WEST WOODLAND THREE UNIT NORTHGATE

WEST WOODLAND THREE UNIT

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 pleased to announce the exclusive sale of the West Woodland Three Unit. This newly painted three unit building consists of two charming 2Bd/1Bth units and one non-conforming 1Bd/1Bth unit. The property is located in West Woodland, the center of the Ballard, Fremont, Phinney neighborhoods within easy walking distance to two different bus lines as well as close proximity to West Woodland Elementary School, Woodland Park and the Zoo. The centrally located offering presents a unique opportunity for both an investor or a single family home buyer with an opportunity to link the ground floor apartment with one of the upstairs units to create a lovely home with an additional rental unit or guest home. Additionally, the property features two secured covered parking garages providing the opportunity for additional income. The upstairs 2Bd/1Bth units measure 900 Square Feet with lots of natural light as well as a lower non-conforming 1Bd/1Bth unit measuring 750 Square Feet. All three units have updated double vinyl windows as well as access to a common laundry which features a washer/dryer for each unit. An investor or owner occupant can perform cosmetic touches to the units and spruce up the exterior landscaping to add a remarkable amount of value to the structurally sound and efficiently built property.

NAME West Woodland Three Unit

ADDRESS 650 NW 52nd St, Seattle, WA

TOTAL UNITS 2+1

BUILT 1972

SQUARE FEET 2,550 Total Net Rentable

PRICE $975,000

PRICE PER FOOT $382.35

CURRENT GRM/CAP 17.3/4.0%

MARKET GRM/CAP 14.1/5.2%

ZONING SF 5000

LOT SIZE 5,000 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

„ 2 – 2bd/1bth units – 900 Square Feet „ New Exterior Paint

„ 1 – 1bd/1bth non-conforming unit – 750 Square Feet „ Updated Double Vinyl Windows

„ Value Add Opportunity „ Less than 1 mile from Woodland Park & Woodland Park Zoo

„ Two Secured Covered Parking Garages „ Less than three miles from the University of Washington & Seattle Pacific University „ Market 5.24% Cap Rate / $382.35 Net Rentable Square Foot „ Walking distance to all major buslines „ Common Laundry - W/D Provided for Each Unit „ Walkscore of 84 and Bike Score of 83 – Most errands can be „ Dishwasher in all units completed on foot or by bicycle „ New Roof put on in 2012 NEIGHBORHOOD AMENITIES

Restaurants & Bars

1. Veraci Pizza 2. Windy City Pie 3. Stoup Brewing 4. Bad Jimmy’s Brewing Co. WEST WOODLAND 5. Lighthouse Roasters THREE UNIT 6. Paseo Fremont 7. Ada’s Restaurant & Bar 8. Revel 9. Fremont Brewing’s

Shops & Services

10. Theo Chocolate 2 15 21 11. PCC 7 17 12. Fred Meyer 1 16 3 13. Trader Joe’s 19 18 14. Marketime Foods 13 15. Ballard Market 20 11 14 16. Safeway 12 4 6 Schools & Parks 5

17. Woodland Park Zoo 18. Woodland Park 19. Woodland Park Rose Garden 8 11 20. Fremont Peak Park 10 9 21. West Woodland Elementary FREMONT

This artsy neighborhood on the north shore of the Lake Washington Ship Canal thrives with its bohemian vibe and quirky claims to fame. Fremont is home to a slew of Seattle’s largest employers: Adobe, Google, Tableau Software’s FREMONT TROLL DOWNTOWN headquarters, BEA, Brooks Sports’ headquarter. FREMONT BREWING The Burke-Gilman Trail winds through Fremont, providing scenic, waterside strolls or bike rides toward Ballard to the FREMONT West or Gas Works Park to the East. On 34th Street, the vibrant Fremont Sunday Market fills the area with artwork and tasty eats from local vendors. FREMONT BRIDGE Fremont has several breweries including Hale’s Ales brewery and the Fremont Brewing. The original Redhook breweries were located in Fremont until their closures in 1988 and 2002, respectively. You can also grab an amazing sandwich at Paseos, eat a freshly made pie at Pie, slurp a bowl of Pho at Lucky’s, or sit down for creative Mexican BURKE-GILMAN TRAIL cuisine and a killer margarita at el Camino.

POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 11,994 $101,997 67% $1,699 SEATTLE EMPLOYER MAP

WEST WOODLAND THREE UNIT 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 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 PHOTOS UNIT PHOTOS UNIT PHOTOS Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET

Units 2+1 Price $975,000 Scheduled Gross Income $56,400 $69,132 Year Built 1972 Per Unit $325,000 Less Vacancy 3.00% $1,692 3.00% $2,074 Rentable Area 2,550 Per Sq. Ft. $382.35 Gross Operating Income $54,708 $67,058 Current GRM 17.29 Less Expenses $15,984 $15,984 Current CAP 3.97% Net Operating Income $38,724 $51,074 Market GRM 14.10 Market CAP 5.24%

UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET 652.5 1BD/1BTH 750 $1,350 $1,550 Real Estate Taxes 2020 Actual $8,005 $8,005 652 2BD/1BTH 900 $1,650 $1,895 Insurance 2020 Actual $1,051 $1,051 650 2BD/1BTH 900 $1,700 $1,895 Utilities (W.S.G.) 2019 Actual $4,928 $4,928 3 Total/Avg 850 $1.84 $2.09 Maintenance & Repairs Pro Forma $1,500 $1,500 Landscaping 2019 Actual $500 $500 Total Expenses $15,984 $15,984

MONTHLY INCOME CURRENT MARKET CURRENT MARKET Gross Potential Rent $4,700 $5,340 Expense/Unit $5,328 Expense/Unit $5,328 OPERATIONS OPERATIONS Utility Bill Back $0 $250 Expense/Foot $6.27 Expense/Foot $6.27 Parking $0 $150 Percent of EGI 28.34% Percent of EGI 23.12% Laundry Income $0 $21 Gross Potential Income $4,700 $5,761 SALES COMPARABLES

West Woodland Three Unit 650 NW 52nd St, Seattle, WA Year Built 1972 Units 2+1 Square Feet 2,550 Sales Price $975,000 Price/Unit $325,000 Price/Foot $382.35 Current GRM/CAP 17.3/4.0% Market GRM/CAP 14.1/5.2%

1 Year Built 1907 2 Year Built 1968 Units 2 Units 3 Square Feet 2,651 Square Feet 2,850 2 Sales Price $1,005,000 Sales Price $1,200,500 Price/Unit $502,500 Price/Unit $400,167 Price/Foot Price/Foot $421.23 5 $379.10 7 GRM/CAP 18.0/4.1% GRM/CAP 17.6/4.2% Phinney Ridge Duplex Ballard Triplex 6 Sales Date 01.10.2020 Sales Date 01.25.2020 4 5612 1st Ave NW 826 NW 64th 1 Seattle, WA 98107 St Seattle, WA 98107

8 3 Year Built 1923 4 Year Built 1926 Units 2 Units 3 Square Feet 1,720 Square Feet 2,030 3 Sales Price $986,000 Sales Price $975,000 Price/Unit $493,000 Price/Unit $325,000 Price/Foot $573.26 Price/Foot $480.30 GRM/CAP 21.7/3.6% GRM/CAP 18.0/2.0% Wallingford Duplex Sales Date 03.01.2020 Ballard Triplex Sales Date 03.13.2020 WEST WOODLAND 414 N 46th St 808 NW Market St THREE UNIT Seattle, WA 98103 Seattle, WA 98107 SALES COMPARABLES

West Woodland Three Unit 650 NW 52nd St, Seattle, WA Year Built 1972 Units 2+1 Square Feet 2,550 Sales Price $975,000 Price/Unit $325,000 Price/Foot $382.35 Current GRM/CAP 17.3/4.0% Market GRM/CAP 14.1/5.2%

5 Year Built 1953 6 Year Built 1950 Units 2 Units 2 Square Feet 2,130 Square Feet 1,860 2 Sales Price $1,080,750 Sales Price $998,800 Price/Unit $540,375 Price/Unit $499,400 5 Price/Foot $507.39 Price/Foot $536.99 7 GRM/CAP 22.5/3.5% GRM/CAP 18.0/4.5% Ballard Duplex Ballard Duplex 6 Sales Date 05.28.2020 Sales Date 07.20.2020 4 1 6020 4th Ave NW 300 NW 56th St Seattle, WA 98107 Seattle, WA 98107

8 7 Year Built 1958 8 Year Built 1948 3 Units 2 Units 2 Square Feet 2,700 Square Feet 2,580 Sales Price $1,065,000 Sales Price $1,085,000 Price/Unit $532,500 Price/Unit $542,500 Price/Foot $394.44 Price/Foot $420.54 WEST WOODLAND GRM/CAP 14.4/5.3% GRM/CAP 21.3/3.4% THREE UNIT Ballard Duplex Sales Date 07.25.2020 Ballard Duplex Sales Date 09.03.2020 406 NW 60th St 5015 3rd Ave NW Seattle, WA 98107 Seattle, WA 98107 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. Buyer must verify all information and bears all risk for inaccuracies.