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Ballard Locks Triplex

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Ballard Locks Triplex BALLARD LOCKS TRIPLEX LOCATION: 5417 32nd Ave NW, Seattle WA TOTAL UNITS: 3 BUILT: 1962 SQUARE FEET: 2,260 Net Rentable LOT SIZE: 4,290 Sq. Ft. Zoning NC1-30 PRICE: $895,000 COST PER UNIT: $298,333 COST PER FOOT: $396.02 Net Rentable (753 Avg SqFt) COST PER LOT FOOT: $208.63 MARKET GRM/CAP: 15.31/4.89% (3% Vacancy) HIGHLIGHTS: • Great upside value-add opportunity • Large units with vaulted ceilings • Excellent Ballard Locks location • NC1-30 zoning • Offers on-site parking and common laundry • Highly walkable location near frequent transit The Ballard Locks Triplex is situated just off Market St. across from the Hiram M. Chittenden Locks. Ballard has quickly become one of Seattle’s foremost rental locations due to its close proximity to Seattle’s business district, easy access to public transportation and bustling nightlife. LOCATION Ballard is a historic and hip little town located in the northwest region of Seattle. Ballard’s thriving waterfront and blossoming culture makes it one of the most distinguished neighborhoods in Seattle. Once upon a time, Ballard (settled in 1853) was its own city—a blue-collar, maritime-centric enclave bustling with fishers, millworkers, and boat-builders, many of Scandinavian descent. While the historic neighborhood maintains its working waterfront, a lineup of trendy bars, shops, and restaurants, plus a pedestrian-friendly layout, have helped it transform into one of the city’s hippest hot spots for visitors and locals alike. In recent years, a younger resident profile has been attracted to Ballard through new development, the community’s energetic nightlife, award winning restaurants, quality of life, retail amenities, and close vicinity to Downtown Seattle. Ballard’s unique amenities, rich history, small-town charm, dynamic waterfront and close proximity to Seattle’s most popular neighborhoods make it a prime location to live, work and play. Located on 32nd Ave NW, half a block from NW Market St, residents have immediate access to everything that makes Ballard such a desirable neighborhood. The property is only blocks from Ballard’s historic downtown area which consists of fine dining, charming storefronts, live music and offers a pedestrian friendly environment. Located all within blocks are popular places such as Red Mill Totem House, Trident Seafoods, Kiss Café, The Sloop Tavern, The Lockspot Café, Portage Bay Café, Taco Time, Firehouse Coffee, Pico Café, Ristorante Picolinos, Ray’s Boathouse, Geo’s Cuban and Creole Café, Un Bien (Formerly Paseo) and many more! In addition to several restaurants and bars close by, there are grocers (Quality Food Center (QFC), Trader Joe’s, Safeway), banks (Bank of America and Wells Fargo) and other service businesses, amenities and recreational destinations such as a U.S. Post Office, Swedish Medical Hospital, the new Ballard Public Library, the Ballard Sunday Farmers Market, the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beachfront Golden Gardens Park which overlooks the majestic Olympic Mountains, providing a year-round oasis for picnics and bonfires. IMPROVEMENTS Built in 1962, the Locks Triplex is a 2 story wood framed building with a low maintenance marblecrete façade and a pitched composition roof. The building is comprised of 3 spacious apartments including one, two-bedroom/one-bath unit and two, one-bedroom/one-bath units. The one-bedroom units are large and feature a unique two-level lofted floorplan that is open and airy with great natural light. Each unit is individually metered for electricity and has separate hot water tanks. The building features a generally low-maintenance design and has been updated with double-paned vinyl windows for energy efficiency. Amenities include ample off-street parking with 4+ parking stalls and a convenient common laundry facility. Additional storage space is also available in the adjacent storage shed providing convenient on-site manager storage or additional storage for residents. The building sits on an approximately 4,290 square foot lot that is zoned NC1-30 which allows for a multitude of future redevelopment options. FINANCING It is proposed that a Buyer obtain new financing at the best rate and terms available. STREET MAP Ballard Locks Triplex AERIAL MAP SoDo Capitol Hill Seattle CBD Elliott Bay Lake Union Wallingford Queen Anne Fremont Ballard Ballard Locks Triplex BALLARD, WASHINGTON EXTERIOR PHOTOS INTERIOR PHOTOS APARTMENTS | INVESTMENT | BROKERAGE One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101 T 206.623.8880 F 206.623.7435 www.ParagonREA.com PROFORMA OPERATING INFORMATION BALLARD LOCKS TRIPLEX Units 3 Price $895,000 5417 32ND AVE NW Year Built 1962 Per Unit $298,333 SEATTLE, WA Rentable Area 2,260 Sq. Ft. Per Sq. Ft. $396.02 Down Payment $223,750 25% Per Lot Sq. Ft. $208.63 Loan Amount $671,250 75% Market GRM 15.31 Interest Rate 4.00% New Loan Market CAP 4.89% Amortization 30 Years Lot Size 4,290 Sq. Ft. NC1-30 MONTHLY SCHEDULED INCOME MARKET RENT MONTHLY UNIT TYPE SIZE INCOME 1 BD/1 Bth 700 $1,395 $1,395 1 BD/1 Bth 700 $1,395 $1,395 2 BD/1 Bth 860 $1,650 $1,650 Averages 753 $1.96 Monthly Scheduled Rent $4,440 Parking (Approx. 4+ Open Spaces) $40/Space $160 Utility Bill Back $60/Person $240 Laundry (Currently not coin-operated) Proforma Leased $30 Total Monthly Income $4,870 ANNUALIZED OPERATING DATA MARKET Scheduled Gross Income $58,440 Less Vacancy 3.00% $1,753 Gross Operating Income $56,687 Less Expenses $12,903 Net Operating Income $43,784 Annual Debt Service ($3,204.65/mo) $38,456 Cash Flow Before Tax 2.38% $5,328 Principal Reduction $11,821 Total Return before Tax 7.66% $17,149 ANNUALIZED OPERATING EXPENSES MARKET Real Estate Taxes 2016 Actual $5,531 Insurance 2015 Proforma $1,000 MARKET OPERATIONS Utilities 2015 $3,245 Expenses per Unit $4,301 Maintenance & Repairs 2014/2015 Avg $2,677 Expenses Per Foot $5.71 Administration Proforma $450 Percent of Gross 22.08% Total Expenses $12,903 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 the information and bears all risk for any inaccuracies. BUILDING CROSS SECTION 1BD/1BTH UNITS B AND C 2BD/1BTH UNIT A UNIT FLOOR PLAN LOWER LEVEL - 2BD/1BTH UNIT MAIN LEVEL - 1BD/1BTH UNITS UPPER LEVEL - 1BD/1BTH UNITS UNIT C UNIT C 1ST FLOOR 2ND FLOOR UNIT A UNIT B UNIT B 1ST FLOOR 2ND FLOOR.
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