Off ering Memorandum
THE MICHELLE 319 N 105th St Seattle, WA
Exclusively offered by Paragon Real Estate Advisors
600 University Street | Suite 2018 | Seattle, WA 98101 1 P 206.623.8880 | E [email protected] | ParagonREA.com Off ering Summary
Paragon Real Estate Advisors is proud to offer The Michelle Apartments, a 4-unit apartment building located in the desirable Greenwood neighborhood. The location offers quick access Ballard, Northgate, Fremont and the CBD via I-5 and Aurora Avenue. The property offers all 2-bedroom units with modern fl oorplans, common laundry, ample parking, and great rental upside.
Name The Michelle Address 319 N 105th St, Seattle, WA Total Units 4 Built 1960 Square Feet 3,288 Total Net Rentable Price $1,175,000 Price Per Unit $293,750 Price Per Foot $357 Current GRM/CAP 18.44/3.83% (3% Vacancy) Market GRM/CAP 14.11/5.45% (5% Vacancy) Terms Cash Out Lot Size 4,900 Square Feet Zoning C1-40
600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Investment Highlights
Walkable location
Potential to add a unit in the basement (buyer to verify)
Low maintenance property with little vacancy
Upside in rental income
Desirable C1-40 zoning in frequent transit corridor
Freshly painted exterior
5 tandem parking spaces
Common laundry
Double pane vinyl windows
Poised for future appreciation
600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Map
SEATTLE CBD QUEEN ANNE
PUGET SOUND FREMONT BALLARD
GREENLAKE
GREENWOOD
THE MICHELLE APARTMENTS
CARKEEK PARK
GREENWOOD AVENUE N
NORTHGATE
600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Location Highlights
Part of growing and dynamic Greenwood neighborhood
Access to walkable amenities such as restaurants, bars and recreation centers
15 minutes from downtown CBD
Quick walk to Rapid Transit stop
Easy access to I-5 and Aurora
Close to Fremont and Ballard which are growing hubs for employers
Ability to live in city and commute north while eschewing downtown freeway traffi c
Major employers headquarter nearby: Amazon, Nordstrom, Expedia, Zillow, Tableau Weyerhaeuser
Major companies opening offi ces nearby: Google, Facebook, Apple, Ebay, Dropbox, Twitter, Uber
600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com Employment
Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace fi rms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston.
> Adobe > Nordstrom > Alaska Airlines > Paccar > Amazon > RealNetworks > Apple > REI > AT&T Wireless > Russell Investments > Boeing > SpaceX > Costco > Starbucks > Expedia, Inc. > Symetra Financial > Expeditors International > Tableau Software > F5 Networks > T-Mobile > Facebook > Twitter > Fred Hutchinson > Uber > Gates Foundation > University of Washington > Getty Images > Virginia Mason > Google > Weyerhaeuser > Microsoft > Zillow > Nintendo > Zulilly
600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com Unit Photos
600 University Street | Suite 2018 | Seattle, WA 98101 7 P 206.623.8880 | E [email protected] | ParagonREA.com Operating Summary
Units 4 Price $1,175,000 Annualized Operating Data Current Market Year built 1960 Price Per Unit $293,750 Scheduled Gross Income $63,720 $82,320 Rentable Area 3,288 Per Square Foot $357.36 Less Vacancy 3.00% $1,912 5.00% $4,116 Down Payment $293,750 Current GRM 18.44 Gross Operating Income $61,808 $78,204 Loan Amount $881,250 Current CAP 3.83% Less Expenses $16,851 $16,851 Interest Rate 5.0% Market GRM 14.27 Net Operating Income $44,957 $61,353 Amortization 30 Years Market CAP 5.22% Annual Debt Service ($4,730.74) $56,769 $56,769 Cash Flow Before Tax -4.02% ($11,811) 1.56% $4,584
Current Monthly Market Monthly Principal Reduction $13,002 $13,002 Units Type Size Rent Income Rent Income Total Return Before Tax 0.41% $1,190 5.99% $17,586
1 2Bd/1Bth 822 $1,250 $1,250 $1,600 $1,600 Annualized Operating Expenses 1 2Bd/1Bth 822 $1,200 $1,200 $1,600 $1,600 Current Market 1 2Bd/1Bth 822 $1,350 $1,350 $1,600 $1,600 Real Estate Taxes $8,251 $8,251 1 2Bd/1Bth 822 $1,350 $1,350 $1,600 $1,600 Insurance $1,200 $1,200 4 Avg S.F. 822 $1.57 $1.95 Utilities $4,400 $4,400 Maintenance & Repairs $3,000 $3,000
Total Monthly Income Total Expenses $16,851 $16,851 Monthly Scheduled Rent $5,150 $6,400 Utility Income $0 $75/Unit Avg $300 Laundry Income $140 $140 Current Expenses/Unit $4,213 Market Expenses/Unit $4,213 Other Income $20 $20 Operations Expenses/Foot $5.13 Operations Expenses/Foot $5.13 Total Monthly Income $5,310 $6,860 Percent of EGI 26.45% Percent of EGI 20.47%
600 University Street | Suite 2018 | Seattle, WA 98101 8 P 206.623.8880 | E [email protected] | ParagonREA.com Sale Comparables
SUBJECT - THE MICHELLE 1. 9217 LINDEN AVE N 319 N 105th St, Seattle, WA Seattle, WA
Year Built 1960 Year Built 1965 Units 4 Units 4 Sales Price $1,175,000 Sales Price $1,250,000 Price/Unit $293,750 Price/Unit $312,500 Price/Foot $357 Price/Foot $355 GRM/CAP 18.44/3.83% GRM/CAP 21.0/3.4% Sales Date TBD Sales Date Pending
2. 718 N 85TH ST 3. 1824 NW 89TH ST Seattle, WA Seattle, WA
Year Built 1955 Year Built 1959 Units 4 Units 2 Sales Price $1,130,000 Sales Price $1,162,000 Price/Unit $282,500 Price/Unit $581,000 Price/Foot $376 Price/Foot $389 GRM/CAP 15.8/4.6% GRM/CAP 24.9/2.6% Sales Date 12.05.17 Sales Date 10.25.2017
4.1115 N 78TH ST 5. 10317 MIDVALE AVE N Seattle, WA Seattle, WA
Year Built 1950 Year Built 1968 Units 4 Units 6 Sales Price $1,225,000 Sales Price $1,710,000 Price/Unit $306,250 Price/Unit $285,000 Price/Foot $438 Price/Foot $403 GRM/CAP 19.7/3.7% GRM/CAP 14.15/5.0% Sales Date 6.12.2017 Sales Date 6.13.2017
600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com Sales Comparables Map
The Michelle 319 N 105th St Seattle, WA 5 THE MICHELLE 1 1. 9217 Linden Ave N Seattle, WA 3 4 2. 718 N 85th St 2 Seattle, WA 3. 1824 NW 89th St Seattle, WA 4. 1115 N 78th St Seattle, WA 5. 10317 Midvale Ave N Seattle, WA
600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com Paragon Real Estate Advisors
ABOUT PARAGON
Paragon Real Estate Advisors is the leading Seattle real estate investment fi rm for multi- family property sales in Washington State. We have accrued over $3.4 billion in sales and have closed over 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with.
At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profi tability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 23 years’ experience in the industry. Paragon’s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships.
The information found in this offering memorandum 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 the information and bears all risk for any inaccuracies.
600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com