A P A R T M E N T SPOULSBO HARBOR VIEW

SILVERDALE

KEYPORT

A P A R T M E N T SPOULSBO HARBOR VIEW

BAINBRIDGE ISLAND

BANGOR TRIDENT NAVAL BASE

LIBERTY BAY

WATERFRONT PARK

DOWNTOWN POULSBO

POULSBO YACHT CLUB

NORTH KITSAP HIGH SCHOOL

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Poulsbo Harbor View Apartments, an 18-unit renovated apartment building perched above Liberty Bay. Located in rapidly growing Kitsap County, Poulsbo Harbor View offers an investor the opportunity to acquire a well-maintained asset poised to take advantage of the growing market.

Please contact listing brokers to arrange a tour of the property or for additional due diligence materials.

NAME Poulsbo Harbor View Apartments

ADDRESS 49 NE Torval Canyon Rd, Poulsbo WA 98370

TOTAL UNITS 18

BUILT 1983 - Renovated 2007

SQUARE FEET 14,764 Total Net Rentable

PRICE $2,990,000

PRICE PER UNIT $166,111

PRICE PER FOOT $202.52

CURRENT GRM/CAP 11.5/5.7% (5% Vacancy)

MARKET GRM/CAP 10.7/6.3% (5% Vacancy)

LOT SIZE 73,181 Square Feet

ZONING Multi-Family

O F F E R I N G

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

� Recently renovated interiors

� Washers/dryers in each unit

� Spacious unit layouts with four unique floor plans

� Newer kitchens and bathrooms

� Updated appliances, lighting, and finishes

� On-site storage locker facility

� Tenants billed directly for utilities

� Blocks from historic Downtown Poulsbo

� Close to shops, restaurants, and multiple parks

� Additional parcel included for new development of 5 units

I N V E S T M E N T H I G H L I G H T S

A P A R T M E N T SPOULSBO HARBOR VIEW

L O C A T I O N H I G H L I G H T S

As the fourth largest city in Kitsap County, Poulsbo sits on the shores of Liberty Bay. With a population of approximately 10,500 this quiet bedroom community maintains the Scandinavian heritage that has earned Poulsbo the nickname “Little Norway”. Commuters to Seattle ride the Ferry from Bainbridge Island straight to downtown Seattle. Commuters can be in Seattle in one hour, making it a great bedroom community that maintains its own strong economic base of tourism, manufacturing, banking and the naval and defense industry.

Today Poulsbo is a thriving community with many amenities that attract tourists and encourage people to move to this area. With its picturesque downtown core of storefronts and shopping areas at Poulsbo Village, along Viking Avenue, and in College Market Place, Poulsbo offers much to citizens and guests alike. These include several beautiful parks throughout the city, a boardwalk along Liberty Bay, the Valborg Oyen Public Library, three marinas, interesting gift shops, delicious bakeries, good schools including the Olympic College satellite campus, and panoramic views of Liberty Bay and the Olympic Mountains.

� 15 minutes to Bangor Trident Naval Base

� Located one hour Northwest of Seattle

� Easy access to local transit options

� Walk to restaurants, cafés, and shopping

POPULATION

10,510

MEDIAN INCOME

$64,599

B U I L D I N G P H O T O S

U N I T P H O T O S

U N I T P H O T O S

F L O O R P L A N S

LOWER LEVEL

UNIT 1 UNIT 2 UNIT 3

F L O O R P L A N S

UPPER LEVEL

UNIT 4

UNIT 2

UNIT 5

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

MARKET

RENT

MARKET

RENT/SQ.FT.

1 2 Bd / 1.5 Bth 946 Sq.Ft. $1,250 $1.32 $1,350 $1.43

2 2 Bd / 1 Bth 766 Sq.Ft. $1,150 $1.50 $1,250 $1.63

3 2 Bd / 1 Bth 766 Sq.Ft. $1,250 $1.63 $1,250 $1.63

4 2 Bd / 1 Bth 766 Sq.Ft. $1,250 $1.63 $1,250 $1.63

5 2 Bd / 1 Bth 766 Sq.Ft. $1,150 $1.50 $1,250 $1.63

6 3 Bd / 1.5 Bth 1,146 Sq.Ft. $1,350 $1.18 $1,450 $1.27

7 3 Bd / 1.5 Bth 1,146 Sq.Ft. $1,350 $1.18 $1,450 $1.27

8 2 Bd / 1 Bth 766 Sq.Ft. $1,250 $1.63 $1,250 $1.63

9 2 Bd / 1 Bth 766 Sq.Ft. $1,150 $1.50 $1,250 $1.63

10 2 Bd / 1 Bth 766 Sq.Ft. $1,150 $1.50 $1,250 $1.63

11 2 Bd / 1 Bth 766 Sq.Ft. $1,075 $1.40 $1,250 $1.63

12 3 Bd / 1.5 Bth 1,146 Sq.Ft. $1,400 $1.22 $1,450 $1.27

13 2 Bd / 1.5 Bth 946 Sq.Ft. $1,150 $1.22 $1,350 $1.43

14 1 Bd / 1 Bth 590 Sq.Ft. $995 $1.69 $1,150 $1.95

15 1 Bd / 1 Bth 590 Sq.Ft. $995 $1.69 $1,150 $1.95

16 1 Bd / 1 Bth 590 Sq.Ft. $1,150 $1.95 $1,150 $1.95

17 1 Bd / 1 Bth 590 Sq.Ft. $950 $1.61 $1,150 $1.95

18 2 Bd / 1.5 Bth 946 Sq.Ft. $1,250 $1.32 $1,350 $1.43

Totals/Avg 820 Sq.Ft. $21,265 $1.44 $23,000 $1.56

Unit Breakdown A P A R T M E N T SPOULSBO HARBOR VIEW

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $21,265 $23,000

Utilities (Billed Direct to tenants) $0 $0

Parking (36 Open Spaces) $0 $0

Other Income/Misc $334 $334

Gross Potential Income $21,599 $23,334

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $259,184 $280,004

Less Vacancy 5.0% $12,959 5.0% $14,000

Gross Operating Income $246,225 $266,004

Less Expenses $77,364 $78,155

Net Operating Income $168,861 $187,849

Annual Debt Service ($10,981/mo) $131,775 $131,775

Cash Flow Before Tax 4.13% $37,086 6.25% $56,074

Principal Reduction $32,009 $32,009

Total Return Before Tax 7.70% $69,095 9.82% $88,083

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

RE Taxes 2018 $20,887 $20,887

Insurance 2018 $4,247 $4,247

Utilities 2018 $10,934 $10,934

On-Site Mgmt $35/unit $7,560 $7,560

Pro Mgmt Proforma (4%) $9,849 $10,640

Maintenance & Repairs Proforma $16,200 $16,200

Landscaping 2017 $2,287 $2,287

Miscellaneous Proforma $900 $900

Reserves Proforma $4,500 $4,500

Total Expenses $77,364 $78,155

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

4 1 Bd/1 Bth 590 $950 - $1,150 $1,150

8 2 Bd/1 Bth 766 $1,075 - $1,250 $1,250

3 2 Bd/1.5 Bth TH 946 $1,150 - $1,250 $1,350

3 3 Bd/1.5 Bth TH 1,146 $1,350 - $1,400 $1,450

18 Total/Avg 820 $1.44 $1.56

Units 18

Year Built 1983

Rentable Area 14,764

Down Pmt $897,000

Loan Amount $2,093,000

Interest Rate 4.80%

Amortization 30 years

Price $2,990,000

Per Unit $166,111

Per Sq. Ft. $202.52

Current GRM 11.54

Current CAP 5.65%

Market GRM 10.68

Market CAP 6.28%

Expense/Unit $4,298

Expense/Foot $5.24

Percent of GSI 29.85%

Expense/Unit $4,342

Expense/Foot $5.29

Percent of GSI 27.91%

CURRENT

OPERATIONS

MARKET

OPERATIONS

Lynwood Commons 4759 - 4779 Lynwood Center Rd NE Bainbridge Island, WA 98110

2 Year Built 2002 Units 30 Sales Price $8,720,000 Price/Unit $290,667 Price/Foot $192 GRM/CAP 13.5/5.1% Sales Date 7.2.2018

Camelot Apartments 500 Lebo Blvd Bremerton, WA 98310

3 Year Built 1970 Units 21 Sales Price $1,900,000 Price/Unit $90,476 Price/Foot $95 GRM/CAP 9.8/6.3% Sales Date 4.18.2018

Pine Ridge 3232 Pine Rd NE Bremerton, WA 98310

1 Year Built 1993 Units 116 Sales Price $21,500,000 Price/Unit $185,345 Price/Foot $193 GRM/CAP 11.3/5.2% Sales Date 12.14.2018

Thunderbird Apts 1142 Wheaton Way Bremerton, WA 98310

4 Year Built 1963 Units 20 Sales Price $1,800,000 Price/Unit $90,000 Price/Foot $112 GRM/CAP 10.5/5.9% Sales Date 12.1.2017

21

43

S A L E S C O M P A R A B L E S

Poulsbo Harbor View Apartments 49 NE Torval Canyon Rd Poulsbo, WA 98370Year Built 1983 - Renovated 2007 Units 18 Sales Price $2,990,000 Price/Unit $166,111 Price/Foot $203 Current GRM/CAP 11.5/5.7% Market GRM/CAP 10.7/6.3%

A P A R T M E N T SPOULSBO HARBOR VIEW

Poulsbo Harbor View Apartments - CURRENT 49 NE Torval Canyon Rd Poulsbo, WA 98370

1983 - 18 Units

1 Bd/1 Bth2 Bd/1 Bth2 Bd/1.5 Bth TH 3 Bd/1.5 Bth TH

5907669461,146

$950 - $1,150$1,075 - $1,250$1,150 - $1,250$1,350 - $1,400

$1.61 - $1.95$1.40 - $1.63$1.22 - $1.32$1.18 - $1.22

Poulsbo Harbor View Apartments - MARKET 49 NE Torval Canyon Rd Poulsbo, WA 98370

1983 - 18 Units

1 Bd/1 Bth2 Bd/1 Bth2 Bd/1.5 Bth TH 3 Bd/1.5 Bth TH

5907669461,146

$1,150$1,250$1,350$1,450

$1.95$1.63$1.43$1.26

Hillsider 50 19630 Jensen Way NE Poulsbo, WA 98370

1976 - 50 Units

1 Bd/1 Bth2 Bd/1 Bth

650870

$1,100$1,200

$1.69$1.38

Liberty Ridge 20455 1st Ave NE Poulsbo, WA 98370

1994 - 139 Units

1 Bd/1 Bth2 Bd/1 Bth2 Bd/2 Bth3 Bd/2 Bth

755903

1,0001,231

$1,412$1,451$1,664$1,910

$1.87$1.61$1.66$1.55

Scandia Knolls 20283 1st Ave NE Poulsbo, WA 98370

1986 - 78 Units

1 Bd/1 Bth2 Bd/1 Bth

665845

$1,205$1,305

$1.81$1.54

2

3

R E N T C O M P A R A B L E S

1

1

3

2

A P A R T M E N T SPOULSBO HARBOR VIEW

600 University St, Suite 2018

Seattle Washington 98101

206 623-8880 / info@ParagonREA.com

www.ParagonREA.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.