SIX UNIT ON PHINNEY RIDGE€¦ · 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Off ering Summary Name Six Unit

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

Off ering Memorandum

SIX UNIT ON PHINNEY RIDGE

6714 Greenwood Ave NSeattle, WA

Exclusively offered by Paragon Real Estate Advisors


Off ering Summary

Name Six Unit on Phinney Ridge

Address 6714 Greenwood Ave N

Total Units 6

Built 1960

Square Feet 5,030 Total Net Rentable

Price $1,850,000

Price Per Unit $308,333

Price Per Foot $367.79

Current GRM/CAP 16.26/4.22% (2% Vacancy)

Market GRM/CAP 13.17/ 5.40% (4% Vacancy)

Expense Per Unit $5,575 /Year

Terms Cash Out

Lot Size 5,000 Square Feet

Zoning NC2-40 Urban Village

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Six Unit on Phinney Ridge, a classic 1960s vintage apartment building with tremendous rental upside. Situated in a very walkable and amenity-rich neighborhood, this building offers residents a nice residential feel with quick access to the tech employments centers of Fremont, South Lake Union and Downtown Seattle.

This is the fi rst time the property was been on the market in over 25+ years and is a great value add opportunity for both local and international investors.


Investment Highlights

First time on the market in 25+ years

NC2-40 Urban Village zoning

Excellent Phinney Ridge location

Walkscore of 87

Signifi cant rental upside

Large 2BD/1BTH units

Future development potential with NC2-40 Zoning

Recently replaced roof

Low-maintenance brick veneer/marble crete siding

Common laundry facility

Four off-street parking stalls

Close to Greenlake, Ballard and Fremont neighborhoods


Neighborhood Map

6 UNIT ON PHINNEY RIDGE

SEATTLECBD

QUEEN ANNE

BALLARD

FREMONT

PHINNEYRIDGE

CAPITOL HILL

N 80TH STREET

15TH AVENUE NW

GREENLAKE

WALLINGFORD


Neighborhood Amenities

1 Red Mill Burgers2 The Barking Dog Alehouse3 Bongos4 Woodland Park Zoo5 Green Lake Park6 Fred Meyer7 Ballard High School8 Safeway9 Gilman Playground10 74th St Ale House11 Paseo Caribbean12 Ken’s Market13 Green Lake Public Library14 Bishop Blanchet High School15 The Bathhouse Theater16 Starbucks17 Beth’s Cafe18 Wallingford Playground19 Tutta Bella Pizzeria20 Phinney Farmer’s Market21 Hales Ales Brewery and Pub22 Woodland Park23 West Woodland Elementary24 Duke’s Seafood and Chowder25 A La Mode Pies

21

22

19

23

25

10

2

4

167

5

6

89

1213

14

1517

1

18

Food/DrinkShopping/ServicesParks/Schools

26

11

20

24

6 UNIT ON PHINNEY RIDGE 3


Location

The Six Unit on Phinney Ridge is located at 6714 Greenwood Ave N in the Phinney Ridge neighborhood of Seattle. Residents have direct access to downtown Seattle and South Lake Union employment centers via Highway 99, and the University of Washington.

Located just blocks from the Woodland Park Zoo, residents enjoy many recreational activities offered at Woodland Park and Green Lake Park including: soccer fi elds, tennis courts, summer concerts, boating, jogging, and relaxing in the sun.

This location is also a short walk or quick drive to some of the best entertainment venues, eateries, and services in the popular Ballard, Fremont, Phinney Ridge and Wallingford neighborhoods.


Employment

> Adobe

> Alaska Airlines

> Amazon

> Apple

> AT&T Wireless

> Boeing

> Costco

> Expedia, Inc.

> Expeditors International

> F5 Networks

> Facebook

> Fred Hutchinson

> Gates Foundation

> Getty Images

> Google

> Microsoft

> Nintendo

> Nordstrom

> Paccar

> RealNetworks

> REI

> Russell Investments

> SpaceX

> Starbucks

> Symetra Financial

> Tableau Software

> T-Mobile

> Twitter

> Uber

> University of Washington

> Virginia Mason

> Weyerhaeuser

> Zillow

> Zulilly

Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace fi rms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston.


Building Photos


Unit Photos


Operating Summary

Units 6

Year built 1960

Rentable Area 5,030

Down Payment $850,000

Loan Amount $1,000,000

Interest Rate 4.250%

Amortization 30 Years

Price $1,850,000

Price Per Unit $308,333

Per Square Foot $367.79

Current GRM 16.26

Current CAP 4.22%

Market GRM 13.17

Market CAP 5.40%

Units Type SizeCurrentRent

Monthly Income

MarketRent

MonthlyIncome

1 1Bd/1Bth 530 $1,250 $1,250 $1,375 $1,375

5 2Bd/1Bth 900 $1,490-$1,670 $7,795 $1,895 $9,475

6 Avg S.F. 838 $9,045 $11,707

Total Monthly Income

Monthly Scheduled Rent $9,045 $10,850

Utility Income $400 $425

Parking Income $0 $75/space $300

Laundry Income $34 $72

Miscellaneous $0 $60

Total Monthly Income $9,479 $11,707

Scheduled Gross Income $113,747 $140,484

Less Vacancy 2.00% $2,275 4.00% $5,619

Gross Operating Income $111,472 $134,865

Less Expenses $33,450 $34,990

Net Operating Income $78,022 $99,875

Annual Debt Service ($4,919.40) $59,033 $59,033

Cash Flow Before Tax 2.23% $18,990 4.80% $40,842

Principal Reduction $16,859 $16,859

Total Return Before Tax 4.22% $35,848 6.79% $57,701

Annualized Operating Expenses Current Market

Real Estate Taxes 2017/Proforma

$13,260 $14,800

Insurance Proforma $2,100 $2,100

Utilities Estimated $7,200 $7,200

On-Site Payroll Proforma $3,240 $3,240

Maintenance & Repairs Proforma $4,500 $4,500

Landscaping Proforma $750 $750

Replacements and Capital Reserves

Proforma $1,800 $1,800

Administration Proforma $600 $600

Total Expenses $33,450 $34,990

Annualized Operating Data Current Market

Current Operations

Expenses/UnitExpenses/FootPercent of EGI

$5,575 $6.65 29.41%

Market Operations

Expenses/UnitExpenses/FootPercent of EGI

$5,832 $6.96 24.91%


Sale Comparables

6 UNIT ON PHINNEY RIDGE6714 Greenwood Ave N, Seattle, WA

Year Built 1960Units 6Sales Price $1,850,000Price/Unit $308,333Price/Foot $367.79GRM/CAP 16.26/4.22%Sales Date TBD

1. WESTERNER4200 Fremont Ave N, Seattle, WA

Year Built 1962Units 8Sales Price $2,080,000Price/Unit $260,000Price/Foot $580.36GRM/CAP 14.9/4.7%Sales Date 11.21.2017

2. DISCOVERY POINTE3309 W Govt Wy, Seattle, WA


4. 4800 PHINNEY AVE N Seattle, WA


3. 4318 WINSLOW PLACE NSeattle, WA


5. CROWN HILL2761 NW 80th St, Seattle, WA



Sales Comparables Map

6 Unit on Phinney Ridge6714 Greenwood Ave NSeattle, WA

1. Westerner4200 Fremont Ave NSeattle, WA

2. Discovery Pointe3309 W Govt WaySeattle, WA

3. 4318 Winslow Pl NSeattle, WA

4. 4800 Phinney Ave NSeattle, WA

5. Crown Hill2761 NW 80th Seattle, WA

6 UNIT ON PHINNEY RIDGE

34

12

5


Paragon Real Estate Advisors

ABOUT PARAGONParagon Real Estate Advisors is the leading Seattle real estate investment fi rm for multi-family property sales in Washington State. We have accrued over $3.4 billion in sales and have closed over 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 profi tability 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 23 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

SIX UNIT ON PHINNEY RIDGE€¦ · 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Off ering Summary Name Six Unit