Burke Hill Apartments
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Burke Hill is proudly
represented by our
Multifamily Team:
$2,200,000

55 Units

Wenatchee, WA
Robert Parmar
Designated Broker
rparmar@smfield.com
Ryan Kidwell
Managing Broker
rkidwell@smfield.com
Greg Wendelken
Senior Broker
gwendelken@smfield.com
Andre LaMarre
Broker
alamarre@smfield.com
Confidential Offering Memorandum
To schedule a property tour, please contact:
Greg Wendelken | 425-889-6510 | gwendelken@smfield.com
Andre LaMarre | 425-889-6520 | alamarre@smfield.com
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Disclaimer
This Offering Memorandum has been prepared by Summerfield Commercial for use by a limited number of parties and has been obtained from sources
believed reliable. While we do not doubt its accuracy, we have not verified it, and make no guarantee, warranty or representation about it. It is your responsibility to confirm, independently, its accuracy and completeness. All projections have been developed by Summerfield Commercial, Owner and
designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Owner, and
therefore are subject to variation. No representation is made by Summerfield Commercial or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or presentation as to the future performance of the property.
Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect
prospective purchasers to exercise independent due diligence in verifying all such information. Further, Summerfield Commercial, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.
Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective
investors.
Owner and Summerfield Commercial each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to
any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written
agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by
Owner thereunder have been satisfied or waived.
This Offering Memorandum and the contents, except such information, which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will
not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Summerfield Commercial and that you will use the information in this Offering Memorandum or any of its content in any fashion or
manor detrimental to the interest of Owner or Summerfield Commercial. If you have no interest in the property, please return the Offering Memorandum forthwith.
Disclaimer
The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or Owner since
the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the
responsibility of the prospective purchaser.
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Table of Contents
Property Overview ....................... 4
Rent Comparables ....................... 9
Recent Sales ............................... 12
Rent Schedule ............................ 16
Financial Summary ................... 19
Table of Contents
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Property Overview
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Physical Property Highlights
Built in 1930

55 units: 43 studios, 12 one bedrooms

Total site area: 0.54 acre

Common laundry room

Adjacent parking lot with 24 stalls

2 basement garages, large enough to be used for
shops

Brick masonry and concrete construction, including walls and floors between units, thereby negating the requirement of a fire sprinkler system.
Unit Count
Average Square
Feet
Studio
5
325
Studio
6
375
Studio
32
450
1 Bed x 1 Bath
6
560
1 Bed x 1 Bath
6
850
Totals/Average
55
486
Unit Type
Property Overview

General Condition
Overall, the property is well maintained. Current ownership has taken
great care in preserving the asset’s vintage look and feel. The building’s exterior, common areas, and unit interiors all retain the desired
art deco style of the period.
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Investment Highlights
First time on market in over 60 years

Current vacancy at 90%, market vacancy less than
3%

Rents are well below market levels, potential for
huge value added

On the Historical Registry with county

Adjacent parking lot is zoned for commercial, redevelopment is an option for new ownership
Grocery
Restaurants
Shopping
Schools
Coffee
Burke Hill
Location Highlights

Walkscore of 91: “walker’s paradise” (walkscore.com)


Most errands can be accomplished within walking distance
On the parade route for Wenatchee’s annual Apple
Blossom Parade

Liberty Movie Theater less than 1/4 mile away

Central Washington Hospital only 1.5 miles away

30 restaurants within a 15 minute walk


Plaza Super Jet convenience store located directly across
the street
Memorial Park only 2 blocks away
Property Overview

Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Property Location
Wenatchee Demographics
People
Population (2010)
31,925
Population (2000)
27,856
Total Difference
4,069
Property Overview
Population % Growth
14.6%
Unemployment (April 2014)
7.1%
Living in same house 1+ years
85.0%
Bachelor’s Degree or Higher
24.1%
Average Work Commute
15.4 Minutes
Housing Units (2010)
13,175
Median Household Income
$46,908
Geography
Land Area (2010)
Persons Per Square Mile (2010)
7.77 Square Miles
4,110.3 Persons per Square Mile
- Burke Hill Apartments
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Interior Pictures
Property Overview
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Rent Comparables
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Property
Name:
Burke Hill
Apartments
Willow Tree
Apartments
Address:
119 S Okanogan Ave. 801 Idaho Street,
Wenatchee, WA
Wenatchee, WA
Columbia Arms
Apartments
Cascadian
Apartments
Pacific Village
Apartments
Park Circle
Apartments
411 11th St NE,
1311 Westwood Ave, 102 N Wenatchee
105 Lavender Ct,
Ave, Wenatchee, WA Wenatchee, WA
East Wenatchee, WA Wenatchee, WA
Rent Comparables
Total Units: 55 Units
64 Units
50 Units
64 Units
84 Units
52 Units
Year Built
1930
1977
1974
1973
1928
1948 - 2010
Renovation
Occupancy: 90%
98%
94%
95%
94%
97%
Utilities:
W/S/G Included
W/S/G Included
W/S/G Included
W/S/G Included
W/S/G Included
W/S/G Included
Laundry:
Community W/D
W/D in unit
Community W/D
Community W/D
Community W/D
W/D in unit
Parking:
$20 parking fee
Parking included in rent
Parking included in rent
Parking included in rent
$35 parking fee
Parking included in rent
Rental Data
Rent
Sq Ft
PSF
Rent
Sq Ft
PSF
Rent
Sq Ft
PSF
Rent
Sq Ft
PSF
Studio
$430
450
$0.96
-
-
-
$450
450
$1.00
-
-
-
-
-
-
$575
400
$1.44
1x1
$530
705
$0.75
$700
710
$0.98
$605
600
$1.01
$695
790
$0.88
$602*
500
$1.20
$675
500
$1.35
2x1
-
-
-
$800
910
$0.88
$769
705
$1.09
$845
975
$0.87
-
-
-
$790
700
$1.13
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Rent Comparables Map
Pacific Village Apartments
1311 Westwood Ave,
Wenatchee, WA
Willow Tree Apartments
801 Idaho Street,
Wenatchee, WA
Cascadian Apartments
102 N Wenatchee Ave,
Wenatchee, WA
Columbia Arms Apartments
411 11th Street NE,
East Wenatchee, WA
Park Circle Apartments
105 Lavender Court,
Wenatchee, WA
Rent Comparables
Burke Hill Apartments
119 Okanogan Ave,
Wenatchee, WA
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Recent Sales
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Burke Hill
Apartments
Wenatchee House
Emerson
Apartments
Browne Apartments
Address:
119 S Okanogan Ave
22 S Buchanan Ave
700 N Emerson Ave
1506 Browne Ave
City/State:
Wenatchee, WA
Wenatchee, WA
Wenatchee, WA
Yakima, WA
Total Units:
55 Units
50 Units
35 Units
31 Units
Year Built:
1930
1995
1996
1948
Sale Price:
$2,200,000
$2,825,000
$1,900,000
$1,400,000
2/26/2014
2/26/2014
11/14/2012
Closing Date:
Sale $/Unit:
$40,000
$56,500
$54,285
$45,161
Sale $/SF:
$82.30
$74.99
$66.70
$70.99
Cap Rate
(Actual / Market):
6.5%/7.0%
7.2%
7.4%
8.1%
Recent Sales
Property Name:
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Recent Sales Map
Recent Sales
Burke Hill Apartments
119 Okanogan Ave,
Wenatchee, WA
Wenatchee House
22 S Buchanan Ave,
Wenatchee, WA
Browne Apartments
1506 Browne Ave,
Yakima, WA
Emerson Apartments
700 n Emerson Ave,
Wenatchee, WA
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Recent Sales Comparison Tables
Sales $ / Unit
Sales $ / SF
$100.00
$60,000
$80.00
$50,000
$40,000
$60.00
$20,000
$20.00
$10,000
$Burke Hill
Apartments
Wenatchee
House
Emerson
Apartments
$-
Browne
Apartments
Burke Hill
Apartments
Cap Rate
8.2%
8.0%
7.8%
7.6%
7.4%
7.2%
7.0%
6.8%
6.6%
Burke Hill
Apartments
Wenatchee
House
Emerson
Apartments
Browne
Apartments
Wenatchee House
Emerson
Apartments
Browne
Apartments
Recent Sales
$30,000
$40.00
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Rent Schedule
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Rent Schedule as of 09/02/2014
Unit Type
Square Footage
Current Rent
Current $ Per NRSF
Market Rent
Current $ Per NRSF
Basement 1
Basement 2
101
102
103
104
There is no 105
106
107
108
109
201
202
203
204
205
206
207
208
209
301
302
303
304
305
306
307
308
309
studio
studio
studio
1x1
1x1
studio
450
450
375
850
560
450
$440
$440
$410
$580
$510
$440
$0.98
$0.98
$1.09
$0.68
$0.91
$0.98
$455
$455
$425
$695
$625
$455
$1.01
$1.01
$1.13
$0.82
$1.12
$1.01
studio
studio
studio
studio
studio
1x1
1x1
studio
studio
studio
studio
studio
studio
studio
1x1
1x1
studio
studio
studio
studio
studio
studio
450
450
450
450
375
850
560
450
325
450
450
450
450
375
850
560
450
325
450
450
450
450
$450
$440
$450
$440
$410
$580
$510
$440
$380
$440
$440
$450
$440
$420
$530
$510
$440
$380
$440
$440
$440
$440
$1.00
$0.98
$1.00
$0.98
$1.09
$0.68
$0.91
$0.98
$1.17
$0.98
$0.98
$1.00
$0.98
$1.12
$0.62
$0.91
$0.98
$1.17
$0.98
$0.98
$0.98
$0.98
$455
$455
$455
$455
$425
$695
$625
$455
$395
$455
$455
$455
$455
$425
$695
$625
$455
$395
$455
$455
$455
$455
$1.01
$1.01
$1.01
$1.01
$1.13
$0.82
$1.12
$1.01
$1.22
$1.01
$1.01
$1.01
$1.01
$1.13
$0.82
$1.12
$1.01
$1.22
$1.01
$1.01
$1.01
$1.01
Rent Schedule
Unit No.
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Rent Schedule as of 09/02/2014
Unit Type
Square Footage
Current Rent
Current $ Per NRSF
Market Rent
Current $ Per NRSF
401
402
403
404
405
406
407
408
409
501
502
503
504
505
506
507
508
509
601
602
603
604
605
606
607
608
609
studio
1x1
1x1
studio
studio
studio
studio
studio
studio
studio
1x1
1x1
studio
studio
studio
studio
studio
studio
studio
1x1
1x1
studio
studio
studio
studio
studio
studio
375
850
560
450
325
450
450
450
450
375
850
560
450
325
450
450
450
450
375
850
560
450
325
450
450
450
450
$410
$580
$510
$440
$380
$440
$440
$440
$440
$420
$530
$510
$440
$380
$440
$450
$440
$440
$410
$530
$510
$440
$380
$440
$440
$440
$440
$1.09
$0.68
$0.91
$0.98
$1.17
$0.98
$0.98
$0.98
$0.98
$1.12
$0.62
$0.91
$0.98
$1.17
$0.98
$1.00
$0.98
$0.98
$1.09
$0.62
$0.91
$0.98
$1.17
$0.98
$0.98
$0.98
$0.98
$425
$695
$625
$455
$395
$455
$455
$455
$455
$425
$695
$625
$455
$395
$455
$455
$455
$455
$425
$695
$625
$455
$395
$455
$455
$455
$455
$1.13
$0.82
$1.12
$1.01
$1.22
$1.01
$1.01
$1.01
$1.01
$1.13
$0.82
$1.12
$1.01
$1.22
$1.01
$1.01
$1.01
$1.01
$1.13
$0.82
$1.12
$1.01
$1.22
$1.01
$1.01
$1.01
$1.01
Totals
55
26,735
$24,890
$0.93
$27,005
$1.01
Rent Schedule
Unit No.
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Financial Summary
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Financial Summary
Scheduled Income
Current Income
Summerfield Market
Projection
$297,960
$324,060
($26,816)
($16,203)
$271,144
$307,857
Laundry Income
$3,840
$3,840
Parking Income
$3,600
$3,600
$0
$2,400
$278,584
$317,697
No. of Units
55
Gross Potential
Less:
Total Sq. Ft.
26,735
Current Avg.
Rents
$459
Rent:1
Vacancy2
Other Income
Garage/ Shop3
Total Collected Revenue:
1 Current rent rates
2 Current vacancy at 9%. Projection based on Dupre+Scott average for property age and location (5%)
3 Projection based on self storage rates for similar sized spaces (5'x10' @ $50, 10'x15' @ $100)
This information has been secured from various 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. Anyone utilizing this information must verify it and bear all risk for any inaccuracies.
Financial Summary
Total Rental Income:
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Financial Summary
Expenses
Repairs & Maintenance1
Utilities2
Payroll3
Management Fee4
Taxes5
Insurance6
Capital Expenses/Reserves7
Total Expenses:
Expenses Per Unit:
Expenses Per Sq.Ft.:
Expenses as a % of Collected Revenue:
Summerfield Market
Projection
$37,926
$51,423
$20,228
$6,076
$0
$11,670
$8,459
$0
$135,782
$37,926
$52,966
$18,810
$0
$12,962
$21,241
$5,154
$13,750
$162,809
$2,469
$5.08
48.74%
$2,960
$6.09
51.25%
1 2013 actual
2 2013 actual, projection is +3%
3 2013 actual, projection based on $30 per occupied unit per month at 95% occupancy
4 Projection based on 4% of collected income
5 2013 actual, projection is based on 85% of sale price at current levy tax rate of 1.19%
6 2013 actual, projection is Farmers Quote
7 Projection based on third party reporting of industry standards ($250/unit)
This information has been secured from various 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. Anyone utilizing this information must verify it and bear all risk for any inaccuracies.
Financial Summary
Legal
Trailing 12 Actual Expenses
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
Financial Summary
Operating Data Summary
Current Income
$278,584
($135,782)
$142,802
$317,697
($162,809)
$154,888
Pricing
Price
Price/Unit
Price/SqFt
$2,200,000.00
$40,000
$82.29
CAP:
GRM:
Current Income
6.5%
7.9
Summerfield Market Projection
7.0%
6.9
This information has been secured from various 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. Anyone utilizing this information must verify it and bear all risk for any inaccuracies.
Financial Summary
Total Collected Revenue
Total Expenses:
Net Operating Income:
Summerfield Market Projection
Burke Hill Apartments
Burke Hill Apartments | 119 Okanogan Ave, Wenatchee, WA
$2,200,000

55 Units

Wenatchee, WA
Burke Hill is proudly
represented by our
Multifamily Team:
Robert Parmar
Designated Broker
rparmar@smfield.com
Ryan Kidwell
Managing Broker
rkidwell@smfield.com
Greg Wendelken
Senior Broker
gwendelken@smfield.com
Andre LaMarre
Broker
alamarre@smfield.com
Confidential Offering Memorandum
To schedule a property tour, please contact:
Greg Wendelken | 425-889-6510 | gwendelken@smfield.com
Andre LaMarre | 425-889-6520 | alamarre@smfield.com