344 7th Street Southeast
Esquire Apartments Puyallup, WA
Exclusively Offered at $1,425,000
*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions or estimates used are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
344 7th Street SE Puyallup, Washington
OVERVIEW
Offered At
$1,425,000
Location: The Esquire Apartments are located at 344 7th St SE, just off Pioneer Avenue and Main Street, the main East/West arterials through Puyallup making it easy to get around the city. Just blocks from the annual Puyallup Fair, the apartments are highly visible and ideal for renters in the area. The apartment community is situated close to the two main highways connecting the region. The entrance to Highway 512 is two blocks away and Highway 167 is within a mile, allowing for easy access to the main commuter routes. Tenants will find an abundance of shopping centers, amenities, shops, entertainment, and restaurants within blocks, making the Esquire Apartments an attractive place to live. While the access is desirable and convenient, the Esquire Apartments sit on a quiet residential street with a large courtyard which provides a tranquil and safe setting for tenants.
Improvements: The subject property (Parcel #: 0420273007) consists of one building with (1) Studio unit approximately 518 square feet and (22) 2 Bed/1 Bath units each about 728 square feet. Total building size is approximately 17,080 square feet and is situated on 1.09 acres. The elegant courtyard is nestled away from the street providing a haven which is enjoyed by all tenants. There is a common laundry facility and an abundance of on-site parking for tenants and guests alike. The building has been updated with vinyl windows and a new roof was recently installed (2009).
Upside Potential: Although meticulously maintained, the Esquire Apartments are not currently achieving full value market rents. Per the attached rental survey, the average monthly rent has a realistic upside potential of $75 to $100 per unit per month. In addition, the existing lease agreement for the common area laundry can be re-worked to significantly increase revenues.
Terms of Sale: The current owner requires to be cashed out at closing.
For more information, contact:
Jay Timpani 206.325.9305
[email protected]
EHI Real Estate Advisors Two Union Square 601 Union Street, Suite 425 Seattle, WA 98101
www.ehirealestate.com
*All square footage references are approximations. The information above has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
344 7th Street SE Puyallup, Washington
Offered At
$1,425,000
Subject Property
FEATURES •
23 Units
•
(1) Studio, (22) 2 Bed/1 Bath Units
•
7.95% Proforma Cap
•
Coin Operated Laundry
•
Vinyl Window Package
•
New Roof
•
Beautiful Courtyard Setting
•
Ideal Puyallup Location
•
Upside Rent Potential
For more information, contact:
Jay Timpani 206.325.9305
[email protected]
EHI Real Estate Advisors Two Union Square 601 Union Street, Suite 425 Seattle, WA 98101
www.ehirealestate.com
*All square footage references are approximations. The information above has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Offered At
344 7th Street SE Puyallup, Washington
$1,425,000
Actual Operating Information
Units
Type
Size (SF)
Monthly Rent
Rent/SF
1
Studio
518
$525.00
$1.01
$
22
2 Bed/1 Bath
728
$690.00
$0.95
$182,160.00
Income: Gross Annual Income: Total Annual Income:
$188,460.00 $188,460.00
$19,816.00 5,750.00 20,000.00 11,500.00 9,200.00 7,350.00 2,500.00 1,000.00 2,500.00 $79,616.00
Scheduled Gross Income: (Less Vacancy 5%): Gross Operating Income: (Less Expenses): Net Operating Income: Capitalization Rate: Net Operating Income: (Less Debt Service): Cash Flow Year 1: Cash on Cash Return, Year 1: Principal Reduction, Year 1: Total Return, Year 1: Debt Coverage Ratio:
Expenses Per Unit:
6,300.00
Annualized Operating Returns:
Expenses: Property Taxes: Insurance: Water/Sewer/Garbage: Maintenance: Management (Professional): Management (On-Site): Landscaping: Electrical: Misc./Reserves: Total Annual Expenses:
Annual Rent
$188,460.00 ( 9,423.00 ) 179,037.00 ( 79,616.00 ) $99,421.00 6.98 % $99,421.00 ( 61,377.44 ) $38,043.56 7.63 % 2.00 % 9.63 1.62
$3,462.00/Unit
Projected Loan/Financing Based on 30 Year Amortization: Purchase Price: Down Payment (35%): Loan Amount: Interest Rate: Debt Service per Month: Debt Service per Year:
$1,425,000.00 ( 498,750.00 ) $926,250.00 5.25 % $5,114.79 $61,377.44
For more information contact: Jay Timpani - 206.325.9305
[email protected] www.ehirealestate.com
*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions or estimates used are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Rent Comparables Subject Property
Comparables
For more information, contact:
Jay Timpani 206.325.9305
[email protected]
Address
Unit Type
Monthly Rent
Esquire Apartments 344 7th Street SE Puyallup, WA
2 Bed/1 Bath
$675/Month
Address
Unit Type
Monthly Rent
Faircrest Apartments 2009 5th Street Puyallup, WA
2 Bed/1 Bath
$775/Month
Stillwater Apartments 931 9th St SE Puyallup, WA
2 Bed/1 Bath
$790/Month
6 Plex 1122 9th Ave NW Puyallup, WA
2 Bed/1 Bath
$800/Month
EHI Real Estate Advisors Two Union Square 601 Union Street, Suite 425 Seattle, WA 98101
www.ehirealestate.com
*All square footage references are approximations. The information above has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
Offered At
344 7th Street SE Puyallup, Washington
$1,425,000
Proforma Operating Information
Units
Type
Size (SF)
Monthly Rent
Rent/SF
1
Studio
518
$525.00
$1.06
$
22
2 Bed/1 Bath
728
$725.00
$1.06
$191,400.00
Income: Gross Annual Income: Laundry Income: Total Annual Income:
Expenses Per Unit:
6,300.00
Annualized Operating Returns: $197,700.00 2,760.00 $200,460.00
Expenses: Property Taxes: Insurance: Water/Sewer/Garbage: Maintenance: Management (Professional): Management (On-Site): Landscaping: Electrical: Misc./Reserves: Total Annual Expenses:
Annual Rent
$19,816.00 5,750.00 20,000.00 11,500.00 9,200.00 7,350.00 2,500.00 1,000.00 2,500.00 $79,616.00
Scheduled Gross Income: (Less Vacancy 5%): Gross Operating Income: (Less Expenses): Net Operating Income: Capitalization Rate: Net Operating Income: (Less Debt Service): Cash Flow Year 1: Cash on Cash Return, Year 1: Principal Reduction, Year 1: Total Return, Year 1: Debt Coverage Ratio:
$200,460.00 ( 10,023.00 ) 190,437.00 ( 79,616.00 ) $110,821.00 7.78 % $110,821.00 ( 61,377.44 ) $49,443.56 9.91 % 2.00 % 11.91 1.81
$3,462.00/Unit
Projected Loan/Financing Based on 30 Year Amortization: Purchase Price: Down Payment (35%): Loan Amount: Interest Rate: Debt Service per Month: Debt Service per Year:
$1,425,000.00 ( 498,750.00 ) $926,250.00 5.25 % $5,114.79 $61,377.44
For more information contact: Jay Timpani - 206.325.9305
[email protected] www.ehirealestate.com
*All square footage references are approximations. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, assumptions or estimates used are for example only and do no represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.