Prestige Center

7902 27th St W University Place WA 98466

Listing #: 590449 | Status: New | Last Modified: 10/5/2017 |

For Sale

7902 27th St W University Place WA 98466

Agent Information
Showing Instructions
Call Listing AgentYes
Use DiscretionYes

Tyler Smith

(206) 505-9425
tylersmith@westlakeassociates.com

Steve Fischer

(206) 505-9435
fischer@westlakeassociates.com

Westlake Associates, Inc.

(206) 505-9400

Listing Information
Price
Listing Price$ 2,600,000
$/SF$ 167.39
$/Unit$ 136,842.11
Listing StatusNew
Days On Market16
Asset ClassRetail, Multi-Family
Search TagsMixed-Use
Investment Information
Investment PropYes
Gross Income$ 226,584
Vacancy Factor %5.00%
Operating Expenses$ 70,154
Net Operating Income$ 145,100
CAP Rate5.6 %
GRM11.47
Annual Expense Information
Expense Year2015
Real Estate Taxes$ 13,886
+Insurance$ 3,594
+Water/Sewer$ 16,611
+Prof. Mgr$ 10,763
+Res. Mgr$ 2,400
+Maintenance$ 14,250
+Other Expenses$ 8,650
=Total Exp.$ 70,154
Annual Operating Information
Gross Sch Rents$ 226,584.00
Vacancy %5.00%
=Effective Gross$ 226,584
-Total Expenses$ 70,154
=NOI$ 156,430
Financial Summary
CAP Rate5.6 %
GRM$ 11.47
$/Unit$ 136,842.11
Expense/Unit$ 3,692.32
Asset Class Information
# Units Beds/Baths Avg SqFT
4 1Bed/1Bath 650
6 2Bed/1Bath 850
9 Other 800
Property Information
Building Information
Building StatusExisting
# of Buildings1
# of Floors2
# of Units19
A/CYes
Total Building Sq/ft15,533
Net Rentable Area15,533
Lot Sq/ft27,443
Acres0.63
Property Type
Property TypeMixed Use
InvestmentYes
Location
CountyPierce
VicinityUniversity Place
Location DescriptionHistoric District
Cross StreetBridgeport Way
Market AreaUniversity Place/Fircrest
Tax ID #9180200510
ZoningCommercial/Residential
Parking Information
# Covered Spaces0
# Uncovered Spaces35
Total Parking Spots35
Construction
Year Built1961
Roof TypeComposition
Construction TypeBrick, Framed, Wood

Public Comments: The Prestige Center, located in quiet University Place, is a Bavarian style mixed use complex with 10 apartments and 9 commercial suite space. The commercial suites are occupied by long tenured businesses making for a very stable tenant base. In addition, there is a cell phone tower onsite yielding an additional $1,777/mo in income. This stabilized asset is turn key providing great yield, but still offers an investor further upside in rental income. University Place is home to 31,500 residents with many locations offering stunning views of the Olympic Mountains draping over the picturesque Puget Sound. Recently, University Place was home to the US Open at Chamber’s Bay Golf Course.

Public Building Comments: The building consists of ten residential units and nine commercial units totaling 15,083sf. The building is located on 27th Avenue which is a main east-west arterial in University Place. Additionally, the property is located two blocks east of Bridgeport Way - the main north-south arterial in University Place.

Search Tags: Mixed-Use, Street Retail, Salon/Spa,

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