WALLINGFORD MIXED/USE BUILDING SEATTLE CBD
CAPITOL HILL QUEEN ANNE
LAKE UNION
WALLINGFORD
WALLINGFORD MIXED/USE BUILDING BELLEVUE
WALLINGFORD MIXED/USE BUILDING GREENLAKE
WALLINGFORD MIXED/USE BUILDING NORTHGATE
WALLINGFORD MIXED/USE BUILDING
GREENWOOD
BALLARD GREEN LAKE
FREMONT UNIVERSITY WALLINGFORD DISTRICT
MAGNOLIA
INTERBAY QUEEN ANNE
CAPITOL HILL
SEATTLE CBD CENTRAL DISTRICT
WEST SEATTLE OFFERING
Paragon Real Estate Advisors is proud to exclusively offer for sale the Wallingford Mixed/Use Building, a 5-unit apartment community with one ground floor retail space blocks from the heart of Wallingford. This location is best known for its high level of walkability offering tenants great access to parks, recreation, neighborhood cafes, pubs, restaurants, boutique shopping, a high-quality grocery store, and many other services without losing its quaint residential feel. Nearby Interstate 5 and Highway 99 conveniently connects commuters to the employment centers of Downtown Seattle, University of Washington and the Amazon headquarters in South Lake Union which is only 4 miles away. The Wallingford area has also established itself as a hub for fast-growing technology companies including Tableau, Google, and Adobe. The Wallingford Mixed/Use Building offers an investor the opportunity to own a turnkey/very well-maintained day one income producing asset in an unbeatable location with a strong rental history.
NAME Wallingford Mixed/Use Building
ADDRESS 2511 N 50th Street, Seattle, WA 98103
TOTAL UNITS 5-Residential Units + 1 Ground Floor Retail Space
BUILT Built 1909/Renovated 2013-2018
SQUARE FEET 3,850 Total Net Rentable
PRICE $1,750,000
ZONING NC1-40 (M)
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
Should not be street appraised Units are Highly Energy Efficient with LED Lighting and Insulation
Charming Units with Efficient Layouts $291,667 per unit
Current 4.63% CAP/Market 5.50% CAP Upside in raising below market Commercial Tenant Rent
80 Walk Score/79 Bike Score Two Story Wood Frame Building
Turnkey Residential Updates Ground Floor Studio could be used as a personal office
Future Potential for Owner User Corner Lot
Very well-maintained building PROPERTY FEATURES
4-1Bd/1Bth Units and 1 Studio
1 Ground Floor Retail Space
Tastefully unique and higher quality unit finishes than typical apartments
Each unit has “Craftsman” feel and features
Top floor unit spans the entire length of building
All units have been updated with newer counters, new bathroom shower/tub surrounds, bathroom sink vanities, newer cabinets, refinished Fir Hardwoods or newer LVT hardwoods
Individual hot water tanks
Double Pane Vinyl Windows
Two Units have Washer/Dryer
On-Site Common Laundry (for 3 units)
Dishwashers
Abundant Natural Light
Mix of Real Fir and LVT Hardwoods
Electric Baseboard heating and Gas Fireplace Inserts
Individually Metered for Electricity
Lutron Dimmers throughout LOCATION HIGHLIGHTS
Very Desirable Wallingford Location
Limited Apartment Competition in the area
Close to popular Green Lake Park and Woodland Park Zoo
Close to Several bus lines with immediate access to UW, SLU and Downtown Seattle
1-Mile to University of Washington
4-Miles to Downtown Seattle CBD (300k+ Jobs)
Close walk to Stone Way/N 45th Street Entertainment districts
Walking distance to Quality Food Center (QFC)
Easy access to Downtown CBD/South Lake Union via Interstate 5 and Highway 99
1.5 miles north of Iconic Gas Works Park! WALLINGFORD NEIGHBORHOOD AMENITIES
Restaurants & Bars
1. Musashi’s 2. Ezell’s Famous Chicken 3. Kamonegi 4. Art of the Table 5. Mighty-O Donuts Greenlake 6. Zoka Coffee Roaster & Tea Company WALLINGFORD MIXED/USE BUILDING 7. Kabul Afghan Cuisine 8. Djan’s Dining Thai Restaurant 9. A Muddy Cup Cafe’ & Roastery 10. Yoroshiku 11. Kozue 12. Grand Central Bakery - Wallingford 5 13. Seattle Meowtropolitan 1 6 Shops & Services 3 2 5 1. Trader Joe’s 2 1 2. Petco 1 11 4 9 3. QFC 8 3 4. CVS 13 12 7 5 2 5. Hawaii General Store & HGS Travel 10 3 Schools & Parks 4 1. Woodland Park Zoo 2. Woodland Park 3. Woodland Park Rose Garden 4 4. Gas Works Park 5. Ravenna Park WALLINGFORD
Family-friendly Wallingford is a bustling residential neighborhood on the north shore of Lake Union. GREEN LAKE The neighborhood has a nice mix of down-home, been- WOODLAND PARK here-forever places (Dick’s Burgers, for example) and trendy places, like Molly Moon ice cream and Tilth. The busiest area is along 45th Street, which is always bustling with activity as people visit the ever-changing lineup of restaurants, bars, and shops. WALLINGFORD
Built on a former industrial site along the lake, Gas BURKE-GILMAN TRAIL Works Park features panoramic city views and a hill 45TH STREET popular for flying kites.The Burke-Gilman cycling and walking trail runs past the park and provides a panoramic extension into Lake Union. To the north lies GAS WORKS PARK Lower Woodland Park, which features athletic fields, a skate park, tennis courts, and connections to the Woodland Park Zoo and Green Lake.
POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 15,807 $108,096 55% $1,783 SEATTLE EMPLOYER MAP SEATTLE’S BOOMING TECH MARKET
SEATTLE
LOCAL TECH COMPANIES IN SEATTLE
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A T I O N F R O M S A N F R AN C IS CO B AY AR EA SAN FRANCISCO KING COUNTY INFORMATION
KING COUNTY 2.3 million SINCE 2O1O, ON AVERAGE, KING COUNTY HAS ADDED 31,8OO PEOPLE PER YEAR, OR POPULATION GROWTH HAS BEEN GREATER THAN 13,OOO HOUSEHOLDS AT 2.45 PERSONS PER HOUSING PRODUCTION CONSISTENTLY SINCE 2O11. HOUSEHOLD. POPULATION
KING COUNTY MEDIAN NATIONAL MEDIAN $95,009 $63,179 HOUSEHOLD INCOME HOUSEHOLD INCOME
KING COUNTY by 78% NATIONAL INCREASE by 3% HOUSEHOLD INCOME INCREASE SINCE 2OOO ($41,852) SINCE 2OOO ($1,780)
KING COUNTY NATIONAL BACHELOR’S OR 53.2% BACHELOR’S OR 32.6% HIGHER DEGREE RATE HIGHER DEGREE RATE
KING COUNTY NUMBER 10 EDUCATION OF UNIVERSITIES
KING COUNTY RENTAL NATIONAL RENTAL 43% 36% HOUSING RATE HOUSING RATE
KING COUNTY MEDIAN $1,494 NATIONAL MEDIAN $1,023 MONTHLY RENT REAL ESTATE MONTHLY RENT BUILDING PHOTOS UNIT #1 & #2 PHOTOS UNIT #3 PHOTOS UNIT #4 PHOTOS
UNIT #5 PHOTOS COMMON AREA PHOTOS
UNIT BREAKDOWN
CURRENT MARKET MARKET UNIT TYPE APPROXIMATE UNIT SIZE CURRENT RENT RENT/SQ.FT. RENT RENT/SQ.FT. 1 1 Bd/1 Bth 675 Sq.Ft. $1,765 $2.72 $1,895 $2.92 2 1 Bd/1 Bth 650 Sq.Ft. $2,151 $3.19 $2,151 $3.19 3 Studio 450 Sq.Ft. $1,495 $3.32 $1,495 $3.32 4 Studio 400 Sq.Ft. $1,495 $3.74 $1,595 $3.99 5 Studio 300 Sq.Ft. $1,195 $3.98 $1,295 $4.32 6 Comm 840 Sq.Ft. $1,268 $1.51 $2,500 $2.98 Totals/Avg 552 Sq.Ft. $9,369 $2.43 $10,931 $2.81 Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $123,768 $141,312 Units 6 Price $1,750,000 Less Vacancy 2.00% $2,475 2.00% $2,826 Year Built 1909 Per Unit $291,667 Gross Operating Income $121,293 $138,486 Rentable Area 3,850 Per Sq. Ft. $45