| 1BR+1BA Multi-Family, 4 units |
|
offered at $369,500 |
| Year Built |
1981 |
| Sq Footage |
725 |
| Bedrooms |
1 |
| Bathrooms |
2 full, 1 partial |
| Floors |
Unspecified |
| Parking |
2 Covered spaces |
| Lot Size |
15,682 sqft |
| HOA/Maint |
$0 per month |
DESCRIPTION
_________ Commercial/Investment Real Estate __________
CERTIFIED COMMERCIAL INVESTMENT MEMBER
(Office:) The Miller Apartment Building (Mailing Address)
206 Tacoma Ave., South P.O. Box 1492
Tacoma, WA 98402 Tacoma, WA 98401
(253) 759-5000 Office E-Mail: dgarsenault@ccim.net (253) 572-5255 Fax
MONEY MAKING 4-Plex
Discounted Price on Quality Construction, Excellent Condition
Owner’s Association Oversees Property Management for Worry Free Operations, Freedom from Property Management and Maintenance Hassles
Over 3/4 Acre (33,105 Square Feet of Land) Allows for Garages, Expansion
12214 118th Ave. Court E, Puyallup WA 98374 MLS # 179937
BARGAIN PRICED: ONLY $369,500 ($92,375 Price/Unit) ($110/SF)
Disclosure: Donald G. Arsenault, CCIM of Arsenault Realty Advisors, LLC. is the Owner of this property. Donald G. Arsenault, CCIM is also acting as the Listing Broker in this transaction. The information contained herein has been obtained from sources deemed reliable and is true and correct to the best knowledge and belief of Arsenault Realty Advisors, LLC. but no guarantees can be made to its accuracy or completeness. Purchasers having questions regarding any item pertaining to the property, or to the information contained in this brochure, are encouraged to inspect the source documents. All parties are further urged to seek their own competent tax and legal advice. 211
SPECIAL OWNERSHIP BENEFITS:
This Four-Plex and each of the other six individual Four-Plexes of the Fox Run Apartments is part of the Fox Run Owner’s Association. This is a major benefit of ownership because each building is professionally managed and maintained which protects each property from slumlord management of neighboring properties. This holds up the value of all of the properties ensuring quality tenants and management.
This ease of ownership responsibility is due to the fact that the property management is handled by a professional management company selected by all of the owners. The owners oversee the high quality standards of the management company who thoroughly screen each tenant and each property is professionally managed and maintained. However, each owner has the right do their own maintenance at property management standards for additional savings on maintenance costs.
Each Four-Plex is on its own tax lot and separate ownership. The property management company hires the on-site resident manager and oversees the operations of each Fox Run four-plex. The fee is a standard property management fee of 6% of the collected income. The management company collects all of the rents, pays all the bills and sends a monthly check to the owner. One of the owners lives in California and another owner lives in Kirkland, Washington. They rarely ever visit the property and enjoy the freedom from property management worries.
Water, Power and Septic are separately metered and charges separately. The owners share the cost of grounds care and garbage based on 40% allocated to one bedroom unit buildings and 60% to two bedroom unit buildings. Again, each owner may provide their own maintenance of their own building or the owner may elect to have the management company provide those services. The management company rents the units to quality tenants based on a good standing credit history, no-criminal history and a positive rental history and work history. The manager collects and deposits the rents and the management company pays the bills and provides full accounting on a monthly basis. Most of the owners live in other areas and benefit from the worry free income, tax shelter and appreciation.
LOCATION: 12214 118th Ave. Ct. E., Puyallup, WA 98374
Excellent South Hill Area of Puyallup on Main Arterial to Orting. Offers High Visibility yet private road seclusion.
Very close to Shopping Malls, Recreation & YMCA
Close to Hwy 512, Military Bases & Employment Centers
SALES PRICE: ONLY $369,500 (Only $92,375/ U or $110/SF)
Tax Assessed Value $405,000
Tax Parcel Number: Pierce County Parcel Number #041911-7-022
GROWTH REAL Joint Base Lewis–McChord Grows to 3RD Largest in USA
ESTATE MARKET: Frederickson/Port of Tacoma Experiences High Growth
Local Area Sees Continued Huge Growth and Expansion
Puyallup Medical Complex Continues Huge Growth
Legal Description: Lot 1 OF Short Plat 80-45 Including Easement of Record from 3-021 SEGM-2804 JS EMS.
AMENITIES: Quality Construction Provides for Quiet Apartments:
Vertical Fire Wall & Light Concrete Between Units
Excellent Condition, Total Remodel of all Units
Newer Pitched Roof & New Paint Décor (2008)
Complete Energy Package with Thermo pane Windows
and Steel Front Doors.
Attractive Floor Plans, All Larger 2 Bedroom Units.
Each unit enjoys a Large Store Room off the Dining Room
with its own Full Size Washer/Dryer & Hot Water Tank
Gourmet Kitchens W/Double Cabinets & Dishwashers
Romantic Fireplace & Attractive Mantel in every unit
Private Decks off Dining with Sliding Glass Doors
PARKING: Covered Parking for 4 Cars Plus 4 Open Spaces
Extra land: build at least 4 garages for added income.
Year Built: 1981 Completely Renovated in 2007 & 2008
Land Area: Over ¾ Acre (33,105 Square Feet) Allows for Garages
Total Rentable Area: 3,344 SF of 836 SF/Unit plus deck/patio for each unit
Construction: Two Story, Attractive Garden Court, Wood Frame on Concrete Foundation. Vertical Fire wall between units side by side and light layer of concrete flooring between floors for noise suppression and fire proofing between units. This adds to the sound proofing and quiet enjoyment of the residents.
Roofing New 3 Tab, Composition 2008
Exterior: New Paint and Decor summer 2008
Utilities: Tenants Pay: (Separately Metered Electricity)
Tenant Pays Portion of Water and Garbage; Property is hooked up to two Septic Systems for each building creating savings by not having to pay sewer bills. The Public sewers are next door and in 112th street.
Appliances: Ranges, Refrigerators, Dishwashers, Disposals, Plus Full Size Washers & Dryers in newer condition in Store Room off Dinning.
SCHEDULED GROSS RENTS
Bedrms Bath Unit Sq Foot Current Rent
2 1 A 836 $775
2 1 B 836 $874
2 1 C 836 $785
2 1 D 836 $875
Totals 8 4 3,344 $3,309
Current
Gross Monthly Rent $3,309
(Other: Late, Credit, Forf Sec Etc.) 150
TOTALS $3,459
Annual Scheduled Gross Income
12 Months X’s Monthly Income $41,508
5% Vacancy & Collection Loss 2,075
Effective Gross Income $39,433
Pro Forma Expenses
Real Estate Taxes $4,144
Insurance 971
Outside Lights 275
Water 822
Garbage 1,156
Grounds & Landscape 1,480
Maintenance & Repairs*(See Note) 1,500
Resident Managers 1,500`
Property Management 6% 2,428
TOTAL EXPENSES (36%) 14,276
NET OPERATING INCOME $25,157
Gross Scheduled Income: $41,508
Gross Rent Multiplier: 8.9 X Gross
Net Operating Income: $25,157
FINANCING ALTERNATIVES & RESULTING CASH FLOWS
A. Investor Purchase with 20% Down (Non Owner Occupied)
Purchase Price $369,500
20% Down Payment 73,900
Loan Amount $295,600
30 Year Loan at 5% Monthly Payment ($1,587)
Average Monthly Net Income $2,096
Average Monthly Positive Cash Flow $510
Annual Payment Amount ($19,042)
Annual Net Operating Income 25,157
Annual Positive Cash Flow $6,115
Annual Principal Reduction: $4,361
Annual Tax Savings Using Cost Seg (28% Tax Bracket) $6,129
Sub Total $10,490
Plus Positive Cash Flow $6,115
Total Cash Return $16,605
Return on Investment ($16,605/Year with $73,900) = 22.5% Return
B. VA Owner/Occupied Purchase with Nothing Down
Purchase Price $369,500
Down Payment 0
Loan Amount $369,500
30 Year Loan at 4.75% Monthly Payment ($1,928)
Average Monthly Net Income $2,096
Average Monthly Positive Cash Flow $169
Annual Payment Amount ($23,130)
Annual Net Operating Income $25,157
Annual Positive Cash Flow $2,027
Annual Principal Reduction: $5,701
Annual Tax Savings Using Cost Seg (28% Tax Bracket) $6,129
Sub Total $11,830
Plus Positive Cash Flow $2,027
Total Cash Return $13,858
Return on Investment ($13,858/Year with NOTHING DOWN) = Infinite Return
C. FHA Owner/Occupied Purchase with 5% Down
Purchase Price $369,500
Down Payment $18,475
Loan Amount $351,025
30 Year Loan at 4.75% Monthly Payment ($1,831)
Average Monthly Net Income $2,096
Average Monthly Positive Cash Flow $265
Annual Payment Amount ($21,973)
Annual Net Operating Income $25,157
Annual Positive Cash Flow $3,183
Annual Principal Reduction: $5,417
Annual Tax Savings Using Cost Seg (28% Tax Bracket) $6,129
Sub Total $11,546
Plus Positive Cash Flow $3,183
Total Cash Return $14,728
Return on Investment ($14,728/Year with $18,475 Down) = 80% Return
NOTE: IRS TAX Write off By completing a Cost Segregation Study, you can deduct approximately $21,890 Per Yr @ 28% Tax Bracket = $6,129/Year Tax Savings for the First 5 Years! (Must Complete a Cost Segregation Survey, Otherwise use 27.5 Yr. Straight Line Method & only write-off $2,015/year resulting in Tax savings at 28% only $564/Yr)
Note: This return assumes a zero appreciation factor nor the likelihood of interest rates increasing and this is a FIXED RATE LOAN CONSTANT “Mortgage rates at low of 5%”. There are no guarantees or warranties to the assumptions and information presented here. Every Buyer will have full access to all information and all documents so that Buyer can make his/her own assessment and decision of the benefits of ownership.
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Central heat
