Viridian
FOR MORE
INFORMATION
PLEASE CONTACT:
VIRIDIAN | 6917 California Ave SW, Seattle, WA 98136
IAN BROWN
PRICE:
$5,000,000
FEATURES
PRINCIPAL | BROKER
UNITS:
30
+ Beautiful Architectural Features
206.505.9414
$/UNIT: $166,667
+ Low Maintenance Design
ian@
westlakeassociates.com
CAP: 5.94%
GRM: 12.78
+ Built-in Murphy Beds
+Designer Tile / Quartz Countertops
+Secure Bike Storage
MKT CAP: 6.26%
+Efficiency Studios with Oversized Windows
MKT GRM: 12.30
+MFTE - Tax Exemption Program
Viridian | 6917 California Avenue SW
Financial Analysis
PROPERTY OVERVIEW
Number of Units
30
# of UNITS
TYPE
AVG SIZE
28
Studio
200
$985 - $1,030
$1,050
Studio
265
$1,250
$1,300
Year Constructed
2015
2
Rentable SF
6,124
Total
Lot Size
6,131
Zoning
LR3
Roof
Flat
Heating
Electric
Exterior
Hardi Panel
CURRENT
6,124
$30,663
Sale Price
Scheduled Rental Income
+ Laundry
$250
Price per Unit
$166,667
Price per NRSF
PSF
$32,000
$5.22
|
CURRENT
PRO FORMA
$367,956
$384,000
$3,000
$300
|
$3,600
$2,700 | $32,400
$2,700 | $32,400
$403,356
$420,000
($12,101)
($12,600)
$391,255
$407,400
CURRENT
PER UNIT
PRO FORMA PER UNIT
Real Estate Taxes (with MFTE)
$5,026
$168
$7,000
$233
Insurance
$8,295
$277
$4,312
$144
Professional Management (pro-forma)
$23,533
$784
$23,533
$784
Utilities
$38,700
$1,290
$38,700
$1,290
Repairs & Maintenance
$15,000
$500
$16,414
$547
$3,600
$120
$3,600
$120
$94,154
$3,138
$93,559
$3,119
Scheduled Gross Income
$5,000,000
$4.92
PRO FORMA
INCOME
+ Utility Bill Back | Storage | MIsc.
PRICE ANALYSIS
PSF
- Vacancy & Cr Losses
3.0%
Gross Income
$816.46
Current CAP Rate
5.94%
Current GRM
EXPENSES
12.78
Pro Forma CAP Rate
6.28%
Pro Forma GRM
12.27
FINANCING
Loan Amount
$2,700,000
Down Payment
$2,300,000
Rate
4.00%
% Down
Reserves
Total Operating Expenses
46%
Amortization
30
Term
5
Annual Payment
$154,683
The statements, figures & computations herein,
while not guaranteed, are secured from sources we
believe reliable. Investors should verify all numbers,
computations, and assumptions before committing
to an investment.
IAN BROWN
PRINCIPAL | BROKER
206.505.9414
Net Operating Income
Less Annual Debt Service
Return Before Taxes & Appreciation
CURRENT
PRO FORMA
$297,101
$313,841
($154,683)
($154,683)
$142,419
6.19%
$159,158
6.92%
Viridian | 6917 California Avenue SW
Property Overview
Location
Westlake Associates, Inc. is proud to present Viridian Apartments for sale. Located in West Seattle, the subject property sits
amidst a charming mix of residential streets and commercial hubs. West Seattle offers convenient access to Seattle’s CBD,
and employment centers throughout the Puget Sound Region. At the heart of West Seattle lies “The Junction”, a lively and
popular business district offering fantastic dining, nightlife, shopping, and a year-round weekly farmer’s market. To the West
of The Junction, Alki Point offers a park and beach with stunning views of downtown Seattle, the Olympic Mountains, and
the Puget Sound. Alki Beach offers a long sandy beach stretch and park for biking, running, summer events, volleyball, beach
bonfires, and barbeques.
VIRIDIAN APTS
IAN BROWN
PRINCIPAL | BROKER
206.505.9414
Viridian | 6917 California Avenue SW
Property Description
Viridian is a stunning 30 unit apartment building comprised of modern studios. The units
include high quality built-in murphy bed systems that have convenient storage and shelving.
The murphy beds increase the effective living area of the units and enhance the resident
experience. The units were thoughtfully designed to maximize their 198 to 265 square feet
with features that include plank flooring, quartz countertops, designer tile, and oversized
windows. Tenants also have access to a private common patio. The use of reclaimed wood in
the entry areas is one of several ways the building appeals to its eco-conscious target tenant
profile. Additionally, the property offers residents bike storage, laundry facilities, and secure
storage lockers. Viridian is a rare opportunity for an investor to purchase a stylish turn-key
apartment building in one the fastest growing Seattle markets.
IAN BROWN
PRINCIPAL | BROKER
206.505.9414
Viridian | 6917 California Avenue SW
Property Photos
IAN BROWN
PRINCIPAL | BROKER
206.505.9414
Viridian | 6917 California Avenue SW
Property Photos
IAN BROWN
PRINCIPAL | BROKER
206.505.9414
Virdian | 6917 California Avenue SW
Current & Pro Forma Rent Roll
UNIT
TYPE
SF
101
Studio
202
$1,015
$1,050
102
Studio
202
$1,015
$1,050
103
Studio
265
$1,225
$1,300
104
Studio
202
$1,005
$1,050
105
Studio
202
$1,015
$1,050
106
Studio
202
$1,010
$1,050
107
Studio
202
$990
$1,050
108
Studio
265
$1,250
$1,300
109
Studio
202
$990
$1,050
110
Studio
202
$990
$1,050
201
Studio
202
$1,030
$1,050
202
Studio
198
$985
$1,050
203
Studio
202
$980
$1,050
204
Studio
202
$1,030
$1,050
205
Studio
202
$990
$1,050
206
Studio
202
$1,005
$1,050
207
Studio
202
$1,030
$1,050
208
Studio
198
$1,015
$1,050
209
Studio
202
$990
$1,050
210
Studio
202
$1,025
$1,050
301
Studio
202
$1,024
$1,050
302
Studio
202
$1,020
$1,050
303
Studio
198
$1,005
$1,050
304
Studio
202
$1,025
$1,050
305
Studio
202
$999
$1,050
306
Studio
202
$1,025
$1,050
307
Studio
202
$1,025
$1,050
308
Studio
198
$980
$1,050
309
Studio
202
$985
$1,050
310
Studio
202
$990
$1,050
$30,663
$32,000
Total
IAN BROWN
PRINCIPAL | BROKER
206.505.9414
CURRENT
MARKET
Comparable Sales Summary
Sale Price
# of Units
Sale Date
$/Unit
$/NRSF
CAP
GRM
1. U-DISTRICT 12-UNIT
5246 Brooklyn Avenue NE
$4,300,000
12
01.20.2016
$358,333
$602
4.7%
16.5
2. YARDHOUSE
1406 E Republican Street
$13,950,000
35
02.01.2016
$398,571
$766
4.1%
17.0
EDONA APARTMENTS
3. S
8520 20th Avenue NE
$8,980,169
80
05.2016
$112,252
$543
5.9%
N/A
TUDIO 7
4. S
4029 7th Avenue NE
$14,450,000
75
06.30.2016
$192,667
$589
4.7%
13.5
5. THE DEN
5043 Brooklyn Avenue NE
$8,850,000
50
02.28.2016
$177,000
$670
4.6%
14.7
6. MOD 19
1814 E Denny Way
$2,950,000
8
09.20.2016
$368,750
$728
4.1%
16.5
$321,345
$656
4.7%
15.9
Address
Averages
IAN BROWN
PRINCIPAL | BROKER
206.505.9414