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
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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 / [email protected]
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.