RAVENNA PARK ROOMING HOUSE BEACON HILL SODO MADRONA
SEATTLE CBD
LIGHT RAIL STATION
SOUTH LAKE UNION CAPITOL HILL
LIGHT RAIL STATION
UNIVERSITY OF WASHINGTON
WALLINGFORD
RAVENNA OFFERING
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Ravenna Park Rooming House. Originally constructed in 1910, the property features period detail and charm as well as a mix of apartment units and rooms with shared spaces that are well suited to the University/Ravenna rental market. Residents are drawn to the walkability and convenience of the location and charming park side setting and slower paced feel of the Ravenna neighborhood. The location also offers convenient transportation options and quick access to the city’s major employment hubs and other popular neighborhoods and destinations. The property offers an investor an excellent opportunity to acquire a property that is primed for future appreciation in one of the city’s best rental markets with significant room to increase income and add/create value through renovation.
NAME Ravenna Park Rooming House
ADDRESS 5604 17th Ave NE, Seattle WA 98105
TOTAL UNITS/ROOMS 7
BUILT 1910
SQUARE FEET 3,783 Total Net Rentable
PRICE $1,525,000
PRICE PER FOOT $403.12
CURRENT GRM/CAP 17.9/3.7%
MARKET GRM/CAP 15.2/4.5%
LOT INFORMATION 5,400 Square Feet (Zoned SF 5000)
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. INVESTMENT HIGHLIGHTS RAVENNA PARK ROOMING HOUSE First time on the market in 25+ years
Located in the desirable University/Ravenna area Recently replaced exterior siding and double paned vinyl windows
Walk Score of 88 and Bike Score of 84! Significant upside in income and potential to add value
Mix of units and rooms is well suited for the UW rental market Close to University of Washington and U. Village Shopping
Large decks with territorial views, excellent outdoor spaces Common on-site laundry machines
Certain units have high ceilings and period charm from the Garage for storage or additional income early 1900’s
VIEW FROM PROPERTY BUILDING PHOTOS COMMON AREA PHOTOS UNIT PHOTOS UNIT PHOTOS UNIT PHOTOS FLOOR PLANS
BASEMENT FIRST FLOOR FLOOR PLANS
SECOND FLOOR THIRD FLOOR RAVENNA PARK Income Breakdown ROOMING HOUSE
APPROXIMATE CURRENT CURRENT MARKET MARKET UNIT/ROOM TYPE ROOM SIZE RENT RENT/SQ.FT. RENT RENT/SQ.FT. 1 Studio / 1Bth 375 Sq.Ft. $800 $2.13 $900 $2.40 2 2 Bd/1 Bth 830 Sq.Ft $1,400 $1.69 $1,400 $1.69 3 2+ Bd/1 Bth 900 Sq.Ft $1,650 $1.83 $1,795 $1.99 4 Room 178 Sq.Ft $700 $4.49 $800 $2.13 5 Room 375 Sq.Ft $675 $1.80 $800 $2.13 6 Room 375 Sq.Ft $600 $1.60 $800 $2.13 7 1 Bd/1 Bth 750 Sq.Ft $1,080 $1.44 $1,250 $1.67 Totals/Avg 757 Sq.Ft. $7,005 $1.85 $7,745 $2.05
VIEW FROM PROPERTY Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET
Units/Rooms 7 Price $1,525,000 Scheduled Gross Income $85,380 $100,320 Year Built 1910 Per Sq. Ft. $403.12 Less Vacancy 4.0% $3,415 4.0% $4,013 Rentable Area 3,783 Current GRM 17.86 Gross Operating Income $81,965 $96,307 Down Pmt $762,500 Current CAP 3.65% Less Expenses $26,330 $28,393 Interest Rate 4.50% Market GRM 15.20 Net Operating Income $55,635 $67,914 Amortization 30 years Market CAP 4.45% Annual Debt Service ($3,863/mo) $46,362 $46,362 Cash Flow Before Tax 1.22% $9,273 2.83% $21,553 Principal Reduction $12,301 $12,301
UNIT/ ROOM CURRENT MARKET Total Return Before Tax 2.83% $21,574 4.44% $33,854 ROOM TYPE SIZE RENT RENT 1 Studio/1Bth 375 $800 $900 1 1 Bd/1 Bth 750 $1,080 $1,250 ANNUALIZED OPERATING EXPENSES CURRENT MARKET 1 2 Bd/1 Bth 830 $1,400 $1,400 Real Estate Taxes 2018 Actual $9,732 $12,000 1 2 + Bd/1 Bth 900 $1,650 $1,795 Insurance 2017 Actual $1,306 $1,306 3 Room 178 - 375 $600 - $800 $800 Utilities 2017 Actual $8,790 $8,790 7 Total/Avg 757 $1.85 $2.05 Maintenance & Repairs 2017 Actual $4,097 $4,097 Landscaping 2017 Actual $1,405 $1,200 Administration/Misc. Proforma $1,000 $1,000
MONTHLY INCOME CURRENT MARKET Total Expenses $26,330 $28,393 Gross Potential Rent $7,005 $7,745 Laundry Income $60 $60 Utility Bill Back $0 $405 CURRENT MARKET Parking (Garage) $0 $100 Expense/Unit $3,761 Expense/Unit $4,056 OPERATIONS OPERATIONS Miscellaneous $50 $50 Expense/Foot $6.96 Expense/Foot $7.51 Gross Potential Income $7,115 $8,360 Percent of EGI 30.84% Percent of EGI 28.30% SALES COMPARABLES
Ravenna Park Rooming House 5604 17th Ave NE Seattle, WA 98105
Year Built 1910 Sales Price $1,525,000 Price/Foot $403.12 RAVENNA Current GRM/CAP 17.9/3.7% PARK Market GRM/CAP 15.2/4.5% ROOMING HOUSE
1 Year Built 1904 2 Year Built 1910 Sales Price $1,300,000 Sales Price $1,300,000 1 Price/Foot $371.43 Price/Foot $472.73 GRM/CAP Vacant GRM/CAP 17.7/3.7% Sales Date 9.20.2018 Sales Date 7.24.2018 4 Ravenna Duplex 5 Unit Apartment 5526 16th Ave NE 4761 22nd Ave NE 3 Seattle, WA 98105 Seattle, WA 98105 2 3 Year Built 1920 4 Year Built 1910 Sales Price $1,400,000 Sales Price $1,660,000 Price/Foot $471.38 Price/Foot $395.24 5 GRM/CAP Vacant GRM/CAP 14.9/4.6% Sales Date 5.22.2018 Sales Date 4.23.2018
U District Duplex 7 Unit Apartment 5032 20th Ave NE 5204 18th Ave NE Seattle, WA 98105 Seattle, WA 98105
5 Year Built 1910 Sales Price $3,950,000 Price/Foot $519.74 GRM/CAP 22.6/3.6% Sales Date 2.22.2018
Rooming House 4730 19th Ave NE Seattle, WA 98105 LOCATION HIGHLIGHTS
The University District is a great location and is just minutes Northeast of downtown Seattle. The neighborhood is bound by I-5 to the West, beyond which is Wallingford and Fremont. To the North you can find the Ravenna and Maple Leaf neighborhoods and to the South you can explore Montlake and Capitol Hill. Traveling East you have the Laurelhurst area and Lake Washington. WALK SCORE With the neighborhood’s central location, commuting to and from the area is easy with the advanced transit system implemented over the past few years. The long 90 planned University Link Light Rail Station located at Husky stadium opened in March of 2016. The transit line runs from the University of Washington to Angle Lake Station making 14 stops along the way including one at Sea-Tac Airport. In addition to the light rail, King County Metro has multiple transit bus lines with easy connections making for easy and hassle free transportation options.
TRANSIT SCORE Located directly Northeast of the Seattle Central Business District 70
Easy access to local transit options via Metro Transit and Link Light Rail
Walk to restaurants, cafés, and shopping on the Ave or at University Village
BIKE SCORE 84 UNIVERSITY DISTRICT
The University District is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union neighborhood. The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 46,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base. The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, Green Lake Park, and Gas Works Park. This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus. UNIVERSITY LINK LIGHT RAIL AND FUTURE LIGHT RAIL EXPANSION
The University Link Light Rail station is located next to Husky Stadium and the platforms are big enough to handle game day crowds. Modern elevators and escalators connect the platforms to the nearby campus, UW Medical Center and surrounding neighborhoods. A new pedestrian bridge allows walkers and bikers to avoid traffic by connecting the station to upper campus and the Burke-Gilman Trail. By 2021, the University District is slated to gain a second link light rail station located on Brooklyn Ave NE between NE 45th and NE 43rd streets. It will serve the surrounding residential community, the “Ave” business district, other employment sites, the UW Tower and the north University of Washington campus. Its official name is now U District Station. Riders will board trains underground. The station will have two entrances along Brooklyn Ave NE with elevators, escalators and stairs. The station will have about 100 bike parking spaces. The site is designed to accommodate future development above the station. When it opens in 2021, projected transit times suggest a 5 minute commute to Northgate and 8 minutes to Westlake Station in Downtown Seattle. 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.