50 Unit - Senior HUD - Blaine & Ferndale Manor

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1 50 Unit - Senior HUD - Blaine & Ferndale Manor 6.17% CAP - $185,134 NOI 210 B Street, Blaine WA - 26 Units 1075 Vista Dr, Ferndale WA - 24 units FOR SALE: $3,000, Units - All 1/1 Units ͻ&ƶůůljzğŷƚğěǁ t ĂŝƟŶŐ>ŝƐƚ Professionally Managed HAP Program ͻzğđğŷƚzğŷžǀ ĂƟŽŶƐ /ŶĨŽƌŵĂƟŽŶĐŽŶƚĂŝŶĞĚŚĞƌĞŝŶŚĂƐďĞĞŶŽďƚĂŝŶĞĚĨƌŽŵƐŽƵƌĐĞƐĚĞĞŵĞĚƌĞůŝĂďůĞ ďƶƚŷžƚőƶăƌăŷƚğğě ƵLJĞƌƚŽs ĞƌŝĨLJ

2 50 Unit - Senior HUD - Blaine & Ferndale Manor LOCATION The Blaine Manor is located adjacent to the Canadian border and the US Border Patrol office. Situated off I-5 exit 276, this property is conveniently located near city services. The neighborhood is surrounded by established homes and small apartment buildings. Ferndale Manor is located in the City of Ferndale s CBD. This property is within 2 blocks of restaurants, shopping, and a pharmacy. Most of the surrounding buildings are mixed use and commercial. FINANCIAL SNAPSHOT 2014 ACTUAL INCOME ī ĞĐƟǀ ĞZĞŶƚĂů/ŶĐŽŵĞ $394,920 ĚĚŝƟŽŶĂů/ŶĐŽŵĞ $7,300 Vacancy Loss (3%) $11,847 Total Revenue $390, Actual Expenses ($205,239) E ĞƚK ƉĞƌĂƟŶŐ/ŶĐŽŵĞ $185,134 CAP Rate 6.17%

3 INCOME AND EXPENSE PERFORMANCE HUD APPROVED RENTS DEC 2015 PER UNIT GROSS INCOME HUD Approved Rental Revenue $394,920 $7,998 Vacancy Loss (3%) $11,847 $237 ĚĚŝƟŽŶĂů/ŶĐŽŵĞ $7,300 $146 ī ĞĐƟǀ Ğ' ƌžɛɛ/ŷđžŵğ $390,373 $7,807 OPERATING EXPENSES ACTUAL EXPENSES W/ NEW MGNT PER UNIT 2015 Property Tax $15,189 $304 Insurance $14,745 $295 h ƟůŝƟĞƐ;t ^' нğůğđƚƌŝđŝƚlj $84,626 $1,693 Payroll (includes maintenance) $41,600 $832 Management Fee ($42/unit) $24,696 $494 Repairs & Maintenance (labor in payroll) $16,541 $331 ĚŵŝŶŝƐƚƌĂƟǀ ĞdžƉĞŶƐĞƐ $7,842 $157 Total Expenses $205,239 $4,105 E ĞƚK ƉĞƌĂƟŶŐ/ŶĐŽŵĞ $185,134 $3, ĂƉŝƚĂůŝnjĂƟŽŶZĂƚĞ 6.17%

4 PROPERTY DESCRIPTION CURRENT MARKET LOCATION UNIT TYPE Y ƵĂŶƟƚLJ UNIT SF RENT RENT/SF UTILITIES INLC Ferndale 1 bed/1 bath SF $666 $1.32/SF W/S/G/E Blaine - Bldg A 1 bed/1 bath SF $651 $1.29/SF W/S/G/E Blaine - Bldg B 1 bed/1 bath SF $651 $1.29/SF W/S/G/E SF $658 $1.30/SF W/S/G/E PROPERTY OVERVIEW PROPERTY ADDRESS #1: 2075 Vista Dr, Ferndale, WA MARKET: North Bellingham PROPERTY ADDRESS #2: 210 B Street, Blaine, WA PROPERTY TYPE: 2 Story Garden Style YEAR BUILT: Ferndale (1972) - Blaine (1970) PARCEL NUMBER: # PARCEL NUMBER: # NUMBER OF BUILDINGS: 3 AMENTITIES: PARKING: STORIES: ROOF: Laundry & Community Rooms 145 Open Spaces 3 Story Buildings WŝƚĐŚĞĚŽŵƉŽƐŝƟŽŶZŽŽĨ BUILDING SIZE: 32,846 SF CONSTRUCTION: Wood Framed LAND: 1.30 acres (56,628 SF) INTERIOR AMENTITES: Wall to Wall Carpet, Vinyl IMPROVEMENTS The Blaine and Ferndale Manor have recently been upgraded. Recent improvements in Ferndale include exterior paint, roof, and new ŐƵƩ ĞƌƐ ůăŝŷğƌğđğŷƚůljƶŷěğƌǁ ĞŶƚƌĞŶŽǀ ĂƟŽŶƐǁ ŝƚśăŷăůůŷğǁ ƌžžĩăŷěđğŵğŷƚďžăƌěɛŝěŝŷő

5 CONSTRUCTION DETAIL STYLE: BUILDINGS: FOUNDATION: EXTERIOR WALLS: ROOF: FLOOR COVERINGS: PAVING: t ŽŽĚ&ƌĂŵĞĚŽŶƐƚƌƵĐƟŽŶ 3 Buildings Poured Concrete Cement Board Siding WŝƚĐŚĞĚŽŵƉŽƐŝƟŽŶ^ŚŝŶŐůĞƐ Wall to Wall Carpet, Vinyl Asphalt UTILITIES/MECHANICAL SYSTEMS ELECTRICAL: HEATING/COOLING: HOT WATER: Single Meter per Building Electric Baseboard Individual Electric 50 Gal PARKING SPACES TOTAL PARKING SPACES: 25 OPEN SPACES: 25 CARPORT SPACES: 0 PARKING SPACES PER: 0.50 MANAGEMENT MANAGER: MAINTENANCE: PROPOSED MANAGEMENT: Professionally Managed - Megalodon Property Management Megalodon Property Management Coast Real Estate Services