A P A R T M E N T S

Buena Vista

SEATTLE CBD

LESCHI

CAPITOL HILL STATION

CAPITOL HILL

A P A R T M E N T S

Buena Vista

SOUTH LAKE UNION

FIRST HILL

SODO

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Buena Vista Apartments. This 30-unit apartment building is located in the highly sought after and walkable Capitol Hill neighborhood of Seattle.

This unique investment opportunity is highlighted by its unbeatable A+ location in what many believe to be Seattle’s most iconic 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. The Capitol Hill Light Rail Station is located just a few blocks away, which provides fast and easy access to downtown employment, education opportunities at the University of Washington, and a wide array of food and entertainment options.

The three-story, 17,890 square foot building provides an investor with an opportunity to own a substantial asset in King County’s most coveted neighborhood. The well-maintained building also contains an office unit with a bathroom that can easily be converted into a studio unit. The basement presents an additional opportunity to add 2-3 units as shown in the floor plans. This is a rare opportunity for an investor to acquire a trophy asset in an unbeatable neighborhood with repositioning upside.

NAME Buena Vista Apartments

ADDRESS 1631 Boylston Ave, Seattle, WA 98122

TOTAL UNITS 30 (29 + 1 Office)

BUILT 1907 / 1977

SQUARE FEET 17,890 Total Net Rentable

PRICE $7,250,000

PRICE PER UNIT $241,667

PRICE PER FOOT $405

MARKET GRM/CAP 11.8/5.6%

LOT SIZE 7,000 Square Feet Zoned MR (M)

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.* 28 Units per King County Records

I N V E S T M E N T H I G H L I G H T S

� Huge upside potential to raise rents (Rents are 34% below market)

� Opportunity to add 2-3 additional units in basement which currently consist of a large laundry room and two large storage rooms (see proposed floor plan)

� Increase NOI by $220,000 by adding 3 units and bringing rents to market

� Opportunity to convert office with bathroom to an apartment unit (buyer to verify)

� Market 5.6% CAP rate

� $241,667 per unit and $405 per net rentable Sq. Ft.

� 20 – 1 Bd/1 Bth units, 6 studio units, 3 economy units and 1 Office/Studio unit

� A+ location in Seattle’s most vibrant urban neighborhood

� Rare opportunity to purchase a trophy asset

� Add significant value with cosmetic upgrades

� Half mile to Capitol Hill Light Rail Station

� Half mile to Downtown Seattle CBD

� Located on all major bus lines

� Zoning MR (M)

� Built 1907 and updated in 1977

� Common laundry

� Central heat and central hot water

� Opportunity to Purchase the vacant lot (2 tax parcels) next door 6,300 Sq.Ft. of NC3-75(M) / MR(M). Contact listing Broker for additional information.

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 Pagliacci Pizza2 Salt & Straw3 Chipotle4 Sushi Maki5 Optimism Brewing6 Rhein Haus Seattle7 Linda’s Tavern8 Molly Moon’s Ice Cream9 Oddfellows Café & Bar10 Redhook Brewlab11 Whole Foods Market12 QFC13 F45 Training14 Trader Joe’s15 Virginia Mason16 Swedish Medical Center17 Northwest Liquor & Wine18 Capitol Hill Farmer’s Market19 Bartell Drugs20 Garage Billiards & Bowl21 Seattle University22 The Northwest School23 Meany Middle School24 Seattle Academy25 Miller Park26 Volunteer 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

A P A R T M E N T S

Buena Vista

SEATTLE CBD

� 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 - S E A T T L E C B D

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

A E R I A L V I E W S

A E R I A L V I E W S

B U I L D I N G P H O T O S

U N I T P H O T O S

A D D I T I O N A L U N I T P H O T O S

C O N V E R T O F F I C E T O A U N I T

A D D I T I O N A L B U I L D I N G S P A C E

Storage Room - Potential to Add UnitLaundry Room - Potential to Add Unit

E X I S T I N G B A S E M E N T F L O O R P L A N

1 BD

1 BD

1 BDNC

ECONOMY UNIT

STORAGE

LAUNDRY

METER

ROOM

MECHANICAL

ROOM

ECONOMY UNIT ECONOMY UNIT CAPITAL LOANS

STORAGE

E OLIVE ST

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YLSTON

AVE

STORAGE

P R O P O S E D B A S E M E N T F L O O R P L A N

1 BD 1 BDSEDU UNIT

SEDU

UNIT

SEDU

UNIT

SEDU

UNIT

SEDU

UNIT

STANDARD

STUDIO UNIT

STANDARD

STUDIO UNIT

STORAGE

STORAGE

LAUNDRY &

STORAGE

METER

ROOM

MECHANICAL

ROOM

E OLIVE ST

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YLSTON

AVE

Unit Breakdown

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

MARKET

RENT

MARKET

RENT/SQ.FT.

3 1x1 695 $1,475 * $2.12 $1,750 $2.52

4 Economy 151 $650 $1.86 $925 $6.13

5 Economy 350 $650 * $1.86 $1,095 $3.13

6 Economy 350 $650 $1.86 $1,095 $3.13

7 1x1 695 $1,100 $1.58 $1,750 $2.52

8 1x1 695 $860 $1.24 $1,750 $2.52

101 1x1 695 $1,420 $2.04 $1,750 $2.52

102 Studio (Current Office) 420 $0 $0.00 $1,450 $3.45

103 1x1 695 $1,275 $1.83 $1,750 $2.52

104 1x1 695 $1,350 $1.94 $1,750 $2.52

105 Studio 420 $795 $1.89 $1,450 $3.45

106 Studio 420 $975 $2.32 $1,450 $3.45

107 1x1 695 $1,475 * $2.12 $1,750 $2.52

108 1x1 695 $700 $1.01 $1,750 $2.52

201 1x1 695 $1,350 $1.94 $1,750 $2.52

202 1x1 695 $1,335 $1.92 $1,750 $2.52

(continued on next page)

* Currently a Vacant Unit

Unit Breakdown

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

MARKET

RENT

MARKET

RENT/SQ.FT.

203 1x1 695 $1,350 $1.94 $1,750 $2.52

204 1x1 695 $1,010 $1.45 $1,750 $2.52

205 Studio 420 $990 $2.36 $1,450 $3.45

206 Studio 420 $865 $2.06 $1,450 $3.45

207 1x1 695 $1,075 $1.55 $1,750 $2.52

208 1x1 695 $1,075 $1.55 $1,750 $2.52

301 1x1 695 $1,475 $2.12 $1,750 $2.52

302 1x1 695 $495 $0.71 $1,750 $2.52

303 1x1 695 $1,370 $1.97 $1,750 $2.52

304 1x1 695 $1,395 $2.01 $1,750 $2.52

305 Studio 420 $1,100 $2.62 $1,450 $3.45

306 Studio 420 $1,100 $2.62 $1,450 $3.45

307 1x1 695 $1,475 $2.12 $1,750 $2.52

308 1x1 695 $1,395 $2.01 $1,750 $2.52

Totals/Avg 17,691 Sq.Ft. $32,230 $1.80 $48,265 $2.73

Current rents are 33.5% below market on average

Current storage room is rented out on a month-to-month basis for $200 to Capital Loans Storage.

The washer/dryers are leased through CSC ServiceWorks, Inc.

Income & Expenses

Real Estate Taxes 2019 Actual $48,707 $58,000 $58,000

Insurance 2019 Actual $7,923 $7,923 $7,923

Utilities 2019 Actual $33,155 $33,155 $36,000

Professional Mgmt Pro Forma (4%) $15,146 $23,290 $25,044

Maintenance & Repairs 2019 Actual $23,721 $23,721 $26,090

On-Site Payroll Pro Forma $15,660 $16,200 $17,820

Landscaping/Janitorial 2019 Actual $4,399 $4,399 $4,399

Reserves Pro Forma $8,700 $9,000 $9,900

Legal/Admin Pro Forma $2,500 $2,500 $2,500

Total Expenses $159,911 $178,188 $187,676

Price $7,250,000

Per Unit $241,667

Per Sq. Ft. $405

Current GRM 18.38

Current CAP 3.02%

Market GRM 11.83

Market CAP 5.57%

Units 30

Year Built 1907 / 1977

Rentable Area 17,890

Down Pmt $2,900,000

Loan Amount $4,350,000

Interest Rate 3.75%

Amortization 30 years

Lot Size 7,000 SF

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EXP

EN

SES

Scheduled Gross Rents $394,440 $612,900 $659,052

Vacancy & Concessions 4% ($15,778) 5% ($30,645) 5% ($32,953)

Gross Operating Income $378,662 $582,255 $626,099

Less Expenses $159,911 $178,188 $187,676

Net Operating Income $218,751 $404,067 $438,423

Annual Debt Service ($20,146/mo) $241,746 $241,746 $241,746

Cash Flow Before Tax -0.79% ($22,995) 5.60% $162,320 6.78% $196,677

Principal Reduction $79,987 $79,987 $79,987

Total Return Before Tax 1.97% $56,992 8.36% $242,307 9.54% $276,664

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ALIZE

D O

PE

RA

TING

DA

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Gross Potential Rent $32,230 $48,265 $52,050

Utility Bill Back $0 $2,100 $2,310

Non-Refundable/Late/Misc fees $290 $300 $330

Laundry Income $150 $210 $231

Storage Income $200 $200 $0

Gross Potential Income $32,870 $51,075 $54,921

MO

NTH

LY INCO

ME

CURRENT MARKET UNITS ADDED

Expense/Unit

Current $5,514

Market $5,940

Units Added $5,687

S A L E S C O M P A R A B L E S

Buena Vista Apartments 1631 Boylston Ave Seattle, WA 98122

Year Built 1907 / 1977 Units 30 Sales Price $7,250,000 Price/Unit $241,667 Price/Foot $405 Cur GRM/CAP 18.5/3.0% Mkt GRM/CAP 11.8/5.6%

7A P A R T M E N T S

Buena Vista6

Killarney3008 Harvard Ave ESeattle, WA 98102

Year Built 1926 Units 22 Sales Price $6,575,000 Price/Unit $298,864 Price/Foot $382.05 GRM/CAP 14.9/4.4% Closing Date 1.31.2019

4

Mulholland507 Harvard Ave ESeattle, WA 98102

Year Built 1926 Units 29 Sales Price $9,350,000 Price/Unit $322,414 Price/Foot $483.83 GRM/CAP 16.6/3.6% Closing Date 8.30.2019

Year Built 1926 Units 15 Sales Price $4,597,000 Price/Unit $306,467 Price/Foot $515.07 GRM/CAP 17.3/3.3% Closing Date 1.29.2019

5

LaVanch956 10th Ave ESeattle, WA 98105

Year Built 1930 Units 20 Sales Price $6,850,000 Price/Unit $342,500 Price/Foot $607.43 GRM/CAP 15.8/3.9% Closing Date 07.09.2019

3

Swansonia1017 E Harrison StSeattle, WA 98102

Year Built 1925 Units 32 Sales Price $9,250,000 Price/Unit $289,063 Price/Foot $551.68 GRM/CAP 15.2/4.4% Closing Date 9.25.2019

Kenton Apartments303 16th Ave ESeattle, WA 98112

2

Stanford Arms2325 10th Ave ESeattle, WA 98102

Year Built 1929 Units 20 Sales Price $6,400,000 Price/Unit $320,000 Price/Foot $467.15 GRM/CAP 16.5/4.0% Closing Date 10.23.2019

1

Bradbury Apartments718 Cherry StSeattle, WA 98104

Year Built 1902 Units 30 Sales Price $7,444,000 Price/Unit $248,133 Price/Foot $542.57 GRM/CAP 13.9/4.8% Closing Date 12.20.2019

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R E N T C O M P A R A B L E S

2

Buena Vista Apts 1631 Boylston Ave Seattle, WA 98122

1907/ 1977

30

Economy Studio1 Bd/1 BthOffice

350420695420

$1,095$1,450$1,750$1,450

$3.13$3.45$2.52$3.45

Winston Apts 1023 E Pike St Seattle, WA 98122

1905 26Studio1 Bd/1 Bth

361 - 390565 - 600

$1,375 - $1,395$1,695 - $1,825

$3.81 - $3.58$3.00 - $3.04

Louis Arms 1515 Bellevue Ave Seattle, WA

1925 24 Studio 350 $1,450 $4.14

Mercer Crest 524 Federal Ave E Seattle, WA 98102

1964 15 1 Bd/1 Bth 650 $1,895 - $1,950 $2.92 - $3.00

LaVanch Apts 956 10th Ave E Seattle, WA 98102

1930 20Studio1 Bd/1 Bth

428600 - 675

$1,350 - $1,395$1,695 - $2,150

$3.15 - $3.65$2.62 - $3.32

Normandy Arms 420 13th Ave E Seattle, WA 98102

1930 16Studio1 Bd/1 Bth

375 - 415648

$1,370 - $1,420$1,695 - $2,150

$3.15 - $3.65$2.62 - $3.32

The David 741 Federal Ave E Seattle, WA 98102

1927 10Studio1 Bd/1 Bth

420 630

$1,400$1,690 - $1,895

$3.33$2.68 - $3.01

Hampton Court 419 13th Ave E Seattle, WA 98102

1910 42 Studio 475 $1,795 $3.15

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A P A R T M E N T S

Buena Vista

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Brian Platt

brian@ParagonREA.com

206-812-9130

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.

Michael Urquhart

michael@ParagonREA.com

206-812-9123