multifamily offering memorandum · a large grassy area with mature shade trees, gardening area,...
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Milton Apartments 1307 10th Avenue | Milton, WA 98354 23 Units totaling 18,041 Square Feet
Exclusively Offered By:
NEIL WALTER COMPANY 1940 East D Street, Suite 100 Tacoma, Washington 98421
For more information, please contact:
Trevor Kovich 253.779.2408 [email protected]
MULTIFAMILY OFFERING MEMORANDUM
C O M M E R C I A L R E A L E S T A T E S E R V I C E S
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Table of Contents
THE OPPORTUNITY Opportunity
THE ASSET Property Summary Property Description Unit Mix & Amenities Location Description & Map Aerial View Property Photos
MARKETING POSITIONING Pro forma Income Statement Comparable Multifamily Sales
APPENDIX Multifamily Market Overview Demographics
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The Opportunity Neil Walter Company is pleased to present this unique investment offering. The Milton Apartments are well maintained and offer many advantages with their convenient location and excellent condition. This three-story two-building apartment complex has experienced historically low vacancy rates and has excellent upside potential.
Secluded in a quiet neighborhood of new construction homes, this 23-unit complex has great access to bus lines, downtown Milton amenities, Interstate 5, and the growing Hwy 99 corridor. Tenants can take advantage of more employment opportunities with reasonable commute times in either direction to Seattle or Tacoma.
Improvements to the complex include; electrical panels rewired in 2002, upgraded plumbing, a new roof in 2006 and recently paved parking lot with enough marked spaces (70) to accommodate more units being built.
Additional income opportunities include; the potential to develop more units, existing below market rents, onsite laundry facilities with coin operated machines, covered parking and unused storage lockers in the basement of the building. Most leases are currently month to month.
The carpeted apartments are equipped with electric heat installed in 2002. Three apartments feature washer/dryer hook ups and two have dishwashers.
A large grassy area with mature shade trees, gardening area, picnic tables and barbeques provide tenants with a safe and exclusive park to enjoy all year long.
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Property Summary Address
Number of Units
Year Built
Total Size
Unit Size Range
Site Acreage
Parcel Numbers
Current NOI
Pro Forma NOI
Offering Price
1307 10th Avenue Milton, WA 98354
23
1957
18,041 SF
419 SF to 742 SF
2.84
5985002370, 5985002380
$108,452
$120,824
$1,895,000
Property Description Built in 1957, the Milton Apartments is a 23-unit community that has undergone many recent improvements including rewired electrical panels, upgraded plumbing, a newer roof, and a recently paved parking lot. Its convenient location allows tenants easy commutes to both Tacoma and Seattle, while also providing a quiet, peaceful setting that is easy to call home.
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Unit Mix
# of Units Unit Type Approx. SF 11 2 Bed/1 Bath 714
6 2+ Bed/1 Bath 742
4 1 Bed/1 Bath 419
2 1+ Bed/1 Bath 730
Unit Amenities • Newer counters • New carpet • Ceiling fans • Full size refrigerator/freezer • Select units feature washer/dryer • Select units feature dishwasher
Common Area Amenities • Park • Gardening Area • Picnic Tables & Barbeques
Demographics Summary 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 2015 Total Population 5,974 43,742 162,561 2015 Total
Households 2,345 16,554 60,940 2015 Avg HH Income
$74,732 $82,376 $74,594
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Location Description & Map The Milton Apartments are conveniently located near Downtown Milton with easy access to Interstate 5 and the growing Highway 99 corridor. This central location offers reasonable commute times to both Seattle and Tacoma.
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Aerial View | Regional
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Aerial View | Close-up
MILTON APARTMENTS Marketing Positioning | 9
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Property Photos
MILTON APARTMENTS Marketing Positioning | 10
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2015 Actual NOI vs. 2016 Pro Forma NOI
MILTON APARTMENTS Marketing Positioning | 11
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Comparable Multifamily Sales Property Buyer Year Built Sale Date Sale Price # of Units $ / Unit Cap Rate Royal View Apartments 200 Milton Way Milton, WA 98354
Tyroda Royal View LLC 1982 4/30/2014 $1,450,000 16 $90,625 6.30%
University Terrace 2635 Cascade Place W University Place, WA 98466
Miray Investments LLC 1976 9/15/2014 $720,000 10 $72,000 6.20%
Oaklyn Manor 7920 Washington Blvd Lakewood, WA 98498
Washington Terrace LLC 1965 8/29/2014 $1,075,000 12 $89,583 7.40%
AVERAGE: $1,075,000 13 $84,070 6.633%
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Multifamily Market Overview
Source: City of Edgewood Economic Assessment (Noevember 2014)
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Demographics