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Northgate 28 Video CLICK HERE TO VIEW THE NORTHGATE 28 VIDEO PROPERTY HIGHLIGHTS • Exceptional value-add opportunity • First time ever on the market • Large one- and two-bedroom units NORTHGATE 28 • Exceptional location in Seattle’s Northgate 28 UNITS • 10014 5TH AVENUE NE, SEATTLE, WA neighborhood • Nearby Northgate Mall, Northgate Transit Center, North Seattle College (17,000 students) • Convenient to Interstate 5 and Highway 99 VALUE-ADD OPPORTUNITY CBRE presents Northgate 28, a well-maintained multifamily property located in the desirable Northgate neighborhood. Just 15 minutes north of downtown Seattle, Northgate 28’s exceptional location adjacent to the Northgate Mall and the Northgate Transit Center—the future home of a Link Light Rail expansion—puts residents within walking distance from retail, restaurants and recreation and offers an easy commute to Seattle’s major employers. Northgate 28 presents a compelling value-add opportunity for investors through rebranding the community with new paint, signage and lighting as well as updating the unit interiors to compete with surrounding product. In conjunction with tasteful interior updates, there is the potential to increase rents by over $200 per unit over the next 12 months, while still offering an attractive and affordable value-proposition to residents. Moreover, the Property is situated within an Urban Village zoning overlay, which allows future possibilities for additional density and height. OUTSTANDING PRODUCT The Property offers 28 clean, spacious one- and two-bedroom units in addition to an on-site laundry facility, and an abundance of parking. Units feature well-equipped kitchens with plenty of cabinets as well as a refrigerator, range, dishwasher and built-in microwave. Units also feature large patios or balconies with city views, ceiling fans, tile in the wet areas, and carpet in the living areas. Northgate 28’s well-maintained units afford investors the opportunity to improve the community through cosmetic, value-add interior renovations and exterior rebranding. EXCEPTIONAL LOCATION Northgate, located 15 minutes north of downtown Seattle, is well known for housing the Northgate Mall, a 130-store retail destination anchored by Nordstrom, Macy’s, JCPenney and Bed Bath & Beyond. Northgate 28 is located directly across the street from the mall and Thornton Place, offering residents a five-minute walk to major retailers and popular restaurants, including Nordstrom Rack, Eddie Bauer, DSW, Starbucks, Red Robin, Bluefin Sushi and California Pizza Kitchen. The Property is also five-minute walk to the Northgate Transit Center, which offers King County Metro and Sound Transit bus services throughout the Seattle metro. A brand new Link Light Rail line is currently under construction at the transit hub, with expected completion in 2021. The Link Light Rail runs north and south from SeaTac Airport to the University of Washington, and access to the light rail at Northgate will significantly cut down commute times for residents and is located two blocks from the Property. VALUE-ADD POTENTIAL Northgate 28 is well-positioned for an investor to take advantage of implementing a value-add program to the Property. New ownership is able to complete a renovation scope that includes adding washer/dryers to all of the units, vinyl plank flooring throughout the interiors, faux stainless-steel appliances, new cabinet faces, and updated bathroom and lighting fixtures. We have underwritten a 1-year renovation program with average costs of $15,000 per unit, resulting in $200 premiums. Executing the above value-add strategy offers a significant return on cost in a property that is well positioned to capture the increases associated with the rent wave that is rolling through the Northgate market. Unit Type Unit Count Avg. SF In-Place Rents In-Place Rents PSF PROPERTY DETAILS 1BR / 1BA 21 648 $1,165-$1,495 $1.80-$2.31 Address 10014 5th Avenue NE 2BR / 1BA 7 861 $1,640-$1,865 $1.90 -$2.17 Seattle, WA 98136 TOTAL/AVG 28 701 $1,419 $2.02 No. of Units 28 Rentable SF 19,638 SF Land Area 22,131 SF Price $7,750,000 CBRE EXCLUSIVE AGENTS • PNW MULTIFAMILY Price per Unit $276,786 PRIMARY PROJECT TEAM Price per SF $395 Steven Chattin Mitchell Belcher Jay Timpani First Vice President First Vice President Vice President Cap Rate 3.70% +1 206 442 2707 +1 206 292 6003 +1 206 292 6074 Year 1 Cap Rate 5.55% [email protected] [email protected] [email protected] (Including Reno Cost) Year Built 1967 www.CBRE-Northgate28.com Parking On-Site Parking Lot © 2018 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or Parcel Number 322604-9298 future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Zoning LR3.
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