PIGEON POINTT R I P L E X
SEATTLE CBD
CAPITOL HILL
BEACON HILL
FAIRMOUNT PARK
LESCHI
WEST SEATTLE
PIGEON POINTT R I P L E X
Paragon Real Estate Advisors is pleased to offer for sale the Pigeon Point Triplex. This small neighborhood is located atop a bluff in the North Delridge area of West Seattle. Pigeon Point is a lovely green respite sandwiched between two small industrial areas that is highly sought after for its unique diversity, close proximity to the Junction where there is a plethora of boutiques, cafes, interesting restaurants, many nightlife venues and of course the amazing Bakery Nouveau. This location offers ease of access to the West Seattle Bridge, I-5, Downtown without having to use the freeway, SoDo and Georgetown.
Two of the three units have been tastefully updated as well as the plumbing and electrical systems. Each unit has a large deck or patio offering the tenants individual outdoor space.
The Pigeon Point triplex offers an excellent owner occupant opportunity or a value add investment opportunity.
NAME Pigeon Point Triplex
ADDRESS 3849 22nd Ave SW, Seattle WA 98106
BUILT 1917
SQUARE FEET 2,060 Total Net Rentable
PRICE $825,000
PRICE PER UNIT $275,000
PRICE PER FOOT $400.49
CURRENT GRM/CAP 14.5/4.6%
MARKET GRM/CAP 12.1/6.0%
LOT INFO 5,000 Square Feet Zoned LR1
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.
O F F E R I N G
PIGEON POINTT R I P L E X
Great owner occupant opportunity
Two of the three units have been tastefully updated
New exterior paint
Abundant natural light
Each unit has a large deck or patio area
Territorial views
Common laundry
5,000 square foot lot zoned LR1
Quiet residential neighborhood
Easy access to West Seattle Bridge and I5
10 minutes from Downtown Seattle
Two blocks from all bus lines
Walking distance to services and amenities
I N V E S T M E N T H I G H L I G H T S
West Seattle is the number one neighborhood in the United States searched by Silicon Valley residents looking to relocate. West Seattle is a place of natural beauty, from the many parks and outdoor recreational spaces to the breathtaking panoramic views of the water and mountains. Immediately south of the property is Lincoln Park, a 135-acre waterfront park with walking and bike trails, a saltwater pool, picnic and play areas, and beach access. Just to the east is Solstice Park with six lighted outdoor tennis courts and a community pea patch. To the west is Lowman Beach Park with 300’ of waterfront and a soon to be completed Roof Top Park. Here you can enjoy commanding views of Puget Sound, the Olympic Mountains, and Vashon and Blake Islands.
For entertainment and services, the Morgan Junction retail area is blocks away. It features a locally owned Thriftway grocery store, Starbucks and Café Ladro coffee shops, Zeek’s Pizza, Whisky West, Beverage Place and The Bridge Restaurant and Pub. These are all popular and fun places to shop, eat and socialize.
W E S T S E A T T L E
A HIGHLY-SKILLED WORKFORCE The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher. Top-tier talent is one of the key reasons out-of-state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County. ESTABLISHED INDUSTRY CLUSTERS The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known CUTTING-EDGE RESEARCH Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success.
*Data Sources: Washington State Employment Security Department, 2015; Washington State Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic Impacts 2016 Update; US International Trade Administration, 2014.
W H Y C H O O S E S E A T T L E - K I N G C O U N T Y ?
King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021. The county currently has 18 cities with populations greater than 20,000.
Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle’s adult residents have a Bachelor’s degree or higher, nearly twice the national average. An educated city means an educated workforce—a solid backbone for the innovative, knowledge-based industries that drive Seattle’s economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor’s degree or higher.
Roughly 28 percent of King County residents are in professional business/managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels.
P O P U L A T I O N , E D U C A T I O N , I N C O M E
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
U N I T P H O T O S
A D D I T I O N A L P H O T O S
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $4,700 $5,485
Utility Bill Back $0 $180
Laundry Income $30 $30
Parking Income $0 $0
Gross Potential Income $4,730 $5,695
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $56,760 $68,340
Less Vacancy 3.0% $1,703 3.0% $2,050
Gross Operating Income $55,057 $66,290
Less Expenses $16,756 $16,756
Net Operating Income $38,301 $49,534
Annual Debt Service ($3,523/mo) $39,859 $39,859
Cash Flow Before Tax -0.76% ($1,558) 4.69% $9,675
Principal Reduction $9,129 $9,129
Total Return Before Tax 3.67% $7,571 9.12% $18,804
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
RE Taxes 2018 Actual $5,852 $5,852
Insurance 2018 Actual $1,074 $1,074
Utilities 2018 Actual $3,411 $3,411
Maint/Repairs 2018 Actual $3,200 $3,200
Electricity 2018 Actual $3,219 $3,219
Total Expenses $16,756 $16,756
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
1 1 Bd/1 Bth 450 $1,400 $1,495
1 2 Bd/1 Bth 805 $1,800 $1,995
1 2 Bd/1 Bth 805 $1,500 $1,995
3 Total/Avg 687 $2.28 $2.66
Units 3
Year Built 1917
Rentable Area 2,060
Down Pmt $206,250
Loan Amount $618,750
Interest Rate 5.0%
Amortization 30 years
Price $825,000
Per Unit $275,000
Per Sq. Ft. $400.49
Current GRM 14.53
Current CAP 4.64%
Market GRM 12.07
Market CAP 6.00%
Expense/Unit $5,585
Expense/Foot $8.13
Percent of EGI 29.52%
Expense/Unit $5,585
Expense/Foot $8.13
Percent of EGI 24.52%
CURRENT
OPERATIONS
MARKET
OPERATIONS
4421 SW Edmunds St Seattle, WA 98116
2 Year Built 1920 Units 2 Sales Price $827,870 Price/Unit $413,935 Price/Foot $318.41 Sales Date 11.29.2018
3800 Beach Dr SW Seattle, WA 98116
3 Year Built 1976 Units 2 Sales Price $920,000 Price/Unit $460,000 Price/Foot $446.60 Sales Date 11.19.2018
2534 56th Ave SW Seattle, WA 98116
4 Year Built 1975 Units 2 Sales Price $836,000 Price/Unit $418,000 Price/Foot $413.86 Sales Date 10.6.2018
1
3
4
2
S A L E S C O M P A R A B L E S
5047 38th Ave SW Seattle, WA 98126
5 Year Built 1958 Units 3 Sales Price $1,000,000 Price/Unit $333,333 Price/Foot $396.83 Sales Date 4.20.2018
4511 SW Lander St Seattle, WA 98116
1 Year Built 1910 Units 2 Sales Price $916,000 Price/Unit $305,333 Price/Foot $325.98 Sales Date 12.4.2018
PIGEON POINTT R I P L E X
5
Pigeon Point Triplex 3849 22nd Ave SW Seattle, WA 98106Year Built 1917 Units 3 Sales Price $825,000 Price/Unit $275,000 Price/Foot $400.49 Current GRM/CAP 14.5/4.6% Market GRM/CAP 12.1/6.0%
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / [email protected]
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.