROSS SCHEDULED INCOME $93,648 $96,334 $99,100 $101,949 $104,884

Turnover Vacancy ($2,686) ($2,766) ($2,849) ($2,935) ($3,023)

Total Operating Expenses ($18,792) ($18,792) ($18,792) ($18,792) ($18,792)

NET OPERATING INCOME $72,170 $74,775 $77,459 $80,222 $83,069

Loan Payment ($59,677) ($59,677) ($59,677) ($59,677) ($59,677)

NET CASH FLOW (b/t) $12,493 $15,098 $17,781 $20,545 $23,391

Cash On Cash Return b/t 2.36% 2.86% 3.36% 3.89% 4.43%

Description Year 6 Year 7 Year 8 Year 9 Year 10

GROSS SCHEDULED INCOME $107,906 $111,020 $114,226 $117,529 $120,931

Turnover Vacancy ($3,113) ($3,207) ($3,303) ($3,402) ($3,504)

Total Operating Expenses ($18,792) ($18,792) ($18,792) ($18,792) ($18,792)

NET OPERATING INCOME $86,001 $89,021 $92,131 $95,335 $98,635

Loan Payment ($59,677) ($59,677) ($59,677) ($59,677) ($59,677)

NET CASH FLOW (b/t) $26,323 $29,343 $32,454 $35,658 $38,958

Cash On Cash Return b/t 4.98% 5.55% 6.14% 6.75% 7.37%

* b/t = before taxes; a/t = after taxes

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EXECUTIVE SUMMARYCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102


ACQUISITION COSTS

Purchase Price, Points and Closing Costs $1,450,000

Investment Cash $528,500

First Loan $981,500

INVESTMENT INFORMATION

Purchase Price $1,450,000

Price per Unit $362,500

Price per Sq. Ft. $533.09

Income per Unit $23,412

Expenses per Unit ($4,698)

INCOME, EXPENSES & CASH FLOW

GROSS SCHEDULED INCOME $93,648

Total Vacancy and Credits ($2,686)

Operating Expenses ($18,792)

NET OPERATING INCOME $72,170

Debt Service ($59,677)

CASH FLOW BEFORE TAXES $12,493

FINANCIAL INDICATORS

Cash on Cash Return Before Taxes 2.36%

Debt Coverage Ratio 1.21

Capitalization Rate 4.98%

Gross Rent Multiplier 15.48

Gross Income / Square Feet $34.43

Gross Expenses / Square Feet ($6.91)

Operating Expense Ratio 20.66%

Page 11

Location Capitol Hill New Interest Rate Price: 1,450,000.00$ Unit Count 4 New Loan Amount Downpayment 507,500.00$ Type Fourplex Total Monthly Pmt Equity 30%Price Per Unit 362,500.00$ Market Value 1,768,627.16$

Current CAP 4.18% Annual payment -$ Current GRM 17.73

Market CAP 4.94%Market GRM 15.57

Monthly Schedule Income

Unit Type Size

Actual Monthly

Rent

Estimated Market

Rent

Actual Price

Per Foot

Market

PPF

1 1 bed 1 bath 650 $1,695 $1,855 2.61$ 2.85$

2 1 bed 1 bath 650 $1,695 $1,855 2.61$ 2.85$

3 1 bed 1 bath 650 $1,710 $1,875 2.63$ 2.88$

4 1 bed 1 bath 650 $1,715 $1,875 2.64$ 2.88$

Basement expansion/Additional Unit 854 -$

Monthly Scheduled

Income $6,815 $7,460Other Income -$ 300.00$

Total Yearly Income 81,780.00$ 93,120.00$

Annualized Operating Data

CurrentScheduled Gross Income 81,780.00$ 93,120.00$ -$ Less Vacancy 3% 2,453.40$ 2,793.60$ -$ Gross Operating Income 79,326.60$ 90,326.40$ -$ Less Expenses 18,697.00$ 18,697.00$ Net Operating Income (NOI) 60,629.60$ 71,629.40$ Annual Debt Service -$ -$ Cash Flow 60,629.60$ 71,629.40$

Cash on Cash Year 1

Debt Service Ratio

Annualized Operating Expenses

Real Estate Taxes 9,816.00$ Insurance 1,437.00$

Estimated Water/Sewer/Garbage 3,774.00$ Current Operations

Electricity 165.00$ Management Fees Expenses/Unit Estimated Maintenance 3,505.00$ Expenses/Foot

Expenses as

% of Gross Income 23%

-$

Total Expenses 18,697.00$

Property Analysis: 1124 Lakeview Blvd E Seattle

12/16/2019

CAPITOL HILL FOURPLEX - LoopNet · 2020. 1. 3. · Real Estate Taxes $ 9,816.00 Insurance $ 1,437.00 Estimated Water/Sewer/Garbage $ 3,774.00 Current Operations Electricity $ 165.00

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