Post on 28-Jul-2020
C a p i t o l H i l lT R I P L E X3
SEATTLE CBD
SLU
CAPITOL HILL
FIRST HILL
UNIVERSITY DISTRICT
EASTLAKE
QUEEN ANNE
WATERFRONT
BELLTOWN
C a p i t o l H i l lT R I P L E X3
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Capitol Hill Triplex. This 3-unit apartment building is located in the highly sought after and walkable Capitol Hill neighborhood. Capitol Hill is distinguished for its high-end residential homes, convenience to Broadway Avenue’s shopping and entertainment district, and its superior access to Downtown Seattle’s Central Business District.
This exclusive listing presents a rare opportunity to purchase a three-unit apartment building in an A+ location under $1.1M. The two-story building plus basement is comprised of a 1BD/0.75BTH, 1BD/2BTH + Den and a 2BD/1BTH unit. The Capitol Hill Triplex presents an investor with the opportunity to own a well-maintained building in an unbeatable location with significant rental upside left to capture.
NAME Capitol Hill Triplex
ADDRESS 2317 E Ward St, Seattle, WA 98112
TOTAL UNITS 3
BUILT 1908
SQUARE FEET 1,893 Total Net Rentable
PRICE $1,075,000
PRICE PER UNIT $358,333
CURRENT GRM/CAP 20.3/3.3%
MARKET GRM/CAP 15.8/4.6%
O F F E R I N G
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.
� Sweeping views of Lake Washington and the Mountains
� Significant rental upside
� The basement unit has just been completely remodeled with granite countertops, vinyl wood floors and new cabinets
� Two blocks to The Arboretum
� Seven blocks to Madison Street
� Live in one unit and rent out the other two
I N V E S T M E N T H I G H L I G H T S
C a p i t o l H i l lT R I P L E X3
Capitol Hill is situated on a hill just east of the city’s downtown central business district. This popular residential neighborhood is funky and fast-paced, with an endless number of cool blocks to explore. 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.
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. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.
The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill’s major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city’s most historic mansions, with the two types sometimes shoulder-to-shoulder.
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.
The demand for Capitol Hill apartments continues to rise as nearby Amazon.com continues its feverish hiring pace alongside other technology companies that are hiring as well as relocating to the South Lake Union area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Mason Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area.
C A P I T O L H I L L
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1. Bar Cantinetta2. Pagliacci Pizza3. Hello Robin4. Victorola Coffee Roasters5. The Harvest Vine6. Aviv Hummus Bar7. Nishino8. Queen Bee Café9. Bakery Nouveau10. Safeway11. Trader Joe’s12. Anytime Fitness13. Kaiser Permanente - Capitol Hill Campus14. Wells Fargo15. Walgreens16. QFC17. Madison Street Animal Hospital18. Seattle Public Library19. Bank of America20. Holy Names Academy21. Meany Middle School22. Saint Josephs School23. Seattle University24. Volunteer Park25. Washington Park Arboretum26. Lakeview Park
Food/DrinkShopping/ServicesParks/Schools
N E I G H B O R H O O D A M E N I T I E S
C a p i t o l H i l lT R I P L E X3
� Growing population of 3.87 million in the Seattle Metro area.
� 57% of the Seattle population has a bachelors degree or higher.
� Central business district provides more than 410,000 jobs.
� Seattle is expected to add an additional 40,000 to 50,000 jobs in 2019.
� Seattle offers high rents with an occupancy rate of 95%.
� Seattle is home to many large companies in technology, life sciences, consumer goods and aerospace.
� High median income of $79,565.
� Seattle has 59+ cranes hovering over the skyline, the highest number in any US city. The top 25 construction projects are estimated to cost $23 Billion.
W H Y I N V E S T I N S E A T T L E ?W H Y I N V E S T I N S E A T T L E ?
S E A T T L E E C O N O M Y
Washington was recently ranked as the #1 economy in the United States. It is leading innovation potential, economic activity, and economic health. Seattle’s diversified industry is made up of older industrial and new technology companies. Seattle’s growth is driven by cloud services, AI, bio tech, aerospace engineering, green technology, e-commerce, and financial service enterprises. Large companies continue to dominate the business landscape. Seattle is home to 16 headquartered companies that are on Fortune 500’s list as the largest companies in the United States.
TECHNOLOGY
Seattle employs more than 165,300 people in the technology sector
with an average wage of $130,000.
LIFE SCIENCES
With over 1,700 research, medical device,
distribution and drug companies are located
here, and this area employs more than
36,000 people.
CONSUMER GOODS
Seattle is home to many national leaders in
consumer goods such as Starbucks, Costco, Nordstrom, REI and
Weyerhaeuser.
AEROSPACE
Home to Boeing, the biggest airline producer in the world, Washington state produces 90% of all commercial aircrafts in
the United States.
Company Employees Revenue
Amazon.com 647,500 $232,887,000Costco Wholesale 194,000 $141,576,000Microsoft 131,000 $110,360,000Starbucks 291,000 $24,719,500Paccar 28,000 $23,495,700Nordstrom 74,000 $15,860,000Expedia Group 24,500 $11,223,000Alaska Air Group 23,376 $8,264,000Expeditors Int’l of Washington 17,400 $8,138,400Weyerhaeuser 9,300 $7,476,000Fortive 24,000 $7,203,200Puget Sound Energy 3,140 $3,346,500TrueBlue 6,700 $2,499,200Itron 7,350 $2,376,100F5 Networks 4,409 $2,161,400Esterline Technologies 12,609 $2,034,800
THE FUTURE OF INDUSTRY IS IN SEATTLE
M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T
M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N
B U I L D I N G P H O T O S
B A S E M E N T U N I T P H O T O S
B A S E M E N T U N I T P H O T O S
M I D D L E U N I T P H O T O S
M I D D L E U N I T P H O T O S
T O P U N I T P H O T O S
T O P U N I T P H O T O S
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $4,095 $5,345
Utility Bill Back $100/Unit $300 $100/Unit $300
Laundry Income $7/Unit $15 $7/Unit $21
Miscellaneous Income $0 $5/Unit $15
Gross Potential Income $4,410 $5,681
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $52,920 $68,172
Less Vacancy 4.00% $2,117 4.00% $2,727
Gross Operating Income $50,803 $65,445
Less Expenses $15,765 $15,765
Net Operating Income $35,038 $49,680
Annual Debt Service ($3,849.16) $46,190 $46,190
Cash Flow Before Tax -4.15% ($11,152) 1.30% $3,490
Principal Reduction $14,198 $14,198
Total Return Before Tax 1.13% $3,047 6.58% $17,689
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
Real Estate Taxes 2020 Actual $8,988 $8,988
Insurance 2018 Actual $957 $957
Utilities (W/S/Garb/Gas) Pro Forma $3,600 $3,600
Common Area Electric Pro Forma $720 $720
Maintenance & Repairs Pro Forma $1,500 $1,500
2019 Assessed Value: $955,000
Total Expenses $15,765 $15,765
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
Top 2 Bd/1 Bth 640 $1,200 $2,100
Main 1 Bd/0.75 Bth 600 $1,200 $1,550
Basement 1 Bd/2 Bth + Den 600 $1,695 $1,695
3 Total/Avg 1,840 $2.16 $2.82
Units 3
Year Built 1908
Rentable Area 1,893
Down Pmt $268,750
Loan Amount $806,250
Interest Rate 4.00%
Amortization 30 years
Price $1,075,000
Per Unit $358,333
Per Sq. Ft. $567.88
Current GRM 20.31
Current CAP 3.26%
Market GRM 15.77
Market CAP 4.62%
Expense/Unit $5,255
Expense/Foot $8.33
Percent of EGI 29.79%
Expense/Unit $5,255
Expense/Foot $8.33
Percent of EGI 23.13%
CURRENT
OPERATIONS
MARKET
OPERATIONS
2213 Yale Ave E Seattle, WA 98102
1 Year Built 1908 Units 2 Sales Price $1,150,000 Price/Unit $575,000 Price/Foot $586.73 GRM/CAP 23.0/3.1% Sales Date 07.09.2019
616 Malden Ave E Seattle, WA 98112
2 Year Built 1905 Units 3 Sales Price $1,200,000 Price/Unit $400,000 Price/Foot $415.22 GRM/CAP 20.0/3.4% Sales Date 05.28.2019
511 E Mercer St Seattle, WA 98102
3 Year Built 1904 Units 3 Sales Price $1,065,000 Price/Unit $355,000 Price/Foot $398.88 GRM/CAP 25.0/3.7% Sales Date 04.05.2019
1527 31st Ave S Seattle WA 98144
4 Year Built 1900 Units 3 Sales Price $1,041,000 Price/Unit $347,000 Price/Foot $400.38 GRM/CAP 17.1/4.2% Sales Date 01.14.2019
1
3
4
2
S A L E S C O M P A R A B L E S
1015 E Jefferson St Seattle, WA 98122
5 Year Built 1988 Units 3 Sales Price $1,225,000 Price/Unit $408,333 Price/Foot $588.94 GRM/CAP 17.3/4.5% Sales Date 10.25.2018
5
Capitol Hill Triplex 2317 E Ward St Seattle WA 98112Year Built 1908 Units 3 Sales Price $1,075,000 Price/Unit $358,333 Price/Foot $567.88 Current GRM/CAP 20.3/3.3% Market GRM/CAP 15.8/4.6%
C a p i t o l H i l lT R I P L E X3
2
Capitol Hill Triplex2317 E Ward StSeattle, WA 98112
1908 - 3 Units
2 Bd/1 Bth1 Bd/0.75 Bth1 Bd/2 Bth + Den
640600600
$1,200$1,200$1,600
$1.88$2.00$2.67
1810 15th Ave Seattle, WA 98122
1925 - 15 Units
2 Bd/1 Bth 800 $1,995 $2.49
230 14th Ave E Seattle, WA 98112
1965 - 13 Units
2 Bd/1 Bth 775 $2,200 $2.84
402 21st AveSeattle, WA 98122
1900 - 2 Units
2 Bd/1 Bth 600 $2,000 $3.33
741 Federal Ave E Seattle, WA 98102
1927 - 11 Units
1 Bd/1 Bth 475 $1,500 $3.16
104 14th Ave E Seattle, WA 98112
1903 - 7 Units
1 Bd/1 Bth 506 $1,550 $3.06
1828 11th AveSeattle, WA 98122
1987 - 19 Units
1 Bd/1 Bth 448 $1,850 $4.13
315 12th Ave E Seattle, WA 98102
1928 - 6 Units
1 Bd/1 Bth 764 $1,695 $2.22
3
R E N T C O M P A R A B L E S
4
5
6
1
1
3
4
2
56
7
7
C a p i t o l H i l lT R I P L E X3
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / info@ParagonREA.com
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.
Brian Platt Brian@ParagonREA.com 206 812-9130
Michael Urquhart Michael@ParagonREA.com 206 812-9123