Upload
others
View
5
Download
0
Embed Size (px)
Citation preview
BRITTANY HOUSEA P A R T M E N T S
Paragon Real Estate Advisors has been retained as the exclusive agent to list The Brittany House Apartments, a 26-unit apartment building located in the quiet tight-knit Magnolia neighborhood near Downtown Seattle. Brittany House is the definition of a pride-of-ownership building and is available to purchase for the first time in over 20 years. This is an extremely rare opportunity for an investor to acquire a well-maintained asset in a very desirable Seattle neighborhood with 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 Brittany House Apartments
ADDRESS 3721 27th Pl W, Seattle WA 98199
TOTAL UNITS 26
BUILT 1977
NET RENTABLE SQ.FT. 23,870 Square Feet (Per Condo Documents)
PRICE $8,500,000
PRICE PER UNIT $326,923
PRICE PER SQ.FT. $356
MARKET GRM/CAP 12.3/5.5%
EXPENSE/UNIT $7,546/Year (Market)
LOT SIZE 20,300 Square Feet - LR3 Zoning
PARCEL NUMBER 111650-0005
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.
Brittany House
Q Fireplaces
Q Vinyl windows
Q Territorial views
Q First time on the market in 20+ years
Q Immediate rental upside
Q Excellent reposition opportunity
Q Large two-bedroom units
Q Washers/dryers and dishwashers in each unit
Q Spacious open floor plans with walk-in closets
Q Oversized private balconies
Q Covered on-site parking
Q Additional storage space for tenants
P R O P E R T Y H I G H L I G H T S
Brittany House
MAGNOLIA MANOR PARK
MAGNOLIA VILLAGE
FISHERMAN’S TERMINAL
LAWTON PARK
INTERBAY GOLF COURSE
A M E N I T I E S M A P
MEDIAN HOUSEHOLD INCOME
$113,600
COMMUTE TIME TO DOWNTOWN
15 Minutes
Located on a peninsula West of Queen Anne Hill, South of the Ballard Locks
and minutes from downtown, Magnolia is the second largest neighborhood in
Seattle by area. Accessible by three bridges, Magnolia has natural boundaries
that give residents the feeling of living on an island. Due to its location on a
peninsula, Magnolia has a secluded feel yet offers all the amenities that come
with being located minutes from a bustling city atmosphere.
Q Located just minutes from Downtown Seattle and South Lake Union
Q Near future Expedia Corporate Headquarters on Elliot Avenue West
Q Quiet residential neighborhood of Magnolia
Q Walking distance to several beautiful parks including Discovery Park, Magnolia Manor Park and Lawton Park
Q Minutes to upscale Metropolitan Market and Whole Foods
Q Steps from local bike trails, dog parks, and public transportation
Q Close to bus line with access to University of Washington and Downtown
Q Five minutes to Magnolia Village’s retail amenities
L O C A T I O N H I G H L I G H T S
S E A T T L E M A P
INTERBAY
SOUTH LAKE UNION
SEATTLE CBD
BELLTOWN
CAPITOL HILL
QUEEN ANNE
MAGNOLIA
BRITTANY HOUSEA P A R T M E N T S
BALLARD
ELLIOTT BAY MARINA
NEW CORPORATE HEADQUARTERS
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
E X T E R I O R P H O T O S
B U I L D I N G P H O T O S
U N I T P H O T O S
Second Floor
Fourth FloorThird Floor
First Floor
Unit 101Unit 1
02
Parking
Storage
Unit 201Unit 2
02
Unit 207
Unit 208
Unit 204
Unit 206
Unit 203
Unit 205
Unit 301Unit 3
02
Unit 307
Unit 308
Unit 304
Unit 306
Unit 303
Unit 305
Unit 401Unit 4
02
Unit 407
Unit 408
Unit 404
Unit 406
Unit 403
Unit 405
F L O O R P L A N S
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $44,605 $53,170
Parking- 20 Stalls $0 $1,000
Utility Income $841 $2,340
Pet Fee $0 $390
Misc $10 $260
Storage $0 $500
Gross Potential Income $45,456 $57,660
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $545,474 $691,920
Less Vacancy 2.0% $10,909 4.0% $27,677
Gross Operating Income $534,565 $664,243
Less Expenses $193,346 $196,194
Net Operating Income $341,219 $468,049
Annual Debt Service ($22,801/mo) $273,610 $273,610
Cash Flow Before Tax 1.69% $67,608 4.86% $194,439
Principal Reduction $72,595 $72,595
Total Return Before Tax 3.51% $140,204 6.68% $267,034
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
RE Taxes 2018 $73,558 $73,558
Insurance Proforma $9,100 $9,100
Utilities 2017 $35,102 $35,102
Professional Mgmt 4.00% $21,383 $26,570
On-Site Mgmt $40/unit $12,480 $12,480
Maint/Repairs 2017 $23,052 $23,052
Elevator 2017 $4,640 $4,640
Landscaping 2017 $5,939 $3,600
Misc/Admin/Legal 2017 $942 $942
Reserves Proforma $7,150 $7,150
Total Expenses $193,346 $196,194
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
14 2 Bd/1.5 Bth 883 - 936 $1,510 - $1,860 $2,045
6 2 Bd/1.75 Bth 928 $1,510 - $1,810 $2,045
6 2 Bd/2 Bth 937 $1,660 - $1,860 $2,045
26 Total/Avg 918 $1.87 $2.23
Units 26
Year Built 1977
Rentable Area 23,870 Sq.Ft.
Down Pmt $4,000,000
Loan Amount $4,500,000
Interest Rate 4.50%
Amortization 30 years
Price $8,500,000
Per Unit $326,923
Per Sq. Ft. $356.10
Current GRM 15.58
Current CAP 4.01%
Market GRM 12.28
Market CAP 5.51%
Expense/Unit $7,436
Expense/Foot $8.10
Percent of EGI 36.17%
Expense/Unit $7,546
Expense/Foot $8.22
Percent of EGI 29.54%
CURRENT
OPERATIONS
MARKET
OPERATIONS
Unit Breakdown
UNITS
TYPE
APPROXIMATE
SIZE
CURRENT
RENT
CURRENT
RENT/SQ.FT.
MARKET
RENT
MARKET
RENT/SQ.FT.
101 2 Bd/1.5 Bth 883 Sq.Ft. $1,760 $1.99 $2,045 $2.32
102 2 Bd/1.5 Bth 883 Sq.Ft. $1,860 $2.11 $2,045 $2.32
201 2 Bd/1.5 Bth 883 Sq.Ft. $1,760 $1.99 $2,045 $2.32
202 2 Bd/1.5 Bth 883 Sq.Ft. $1,560 $1.77 $2,045 $2.32
203 2 Bd/2 Bth 937 Sq.Ft. $1,760 $1.88 $2,045 $2.18
204 2 Bd/2 Bth 937 Sq.Ft. $1,860 $1.99 $2,045 $2.18
205 2 Bd/1.5 Bth 936 Sq.Ft. $1,510 $1.61 $2,045 $2.18
206 2 Bd/1.5 Bth 936 Sq.Ft. $1,660 $1.77 $2,045 $2.18
207 2 Bd/1.75 Bth 928 Sq.Ft. $1,510 $1.63 $2,045 $2.20
208 2 Bd/1.75 Bth 928 Sq.Ft. $1,800 $1.94 $2,045 $2.20
301 2 Bd/1.5 Bth 883 Sq.Ft. $1,560 $1.77 $2,045 $2.32
302 2 Bd/1.5 Bth 883 Sq.Ft. $1,860 $2.11 $2,045 $2.32
303 2 Bd/2 Bth 937 Sq.Ft. $1,660 $1.77 $2,045 $2.18
304 2 Bd/2 Bth 937 Sq.Ft. $1,710 $1.82 $2,045 $2.18
305 2 Bd/1.5 Bth 936 Sq.Ft. $1,810 $1.93 $2,045 $2.18
306 2 Bd/1.5 Bth 936 Sq.Ft. $1,740 $1.86 $2,045 $2.18
307 2 Bd/1.75 Bth 928 Sq.Ft. $1,560 $1.68 $2,045 $2.20
308 2 Bd/1.75 Bth 928 Sq.Ft. $1,810 $1.95 $2,045 $2.20
401 2 Bd/1.5 Bth 883 Sq.Ft. $1,610 $1.82 $2,045 $2.32
402 2 Bd/1.5 Bth 883 Sq.Ft. $1,860 $2.11 $2,045 $2.32
403 2 Bd/2 Bth 937 Sq.Ft. $1,660 $1.77 $2,045 $2.18
404 2 Bd/2 Bth 937 Sq.Ft. $1,860 $1.99 $2,045 $2.18
405 2 Bd/1.5 Bth 936 Sq.Ft. $1,860 $1.99 $2,045 $2.18
406 2 Bd/1.5 Bth 936 Sq.Ft. $1,760 $1.88 $2,045 $2.18
407 2 Bd/1.75 Bth 928 Sq.Ft. $1,585 $1.71 $2,045 $2.20
408 2 Bd/1.75 Bth 928 Sq.Ft. $1,660 $1.79 $2,045 $2.20
Average 918 Sq.Ft. $1,716 $1.87 $2,045 $2.23
Magnolia Crest 2727 W Manor Pl & 3520 28th Ave W Seattle, WA 98199
1 Year Built 1968 Units 57 Sales Price $15,750,000 Price/Unit $276,315 Price/Foot $312 GRM/CAP 12.3/2.8% Sales Date 6.18.2018
Magnolia Pointe Apts 3630 22nd Ave W Seattle, WA 98199
2 Year Built 1990 Units 21 Sales Price $4,800,000 Price/Unit $228,571 Price/Foot $372 GRM/CAP 15.5/3.8% Sales Date 1.29.2018
Marinwood 3628 24th Pl W Seattle, WA 98199
3 Year Built 1980 Units 31 Sales Price $12,520,000 Price/Unit $403,871 Price/Foot $373 GRM/CAP 16.6/3.8% Sales Date 8.18.2017
The Cavanaugh Apts 3539 27th Pl W Seattle, WA 98199
4 Year Built 1969 Units 50 Sales Price $14,565,000 Price/Unit $291,300 Price/Foot $323 GRM/CAP 16.0/3.9% Sales Date 8.16.2017
Brittany House 3721 27th Pl W Seattle, WA 98199Year Built 1977 Units 26 Sales Price $8,500,000 Price/Unit $326,923 Price/Foot $356 Current GRM/CAP 15.6/4.0% Market GRM/CAP 12.3/5.5%
1
3
4
2
BRITTANY HOUSEA P A R T M E N T S
S A L E S C O M P A R A B L E S
2 1
4
3
Brittany House - Current 3721 27th Pl W Seattle, WA 98199
1977 - 26 Units
2 Bd/1.5 Bth2 Bd/1.75 Bth2 Bd/2 Bth
883 - 936928937
$1,510 - $1,860$1,510 - $1,810$1,660 - $1,860
$1.71 - $1.99$1.63 - $1.95$1.77 - $1.99
Brittany House - Market 3721 27th Pl W Seattle, WA 98199
1977 - 26 Units
2 Bd/1.5 Bth2 Bd/1.75 Bth2 Bd/2 Bth
883 - 936928937
$2,045$2,045$2,045
$2.18 - $2.32$2.20$2.18
Overlook at Magnolia 3520 27th Pl W Seattle, WA 98199
1968 - 337 Units
2 Bd/2 Bth 1,065 - 1,195 $2,000 - $2,390 $1.88 - $2.00
Magnolia Crest 2727 W Manor Pl Seattle, WA 98199
1969 - 57 Units
2 Bd/2 Bth 1,100 $2,125 $1.93
Cavanaugh Apts 3539 27th Pl W Seattle, WA 98199
1969 - 50 Units
2 Bd/2 Bth 1,036 - 1,060 $2,250 - $2,500 $2.17 - $2.36
Casa Ladaro 3535 27th Pl W Seattle, WA 98199
1968 - 18 Units
2 Bd/2 Bth 1,150 $1,995 - $2,195 $1.73 - $1.91
3
4
1
2
BRITTANY HOUSEA P A R T M E N T S
R E N T C O M P A R A B L E S
The Brittany House offering is being conducted by Paragon Real
Estate Advisors. Questions and inquiries should be addressed to
the Paragon representatives listed herein. Paragon will be able to
assist investors with on-site tours and due diligence materials.
Offers should detail the following:
Purchase price
Closing date
Source of capital
Earnest money deposit amount
Schedule of due diligence
Description of assumptions for offer
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.
T O U R S A N D O F F E R S
600 University St, Suite 2018
Seattle Washington 98101
206.623.8880 / [email protected]
www.ParagonREA.com