![]() Enclose the remaining 9 garage stalls to maximize parking income and tenant security.Storage units should be leased for the market rate.Resident utility bill-back system (RUBS) should be implemented to off-set rising utility costs and for ownership.Investor has option to add washers and dryers to remaining 1Bedroom units.Many 2Bedroom/1.25Bathroom units have large bathrooms with Jack and Jill sinks which could be reconfigured into a separate.Refresh cabinets with paint and hardware. ![]() Premium updates for rental units include hard surface counter tops, vinyl plank flooring, stainless steel appliance package, and.SIGNIFICANT INTERIOR VALUE-ADD OPPORTUNITY: *Property taxes based on lender underwriting, 85% of adjusted value with 2022 levy rate.Ģ2 Swifty Creek Apartments | 627, 707, 729 Avenue A, Snohomish, WA | Foundation Group, LLCįoundation Group, LLC | 627, 707, 729 Avenue A, Snohomish, WA | Swifty Creek Apartments 23 *** Renovated rents require premium unit updates including kitchens and bathroomsġ8 Swifty Creek Apartments | 627, 707, 729 Avenue A, Snohomish, WA | Foundation Group, LLCįoundation Group, LLC | 627, 707, 729 Avenue A, Snohomish, WA | Swifty Creek Apartments 19Ģ0 Swifty Creek Apartments | 627, 707, 729 Avenue A, Snohomish, WA | Foundation Group, LLCįoundation Group, LLC | 627, 707, 729 Avenue A, Snohomish, WA | Swifty Creek Apartments 21 ** Market rents are based off of current condition with paint and flooring update. One party of this is the Inter-Urban bicycle trail. The Trail is located very close to some major recreational amenities. The rest of the asset has 17 one bedroom/one bath units, 12 three bedroom and two bath, two one bedroom/one bath with a loft and one studio unit. 54 percent of the property, or 38 units, is made up of two bedroom/1.25 bath units. The complex was built in three separate phases in 1940, 19. The property has a total of three parcels that included a total of nine structures. This will include an upgrade for all of the units and work done to improve the current amenities. The property itself will be going through a full renovation by 11 Capital. The asset is now essentially a fully leased property a few units remain vacant, however, they will be leased once the units have completed their renovations. The new owners will be renaming the property The Trail. Rents in the property now are estimated to be somewhere in the range of 20 percent to 30 percent below market rates. ![]() The projection is that the NOI in the property will go up in the future to around $1.1 million once the property has gone through its major renovation. The cap rate on the transaction was 4.2 percent, which is based on the property’s current net operating income of $768,592. The sales price did come in at above the $16.5 million asking price, which was stated in the property’s offering document. Working on the transaction was Aaron Locke, partner and Ethan Szmania, broker, with the firm. The listing agent on the sale that represented both the buyer and seller was The Foundation Group based in Seattle. The seller of the asset was a partnership that involved two private families that had owned the property for a long time. This sales price is a record price for the sale of an apartment complex in Snohomish, and it comes in at $255,000 per unit and $280 per square foot. The purchase price was $17.9 million, according to sources familiar with the sale of the asset. Kirkland-based 11 Capital has acquired the 70-unit Swifty Creek Apartments in Snohomish located at 627, 707 and 729 Avenue A. ![]()
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