Eastwood Apartments

5302 - 5306 Chicago Ave SW Lakewood WA 98499

Listing #: 589908 | Status: Pending | Last Modified: 11/27/2017 |

For Sale

5302 - 5306 Chicago Ave SW Lakewood WA 98499

Agent Information
Showing Instructions
Call Listing AgentYes
Use DiscretionNo

Donna Marshall

(425) 422-0954
mdonnam44@gmail.com

Daniel Swanson

(206) 296-9610
dswanson@kiddermathews.com

Kidder Mathews

(206) 296-9600

Listing Information
Price
Listing Price$ 4,730,000
$/SF$ 124.15
$/Unit$ 84,464.29
Listing StatusPending
Days On Market87
Asset ClassMulti-Family
Investment Information
Investment TypeActual
Investment PropYes
Gross Income$ 600,660
Vacancy Factor %6.00%
Operating Expenses$ 254,631
Net Operating Income$ 309,989
CAP Rate6.6 %
GRM8.57
Utilities
Water City
Electricity Private
Storm Sewer County
Other Utilities Private
Retail Information
Signage Signage Freestanding
Multi-Family Asset Class General Information
Common LaundryYes
Annual Expense Information
Expense Year2017
Real Estate Taxes$ 58,236
+Insurance$ 14,076
+Water/Sewer$ 72,000
+Prof. Mgr$ 28,231
+Res. Mgr$ 11,400
+Maintenance$ 42,000
+Other Expenses$ 28,688
=Total Exp.$ 254,631
Annual Operating Information
Gross Sch Rents$ 552,060.00
Vacancy $$ 36,040.00
+Laundry Income$ 6,000
+Other Income$ 42,600
=Effective Gross$ 564,620
-Total Expenses$ 254,631
=NOI$ 309,989
Financial Summary
CAP Rate6.6 %
GRM$ 8.57
$/Unit$ 84,464.29
Expense/Unit$ 4,546.98
Asset Class Information
# Units Beds/Baths Avg SqFT
40 1Bed/1Bath 650
15 2Bed/1Bath 750
1 3Bed/1Bath 850
Property Information
Building Information
Building StatusExisting
# of Buildings4
# of Floors2
# of Units56
Total Building Sq/ft38,100
Net Rentable Area38,100
Lot Sq/ft90,000
Acres2.07
Property Type
Property TypeMulti-Family
InvestmentYes
Location
CountyPierce
Market AreaLakewood
Tax ID #0219141046
Construction
Year Built1969
Year Renovated2016

56 Units!! 6.55% Cap Rate, Pierce County- Appraisa

Public Comments: 56 Units, 10 Units Built in 2017 + 46 units remodeled! 9% cash on cash return, 6.55% Cap Rate, Current NOI $309,989, located 2 miles from Lakewood Town center. Resurfaced parking lot 2017. Coin operated Laundry, Dual Pane windows, large decks & storage, Property manager in place, Exterior painted 2017, Quick and convenient access to numerous retail centers. Minutes to I-5 & Downtown Tacoma, Clover Lake College Campus. Located halfway between Seattle and Olympia, job growth next 10 yrs predicted at 38%

Showing Instructions: View exterior anytime, showing by appointment.

Listing Images

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