http://www.city-data.com/king-county/N/NW-50th-Street-14.html
1401 NW 50th Street
Seattle, WA 98107
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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:
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.
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
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
WTH, Keep up the good work, I enjoy reading your perspective on MH.
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.
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