Post on 17-Aug-2020
transcript
1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Offering Memorandum
EAST LYNN APARTMENTS
4215 E Lynn St Seattle, WA 98112
Exclusively offered by Paragon Real Estate Advisors
2600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Offering Summary
Name East Lynn Apartments
Address 4215 E Lynn St, Seattle WA 98112
Total Units 5 (Potential to add 2 Units)
Built 1950
Square Feet 6,459 Total Net Rentable (Per KCR)
Price $4,800,000
Terms Cash Out
Lot Size 7,200 Square Feet
Zoning LR3
Paragon is proud to offer for sale the East Lynn apartments located in the highly sought after Madison Park neighborhood. The East Lynn Apartments are located on the SW corner of 43rd Street and East Lynn Street which affords unobstructed and amazing views of Lake Washington and Cascade Mountains. Originally built as a 7 unit apartment building in 1950, the East Lynn Apartments was converted to a 5 unit building allowing for a large penthouse suite for the then current owners.
The East Lynn Apartments offer several investment opportunities including maintaining the investment as a 5 unit building, converting the building back to 7 units and maintaining as an investment or the units can be reconfigured to accommodate multi-generational housing. The building is also a perfect candidate for condominium conversion with the rare location on the shores of Lake Washington offering spectacular views.
EAST LYNN APARTMENTS
3600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Investment Highlights
Esteemed and highly sought after location
Unobstructed lake and mountain views
Large 7,200 square foot lot zoned LR3
Unique and inviting floor plans
Fireplaces
Shared courtyard area
Potential for two owner’s units
Individual entrances for each unit
Beautifully landscaped
Three carports with three curb-cuts
4600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Neighborhood Map
EAST LYNN APARTMENTS
QUEEN ANNEBALLARD
SEATTLE CBD
FREMONTCAPITOL HILL
MADISON PARK UNIVERSITY OF WASHINGTON
GREENWOOD
LAURELHURST
5600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Location Highlights
Perfectly positioned in East Central Seattle along Lake Washington
Two blocks to Madison Park Village with quality restaurants, unique shops and every day services
Picturesque Madison Park Beach offering a respite from the busy city life and in the summer home to the growing number of triathletes training for summer athletic events
Supportive and active multi-generational community with a unique kinship which one can feel walking around the “Park” and can been seen at the annual Christmas Ship Festival, Madison Park Days and Concerts in the Park series
Madison Park playground which is a great gathering place with cutting edge playground equipment
The Washington Park Arboretum is located under a mile away, a short 10 minute bike ride
5 minutes to Capitol Hill, 15 minutes to downtown Seattle and South Lake Union employment centers
Active transit to UW and Seattle CBD via King County Metro Bus Route 11, 48 and 40
Quick access to 520, I 5, and I – 90
6600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Employment
> Adobe
> Alaska Airlines
> Amazon
> Apple
> AT&T Wireless
> Boeing
> Costco
> Expedia, Inc.
> Expeditors International
> F5 Networks
> Fred Hutchinson
> Gates Foundation
> Getty Images
> Microsoft
> Nintendo
> Nordstrom
> Paccar
> RealNetworks
> REI
> Russell Investments
> SpaceX
> Starbucks
> Symetra Financial
> Tableau Software
> T-Mobile
> 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 firms 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.
7600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Major Employers - Central Business District
8600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Major Employers - South Lake Union
9600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Building Photos
10600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
Rent Roll
Unit
Type
Size
Current Rent
Market Rent
1 1Bd/1Bth 650 $1,525 $1,750
1 1Bd/1Bth 700 $995 $1,850
1 1Bd/1Bth 800 $1,600 $1,950
1 2Bd/1Bth 1,200 $2,255 $2,500
1 2Bd+/3Bth 2,400 $2,800 $4,000
5 Totals $9,175 $12,050
11600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E Info@ParagonREA.com | ParagonREA.com
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 $3.4 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 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 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.