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4236 7Th Ave Ne | Seattle, Wa 98105 MONTLAKE VILLAS 4236 7TH AVE NE | SEATTLE, WA 98105 BRIAN THIRTYACRE TY LIGHTY PRINCIPAL | BROKER BROKER P: 206.505.9402 P: 206.505.9407 [email protected] [email protected] Headline font MONTLAKE VILLAS WESTLAKE ASSOCIATES | 2 Investment Offering PROPERTY DETAILS WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE County King MONTLAKE VILLAS APARTMENT EXCLUSIVELY FOR SALE. Market University District Montlake Villas offers investors the rare opportunity to acquire a highly sought after 9,000 SQFT Land Use Apartments parcel in the heart of the U District, and only 4 blocks from the new transit station. Zoned MR(M1) Style Low-Rise the large lot allows developers to take advantage of the University of Washington Growth plan in which the UW has plans to add approximately 6 Million SQFT to the campus by 2028. Roughly half APN# 409230-0995 of the growth will occur on the West Campus, just a few blocks from Montlake Villas. Montlake Villas Zoning MR (M1) in it’s current state is a well maintained, occupied 11 unit, that will allow developers great cash flow while navigating through the design and permitting process. BUILDING INFORMATION PROPERTY HIGHLIGHTS Name Montlake Villas Address 4236 7th Ave NE • Rare 9,000 SQ. FT. Lot Zoned MR (M1) Seattle, WA 98105 Year Built 1998 • Allowable FAR Area 40,500 Sq. Ft. # of Buildings 1 # of Floors 3 • No Parking Requirement # of Units 11 • 1998 Construction Lot Size 9,000 SF Net Rentable SF 7,093 SF • Centrally Located in the University District Construction Wood Heat Electric • 4 Blocks from Brooklyn Light Rail Station & University Roof Composition of Washington Campus Laundry Common • Easy Access to I-5 Corridor Parking Garage • WalkScore: 90 - Walker’s Paradise WESTLAKE ASSOCIATES | 3 Location NE 43RD ST 4236 7TH AVE NE 4236 7TH AVE NE 8TH AVE NE 8TH AVE 7TH AVE NE 7TH AVE NE 42ND ST WESTLAKE ASSOCIATES | 4 Financial Analysis # UNITS TYPE SF CURRENT PSF PRO FORMA PSF PRICE ANALYSIS 1 1 BD | 1 BA 485 $1,250 $2.58 $1,575 $3.25 8 2 BD | 1 BA 625 $1,808 $2.89 $2,000 $3.20 PRICE UNPRICED 1 2 BD | 2 BA 650 $1,695 $2.60 $1,750 $2.69 1 3 BD | 2 BA 950 $3,000 $3.15 $3,300 $3.47 TOTAL 11 7,085 SF $20,625 $2.74 $22,625 $3.22 INCOME CURRENT PRO FORMA Scheduled Rent Income $244,908 $271,500 + Utility Recovery $15,180 $15,180 + Parking $3,000 $12,000 + Laundry Income $900 $900 Scheduled Gross Income $263,988 $299,580 - Vacancy & Credit Losses ($10,524) 4.00% ($11,947) 4.00% Gross Income $253,464 $287,633 EXPENSES CURRENT PRO FORMA RE Taxes (2021) $42,900 $44,000 Insurance $5,201 $5,201 Professional Management $12,145 $17,258 Utilities $11,588 $12,000 Repairs & Maintenance $16,450 $13,200 Miscellaneous / Reserves $2,750 $2,750 Total Expenses $91,034 $94,409 OPERATING DATA CURRENT PRO FORMA Net Operating Income $162,430 $193,224 Total Return Before Taxes $162,430 $193,224 Rent Roll UNIT UNIT TYPE SF PROFORMA RENT / SF 1 2 BD | 2 BA 675 $1,600 $2.37 2 1 BD | 1 BA 650 $1,200 $1.84 3 2 BD | 1 BA 650 $1,750 $2.69 4 2 BD | 1 BA 650 $1,750 $2.69 5 3 BD | 2 BA 950 $3,000 $3.15 6 2 BD | 1 BA 650 $1,825 $2.80 7 2 BD | 1 BA 650 $1,875 $2.88 8 2 BD | 1 BA 650 $1,750 $2.69 9 2 BD | 1 BA 650 $1,950 $3.00 10 2 BD | 1 BA 650 $1,825 $2.80 11 2 BD | 1 BA 650 $2,100 $3.23 TOTAL / AVG 11 7,085 SF $20,625 $2.74 WESTLAKE ASSOCIATES | 6 Interior Photos WESTLAKE ASSOCIATES | 7 Exterior Photos WESTLAKE ASSOCIATES | 8 Sales Comparable Summary PRICE/ LAND COMPS SALE DATE PRICE BUILDABLE UNITS LOT SF POTENTIAL PRICE/NRSF UNIT U DISTRICT ASSEMBLAGE 10/01/2020 $19,570,000 221 20,438 $88,552 $958 4126-4138 12th Ave NE U DISTRICT SITE 12/27/2019 $2,270,000 35 5,000 $64,857 $454 4205 9th Ave NE DEVELOPMENT SITE 02/29/2020 $1,750,000 3,100 $322 4041 7th Ave NE UDISTRICT U-PARK 11/12/2019 $1,750,000 4,500 $389 4259 Roosevelt Way NE ROOSEVELT TOWNHOMES 03/05/2021 $3,300,000 24 2,857 $137,500 $1,155 5336 Roosevelt Way NE TRIPLEX ON MARKET $2,390,000 42 4,500 $56,905 $531 4054 7th Ave NE RIFT 12/23/2019 $1,940,000 50 4,918 $38,800 $394 818 NE 42nd St 8 PARCEL ASSEMBLAGE 11/04/2019 $39,140,000 449 41,200 $87,171 $950 4210-4238 12th Ave NE Averages $10,920,000 137 Units 10,814 SF $86,953 $644 Subject Property 4236 7th Ave NE 9,000 SF WESTLAKE ASSOCIATES | 9 Site Demographics & Amenities WHAT’S NEARBY POPULATION 1-MILE 3-MILE 5-MILE RETAIL H Mart UW Total Population 9,780 48,785 150,902 University Book Store Growth 2020 - 2025 (est.) 7.83% 8.05% 7.88% CVS 90 Target Median Age 37.5 37.9 37.4 Trader Joe’s HOUSEHOLDS & INCOME 1-MILE 3-MILE 5-MILE WALK SCORE SERVICES Total Households 4,090 19,211 57,734 UW Medical Center Walker’s Paradise Average HH Income $92,962 $104,971 $108,804 University of Washington Renter Occupied Housing 49.76% 38.71% 33.61% Peace Park North Passage Point Park ©COSTAR REALTY INFORMATION, INC. 2021 Burke Gilman Trail FOOD & DRINKS 65 Portage Bay Cafe Little Duck Voula’s Offshore Cafe Ivar’s Fish Bar ‘ BIKE SCORE Donut Factory Bikeable Tower Cafe Ugly Mug Cafe Korean Tofu House Starbucks Guanaco’s Tacos Pupuseria Cafe Allegro Burger & Kabob Hut 100 Samurai Noodles Aladdin Gyro-Cery & Deli Big Time Brewery & Alehouse bb.q Chicken UW TRANSIT SCORE MOD Pizza Rider’s Paradise Jai Thai WESTLAKE ASSOCIATES | 10 University District THE U DISTRICT, surrounding the University of Washington, is an eclectic mix of urban shopping areas; historic homes and architecture; and great cafes, pubs, restaurants, and theaters. The “U District” has a youthful and relaxed feel with lots of dining and shopping deals to take advantage of. Much of the charm of the U District can be found in simply strolling the area of the University of Washington’s gorgeous grounds which include historic buildings, gardens, sprawling green space. In spring, the iconic blossoming cherry trees in the UW Quad has been a destination for onlookers from around the world. “The Ave,” (University Way) is a popular gathering place with many eateries and funky shops. On 17th Avenue NE, a tree-lined lane known as Greek Row, passerby’s can admire the stately mansions that house UW’s fraternities and sororities. The University of Washington Seattle campus is situated on the shores of Union and Portage Bays, with views of the Cascade Range to the east and the Olympic Mountains to the west. Those looking for outdoor pursuits will feel right at home among the students who can often be found kayaking on Lake Union or Portage Bay, biking the Burke Gilman trail or catching a football game at Husky Stadium, known for its unique tailgating parties, called “sailgating” as some arrive by yacht rather than by car. The University of Washington, founded in 1861, is a public, comprehensive institution. UW has earned an international reputation for its research in such fields as Asian languages and literature, cell biology, computer science, forestry, international studies, nursing and physics. Its 703-acre campus, graced by Collegiate Gothic architecture, meandering paths and immacu- lately landscaped grounds, is located in a residential section of Seattle five miles from downtown. #19 TOP PUBLIC by U.S. News SCHOOL in 2021 #1 MOST INNOVATIVE by Reuters UNIVERSITY DISTRICT Public School in the World in 2019 WESTLAKE ASSOCIATES | 11 Transportation Bus Stops for Routes 44 & 64 Two bus stops with major routes from the UW Station. Route 44 travels from the UW Station to Wallingford, and then to Ballard. Route 64 travels from Jackson Park to BUS Cherry Hill, by way of North Seattle, Wedgwood, Green Lake, South Lake Union, STOPS First Hill, and then to Cherry Hill in the Capitol Hill District. UNIVERSITY OF WASHINGTON STATION Location: Adjacent to Husky Stadium LIGHT RAIL STATIONS Travel Time to Downtown Seattle: 8 Minutes Travel Time to Sea-Tac Airport: 46 Minutes Amenities: Bicycle Racks, Ticket Vending Machines Bus Stop for Route 44 U District U DISTRICT STATION Station Opening: 2021 (Opening 2021) Location: On Brooklyn Ave NE between 45th & NE 43rd Streets Travel Time to Downtown Seattle: 8 Minutes Travel Time to Sea-Tac Airport: 41 Minutes Bus Stop Travel Time to Northgate Station: 5 minutes for Route 64 Amenities: 100 Bicycle Racks, Ticket Vending Machines U-DISTRICT LIGHT RAIL STATION TO OPEN THIS FALL, WILL SERVE STUDENTS AND SURROUNDING COMMUNITY “The new U-District Link Light Rail station on Brooklyn Avenue is set to open this fall, connecting the neighborhood more easily with Seattle’s downtown corridor. The station is part of the Northgate light rail expansion project approved by voters in 2008, which began construction in 2012.” University of READ THE FULL ARTICLE HERE Washington Station KEY WESTLAKE ASSOCIATES | 12 BUS STOPS LIGHT RAIL STATIONS About Westlake Since 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound Region.
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