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
2600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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.
3600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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
4600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Neighborhood Map
6 UNIT ON PHINNEY RIDGE
SEATTLECBD
QUEEN ANNE
BALLARD
FREMONT
PHINNEYRIDGE
CAPITOL HILL
N 80TH STREET
15TH AVENUE NW
GREENLAKE
WALLINGFORD
5600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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
6600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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.
8600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | 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 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.
10600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Building Photos
11600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Unit Photos
13600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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%
14600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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
Year Built 1967Units 13Sales Price $3,812,000Price/Unit $293,269Price/Foot $366.23GRM/CAP 19.2/3.1%Sales Date 11.17.2017
4. 4800 PHINNEY AVE N Seattle, WA
Year Built 1988Units 8Sales Price $2,975,000Price/Unit $371,875Price/Foot $538.56GRM/CAP 19.5/3.3%Sales Date 10.25.2017
3. 4318 WINSLOW PLACE NSeattle, WA
Year Built 1967Units 5Sales Price $1,680,000Price/Unit $336,000Price/Foot $466.15GRM/CAP 16.9/3.7%Sales Date 10.31.2017
5. CROWN HILL2761 NW 80th St, Seattle, WA
Year Built 1962Units 5Sales Price $1,465,000Price/Unit $293,000Price/Foot $390.67GRM/CAP 18.5/3.6%Sales Date 10.11.2017
15600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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
18600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
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.