FOR SALE $4,500,000
True Anhalt Apartment Building in Seattle's Capitol Hill Neighborhood
LA QUINTA Historic 13-Unit Spanish Style Anhalt Apartment Building
BUYLAQUINTAAPARTMENTS.COM OFFERING MEMORANDUM | 1710 E DENNY WAY | SEATTLE, WA PROPERTY OVERVIEW
PRICE $4,500,000 OFFERS Reviewed upon receipt. Final Review: 8/10 Rare Opportunity to own the TOURS Wednesday, July 28, 2 - 4 PM Tuesday, August 3, 2 - 4 PM first Anhalt Building in Capitol Hill. Thursday, August 5, 2 - 4 PM
PROPERTY SUMMARY
Property Name La Quinta Apartments Address 1710 E Denny Way, Seattle Neighborhood Capitol Hill Year Built 1926 Total Units 13
Est. Residential SF 11,808 SF (KING COUNTY RECORDS) Site Area 14,400 SF Zoning LR3 (M) Exterior Stucco Roof Pitched Tile Plumbing Mixed Electrical Mixed w/ Breakers Heating Radiator (Gas Boiler) Windows Original Flooring Hardwood Unit Finishes Classic / Original Laundry 2 Leased W/Ds (CSC Laundry) RENT ROLL IN-PLACE RENOVATED
Type Units Approx. Unit Size In-Place Rent Annual Rent Market Rent Annual Rent BALLARD
UNIVERSITY Studio 1 450 SF $1,025 $12,300 $1,600 $19,200 DISTRICT FREMONT MAGNOLIA 1x1 4 850 SF $1,444 $69,300 $2,600 $124,800
QUEEN ANNE LAKE UNION 2x1 7 975 SF $2,064 $173,340 $3,700 $310,800
SOUTH LAKE BELLEUVE 2x1.5 1 1,100 SF $2,095 $25,140 $4,200 $50,400 UNION CAPITOL ELLIOTT HILL BAY SEATTLE LAKE Total/Avg 13 $1,795 $280,080 $3,238 $505,200 CBD WASHINGTON
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 2 INVESTMENT OPPORTUNITY
Unique Opportunity
Historic Frederick Anhalt Building, first in Capitol Hill
Gorgeous Spanish styling with large private courtyard
Excellent Value-Add Opportunity
80% increase in income by restoring building to its former glory
Many classic features and fixtures remain intact
Ideal Location
Countless amenities are within an easy 5 min walk
Prime access to Downtown, South Lake Union, and Bellevue
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 3 PROPERTY FINANCIALS
Market Operations 2019 Operations 2020 Operations Renovated Finishes
INCOME 2019 INCOME 2020 INCOME MARKET INCOME
Gross Potential Rent 268,730 272,636 505,200 Vacancy & Credit Loss 0 0.0% 0 0.0% (25,260) 5.0% Net Rental Income 268,730 272,636 479,940 Utility Fees 0 0/U/Mo 0 0/U/Mo 14,820 95/U/Mo Laundry 1,902 12/U/Mo 1,699 11/U/Mo 0 0/U/Mo Miscellaneous 1,600 123/U 100 8/U 3,250 250/U Effective Gross Income 272,232 274,435 498,010
EXPENSES 2019 EXPENSES 2020 EXPENSES MARKET EXPENSES
Taxes 42,729 3,287/U 53,932 4,149/U 60,000 4,615/U Insurance 7,420 571/U 7,053 543/U 7,150 550/U Utilities 34,342 2,642/U 37,887 2,914/U 23,400 1,800/U Repairs & Maintenance 6,792 522/U 11,685 899/U 13,000 1,000/U Grounds 4,679 360/U 51 4/U 3,250 250/U Management 26,862 10% EGI 40,339 15% EGI 34,861 7% EGI Marketing 17 1/U 18 1/U 3,250 250/U Administration 13,498 1,038/U 17,507 1,347/U 3,900 300/U Total Expenses 136,339 50% EGI 168,471 61% EGI 148,811 30% EGI Total Expenses Per Unit 10,488/U 12,959/U 11,447/U Total Expenses Per SF 12/SF 14/SF 13/SF Net Operating Income 135,893 105,964 349,199
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 4 LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 5 INTERIOR
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 6 EXTERIOR
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 7 AERIAL
LA QUINTA
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 8 HISTORICAL ARCHIVES
PROPERTY RECORD CARD ORIGINAL RENTAL AD, NOV. 1927 SALE PRESS RELEASE, NOV. 1928
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 9 LOCATION OVERVIEW
Consistently one of Seattle’s most popular neighborhoods, Capitol Hill’s reputation N O ALOHA ST for bottomless-mimosa brunches, cream cheese hot dog carts, and thrift shops T G N I 15TH AVE remains a large draw for the city’s younger residents. The majority of this activity H S converges along Broadway and the Pike/Pine Corridor, streets lauded for being A W
F the vibrant anchors of the neighborhood. O
Y T I S A few blocks from the action, La Quinta's residents enjoy a pocket of quiet streets R E V I MERCER ST – less noise and nightlife without sacrificing proximity to the bars, restaurants, and N U eclectic, independent businesses that appeal to the tastes and ideals of Seattleites. O T
BROADWAY REPUBLICAN ST
Quick connections to employers in South Lake Union, Downtown, the University
District, and the Eastside via SR 520 clinch La Quinta Apartments as an ideal
location to call home. Miller
Park
THOMAS ST
JOHN ST LA QUINTA E ST LIV O Sound Link APARTMENTS Rail Station AY DENNY W
E L T T A E Cal S N Anderson CAL ANDERSON PARK W TO N W Park DO MADISON ST TO
PINE ST DEMOGRAPHICS
PIKE ST 12TH AVE
74,933 $121,243 UNION ST
TOTAL POPULATION AVG HOUSEHOLD INCOME 1 Mile 1 Mile SPRING ST MADISON ST
MARION ST Amenities Legend EAT + DRINK
32 97 GROCERY + SHOPPING
HEALTH + WELLNESS MEDIAN AGE VERY WALKABLE 1 Mile Walk Score NEARBY BUS STOPS
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 10 CENTER OF CONNECTIVITY SHORELINE LIGHT RAIL STOP NORTH (2024) LIGHT RAIL LINE As Seattle continues to grow, no HIGHWAYS amenity is more valuable than connectivity. La Quinta provides options to walk, bike, drive, or take NORTHGATE the light rail anywhere one needs (2021) to go within a few minutes. REDMOND BALLARD (2024) (2035)
CAPITOL HILL (SHOPPING / ENTERTAINMENT / FOOD) REDMOND TECH LIGHT RAIL STATION (CONNECTIVITY) (2023)
BELLEVUE DOWNTOWN (WORK / SHOPPING / ENTERTAINMENT) (2023)
CAL ANDERSON PARK (ENTERTAINMENT)
UNIVERSITY OF WASHINGTON CAMPUS (SCHOOL / WORK)
MAJOR FREEWAYS (CONNECTIVITY)
JOHN ST 15TH AVE UNIVERSITY VILLAGE (SHOPPING / ENTERTAINMENT / FOOD) ALASKA JUNCTION
(2030) CAPITOL HILL 12TH AVE LIGHT RAIL STATION SEATTLE UNIVERSITY (SCHOOL / WORK)
E PIKE ST BROADWAY E MADISON ST BELLEVUE / REDMOND (WORK / SHOPPING / ENTERTAINMENT) E UNION ST
SOUTH LAKE UNION (WORK / SHOPPING / ENTERTAINMENT)
FIRST HILL (MEDICAL / WORK)
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 11 NEARBY ECONOMIC VIBRANCY SOUTH LAKE UNION
PROJECT STATUS TOTAL PLANNED DEVELOPMENT* PROJECT TYPE*
01 Completed Office Space 817,511 SF Apartment - 20,646 Units
01 Under Construction Retail Space 400,230 SF Office - 5,440,797 SF Apartment 11,782 Units 01 Planned Project Condo - 982 Units Condo 266 Units Hotel - 2,234 Rooms Hotel 735 Keys Life Science/Medical - 950,441 SF GOOGLE / FACEBOOK *Includes only proposed Convention Center - 1,500,000 SF *Includes proposed, under construction, and completed Facebook - 871,176 SF BOREN AVE 43 (within last year) 17 Google - 929,000 SF 29 27 PIKE ST 07 18 22 05 08
12 PINE ST 23 18 BATTERY ST 30 30 21 33 16 WESTLAKE AVE 17 02 11 19 OLIVE WAY 34 07 10 AMAZON | 7,944,766 SF* 50 6TH AVE 53 BELL20 ST 07 7TH AVE 06 20 34 VIRGINIA ST Owned 04 13 DENNY WAY 25 51 STEWART ST 36 Leased 01 33 47 46 JOHN ST 37 06 42 49 03 08 23 52 05 31 32 THOMAS ST Construction 12 BROAD ST 25 10 22 Future Sites 14 HARRISON ST 28 48 10 11 08 02 14 01 35 *Overall Seattle footprint 9TH AVE 11
8TH AVE N 13 REPUBLICAN ST 15
16 04 28 TERRY AVE N AVE TERRY 44 N AVE TERRY 54 14 MINOR AVE N 01 YALE AVE N PONTIUS AVE N BOREN AVE N MERCER ST 55 38
FAIRVIEW AVE N 12 ROY ST 37 05 04 36 45 02 VALLEY ST 21 19
EASTLAKE AVE E
WESTLAKE AVE N
AURORA AVE N ALOHA ST 57 DEXTER AVE N
18 TAYLOR AVE N
6TH AVE N
56
41
LAKE UNION N
24
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 12 NEARBY ECONOMIC VIBRANCY DOWNTOWN SEATTLE
AMAZON | 7,944,766 SF* PROJECT STATUS PROJECT TYPE* TOTAL PLANNED DEVELOPMENT* Apartment - 25,539 Units Owned 01 Completed Office Space 2,844,646 SF Office - 6,842,356 SF 01 Under Construction Leased Retail Space 293,138 SF Condo - 663 Units Construction 01 Planned Project Hotel - 4,459 Keys Apartment 13,512 Units Future Sites Life Science/Medical - 130,000 SF Condo 663 Units *Overall Seattle footprint Convention Center - 1,500,000 SF Hotel 1,420 Keys *Includes proposed, under construction, and completed (within last year) *Includes only proposed
LAKE WASHINGTON
13 16 15 45 13 12 43 15 05 09 05 58 19 11 36 LAKE 04 05 01 10 17 29 49 47 UNION 50 10 07 42 29 21 34 19 52 60 23 22 28 03 20 11 27 25 26 30 26 06 28 02 02 33 38 23 41 07 44 51 06 09 39 32 14 24 59 53 06 13 18 02 08 20 24 03 VIRGINIA ST 21 27 07 12 04 18 48 22 11 30 31 16 23 25 22 01 17 04 08 12 03 46 40 14 BELL ST 37 21 57 14 SENECA ST
BATTERY ST 19 VINE ST 61 08 BROAD ST 10 54 15 17 32 09 31 56 01 33
ELLIOTT BAY
N
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 13 ACCESS TO EMPLOYMENT CENTERS
REDMOND
UNIVERSITY DISTRICT 97,000 20,500 Employees Employees 60,000 Employees FREMONT 22 minutes 8 minutes 12 minutes
4,500 Employees 60,000 159,000 7minutes Employees Employees CAPITOL HILL SLU BELLEVUE 5 minutes 18 minutes
253,500 DOWNTOWN LA QUINTA Employees SEATTLE APARTMENTS
LAKE 5 minutes PUGET WASHINGTON SOUND
TOP PUGET SOUND AREA COMPANIES
LA QUINTA APARTMENTS OFFERING MEMORANDUM KIDDER MATHEWS 14 EXCLUSIVELY LISTED BY
MATT LAIRD Senior Associate 425.736.5516 [email protected]
WINSLOW LEE Associate 425.681.7695 [email protected]
JERRID ANDERSON Executive Vice President 206.499.8191 [email protected]
DYLANSIMON.COM KIDDER.COM
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.