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THE ZINDORF A P A R T M E N T S
T H E Z I N D O R FA P A R T M E N T S
QUEEN ANNE
DOWNTOWN BUSINESS DISTRICT
BELLTOWN
SOUTH LAKE UNION
PIONEER SQUARE
T H E Z I N D O R FA P A R T M E N T S
Paragon Real Estate Advisors is proud to present you with the exclusively listed Zindorf Apartments located at 714 7th Ave in the First Hill/Downtown neighborhood of Seattle. This 75-unit community provides an excellent opportunity to own an apartment in Seattle’s core market. The Zindorf is located one block east of downtown and has a 98 Walk Score and 100 Transit Score. This neighborhood is going through significant redevelopment with luxury apartments, senior assisted living facilities, expansion of major medical centers including Swedish Hospital, Harborview Medical Center as well as the development of many highrise office developments within walking distance of the subject property including the recently finished F5 Networks Tower. This is a unique opportunity to own an apartment building in this area where apartments rarely change hands.
NAME The Zindorf Apartments
ADDRESS 714 7th Ave, Seattle WA 98104
TOTAL UNITS 75
BUILT 1911
SQUARE FEET 26,545 Total Net Rentable
PRICE $14,950,000
PRICE PER UNIT $199,333
PRICE PER FOOT $563 (net) $482 (gross)
CURRENT GRM/CAP 12.8/4.2%
MARKET GRM/CAP 11.6/5.0%
LOT INFO 7,200 Square Feet Zoned HR
O F F E R I N G
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.
I N V E S T M E N T H I G H L I G H T S
T H E Z I N D O R FA P A R T M E N T S
� Adjacent to Downtown Seattle and First Hill
� 98 Walkscore and 100 Transit Score
� Area of high paying medical and corporate jobs
� Unobstructed Seattle skyline views
� Formal entry with era appropriate style
� Vintage apartments with hardwood floors and large bay windows
� Updated plumbing, electrical and heating systems
� Highrise zoning (M) – Located in the Capitol Hill/First Hill Urban Center
� Reinforced concrete / wood frame construction
L O C A T I O N H I G H L I G H T S
� Located one block from downtown Seattle
� Transit Paradise: Metro Bus Service, Lightrail, First Hill Street Car
� Walking distance to all necessities including restaurants, parks, grocery stores, shopping and entertainment amenities
� Direct Access to South and Northbound Interstate 5
� 300,000+ jobs in the immediate area
� First Hill is home to all the major medical centers in Seattle including Swedish, Harborview, Virginia Mason and Providence Medical Centers as well as the many health and wellness support businesses.
� Located within walking distance to Seattle Central College and Seattle University
� Short distance to Seattle Mariner’s T-Mobile Park, Seattle Seahawks and Seattle Sounders Century Link Field
WALK SCORE
97
TRANSIT SCORE
100
BIKE SCORE
71
Rising behind the downtown retail core, First Hill is a diverse jumble of high-rise apartments, historic mansions and hospitals. First Hill is one of the few neighborhoods in Seattle to have fairly easily discernible border lines, with Yesler to the south separating First Hill from the International district, 12th Avenue on the east acting as the borderline to the Central district, and East Pike Street as the northern boundary with Capitol Hill. Interstate 5 divides downtown from First Hill on the west side.
Knowns for the high concentration of churches and hospital buildings this area is also home to many of the well-known private schools in the area. Seattle Academy of Arts and Sciences and the Northwest School are both highly regarded middle and high schools, while O’dea is a catholic high school for boys. In higher education, the Jesuit school Seattle University has been located in the neighborhood since 1898.
The neighborhood is no longer the mecca for well-to-do business people that it once was; however, it is having a resurgence as a residential area. In recent years the trendy restaurants of Capitol Hill have been spilling south of Pike and into First Hill, adding to the allure of the neighborhood.
F I R S T H I L L
Western Ave
2nd Ave Ext S
Elliott Ave
1st Ave
Battery
St
Mercer St
Wall St
Marion St
E Madison St
1st A
ve S
Auro
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ve N
Alas
kan
Way
S
4th A
ve S
Madison St
Alaskan Way
2nd Ave
4th Ave
4th Ave
Alas
kan
Way
Viad
Alaskan Way Viad
7th Ave
Golf Dr S
10th
Ave
E
University St
E Denny Way
E Thomas St
Taylo
r Ave
N
4th Ave
E Roy StValley St
Belmont Ave E
Quee
n Ann
e Ave
N
Boren Ave S
Mercer St
S Royal Brougham Way
Seneca St
Columbia St
8th Ave
E Union St
2nd Ave
Howell St
6th Ave
Pine St
4th A
ve S
E John St
S Atlantic St
1st A
ve S
Union St
Westlake Ave
Alas
kan W
ay S
E Cherry St
E Oliv
e W
ay
15th Ave S
Broadway E
5th A
ve S
1st A
ve N
Elliott Ave
Rainier Ave S
Western Ave
Spring St
12th
Ave
S
E Yesler Way
E Aloha St
5th A
ve N
Roy St
Olive WayVirg
inia S
t
9th A
ve N
E Pike St
Pike St
Mercer St
Westlake Ave N
East
lake A
ve E
Fairv
iew A
ve N
James St
Yesler Way
S Dearborn St
Airport Way S
Stewart
St
Broad S
t
Broa
dway
S Jackson St
Denny Way
1st Ave
1st Ave
Boren Ave
Boren Ave
5th Ave
5th Ave
167
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0 0.5 Mile0.25
0 0.5 KM0.25
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AMENITIES MAPFOOD & DRINK
1. Sushi Kanpai 2. Metropolitan Grill 3. Vito’s 4. Cedars in Capitol Hill 5. Rhein Haus 6. Sugar Bakery & Cafe 7. Tulio 8. The Hideout 9. Dick’s Drive-In 10. Primo Pizza Parlor 11. 8oz Burger & Co 12. Skillet diner 13. Pie Bar 14. Lark 15. Mad Pizza 16. Bebas & Amigos
HEALTH & WELLNESS
1. Harborview Medical Center 2. NW Fitness Gym 3. Downtown Seattle YMCA 4. Virginia Mason Hospital 5. Swedish First Hill
PARKS
1. Seattle University Park 2. Freeway Park 3. Cal Anderson Park 4. City Hall Park 5. Kobe Terrace 6. First Hill Park 7. Westlake Park
SHOPPING
1. Melrose Market 2. Pacific Place 3. Westlake Center
GROCERY
1. Quality Food Center (QFC) 2. Stockbox First Hill Grocery 3. Han’s Deli & Grocery 4. Plaza Select Foods 5. Trader Joe’s
ACTIVITIES
1. Frye Art Museum 2. Pike Place Market 3. Seattle Public Library 4. Convention Center 5. Seattle Aquarium 6. Century Link Field 7. T-Mobile Park 8. King Street Station 9. Seattle Art Museum
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T H E Z I N D O R FA P A R T M E N T S
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
S E A T T L E E C O N O M Y
Washington was recently ranked as the #1 economy in the United States. It is leading innovation potential, economic activity, and economic health. Seattle’s diversified industry is made up of older industrial and new technology companies. Seattle’s growth is driven by cloud services, AI, bio tech, aerospace engineering, green technology, e-commerce, and financial service enterprises. Large companies continue to dominate the business landscape. Seattle is home to 16 headquartered companies that are on Fortune 500’s list as the largest companies in the United States.
TECHNOLOGY
Seattle employs more than 165,300 people in the technology sector
with an average wage of $130,000.
LIFE SCIENCES
With over 1,700 research, medical device,
distribution and drug companies are located
here, and this area employs more than
36,000 people.
CONSUMER GOODS
Seattle is home to many national leaders in
consumer goods such as Starbucks, Costco, Nordstrom, REI and
Weyerhaeuser.
AEROSPACE
Home to Boeing, the biggest airline producer in the world, Washington state produces 90% of all commercial aircrafts in
the United States.
Company Employees Revenue
Amazon.com 647,500 $232,887,000Costco Wholesale 194,000 $141,576,000Microsoft 131,000 $110,360,000Starbucks 291,000 $24,719,500Paccar 28,000 $23,495,700Nordstrom 74,000 $15,860,000Expedia Group 24,500 $11,223,000Alaska Air Group 23,376 $8,264,000Expeditors Int’l of Washington 17,400 $8,138,400Weyerhaeuser 9,300 $7,476,000Fortive 24,000 $7,203,200Puget Sound Energy 3,140 $3,346,500TrueBlue 6,700 $2,499,200Itron 7,350 $2,376,100F5 Networks 4,409 $2,161,400Esterline Technologies 12,609 $2,034,800
THE FUTURE OF INDUSTRY IS IN SEATTLE
� Growing population of 3.87 million in the Seattle Metro area.
� 57% of the Seattle population has a bachelors degree or higher.
� Central business district provides more than 410,000 jobs.
� Seattle is expected to add an additional 40,000 to 50,000 jobs in 2019.
� Seattle offers high rents with an occupancy rate of 95%
� Seattle is home to many large companies in technology, life sciences, consumer goods and aerospace.
� High median income of $79,565.
� Seattle has 59+ cranes hovering over the skyline, the highest number in any US city. The top 25 construction projects are estimated to cost $23 Billion.
W H Y I N V E S T I N S E A T T L E ?W H Y I N V E S T I N S E A T T L E ?
A E R I A L V I E W
T H E Z I N D O R FA P A R T M E N T S
A E R I A L V I E W
N E A R B Y D E V E L O P M E N T S
615 8TH AVE
800 COLUMBIA ST
606 TERRY ST
715 8TH AVE
707 TERRY ST
T H E Z I N D O R FA P A R T M E N T S
N E A R B Y D E V E L O P M E N T S
615 8TH AVE
• 204 Residential Condominium Units
715 8TH AVE
• 77 Residential units
• Senior Living
• 187,000 GSF
800 COLUMBIA ST
• 287 Residential units
707 TERRY ST
• 486 Units
• 16 Stalls
606 TERRY ST
• Assisted Living
B U I L D I N G P H O T O S
U N I T P H O T O S
F L O O R P L A N S
STUDIO A STUDIO B
STUDIO C STUDIO D
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $86,485 $96,931
Utility Bill Back $4,836 $4,836
Laundry/Vending Machines $722 $722
Misc. Fees/Renters Insurance $3,602 $3,602
Pet Rent $96 $96
Miscellaneous (Sec/Bad Debt) $1,310 $1,310
Gross Potential Income $97,051 $107,497
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $1,164,612 $1,289,964
Less Vacancy 5.0% $58,231 5.0% $64,498
Gross Operating Income $1,106,381 $1,225,466
Less Expenses $475,906 $475,906
Net Operating Income $630,475 $749,560
Annual Debt Service ($29,400/mo) $352,853 $352,853
Cash Flow Before Tax 3.99% $277,622 5.71% $396,707
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
Real Estate Taxes 2020 Actual $125,531 $125,531
Insurance 2019 Actual $20,623 $20,623
Utilities 2019 Actual $70,168 $70,168
Property Management 2019 Actual $32,343 $32,343
On-Site Mgmt. Payroll 2019 Actual $68,305 $68,305
Maint. Payroll 2019 Actual $59,497 $59,497
Maintenance & Repairs 2019 Actual $24,040 $24,040
Turnover 2019 Actual $9,518 $9,518
Marketing & Retention 2019 Actual $16,246 $16,246
Administration 2019 Actual $30,885 $30,885
Reserves Proforma $18,750 $18,750
Total Expenses $475,906 $475,906
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
73 Studio 300-350 $949 - $1,369 $1,205 - $1,400
2 1 Bd/1 Bth 575 $1,399 $1,625
75 Total/Avg 353 $3.26 $3.65
Units 75
Year Built 1911
Rentable Area 26,545 Sq.Ft.
Down Pmt $6,950,000
Loan Amount $8,000,000 *
Interest Rate 4.41% Int Only
Lot Size 7,200 Sq.Ft
Price $14,950,000
Per Unit $199,333
Per Sq. Ft. $563.19
Current GRM 12.84
Current CAP 4.22%
Market GRM 11.59
Market CAP 5.01%
Expense/Unit $6,345
Expense/Foot $17.93
Percent of EGI 40.86%
Expense/Unit $6,345
Expense/Foot $17.93
Percent of EGI 36.89%
CUR
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The Zindorf Apartments is encumbered with a Freddie Mac interest-only loan that originated in January 2018. The current loan is for $8,000,000 with a 10 year loan term at 4.41%. The purchaser of Zindorf will need to assume the existing loan at closing and pay any associated assumptions costs including a 1% assumption fee. For further questions or details of the assumption, please contact the listing brokers.
The Bradbury 718 Cherry St Seattle, WA 98104
1 Year Built 1902 Units 30 Sales Price $7,444,000 Price/Unit $248,133 Price/Foot $543 GRM/CAP 13.9/4.8% Sales Date 12.20.2019
The Virginian 2014 4th Ave Seattle, WA 98121
2 Year Built 1917 Units 36 Sales Price $8,265,000 Price/Unit $229,583 Price/Foot $549 GRM/CAP 14.7/4.4% Sales Date 9.30.2019
Swansonia Apartments 1017 E Harrison St Seattle, WA 98102
3 Year Built 1925 Units 32 Sales Price $9,250,000 Price/Unit $289,062 Price/Foot $561 GRM/CAP 15.2/4.4% Sales Date 9.25.2019
John Winthrop Apts 1020 Seneca St Seattle, WA 98101
4 Year Built 1925 Units 79 Sales Price $18,220,000 Price/Unit $230,632 Price/Foot $512 GRM/CAP Unknown Sales Date 10.29.2018
S A L E S C O M P A R A B L E S
The Zindorf Apartments 714 7th Ave Seattle, WA 98104Year Built 1911 Units 75 Sales Price $14,950,000 Price/Unit $199,333 Price/Foot $563 Current GRM/CAP 12.8/4.2% Market GRM/CAP 11.6/5.0%
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T H E Z I N D O R FA P A R T M E N T S
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.
T H E Z I N D O R FA P A R T M E N T S
