Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 401 Taylor Place NW, Renton WA
Total Units 16 (15 + 1)
Built 1969
Square Feet 10,730 Net Rentable
Price $3,499,000
Price Per Unit $218,688
Price Per Sq.Ft. $326.10
Current GRM/CAP 17.5/3.7% (3% Vacancy)
Market GRM/CAP 13.8/5.0% (3% Vacancy)
Lot Size 11,339 Sq. Ft.
ZONING RM-F

Taylor West Apartments

Paragon Real Estate Advisors is pleased to offer for sale the Taylor West Apartments. This 16 unit (15 plus 1) apartment building is located in a residential neighborhood just blocks from Downtown Renton.

Taylor West Apartments offers an investor the opportunity to acquire a well located, meticulously maintained apartment building with income upside. The Buyer can increase rents to market levels, charge for utilities and reap the rewards of immediate upside and long-term appreciation in a location that is rapidly being discovered.

Investment Highlights:

  • Awesome street appeal
  • Meticulously cared for, turn-key building
  • Many of the units have been updated
  • Spacious floor plans with separate dining areas
  • Low maintenance exterior
  • Attractive landscaping offering a quiet respite
  • Large private balconies
  • Common laundry room with leased equipment
  • Private resident storage lockers
  • On-site office for owner or manager

Renton

The word is getting out and Renton is quickly being discovered by those who desire affordable housing, ease of transportation, an enjoyable urban community, access to extensive parks, trails and opportunities for water related recreational activities.

Centrally located at the south end of Lake Washington, Renton’s strategic location, in the heart of the Puget Sound region, provides access to local, regional, national and international markets. The City, a 23.79 - square mile urban community, has approximately 95,540 residents, 41,271 jobs and is the fourth largest city in King County.

Downtown Renton is undergoing a renaissance. Once known for vacant storefronts and the Renton Loop, the center of the City is a thriving, urban environment where people live, work and play. This area is now populated with quaint restaurants, boutique shops and an active nightlife scene. In addition, new apartment and condominium construction continues to bring in new residents to the area. The Renton Transit Center provides access to buses with connections to and from Seattle, Bellevue and beyond.

Existing and planned office buildings provide companies with a central locale and employees access to restaurants, shops and other amenities. City Center Parking, the City’s new public parking garage, and the Renton IKEA Performing Arts Center, and the city-owned Pavilion Event Center are attracting even more people Downtown.

Historically downtown Renton has been the primary location for restaurants, shops, and entertainment options for the greater southend community. In recent years new developments have created many new retail hubs such as The Landing in North Renton or the Highlands in Northeast Renton.

The Landing is a new $300 million Urban Village and the shopping destination for locals and tourists alike. The development contains over 600,000 square feet of retail stores, restaurants and entertainment venues, plus 880 residential units at the Sanctuary and The Reserve Apartments. Located across from the Landing is Southport a newly constructed mixed-use development home to the Bristol; 383 exclusive waterfront apartments.
 
The Hyatt Regency recently completed construction of a boutique hotel containing 347 guest rooms. July 7th 2017 the Hyatt Recency Lake Washington at Southport opened their doors to guests offering an upscale retreat near the shores of Lake Washington. The hotel offers guest rooms with views of Lake Washington, Gene-Coulon Memorial Beach Park and the Seattle skyline. The third phase of this development is the Southport office campus schedule to be completed in 2018.

Renton is known for its great outdoor venues. This family friendly neighborhood has 29 developed public parks, an 18 hole golf course, 13 miles of trails and 813 acres of public open space for passive and active recreational activities.

The Gene-Coulon Memorial Beach Park, a 55 acre park with nearly 1.5 miles of Lake Washington waterfront is Renton’s signature recreational area. This park is a frequent water stop for cyclists and offers boat launch lanes, picnic shelters, playground equipment, tennis courts, volleyball courts, summer swimming and much more. This well known park has long been a destination for relaxation and recreation by Seattleites.

Operating Statement

Pricing
Price$3,499,000
Down Payment$2,099,400 (60%)
Loan Amount$1,399,600 (40%)
Interest Rate4.00% New Loan
Amortization30 Years
Price Per Unit$218,688
Price Per Sq.Ft.$326.10
Current GRM/CAP17.5/3.7% (3% Vacancy)
Market GRM/CAP13.8/5.0% (3% Vacancy)
 
Current Expenses
Expenses/Unit$4,097
Expenses/Foot$6.11
% of GSI32.70%
Market Expenses
Expenses/Unit$4,418
Expenses/Foot$6.59
% of GSI27.87%


Monthly Scheduled IncomeCurrentMarket
Monthly Scheduled Rent$16,460$20,250
Utility Billback$0$590
Electric Bill Back (Units 15/16)$95$95
Laundry Income$100$100
Other Income$50$100
Total Monthly Income$16,705$21,135
 
Annualized Operating DataCurrentMarket
Scheduled Gross Income$200,460$253,620
Less Vacancy$6,014 (3.0%)$7,609 (3.0%)
Gross Operating Income$194,446$246,011
Less Expenses$65,547$70,680
Net Operating Income$128,899$175,331
Annual Debt Service ($6,682/mo)$80,183$80,183
Cash flow Before Tax$48,716 (2.32%)$95,149 (4.53%)
Principal Reduction$24,647$24,647
Total Return Before Tax$73,364 (3.49%)$119,796 (5.71%)
 
Annualized Operating ExpensesCurrentMarket
Real Estate Taxes$16,367$21,500
Insurance$2,944$2,944
Utilities $11,536$11,536
On-Site Management $9,600$19,600
Maintenance & Repairs$13,600$13,600
Landscaping$5,000$5,000
Administration$2,500$2,500
Reserves$4,000$4,000
Total Operating Expenses$65,547$70,680

A Look Around the Property.

Built in 1969, the Taylor West Apartments is a beautiful, well maintained 3-story, 16 -unit apartment building that sits on a 11,339 square foot lot zoned RM-F located in Renton at the south end of lake Washington. The building has a net square footage of 10,730 and contains a popular unit mix of one and two bedroom units, ranging from 645 to 850 square feet, with an average unit size of 671 square feet.


Taylor West Apartments offers an investor the opportunity to acquire a well located, meticulously maintained apartment building with income upside. The Buyer can increase rents to market levels, charge for utilities and reap the rewards of immediate upside and long-term appreciation in a location that is rapidly being discovered.

Unit Totals

Unit Type Size Current Rent Monthly Income Market Rent Market Income
14 1BD/1BTH 645 Sq.Ft. $950 - $1,095 $14,060 $1,225 $17,150
2 2BD/1BTH 850 Sq.Ft. $1,200 $2,400 $1,550 $3,100
Totals/Averages 16 671 Sq.Ft. $1.53 $16,460 $1.89 $20,250

Taylor West Apartments

The Right Location Offering The Best for Less