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The Northgate Fourplex Seattle Cbd THE NORTHGATE FOURPLEX SEATTLE CBD UNIVERSITY OF FREMONT WASHINGTON GREENLAKE WEDGWOOD GREENWOOD MAPLE LEAF NORTHGATE THE NORTHGATE FOURPLEX OFFERING Paragon Real Estate Advisors is proud to exclusively offer for sale The Northgate Fourplex situated in the vastly changing Northgate neighborhood of Seattle, Washington. Northgate will soon be home to the link light rail station (Opening in 2021), the new $68 Million NHL practice facility and the expansion of the Northgate mall that will include over one million square feet of retail and office space. The area will soon see a new demographic of renters attracted to the nearby retailers, employers, amenities and transportation options provided by the influx of capitol into the Northgate neighborhood. The Northgate Fourplex is comprised of four, well-maintained townhouse style units averaging 1,160 square feet in size. An investor can capitalize on rental upside with minor cosmetic upgrades to the kitchens and bathrooms. The property is perfect for an owner occupier to benefit from the income of three units while living in the stand alone two-bedroom, one-bathroom unit accompainied by two parking garages. Enjoy the privacy and comfort of a single-family home with its own garage parking and private driveway while maintaining a steady income stream from the other units. NAME The Northgate Fourplex ADDRESS 2319 N 113th Pl, Seattle, WA 98133 TOTAL UNITS 4 PRICE $1,275,000 PRICE PER FOOT $274.19 AVERAGE UNIT SIZE 1,160 Square Feet PRICE PER UNIT $318,750 MARKET GRM/CAP 17.14/5.41% LOT SIZE 11,483 Square Feet PRICE PER LOT FOOT $111.03 ZONING LR-2 (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 Two different buildings with two different access points Four townhouse styled units all with their own back patio/lawn space Average unit size of 1,160 square feet Substantial rental upside given the current condition of the property 11,483 Square Foot Lot of LR-2 (M) zoning Future development potential Price per lot square foot $111.03 2019 Assessed Value: $1,419,000 Long-term tenants 4 separate electrical meters Well maintained property Two secured garage parking stalls Roof on the North building was replaced in 2013 Roof on the South building was replaced in 2005 4 Separate Hot Water Heaters 1981 Construction Updated Plumbing & Electrical Updated exterior paint In-unit Washer/Dryers New double vinyl windows on one of the units 4 separate water meters LOCATION HIGHLIGHTS Located in the Northgate Urban Center Walk to Northgate Mall Home to the new Northgate Light Rail Station (2021) linking UW and Downtown Seattle. Close to the New Northgate Pedestrian bridge linking West and East sides of I-5 Recreational parks include Mineral Springs and Licton Springs Park Medical centers include Northwest Hospital and Kaiser Permanente as well as many independent medical and dental professionals Located just north of North Seattle College Within walking distance to entertainment, restaurants and business services Area stores and restaurants include Target, Best Buy, TJ Max, Saffron Grill, Starbucks Coffee, QFC and Ram Restaurant and Brewery. Close to new $68 million NHL Practice Facility NORTHGATE/NORTH SEATTLE Northgate is one of the largest and most diverse neighborhoods in North Seattle. The North Seattle area is also comprised of a bunch of smaller communities, including Pinehurst, North College Park, Maple Leaf and Greenwood. The main attraction to this area is the Northgate Mall, which is conveniently located off Interstate-5, exit Northgate Way. The mall features major department stores, retail shops and restaurants. Aside from the shopping and eating convenience there is a bus transfer station, commuter parking lot and the soon to be finished Northgate Light Rail Station (2021). Although the mall is the neighborhoods largest pull, Northgate is also home to popular North Seattle Community College (NSCC) which has around 3,000 students. Recently, Simon Property Group (owner of Northgate Mall) has solidified plans with the City of Seattle for a redevelopment of the 55-acre property. The Simon Property Group announced their collaboration with NHL Seattle to integrate the new NHL practice facilities. The redevelopment will transform the majority of Northgate Mall into a walkable transit- oriented neighborhood with new office, residential, retail and restaurant use, a state-of-the-art fitness facility, reconfigured parking, and new open spaces. The proposal also calls for four additional mixed-use office towers, with 768,000 square feet of space, a three-story indoor fitness center with a rooftop pool, and an additional seven-story 200-room hotel connected to the light rail station. All of the construction would be centered around a park, which would act as a gathering point in the new redevelopment. MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT MAJOR EMPLOYERS - SOUTH LAKE UNION BUILDING PHOTOS UNIT PHOTOS UNIT PHOTOS THE NORTHGATE Unit Breakdown FOURPLEX APPROXIMATE CURRENT CURRENT MARKET MARKET UNIT TYPE UNIT SIZE RENT RENT/SQ.FT. RENT RENT/SQ.FT. 1 2 Bd/1.5 Bth 1,200 Sq.Ft. $1,400 $1.17 $1,795 $1.50 1 2 Bd/1.5 Bth 1,200 Sq.Ft. $1,400 $1.17 $1,795 $1.50 1 2 Bd/1.5 Bth 1,200 Sq.Ft. $1,400 $1.17 $1,795 $1.50 1 2 Bd/1.75 Bth 1,050 Sq.Ft. $1,600 $1.52 $1,895 $1.80 Totals/Avg 4,650 Sq.Ft. $5,800 $1.25 $7,280 $1.57 Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $74,400 $93,960 Less Vacancy 3.00% $2,232 3.00% $2,819 Units 4 Price $1,275,000 Gross Operating Income $72,168 $91,141 Year Built 1981 Per Unit $318,750 Less Expenses $22,122 $22,122 Rentable Area 4,650 Per Sq. Ft. $274.19 Net Operating Income $50,046 $69,019 Down Pmt $318,750 Per Lot Sq. Ft. $111.03 Annual Debt Service ($4,845/mo) $58,142 $58,142 Loan Amount $956,250 Current GRM 17.14 Cash Flow Before Tax -2.54% ($8,096) 3.41% $10,877 Interest Rate 4.50% Current CAP 3.93% Principal Reduction $15,426 $15,426 Amortization 30 years Market GRM 13.57 Total Return Before Tax 2.30% $7,330 8.25% $26,304 Market CAP 5.41% UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET 3 2 Bd/1.5 Bth 1,200 $1,400 $1,795 RE Taxes 2019 Actual $13,450 $13,450 1 2 Bd/1.75 Bth 1,050 $1,600 $1,895 Insurance 2019 Actual $1,472 $1,472 4 Total/Avg 1,163 $1.25 $1.57 Utilities 2019 Actual $4,800 $4,800 Maint/Repairs Pro Forma $2,000 $2,000 Landscaping Pro Forma $400 $400 MONTHLY INCOME CURRENT MARKET 2019 Assessed Value: $1,419,000 Gross Potential Rent $5,800 $7,280 Total Expenses $22,122 $22,122 Utility Bill Back $400 $400 CURRENT MARKET Parking $0 $150 Expense/Unit $5,531 Expense/Unit $5,531 OPERATIONS OPERATIONS Gross Potential Income $6,200 $7,830 Expense/Foot $4.76 Expense/Foot $4.76 Percent of EGI 29.73% Percent of EGI 23.54% SALES COMPARABLES The Northgate Fourplex 2319 N 113th Pl Seattle, WA 98133 Year Built 1981 Units 4 Sales Price $1,275,000 Price/Unit $318,750 Price/Foot $274.19 Current GRM/CAP 17.1/3.9% Market GRM/CAP 13.6/5.4% 5 1 Year Built 1956 2 Year Built 1968 THE NORTHGATE Units 4 Units 3 FOURPLEX Sales Price $1,430,000 Sales Price $1,125,000 Price/Unit $357,500 Price/Unit $375,000 Price/Foot $345.41 Price/Foot $338.86 GRM/CAP 15.2/4.2% GRM/CAP 16.4/5.0% Sales Date 12.17.2019 Sales Date 08.24.2019 Ballard Fourplex Green Lake Triplex 4 2 1614 NW 85th St 1165 N 90th St 1 Seattle, WA 98117 Seattle, WA 98103 6 3 Year Built 1961 4 Year Built 1966 Units 4 Units 3 3 Sales Price $1,355,000 Sales Price $1,400,000 Price/Unit $338,750 Price/Unit $466,667 Price/Foot $490.94 Price/Foot $445.86 GRM/CAP 17.0/4.1% GRM/CAP 15.3/5.1% Sales Date 05.22.2019 Sales Date 04.11.2019 Ballard Fourplex Greenwood Triplex 2620 NW 63rd St 742 N 92nd St Seattle, WA 98107 Seattle, WA 98103 5 Year Built 1963 6 Year Built 1950 Units 4 Units 4 Sales Price $1,328,000 Sales Price $1,300,000 Price/Unit $332,000 Price/Unit $325,000 Price/Foot $281.48 Price/Foot $355.97 GRM/CAP 16.0/4.4% GRM/CAP 16.4/4.5% Sales Date 01.11.2019 Sales Date 08.27.2018 Bitter Lake Fourplex Greenlake Fourplex 13819 Greenwood Ave N 8530 Nesbit Ave N Seattle, WA 98133 Seattle, WA 98103 RENT COMPARABLES Current Current Market Market Property Unit Type Unit Size Rent Rent/Sq.Ft. Rent Rent/Sq.Ft. The Northgate Fourplex 2319 N 113th Pl Studio 1,200 $1,400 $1.17 $1,795 $1.50 Seattle, WA 98133 2 Bd/1.5 Bth 1,050 $1,600 $1.52 $1,895 $1.80 2 Bd/1.75 Bth THE NORTHGATE 1981 - 4 Units FOURPLEX 1 11222 Corliss Ave N 2 1 Shoreline, WA 98133 2 Bd/2 Bth 1,387 $1,750 $1.26 4 1981 - 4 Units 3 2 2152 N 112th St 5 Seattle, WA 98133 2 Bd/1 Bth 822 $1,795 $2.18 1988 - 60 Units 3 10317 Midvale Ave N Seattle, WA 98133 2 Bd/1 Bth 800 $1,775 $2.22 1968 - 5 Units 4 10014 5th Ave NE Seattle, WA 98125 2 Bd/2 Bth 852 $1,795 $2.11 1967 - 28 Units 5 1124 N 92th St Seattle, WA 98103 2 Bd/1.5 Bth 803 $1,790 $2.23 1989 - 10 Units 600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / [email protected] 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.
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