1220 Lisa Ln SE & 3939 12th Ave Lacey, WA 98503
1220 Lisa Ln SE & 3939 12th Ave Lacey, WA 98503
1220 Lisa Ln SE & 3939 12th Ave Lacey, WA 98503
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<strong>1220</strong> L ISA L N <strong>SE</strong> & <strong>3939</strong> 12TH A VE • L ACEY, <strong>WA</strong> <strong>98503</strong>UNIT MIXNo. ofUnitsUnitTypeApprox.Square Feet<strong>Ave</strong>rageRents<strong>Ave</strong>rageRent/SFMonthlyIncomePro FormaRents<strong>Ave</strong>rageRent/SFMonthlyIncome14 1Bdr 1Bath 600 $765 $1.28 $10,715 $775 $1.29 $10,85034 2Bdr 1Bath 750 $879 $1.17 $29,888 $885 $1.18 $30,0908 3Bdr 2Bath 1,100 $1,097 $1.00 $8,775 $1,075 $0.98 $8,60012 1Bdr 1Bath 600 $775 $1.29 $9,296 $775 $1.29 $9,30016 2Bdr 1Bath 750 $878 $1.17 $14,060 $885 $1.18 $14,16012 3Bdr 2Bath 1,100 $1,094 $0.99 $13,125 $1,075 $0.98 $12,90096 Total 75,100 $85,859 $85,900OPERATING DATAINVESTMENT OVERVIEWMarcus & Millichap is pleased to present a uniqueinvestment opportunity in the <strong>Lisa</strong> Lane and <strong>12th</strong> <strong>Ave</strong>nueApartments, together a 96-unit apartment community. <strong>Lisa</strong>Lane and <strong>12th</strong> <strong>Ave</strong>nue, a 40- and 56-unit market rate,multifamily community, offers investors the ability to acquirea well-maintained and well-positioned, solid investment inthe growing market of <strong>Lacey</strong>, Washington.<strong>Lisa</strong> Lane was constructed in 2002 and <strong>12th</strong> <strong>Ave</strong>nue wasconstructed in 2000 by the current owner/developer whohas managed the properties since construction wascomplete. The communities together contain 26 onebedroom/one-bathroom,50 two-bedroom/one-bathroom and20 three-bedroom/two-bathroom apartment homes. Theunits themselves contain well-equipped kitchens, full-sizewashers and dryers, a private balcony or patio, walk-inclosets in some, mini-blinds and storage. The property alsooffers ample open parking spaces and covered space forwhich an investor could charge for an additional cost.INCOME AVERAGE PRO FORMAGross Potential Rent $1,030,308 $1,030,800Other Income 18,852 18,852Gross Potential Income $1,049,160 $1,049,652Less: Vacancy/Deductions (GPR) (5.0%) 51,515 (5.0%) 51,540Effective Gross Income $997,645 $998,112Less: Expenses 375,101 377,269Net Operating Income $622,544 $620,843Debt Service 430,357 430,357Debt Coverage Ratio 1.45 1.44Net Cash Flow After Debt Service 8.9% $192,186 8.8% $190,486Principal Reduction 91,039 91,039Total Return 13.1% $283,226 13.0% $281,525EXPEN<strong>SE</strong>SReal Estate Taxes (1) $73,244 $73,244Insurance (2) 12,144 12,144Resident Management (3) 41,600 41,600Marketing and Promotion (4) 4,752 4,752Repairs & Maintenance (5) 57,600 57,600Maintenance Labor (6) 41,600 41,600Landscaping (7) 7,968 7,968Management Fee (8) 39,905 39,924Common Area Electric (9) 3,840 3,936Water/Sewer (10) 50,076 51,578Waste Removal (11) 18,372 18,923Total Other Expenses 24,000 24,000Total Expenses $375,101 $377,269Expenses per Unit $3,907 $3,930Expenses per SF $4.99 $5.02% of EGI 37.6% 37.8%1420 Fifth <strong>Ave</strong>nueSuite 1600Seattle, <strong>WA</strong> 98101Tel: (206) 826-5700Fax: (206) 826-5710www.marcusmillichap.comThis information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer mustverify the information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services of Seattle, Inc. © 2011 Marcus & Millichap(Activity ID: S0110039 Property ID: 1711453)
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