1711 APARTMENTS FOR $12,400,000 SALE 1711 12th Avenue | Capitol Hill | Seattle, WA 98122
TWO BLOCKS TO CAPITOL HILL LIGHT RAIL STATION
PRIME TRANSIT-ORIENTED CAPITOL HILL LOCATION The 1711 Apartments are located in the 12th Avenue neighborhood, adjacent to downtown Seattle. The property features beautiful finishes with many upscale amenities and is built to a build green standard. The high energy efficient design and smart use of space make it ideal for apartment living in Seattle.
EXCLUSIVELY LISTED BY: JOE LEVIN COLLIERS INTERNATIONAL Senior Vice President 601 Union Street, Suite 5300 Multi-Family Investments Seattle, WA 98101 +1 206 954 8901 mobile +1 206 223 0866 +1 206 223 5583 office www.colliers.com/seattle [email protected] HIGHLIGHTS
Superb Capitol Hill Location - 12th Avenue and Pike/Pine corridor, walk two blocks to new light rail station
Seattle is leading job growth and one of the fastest growing rental markets in the country
Major employers hiring: Amazon, Boeing, Microsoft, Starbucks, University of Washington
Average household income exceeding $100,000 for renters seeking new apartment units on Capitol Hill
Built 2014 – Superior building amenities include energy efficient design, designer finishes, and Seattle views
Strong rental growth with low vacancy
Turner Way East
Valley Street
Broad Street Avenue East 10th
Mercer Street
Fairview Avenue North
LIGHT RAIL STATION
Eastlake Avenue East
1st Avenue Avenue North 1st Westlake Avenue Avenue Westlake North
5th Avenue North
23rd Avenue23rd East Broadway East
9th Avenue Avenue North 9th
East Denny Way
8th Avenue Dexter Avenue Stewart Street
23rd Avenue 23rd Western Avenue
WALK Westlake Avenue East Olive Way SCORE 96 East Madison Street
Bell Street Broadway Olive Way East Pine Street
TRANSIT East Pike Street SCORE 77 Pine Street 1711 APARTMENTS Elliott Avenue East Union Street Boren Avenue Pike Street
1st Avenue BIKE 7th Avenue SCORE 6th Avenue 875th Avenue Madison Street
3rd Avenue
Martin Luther King Junior Way
East Cherry Street
East James Way
600 yd SUMMARY
Price: $12,400,000
Units: 37
Cap Rate: 4.9% Proforma
Neighborhood: Capitol Hill 12th Ave Pike/Pine
Type: Four Story, Wood-Frame
Year Built: 2014
Net Rentable SF: 18,672 (Approximate)
Lot Size: 7,260 SF
Zoning: NC3-40, Multifamily
RENT SCHEDULE
CURRE CURRENT RENTSNT MARKET RENTS (PRO-FORMA)
NO. OF AVG SIZE AVERAGE AVERAGE TYPE PRICE/SF PRICE/SF UNITS (SF) RENT RENT
ONE BEDROOM 7 679 $1,900 $2.80 $2,125 $3.13 LOFT
STUDIO 6 413 $1,387 $3.36 $1,595 $3.87
ONE BEDROOM – 24 477 $1,570 $3.27 $1,762 $3.69 OPEN
TOTALS/ AVERAGE: 37 505 $1,599 $3.17 $1,803 $3.57
TOTAL MONTHLY RENT: $59,180 $66,725
TOTAL ANNUAL RENT: $710,160 $800,700 OPERATING PERFORMANCE
INCOME & EXPENSES MARKET (PRO-FORMA) MARKET (PRO-FORMA) INCOME PER UNIT ANNUAL Scheduled Rental Income $21,641 $800,700 Vacancy 3.5% $757 $28,025 Bad Debt 0.5% $108 $4,004 Total Rental Income $20,775 $768,672 Utilities RUBS (W/S/G/G) $1,147 $42,440 Pet Fees $68 $2,500 Bike Storage $203 $7,500 Storage $84 $3,120 Other $344 12,725 EFFECTIVE GROSS INCOME $22,621 $836,957 EXPENSES Property Taxes 2016 $2,263 $83,743 Insurance $159 $5,871 Utilities* $878 $32,494 Maintenance & Repairs $883 $32,655 Marketing & Administrative $63 $2,322 Professional Management & Leasing 4% $963 $35,643 TOTAL EXPENSES $5,973 $192,728 Expenses / Unit $5,209 Expenses / SF $10.32 NET OPERATING INCOME $16,720 $644,229
Notes:
2015 Actuals Per Owner Market Rents Per Survey Vacancy Per Survey *Utilities RUBS includes water, sewer, garbage, gas bill back to tenant. Water/Sewer individually sub-metered Bike Storage available for 16 bikes, Income estimated at $25/month per bike, bike racks are in use Property Taxes are 2016 Actuals *Utilities Expenses. Sewer Capacity Charge of $1,143.83 per month ($13,726/Year) paid separately. Property Management Fees of 3.5% of Effective Gross Income