A PA RT M E N T S241O

ELLIOTT BAY

SEATTLE CBD

QUEEN ANNE

SOUTH LAKE UNION

BALLARD

GREENLAKE

EASTLAKE

BELLTOWN

UNIVERSITY OF WASHINGTON

FREMONT

A PA RT M E N T S241O

Paragon Real Estate Advisors has been retained as the exclusive agent to list The 2410 Apartments, 9-unit building located on the east side of Queen Anne near South Lake Union and Downtown Seattle. This is the first time the Lee View has been marketed for purchase since it was built in 1986. This is an extremely rare opportunity for an investor to acquire an asset with views of Lake Union and repositioning upside.

Please contact listing brokers to arrange a tour of the property or for additional due diligence materials.

Financing: It is proposed that the Buyer pay all cash or obtain new financing.

NAME 2410 Apartments

ADDRESS 2410 Dexter Ave N, Seattle WA 98109

TOTAL UNITS 9

BUILT 1986

SQUARE FEET 8,028 Total Net Rentable

PRICE $3,900,000

PRICE PER UNIT $433,333

PRICE PER FOOT $485.80

MARKET GRM/CAP 14.8/4.6%

LOT SIZE 7,300 Square Feet

ZONING LR3

O F F E R I N G

This 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 must verify all information and bears all risk for inaccuracies.

� Excellent Queen Anne location

� 4 minute drive to South Lake Union (1 mile)

� 12 minute drive to Seattle CBD (2 miles)

� Convenient bike lanes and bus line located on Dexter Avenue N

� Incredible views of Lake Union

� Large units averaging 892 square feet

I N V E S T M E N T H I G H L I G H T S

� First time available since construction

� 9 garage parking spaces

� Private balconies or decks

� Washer and dryer in unit

� 7,300 square foot lot zoned LR3

A PA RT M E N T S241O

� Queen Anne is consistently ranked as one of the city’s hottest neighborhoods, most desirable places to live, most competitive real estate markets and most walkable/livable communities.

� Close to schools: Queen Anne Elementary School, Seattle Country Day School, John Hay Elementary School, St. Anne School, Mc Clure Middle School, Seattle Pacific University and more.

� Nearby Grocery Stores: Quality Food Center (QFC), Whole Foods, Trader Joe’s, Metropolitan Market, Safeway, PCC, Ken’s Market and Lyon’s Grocery.

� Nearby Restaurants/Coffee Shops: Herkimer Coffee, Citizen, Canlis, How To Cook A Wolf, 5 Spot, Molly Moon’s, Revel, Ballard Pizza Company, Laredos Grill, China Harbor, Hilltop Ale House, and many more!

� Just minutes from Seattle Center, the Museum of Pop Culture, Key Arena, MOHAI, and many other wonderful parks and recreational destinations.

� Less than 1 block from the 62 bus line stops offering quick public transportation to South Lake Union and the CBD as well as north to destinations such as Fremont, Wallingford and Green Lake.

L O C A T I O N H I G H L I G H T S

M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T

M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N

B U I L D I N G P H O T O S

A D D I T I O N A L P H O T O S

A E R I A L V I E W

A PA RT M E N T S241O

Unit Breakdown

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

101 1 Bd/1 Bth 700 Sq.Ft. $1,100 $1.57

102 2 Bd/1.5 Bth 988 Sq.Ft. $1,200 $1.21

103 2 Bd/1.5 Bth 988 Sq.Ft. $1,300 $1.32

201 1 Bd/1 Bth 700 Sq.Ft. $1,050 $1.50

202 2 Bd/1.5 Bth 988 Sq.Ft. $1,450 $1.47

203 2 Bd/1.5 Bth 988 Sq.Ft. $1,400 $1.42

301 1 Bd/1 Bth 700 Sq.Ft. $1,150 $1.64

302 2 Bd/1.5 Bth 988 Sq.Ft. $1,500 $1.52

303 2 Bd/1.5 Bth 988 Sq.Ft. $1,550 $1.57

Totals/Avg 892 Sq.Ft. $11,700 $1.46

A PA RT M E N T S241O

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $11,700 $19,605

Parking Income (12 spaces) $0 $1,350

Utility Bill Back ($90/unit) $0 $945

Gross Potential Income $11,700 $21,900

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $140,400 $262,800

Less Vacancy 2.0% $2,808 4.0% $10,512

Gross Operating Income $137,592 $252,288

Less Expenses $74,390 $74,390

Net Operating Income $63,202 $177,898

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

RE Taxes 2019 $32,672 $32,672

Insurance 2018 $4,868 $4,868

Utilities 2018 $19,288 $19,288

On-Site Mgmt $40/unit $4,320 $4,320

Maint/Repairs Proforma $9,000 $9,000

Landscaping 2018 $1,992 $1,992

Reserves Proforma $2,250 $2,250

Total Expenses $74,390 $74,390

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

3 1 Bd/1 Bth 700 $1,050 - $1,150 $1,745

6 2 Bd/1.5 Bth 988 $1,200 - $1,550 $2,395

9 Total/Avg 892 $1.46 $2.44

Units 9

Year Built 1986

Rentable Area 8,028

Price $3,900,000

Per Unit $433,333

Per Sq. Ft. $485.80

Current GRM 27.78

Current CAP 1.62%

Market GRM 14.84

Market CAP 4.56%

Expense/Unit $8,266

Expense/Foot $9.27

Percent of EGI 54.07%

Expense/Unit $8,266

Expense/Foot $9.27

Percent of EGI 29.49%

CURRENT

OPERATIONS

MARKET

OPERATIONS

Yale Avenue Apartments 2234 - 2236 Yale Ave E Seattle, WA 98102

5 Year Built 1996/1999 Units 8 Sales Price $4,300,000 Price/Unit $537,500 Price/Foot $469.84 Sales Date 1.15.2019

S A L E S C O M P A R A B L E S

Townview Apartments 1222 Taylor Ave N Seattle, WA 98109

4 Year Built 1959 Units 9 Sales Price $3,100,000 Price/Unit $344,444 Price/Foot $448.89 Sales Date 2.1.2019

4

2410 Apartments 2410 Dexter Ave N Seattle, WA 98109Year Built 1986 Units 9 Sales Price $3,900,000 Price/Unit $433,333 Price/Foot $485.80

Mali Hus Apartments 2462 Dexter Ave N Seattle, WA 98109

1 Year Built 1976 Units 6 Sales Price $3,562,800 Price/Unit $593,800 Price/Foot $568.32 Sales Date 8.10.2017

Capitol Hill 8 418 12th Ave E Seattle, WA 98102

6 Year Built 1968 Units 8 Sales Price $3,810,000 Price/Unit $476,250 Price/Foot $620.12 Sales Date 1.15.2019

2

1

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6Roanoke Terrace 2600 Eastlake Ave E Seattle, WA 98109

3 Year Built 1968 Units 16 Sales Price $6,800,000 Price/Unit $425,000 Price/Foot $444.44 Sales Date 3.5.2019

Fifth Ave Apartments 1401 5th Ave N Seattle, WA 98109

2 Year Built 1963 Units 29 Sales Price $10,145,300 Price/Unit $349,838 Price/Foot $463.04 Sales Date 3.15.2019

5

3

600 University St, Suite 2018

Seattle Washington 98101

206 623-8880 / info@ParagonREA.com

www.ParagonREA.com

This 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 must verify all information and bears all risk for inaccuracies.