Belmont TRIPLEX ELLIOT BAY
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Belmont TRIPLEX ELLIOT BAY SEATTLE CBD BELMONT TRIPLEX SOUTH LAKE UNION CAPITOL HILL LAKE UNION OFFERING Paragon Real Estate Advisors is pleased to announce the exclusive listing of the Belmont Triplex. This offering presents an opportunity to purchase a pride of ownership triplex that has been fully remodeled and upgraded inside and out with fully legal permits in an A+ Seattle location. The property consists of three large soundproof units – one 1bd/1bth with a nook, one 2bd/1bth with a private balcony, & a 1bd/1bth unit with a private office; all with full sized washers and dryers in a beautiful building with a small wrap around yard complete with two patios for outdoor relaxation. New electrical meters and electrical panels. Featuring all brand new systems with units completely renovated and rare attached garage, this property is the perfect candidate for an owner occupant purchaser who wants to marry consistent income with low maintenance; an investor that wants a turnkey property in Seattle’s most popular, pedestrian friendly neighborhood walking distance to booming businesses; or a developer who wants to increase density in LR3 zoning. NAME Belmont Triplex ADDRESS 913 Belmont Ave E, Seattle WA 98102 PRICE $1,250,000 PRICE PER UNIT $416,667 PRICE PER SQ FT $506.07 CURRENT GRM/CAP RATE 15.8 / 5.13% 1 - 1BD/1BTH + Nook + Bonus Area + Potential Attic Expansion UNIT MIX 1 – 2BD/1BTH + Balcony + Fireplace 1 – 1BD/1BTH + Office AVERAGE UNIT SIZE 823 Square Feet (Per King County Records) ZONING LR3 (M) LOT SIZE 2,400 Square Feet This information 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 all information and bears all risk for inaccuracies. INVESTMENT HIGHLIGHTS 1BD/1BTH + Nook + Bonus Area + Potential Attic Expansion – 750 square feet (per King County Records) 2BD/1BTH + Balcony + Fireplace – 860 square feet (per King County Records) 1BD/1BTH + Office – 860 square feet (per King County Records) Fully remodeled 2012 – 2014, 2020 Three legal apartment units – permitted into triplex by finishing basement All DPD permits approved, inspected and occupancy approved Rockwool insulation on 5/8 inch drywall and fire and noise mitigation ceilings to minimize noise transmission and increase safety Exterior: new roof, new siding, new paint, new double pane windows, new upgraded electrical service, individual electric metering, new plumbing main, new sewer line, new fence, new yard and patios, repointed chimney Interior: new electrical throughout, new plumbing lines, new water heaters, new wall heaters, new paint, new closets, refinished hardwood floors, custom cabinets, quartz countertops, stainless steel appliances, new tile work in kitchens and bathrooms, new glass showers, new bath fixtures. New basement unit with modern floorplan, window in each room, stylish reclaimed wood accent walls, bonus office, private entrance New landscaping and outdoor spaces for all tenants 1 car garage – new garage door, new quiet motor with remote opener New skylight in attic for potential loft expansion in top unit Easy access to Capitol Hill, South Lake Union, Downtown Central Business District, walk Score of 91 Nestled between Mansion Row in Capitol Hill and the funkier draw of Broadway Located on all major bus lines LR3 (M) zoning NEIGHBORHOOD AMENITIES Restaurants & Bars 1. Duke’s Seafood 2. The White Swan Public House 3. Daniel’s Broiler - South Lake Union 4. Altura 5. Sol Liquor Lounge 6. Harry’s Fine Foods 7. Cafe Barjot 8. The Lookout 9. Bait Shop 10. Espresso Vivace 11. Joe Bar BELMONT TRIPLEX 19 Shops & Services 12. QFC 13. Eat Local 23 24 20 14. QFC 1 15. Safeway 17 18 16. Walgreens Pharmacy 2 8 3 17. Mercado Bellagio 21 17 25 14 4 11 7 9 16 Schools & Parks 5 11 6 18. Volunteer Park 10 12 19. Interlaken Park 22 20. Washington Park Arboretum 15 21. Lake Union Park 22. Cal Anderson Park 23. Bright Water Waldorf School 24. Stevens Elementary School 25. Lowell Elementary School CAPITOL HILL Capitol Hill is a residential neighborhood with a funky, fast- paced, and vibrant personality. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges VOLUNTEER PARK HARVARD-BELMONT LANDMARK This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. To the north is Capitol Hill’s largest and most popular public park. The 48 acre Volunteer Park is home to Seattle’s Asian Art museum, tennis courts, a conservatory, and a variety of city-wide events. CAPITOL HILL The demand for Capitol Hill apartments continues to rise as nearby Amazon continues to expand in the area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area. POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED AVERAGE 1BD RENT AVERAGE 2BD RENT INCOME HOUSING 31,818 $101,345 80% $1,867 $2,600 SEATTLE EMPLOYER MAP SEATTLE’S BOOMING TECH MARKET SEATTLE LOCAL TECH COMPANIES IN SEATTLE PACIFIC OCEAN T E C H M I G R A T I O N F R O M S A N F R AN C IS CO B AY AR EA SAN FRANCISCO BUILDING PHOTOS UNIT PHOTOS Upper Unit Upper Unit Upper Unit Upper Unit UNIT PHOTOS Upper Unit Upper Unit Middle Unit Middle Unit UNIT PHOTOS Middle Unit Middle Unit Bottom Unit Bottom Unit UNIT PHOTOS Bottom Unit Bottom Unit Bottom Unit Bottom Unit Income and Expenses MONTHLY INCOME CURRENT MARKET Gross Potential Rent $6,050 $6,200 Utility Bill Back $375 $375 Parking Income $150 $150 Gross Potential Income $6,575 $6,725 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $78,900 $80,700 Less Vacancy 3.00% $2,367 3.00% $2,421 Gross Operating Income $76,533 $78,279 Less Expenses $12,350 $13,350 Net Operating Income $64,183 $64,929 Units 3 Price $1,250,000 Year Built 1905 Per Unit $416,667 Rentable Area 2,470 Per Sq. Ft. $506.07 ANNUALIZED OPERATING EXPENSES CURRENT MARKET Current GRM 15.84 Real Estate Taxes 2020 Actual $7,404 $7,404 Current CAP 5.13% Insurance 2020 Actual $1,446 $1,446 Market GRM 15.49 Utilities (W/S/G) 2019 Actual $3,000 $3,000 Market CAP 5.19% Maintenance & Repairs 2019 Actual $500 $1,500 Total Expenses $12,350 $13,350 CURRENT MARKET UNITS UNIT TYPE SIZE RENT RENT CURRENT MARKET Top 1BD/1BTH + Nook 750 $2,100 $2,150 Expense/Unit $4,117 Expense/Unit $4,450 OPERATIONS OPERATIONS Middle 2BD/1BTH + Balcony 860 $2,250 $2,300 Expense/Foot $5.00 Expense/Foot $5.40 Bottom 1BD/1BTH + Office 860 $1,700 $1,750 Percent of EGI 15.65% Percent of EGI 16.54% 3 Total/Avg 2,470 $2.45 $2.51 SALES COMPARABLES Sales Price $1,250,000 1 Sales Price $ 1,480,000 Price/Unit $416,667 Price/Unit $493,333 Price/Foot $506.07 Price/Foot $614.11 Current GRM/CAP 15.8/5.1% Current GRM/CAP 17.2/4.5% Square Feet 2,470 Square Feet 2,410 Year Built 1905 Year Built 1913 Sales Date 08.11.2020 Belmont Triplex Wallingford Triplex 913 Belmont Ave E 2210 N 42nd St Seattle, WA 98102 Seattle, WA 1 2 Sales Price $1,320,000 3 Sales Price $1,300,000 Price/Unit $440,000 Price/Unit $433,333 5 Price/Foot $488.89 Price/Foot $445.21 2 Current GRM/CAP 19.8/3.6% Current GRM/CAP 15.9/4.8% Square Feet 2,700 Square Feet 2,920 Year Built 1959 Year Built 1931 Sales Date 05.18.2020 Sales Date 02.13.2020 Queen Anne Triplex Queen Anne Triplex 7 3 3627 13th Ave W 2227 3rd Ave W Seattle, WA Seattle, WA 6 4 Sales Price $1,340,000 5 Sales Price $1,300,000 Price/Unit $335,000 Price/Unit $433,333 Price/Foot $486.21 Price/Foot $476.19 Current GRM/CAP 16.2/5.1% Current GRM/CAP 19.9/3.7% Square Feet 2,756 Square Feet 2,730 Year Built 1907 Year Built 1967 Sales Date 01.31.2020 Sales Date 05.29.2019 Leschi Fourplex Wallingford Triplex 242 32nd Ave 3839 Carr Place N Seattle, WA Seattle, WA 4 6 Sales Price $1,270,000 7 Sales Price $1,391,000 Price/Unit $423,333 Price/Unit $463,667 BELMONT TRIPLEX Price/Foot $424.75 Price/Foot $441.59 Current GRM/CAP 20.4/3.8% Current GRM/CAP 21.5/3.2% Square Feet 2,990 Square Feet 3,150 Year Built 1905 Year Built 1968 Sales Date 05.06.2019 Sales Date 01.08.2019 Queen Anne Triplex Queen Anne Triplex 2106 6th Ave W 1943 10th Ave W Seattle, WA Seattle, WA 600 University St, Suite 2018 Michael Urquhart Brian Platt Seattle Washington 98101 [email protected] [email protected] 206 623-8880 / [email protected] 206.812.9123 206.812.9130 www.ParagonREA.com This information 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.