Offering Memorandum€¦ · brochures and websites about the area. The Burke-Gilman Trail winds through Fremont, providing scenic, waterside . strolls or bike rides toward Ballard

1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

Offering Memorandum

CANAL VIEW

4000 6th Ave NW Seattle, WA, 98107

Exclusively offered by Paragon Real Estate Advisors

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.

Bur

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Offering Summary

Name Canal View

Address 4000 6th Ave NW, Seattle WA 98107

Total Units 3

Built 1926

Square Feet 3,925 + / - (includes loft, etc.)

Price $995,000

Price Per Foot $253.50

Proforma GRM/CAP 14.8/5.4% (2% Vacancy)

Terms Cash Out

Lot Size 3,307 Square Feet

Zoning IG2U 65

Paragon Real Estate Advisors is pleased to offer for sale the Canal View Building. Ideally located between Fremont and Ballard, this one of a kind building offers two large commercial spaces and a spacious penthouse unit that boasts stunning views. This property represents a once-in-a-lifetime investment opportunity.

CANAL VIEW


Investment Highlights

Adjacent to the Burke-Gilman Trail

Truly a unique opportunity to live and/or work

Once in a lifetime find

Not a property to street appraise

Grandfathered residential use since the property was originally built

Zoning IGU2-65’

Great potential for pub, restaurant, bike repair shop, boutique beer or whiskey distillery, office, manufacturing, or other commercial pursuits

Potential to expand building to the northeast


Neighborhood Map

SEATTLE CBD

QUEEN ANNE

FREMONT

WALLINGFORD

ELLIOTT BAY

CANAL VIEW

SODOLAKE WASHINGTON

MAGNOLIA

BALLARD


Location Highlights

88 Walk Score

94 Bike Score

Located in the Fremont Neighborhood

Located adjacent to the Burke Gilman Trail

Property located on a triangular platted lot with no neighbors

Close to Major Employers: Google, Adobe, Tableau, SPU

Close to Fremont Farmers Market, Center of Universe,

Close to Hale Ales, Outlander, Bad Jimmy Brew Pubs and Breweries

Close to Fred Meyers, PCC Market, Starbucks and many other eateries and services

Direct Access points to Highway 99 and 15th Avenue W providing easy access to Downtown Seattle

Served by Metro Bus Routes 28 and 40 with Rapid Ride located in both Fremont and Ballard


Fremont Neighborhood

This artsy neighborhood on the north shore of the Lake Washington Ship Canal thrives with its bohemian vibe and quirky claims to fame. Here visitors may encounter a super-sized troll dwelling under the Aurora Bridge and topiaries taking on the form of dinosaur. In addition, other landmarks include the Fremont rocket, a Fairchild C-119 tail boom modified to resemble a missile, and the outdoor sculpture Waiting for the Interurban. Since the early 1970s Fremont residents have been referring to their neighborhood as “The Center of the Universe” which also appears on a large welcome sign for the neighborhood. An unofficial motto “De Libertas Quirkas” or “Freedom to be Peculiar” appears in brochures and websites about the area.

The Burke-Gilman Trail winds through Fremont, providing scenic, waterside strolls or bike rides toward Ballard to the West or Gas Works Park to the East.

On 34th Street, the vibrant Fremont Sunday Market fills the area with artwork and tasty eats from local vendors. Sweets-craving visitors should definitely put a tour of Theo Chocolate at the top of their list. After the sun sets, musicians rock out at High Dive and Fremont Abbey Arts Center, a champion of homegrown talent. And, of course, there’s the annual Fremont Fair

and the infamous Solstice Parade during which cyclists don their birthday suits for a body-painted bike ride.

Fremont is home to a slew of Seattle’s largest employers. Adobe Systems’ Seattle offices, Tableau Software’s headquarters, BEA Systems’ Seattle office, golf and daywear label Cutter & Buck’s corporate headquarters, and Brooks Sports’ headquarter are all located in this eclectic neighborhood. Google opened offices here in 2006, and the parent company of Geocaching.com is headquartered in Fremont as well.

Fremont has several breweries including Hale’s Ales brewery and the Fremont Brewing. The original Redhook breweries were located in Fremont until their closures in 1988 and 2002, respectively. You can also grab an amazing sandwich at Paseos, eat a freshly made pie at Pie, slurp a bowl of Pho at Lucky’s, or sit down for creative Mexican cuisine and a killer margarita at el Camino.


Ballard Neighborhood

Ballard is a historic and hip little town located in the northwest region of Seattle. Ballard’s thriving waterfront and blossoming culture makes it one of the most distinguished neighborhoods in Seattle. Once upon a time, Ballard was its own city—a blue-collar, maritime-centric enclave bustling with fishers, millworkers, and boat-builders, many of Scandinavian descent. While the historic neighborhood maintains its working waterfront, a lineup of trendy bars, shops, and restaurants, plus a pedestrian-friendly layout, have helped it transform into one of the city’s popular hot spots for visitors and locals alike.

In recent years, a younger resident profile has been attracted to Ballard through new development, the community’s energetic nightlife, award winning restaurants, quality of life, retail amenities, and close vicinity to Downtown Seattle. Ballard’s unique amenities, rich history, small-town charm, dynamic waterfront and close proximity to Seattle’s most popular neighborhoods make it a prime location to live, work and play.

Ballard is a desirable neighborhood due to its fine dining, charming storefronts, live music and pedestrian friendly environment. Located all within blocks are popular places such as Red Mill Totem House, Trident Seafoods, Kiss Café, The Sloop Tavern, The Lockspot Café, Portage Bay Café, Firehouse Coffee, Pico Café, Ristorante Picolinos, Ray’s Boathouse, Geo’s Cuban and Creole Café, Un Bien (Formerly Paseo) and many more! In addition

to several restaurants and bars close by, there are grocers Quality Food Center, Trader Joe’s, Safeway), banks (Bank of America and Wells Fargo) and recreational destinations such as the Ballard Sunday Farmers Market, the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beach front Golden Gardens Park which overlooks the majestic Olympic Mountains, providing a year-round oasis for picnics and bonfires.


Improvements

Five-story (levels) building

Penthouse Apartment Includes: Private roof-top deck with cabana or master bedroom 14 foot ceiling height in living room 2 eating areas Loft design Sweeping views

Commercial building with lofted residential penthouse and roof-top deck

Two levels of commercial/industrial space with approximately 9 foot ceiling heights

Views from Fremont and the Ship Canal to Ballard

Secured and covered parking area for three cars

Separate 10’ by 10’ workshop

Separate 10’ by 18’ workshop


Building Photos


Aerial Views


Basement Commercial Space


Street Level Photos


Penthouse Photos


Floorplans

FIRST FLOORBASEMENT

FOR ILLUSTRATION PURPOSES ONLY.


Floorplans

SECOND FLOOR THIRD FLOOR



Floorplans

ROOF-TOP DECK WITH CABANA

CABANA

DECK AREA



Operating Summary

Spaces 3

Year built 1926

Rentable Area 3,925 Sq.Ft.

Down Payment $497,500 50%

Loan Amount $497,500 50%

Interest Rate 4.50%

Amortization 25 Years

Price $995,000

Per Square Foot $301.52

Proforma GRM 16.76

Proforma CAP 5.07%

Lot Size 3,307

Zoning IG2U 65

Units

Type

Size

Proforma Rent

Monthly Income

1 Basement 1,000 $600 $600

1 Street Level 975 $1,400 $1,400

1 Penthouse - Main 1,000 $2,200 $2,200

1 Penthouse - Loft 750

1 Penthouse - Roof 200

Avg S.F. $1.07 $4,200

Total Monthly Income

Monthly Scheduled Rent $4,200

Garage $150

Work Shop $300

NNN Reimbursement $942

Total Monthly Income $5,592

Scheduled Gross Income $67,100

Less Vacancy 2.0% $1,342

Gross Operating Income $65,758

Less Expenses $11,900

Net Operating Income $53,858

Annual Debt Service ($2,765/mo) $33,183

Cash Flow Before Tax 4.16% $20,675

Principal Reduction $11,021

Total Return Before Tax 6.37% $31,696

Annualized Operating Exp ProformaReal Estate Taxes $7,000

Insurance $700

Utilities $2,000

Maintenance & Repairs $1,000

Administration $600

Reserves $600

Total Expenses $11,900

Annualized Operating Data

Proforma

Proforma

Proforma OperationsExpenses/Foot Percent of EGI

$3.0317.73%

Canal View 4000 6th Ave NW Seattle, WA


Paragon Real Estate Advisors

ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family property sales in Washington State. We have accrued over $3 billion in sales and have closed nearly 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 20 years’ experience in the industry. Paragon’s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships.

The information found in this offering memorandum 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 the information and bears all risk for any inaccuracies.

Documents

Offering Memorandum€¦ · brochures and websites about the area. The Burke-Gilman Trail winds through Fremont, providing scenic, waterside . strolls or bike rides toward Ballard