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Offering Memorandum Offering Memorandum BALLINGER ESTATES 72 UNITS 2609 NE 195th St Lake Forest Park, WA Exclusively offered by Paragon Real Estate Advisors 600 University Street | Suite 2018 | Seattle, WA 98101 1 P 206.623.8880 | E [email protected] | ParagonREA.com Offering Summary Paragon Real Estate Advisors is pleased to offer for sale the Ballinger Estates Apartments. This 72 unit apartment building is located in a residential neighborhood of Lake Forest Park. As people are moving North in search of affordable rental units Ballinger Estates offers an investor the opportunity to acquire a well located, well maintained apartment building with income upside. A new owner can increase rents to market value and reap the rewards of immediate upside and long-term appreciation or reposition the building by upgrading the finishes and adding washer and dryers to the units. Name Ballinger Estates Address 2609 NE 195th St, Lake Forest Park WA 98155 Total Units 72 Built 1985 Square Feet 44,454 Total Net Rentable Price $16,995,000 Price Per Unit $236,042 Price Per Foot $382.31 Current GRM/CAP 17.5/3.3% (3% Vacancy) BALLINGER Market GRM/CAP 15.0/4.1% (3% Vacancy) ESTATES Expense Per Unit $5,308/Year Terms Cash Out Lot Size 131,551 Square Feet Zoning RM 1800 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Location LAKE BALLINGER MOUNTLAKE TERRACE TRANSIT CENTER CASCADE K-8 COMMUNITY SCHOOL BALLINGER WAY NE BALLINGER NE 195TH ST ESTATES 600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Location Highlights Served by the Shoreline School District 12.5 miles to Downtown Seattle 1.7 miles to the proposed 185th Light Rail Station The highly acclaimed Burke-Gilman Trail which stretches from Seattle to Kenmore passes directly through Lake Forest Park Seven distinct parks offering a wide range of recreational activities including hiking, biking, walking and running trails Easily accessible and quaint, the Town Center at Lake Forest Park is a neighborhood center offering a dynamic mix of shopping, dining and entertainment options with more than 240,000 square feet of retail space Farmers market on Sundays - May through October Lyon Creek Waterfront Preserve is near the town center and has a small play area, benches and a boardwalk with views of Lake Washington 600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Parks and Recreation The city of Lake Forest park offers eight distinct The Grace Cole Nature Park is a 15.2 acre wetland parks. These areas offer a wide range of preserve and home to various native plants, birds recreational activities from hiking, bird watching, and amphibians. Take a stroll on the boardwalk and children’s play area, picnic areas, biking, walking, peer into the headwaters of Brookside Creek. Come running and much more. back often to observe how the wetland changes seasonally and develops throughout the years. Lyon Creek Waterfront Preserve is a .89 acre passive park located across from Lake Forest Other parks include Eagle Scout, Horizon view Park Town Center. It includes 100 feet of Lake Park, Whispering Willow Park and the Mickinnon Washington shoreline and 250 feet of Lyon Creek. Creek Trail. Enjoy a quiet moment on the dock down by the lake, or take a few minutes to look for salmon swimming in Lyon Creek. Nearly four acres of maintained meadow and tall, arching shade trees at Pfingst Animal Acres Park provide a lovely area for picnics or a nature walk. At the south edge of the park, McAleer Creek winds through a forested corridor with a salmon viewing platform. This platform is used by local schools for annual salmon release events. This park also features a community volunteer demonstration vegetable garden and a crushed gravel walking trail that loops the perimeter of the park. Blue Heron Park is a small half acre hidden gem. Lush native landscaping gives way to a primitive pathway lined by planting beds with an array of native drought–tolerant plants. Enjoy viewing the salmon in fall, winter or spring, watch for herons fishing for lunch. 600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com Parks and Recreation Map 1. Blue Heron Park 4 2. Eagle Scout 3. Grace Cole Park BALLINGER ESTATES 4. Horizon View Park 5. Lyon Creek Waterfront Preserve 6. Pfingst Animal Acres Park 8 7. Whispering Willow Park 8. McKinnon Creek Trail 2 9 6 9. Log Boom Park 7 1 5 10. Burke-Gilman Trail 3 10 600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Amenities BALLINGER ESTATES 600 University Street | Suite 2018 | Seattle, WA 98101 7 P 206.623.8880 | E [email protected] | ParagonREA.com Retail and Shopping Town Center at Lake Forest Park is a Anchored by Third Place Books, multi-purpose shopping center that also Albertson’s grocery store, Rite Aid, Ross serves as the community hub for the city Dress for Less, and Planet Fitness of Lake Forest Park. Built in 1964, the this community shopping hub features center is located on the eastern side of almost 250,000 square feet of gross Lake Forest Park, on the western shore leasable area. Around 40 tenants are of Lake Washington beside City Hall. The currently open and operating at Lake southeast side of the center abuts the Forest Park Towne Centre. Along with Burke-Gilman Trail. the bookstore, The Commons offers popular food choices such as barbeque Town Center at Lake Forest Park is a at Burney Brother BBQ and coffee and true community center that draws a pastries at Honey Bear Bakery to go regional crowd and is home to several along with the unique setting and their unique and organic local stores which cozy atmosphere. collectively cater to customers, thus serving as a daily destination. Friends Each Sunday, starting in May and ending of Third Place Commons, a non-profit in October, the Third Place Commons organization that operates through Farmers Market is held in the parking public donation, offers over 1,200 lot. community events throughout the calendar year attracting patrons from all over the Puget Sound region. The center was renovated in 1995 to increase pedestrian traffic and since 2006, has been undergoing smaller renovations, including the addition of a Ross Dress for Less and a Planet Fitness which both opened in 2011. 600 University Street | Suite 2018 | Seattle, WA 98101 8 P 206.623.8880 | E [email protected] | ParagonREA.com Transportation The NE 185th Street station is a proposed Link Light Rail station on the Lynnwood Link Extension serving Shoreline, Washington. The extension and station are fully funded; there are several proposed alternatives for station siting in the Shoreline area, but they all include a station at 185th Street. The station is proposed to be located on the north side of NE 185th Street, east of Interstate 5, either at-grade or on an elevated segment of the line This station will give riders a fast, frequent and reliable connection through some of the worst traffic congestion in Washington State. This extension builds four new light rail stations from Northgate to Lynnwood. With the construction on these stations riders will easily be able to travel from south Snohomish County to the University of Washington, downtown Seattle, the Eastside, the airport and more. By the year 2035 this line is expected to serve approximately 63,000 to 74,000 riders each week day. 600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com Travel Times 185TH ST LIGHT RAIL STATION SEATTLE CBD COMMUTE TIMES BELLEVUE TRANSIT CENTER COMMUTE TIMES Car: 2.3 miles, approximately 5 minutes 331 Bus to 522 Bus: 55 minutes from Ballinger Way NE 331 Bus to 234 Bus: 78 minutes from Ballinger Way NE On Foot: 1.8 miles, approximately 40 minutes Car: 19 minutes via Ballinger Way NE and I5 South Car: 25 minutes via Ballinger Way NE, I5, 520 and I405 2.3 miles 1.8 miles 600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com Improvements Great street appeal Meticulously cared for, turn-key building with rental upside Possible to reposition asset by adding washer and dryers to units Mature landscaping and open space gives grounds a quiet park-like setting 3.02 acre lot (per KCR) - 131,551 square feet Open and spacious floor plans with a separate dining area Abundant storage in each unit Each unit has a private balcony or a patio 1 common laundry room in each building with leased equipment Ample open and covered parking spaces 600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos 600 University Street | Suite 2018 | Seattle, WA 98101 12 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos 600 University Street | Suite 2018 | Seattle, WA 98101 13 P 206.623.8880 | E [email protected] | ParagonREA.com Unit Photos 600 University Street | Suite 2018 | Seattle, WA 98101 14 P 206.623.8880 | E [email protected] | ParagonREA.com Operating Summary Units 72 Price $16,995,000 Annualized Operating Data Current Market Year built 1985 Price Per Unit $236,042 Scheduled Gross Income $971,760 $1,133,220 Less Vacancy 3.0% $29,153 3.0% $33,997 Rentable Area 44,454 Sq.Ft.
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