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Dylan Simon Jerrid Anderson Matt Laird
SEATTLE NEIGHBORHOOD APARTMENT STUDY 2017 An Analysis of the 5 Unit to 50 Unit Urban Apartment Market “The winds and waves are always on the side of the ablest navigators.”
-Edward Gibbon
Cover illustration by Annalise Olson Seattle Neighborhood Apartment Market Study | 2017 Introduction We Sell Apartments Faster, and for More Money
Welcome to the Seattle Multifamily Team. We’re a team of commercial real estate brokers specializing in helping investors buy, sell and develop apartment buildings in Seattle and the Puget Sound region. We broker deals from $1M to over $100M, from 5 units to more than 500 units.
Integrity is the cornerstone of our best-in-class service, and we have a track-record of successful closings and satisfied clients to prove it.
Simply put, we help our clients outperform the competition.
When you hire us you’ve hired the best, and we look forward to working with you in 2017.
Sincerely,
Jerrid Anderson
WWW.SEATTLEMULTIFATMILYTEAM.COM 1 2017 | Seattle Neighborhood Apartment Market Study
BALLARD UNIVERSITY DISTRICT GREENLAKE WALLINGFORD FREMONT
KIRKLAND
QUEEN ANNE
WEST SOUTH CAPITOL BELLEVUE LAKE UNION HILL
BELLTOWN FIRST DOWNTOWN HILL
PIONEER SQUARE SOUTH DOWNTOWN
WEST SEATTLE CENTRAL DISTRICT BEACON HILL RAINIER VALLEY
2 COLLIERS | SEATTLE MULTIFAMILY TEAM
WA 900 Seattle Neighborhood Apartment Market Study | 2017 TABLE OF CONTENTS
HOW TO USE THIS MARKET STUDY 4
WHO WE ARE 5
2016 YEAR IN REVIEW 7 2016 Market Metrics & Fundamentals 2017 - Future Development Pipeline Regional Employment Trends
2016 SALES & FUTURE DEVELOPMENT 17 Capitol Hill/Madison Valley 18 Belltown/Downtown/ Pioneer Square/S. Downtown 20 Queen Anne 24 South Lake Union/Eastlake 26 Greenlake/Wallingford/Fremont 28 Ballard 30 University District 32 Central District/Beacon Hill/Rainier Valley 34 West Seattle 36 First Hill/Yesler Terrace 39 West Bellevue/Redmond/Kirkland 40
SOURCES 42
WWW.SEATTLEMULTIFATMILYTEAM.COM 3 2017 | Seattle Neighborhood Apartment Market Study HOW TO USE THIS MARKET STUDY
This study is a resource for all your apartment investment needs in 2017. We compiled the best local and national research on the apartment market in Seattle, and we include our own analysis and insights about emerging trends and opportunities.
Market Fundamentals Development Pipeline Discover the latest rent and vacancy trends for Seattle’s urban Review 2010 - 2016 deliveries in each urban neighborhood, neigborhoods, as well as how rent per unit and rent per square and find out how many units are planned for 2017 through foot grew during the last market cycle. 2020 and beyond.
> Rent & Vacancy Trends
> Historical Sales Trends
> Data on every 5 unit to 50 unit sale in 2016
Employment Trends Market Insights Learn about regional job growth in the greater Seattle area. Throughout the study, check out our market insights about Find out which industries are growing the fastest, and potential investment opportunities, emerging examine yearly employment trends. neighborhoods, and future real estate trends.
4 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017 WHO WE ARE
Colliers’ Seattle Multifamily Team is a team of dedicated, expert commercial We believe in building a long-term relationship, not just brokering a transaction. real estate brokers working for apartment owners, developers, and investors. We take a unique approach to the business, serving a broad range of investors in the market in order to understand the market better than anyone - and Our goal is to help you maximize your return on investment, whether we deliver expert market knowledge to our clients. sell your apartment building faster and for more money or we ensure your purchase is a sound investment.
OUR EXPERTISE OUR ADVANTAGE
20 - 100 100+ Best-in-Class 11,500+ Unit Buildings Unit Buildings Marketing Buyer Database
Development Micro & Efficiency Industry-Leading Expert Market Land Unit Buildings Research Analysis
WWW.SEATTLEMULTIFATMILYTEAM.COM 5 2017 | Seattle Neighborhood Apartment Market Study URBAN SEATTLE TRACK RECORD HIGHLIGHTS
Property Units 2 1 Georgetown Portfolio 11 2 Lake City Micros (Entitled Development Site) 152 8 3 1405 Dexter Avenue (Entitled Development Site) 99 1415 4 1820 Boylston (Entitled Development Site) 55 5 Footprint Delridge 16
6 Uptown 11 34 18 Apartment Development Efficiency Sales Site Units 7 Avalon II (Entitled Development Site) 104 8 320 N 85th Street (Development Site) 224 9 Union Bay Apartments 73 10 80 Main Apartments 45 On the Market or Sold Pending 11 East Howe Steps 96 12 Queen Anne Land Portfolio (Development Site) 115 3 11 13 King & 16th (Development Site) 5 16 14 Sedona Micro Apartments 80 6 9 12 4 15 Sedona Phase II (Entitled Development Site) 215 17 22 16 Zadra Apartments 4 21 17 Pearl Apartments 80 10 18 Arlene’s Apartments 6 20 13 19 Estelle Apartments 15 20 Stadium Terrace (Entitled Development Site) 107 21 Vesper Apartments 72 22 2220 E Union Street (Development Site) 144 19 7 1,381 $175M 5 SOLD IN 2016 UNITS SOLD IN 2016 1
6 COLLIERS | SEATTLE MULTIFAMILY TEAM 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017
2016 YEAR IN REVIEW 2016 Market Metrics & Fundamentals 2017 - Future Development Pipeline Regional Employment Trends
WWW.SEATTLEMULTIFATMILYTEAM.COM 7 2017 | Seattle Neighborhood Apartment Market Study
% % BP IN REVIEW 2016 YEAR 2016 YEAR 2016 $1,408 6.1 $2.17 6.4 3.6% 170 NEIGHBORHOOD MARKET AVG RENT PER UNIT AVG RENT PER SF CURRENT VACANCY FUNDAMENTALS $1,327 6.2% $2.04 6.3% 1.9% 20BP 2015 AVG RENT PER UNIT AVG RENT PER SF VACANCY 2016 was another year of tremendous rent growth in 5-50 unit apartment buildings across Seattle (6.1%). Continued growth coupled with below- market vacancy, in spite of the mounting delivery of new units, makes it 2014 $1,249 $1.92 2.1% even more impressive. AVG RENT PER UNIT AVG RENT PER SF VACANCY
The three-year pipeline for Urban King (2017 – 2019) is now over 36,000 28,303 40,772 units, with almost 28,000 of these units underway. 2017 will prove a year UNITS DELIVERED UNITS PLANNED to watch the interplay between rental rate growth and vacancy rates.
Expect the trend of remarkable rent growth and low vacancy in boutique 17,069 buildings to continue as they remain more affordable than the thousands of 10,665 new units being delivered.
8,719 Rent ComparablesRent Comparables Report Report Data
$2,000 $2,500$2,000 6,678 9.0% 6,449 $1,800 $1,800 8.0%
$1,600 $1,600 Vacancy Rate $2,000 7.0%
$1,400 $1,400 5,155 6.0%
$1,200 $1,500$1,200 4,060 4,399 5.0% $1,000 $1,000 3,351 4.0% $800 $1,000$800
Monthly Rent Monthly 2,645 2,696 3.0% $600 $600 2,111 2.0% $400 $500$400 1,717 1,389 1.0% $200 $200 1,046 1,078 942 807 883 619 620 $0 $0$0 0.0% Spring FallSpringSpringFall SpringFall FallSpringSpring FallFall SpringSpringFall SpringFall FallSpringSpring FallFall SpringSpringFall FallSpring SpringFall SpringFallFall SpringSpring FallFallSpringSpringFall SpringFall FallSpringSpring FallFallSpringSpringFall SpringFall FallSpringSpring FallFall 2016Spring 2017Fall 2018 20Spring1 Fall Spring Fall Spring Fall 2016 2017 2018 201 2000 20002000 20012000 20012001200120022002 20022002200320032003 20032004 200420042005 20042005 20062005200620052007 20072006200820062008 20072009 200920072010 20082010 201120082011 20092012 20122009201320102013 20102014 201420112015 20112015 2012 2012 2013 2013 2014 2014 2015 2015
2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020
Rent & Vacancy Data Provided by Dupre + Scott Monthly Rent Vacancy Rate Units Delivered Units Planned For more comprehensive data, visit: www.duprescott.com Development data is for all building sizes 5 units & larger
8 COLLIERS | SEATTLE MULTIFAMILY TEAM
Rent ComparablesRent Comparables Data - 1/7/2016 Data - 1/7/2016 - Page - Page 1 of1 of 2 2 This information is fromThis information our surveys is from for our surveysThe Apartment for The Apartment Vacancy Vacancy Report, Report, B) CopyrightB) Copyright by Dupre by + Scott Dupre Apartment + Scott Advisors, Apartment Inc. Advisors, Inc. 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017 2016 SALES & HISTORICAL SALES TRENDS 2000-2016 SALES TRENDS
$450 7.0% $401 6.3% 6.2% 6.3% $400 5.9% 6.0% 5.7% 5.5% 5.6% 5.5% $350 $335 5.0% 5.1% $295 5.0% 4.8% $300 4.5% 4.5% 4.5% 4.2% 4.1% $253 3.9% 4.0% $250 $225 $232 $205 $213 $202 $195 $200 $174 $175 Cap Rate 3.0% $161 $151 $144 $150 $150 $136 Price Per Square Foot 2.0% $100
1.0% $50
$0 0.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Year Year
Record Setting Sales of newly constructed apartment buildings with modern amenities and smaller units is the leading factor contributing to the 20% increase in the average price per square foot in 5-50 unit sales.
5 UNIT TO 50 UNIT APARTMENT SALES 2010 2011 2012 2013 2014 2015 2016
Number of Sales 60 90 114 120 118 124 125
Total Sales Volume $85M $188M $264M $281M $343M $416M $461M
Average PPU $127,282 $133,474 $147,870 $181,118 $192,284 $241,154 $272,751
Average PPSF $175 $195 $213 $253 $295 $335 $401
Average Cap Rate 5.7% 5.5% 5.1% 4.8% 4.5% 4.1% 3.9%
Total Deliveries 2,645 620 2,696 4,060 5,155 6,449 6,678 Sales Data: 5-50 units
WWW.SEATTLEMULTIFATMILYTEAM.COM 9 2017 | Seattle Neighborhood Apartment Market Study IN REVIEW 2016 YEAR 2016 YEAR REGIONAL EMPLOYMENT TRENDS Seattle’s employment gains continued to outpace national performance in 2016. Seattle’s tech sector continued to boom, and in turn the construction and services industries thrived. Seattle’s unemployment rate steadily declined in 2016 to 3.8%, and median income surpassed $80,000/year.
SEATTLE MSA EMPLOYMENT GROWTH & UNEMPLOYMENT* SEATTLE VS. THE NATION
1,700 8.0% 1700.08.0%
NATIONAL UNEMPLOYMENT 1,663.1 1650.07.0%1,650 7.0%
SEATTLE MSA 1,606.5 1600.06.0%1,600 6.0% RATE Unemployment Rate 3.8% 4.9% UNEMPLOYMENT RATE1,556.8 UNEMPLOYMENT RATE 1550.05.0%1,550 5.0% 1,515.6
1500.04.0%1,500 4.0% 1,471.5
1450.0 (thousands) Employment Total 3.0%1,450 3.0%
1400.02.0%1,400 2.0% 3.2% 1.6% ANNUAL EMPLOYMENT GROWTH
1350.01.0%1,350 1.0% 20122012 201320132013 201420142014 20152015 201620162016
Total Employment Seattle MSA Unemployment Rate National Unemployment Rate
JOBS ADDED IN KING COUNTY 2012-2016 +56,600 ,30 +50 0
LEGEND 44,100 ,50 + ,60 5,500 $29.30 $23.20 +40 0 40 0 +4 JOBS A + AL DD U E 0,800 39,400 AVERAGE HOURLY EARNINGS T D +4 38,100 + C + A D IC T E E D 8 R 2 6 , 0 0 P +
2012 2013 2014 2015 2016 10 COLLIERS | SEATTLE MULTIFAMILY TEAM *Data compares October monthly employment year-over-year 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017 REGIONAL INDUSTRY GROWTH SEATTLE MSA INDUSTRY GROWTH
500,000
475,000
450,000
406,600 400,000 386,000
350,000 336,300 Total Employment Total
300,000
250,000
200,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Prof & Bus STEM FIRE Eds & Meds Professional Education & Health STEM FIRE & Business Services Services FASTEST GROWING INDUSTRIES 2012-2016 10.2% 7.6% 5.6% 4.4% FOUR YEAR AVERAGE FOUR YEAR AVERAGE FOUR YEAR AVERAGE FOUR YEAR AVERAGE INDUSTRY GROWTH INDUSTRY GROWTH INDUSTRY GROWTH INDUSTRY GROWTH BUILDING COMPUTER MANAGEMENT OF FOOD SERVICES CONSTRUCTION SYSTEMS DESIGN COMPANIES & ENTERPRISES & DRINKING PLACES +4,300 JOBS +3,700 JOBS +1,900 JOBS +4,600 JOBS ADDED IN 2016 YTD ADDED IN 2016 YTD ADDED IN 2016 YTD ADDED IN 2016 YTD
*Data compares October monthly employment year-over-year WWW.SEATTLEMULTIFATMILYTEAM.COM 11 2017 | Seattle Neighborhood Apartment Market Study IN REVIEW 2016 YEAR 2016 YEAR 2010 – 2020 DEVELOPMENT OVERVIEW Seattle and the Puget Sound region may experience the development of as many as 100,000 new apartments units during the current market expansion spanning 2010 through 2020. Such an increase in apartment inventory rivals the building boom that occurred 1985 through 1993. During that market expansion, over 80,000 apartment units were built in the region.
Two key market characteristics differentiate these expansion PEOPLE cycles. First, in the 1980s the clear majority of development occurred in the suburbs – versus the current market cycle where over 70% of new 2,301,024
apartment development is urban-focused. Second, although this cycle 3,756,605 contains 25% more development than the last development cycle, the region’s population increased by 70% in the last 30 years.
Accordingly, the Seattle and Puget Sound markets are well-poised PEOPLE to absorb a large amount of supply. Every submarket in the region boasts positive rent growth year-over-year, despite the delivery of nearly 50,000 new apartment units to date. As the market is set to receive another 50,000+ apartment units, closely following market 2016 Tri-County Population 1986 Tri-County Population fundamentals is more important than ever!
27% INCREASE 30% INCREASE
143,806 UNITS 38,657 UNITS 55,186 UNITS
KING COUNTY KING COUNTY INVENTORY AS OF 2010 INVENTORY GROWTH 2010 – 2016 2017 – 2020 PIPELINE
21% INCREASE 23% INCREASE
219,463 UNITS 46,264 UNITS 62,121 UNITS
TRI-COUNTY TRI-COUNTY INVENTORY AS OF 2010 INVENTORY GROWTH 2010 – 2016 2017 – 2020 PIPELINE
12 COLLIERS | SEATTLE MULTIFAMILY TEAM 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017 URBAN KING: 2010 – 2020 DEVELOPMENT OVERVIEW
INVENTORY AS OF 2010 INVENTORY GROWTH 2010 – 2016 2017 - 2020 PIPELINE Downtown Belltown 8,524 6,230 73% 16,478 112% SLU UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016 Pioneer Square
1,054 West Seattle 2,596 2,208 85% 22% UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016
3,145 Queen Anne 5,564 2,587 46% 39% UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016
Capitol Hill 7,133 2,953 41% 3,324 33% Eastlake UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016
First Hill 4,149 2,009 48% 3,828 62% Yesler Terrace UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016
Central District Beacon Hill 3,950 2,099 3,841 UNITS 53% UNITS 63% Rainier Valley UNITS INCREASE SINCE 2010 INCREASE FROM 2016
3,498 921 4,077 University District UNITS 26% 92% UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016
Greenlake Wallingford 3,242 3,046 94% 1,407 22% UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016 Fremont
1,548 2,176 957 Ballard 141% UNITS 26% UNITS UNITS INCREASE SINCE 2010 INCREASE FROM 2016
West Bellevue 5,814 3,058 53% 2,118 24% UNITS UNITS INCREASE SINCE 2010 UNITS INCREASE FROM 2016
1,860 614 543 Kirkland UNITS 33% UNITS 22% UNITS INCREASE SINCE 2010 INCREASE FROM 2016
WWW.SEATTLEMULTIFATMILYTEAM.COM 13 2017 | Seattle Neighborhood Apartment Market Study DOWNTOWN
IN REVIEW DELIVERIES BY YEAR 2016 YEAR 2016 YEAR URBAN NEIGHBORHOOD 2017 10,665 DEVELOPMENT PIPELINE 2018 17,069 1,657 2,008 2019 8,719 F 4,319 17 UT 2020 20 UR E Urban Neighborhood Future 13,996 Pipeline
2
0
2 737 9,791 0 CENTRAL DISTRICT
54,768 UNITS UNITS BEACON HILL 2
0
1
75% OF KING COUNTY PIPELINE 9 RAINIER VALLEY
8 1
0 1,024
2 587 704 SOUTH LAKE UNION 017 FUT 4,365 2 UR E
2
0
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0
8 740
1
4,545 0 1,230 2 FIRST HILL 1,339 UNITS 3,144 17
20
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U 171 R E 1,177 1,175 2017 FU TU 9,831 R 1,264 E UNITS 18
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2,751 606 5,005
UNITS 2
0
1 9
2
0
2
0
9
1
0 2,100 2 1,060
1,333
14 COLLIERS | SEATTLE MULTIFAMILY TEAM 2016 YEAR IN REVIEW Seattle Neighborhood Apartment Market Study | 2017 URBAN KING WEST SEATTLE
DEVELOPMENT PIPELINE 551
17 0 2 KIRKLAND
F
U 882
T
U
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1,971 E
59
FUT
UR
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UNITS
UNIVERSITY DISTRICT 8
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602 0 2 8
1 175 0
2 UNITS
369 F 220 85 UT 140 118 UR E FU 368 TURE 7 1
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2
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2
573 UNITS 0
2020 1 7 8 1 2 0 0 WEST BELLEVUE 2 1
1,635 9 816 384 4,446 UNITS 469 PIONEER SQUARE
7
201 SOUTH DOWNTOWN
2 0 1
8 369 F QUEEN ANNE U
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UNITS
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BELLTOWN 2 616 GREENLAKE 699 WALLINGFORD 314 CAPITOL HILL FREMONT
2017 616 276 FU TU FU RE TU R 475 17 E 0 2 2 0 2
1,261 0 2 8 7 139 1 0
1,333 1
F 2,031 0 2 249
0 2 0
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2 1,683
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UNITS 2
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0
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UNITS 1
9 338
528
9 455 1
0 2
8 1 0 2
256 1,022 WWW.SEATTLEMULTIFATMILYTEAM.COM 15 2017 | Seattle Neighborhood Apartment Market Study IN REVIEW 2016 YEAR 2016 YEAR Redmond
Manchester
16 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017
2016 SALES & FUTURE DEVELOPMENT
Capitol Hill/Madison Valley 18
BALLARD Belltown/Downtown/ Pioneer Square/S. Downtown 20 UNIVERSITY DISTRICT GREENLAKE WALLINGFORD FREMONT Queen Anne 24 KIRKLAND
QUEEN South Lake Union/Eastlake 26 ANNE
WEST SOUTH CAPITOL BELLEVUE Greenlake/Wallingford/Fremont 28 LAKE UNION HILL
BELLTOWN FIRST DOWNTOWN HILL Ballard 30
University District 32 PIONEER SQUARE SOUTH DOWNTOWN Central District/Beacon Hill/Rainier Valley 34 WEST SEATTLE CENTRAL DISTRICT BEACON HILL RAINIER VALLEY West Seattle 36
First Hill/Yesler Terrace 39
West Bellevue/Redmond/Kirkland 40
WWW.SEATTLEMULTIFATMILYTEAM.COM 17 WA 900 2017 | Seattle Neighborhood Apartment Market Study
2016 SALES 2016 $299,955 12.9% $451 6.9% 4.0% 0BP AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE CAPITOL HILL AVERAGE RENT VACANCY PER SF High Returns for Older Buildings 2015 $265,774 24.6% $422 23.4% 4.0% 40BP $2.34 AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE Although price per unit and price per square foot for sales increased 4.0% by 12.9% and 6.9% respectively, the 4.0% cap rate remained steady. The leading cause is rising rents in more affordable older buildings, versus in the 2014 $213,318 $342 4.4% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE pricier newly developed apartments. Owners not achieving high rents are still selling their buildings for top prices!
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller BelVista LLC Bel-Vista 1819 Bellevue Avenue 1929 31 453 $6,275,000 11/30/2016 $202,419 $447 4.1% Bel-Vista Apartments LLC
Madison Gate Investors 2016 LLC Madison Gate 2501 E Madison Street 1990 40 833 $14,475,000 11/30/2016 $361,875 $434 4.6% S.P.T.C. Properties Inc
CRE Denn Manor Denn Manor 316 13th Avenue E 1966 11 985 $4,225,000 11/1/2016 $384,091 $390 3.1% Robert & Nancy Canfield Trust
Yorkhouse Realty LLC Kingshire 1401 E Harrison Street 1920 10 999 $3,450,000 10/28/2016 $345,000 $345 4.5%
CAPITOL HILL CAPITOL Estate of William Beeks MADISON VALLEY Envoy Parking Lot LLC Mod 19 1814 E Denny Way 2013 8 506 $2,950,000 9/20/2016 $368,750 $728 4.1% HUP Mod-19 LLC
Williams Street LLC Heather Court 114 12th Avenue E 1952 10 858 $4,000,000 8/31/2016 $400,000 $466 4.4% HC Apartments LLC
Hall House LLC 627 14th Avenue E 627 14th Avenue E 1902 8 638 $1,706,250 8/29/2016 $213,281 $334 3.2% Heather Jean Tillman
Malden LP Malden House 425 Malden Avenue E 1969 13 845 $4,475,000 8/23/2016 $344,231 $407 2.8% John Greeley
411 Harvard Wah Kee & Norma Qu 411 Harvard Avenue E 1964 15 704 $2,970,000 6/7/2016 $198,000 $362 3.2% Avenue E Board of Regents University of WA
Paradise Family LLC Summit Terrace 406 Summit Avenue E 1925 10 546 $2,444,000 5/31/2016 $244,400 $544 3.7% Nelina Backman/Caroline Yeager
1006 E Prospect Qstech Co 1006 E Prospect Street 1904 6 408 $1,850,000 5/17/2016 $308,333 $471 3.8% Street Charles and Judith Peterson
Gertrude Daly Sherrydon 411 Bellevue Avenue E 1928 14 655 $4,100,000 3/30/2016 $292,857 $374 4.1% ICP Bellevue Properties LLC
Seattle CRE Partners LLC Alhambra 1723 Summit Avenue E 1908 41 784 $4,300,000 3/4/2016 $104,878 $341 3.3% Alhambra Apartments LP
515 Denny Investors 2016 LLC 515 Denny 515 E Denny Way 1963 20 822 $4,200,000 2/18/2016 $210,000 $340 3.2% Caravilla Apartments LLC
1406 E Republican CFLP Yardhouse Apartments LLC Yardhouse 2014 35 520 $13,950,000 2/1/2016 $398,571 $766 4.1% Street 14th & Republican LLC
Lin Han 1204 E Denny Way 1204 E Denny Way 1900 5 618 $1,100,000 1/29/2016 $220,000 $306 5.1% Albert Naranjo
AVERAGES 1946 16 678 $4,539,736 $299,955 $451 4.0% 18 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017 DEVELOPMENT PIPELINE Deliveries CAPITOL HILL 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL Numbers within circles on map below indicate number of units in 1,261 1,022 528 249 616 3,676 each development. Yale Ave N EFFICIENCY UNITS* POTENTIAL CONDOS † Washington Pl E
Lakeview Blvd E 744 0 Efficiency units are defined on page 42. E Prospect St 32 E Helen St 30 E Ward St
Bellevue CourtBelmont E Ave E E Ave 34th
37th Ave37th E Broadway E E Aloha St Turner Way E
17th Ave Ave E 17th
18th Ave Ave E 18th Ave E 19th
20th Ave Ave E 20th 21st Ave E
50 10th Ave E 16th Ave E
22nd Ave Ave E 22nd
11th Ave E Ave 11th E Aloha St
Federal Ave E Ave Federal 41* E Ave Harvard 34 Valley St E Valley St
61 36th Ave E Fairview Ave N SOUTH 28th Ave 28th Ave E Roy St E Roy St MADISON VALLEY
12th Ave12th E
LAKE 20 CAPITOL HILL Mercer St E Roy St 75 Lake Washington Blvd E MercerUNION St 32 E Mercer St 39th Ave E Page 26 29 20 Republican St 36 E Republican St
15th Ave E15th 27th Ave 27th Ave E
13th Ave E Ave 13th 14thAve E
McGilvra Blvd E Malden Ave Malden Ave E
Melrose Ave Melrose Ave E E Arthur Pl E Harrison St Elake Ave Elake Ave E
Harrison St Dewey Pl E 47 25thAve E 43 Ave10th E 41* E Thomas St 70 E Ave 23rd
26th Ave E Thomas St Harvard Ave E E Thomas St 38*
Boren Ave Boren Ave N 17 44 23 E John St 27 38*
29th Ave E Ave 29th John St Broadway E 49* 51 E John Court E John St E Loretta Pl 64 100 51 E Florence Court 36 E Glen St 75* 96E Denny Way 26
31st Ave E Ave 31st
30th Ave30th E Denny Way E Denny Way 24th Ave E Stewart St 130 45* E Denny Way
Belmont Ave 50 Summit Ave 21 125 32nd Ave 11th Ave 71* 55 Boylston Ave E
Minor Ave Minor Ave N 44 57
29th Ave 29th E Howell St
14th Ave 14th 13th Ave 157
20* Martin Luther King Junior E Way MIDTOWN 156 Ave 23rd BROADWAY STREETCAR E Schubert Pl Boylston Ave 34*
Page 20 Nagle Pl MADISON VALLEY E Olive St E Olive Way 41 Ave 15th MADISON MILLER 50 NEIGHBORHOOD 80 Grand Ave E MadisonNEIGHBORHOOD St Olive Way 180 Broadway E Pine St E Pine St
27th Ave 27th
33rd Ave 33rd Ave34th 35th Ave35th Ave 36th
37th Ave 37th
72 Harvard Ave 40thAve 74
50 12th Ave Pine St 90* 45* 100
E Pike St 26th Ave Howell St 19thAve
7th Ave Ave Melrose 60 Expect More Efficiency Units and Boutique- Bellevue Ave Bellevue 140 Madrona Dr
21stAve 20thAve 107* Ave22nd 8th Ave sized Developments E Union St E Union St Boren Ave Ave 18th CENTRAL DISTRICT E Union St 40 2016 did not see as many units delivered in Capitol Hill as originally predicted. Moving 6th Ave Pike St Terry Ave Page 45 9th Ave forward, expect to see more boutique-sized buildings to come online as many of the 11th Ave 11th
FIRST HILL Martin Luther King Junior Way
30thAve large development sites are already claimed. Note that over 700 efficiency units are Ave31st 32nd Ave 32nd 16th Ave E Spring St 17th Ave Ave 19th Page 39Seneca St expected – second only to the University District. Spring St Broadway Court 136 50*
WWW.SEATTLEMULTIFATMILYTEAM.COM 19 2017 | Seattle Neighborhood Apartment Market Study
2016 SALES 2016 $254,700 22.3% $439 15.0% 3.1% 200BP AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE DOWNTOWN AVERAGE
RENT VACANCY PER SF BELLTOWN % $2.40 2015 $327,617 108% $517 76.0 5.1% 10BP PIONEER SQUARE AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE 3.7% SOUTH DOWNTOWN 2014 $157,180 $294 5.2% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE DOWNTOWN Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Argyle Capital Group LLC Jefferson Park 411 Jefferson Street 1902 12 546 $1,850,000 8/31/2016 $154,167 $282 1.8% WTL Properties LLC
AVERAGES 1902 12 546 $1,850,000 $154,167 $282 1.8%
BELLTOWN Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Milestone Properties Castle 2132 2nd Avenue 1918 49 474 $8,000,000 10/3/2016 $163,265 $344 3.3% Henry Madey AVERAGES 1918 49 474 $8,000,000 $163,265 $344 3.3%
PIONEER SQUARE Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Don Borracchini 80 Main 80 S Main Street 2016 45 646 $20,100,000 11/22/2016 $446,667 $691 4.1% Goodman Real Estate
DOWNTOWN/BELLTOWN AVERAGES 2016 45 646 $20,100,000 $446,667 $691 4.1% PIONEER SQ/S DOWNTOWN
80 Main Sets Example for Pioneer Square’s Future Lowest Average Cap Rate in the City 80 Main, sold by Colliers Seattle Multifamily Team set a new benchmark for a neighborhood The small number of sales of 5-50 unit buildings make year-over-year sales of the future. This property benefits from the unique dynamics of its location, and when the comparisons misleading. The 2016 Belltown and Downtown sales were inexpensive viaduct is deconstructed, 80 Main will becomes one of just a handful of apartment buildings on a per unit and per square foot basis, but averaged a 3.1% cap, the lowest average located on the Seattle waterfront. in the city.
20 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017 DEVELOPMENT PIPELINE Deliveries 2017 2018 2019 2020 FUTURE TOTAL 2017 2018 2019 2020 FUTURE MIDTOWN 1,657 4,365 1,024 737 2,008 9,791 Numbers within circles on map below indicate number of units in DOWNTOWN each development. EFFICIENCY UNITS* POTENTIAL CONDOS † 0 1,843 Efficiency units are defined on page 42.
Harvard Ave E
25th Ave E
13th Ave E
12th Ave E Elliott Ave W Fairview Ave N SOUTH LAKE UNION E Thomas St QUEEN ANNE Page 39 737
Taylor Ave John St E John Court E John St Page 37 Broad St Broadway E 6th Ave 6th Ave N
8th Ave 8th Ave N Ave N 9th Terry Ave Ave N Terry
Minor Ave Melrose Ave E Denny Way † 964 Belmont Ave 638 442 Denny Way E Denny Way Ave E23rd 24th Ave 24th Ave E
11th Ave 2nd Ave 2nd Ave N
† E Ave 21st 400 10th Ave E 22nd Ave22nd E Elliott Ave
Western Ave Boylston Ave E
Wlake Ave N Wlake
14th Ave 14th DexterAve 357 1096 396 450 E Olive Way Nagle Place
Aurora Ave 393 Cedar St Terry Ave CAPITOL HILL
15thAve Lenora St8th Ave 424† Page 41 Olive Way E Madison St BELLTOWN 400† E Pine St E Pine St Page 31 Bell St 100 12th Ave 400 E Pike St E Pike St
19thAve 11th Ave Summit Ave
Pine St Bellevue Ave Elliott Ave Vine St Blanchard St Boren Ave E Union St E Union St E Union St Virginia St Pike St PIONEER SQ/S DOWNTOWN 7th Ave Elliott Ave DOWNTOWN/BELLTOWN 6th Ave 8th Ave 5th Ave 9th Ave
398 Broadway Court
Stewart St Ave21st 177† 4th Ave E Marion St 3rd Ave
24th Ave 24th Puget Sound Madison St Ave 23rd 200 Broadway 1st Ave 340 E Columbia St 2nd Ave 7th Ave YESLER TERRACE Pine St 25th Ave Wern Ave E Cherry St University St FIRST HILL Alaskan169 Way E James Court Page 29 E James St
17th Ave 178 19th Ave Columbia St E Jefferson St Spring St 160 Marion St 9th Ave 10th Ave
Madison St James St 18th Ave E Alder St Downtown Pipeline Shows Promise 840 2nd Ave ExtensionSeattle S E Spruce St Year-over-year the Downtown development pipeline follows two trends: WA 305 132 the pipeline is filling even more, and more projects are moving from E Fir St “Future” to a set year – with 2018 slated to deliver an impressive 4,300+ WA 304 Yesler Way E Yesler Way units. Dilling Way 23rd Ave S
Alaskan Way S PIONEER SQUARE This movement shows developer’s confidence in Downtown. Midtown
5th Ave 5th Ave S
21st Ave S 21st will begin to take shape as a true urban neighborhood, so expect retail to S. DOWNTOWN 14th Ave S 15th Ave S 16th Ave S 17th Ave S Page 33 follow and contribute to street-level vibrancy. S Jackson St Ave24th S 18th Ave 18th Ave S
4th Ave4th S
22ndAve S 6th Ave 6th Ave S 7th Ave 7th Ave S 25th Ave 25th Ave S 20th Ave 20th Ave S
12th Ave S 12th S King St 19th Ave S 9th Ave 9th Ave S WWW.SEATTLEMULTIFATMILYTEAM.COM 21 2017 | Seattle Neighborhood Apartment Market Study DEVELOPMENT PIPELINE Deliveries BELLTOWN 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL Numbers within circles on map below indicate number of units in 314 1,333 256 0 2,031 3,934 each development. E Harrison St EFFICIENCY UNITS* POTENTIAL CONDOS † 0 611 E Thomas St Efficiency units are defined on page 42.
14th Ave E 13th Ave E Elliott Ave W Belmont Ave E
E John St
QUEEN ANNEBRd St SOUTH LAKE UNION BRdway E 1st Ave 1st Ave N E John St
2nd Ave N 2nd
Taylor Ave 6th Ave 6th Ave N
9th Ave N Ave 9th Page 24 8th Ave N Page 26 Pontius Ave Pontius Ave N Fairview Ave Fairview Ave N Queen Anne Ave Ave N AnneQueen E Denny Way E Denny Way Denny Way Minor Ave E Denny Way Stewart St 152 Belmont Ave
48 Harvard Ave Terry Ave Terry Ave Ave N Terry Boylston Ave Boylston Ave E Bay St Ave N Warren
Wlake Ave N Wlake
Elliott45 Ave Dexter Ave E Howell St Wern Ave 4th Ave Wall St
Wlake Ave
Boylston Ave Aurora Ave MIDTOWN Cedar100 St Page 20 Nagle Place E Olive Way E Olive St Bell St5th Ave
283 300 8th Ave Summit Ave 132 Battery St CAPITOL Olive Way E Pine St 62 HILL Vine St 68 2nd Ave220Bell† St Page 18
Clay St 339 1st Ave 63 Howell St E Pike St 7th Ave Ave Melrose 200 Ave Bellevue 124 Pine St Puget Sound Battery St Vine St † Elliott Ave 391 E Union St 433 Boren Ave E Union St Blanchard St Virginia St 365 Terry Ave Lenora St
DOWNTOWN/BELLTOWN 314 PIONEER SQ/S DOWNTOWN Elliott145 Ave Pike St E Spring St 150 6th Ave 8th Ave Stewart St 5th Ave 9th Ave E Madison St 4th Ave Belltown Poised for Condominium Alaskan Way Growth 3rd Ave FIRST Spring St
7th Ave HILL Developers continue to find desirable sites in Belltown, with most of DOWNTOWN 12th Ave 1st Ave Page 39 Marion St the development earmarked for high-rise construction. A pipeline of Page 20 2nd Ave potential condominium units is also forming. With a newly emerging Pine St BRdway waterfront to the west, Amazon HQ to its east and a thriving Downtown E Cherry St Wern Ave University St market to its south, Belltown is poised to rise again as one of Seattle’s 8th Ave Columbia St E James Court most attractive neighborhoods. E James Way E Barclay Court
Seneca St Madison St E Jefferson St
Spring St 22 COLLIERS | SEATTLE MULTIFAMILY TEAM Marion St
Columbia St 9th Ave Madison St James St E Alder St Seattle
Alder St E Spruce St Seattle Neighborhood Apartment Market Study | 2017
DEVELOPMENT PIPELINE Deliveries PIONEER SQUARE 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL Numbers within circles on map below indicate number of units in 0 369 0 0 282 651 SOUTH DOWNTOWN each development. EFFICIENCY UNITS* POTENTIAL CONDOS † 0 0 Efficiency units are defined on page 42. 9th Ave E Spruce St 4th Ave Wern Ave 2nd Ave 10th Ave 5th Ave
WA 305 14th Ave DOWNTOWN Boren Ave 13th Ave
1st Ave Page 20 8th Ave WA 304; WA 305
WA 304 Broadway
15th Ave 15th 16th Ave 160 Yesler Way E Yesler Way 12th Ave E Yesler Way Ave 19th 20th Ave
3rd Ave S Puget 82 FIRST HILL Page 39 S Washington St Sound 20th Ave S
9th Ave S S Main St Boren Ave S S Main St 60
2nd Ave 2ndS 200 Ave S 17th FIRST HILL STREETCAR S Jackson St S Jackson St S Jackson St S Jackson Place
S King St S King St PIONEER SQ/S DOWNTOWN DOWNTOWN/BELLTOWN 5th Ave S5th 95 Railroad Way S S Weller St
Rainier Ave S
10th Ave 10thS 54 12th Ave S Seattle Boulevard S
7th Ave S Ave 7th
Maynard Ave SMaynard CENTRAL DISTRICT S Dearborn St S Dearborn St Railroad Way S
8th Ave S Ave 8th BEACON HILL
Alaskan S Way CENTURYLINK Jose Rizal Bridge Page 34 FIELD
7th Ave S 7th
4th Ave S S Plummer St
Golf Drive S S Charles St Little Development, but Promise on the Horizon Airport Way S Sturgus Ave S
Pioneer Square’s development pipeline is the smallest of any downtown neighborhood, S Norman St with little new development added in decades. Although interest in Pioneer Square Rainier Ave S mounts, development sites are hard to find due to historic designations and fractional ownership. 15th Ave S 12th Ave 12th Ave S
Developers who have cracked the code are rewarded with rental rates exceeding $3.50 SF and emerging neighborhood amenities like the First Hill Street Car and soon3rdAve S a S Addition St redesigned Seattle Waterfront. E Frontage Road S 1st Ave 1st Ave S 6th Ave S
WWW.SEATTLEMULTIFATMILYTEAM.COM 23 2017 | Seattle Neighborhood Apartment Market Study
2016 SALES 2016 $350,524 32.2% $426 18.4% 3.9% 10BP AVERAGE AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
RENT VACANCY QUEEN ANNE PER SF
$2.31 2015 $265,233 28.6% $360 17.5% 3.8% 60BP AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE 2.4% 2014 $206,314 $306 4.4% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Park on Highland The Park GJN LLC 1205 Queen Anne Ave N 1948 34 701 $10,700,000 12/30/2016 $314,706 $449 4.4% Drive Sea 1205 Queen Anne 12-B LLC
Natalie Parks 2107 5th Avenue N 2107 5th Avenue N 1923 6 1,108 $2,975,000 12/9/2016 $495,833 $448 4.8% Nathan Clarenburg
McKean Apartments LLC McKean 1404 10th Avenue W 1928 8 675 $2,875,000 11/18/2016 $359,375 $532 3.9% 1404 Olympic Way West LLC
100 Florentia Alexander Family Investment 4 LLC 100 Florentia Street 1964 6 729 $1,810,000 9/26/2016 $301,667 $414 3.5% Street Carol Kaiser 2514 Dexter Weibin Kong/Yida Sun 2514 Dexter Avenue N 1948 5 926 $1,300,000 8/1/2016 $260,000 $281 2.5% Avenue N Bruce Thurston/Tim Golden
Cielo Azul QA Flats LLC Queen Anne Flats 521 2nd Avenue W 2015 33 540 $10,500,000 7/22/2016 $318,182 $589 4.2% Queen Anne Flats LLC
Beva Fountainside LLC Fountainside 909 6th Avenue N 1965 17 807 $5,650,000 6/10/2016 $332,353 $412 2.5% Thomas Greime
Althoff Family LP Centre Court 116 Warren Avenue N 2001 18 1,314 $11,950,000 4/26/2016 $597,500 $505 4.4% Centre Court LLC
Donphilita LLC Donphilita 1707 Taylor Avenue N 1927 9 694 $2,218,068 3/17/2016 $246,452 $355 4.5% William Rademaker Jr.
CRE Bayview Heights LLC Bayview Heights 526 W Mercer Place 1967 12 1,008 $3,350,000 1/29/2016 $279,167 $277 4.0% Various Owners (Reverse Condo Conversion)
AVERAGES 1959 15 850 $5,332,807 $350,524 $426 3.9%
Low Sales but High Returns
QUEEN ANNE In 2015, Queen Anne led all Seattle neighborhoods in sales volume. In 2016 there were fewer sales, but those prescient owners who sold their apartment buildings set records with a +$350,000 per unit average. 2017 will be another year of record setting sales in Queen Anne as investors focus on core locations.
24 COLLIERS | SEATTLE MULTIFAMILY TEAM NW 52nd St W Commodore Way N 51st St W Lawton St NW 50th St Illinios Ave NW Leary Way
31st Ave W N 46th St Green Lake Way N NW 45th St NE 45th St 7th Ave 7th Ave NE 5th Ave 5th Ave NE Leary Way NW N 43rd St 15th Ave 15th Ave NE Roosevelt Way NE Roosevelt Way
Oregon Ave WayTexas N 42nd St W Emerson Place N 41st St W Roberts Way NE Memorial Way W Nickerson St N 40th St Ballard Bridge Gilman Ave W W Emerson St N 39th St
4th Ave NE 4th Brooklyn Ave Brooklyn Ave NE NW 52nd St Seattle Neighborhood Apartment Market Study | 2017 W Commodore Way N 51st St W Lawton St NW 50th St Illinios Ave
11th Ave W Deliveries DEVELOPMENT PIPELINENW Leary Way N 35th St
University Bridge Walla Walla Road NE 31st Ave W 2017 2018 2019 2020 FUTURE TOTAL QUEEN ANNE 2017 2018 2019N 46th 2020St FUTUREGreen LakeNickerson Way N St NW 45th St Stone Way N NE 45th St Montlake Boulevard NE Numbers within circles on map below indicate number of units in 1,742 699 616 88 538 3,683Carr Place N each development. W Dravus St EFFICIENCY UNITS* POTENTIAL CONDOS † E Gwinn Place 7th Ave 7th Ave NE 5th Ave 5th Ave NE Leary Way NW N 43rd St 15th Ave 15th Ave NE 285 0 NE Roosevelt Way N Pacific St 44th Ave 44th Ave W
W Barrett St 26th Ave W 24th Ave W Oregon Ave WayTexas N 42nd St W Emerson Place Efficiency units are defined on page 42.
NW 52nd St 3rd Ave W N 41st St W Roberts Way NE Memorial Way E Hamlin St W Commodore Way N 51st St 15th Ave 15th Ave W 28th Ave 28th Ave W W Nickerson St Armour St N 40th St NW 50th St Ballard Bridge
W Lawton St 22nd Ave W Illinios Ave Gilman Ave W W Emerson St N 39th St GREENLAKE WESTLAKE 9th Ave 9th Ave W W Viewmont Way W NW Leary Way
4th Ave NE 4th Brooklyn Ave Brooklyn Ave NE
Prosch Ave Prosch Ave W WALLINGFORD 31st Ave W 46thAve W MAGNOLIA Green Lake Way N West lake Ave N W Halladay St N 46th St FREMONT E Louisa St Magnolia Boulevard W NW 45th St 11th Ave W N 35th St NE 45th St 8th Ave 8th Ave W Queen Anne Drive 39th Ave 39th Ave W Page 49 E Miller St University Bridge Walla Walla Road NE Gilman Drive W Nickerson St Stone Way N
Montlake Boulevard NE Carr Place N 7th Ave 7th Ave NE 5th Ave 5th Ave NE Leary WayW DravusNW St N 43rd St
W McGraw St 15th Ave NE E Lynn St E Gwinn Place NE Roosevelt Way E Lynn St
Oregon Ave WayTexas 100 N 42nd St N Pacific St 44th Ave 44th Ave W
W Barrett St 26th Ave W 24th Ave W W WEmerson Boston Place St Boston St 40* 3rd Ave W N 41st St
E Hamlin NE Memorial Way St W Roberts Way Eastlake Ave E E Crockett St 15th Ave 15th Ave W 28th Ave 28th Ave W Armour St 77 22nd Ave 22nd Ave W
INTERBAY W Nickerson St 15th Ave W N 40th St Ballard Bridge 9th Ave 9th Ave W W Viewmont Way W Gilman Ave W
6th Ave W6th Prosch Ave Prosch Ave W 46thAve W W Howe St W Emerson St N 39th St West lake Ave N Howe St W Halladay St E Louisa St 5th Ave 5th Ave N
4th Ave NE 4th Magnolia Boulevard W Brooklyn Ave NE
8th Ave 8th Ave W Queen Anne Drive
39th Ave 39th Ave W E Miller St 42 88 W Hayes St 4th Ave W 39* Gilman Drive W Hayes St E Garfield St W McGraw St Magnolia Bridge 98† E Lynn St E Lynn St
11th Ave W Olympic Way W 317 N 35th St W Boston St 232 Boston St University Bridge W Galer St Galer St 70 Walla Walla Road NE
Eastlake Ave Eastlake Ave E E Crockett St Nickerson St 296 Stone Way N 38 15th Ave W Montlake Boulevard NE Carr Place N
W Lee St Queen Anne Ave N
6th Ave W6th 413 W Howe St 59* 88 W Dravus St Howe St 24th Ave 24th Ave E 5th Ave 5th Ave N E Gwinn Place Aurora Ave N Ave Aurora
Bellevue Ave E 23rd Ave 23rd Ave W
W Hayes St 4th Ave W N Pacific St 44th Ave 44th Ave W W Barrett St 26th Ave W 24th Ave W Hayes St E Garfield St Magnolia Bridge Olympic Way W 3rd Ave W W Prospect St Prospect St W Galer St Galer St E Hamlin St 15th Ave 15th Ave W 28th Ave 28th Ave W Armour St 22nd Ave 22nd Ave W W Lee St Queen Anne Ave N Aloha St 10th Ave 10th Ave E 9th Ave 9th Ave W 24th Ave 24th Ave E
W Viewmont Way W Aurora Ave N Ave Aurora Fairview Ave N E Aloha St
Bellevue Ave E 23rd Ave 23rd Ave W Prosch Ave Prosch Ave W
46thAve W West lake Ave N QUEEN ANNE W Halladay St W Prospect St Elliott AveProspect W W St Roy St E Louisa St Magnolia Boulevard W Expedia Expected to Bring More Renter Roy St Ave N 8th 19th Ave E19th
8th Ave 8th Ave W Queen Anne Drive
39th Ave 39th Ave W E Miller St Aloha St 10th Ave 10th Ave E Mercer St Demand Gilman Drive W 72* Fairview Ave N E Aloha St 113 Elliott Ave W W Roy St W McGraw St 66Roy99 St Ave N 8th E Lynn St E Lynn St Since 2012, developers in Queen Anne have delivered an average of 368 units 300 Ave E19th 32 105 Mercer St Weach Boston year. WhileSt the highly desirable neighborhood continues to see above Boston St SOUTH LAKE Boylston Ave E market rent growth and below market vacancy, nearly half of the development 128 68 Eastlake Ave E E Crockett St Boylston Ave Boylston Ave E pipeline in Queen Anne (1,742 units) is expected 15th Ave W to deliver this year. 75 75* SR-99UNION SB
6th Ave W6th W Howe St 182Howe St SR-99 SB Page 39 We predict the transition of the Expedia headquarters to Interbay will bring 45 5th Ave N FUTURE LINK LIGHT RAIL John St John St 23rdAve E 4th Ave 4th Ave W W Hayesmore St than enough demand to absorb the new supply, while rare upper Queen 82 80 23rdAve E Hayes St 1st Ave N 1st Ave 1st Ave N 164 Denny Way DennyE Garfield Way St
Broadway E E Denny Way
Anne developments remain the most desirable in the city. Broadway E E Denny Way Magnolia Bridge Olympic Way W E Denny Way E Denny Way
2ndAve N
9th Ave9th N 2ndAve N W Galer St Galer St Ave9th N
W Lee St Queen Anne Ave N WWW.SEATTLEMULTIFATMILYTEAM.COM 25 24th Ave 24th Ave E
Aurora Ave N Ave Aurora
Bellevue Ave E 23rd Ave 23rd Ave W W Prospect St Prospect St
Aloha St Fairview Ave N 10th Ave E E Aloha St
Elliott Ave W W Roy St Roy St Ave N 8th Mercer St Ave E19th Boylston Ave Boylston Ave E
SR-99 SB
John St
23rdAve E
1st Ave 1st Ave N Denny Way
E Denny Way Broadway E E Denny Way
2ndAve N
9th Ave9th N 2017 | Seattle Neighborhood Apartment Market Study 2016 $362,000 $371 3.7% 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE SOUTH LAKE UNION
AVERAGE VACANCY RENT 2015 EASTLAKE PER SF NO SALES $2.40 3.7% 2014 NO SALES SOUTH LAKE UNION Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Westlake Trilogy LLC Cottages 1713 Dexter Avenue N 1979 15 975 $5,430,000 11/18/2016 $362,000 $371 3.7% Duomo Nevada Properties LLC
AVERAGES 1989 15 975 $5,430,000 $362,000 $371 3.7%
2016 $401,250 34.6% $532 38.2% 5.0% 160BP AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
2015 $298,129 18.8% $385 6.2% 3.4% 100BP AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE 2014 $251,037 $363 4.4% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE EASTLAKE Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Val Natura LLC Franklin Avenue 2211 Franklin Avenue E 1959 7 704 $3,010,000 7/29/2016 $430,000 $611 5.0% Plus One Eastlake LLC
Novarus Properties LLC Roanoke 216 E Roanoke Street 1916 6 822 $2,235,000 3/29/2016 $372,500 $453 4.9% Collin & Jillian Hagstrom
AVERAGES 1938 7 763 $2,622,500 $401,250 $532 5.0%
Dexter Corridor in High Demand +$400,000 Unit Pricing in Eastlake
As we predicted in our 2015 Market Study, investors paid top dollar to own on the Dexter Eastlake is the smallest neighborhood in Seattle, causing a disproportionate amount of corridor. We anticipate continued growth in sales volume and pricing along Dexter as renter demand. Eastlake was the most expensive place to buy vintage apartments in 2016, Fremont and South Lake Union fill in with thousands of new jobs. Even if you own an pushing the average unit pricing over $400,000! 2017 will be another year of records, asset needing repair or that’s not performing at its peak, we can get you above market and investors looking to sell at the peak will be generously rewarded. Call us to sell your pricing in 2017. building faster and for more money.
26 COLLIERS | SEATTLE MULTIFAMILY TEAM EASTLAKE SOUTH LAKE UNION W Crockett St E Newton St Yale Place E Newton St Seattle Neighborhood Apartment Market Study | 2017 E Howe St Howe St DEVELOPMENT PIPELINE Deliveries Peach Court E 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL SOUTH LAKE UNION E Blaine St Numbers within circles on map below indicate number of units in 1,230 2,751 2,100 606 3,144 9,831 each development. 4th Ave W4th EASTLAKE Hayes St E Galer St EFFICIENCY UNITS* POTENTIAL CONDOS E †Olin Place W Garfield St 146 2,654
Queen Anne Ave Ave N AnneQueen
6th Ave N Garfield St Dexter Ave N Efficiency units are defined on page 42.
8th Ave W8th
9th Ave W9th
6th Ave 6th Ave W Ave W5th
10th Ave W10th W Galer St Galer St E Galer St E Galer St Comstock Place SLU Remains a Favorite Market for
Aurora Ave N Ave Aurora EASTLAKE NE Boat St Auburn Place E
Olympic Way W Grandview Place E 8th Place W Developers N 37th St W Lee St Lake Union 61 Federal Ave E Portage Bay Place E No neighborhood in Seattle has a more significant and consistent development NE Pacific Place E Martin St NE San Juan Road Tower Place pipeline than South LakeComstock Union. ForWESTLAKE over St three years, the development pipeline W Comstock St Page 37
remains between 10,000 and 13,000 units. In the last six years about 2,200 Ave N Wallingford units were delivered, and over 7,000 units are planned for delivery in the next E Allison St Highland Drive Fuhrman Ave E W Highland Drive three years – with another 3,700 units planned after that. N 34th St Prospect St W Prospect St
15th Ave Ave E 15th
17th Ave E Ave 17th Ave E 21st
18th Ave E Ave 18th E Ave 19th E Ave 20th
S Warsaw St
Fairview Ave N E Ave 10th Broadway E
Ward St Ave E 11th 40 HarvardAve E
24thAve E
W Kinnear Place Montlake Boulevard E Boyer Ave E Belmont Ave E W Aloha St Aloha St E Roanoke St E Roanoke St
Yale Ave E E Louisa St
8th Ave N Ave 8th E Aloha St E Aloha St W Olympic Place BoylstonAve E QUEEN ANNE Royal Court E W Mercer Place 61 E Miller St E Ave 11th Valley St 12thAve E Page 24 Valley St E Valley St W Roy St 161 Valley69 St 27* 22 Minor Ave Minor Ave E E Lynn St E Lynn St
15thAve E 5th Ave 5th Ave N 230 EAve Franklin Roy St Roy St Elake Ave E 12th Ave 12th Ave E 13th Ave 13th Ave E
Taylor Ave Ave N Taylor 33* Broad St 80 Ave E19th 267 216 45 E Eaton Place E Blaine St Mercer St 206 Fairview Ave E W Mercer St Boylston Ave E Mercer St 200 E Roy St E Newton St Elliott Ave W Mercer St
HarvardAve E 49 E Olin Place
42* 10th Ave E 340 Ave25th E Federal Ave Ave Federal E
Deliveries Ave24th E
120 44* Ave E26th Republican St E Galer St 2017 2018 2019 2020 FUTURE TOTAL
4th Ave W4th 3rd Ave W 294 97 433 242 E Crescent Drive
Terry Ave N Terry
† 12th Ave E Ave E13th
Warren Ave Ave N Warren 148 116 0 0 67 331 78 91 E Galer St Ave MaldenE SR-99 NB 294 Harrison St Ave16th E EFFICIENCY UNITS* POTENTIALAve E15th CONDOS † E Lee St
292† 166 109 Broadway E 102 0 Wern Ave W Ave10th E E Thomas St Thomas St 264 Boylston Ave E 843 385 † E Thomas St 1st Ave N 1st 225
Melrose Ave Melrose Ave E E John St 160 129 Wlake Ave N E John Court E John St Broad St 406 John St SOUTH LAKE UNION SOUTH LAKE
2nd Ave N 2nd
9th Ave N 9th 1,179 CAPITOL HILL 470 464 461 436 † EASTLAKE Denny Way Wlake Ave Pontius Ave N E DennyPage 18 Way Belmont Ave E Denny Way Wern Ave Denny Way Harvard Ave Boren Ave 11th Ave 1st Ave E Howell St
14th Ave 14th Dexter Ave 13th Ave 2nd Ave Ave Taylor WWW.SEATTLEMULTIFATMILYTEAM.COM 27 Wall St E Olive Way Terry Ave Nagle Place
Vine St 15thAve 16th Ave 8th Ave Olive Way 5th Ave 10th Ave Alaskan Way Ave 21st 7th Ave 9th Ave E Pine St Ave20th Broadway E Madison St 3rd Ave 4th Ave Boylston Ave Pine St E Pike St E Pike St
19thAve
2017 | Seattle Neighborhood Apartment Market Study
2016 $280,153 8.2% $384 8.5% 4.0% 20BP GREENLAKE 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
WALLINGFORD/FREMONT GREENLAKE AVERAGE VACANCY 2015 $258,902 29.4% $354 14.4% 4.2% 30BP RENT AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE WALLINGFORD PER SF FREMONT $2.13 4.0% 2014 $200,058 $309 4.5% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller SAAI LLC Ravenna 500 500 NE 65th Street 1939 19 787 $6,200,000 12/28/2016 $269,565 $415 4.9% UW Board of Regents
4460 Woodland Park Woodland Apartments LLC Woodland 1963 12 688 $3,400,000 11/30/2016 $283,333 $412 3.9% Avenue N Woodland 2014 LLC
3426 Wallingford Wallingford View Apartments LLC Wallingford 1986 18 512 $5,900,000 11/29/2016 $327,778 $641 4.0% Avenue N Lake U View Apartments LLC
Jeremy Gustavel/Lakeview Partners LLC Lakeview 4040 7th Avenue NE 1987 27 704 $7,150,000 6/30/2016 $264,815 $376 3.7% University Lakeview Apartments LLC
Triad Investments Co Pacific Pointe 2108 N Pacific Street 2000 49 1,222 $24,050,000 6/6/2016 $343,571* $402* 4.0% Scion Investments
Stella D'Oro LLC Chez Moni 951 N 45th Street 1960 10 702 $2,050,000 5/11/2016 $205,000 $292 4.4% Henrik & Mariana Straub
SPTV/4333 Dayton LLC Dayton House 4333 Dayton Avenue N 1972 5 863 $1,550,000 5/10/2016 $310,000 $359 4.3% Josiah & Elizabeth Erickson, Jr.
6537 Oswego LLC Oswego Place 6537 Oswego Place NE 1950 11 420 $1,895,000 5/10/2016 $172,273 $411 3.5% Peter & Linda Granger
Greenlake Live/ Honghua Ye 4850 Greenlake Way N 2009 7 1,477 $3,980,000 4/29/2016 $568,571 $385 3.7% Work Simon Pui Hong Lee
3617 Woodland Park Collin & Curran Hagstrom Audrey 1906 15 479 $2,580,000 4/29/2016 $172,000 $359 3.4% Avenue N Audrey Apartments LLC
3815 Woodland Park Ohio Note Investors LLC Portofino 2009 32 703 $12,450,000 4/15/2016 $345,833* $554* 3.7% Avenue N Cappuccini Properties LLC
4238 Evanston 4238 Evanston Avenue Collin & Jillian Hagstrom 1959 10 844 $2,600,000 4/6/2016 $260,000 $308 3.7% Avenue N N R&D Investment Properties LLC
Los Robles LLC Woodland West 465 N 45th Street 1969 16 891 $3,800,000 3/30/2016 $237,500 $267 Unknown Adonis LLC
Wallingford Terrace LLC Wallingford Terrace 4710 Aurora Avenue N 1977 11 680 $2,900,000 3/4/2016 $263,636 $388 5.4% CRE Ballard Park LLC
4110 Linden Infinity on Linden LLC 4110 Linden Avenue N 1969 5 825 $1,150,000 3/2/2016 $230,000 $279 Unknown Avenue N Brittney Apartments LLC
Fremont 511 LLC Colette 511 N 43rd Street 1964 7 769 $1,600,000 1/21/2016 $228,571 $297 3.8% Gary Jacobson Trustee
AVERAGES 1970 16 785 $5,203,438 $280,153 $384 4.0%
* Price per unit and price per SF adjusted to account for commercial space 28 COLLIERS | SEATTLE MULTIFAMILY TEAM WALLINGFORD/FREMONT GREENLAKE Seattle Neighborhood Apartment Market Study | 2017
DEVELOPMENT PIPELINE Deliveries GREENLAKE 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL Numbers within circles on map below indicate number of units in 475 455 338 139 276 1,683 WALLINGFORD each development. EFFICIENCY UNITS* POTENTIAL CONDOS † FREMONT 221 32 Efficiency units are defined on page 42. N 88th St NE 88th St NW 87th St 22nd Ave NW N 86th St NE 86th St NW 85th St N 85th St Corliss Way N NE 85th St NE 83rd St NW 82nd St N 82nd St 70 43rd Ave NE Stone Way Corridor Offers 12th Ave NE NE 81st Place NW 80th St 27
Future Growth 15th Ave NE
NW 77th St 20th Place NE 15th Ave 15th Ave NW In 2016 these three neighborhoods 20th Ave NW delivered a record-breaking 1,328 units, increasing supply N 75th St NE 75th St 29th Ave 29th Ave NW 32nd Ave 32nd Ave NW
SeaviewAve NW 42 by over 21% and effectively doubling inventory 45 ROOSEVELT NE Ravenna Blvd
Weedin Place NE 35th Ave NE 31st Ave NE since 2012. Despite the rapid rental rate growth, Corliss Ave N Page 32 Aurora Ave Aurora Ave N W Green Lake Drive N 130 NW 70th Stvacancy rates in Greenlake, Wallingford and Fremont 43 30
remain at 4.0%. 24th Ave NW Look for the 18th Ave NW Stone Way corridor Alonzo Ave Alonzo Ave NW 32 NW 68th St † N 67th St 62
to continue its growth of new apartment stock and 28 40th Ave NE 8th Ave 8th Ave NW
10th Ave10th NW neighborhood amenities, while strengthening 12th Ave theNW 57* NW 65th St N 65th St
38th Ave NE 7th Ave 7th Ave NW connection betweenNW Wallingford 64th St and Fremont. 3rd Ave NW NW 62nd St
PhinneyAve N 23rd Ave 23rd Ave NE
Leary Ave NW N 58th St 5th Ave 5th Ave NW 36thAve NW N Argyle Place E Green Lake Way NN 56th St BALALRDNW Market St Bernie Whitebear Way Page 31 NW 54th St NW 52nd St
Aurora Ave N Ave Aurora
BrooklynAve NE 40th Ave NE W Commodore Way W Lawton St N 50th St Illinios Ave
NW Leary Way 25th Ave NE
31st Ave W N 46th St Green Lake Way48 N NW 45th St 30* NE 45th St 5th Ave 5th Ave NE
Roosevelt Way NE Leary Way NW 21st Place NE N 43rd St 7th Ave NE 15th Ave 15th Ave NE 125 21 20th Ave NE
Texas WayTexas UNIVERSITY DISTRICT Oregon Ave N 42nd St W Emerson Place 55 Page 32 Memorial Way NE Memorial Way
27th Place W 139 Ave NE 42nd W Nickerson St N 40th St Ballard Bridge 59* Gilman Ave W 100 W Emerson St 146 NE Boat St QUEEN ANNE N 36th St 14th Ave W 48* Page 24 124 Douglas Road NE 28* 27 40 Ave6th NE
11th Ave W 23Stone Way N 48 Walla Walla Road NE Nickerson St 56 N Northlake Way Montlake Blvd NE E Gwinn Place W Barrett St N Pacific St W Barrett St E Shelby St WWW.SEATTLEMULTIFATMILYTEAM.COMW approach bridge 29N (WABN) 28th Ave 28th Ave W 15th Ave W 22nd Ave 22nd Ave W W Newell St
Magnolia Blvd W 2017 | Seattle Neighborhood Apartment Market Study
2016 $277,436 16.9% $402 20.4% 4.2% 20BP AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE 2016 SALES AVERAGE VACANCY RENT PER SF % % BP BALLARD 2015 $237,319 17.7 $334 21.9 4.0% 20 Bostad Apartments $2.12 AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE The perfect example of a well-timed purchase and efficient flip. Bought in February 2016 and sold in 4.5% December 2016 at 54% more money per square foot! Even with rehab costs there was a handsome profit 2014 $201,643 $274 3.8% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE achieved in a short amount of time. Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Crescendo Properties LLC Bostad 7526 24th Avenue NW 1928 10 466 $2,535,000 12/1/2016 $253,500 $545 4.7%
BALLARD Heart of Ballard GJN LLC
Ballard View Lofts LLC Scandia Gardens 2401 NW 63rd Street 1967 8 809 $2,190,000 11/14/2016 $273,750 $338 3.8% Sandra Shaw
Makai Properties LLC Palm Court 2410 NW 57th Street 1957 7 657 $2,370,000 10/31/2016 $338,571 $515 4.8% Georgetown Grotto LLC
Elin Place Apartments LLC Elin 6104 14th Avenue NW 1963 5 672 $1,525,000 10/18/2016 $305,000 $454 4.6% Elin Place LLC
110 12th LLC Loyal View 8344 28th Avenue NW 1927 10 556 $1,785,000 10/13/2016 $178,500 $321 4.5% Henson Family LLC
1408 NW 57th Ballard Market LLC 1408 NW 57th Street 2002 7 679 $2,000,000 9/16/2016 $285,714 $421 4.2% Street Ted & Laura Ness
Magnuson Real Estate LLC Solo Lofts 2018 NW 57th Street 2015 20 705 $9,950,000 8/17/2016 $497,500 $706 Unknown Inhaus Development Ballard
Debra Beauchamp/Daniel Wilkinson 8th Avenue Place 8307 8th Avenue NW 1992 6 885 $1,715,000 6/30/2016 $285,833 $323 3.7% Hachi Residential Investments LLC
2233 NW 59th Acacio & Maria Domar 2233 NW 59th Street 1966 6 855 $1,380,000 6/30/2016 $230,000 $269 Unknown Street Hinde Investments
2039 NW 59th 2039 Ballard LLC 2039 NW 59th Street 1963 5 626 $1,180,000 5/6/2016 $236,000 $377 2.9% Street Earl Nielsen
1727 NW 57th 1727 NW 57th Street LLC 1727 NW 57th Street 1969 5 837 $1,475,000 4/29/2016 $295,000 $352 2.1% Street Mary Hansen
Erickson Family Enterprises Ballard Brickstone 7607 8th Avenue NW 1957 8 689 $2,250,000 2/25/2016 $281,250 $409 5.0% CRE 7607 Ballard LLC
Heart of Ballard CSH/GJN/RAD LLC Bostad 7526 24th Avenue NW 1928 10 466 $1,641,000 2/23/2016 $164,100 $353 4.5% Bostad Condominium Association
Prospero Court LLC 63rd Street 1413 NW 63rd Street 1964 12 754 $3,875,000 1/29/2016 $322,917 $428 5.1% Six Squared Asset LLC
Eastgate Corporate Center LLC Aros & Voss 2251 NW 59th Street 2009 38 821 $12,975,000 1/29/2016 $341,447 $416 4.4% CEP II Ballard 09 LLC
6401 32nd Avenue 6401 32nd Ave LLC 6401 32nd Avenue NW 1911 6 1,057 $2,000,000 1/25/2016 $250,000 $315 Unknown NW Sunset Hill Development LLC
Sagesan Partners LLC Anchors West 2405 NW 65th Street 1979 15 1,071 $5,980,000 1/22/2016 $284,762 $372 4.5% Anchors West LLC
1431 NW 65th Gary & Faye Gallagher 1431 NW 65th Street 1955 6 525 $1,020,000 1/8/2016 $170,000 $324 3.7% Street Kathryn & Kirk Kleber AVERAGES 1964 10 729 $3,213,667 $277,436 $402 4.2% 30 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017
DEVELOPMENT PIPELINE Deliveries BALLARD 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL Numbers within circles on map below indicate number of units in 573 384 0 0 220 1,177 each development. EFFICIENCY UNITS* POTENTIAL CONDOS † BALLARD 189 0 Aurora Avenue North EfficiencyNorthwest units 84th are Street defined on page 42. North 84th Street
Earl Avenue Northwest
23rd Avenue Northwest 21st Avenue Northwest Loyal Way Northwest Northwest 83rd Street North 83rd Street Strong Rent/Vacancy NEI Northwest 82nd Street North 82nd Street Metrics Despite HILL GHB N OR Northwest 81st Street North 81st Street W H Influx of Deliveries O Northwest 80th Street North 80th Street O O 27th Avenue 27th Avenue Northwest 26th Avenue Northwest 25th Avenue Northwest Dibble Avenue Northwest
R 16th Avenue Northwest 17th Avenue 17th Avenue Northwest
Jones Avenue Jones Avenue Northwest 54 C D Northwest 79th Street North 79th Street
If all the units planned for Ballard are 19th Avenue Northwest 18th Avenue Northwest
30th Avenue Northwest delivered by 2019, Ballard’s apartment stock Northwest 78th Street North 78th Street will have tripled in size since 2012. The Northwest 77th Street North 77th Street
22nd Avenue Northwest22nd 32nd Avenue 32nd Avenue Northwest impressive aspect of this massive growth is 53 Northwest 76th Street North 76th Street
the largest chunk of deliveries are already Northwest 75th Street North 75th Street 9th Avenue 9th Avenue Northwest
complete, while marketSeaviewAvenue Northwest rents grow (4.4% 33rd Avenue 33rd Avenue Northwest 28th Avenue Northwest 31st Avenue 31st Avenue Northwest 29th Avenue Northwest Northwest 74th Street North 74th Street 34thAvenue Northwest
11th Avenue Northwest y-o-y) and vacancy rates remain extremely 8th Avenue Northwest Winona Avenue North North 73rd Street low (4.5%). With Class A office developmentNorthwest 73rd Street North 72nd Street Northwest 72nd Street 24th Avenue 24th Avenue Northwest 20th Avenue Northwest
recently delivered and more on the way, 15th Avenue Northwest Ballard will likely maintain rent growth while Northwest 71st Street North 71st Street Northwest Canoe Place 93 North 70th Street absorbing the 1,000 incoming units in the Northwest 70th Street 7th Avenue 7th Avenue Northwest
Northwest Sloop Place 13th Avenue Northwest 10th Avenue Northwest Mary Avenue Mary Avenue Northwest 14th Avenue Northwest 12th Avenue Northwest
next two years. Alonzo Avenue Northwest Division Avenue Northwest
Northwest 69th Street Linden Avenue North
Northwest 68th Street Phinney Avenue Phinney Avenue North 33rd Place Northwest North 67th Street Greenwood Avenue Greenwood Avenue North
Northwest 67th Street 3rd Avenue Northwest Stanton Place Northwest Ballard Cleopatra Place Northwest Northwest 66th Street 37th Avenue 37th Avenue Northwest 35th Avenue 35th Avenue Northwest North 65th Street Northwest 65th Street GREENLAKE Northwest 64th Street 22 North 64th Street
WALLINGFORD Sycamore Avenue Northwest 63 Northwest 63rd Street North 63rd Street Woodland Place North FREMONT Francis Avenue North 29 West Green Lake Way North Northwest 62nd Street 30 North 62nd Street 6th Avenue 6th Avenue Northwest
Palatine Avenue Palatine Avenue North North 63rd Street Page 1st Avenue Northwest 28 Northwest 61st Street 33* Northwest 61st Street Northwest 60th Street Phinney Ridge North 60th Street 2nd Avenue 2nd Avenue Northwest 5th Avenue 5th Avenue Northwest 4th Avenue Northwest North 59th Street 37th Place Northwest Northwest 59th Street West Hooker Street 25 21* North 58th Street Northwest 58th Street 74* Northwest 58th Street LindenAvenue North 42nd Avenue West Northwest 57th Street 106 North 57th Street Northwest 57th Street 132 Barnes Avenue48 Northwest
45thAvenue West 25 Northwest 56th Street Leary Avenue 38Northwest 92 178 North Argyle Place Northwest Market Street Northwest Market Street Northwest 55th Street West Cramer Street North 55th Street
Bernie Whitebear Way Russell Avenue Northwest Northwest 54th Street Aurora Avenue North 40thAvenue West Shilshole Avenue Northwest Palmer Drive NorthwestNorth 54th Street Northwest 54th Street Ballard Avenue Northwest Northwest 53rd Street North 53rd Street 24th Avenue Northwest 61* Northwest 52nd Street West Commodore Way Northwest 51st Street
33rd Avenue West
West Lawton Street 34th Avenue West North 50th Street Texas Way Northwest 50th Street Northwest 49th Street North 49th Street
Illinois Avenue Northwest Leary Way Northwest 48th Street North 48th Street Stone Avenue Stone Avenue North Phinney Avenue Phinney Avenue North Midvale Avenue North 15th Avenue 15th Avenue Northwest WWW.SEATTLEMULTIFATMILYTEAM.COM Northwest Ballard Way Northwest 47th Street 31North 47th Street
31st Avenue West North 46th Street 2017 | Seattle Neighborhood Apartment Market Study 2016 $233,371 2.7% $388 17.7% 3.6% 60BP 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
UNIVERSITY DISTRICT % % BP AVERAGE VACANCY 2015 $239,786 22.7 $330 8.8 4.2% 50 AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE RENT PER SF $1.98 4.9% 2014 $195,365 $303 3.7% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller 5609 20th Avenue GHH Real Estate LLC 5609 20th Avenue NE 1918 5 508 $1,015,000 11/2/2016 $203,000 $400 3.1% NE Dean & Elizabeth Quall
Manta Holdings LLC 711 NE 43rd Street 711 NE 43rd Street 1928 5 791 $1,815,000 10/31/2016 $363,000 $459 Unknown Maldiz Investments LLC
5033 Brooklyn 5033 Brooklyn Avenue Brooklyn Lofts LLC 1905 19 387 $1,900,000 9/30/2016 $100,000 $259 2.9% Avenue NE NE University District Monarch LLC
4006 Pasadena 4006 Pasadena Place BK Investment Group LLC 1962 6 623 $1,150,000 9/9/2016 $191,667 $307 4.5% Place NE NE Douglas Mar
4128 12th Avenue Alki Park Apartments 2012 LLC 4128 12th Avenue NE 1966 10 506 $2,200,000 9/8/2016 $220,000 $435 3.0% NE TVH Properties LLC
1211 NE 56th Ravenna Flats LLC
UNIVERSITY DISTRICT 1211 NE 56th Street 1957 5 378 $800,000 5/27/2016 $160,000 $423 3.6% Street Helen Niu
Hoven Apartments 2016 LLC Hoven 5231 22nd Avenue NE 1969 8 634 $1,955,000 5/26/2016 $244,375 $385 4.2% Langer Properties LLC
Cowen Partners LLC Cowen Park 1403 NE 56th Street 1960 7 844 $1,925,000 5/19/2016 $275,000 $326 4.4% Spencer Williams Family Trust
Sayah Holdings/Pacific Crest Capital LLC Clara Antoinette 5026 22nd Avenue NE 1928 6 760 $1,310,000 2/23/2016 $218,333 $287 2.3% Jeanette Mallary
5246 Brooklyn 5246 Brooklyn Avenue Mayhood LLC 2015 12 595 $4,300,000 1/20/2016 $358,333 $602 4.7% Avenue NE NE 5246 Brooklyn LLC
AVERAGES 1951 8 603 $1,837,000 $233,371 $388 3.6%
Average Price per Square Foot Best Indication of Market Strength
In 2016 the University District averaged a 3.6% cap rate, showing a return to sub-4% cap rates. Although the price per unit dipped nearly 3%, average unit size also dropped nearly 15%, making average price per square foot the best indication of the strength of this market.
32 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017 DEVELOPMENT PIPELINE Deliveries 2017 2018 2019 2020 FUTURE TOTAL NE 76th St 2017 2018 2019 2020 FUTURE UNIVERSITY UNIVERSITY DISTRICT DISTRICT N 75th St NE Park Place NE 75th St Numbers within circles on map below indicate number of units in 1,635 1,486 816NE 75th140 St 369 4,446 each development. NE 74th St
28th Ave NE NE 73rd Place EFFICIENCY UNITS* POTENTIAL CONDOS † NE 73rd St 32nd Ave NE 877 244 Efficiency units are defined on page 42.
NE 70th St
12th Ave NE NE 70th St NE 70th St NE Maple Leaf Place ROOSEVELT NE Ravenna Blvd N 66th St Transit and University Will Drive Development Sportsfield Drive STATION
20 52nd Ave NE OPENING 2021 Developers are clearly confident in transit-oriented development. Since January 2016, more NE 65th St NE 65th St N 64th St than 1,800 units were added to the University District and Roosevelt neighborhood pipelines, densely packed around the future light rail stations scheduled to open in 2021. UNIVERSITY DISTRICT
20th Place NE N 62nd St NE 73rd St Kirkwood Place N The University District also has the largest number of efficiency units under development, NE 61st St NE 73rd St which is supported by the ever-growing University of Washington and its student body who NE 72nd St NE 60th St don’t require as much space, yet continue to pay a premium for new apartments.
22nd Ave 22nd Ave NE NE Tulane Place
PrincetonAve NE
4th Ave NE 4th NE Maple Leaf Place NE 71st St 40th Ave 40th Ave NE
NE 71st St Ravenna Ave NE
18th Ave NE
16th Ave NE 17th Ave NE NE 56th St NE 70th59 St NE 70th ROOSEVELTSt
34th Ave NE 34th 30th Ave 30th Ave NE 36th Ave NE
N Clogston Way 26th Ave NE 71* 5th Ave 5th Ave NE 69 28 NE Penrith RoadNE 69th St Brooklyn Ave Ave NEBrooklyn 36 Weedin Place NE N 52nd St 79 60 5th Ave NE NE 68th St
NE Ravenna Boulevard 19th Ave NE 20th Ave NE 40 23rd Ave NE 60 31 N 66th St 76*
20th Ave NE N 50th St NE 50th St 12th Ave NE 23 Woodlawn Ave NE NE20 67th St University Way NE University Way 20
1stAve NE 178* 60 111 SunnysideAve N 29 124 235 STATION 52 304 Roosevelt Way NE Sand Point Way NE 78* NE 66th St 110 Green Lake Way N 58* OPENING 74 59* NE 47th St 201 2021 244 † 201 55* 101 64* N 65th St N 65th St 61 31 20 28 75 40 NE 65th St 5th Ave 5th Ave NE
N 45th St 25th Ave NE Roosevelt NE Way NE 45th St 201 STATION 106 N 64th St 22nd Ave NE N 64th St NE 64th St NEOswego Place NE 44th St OPENING 2021 7th Ave 7thNE 110 81* 23 NE Naomi Place
N 43rd St 9th Ave NE NE 43rd St 20 98 N 63rd St NE 41st St 23* NE 63rd St NE 42nd St 85 NE Memorial Way N 62nd St NE 38th St NE 62nd St 105* 21st Ave NE 209 NE 61st St 37 Woodlawn Ave N 8thAve NE
Keystone Place N
6th Ave NE Ave 6th
4th Ave NE4th
NE 60th St Deliveries 25th Ave NE 26th Ave NE N 39th St NE Nlake Way NE 36th St 2017 2018 2019 2020 FUTURE TOTAL NE 59th St
NE Pacific St 11th Ave NE Douglas Road NE NE 33rd St 785 745 617 34 95 2,276
MeridianAve N
CorlissAve N
28th Ave NE Wallingford Ave Ave N Wallingford NE 58th St EFFICIENCY UNITS* POTENTIAL CONDOS † Kensington Place N Cowen Place NE Walla Walla Road NE 34 Kenwood Place N Kirkwood Place N 644 0 NE Park Road Montlake Blvd NE NE 57th St 27th Ave NE
Stone Way N N 35th St N Nlake Way NE 56th St NE 56th St 12th Ave 12th Ave NE
Brooklyn Ave NE Ave Brooklyn
15th Ave NE Ave 15th WWW.SEATTLEMULTIFATMILYTEAM.COM 33 20th Ave NE 2017 | Seattle Neighborhood Apartment Market Study
2016 $153,967 5.6% $231 0.0% 4.3% 70BP 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE CENTRAL DISTRICT, BEACON HILL, RAINIER VALLEY % % BP AVERAGE VACANCY 2015 $163,124 18.7 $231 9.8 5.0% 10 RENT AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE Remember 2014 when people scratched their heads when old apartment buildings sold for PER SF
+$300 per square foot in Capitol Hill? In 2016, apartment sales in the Central District averaged $2.05 $318 per square foot! This is not a transitional neighborhood; the CD is rich with character and 2.7% 2014 $137,376 $256 5.1% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE will continue to thrive as an urban Seattle hotspot for years to come.
CENTRAL DISTRICT Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller 3521 S Leschi Infinity Land Management LLC 3521 S Leschi Place 1959 5 654 $1,325,000 10/24/2016 $265,000 $405 Unknown Place Leschi 5 Plex LLC
5 Jakes LLC Judkins Park 910 23rd Avenue S 1959 6 760 $1,115,000 9/9/2016 $185,833 $245 3.7% Roy & Sandra Dunn Jr.
BRYK LLC 802 15th Avenue 802 15th Avenue 1901 6 655 $1,510,000 9/8/2016 $251,667 $384 4.1% Edward Antonelli Jr.
Daniel Robins 2719 E Pike Street 2719 E Pike Street 1941 5 816 $825,000 4/12/2016 $165,000 $202 3.5% Janet Smith etal
Jessica Maree Apartments LLC 1500 16th Avenue 1500 16th Avenue 1958 10 738 $2,600,000 1/25/2016 $260,000 $352 2.1% Evelyn Dong Estate
AVERAGES 1943 6 724 $1,475,000 $225,500 $318 3.4% BEACON HILL Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Beacon Hill Investors I LLC Columbian 1410 S Columbian Way 1964 40 842 $5,820,000 10/5/2016 $145,500 $173 Unknown Thai Columbian Apartments LLC
Allegria Vita LLC Parkview 1120 14th Avenue S 1958 13 491 $1,715,000 8/10/2016 $131,923 $269 4.7% Village Way Apartments LLC
Allison Adventures LLC Allison 4329 15th Avenue S 1959 10 658 $1,900,000 5/6/2016 $190,000 $289 4.7% Allison Beacon LLC
AVERAGES 1960 21 664 $3,145,000 $155,808 $243 4.7% HILL/RAINIER VALLEY HILL/RAINIER CENTRAL DIST./BEACON CENTRAL DIST./BEACON RAINIER VALLEY Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller 6526 Rainier Lily Zhong 6526 Rainier Avenue S 1959 6 640 $906,000 12/28/2016 $151,000 $236 4.4% Avenue S Marcou Associates LLC
Dekang Properties LLC Michele 6814 Rainier Avenue S 1962 11 573 $760,000 9/7/2016 $69,091 $121 6.7% Yoshiki & Mari Nakamura
6512 Martin Luther King MLK LLC Imperial 1952 9 637 $940,000 6/30/2016 $104,444 $164 4.5% Jr Way S Mae Ohashi
4532 S Henderson 4532 S Henderson LLC Paradise Court 1957 16 509 $1,100,000 6/8/2016 $68,750 $135 Unknown Street Joe & Amalia Guzman
4836 S Austin Big Rooster Investments LLC 4836 S Austin Street 1967 10 720 $840,000 6/1/2016 $84,000 $117 4.2% Street Austin & Brandon Street LLC
Brandon Court Apartments LLC Brandon Court 4423 S Brandon Street 1956 15 613 $1,250,000 1/7/2016 $83,333 $136 Unknown Solaymang & Aminah Haji Moly
AVERAGES 1958 11 615 $966,000 $93,436 $151 5.0% 34 COLLIERS | SEATTLE MULTIFAMILY TEAM Mercer St NE 16th St
Elliott Ave NE 12th St NE 10th St NE 10th Place Denny Way Madrona Drive NE 8th St Overlake Drive W NE 6th Place Vine St 23rd Ave Bellevue 8th Ave Summit Ave 15th Ave NE 2nd St 19th Ave Broadway Alaskan Way 12th Ave Main St 17th Ave Main St SE 2nd St 34th Ave
Temple Place Temple SE 7th St
123rd Ave SE
Seattle 25th Ave
Erie Ave 102nd Ave SE 14th Ave Seattle Neighborhood Apartment Market Study | 2017 S Jackson St 30th Ave Bellevue Way SE Bellevue Way
DEVELOPMENT PIPELINE 4th Ave S SE 16th St Harbor Ave SW Deliveries Deliveries
2017 2018 2019 2020 FUTURE TOTAL 2017 2018 2019 2020 FUTURES Wadsworth Place 2017 2018 2019 2020 FUTURE TOTAL 181 636 770 740 346 2,673 Numbers within circles on map below indicate number of units in 406 703 405 0 358 1,873 W Mercer Way
each development. 112th Ave SE EFFICIENCY UNITS* POTENTIAL CONDOS † EFFICIENCY UNITS* POTENTIAL CONDOS †
118th Ave SE 118th
Mercer St NE 16th St 148th Ave SE
145 0 12th Ave S 122 43 Efficiency units are defined on page 42. Efficiency units are defined on page 42. SE 29th St Alaskan Way S SE 30th St
36thAve S
Elliott Ave 42nd Ave SW
NE 12th St 156th Ave SE
NE 10th St NE 10th Place 132nd Ave SE CENTRAL DISTRICT/BEACON HILL Madrona Drive SRAINIER Waite St VALLEY/OTHELLO STATION/COLUMBIA CITY Denny Way 6th Ave S 154thAve SE NE 8th St Overlake Drive W Mercer IslandNE 6th Place Vine St CAPITOL HILL MADISON VALLEY 26th Ave 26th Ave SW DOWNTOWN Page 18 23rd Ave Page 18 13th Ave 13th Ave SW SE 40th St SE 40th St Bellevue Summit Ave 47th Ave SW 8th Ave Page 20 15th Ave NE 2nd St SE 41st St Beacon Ave S 19th Ave
Broadway 41 Alaskan Way 12th Ave Main St 17th Ave SW Spokane St Swing Bridge144 3rd Ave S Gallagher Hill Rd Main St SE 2nd St 350
37th Ave 37th Ave SW Maple Lane 34th Ave 40th Ave 40th Ave SW
Temple Place Temple SE 7th St
25 CENTRAL DIST./BEACON 570 32* 123rd Ave SE
164thAve SE HILL/RAINIER VALLEY
Seattle 42* 25th Ave 28* 102nd Ave 102nd Ave SE Erie Ave 9thAve S 14th Ave WA 99 48th Ave 48th Ave S SE 47th St W Marginal Way SW 242 31st Ave 31st Ave S 23 160 24th Place S 27* S Jackson St 30th Ave
PIONEER SQUARE 200 SE Bellevue Way
129th Ave SE SE 47th Place S Columbian Way 41st Ave 41st Ave S 155 38th Ave S
S. DOWNTOWN 20 Martin Luther King Junior Way S 4th Ave S 130 SE 16th St 70 S Hudson St 35* Page 20 21st Ave SW S Pearl St 110 Harbor Ave SW 1st Ave S S Farrar St
33 132nd Ave SE 180 24 S Wadsworth Place S Lucile St S Orcas St
W Mercer Way 20 112th Ave SE Road D Delridge Way SW Delridge Way 106th Ave SE Rainier Ave S 44th Ave 44th Ave SW 70 Ave SE 118th
26 43* Island Crest Way 148th Ave 148th Ave SE
12th Ave 12th Ave S 49 194 100 OhioAve S S Graham St Airport Way S SE 29th St Alaskan Way S 92 SE 30th St
36thAve S 42nd Ave SW S Michigan St 27 72 156th Ave SE 60* 47 E Marginal Way S 132nd Ave SE S30 Waite St SE 68th St 6th Ave 6th Ave S 26th Ave 26th Ave SW 145 26 154thAve SE Newcastle Golf Club Road 16th Ave16th SW 107 Mercer Island174 34thAve SW 150 43 SE 72nd Place 26th Ave 26th Ave SW SW Othello St † 112
13th Ave 13th Ave SW SE 40th St SE 40th St 177 Ave SE 116th 47th Ave SW 84 SE 41st St SW Ida St Beacon Ave S S Holden St Ridgecrest Lane
SW Spokane St Swing Bridge 3rd Ave S Gallagher Hill Rd S Kenyon St Seahawks Way Coal Creek Parkway SE 30
WWW.SEATTLEMULTIFATMILYTEAM.COM 37th Ave 37th Ave SW 35 Maple Lane 40th Ave 40th Ave SW
164thAve SE
9thAve S WA 99 48th Ave 48th Ave S SE 47th St W Marginal Way SW 31st Ave 31st Ave S
24th Place S
129th Ave SE SE 47th Place S Columbian Way 41st Ave 41st Ave S 38th Ave 38th Ave S
Martin Luther King Junior Way S S Hudson St 21st Ave SW S Pearl St 1st Ave 1st Ave S S Farrar St 132nd Ave 132nd Ave SE S Lucile St
S Orcas St
Road D
Delridge Way SW Delridge Way 106th Ave SE Rainier Ave S 44th Ave 44th Ave SW
Island Crest Way
OhioAve S Airport Way S S Graham St S Michigan St
E Marginal Way S SE 68th St 26th Ave 26th Ave SW Newcastle Golf Club Road
16th Ave16th SW
34thAve SW SE 72nd Place SW Othello St
116th Ave SE 116th SW Ida St S Holden St Ridgecrest Lane
S Kenyon St Seahawks Way Coal Creek Parkway SE 2017 | Seattle Neighborhood Apartment Market Study
2016 $243,720 15.7% $337 25.7% 4.2% 30BP 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE WEST SEATTLE 2015 $210,672 20.0% $268 8.5% 3.9% 70BP AVERAGE VACANCY AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE RENT PER SF
$1.94 2014 $175,617 $247 4.6% 2.0% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller 1914 Bayview LLC Bayview 1914 Ferry Avenue SW 1953 9 500 $1,854,000 12/9/2016 $206,000 $412 4.2% 1914 Ferry LLC
1520 California Avenue Cadence Capital Villa Andora 1969 37 688 $7,610,000 11/18/2016 $205,676 $299 4.8% SW Villa Andora LLC
5631 California Avenue Atalanta 5631 California Ave LLC Ridgeview 1980 15 1,284 $6,128,000 11/9/2016 $340,444 $318 4.6% SW Ridgeviw IR LLC 7134
2251-77 Williams Street LLC Park 4700 SW Othello Street 1910 6 641 $1,280,000 11/4/2016 $213,333 $333 4.1% Thomas Roth
1788 Alki Avenue Mcubed Enterprise LLC 1788 Alki Avenue SW 1946 6 585 $1,950,000 10/18/2016 $325,000 $556 4.2% SW Anthony Centeno/Guy Clark
5034 Fauntleroy Way Sound Breeze Partners LLC Sound Breeze 1989 6 985 $1,685,000 10/7/2016 $280,833 $285 3.8% SW Jennifer and Thomas Young
4500 Delridge Delridge 6 LLC 4500 Delridge Way SW 1987 6 805 $1,305,000 9/29/2016 $217,500 $270 4.6% Way SW James P Kelly III
Loana Apts LLC Webster 4228 SW Dawson Street 1958 25 560 $4,300,000 8/25/2016 $172,000 $307 3.9% Dyla Investment LLC
KPC Southgate LLC West Nine 3046 SW Avalon Way 1978 9 630 $1,450,000 7/21/2016 $161,111 $256 Unknown Craig S Fleming
2425 Harbor Avenue Harbor Square Apartments LLC Harbor Square 1990 27 694 $7,500,000 7/8/2016 $277,778 $400 4.2% SW Metropolitan Investments LLC
Christian Schormann Alki Park 2664 59th Avenue SW 1916 6 556 $1,435,000 6/23/2016 $239,167 $430 5.0% Alki Park Apartments 2012 LLC
4050 California 4050 California Avenue Ranger Properties LLC 1977 6 820 $1,700,000 6/17/2016 $283,333 $346 3.4% Avenue SW SW CBG LLC
WEST SEATTLE WEST West Seattle Leading City in Sales
In 2016, we predicted West Seattle would be a hot neighborhood for investment. 12 months later West Seattle leads the city in sales and shows no sign of stopping, with an average of 2 sales per month in 2016.
36 COLLIERS | SEATTLE MULTIFAMILY TEAM Seattle Neighborhood Apartment Market Study | 2017 2016 SALES WEST SEATTLE (CONTINUED)
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller 1330 California 1330 California Avenue Michael & Susan Korling 1912 5 889 $1,180,000 6/15/2016 $236,000 $265 Unknown Avenue SW SW Scout Ohone LLC
6040 California 6040 California Avenue CRE 6040 Partners LLC 1992 25 1,058 $7,500,000 5/20/2016 $250,000 $284 4.0% Avenue SW SW Graham View Apartments LLC
2132 Alki Avenue Bel Futuro LLC 2132 Alki Avenue SW 1917 5 606 $1,165,000 5/2/2016 $233,000 $385 3.4% SW Kirby Reynolds
4012 California 4012 California Avenue Wood River Enterprise LLC 1977 6 804 $1,700,000 4/1/2016 $283,333 $352 4.5% Avenue SW SW CBG LLC
6708 California 6708 California Avenue Parkwood Properties LLC 2006 6 1,074 $1,450,000 3/31/2016 $241,667 $225 Unknown Avenue SW SW Schilling Family Holdings #1 LLC
West Seattle 37 Investors LLC Olympic Manor 3504 SW Webster Street 1964 33 823 $4,600,000 3/23/2016 $127,778 $169 Unknown Olympic Manor LLC
CFLP Alaska 45 Apartments LLC Alaska 45 4546 45th Avenue SW 1962 18 725 $5,650,000 2/11/2016 $313,889 $433 4.5% Siberay AK LLC
3431 California Avenue 2565 E Tropicana Blvd LLC Admiral Flats 1977 8 736 $2,450,000 2/8/2016 $306,250 $416 5.3% SW Genevieve California Avenue LLC
4022 California Avenue Ponderosa Ventures LLC Monterey 1954 16 535 $2,610,000 1/28/2016 $163,125 $305 4.5% SW Anne Louise James/Carl Hauke etal
Beachcomber Apartments LLC Beachcomber 3625 Beach Drive SW 1974 13 779 $3,700,000 1/13/2016 $284,615 $365 3.4% Heimrich Vered Properties LLC
AVERAGES 1963 13 763 $3,191,000 $243,720 $337 4.2% WEST SEATTLE
WWW.SEATTLEMULTIFATMILYTEAM.COM 37 2017 | Seattle Neighborhood Apartment Market Study DEVELOPMENT PIPELINE Deliveries WEST SEATTLE 2017 2018 2019 2020 FUTURE 2017 2018 2019 2020 FUTURE TOTAL Numbers within circles on map below indicate number of units in 551 300 118 85 882 1,971 each development. EFFICIENCY UNITS* POTENTIAL CONDOS † 316 0 Efficiency units are defined on page 42.
100 Harbor21 Ave SW Edgar Martinez Drive S
S Massachusetts St
S Holgate St 14th Ave S
Puget Sound 23rd Ave S Alki Ave SW SturgusAve S
SW Admiral Way
Utah Ave S Utah S Stacy St 150 S Waite St
SW Lander St S E Marginal Way S Lander St
SW Admiral Way 26th Ave SW
Rainier Ave S 112 S Forest St S Forest St
46thAve SW
58thAve SW 44 S Hanford St 31st Ave S 97
55th Ave SW
Beacon Ave S SW Spokane St Swing Bridge S Spokane St
63rdAve SW
59th Ave 59th Ave SW 29
23rdAve S
61stAve SW
49th Ave49th SW Lafayette Ave Lafayette Ave S
40th Ave 40th Ave SW 37th Ave SW S Industrial Way Glenn Way SW
24thAve S SW Dakota St 15thAve S 20* 71 36 40* 104* Fauntleroy Way SW West Seattle Adds Inventory 74 54 65 SW Idaho St 25thAve S
53rd Ave53rd SW 42nd Ave 42nd Ave SW
35th Ave35th SW
58* WA 99 while Vacancy Rates Drop 108 S Columbian Way 53* 2nd Ave S
52nd Ave52nd SW
Beach Drive SW 389 SW Dawson St Over the last five years, just over 2,000 units were 118 50 delivered in West Seattle, increasing inventory Airport Way S 1st Ave 1st Ave S
by 72%. Although West Seattle’s apartment W Marginal Way SW supply grew by over 11% in 2016, it is the only Ave S 4th neighborhood where vacancy rates decreased year-over-year, resting at a low 2.0%. S Lucile St 29th Ave 29th Ave S WEST SEATTLE WEST West Seattle appeals to new residents, but it has S Mead St S Orcas St
also proven as a market that appeals to a wide range Fauntleroy Way SW
15th Ave S 15th
17th Ave S 17th of renters. Expect West Seattle to outperform as 41* Ave S 20th
people continue to choose it over other popular Swift Ave S urban neighborhoods across Seattle. S Graham St E Marginal Way S S Hardy St
102 Delridge Way SW
CaliforniaAve SW
26th Ave SW 26th
48th Ave48th SW Perimeter Road S
16th Ave SW 16th
50th Ave50th SW SW Mills St Highland Park Way SW 38 COLLIERS | SEATTLE MULTIFAMILY TEAM 22ndAve SW
18th Ave SW 18th
35th Ave35th SW 33rd Ave33rd SW SW Myrtle St
38th Ave SW 38th SW Othello St Ellis Ave S
Covello Drive S Seattle Neighborhood Apartment Market Study | 2017
2016 $190,893 3.8% $465 41.9% 5.2% 30BP 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE FIRST HILL 2015 $198,473 0.2% $328 16.6% 4.9% 40BP
YESLER TERRACE AVERAGE VACANCY AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE RENT PER SF
$2.26 2014 $198,804 $393 4.5% 3.2% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE
Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Milestone Development Ansonia 1628 Bellevue Avenue 1916 28 468 $4,950,000 11/30/2016 $176,786 $378 5.3% 9805 NE 116th Street #A20
8th Ave Nagle Place Terry Ave E Olive St Belboy Apartments LLC Bel Boy 1420 Belmont Avenue 1900 5 371 $1,025,000 11/16/2016 $205,000 $553 5.0% Riverside Holdings LLC
Belmont Ave Bell St 15th Ave
11th Ave AVERAGES 1908 17 Olive Way419 $2,987,500 $190,893 $465 5.2% Battery St 9th Ave E Pine St E Madison St E Pine St
Lenora St
Wlake Ave E Pike St 4th Ave Stewart St E Pike St 7th Ave MelroseAve Summit Ave
Bellevue Ave CAPITOL HILL 11th Ave Deliveries 2016 DEVELOPMENT Page 18 E Union St Boren Ave E Union St E Union St
2017 2018 2019Ave 19th 2020 FUTURE TOTAL Blanchard St 36 Pike St Terry Ave 8th Ave
FIRST HILL STREETCAR 171 1,264 1,333 1,060 1,177 5,055 Elliott Ave 32ndAve 17th Ave 6th Ave 265 2017 2018 2019 Virginia2020 St FUTURE EFFICIENCY UNITS* POTENTIAL CONDOS †
20th Ave 20th 5th Ave Broadway Court
Stewart St Ave21st
22ndAve Pike Place Pine St 93 1,009 Numbers within circlesAlaskan on map Way below indicate number of units in
24th Ave 24th each development. 3rd Ave Madison St Ave 23rd Hubbell Place 209 E Columbia St 1st Ave 550 12th Ave
2nd Ave Pine St Spring St Marion St
Temple Place Broadway E Cherry St E Cherry St Wern Ave University St 171 Ave 34th Columbia St E James St † 8th240 Ave 255 440 Seneca St 25th Ave
75 19th Ave Neighborhood Growth Will † E Jefferson St 27th Ave E Jefferson St 325 † Lead to Rental Rate Growth 7th Ave 329 34thAve Marion St E Terrace St 10th Ave The First Hill development pipeline grew Columbia St 9th Ave Madison St E Alder St Ave 26th
14th Ave 14th CENTRAL DISTRICT considerably in the past year, adding overAlaskan Way 1,300 Page 35 units. Distinctive nodes of development are starting Seattle James St 75 400 E Spruce St to occur in both First Hill and Yelser Terrace. 2nd Ave Extension S WA 305 68 32nd Ave Jefferson St 93*E Fir St 27th Ave S Spruce195 St WA 304 29th Ave As new buildings are delivered, neighborhoods will Ave 28th Yesler Way E Yesler Way E Yesler Way Ave 30th 288 Martin Luther King Junior Way form around them, creating a more established 195 23rd Ave S S Washington St residential feel and in turn increasing rental rates. 9th Ave S 230 YESLER TERRACE More connection points are emerging between 23rd DOWNTOWN Boren Ave S 4th Ave 4th Ave S 226 24th Ave 24th Ave S 31st Ave S
15th Ave S 15th 14th Ave 14th Ave S
8th Ave S
S Main St FIRST HILL & Union, 23rd & Jackson and Yesler Terrace – all Page 20 280 ships will rise in this tide. S Jackson St S Jackson St 60 S Jackson Place
22nd Ave S 22nd
6th Ave S 6th S King St WWW.SEATTLEMULTIFATMILYTEAM.COM 39
7th Ave S 7th 10th Ave 10th Ave S 12th Ave S
Alaskan S Way
25th Ave25th S S Weller St Ave26th S 31stAve S Maynard Ave Maynard Ave S
2017 | Seattle Neighborhood Apartment Market Study
2016 $260,626 9.8% $313 11.0% 3.9% 30BP 2016 SALES AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE WEST BELLEVUE WEST
REDMOND/KIRKLAND WEST BELLEVUE VACANCY 2015 $289,060 32.8% $352 23.4% 3.6% 140BP AVERAGE AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE REDMOND RENT PER SF KIRKLAND $1.45 4.0% 2014 $217,743 $285 5.0% AVG PRICE PER UNIT AVG PRICE PER SF CAP RATE REDMOND Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller Park Apartments Alliance Investments LLC Park 16912 NE 79th Street 1961 10 705 $2,050,000 11/2/2016 $205,000 $291 Unknown Park Apartments LLC
West View Apartments 8200 LLC West View 8200 170th Place NE 1970 14 695 $2,800,000 8/31/2016 $200,000 $288 4.0% Delta LP
8964 Redmond Redmond View LLC Redmond View 1989 9 997 $2,600,000 6/6/2016 $288,889 $290 4.5% Woodinville Road NE Wah Kee & Norma Qu
Bear Creek Management LLC Bear Creek 17121 NE 80th Street 1984 8 926 $2,250,000 3/31/2016 $281,250 $304 4.9% S&L Investments IV LLC
Brightmont Properties LLC Anna 9447 166th Avenue NE 1963 18 802 $4,430,000 1/27/2016 $246,111 $307 5.1% PFP Gordon Holdings LLC
AVERAGES 1973 11 825 $2,826,000 $244,250 $296 4.6% KIRKLAND Property Name Address Year Built Units AVG SF Price Sale Date $/Unit $/NRSF Cap Rate Buyer / Seller N&F Group LLC Rosecrest 8325 128th Avenue NE 1985 35 607 $6,784,000 3/1/2016 $193,829 $319 4.2% Fujimori LLC
Riverside Equities LLC Kirkland Shores 205 5th Avenue S 1976 6 1057 $2,250,000 2/26/2016 $375,000 $355 3.9% Kirkland Shores LLC
TMG SPEC II LLC La Seville 11305 NE 88th Street 1978 5 830 $1,300,000 1/22/2016 $260,000 $313 2.6% Arthur R Hathaway
Fourth Burroughs LLC Kirkton 303 10th Avenue S 1968 9 836 $2,660,000 1/14/2016 $295,556 $354 1.8% Arthur R Hathaway
AVERAGES 1977 13 833 $3,248,500 $281,096 $335 3.1%
Properties Selling at Seattle Rates
Kirkland and Redmond sellers capitalized on the hot market with an average cap rate of 3.9% and prices per unit and square foot that compete with Seattle. NOTE: These Seattle-like sales metrics were achieved with an average rent per square foot of just $1.45!
40 COLLIERS | SEATTLE MULTIFAMILY TEAM REDMOND/KIRKLAND WEST BELLEVUE
Seattle Neighborhood Apartment Market StudyNE 39th |St E Hamlin St NE 39th Place 2017 NE 38th Place DEVELOPMENT PIPELINE Hunts Point Road NE 37th Place NE 37th St
E Louisa St 2017 2018 2019 2020 FUTURE
38th Place E NE 35th St E Calhoun St Numbers within circles on map belowNE indicate 33rd number St of units in
Sand Point Way NE each development. NE 33rd Place 55th Ave NE Bellevue Redmond Road E Lynn St 11th Ave E Shore Drive 10th Ave Willows Rd NE NE 32nd St
54th Ave NE
77th Ave NE Boyer Ave E KIRKLAND NE 90th St 106 Nup WEST BELLEVUE NE Ave 156th
42nd Ave E42nd
122nd Ave NE th Ave NE Way NE 30th Place 3rd St 7th Ave 118th Ave NE Deliveries NE 86th Ct NE 29th St NE Ave 172nd Market St NE 85th St 5th Ave NE 28th St Redmond Way 2017 2018 2019 2020 FUTURE TOTAL 140th Ave140th NE
134th Ave NE 134th
51st Ave NE
8th Lane 9 Lane Lake St Central190 Way 154th Ave NE
2nd Ave NE Ave 135th
137th Ave NE Ave 137th NE 27th Place 50 469 934 415 300 1,690 3,808 NE 26th Place 132ndAve NE 122nd Place NE NE 65th St 128 175 Ave NE 116th NE 80th Pl EFFICIENCY UNITS* POTENTIAL CONDOS † 91st Place NE 152nd Ave NE Ave 152nd
79th Ave NE79th
120th Ave NE
101st Ave NE
0 1,030 178th Ave NE 92nd Ave NE Ave 92nd School Road NE 24th St NE 76th St 28th Ave E 5th Ave S Lake Washington Bellevue Way NE NE 21st Place 132nd Ave NE State St S 80th Ave NE Ave 80th
McGilvra Boulevard E NE 22nd Court e NE NE 72nd St 124th Ave NE
88th Place NE 180th Ave NE Ave 180th Av 24th Ave E Ave 24th 59 NE 70th Pl NE 20th St
78th Ave NE Ave 78th NE 20th St NE Penrith Rd NE 70th St NE 69th St 136th Place NE e NE
134th Ave NE
21st Ave E21st
2nd St S
Washington Park NE 68th St Av Deliveries 112th Nup Way NE 67th St Lake St S NE 66th Ct Evergreen Point Road 19th Ave E19th E Madison St 2017 2018 2019 2020 FUTURE TOTAL NE 17th Place NE 65th St Clyde Lane 116th
0 368 NE0 63rd St175 59 602 NE Ave 108th NE 16th St
114th Ave NE 114th NE 12th St NE 62nd Ct 178th Place NE
NE 14th St Gravel Road E Harrison St EFFICIENCY UNITS* POTENTIAL CONDOS † NE 59th St NE 60th St
84th Ave NEAve 84th 168th Place NE 0 0 NE 13th St NE 12th Place NE 12th St Ave144th NE NE 1st St
127th Place NE NE 11th Place Evergreen Drive 166th Ave NE Bridlewood Circle 53rdAve NE 183 Lakeview Dr 317 Madison Valley NE Ave 130th
137 258 129th Place NE
24th Ave E Ave 24th NE 9th Place 173rd Ave NE
164th Ave NE 176th Ave NE Ave 176th 140th Ave 140th Ave NE 162 157 NE 51st St 148th Ave NE 8th St NE 52nd St
219th Ave NE
Will 196th Ave NE 23rd Ave E Ave 23rd 3rd St NE 90th Way NE 90th St ows Road NE REDMOND Snohomish Drive † NE 8th St 9th Ave Madrona Drive NE 48th Pl Ave100th NE NE 89th St 260 NE 88th St 108th Ave NE E Olive St 131st Ave NE NE 7th St 148thAve NE 335 †
Highmoor Lane Howell Place
110th Ave 110th NE 155th Ave NE
185th Ave NE 114th Ave NE 293 NE 87th St Overlake Drive E
NE 85th St 103rd Ave NE 122nd Ave NE Redmond Wa NE 45th Ct NE 5th St ECentral Pike Way St NE 84th St 74 NE 85th St NE 1st NESt 85th St 100 NE 84th St Bellevue NE 4th St 2nd Ave 154th Ave NE 218 y ondale Road NE 188th Ave NE Av E Union St 249 206th Place NE †
e NE 300 178th Place NE NE 2nd Place 221stAve NE 9 Lane NE 80th Lane 96 229th Drive NE Av Madrona Hunts Point Rd NE 80th St NE 2nd St 57
37th Ave37th
NE 80th St e NE 1st Ave S 192 Cleveland St NE 39th St NE 40th St 154
116th Ave SE 92nd Ave 92nd Ave NE Av 132ndAve NE 100 NE 78th St 196 Penny Lane 124th
192nd Ave NE 192nd e 96 102 135 † 360 NE Points Dr NE 37th St 102nd Ave SE Bellevue Way SE 100 Main St 199th
2nd St S Main St
Av 195 130 NE 75th St
23rd Ave23rd 34 95 165 184th Court NE 286 NE 74th St Ave NE 157th NE 73rd Way158 Redmond 500108th Ave SE 38th 112th Ave NE Ave NE 140th 163rd Ave SE y NE Union Hill Road NE 70th Place Bear Creek Parkway NE 71st St
34th Ave34th NE 70th St 36th Ave36th NE 69th St Wa
State St S NE 31st Pl NE 32nde NE St
Av SE 4th Place
NE 67th St Evergreen Point Rd NE 68th St NE 30th Pl Marym W Lake Sammamish Parkway NE 40 156th Ave NE NE Redmond Way 227th Ave NE
232nd Ave NE 6th St S Deliveries Ave157th NE NE 66th Place
E Alder St NE 65th St 196th NE 28th St oor Park Road 2017 2018 2019 NE2020 64th CourtFUTURE TOTAL SE Ave 140th 134th Ave 134th Ave NE
224th Ave NE
Nside Road e NE 62nd Place Lakeview Drive Points Dr NE NE 62nd Court Lake Hills Boulevard 135th Ave135th NE Lake Hills Connector E Fir St NE 26th St NE 26th Pl 137th Ave NE Av 265 589 1,289 0 283 2,426 NE 61st Place SE 8th St 113th Place NE NE 60th St Bridlewood Circle Ave NE 116th
208th Ave NE 208th
20th Place S
Leschi e NE SE 10th St 29th NE 58th Place 121st Ave SE SE 10th Place 154th Ave NE WWW.SEATTLEMULTIFATMILYTEAM.COM 41
190th Place NE Av
Lakeside Ave 187th Place NE e NE 115th Place NE 115th Av e NE 188th
Martin Luther King Junior NE Redmond Fall City Road
Richards Road 147th Ave SE Av
126th Ave SE
140th SE 14th St NE 52nd St e NE Av NE 51st St 236th e S
228th Ave NE Yakima Place S NE 48th Place NE 50th St 136th Place SE 108th Ave NE 123rd Ave SE 148thAve NE SE 16th St Av 156th 47th St
145th Ave NE 134th Ave NE
162nd Ave NE 112th Ave NE 112th 145th Place SE e SE e SE
26th Ave26th S
35th Ave35th S 23rd NE 45th Place W Lake Sammamish Parkway SE NE 45th Court Bel Red Road Av Av
NE 43rd Ct 203rd Ave NE NE 44th St W Lake Sammamish Parkway NE e NE NE 42nd Way e SE
19th Ave19th S
139th Ave SE Av Killarney Way SE 105th 104th NE 42nd St Av SE 20th Place 112th Ave SE e SE
115th Ave NE 6th NE 39th St NE 40th St 11
132ndAve NE
S Irving St Av N Mercer Way
118th Ave SE 118th e NE 140th Place SE 148th
E Lake Sammamish Parkway NE e SE NE 36th Place Av NE 37th Way Av 168th
170th Ave NE SE 24th St NE 35th St 140th Sahalee Way NE 60th Ave SE SE 25th St NE 34th St e SE 132nd
e SE SE 26th St NE 32nd Court
77th Ave SE
S Grand St Av Nup Way NE 31st Place NE 31st St Av e NE
151st Place NE
109th Ave SE
36th Ave36th S
113th Ave SE
Bellevue Way NE Av e NE NE 30th Place 233rd Place NE Kelsy Creek Road Rainier Ave S S Plum St 70th Av NE 29th St 74th
134th Landerholm Circle SE 135th NE 26th Place 137thAve NE
156th Ave156th SE
e NE NE 26th St 205th Place NE W Mercer Way Av
120th Ave NE
170th Ave SE 170th
178th Ave NE e SE
e S NE 24th St e SE 236th Place NE Av SE 32nd St 106th SE 33rd St 161st Ave SE Av e NE
Island Crest Way Av e NE
76th Ave76th SE SE Egate Way Av Av e S 164th Place SE NE 20th Place 21st 128th SE 34th St
6th NE 20th St 84th Av 11 228th
112th Ave NE 112th NE 20th Way e NE Nup Way SE 36th St e SE
Av Gallagher Hill Road
112th Ave SE 112th
31st Mount Baker NE 17th Place SE 37th St Av
124th Ave NE 124th Bellevue Redmond Road Mercer Island 231st Place NE e S NE 16th Place SE 37th Place
108th NE 15th Place NE 16th St Egate Av
SE 39th St E Mercer Way S Hanford St 132nd 33rd SE 40th St Tulalip Key SE 40th St 2017 | Seattle Neighborhood Apartment Market Study Data Sources Efficiency Unit Definitions
Rent & Vacancy Dupre + Scott Minimum Average Average Unit Type Description Status Data *Rent and Vacancy data 20-50 units Size Size Monthly Rent Sales Data Real Capital Analytics CoStar Dupre + Scott A type of housing in which each individual or family has a King County Registrar Allowed Congregate private bedroom or living quarters, but shares with other 70 SF 140-200 SF $700-$1,000 in Certain Housing residents a common dining room, recreational room, or Properties sold for re-development are not included Zones other facilities. as sales Development Data City of Seattle Department of Planning Real Capital Analytics Dupre + Scott CoStar Housing style started in Seattle in 2009. 8 bedrooms Pierce Eislen Micro containing a kitchenette and private bathroom share one Not Seattle in Progress 70 SF 140-200 SF $700-$1,000 Housing common area like a kitchen. This style of project was Allowed banned by legislation in 2014. † Possible condo/apartment developments included in unit count numbers.
Development data collection completed as of December 15, 2016 Employment Data Puget Sound Regional Council A Small Efficiency Dwelling Unit (SEDU) is a slightly SEDU Not Washington State Employment Security Department 220 SF 220-250 SF $1,000-$1,300 undersized conventional studio apartment. It has a (old) Allowed (WESD) complete kitchen, bathroom and closet space. The Puget Sound Economic Forecaster
EMPLOYMENT DATA CALCULATIONS: This study pulls sector-level data from two primary This unit designation is a result of SDCI adopting the “70- sources: the WESD and the PSRC. The industries 7” rule, a new interpretation of building code language that highlighted in the Year in Review section break down establishes the “minimum clear floor space” in a dwelling SEDU 220 SF 270-300 SF $1,100-$1,400 unit. The result is that it is almost impossible to design Allowed like this: (new) • Professional & Bus. Services -- NAICS 54-56 a unit at the minimum size of 220 SF. These rules are currently under review and may or may not change in • Education & Health Services -- NAICS 61-62 2017. • FIRE -- NAICS 31-33, 51, 52,21-25 • STEM -- NAICS 51, 5413, 5415 Demographic Data U.S. Census An Efficiency Dwelling Unit (EDU) is simply a conventional studio apartment. Typically these are called Efficiency *The Census defines a unit as a house, an EDU 300 SF 300-370 SF $1,400-$1,600 Allowed apartment, a group of rooms, or a single room Dwelling Units when the average unit size in a building is occupied or intended for occupancy as separate less than 400 SF. living quarters.
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and /or its licensor(s). © 2017. All rights reserved.
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