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3242 Eastlake Commercial Condominium SEATTLE CBD

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3242 Eastlake Commercial Condominium SEATTLE CBD 3242 Eastlake Commercial Condominium SEATTLE CBD CAPITOL HILL LIGHT CAPITOL HILL RAIL STATION SOUTH LAKE UNION LAKE UNION EASTLAKE UNIVERSITY OF 3242 FREMONT WASHINGTON Eastlake Commercial Condominium U DISTRICT WALLINGFORD ROOSEVELT OFFERING Paragon Real Estate Advisors is proud to exclusively offer for sale the Eastlake Commercial Condominium. This 2,830 square foot space is currently occupied by the 4.7 star Sebi’s Bistro, a popular polish restaurant. The property is a short walk to the University of Washington and all the great amenities that Eastlake has to offer. This commercial space is located in one of Eastlake’s most significant buildings. The property was remodeled in the 1920’s by Frederick Anhalt and is believed to be Anhalt’s first building. The property is now know as the Martello Condominiums. This A+ location offers an investor the opportunity to own a commercial space with a great NNN tenant. NAME Eastlake Commercial Condominium ADDRESS 3242 Eastlake Ave E, Seattle WA 98102 BUILT 1916/1990 SQUARE FEET 2,830 Total Net Rentable PRICE $1,099,950 PRICE PER FOOT $388.67 CURRENT GRM/CAP 13.42/6.09% MARKET GRM/CAP 10.09/7.46% This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. INVESTMENT HIGHLIGHTS A+ location One of Eastlake’s most significant buildings Frederick Anhalt’s first building 2,830 net rentable square feet $23 NNN lease 6.09% Cap rate Highly visible corner location 3 story, stucco clad building Steep gable roofs and distinctive Norman French appearance Located on major bus routes Close to the CBD and the University of WA 3242 Eastlake Commercial Condominium LOCATION HIGHLIGHTS For the past few decades, it’s been like one long episode of “Extreme Makeover: Neighborhood Edition” in Eastlake. Almost 60% of the residences there were built after 1980, most of them the kind of five-story apartment buildings with retail space on the ground level. It has probably the most eclectic, if not unusual, assortment of architecture in Seattle, with floating homes, urban condos, turn-of-the-century homes, modern townhomes and old brick apartment buildings. This makes the area WALK SCORE very fun and lively, both for residents and those who want to visit. 76 Perfectly positioned between UW, South Lake Union, Downtown and Capitol Hill neighborhoods Minutes to Amazon’s 30,000+ employee corporate campus in South Lake Union Tech and bio-tech companies are expanding their presence in South Lake Union TRANSIT SCORE and nearby Fremont neighborhoods 78 Short walk to the shores of Lake Union One block to excellent restaurant, bar and retail amenities on Eastlake Avenue E Active transit service to UW and the downtown CBD via King County Metro Bus Routes 71/72/73 Quick access to I-5, 520 to the Eastlake and Highway 99 BIKE SCORE 79 EASTLAKE Eastlake is one of Seattle’s most iconic neighborhoods, boasting the famous flotilla of boat houses on the lake, surrounded by an eclectic mix of historical townhomes, modern condominiums and colorful apartment buildings. It is a neighborhood with a rich and distinctive history and feel. Starting as little more than a floating shantytown for migrant workers has transformed over time into a diverse and electric neighborhood. While once considered “floating shanties”, these residences are still small, but vary from modest to opulent. It’s perfectly positioned at the center of Seattle’s urban and cultural hub—UW, South Lake Union, Downtown and Capitol Hill, giving residents and visitors alike a unique and active springboard towards accessing work and play within the city. Its minutes away from Amazon’s 30,000+ employee campus in South Lake Union, and adjacent to many tech and biotech companies that make up a large part of the city’s employment infrastructure, such as Adaptive Biotechnologies and Immune Design Corporation. Local coffee shops, boutiques and other businesses also thrive alongside large chains. Eastlake is an attractive neighborhood and conveniently located to major thoroughfares and public transportation that make accessing the city at large easy. Many of the major bus routes connect to the U District and Downtown, opening up an enormous range of options for employment, education and entertainment for residents and visitors alike. AMENITIES MAP 10 14 SHOP & SERVICES 11 6 FOOD & DRINK 1 1. Eastlake Bar and Grill 1. Lake Union Sea Ray 2. Le Fournil Bakery 2. Seattle Marina 3. Sushi Kappo Tamura 3. Patrick’s Fly Shop 2 2 3242 8 4. Mammoth 4. Saint Mark’s Cathedral 1 Eastlake Commercial Condominium 9 5. Pomodoro Ristorante 5. Montlake Bicycle Shop 2 3 6. Starbucks 6. Monts Market 7. Pagliacci Pizza 7. Montlake Blvd Market 10 12 8. UW Medical Center 9 8. Serafina 1 9. Grand Central Bakery 9. UW Light Rail Station 10. Ivar’s Fish Bar 10. Little Lago 3 11. Aqua Verde Cafe 11. WSECU 7 12. Little Water Cantina 12. Pete’s Supermarket 4 13. Siam on Eastlake 5 7 4 14. La Messe 5 6 15. Milkmakers 12 16. Volunteer Park Cafe 3 6 8 PARKS & SCHOOLS 5 14 1. Gas Works Park 2. Fairview Park 7 3. Roanoke Park 13 9 4. Seattle Prep School 5. Montlake Playfield 6. University of WA 16 11 7. Interlake Park 4 10 8. Volunteer Park 8 9. West Montlake Park 10. Stevens Elementary WHY CHOOSE SEATTLE - KING COUNTY? A HIGHLY-SKILLED WORKFORCE The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher. Top-tier talent is one of the key reasons out-of- state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County. ESTABLISHED INDUSTRY CLUSTERS The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known CUTTING-EDGE RESEARCH Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success. *Data Sources: Washington State Employment Security Department, 2015; Washington State Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic Impacts 2016 Update; US International Trade Administration, 2014. POPULATION, EDUCATION, INCOME King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021. The county currently has 18 cities with populations greater than 20,000. Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle’s adult residents have a Bachelor’s degree or higher, nearly twice the national average. An educated city means an educated workforce—a solid backbone for the innovative, knowledge-based industries that drive Seattle’s economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor’s degree or higher. Roughly 28 percent of King County residents are in professional business/managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels. MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT MAJOR EMPLOYERS - SOUTH LAKE UNION BUILDING PHOTOS INTERIOR PHOTOS FLOOR PLANS Income and Expenses Retail Spaces 1 Price $1,099,950 Year Built 1916/1990 Per Sq. Ft. $388.67 Rentable Area 2,830 Sq.Ft. Current GRM 13.42 Down Pmt $439,980 Current CAP 6.09% Loan Amount $659,970 Market GRM 10.90 Interest Rate 4.75% Market CAP 7.46% UNIT TYPE SIZE CURRENT RENT MARKET RENT Sebi’s Bistro 2,830 Sq.Ft. $5,500 $7,075 Total/Avg $23 NNN $30 NNN MONTHLY INCOME CURRENT MARKET Monthly Scheduled Rent $5,500 $7,075 Property Tax Reimbursement $480 $480 CAM Reimbursement $851 $851 Miscellaneous $0 $0 Total Monthly Income $6,831 $8,406 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $81,972 $100,872 ANNUALIZED OPERATING EXPENSES CURRENT MARKET Less Expenses $14,974 $18,820 RE Taxes Actual 2018 $5,754 $9,600 Net Operating Income $66,998 $82,052 CAM Dues Actual 2017 $9,220 $9,220 Annual Debt Service ($3,443/mo) $41,313 $41,313 Total Exp $14,974 $18,820 Cash Flow Before Tax 5.84% $25,685 9.26% $40,739 CURRENT Exp/Foot $5.29 MARKET Exp/Foot $6.65 Principal Reduction $10,184 $10,184 OPS OPS % of EGI 18.27% % of EGI 18.66% Total Return Before Tax 8.15% $35,869 11.57% $50,923 SALES COMPARABLES Year Built 1916/1990 1 Year Built 2003 Sq.Ft. 2,830 Sq.Ft. 2,728 Sales Price $1,099,950 Sales Price $1,075,000 Price/Foot $388.67 Price/Foot $394.06 CAP 6.09% CAP N/A 3 Sales Date TBD Sales Date 9.28.2018 3242 Eastlake Ave E 3213 - 3221 Eastlake Ave - Unit 110 4 2 Year Built 1996 3 Year Built 2017 Sq.Ft.
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