Friday, June 08, 2012

Mars Hill 50th street property listing on city-data.com

http://www.city-data.com/king-county/N/NW-50th-Street-14.html

1401 NW 50th Street

     Seattle, WA 98107
Find on map >>
 Owner: MARS HILL FELLOWSHIP
 Building value: $1,000
 Land value: $1,745,000
 Total value for property: $1,746,000
 Assessments for tax year: 2010

Number of stories in the building: 1
 Living area: 23,288 square feet
 Year property was built: 1975
 Property type: Commercial
 Lot size: 26,847 square feet
 Water system: Water District
 Sewer system: Public
 Access: Public
 Street surface: Paved
 Parking: Adequate

Sales:
 • Sale date: 09/21/1984
 Price: $0
 Seller: JOE $ER WAGNER
 Buyer: JOE $T WAGNER
 Sale instrument: Quit Claim Deed
 Sale reason: Estate Settlement

 • Sale date: 08/26/2004
 Price: $0
 Seller: DEANNE S & JACK G TALLMAN
 Buyer: DEANNE S & JACK TALLMAN TRUST
 Sale instrument: Quit Claim Deed
 Sale reason: Correction (Refiling)

 • Sale date: 03/24/2005
 Price: $1,700,000
 Seller: MAMCO QAF MANUFACTURING INC
 Buyer: MARS HILL PROPERTIES
 Sale instrument: Statutory Warranty Deed

 • Sale date: 06/03/2005
 Price: $1,500,000
 Seller: JOE WAGNER
 Buyer: MARS HILL PROPERTIES - 49TH LLC
 Sale instrument: Statutory Warranty Deed

 • Sale date: 06/15/2005
 Price: $0
 Seller: DEANNE S & JACK G TALLMAN
 Buyer: JOE WAGNER
 Sale instrument: Quit Claim Deed
 Sale reason: Trust

 • Sale date: 12/25/2005
 Price: $0
 Seller: MARS HILL PROPERTIES - 49TH LLC
 Buyer: MARS HILL FELLOWSHIP
 Sale instrument: Quit Claim Deed
 Sale reason: Other



Read more: http://www.city-data.com/king-county/N/NW-50th-Street-14.html#ixzz1xGHeImUn

Number of stories in the building: 1
 Living area: 23,288 square feet
 Year property was built: 1975
 Property type: Commercial
 Lot size: 26,847 square feet
 Water system: Water District
 Sewer system: Public
 Access: Public
 Street surface: Paved
 Parking: Adequate

Sales:
 • Sale date: 09/21/1984
 Price: $0
 Seller: JOE $ER WAGNER
 Buyer: JOE $T WAGNER
 Sale instrument: Quit Claim Deed
 Sale reason: Estate Settlement

 • Sale date: 08/26/2004
 Price: $0
 Seller: DEANNE S & JACK G TALLMAN
 Buyer: DEANNE S & JACK TALLMAN TRUST
 Sale instrument: Quit Claim Deed
 Sale reason: Correction (Refiling)

 • Sale date: 03/24/2005
 Price: $1,700,000
 Seller: MAMCO QAF MANUFACTURING INC
 Buyer: MARS HILL PROPERTIES
 Sale instrument: Statutory Warranty Deed

 • Sale date: 06/03/2005
 Price: $1,500,000
 Seller: JOE WAGNER
 Buyer: MARS HILL PROPERTIES - 49TH LLC
 Sale instrument: Statutory Warranty Deed

 • Sale date: 06/15/2005
 Price: $0
 Seller: DEANNE S & JACK G TALLMAN
 Buyer: JOE WAGNER
 Sale instrument: Quit Claim Deed
 Sale reason: Trust

 • Sale date: 12/25/2005
 Price: $0
 Seller: MARS HILL PROPERTIES - 49TH LLC
 Buyer: MARS HILL FELLOWSHIP
 Sale instrument: Quit Claim Deed
 Sale reason: Other



http://www.city-data.com/king-county/N/NW-50th-Street-14.html

1401 NW 50th Street
     Seattle, WA 98107
Find on map >>
 Owner: MARS HILL FELLOWSHIP
 Land value: $2,190,600
 Total value for property: $2,190,600
 Assessments for tax year: 2010

...

Property type: Commercial
 Lot size: 33,703 square feet
 Water system: Water District
 Sewer system: Public
 Access: Public
 Street surface: Paved
 Parking: Adequate

Sales:
 • Sale date: 03/24/2005
 Price: $1,700,000
 Seller: MAMCO QAF MANUFACTURING INC
 Buyer: MARS HILL PROPERTIES
 Sale instrument: Statutory Warranty Deed

 • Sale date: 06/03/2005
 Price: $1,500,000
 Seller: JOE WAGNER
 Buyer: MARS HILL PROPERTIES - 49TH LLC
 Sale instrument: Statutory Warranty Deed

 • Sale date: 12/25/2005
 Price: $0
 Seller: MARS HILL PROPERTIES - 50TH LLC
 Buyer: MARS HILL FELLOWSHIP
 Sale instrument: Quit Claim Deed


Read more: http://www.city-data.com/king-county/N/NW-50th-Street-14.html#ixzz1xG9PXGtW

By now I don't need to rehearse the references Mark Driscoll made to this property in Confessions of a Reformission Rev.  I'm going to assume you read that material earlier in this series in the discussion of how Mars Hill acquired the West Seattle campus.

However, perhaps educated people can enlighten me as to what this stuff actually means.

5 comments:

Anonymous said...

Hi Jerimiah,

The 50th Street building consists of two tax parcels. 276830-1885 (the southern portion on 49th) and 276830-1895 (the northern portion on 50th). The 49th st building closed on 06/03/2005 for 1.5 million and the 50th st building closed on 03/31/2005 for 1.7 million. The combined purchase price was 3.2 million. All those quit claims that you see are transferring the interest of the property from one entity to another and is quite common in commercial real estate. MH set up separate LLC's for the acquisition of the property then after closing transferred the property to Mars Hill Fellowship.

same guy as above said...

Also here are some links to the king county website you may find helpful.

http://www5.kingcounty.gov/iMAP/viewer.htm?mapset=kcproperty

http://www.kingcounty.gov/business/Recorders/RecordsSearch.aspx

http://info.kingcounty.gov/Assessor/eRealProperty/default.aspx

more from the same guy said...

As long as you are doing property research you may also find it interesting that the Lake City Campus was purchased in July of 2006 for 2.0 million after being on the market for almost 2 years with a starting list price of 3 million. In January of this year Mars Hill sold the building to its then current tenants for 1.3 million. I am not sure how much went into capitol improvements for the property but my guess is that the church lost close to a million on that deal. The current tax assessed value on that property is just over 2 million

Anonymous said...

WTH, Keep up the good work, I enjoy reading your perspective on MH.

same guy said...

I thought I might as well finish the research on Mars Hill and the real property it owns....

The main campus in Ballard was purchased from the Fremont Dock Company in July of 2003 for $4.8 million. At the time of purchase the property was tax assessed for a little more than $3.1 million. Current tax assessed value is over 6.4 million. Remember the Earl St Building? That was basically given to MH in 1999 for $50,000. In June 2005 the building was sold to Westside Church of the Assemblies of God for $800,000.

Back to the 50th St Building, the tax assessed value is currently $3,663,900. At the time of purchase the tax assessed value was $3,129,000.

West Seattle was basically given to Mars Hill. The purchase price was $180,235 in June of 2006, current tax assessed value is $2,866,500.

Mars Hill also owns the little white house next to the West Seattle campus. It was also purchased in June of 2006 in a market sale for $293,500, current tax assessed value is $240,000.

The Downtown building was purchased in Oct of 2007 for 3.95 million from Rocket Enterprises, who purchased the property in March of 2007 for 3 million. Rocket made a cool million in just 7 months (wish I was Rocket). Tax assessed value of the property is 3,469,500.

The UW campus was purchased in July of 2010 for $2,499,000. It had been on the market for over a year. Current tax assessed value is $2,944,400.

How much does MH owe on all these properties? Based on the public record it appears that all of the properties owned by MH, except the UW campus are cross collateralized, meaning all of the properties are tied up under one huge mortgage with Bank of America. The public record shows a loan in October of 2007 for $17,160,000, total tax assessed value for those properties is $16,638,000.

For the UW campus, Mars Hill put down a good sized down payment and the seller (the Baptist Church) is carrying the financing. If I remember correctly the loan is for $2,000,000.

That is a combined total mortgage of $19,160,000 and a tax assessed value of $19,582,000. The amount of Mars Hill's collateralized debt is pretty much equal to what they owe. How big of a mortgage payment is that? Let's say MH is getting a really excellent commercial rate of 5.5%, the annual interest is $1,077,010. I am not sure what the terms of the loan are but a best case would be an interest only loan which would equal a monthly payment of $89,750. This is just to service the debt on the loan for 4 campuses and the 50th street bldg, this does not include rent on the other 10 campuses, utilities, insurance or maintenance. The monthly budget for the church as a whole has got to be staggering.