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1300 East Mercer Street a Classic 8-Unit Apartment for More Information

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1300 East Mercer Street a Classic 8-Unit Apartment for More Information 1300 EAST MERCER STREET A CLASSIC 8-UNIT APARTMENT FOR MORE INFORMATION: AND REDEVELOPMENT OPPORTUNITY COLLIN HAGSTROM CURRAN HAGSTROM PRINCIPAL | BROKER PRINCIPAL | BROKER PROPERTY HIGHLIGHTS 206.505.9436 206.505.9426 • CAPITOL HILL TROPHY PROPERTY • IMMEDIATE RENT UPSIDE curran@ • 1-MILE TO DOWNTOWN CBD collin@ • PRIME LOCATION CLOSE TO westlakeassociates.com westlakeassociates.com LIGHT RAIL • 12,020 SQUARE FEET - LR3 LOT • BIG REDEVELOPMENT POTENTIAL • FIRST TIME ON MARKET IN 30+ • CHARMING ANHALT-STYLE YEARS BUILDING OFFERING SUMMARY WESTLAKE ASSOCIATES, INC. IS PROUD TO PRESENT 1300 EAST MERCER STREET FOR SALE. SITUATED ON A 12,020 SQUARE FOOT CORNER LOT AT THE EPICENTER OF SEATTLE’S THRIVING CAPITOL HILL NEIGHBORHOOD, 1300 EAST MERCER PRESENTS INVESTORS WITH THE $3,950,000 $329 per RARE OPPORTUNITY TO OWN A CLASSIC, ANHALT- STYLE APARTMENT PROPERTY WITH SIGNIFICANT Price Land SF REDEVELOPMENT AND VALUE-ADD POTENTIAL. A massing study provided by b9 Architects shows the potential to develop a 39- $ $ unit apartment building on the site with an average unit size of 700 square feet. An alternative plan shows the ability to keep the existing 8-unit structure while developing the single-story carport on the northeast corner of the lot into a new, 13-unit apartment building. The existing 8-unit property consists of an attractive mix of studios, one, and two- 39+unit 12,020 SF bedroom units - each with private entrances, coved ceilings, arched doorways, and oak hardwood floors throughout. Given the current rents, the new owner will have Site Corner Lot the ability to greatly increase the NOI to hold the property long-term, or to help in off-setting costs prior to development. 1300 East Mercer is perfectly positioned to capitalize on skyrocketing demand for SF high-quality, renovated apartments on Capitol Hill- an area which maintains the highest rent per square foot, occupancy rates, and value appreciation in the Puget Sound Region. * Massing Study available upon request. ADDRESS 1300 E Mercer Street | Seattle, WA 98102 1300 East Mercer Street BUILDING OVERVIEW EXISITING UNITS: 8 POTENTIAL NEW DEVELOPMENT: 39+ POTENTIAL REDEVELOPMENT OF CARPORT: 13+ STORIES: 1 plus basement - Potential for 4-story development UNIT MIX: 1 Studio 5 - 1 BD | 1 BA 1 - 2 BD | 1 BA 1 - 2 BD | 2 BA YEAR BUILT: 1926 PARCEL SIZE: 12,020 SF sf GROSS BUILDING SIZE: 7,300 SF NET RENTABLE SF: 5,383 SF ZONING: LR3 URBAN VILLAGE: Capitol Hill Urban Center Village CONSTRUCTION: Wood Frame EXTERIOR: Brick Veneer ROOF: Pitched Asphalt Composition WINDOWS: Double Pane HEATING: Electric Baseboard HOT WATER: Individual Electric Tanks STORAGE: 8 Individual Lockers misc. WASHER/DRYERS: Common Laundry Room (2 Sets) PARKING: 7 Individual Carports WESTLAKE ASSOCIATES, INC INCOME & EXPENSE | CURRENT UNIT MIX # OF UNITS AVG SIZE RENT PSF Studio 1 410 $900 $2.20 1 Bedroom | 1 Bath 5 597 $1,340 $2.24 2 Bedroom | 1 Bath 1 1,000 $1,600 $1.60 2 Bedroom | 2 Bath 1 988 $1,900 $1.92 TOTAL 8 5,383 $11,100 $2.13 INCOME Scheduled Rental Income $133,200 + Laundry $225 | $2,700 + Parking $625 | $7,500 - Vacancy & Cr Losses 3.0% ($4,302) Effective Gross Income $139,098 EXPENSES Real Estate Taxes $24,374 Insurance $3,563 Professional Management $6,955 Utilities $8,747 Repairs & Maintenance $6,000 Landscaping $1,800 Capital Reserves $2,000 Total Operating Expenses $53,439 CASH FLOW Net Operating Income $85,659 The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment. WESTLAKE ASSOCIATES, INC INCOME & EXPENSE | MARKET UNIT MIX # OF UNITS AVG SIZE RENT PSF Studio 1 410 $1,395 $3.40 1 Bedroom | 1 Bath 5 597 $1,687 $2.83 2 Bedroom | 1 Bath 1 1,000 $2,350 $2.35 2 Bedroom | 2 Bath 1 988 $2,400 $2.43 TOTAL 8 5,383 $14,580 $2.79 INCOME Scheduled Rental Income $174,960 + Laundry $225 | $2,700 +Utility Billback $680 | $8,610 + Parking $680 | $12,600 - Vacancy & Cr Losses 3.0% ($5,708) Effective Gross Income $192,712 EXPENSES Real Estate Taxes $24,374 Insurance $3,563 Professional Management $9,636 Utilities $8,747 Repairs & Maintenance $6,000 Landscaping $1,800 Capital Reserves $2,000 Total Operating Expenses $56,120 CASH FLOW Net Operating Income $136,593 The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment. WESTLAKE ASSOCIATES, INC RENT ROLL UNIT Bedroom/Bath SIZE Rent PSF MARKET RENT MARKET PSF 1300 2 x 2 988 $1,900 $1.92 $2,400 $2.43 1302 Studio 410 $900 $2.20 $1,395 $3.40 1304 1 x 1 600 $1,200 $2.00 $1,695 $2.83 1306 1 x 1 570 $1,200 $2.11 $1,675 $2.94 604 1 x 1 600 $1,600 $2.67 $1,695 $2.83 606 2 x 1 1000 $1,600 $1.60 $2,350 $2.35 608 1 x 1 650 $1,100 $1.69 $1,695 $2.61 610 1 x 1 565 $1,600 $2.83 $1,675 $2.96 Total 8 5,383 $11,100 $14,580 Averages 673 $1,388 $2.13 $1,823 $2.79 The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment. WESTLAKE ASSOCIATES, INC CAPITOL HILL 1300 E Mercer is located at the corner of 13th Avenue Broadway Avenue and the Pike/Pine Corridor, the East and East Mercer Street. Just one block west is bustling commercial and retail hubs on the hill, are both trendy 15th Avenue- home to a collection of boutiques, within close walking distance. The nearby Capitol Hill grocery stores, restaurants, coffee shops, and Group Light Rail Station, which opened in May of 2016, makes Health Hospital. Two blocks north along 14th Avenue is it easy for tenants of the Normandy Arms to quickly the historic “Millionaire’s Row” with pristine, tree-lined travel to and from downtown Seattle, the U-District, streets and multi-million-dollar homes. A stone’s throw and SeaTac Airport. further is the 48-acre Volunteer Park with sprawling fields which host a number of outdoor recreation, The rapid expansion of Amazon and other tech giants concerts, and theater. The park’s historic nature in nearby South Lake Union, along with the continued conservatory and water tower are added attractions growth of Capitol Hill mainstays like Group Health, along with incredible views of the Seattle skyline and Swedish Hospital, and Seattle U combine to provide a Space Needle. consistent boon for high-end units on “The Hill”. PUGET SOUND PUGET SOUND LARGEST EMPLOYERS Set in the beautiful Pacific Northwest, the world’s largest aerospace company, second- greater Seattle area is a national center largest maker of large commercial jets, and JOINT BASE for manufacturing, technology, services, second largest global defense contractor. Boeing international trade and tourism. is one of the largest employers in the Puget LEWIS-MCCHORD Sound, employing approximately 80,000 in 80,000 56,000 MAJOR EMPLOYERS Washington. Employees Employees Today some of the world’s most recognizable Employment is expanding through the greater Fortune 500 companies call Seattle home: Seattle area. The Puget Sound region is projected Microsoft, Starbucks, Amazon, Nordstrom, to generate 1.2 million new jobs by 2040. Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, Boeing INTERNATIONAL TRADE and Nintendo of America. 42,000 25,000 Seattle has remained one of the most resilient Employees Employees According to the Puget Sound Business Journal, cities due to its diverse industries, making it more technology companies are leading the way in attractive for new companies to relocate and employment growth in the Seattle MSA. As expand in the area. The Port of Seattle, which the home of Microsoft and Amazon, Seattle also operates the Seattle-Tacoma International accounts for over 20% of the nation’s software Airport, is a major gateway to Asia and cruises publishing employment. Microsoft is one of the to Alaska. The Port of Seattle ranks as the 6th top employers in the sate with over 42,000 business seaport in the US, playing a key role in employees. Their World Headquarters, located in bringing international trade, transportation and 22,000 20,000 Redmond is over 10 million square feet. travel to the Pacific Northwest. Employees Employees The Puget Sound has become a international RECREATION leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research The region is known for its quality of life, arts, Center, the University of Washington Medial and outdoor lifestyle which helps attract an Center and the Bill and Melinda Gates educated workforce. Numerous camping, hiking, foundation. Healthcare employment is projected winter sports, and recreational activities are to continue to grow dramatically and Seattle located a short drive from the city. Seattle’s has the 5th largest biotechnology Research and main attractions include Pike Place Market, the 20,000 10,000 Development alliance between the University of Space Needle, and Seattle Center, home of the Employees Employees Washington and the Fred Hutchinson Cancer 1962 World’s Fair. Seattle is home to a number Research Center. of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, The Puget Sound is one of the capitals of the the Seattle Mariners, and the Seattle Sounders aerospace industry anchored by Boeing, the FC soccer team. 15,000 13,000 Employees Employees FEATURED UNIT PHOTOS WESTLAKE ASSOCIATES, INC FEATURED UNIT PHOTOS WESTLAKE ASSOCIATES, INC FEATURED UNIT PHOTOS WESTLAKE ASSOCIATES, INC Since 1975 Westlake Associates, Inc.
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