Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 3232 15th Ave W, Seattle
Total Units 12 + 2 Commercial
Built 2011
Square Feet 11,725 Net Rentable
Price $4,900,000
Price Per Unit $350,000
Price Per NRSF $418
Current GRM/CAP 18.59/3.23% (3% Vacancy)
Market GRM/CAP 14.53/4.55% (5% Vacancy)
ZONGING NC3-40

Operating Statement

Pricing
Price$4,900,000
Down Payment$3,430,000 (70%)
Loan Amount$1,470,000 (30%)
Interest Rate3.50% Variable
Amortization30 Years
Price Per Unit$350,000 (838 Avg Sq.Ft)
 
Price Per Sq.Ft.$418
Current GRM/CAP18.59/3.23% (3% Vacancy)
Market GRM/CAP14.53/4.55% (5% Vacancy)
 
Current Expenses
Expenses/Unit$6,971
Expenses/Foot$8.32
% of GSI37.03%
Market Expenses
Expenses/Unit$6,971
Expenses/Foot$8.32
% of GSI28.93%


Monthly Scheduled IncomeCurrentMarket
Monthly Scheduled Rent$19,035$25,800
Cable Charge - current leases incude parking & cable$1,400$1,500
Utility Billback (11 res)$1,336$1,336
Parking (15 Spaces) - new leases charge separately for parking ($60) & cable ($75)$120$900 ($60/Space)
CAM$70$70
Total Monthly Income$21,961$28,106
 
Annualized Operating DataCurrentMarket
Scheduled Gross Income$263,532$337,272
Less Vacancy$7,906 (3.00%)$16,864 (5.00%)
Gross Operating Income$255,626$320,408
Less Expenses$97,588 $97,588
Net Operating Income$158,038$222,820
Annual Debt Service ($6,601/mo)$79,211$79,211
Cash flow Before Tax$78,827 (2.30%)$143,609 (4.19%)
Principal Reduction$28,211$28,211
Total Return Before Tax$107,038 (3.12%)$171,820 (5.01%)
 
Annualized Operating Expenses
Real Estate Taxes (2016)$35,960$35,960
Insurance (2016)$2,205$2,205
Utilities (2016)$20,352$20,352
Management$9,219$9,219
Maintenance & Repairs$11,577$11,577
Comcast Bulk (60 day termination)$13,421$13,421
Adminstration/Misc.$1,354$1,354
Replacements/Reserves$3,500$3,500
Total Operating Expenses$97,588$97,588

Interbay. The Link to All Neigbhorhoods.

>Nearby Quality Food Center (QFC), Metropolitan Market, WholeFoods and Trader Joes Nearby Restaurants/Coffee Shops---Red Mill Hamburgers, Pagliacci Pizza,The New Pandasia, Starbucks Coffee, Kuma Coffee, LaPalma Mexican Grill, Java Jazz

>Just minutes from the Seattle Center and neighborhood shops and attractions including the waterfront via Myrtle Edwards Park.

>Immediate neighborhood toward the north of Seattle CBD

>Across the street from Interbay Golf Course/Driving Range 

>Under 1.5 miles to new Expedia headquarters to host over 4,500 employees

>Home to the private Seattle Pacific University on the north slope

>A short drive/walk to Ballard where locals enjoy exploring Ballard’s historic downtown area which consists of fine dining, charming storefronts, live music and offers a pedestrian friendly environment
>Conveniently located between major employment centers of Downtown Seattle, South Lake Union, Wallingford, Fremont and the Elliot Bay waterfront.

>Less than give minutes to Downtown Seattle, South Lake Union, Capitol Hill, Eastlake, Magnolia, Ballard, Fremont, Wallingford and the University District.

>Served by Rapid Ride and other major bus routes

>Home to 25 beautifully maintained city parks

>One of Seattle’s hottest rental markets and prestigious residential neighborhoods to live

>Located on Sound Transits Rapid Ride D Line bus route, offering frequent service and dedicated bus lanes to Downtown via 15th Avenue West


Seattle Employment

The Seattle metro area is currently characterized by positive job growth, with a 2.9% gain in employment, which represents an increase of 43,000 new jobs. Downtown Seattle ranks 12th among the 231 major employment markets in the U.S. for job density, and that ranking is expected to rise.

Some of the region’s largest employers are within minutes of the Centerview. In nearby South Lake Union, Amazon’s new 3.3 million square foot headquarters is currently under construction. The project is estimated to bring an additional 23,000 Amazon employees to the area, bringing Amazon’s total employment near 50,000. Amazon is expected to occupy a total of 10 million square feet of office space by 2019.

Other top area employers include F5 Networks, Zulily and the Bill and Melinda Gates Foundation which are all less than a mile away from Centerview, while other employers such as Expedia.com are in the process of locating their corporate headquarters in the immediate area. Bus stops are located along Denny Way and along First Avenue N providing convenient access to these and many other top employers.

Eastbay Apartments

Situated perfectly in one of Seattle’s hottest rental neighborhoods, this trendy building offers affordable apartments geared towards the person who loves the excitement and convenience of living downtown. This building offers residents easy access to many of Seattle attractions including the Space Needle, Pacific Science Center, Key Arena, Olympic Sculpture Park, South Fountain Lawn and Myrtle Edwards Park. 

Investment Highlights:

  • Built in 2011
  • 12 residential units + two commercial spaces on first floor
  • First time ever on the market since construction
  • Immediate significant rental upside
  • Spacious floor plans averaging 891 square feet
  • Secured remote access parking garage totaling 15 spaces
  • Full-size washer/dryer in unit
  • Secured lobby access with intercom system
  • Elevator
  • Most units have decks/balconies
  • Storage lockers for every unit
  • Served by Rapid Ride
  • Large rooftop deck with views of Elliot Bay, Ballard, Magnolia and Interbay

A Look Inside the Property.

>Large lobby/common areas on each floor with beautiful white crown molding

>Two large townhouse/penthouse Units

>2 street level commercial spaces

>Most units have hanging stainless steel kitchen hood vents

>Open kitchen designs

>Units are individually metered for utilities

>State of the art fire alarm system

>In-wall electric forced air heating
>Large roof-top deck with views of Elliott Bay, Ballard, Magnolia and Interbay

>Extra closet and storage space throughout all units

>Double pane vinyl windows and sliding french doors

>Bathrooms have tile floors and a tile shower backsplash with laminate bathroom sink countertops

>Small fitness center on-site

>All units feature a full washer and dryer in unit

>All units feature granite countertops in kitchens, stainless steel sinks, wood cabinets, GE appliances, vinyl hardwood floors in kitchens and carpet in living rooms/hallways and bedrooms.

Unit Mix & Rent Roll

UNIT TYPE SIZE CURRENT RENT RENT PER SQFT MARKET RENT RENT PER SQFT
Comm 101 Commercial 550 Sq.Ft. $400 $800
Comm 102 Commercial 475 Sq.Ft. $400 $700
201 1BD/1BTH 750 Sq.Ft. $1,155 $1.54 $1,550 $2.07
202 1BD/1BTH 750 Sq.Ft. $1,500 $2.00 $1,500 $2.00
301 2BD/1BTH 820 Sq.Ft. $1,715 $2.09 $1,725 $2.10
302 Studio 400 Sq.Ft. $1,075 $2.69 $1,200 $3.00
401 2BD/1BTH 820 Sq.Ft. $1,850 $2.26 $1,850 $2.26
402 2BD/2BTH 1,150 Sq.Ft. $1,640 $1.43 $2,200 $1.91
403 2BD/2BTH 1,150 Sq.Ft. $1,625 $1.41 $2,200 $1.91
501 2BD/2BTH 820 Sq. Ft. $1,660 $2.02 $1,900 $2.32
502 1BD/1BTH 650 Sq.Ft. $1,145 $1.76 $1,500 $2.31
503 1BD/1BTH 650 Sq.Ft. $1,195 $1.84 $1,650 $2.54
P - 504 2BD/2.5BTH 1,370 Sq.Ft. $1,800 $1.31 $2,750 $2.01
P - 505 2BD/2.5BTH 1,370 Sq.Ft. $1,875 $1.37 $2,750 $2.01

Unit Type Totals

Type Units Average Size Current Rent Rent/Sq. Ft. Market Rent Rent/Sq. Ft.
Studio 1 400 $1,075 $2.69 $1,300 $3.25
1BD/1BTH 4 650 - 750 $1,125 - $1,500 $1.73 - $2.00 $1,600 $2.13 - $2.46
2BD/1BTH 3 820 $1,600 - $1,850 $1.95 - $2.26 $2,000 $2.35
2BD/2BTH 2 1,150 $1,625 - $1,640 $1.41 - $1.43 $2,600 $2.26
2BD/2.5BTH 2 1,370 $1,800 - $1,875 $1.31 - $1.37 $2,750 $2.01
Commercial 1 1 550 $400 $0.73 $800 $1.27
Commercial 2 1 475 $400 $0.84 $700 $1.47
Totals/Averages 14 838 Sq. Ft. $19,035 $1.62 $25,800 $2.20

Eastbay Apartments