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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
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
Andrew P. LangsfordFounder & Principal(425)[email protected]
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
Andrew P. LangsfordFounder & Principal(425)[email protected]
Page 06
INVESTMENT DETAILSCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102
Andrew P. LangsfordFounder & Principal(425)[email protected]
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
Andrew P. LangsfordFounder & Principal(425)[email protected]
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)
Page 08
OPERATING INCOME ANALYSISCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102
Andrew P. LangsfordFounder & Principal(425)[email protected]
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
Page 09
CASH FLOW ANALYSISCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102
Andrew P. LangsfordFounder & Principal(425)[email protected]
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
Page 10
EXECUTIVE SUMMARYCapitol Hill Fourplex1124 Lakeview Boulevard East | Seattle, WA 98102
Andrew P. LangsfordFounder & Principal(425)[email protected]
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