Offering Memorandum
U DISTRICT ROOMING HOUSE
5214 17th Ave NE 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 Offering Summary
Paragon Real Estate Advisors is proud to exclusively list the U-District Rooming House. Located just north of Greek Row on tree-lined 17th Ave. NE, the property offers an investor an excellent opportunity to reposition the building in one of the most sought-after and growing rental neighborhoods in Seattle. The property has been utilized as a women’s shelter with offices located on site for the past 25 years (+/-) and will be delivered vacant on closing. Prior to the current ownership establishing the use as a ‘special residence – halfway house’ the property was permitted and operated as a boarding house. Christopher Day, a well-known architect and expert in the field, was told by a Seattle Department of Construction and Inspections Land Use Planning Supervisor that the use could continue as a congregate dwelling/ residence. Listing brokers and Sellers make no representations or warranties, expressed or implied, as to property or future uses of the property.
Name U District Rooming House Address 5214 17th Ave NE, Seattle WA 98105 U DISTRICT Built 1910 ROOMING HOUSE Square Feet 6,590 Total Finished (Per King County Records) Price $1,695,000 Price Per Foot $257 Terms Cash Out Lot Size 5,400 Square Feet Zoning SF 5000 (non-urban village)
600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Investment Highlights
First time on market in 25+ years
Located just north of UW Greek system
Well-suited rooming house for UW rental market
Walkscore of 89
Potential to reconfigure layouts for congregate dwelling
Off-street parking in alley
Fenced, private backyard
600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Map
SEATTLE CBD PUGET SOUND
CAPITOL HILL SOUTH LAKE UNION
FREMONT UNIVERSITY OF WASHINGTON
WALLINGFORD
UNIVERSITY DISTRICT U DISTRICT ROOMING HOUSE
600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Location Highlights
3 blocks to University of Washington’s Seattle campus with a population of 46,000 students
12 minute walk to future UW Light Rail Station (opens 2021)
Recent U-District upzone (March 2017) encourages nearby office and residential development
6 blocks to retail amenities on “The Ave” (University Way)
Quick access to Eastside and downtown CBD employers via 520 and I-5
Current Walkscore of 89, “Very Walkable”
600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com University District
The University District is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union neighborhood. The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 46,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base. The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, Green Lake Park, and Gas Works Park. This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus.
600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com University Link Light Rail and Future Light Rail Expansion
The University Link Light Rail station is located next to Husky Stadium and the platforms are big enough to handle game day crowds. Modern elevators and escalators connect the platforms to the nearby campus, UW Medical Center and surrounding neighborhoods. A new pedestrian bridge allows walkers and bikers to avoid traffic by connecting the station to upper campus and the Burke-Gilman Trail. By 2021, the University District is slated to gain a second link light rail station located on Brooklyn Ave NE between NE 45th and NE 43rd streets. It will serve the surrounding residential community, the “Ave” business district, other employment sites, the UW Tower and the north University of Washington campus. Its official name is now U District Station. Riders will board trains underground. The station will have two entrances along Brooklyn Ave NE with elevators, escalators and stairs. U DISTRICT The station will have about 100 bike parking spaces. The ROOMING HOUSE site is designed to accommodate future development above the station. When it opens in 2021, projected transit times suggest a 5 minute commute to Northgate and 8 minutes to Westlake Station in Downtown Seattle.
600 University Street | Suite 2018 | Seattle, WA 98101 7 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 firms 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 8 P 206.623.8880 | E [email protected] | ParagonREA.com Improvements
6,590 finished square feet (per King Co Records)
1910 construction
3 story-wood frame construction plus basement
Central hot water
All floors sprinkled
Updated electric panels in basement
Large kitchen on first floor
Newer roof
600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos
600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos
600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos
600 University Street | Suite 2018 | Seattle, WA 98101 12 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos
600 University Street | Suite 2018 | Seattle, WA 98101 13 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans
BASEMENT
600 University Street | Suite 2018 | Seattle, WA 98101 14 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans
FIRST FLOOR
600 University Street | Suite 2018 | Seattle, WA 98101 15 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans
SECOND FLOOR
600 University Street | Suite 2018 | Seattle, WA 98101 16 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans
THIRD FLOOR
600 University Street | Suite 2018 | Seattle, WA 98101 17 P 206.623.8880 | E [email protected] | ParagonREA.com Sale Comparables
U DISTRICT ROOMING HOUSE 1. RAVENNA 5 UNIT 5214 17th Ave NE, Seattle WA 5609 20th Ave NE, Seattle WA
Total Sq.Ft. 6,590 Rooms/Bath 7/3 Sales Price $1,695,000 Total Sq.Ft. 3,662 Price/Foot $257 Sales Price $1,015,000 Total Rent TBD Price/Foot $277 Total Rent $3,995 Sales Date 11.2.2016
2. 19 UNIT 3. U DISTRICT 7 UNIT 5033 Brooklyn Ave NE, Seattle WA 1818 NE 50th St, Seattle WA
Rooms/Bath 19/14 Rooms/Bath 7/3 Total Sq.Ft. 7,346 Total Sq.Ft. 3,010 Sales Price $1,900,000 Sales Price $1,000,000 Price/Foot $259 Price/Foot $332 Total Rent $10,800 Total Rent Unknown Sales Date 19.30.2016 Sales Date 4.28.2016
4. 11 BEDROOM BOARDING HOUSE 5030 17th Ave NE, Seattle WA
Rooms/Bath 11/3 Total Sq.Ft. 3,650 Sales Price $1,230,000 Price/Foot $337 Total Rent $6,845 Sales Date 4.13.2016
600 University Street | Suite 2018 | Seattle, WA 98101 18 P 206.623.8880 | E [email protected] | ParagonREA.com Sales Comparables Map
U District Rooming House 5214 17th Ave NE Seattle, WA
1. Ravenna 5 Unit 5609 20th Ave NE Seattle, WA 1 2. 19 Unit 5033 Brooklyn Ave NE Seattle, WA 3. U District 7 Unit 1818 NE 50th St U DISTRICT Seattle, WA ROOMING HOUSE 4. 11 Bedroom Boarding House 5030 17th Ave NE Seattle, WA 4 2 3
600 University Street | Suite 2018 | Seattle, WA 98101 19 P 206.623.8880 | E [email protected] | ParagonREA.com Rent Comparables
Rooms/ Avg Room Avg Rent/ Rent/ Property Units Age Size Room Sq.Ft. Notes
1. The Kelsey Property has 36 kitchens, $40 - $45 utility bill back on 4233 9th Ave NE 155 1986 150 $860 $5.73 average, renovated pods and common areas Seattle, WA
2. Patricia Place Units include a private bath, a desk and 3/4 size 4754 16th Ave NE 60 1996 255 $750 - $895 $2.94 - $3.50 refrigerator. $75/mo for utilities, $85/mo for parking, a Seattle, WA bed and chair can be provided for a one time $150 charge
3. Den on Brooklyn Units have a microwave, kitchen sink, a 2 burner stove 5043 Brooklyn Ave NE 50 2013 234 $875 $3.74 top (no oven), a bunk bed and a sofa, $65/mo for utilities Seattle, WA
4. Aubrey Studios Units include a 3/4 size refrigerator, microwave, desk, 4730 20th Ave NE 40 2014 200 $900 $4.50 bed frame and private or shared bathroom. Utilities Seattle, WA included in rent and WiFi also included
5. Francis Court Units include private bathroom, bed, desk, 3/4 size 4532 20th Ave NE 35 2016 160 $810 $5.06 refrigerator and a microwave. Utilities included in rent. Seattle, WA Common lounge, kitchen and laundry room.
6. 8th Ave Rooming House 4726 8th Ave NE 8 1911 200 $800 $4.00 Recently renovated, shared kitchen, 2 full bathrooms Seattle, WA
7. 17th Ave Rooming House Recently renovated down to the studs, shared kitchen, 5018 17th Ave NE 2+ 1908 180 - 225 $725 - $825 $3.67 - $4.03 computer room, TV room and laundry room. $80/mo for Seattle, WA utilities, $100/mo for parking
600 University Street | Suite 2018 | Seattle, WA 98101 20 P 206.623.8880 | E [email protected] | ParagonREA.com Rent Comparables Map
U District Rooming House 5214 17th Ave NE Seattle, WA
1. The Kelsey 4233 9th Ave NE Seattle, WA 7 U DISTRICT ROOMING HOUSE 2. Patricia Place 3 2 4754 16th Ave NE Seattle, WA 4 3. Den on Brooklyn 6 5043 Brooklyn Ave NE Seattle, WA 5 4. Aubrey Studios 4730 20th Ave NE Seattle, WA 5. Francis Court 1 4532 20th Ave NE Seattle, WA 6. 8th Ave Rooming House 4726 8th Ave NE Seattle, WA 7. 17th Ave Rooming House 5018 17th Ave NE Seattle, WA
600 University Street | Suite 2018 | Seattle, WA 98101 21 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 firm for multi- family property sales in Washington State. We have accrued over $3 billion in sales and have closed nearly 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 profitability 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 20 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 22 P 206.623.8880 | E [email protected] | ParagonREA.com