Sherri LeeA P A R T M E N T S

ELLIOTT BAY

SEATTLE CBD

QUEEN ANNE

SOUTH LAKE UNION

LABEL

BALLARD

GREENLAKE

EASTLAKE

BELLTOWN

UNIVERSITY OF WASHINGTON

FREMONT

Sherri LeeA P A R T M E N T S

Paragon Real Estate Advisors has been retained as the exclusive agent to list The Sherri Lee Apartments, a 9-unit (including one non-conforming unit) building located on the east side of Queen Anne near South Lake Union and Downtown Seattle. This is the first time the Sherri Lee has been marketed for purchase since it was built in 1962. 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 Sherri Lee Apartments

ADDRESS 2415 8th Ave N, Seattle WA 98109

TOTAL UNITS 9 (Including one non-conforming unit)

BUILT 1962

SQUARE FEET 6,760 Total Net Rentable

PRICE $2,700,000

PRICE PER UNIT $300,000

PRICE PER FOOT $399.41

MARKET GRM/CAP 12.5/5.6%

LOT SIZE 7,000 Square Feet

ZONING LR2

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

� Select units with incredible views of Lake Union

� Primarily two-bedroom units

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

Sherri LeeA P A R T M E N T S

� First time available since construction

� Six covered parking spaces

� Private balconies/decks

� Two on-site laundry rooms for tenant convenience

� Additional storage spaces

� 7,000 square foot lot zoned LR2

A E R I A L V I E W

Sherri LeeA P A R T M E N T S

� 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 N D V I E W S

U N I T P H O T O S

Unit Breakdown

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

1 2 Bd/1 Bth 770 Sq.Ft. $1,200 $1.56

2 2 Bd/1 Bth 770 Sq.Ft. $1,200 $1.56

3 2 Bd/1 Bth 770 Sq.Ft. $1,150 $1.49

4 2 Bd/1 Bth 770 Sq.Ft. $1,150 $1.49

5 2 Bd/1 Bth 770 Sq.Ft. $1,125 $1.46

6 2 Bd/1 Bth 770 Sq.Ft. $1,895 - Vacant $2.46

7 2 Bd/1 Bth 770 Sq.Ft. $1,895 - Vacant $2.46

8 2 Bd/1 Bth 770 Sq.Ft. $975 $1.27

9 1 Bd/1 Bth* 600 Sq.Ft. $800 $1.33

Totals/Avg 751 Sq.Ft. $11,390 $1.68

Sherri LeeA P A R T M E N T S

* Non-conforming unit

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $11,390 $16,355

Parking Income (6 spaces) $0 $600

Utility Bill Back ($70/$105) $0 $910

Miscellaneous Income $45 $45

Laundry Income $90 $90

Gross Potential Income $11,525 $18,000

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $138,300 $216,000

Less Vacancy 2.0% $2,766 4.0% $8,640

Gross Operating Income $135,534 $207,360

Less Expenses $57,207 $57,207

Net Operating Income $78,327 $150,153

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

RE Taxes 2019 $23,972 $23,972

Insurance 2018 $3,100 $3,100

Utilities 2018 $14,373 $14,373

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

Maint/Repairs Proforma $7,200 $7,200

Landscaping 2018 $1,992 $1,992

Reserves Proforma $2,250 $2,250

Total Expenses $57,207 $57,207

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

1 1 Bd/1 Bth 600 $800 $1,195

8 2 Bd/1 Bth 770 $975 - $1,200 $1,895

9 Total/Avg 751 $1.68 $2.42

Units 9

Year Built 1962

Rentable Area 6,760

Price $2,700,000

Per Unit $300,000

Per Sq. Ft. $399.41

Current GRM 19.52

Current CAP 2.90%

Market GRM 12.50

Market CAP 5.56%

Expense/Unit $6,356

Expense/Foot $8.46

Percent of EGI 42.21%

Expense/Unit $6,356

Expense/Foot $8.46

Percent of EGI 27.59%

CURRENT

OPERATIONS

MARKET

OPERATIONS

14 Unit Apartment 2400 Dexter Ave N Seattle, WA 98109

4 Year Built 1954 Units 14 Sales Price $2,152,500 Price/Unit $358,750 Price/Foot $365.82 Sales Date 12.31.2018

14 Unit Apartment 708 McGraw St Seattle, WA 98109

5 Year Built 1954 Units 14 Sales Price $2,152,500 Price/Unit $269,062 Price/Foot $420.25 Sales Date 12.31.2018

Virginia Lee 2020 Waverly Pl N Seattle, WA 98109

6 Year Built 1966 Units 11 Sales Price $3,610,000 Price/Unit $328,182 Price/Foot $401.11 Sales Date 9.21.2018

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

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

Sherri Lee Apartments 2415 8th Ave N Seattle, WA 98109Year Built 1962 Units 9 Sales Price $2,700,000 Price/Unit $300,000 Price/Foot $399.41

Sherri LeeA P A R T M E N T S

Roanoke Terrace 2600 Eastlake Ave E Seattle, WA 98109

2 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

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

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6

5

3

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1

Paul Mickley

PaulM@ParagonREA.com

206 465-1200

Travis Andrews

Travis@ParagonREA.com

425 442-2220

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.