Exclusive Multifamily Offering · Anne Playfi eld on a quiet, tree-lined street surrounded by...
Transcript of Exclusive Multifamily Offering · Anne Playfi eld on a quiet, tree-lined street surrounded by...
![Page 1: Exclusive Multifamily Offering · Anne Playfi eld on a quiet, tree-lined street surrounded by million dollar homes. It was built by the current ownership group in 1971, and is on](https://reader036.fdocuments.net/reader036/viewer/2022081607/5ece45a19209a8140d750c1d/html5/thumbnails/1.jpg)
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Exclusive Multifamily Offering
QUEEN ANNE TRIPLEX1819 3rd Avenue West, Seattle WA
$1,650,000 | 3 units | $383.72 per square footPremier address and spectacular location three blocks from Queen Anne Avenue’s trendy walkable restaurants, shops, grocers, and transit
Built by current ownership group in 1971 and on the market for the first time in 46 years
Owner-occupant opportunity/value-add investment
Ability to secure residential financing - a 30-year fixed rate loan possible
Within a few miles of major employers: Amazon, Google, Facebook, Gates Foundation, SPU, and Expedia (opening in 2019)
Uniquely large units - two are approximately 1,650 square feet
Three garages and three off-street parking spaces
QUEEN ANNE
QUEEN ANNE TRIPLEX SEATTLE
LAK
E
UN
ION
PUGET SOUND
ContactDan SwansonKidder MathewsSenior Vice President, Partner [email protected]
Donna Marshall Capstone Real Estate GroupVice President [email protected]
FREMONT
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This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.comkiddermathews.com
Queen Anne Triplex
Property Overview
Located on top of Queen Anne Hill, this fabulous triplex is situated in a premier location overlooking the West Queen Anne Playfi eld on a quiet, tree-lined street surrounded by million dollar homes. It was built by the current ownership group in 1971, and is on the market for the fi rst time in 46 years! The Queen Anne triplex has been operated with care at below market rents by this long-term ownership group. With minimal renovation, rents could be increased over 20%, and with a more thorough renovation, over 30%.
The property’s prime location provides quick access to both Downtown Seattle and South Lake Union. It is also located just three blocks from Queen Anne Avenue’s trendy restaurants and boutique shops, the Queen Anne farmers market, major grocers, and constant transit options. Additionally, residents of the Queen Anne Triplex are within a few miles of a variety of major employers including Amazon’s ever-growing world headquarters, the Bill & Melinda Gates Foundation, Seattle Pacifi c University, the expanding Google and Facebook campuses, and a variety of biotech companies scattered throughout South Lake Union. The new Expedia campus will open in 2019 and is expected to eventually accommodate 4,500 new employees.
With a Walk Score of 89 out of 100, the Queen Anne Triplex is within a quarter mile of 15 restaurants and eateries and 7 coffee shops. Within a half mile are several grocers including Trader Joe’s, the Queen Anne Farmers Market, and Safeway. Additionally, within one third of a mile, there are stops for fi ve bus lines that take tenants to Downtown Seattle, Ballard, and Seattle Pacifi c University. Within a mile there are 13 parks and playfi elds, including Kerry Park with its panoramic view of Downtown Seattle and the Puget Sound. With walkable access to such a vast array of dining, entertainment, employment, and transit options, residents of the Queen Anne Triplex are able to conduct their lives without the need for personally owned vehicles. This European-style, car-free existence is the preferred lifestyle for the current generation of renters.
Developed with pride by the current ownership group in 1971, the Queen Anne Triplex is comprised of a three-story building on a large lot. The three 3-bedroom apartments are uniquely large, with two that are approximately 1,650 square feet. All three units offer secured entry, dishwashers, decks, large windows showcasing territorial views, and spacious, light-fi lled interiors with large bedrooms, ample closet space, and large living and dining areas. The property is built with wood frame covered by wood siding, and features a pitched torch down roof, new garage doors, copper plumbing, low-maintenance landscaping, a common laundry room, and a large owner storage area. There are also three garages and three off-street parking spaces.
The Queen Anne Triplex has been owned for 46 years by the same family, which has maintained low leverage and affordable rents, while taking excellent care of the property. For a new operator, there is potential for upside simply by raising rents to market rates upon turnover. This triplex is well-suited for an owner occupant, or for an investor seeking a low-risk growth opportunity with a value-add strategy. This property’s premier address and spectacular location, combined with the option to obtain residential fi nancing at historically low rates fi xed for up to 30 years, make this triplex an attractive asset that will likely provide an excellent long term return.
PROPERTY OVERVIEW
Address1819 3rd Avenue West
Seattle, WA
Price $1,650,000
Down Payment $577,500
Price per Unit $550,000
Price per SF $383.72
Current Cap Rate 3.7%
Market Cap Rate 4.8%
Current GRM 18.7
Market GRM 15.4
# of Units 3
Avg Unit Size 1,433 SF
Net Rentable SF 4,300 SF
Year Built 1971
Financials & Overview
Queen Anne Triplex
CURRENT MARKET PRO FORMA
INCOME
Total Scheduled Rent $81,888 $100,800 $111,600
Laundry $1,080 $1,080 $0
Utility-Bill-Back $5,134 $5,182 $5,182
Non-Ref. / Late Fees $0 $200 $200
Scheduled Potential Income $88,102 $107,262 $116,982
Less Physical Vacancy (3%) ($2,643) ($3,218) ($3,509)
Effective Gross Income $85,459 $104,044 $113,473
EXPENSES
Real Estate Taxes $13,263 $13,263 $13,263
Insurance $1,600 $1,600 $1,600
Utilities $5,343 $5,343 $5,343
Repairs and Maintenance $3,000 $3,000 $3,000
Capital Reserves $750 $750 $750
Administration $111 $111 $111
Total Expenses $24,066 $24,066 $24,066
Expenses Per Unit $8,022 $8,022 $8,022
Expenses Per Square Foot $5.60 $5.60 $5.60
Net Operating Income $61,393 $79,978 $89,407
UNIT MIX
UNIT TYPE # UNITS AVERAGE SFCURRENT AVG RENT
CURRENT RENT/SF
MARKET AVG RENT
MARKET RENT/SF
PRO FORMA RENT
PRO FORMA RENT/SF
3 Bed / 1 Bath 1 1,000 $1,824 $1.82 $2,400 $2.40 $2,700 $2.70
3 Bed / 1.5 Bath 2 1,650 $2,500 $1.52 $3,000 $1.82 $3,300 $2.00
TOTAL 3 4,300 $6,824 $8,400 $9,300
AVERAGE 1,433 $1.59 $1.95 $2.16
![Page 3: Exclusive Multifamily Offering · Anne Playfi eld on a quiet, tree-lined street surrounded by million dollar homes. It was built by the current ownership group in 1971, and is on](https://reader036.fdocuments.net/reader036/viewer/2022081607/5ece45a19209a8140d750c1d/html5/thumbnails/3.jpg)
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.comkiddermathews.com
Queen Anne Triplex
Property Overview
Located on top of Queen Anne Hill, this fabulous triplex is situated in a premier location overlooking the West Queen Anne Playfi eld on a quiet, tree-lined street surrounded by million dollar homes. It was built by the current ownership group in 1971, and is on the market for the fi rst time in 46 years! The Queen Anne triplex has been operated with care at below market rents by this long-term ownership group. With minimal renovation, rents could be increased over 20%, and with a more thorough renovation, over 30%.
The property’s prime location provides quick access to both Downtown Seattle and South Lake Union. It is also located just three blocks from Queen Anne Avenue’s trendy restaurants and boutique shops, the Queen Anne farmers market, major grocers, and constant transit options. Additionally, residents of the Queen Anne Triplex are within a few miles of a variety of major employers including Amazon’s ever-growing world headquarters, the Bill & Melinda Gates Foundation, Seattle Pacifi c University, the expanding Google and Facebook campuses, and a variety of biotech companies scattered throughout South Lake Union. The new Expedia campus will open in 2019 and is expected to eventually accommodate 4,500 new employees.
With a Walk Score of 89 out of 100, the Queen Anne Triplex is within a quarter mile of 15 restaurants and eateries and 7 coffee shops. Within a half mile are several grocers including Trader Joe’s, the Queen Anne Farmers Market, and Safeway. Additionally, within one third of a mile, there are stops for fi ve bus lines that take tenants to Downtown Seattle, Ballard, and Seattle Pacifi c University. Within a mile there are 13 parks and playfi elds, including Kerry Park with its panoramic view of Downtown Seattle and the Puget Sound. With walkable access to such a vast array of dining, entertainment, employment, and transit options, residents of the Queen Anne Triplex are able to conduct their lives without the need for personally owned vehicles. This European-style, car-free existence is the preferred lifestyle for the current generation of renters.
Developed with pride by the current ownership group in 1971, the Queen Anne Triplex is comprised of a three-story building on a large lot. The three 3-bedroom apartments are uniquely large, with two that are approximately 1,650 square feet. All three units offer secured entry, dishwashers, decks, large windows showcasing territorial views, and spacious, light-fi lled interiors with large bedrooms, ample closet space, and large living and dining areas. The property is built with wood frame covered by wood siding, and features a pitched torch down roof, new garage doors, copper plumbing, low-maintenance landscaping, a common laundry room, and a large owner storage area. There are also three garages and three off-street parking spaces.
The Queen Anne Triplex has been owned for 46 years by the same family, which has maintained low leverage and affordable rents, while taking excellent care of the property. For a new operator, there is potential for upside simply by raising rents to market rates upon turnover. This triplex is well-suited for an owner occupant, or for an investor seeking a low-risk growth opportunity with a value-add strategy. This property’s premier address and spectacular location, combined with the option to obtain residential fi nancing at historically low rates fi xed for up to 30 years, make this triplex an attractive asset that will likely provide an excellent long term return.
PROPERTY OVERVIEW
Address1819 3rd Avenue West
Seattle, WA
Price $1,650,000
Down Payment $577,500
Price per Unit $550,000
Price per SF $383.72
Current Cap Rate 3.7%
Market Cap Rate 4.8%
Current GRM 18.7
Market GRM 15.4
# of Units 3
Avg Unit Size 1,433 SF
Net Rentable SF 4,300 SF
Year Built 1971
Financials & Overview
Queen Anne Triplex
CURRENT MARKET PRO FORMA
INCOME
Total Scheduled Rent $81,888 $100,800 $111,600
Laundry $1,080 $1,080 $0
Utility-Bill-Back $5,134 $5,182 $5,182
Non-Ref. / Late Fees $0 $200 $200
Scheduled Potential Income $88,102 $107,262 $116,982
Less Physical Vacancy (3%) ($2,643) ($3,218) ($3,509)
Effective Gross Income $85,459 $104,044 $113,473
EXPENSES
Real Estate Taxes $13,263 $13,263 $13,263
Insurance $1,600 $1,600 $1,600
Utilities $5,343 $5,343 $5,343
Repairs and Maintenance $3,000 $3,000 $3,000
Capital Reserves $750 $750 $750
Administration $111 $111 $111
Total Expenses $24,066 $24,066 $24,066
Expenses Per Unit $8,022 $8,022 $8,022
Expenses Per Square Foot $5.60 $5.60 $5.60
Net Operating Income $61,393 $79,978 $89,407
UNIT MIX
UNIT TYPE # UNITS AVERAGE SFCURRENT AVG RENT
CURRENT RENT/SF
MARKET AVG RENT
MARKET RENT/SF
PRO FORMA RENT
PRO FORMA RENT/SF
3 Bed / 1 Bath 1 1,000 $1,824 $1.82 $2,400 $2.40 $2,700 $2.70
3 Bed / 1.5 Bath 2 1,650 $2,500 $1.52 $3,000 $1.82 $3,300 $2.00
TOTAL 3 4,300 $6,824 $8,400 $9,300
AVERAGE 1,433 $1.59 $1.95 $2.16
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LOWER QUEEN ANNE TRIPLEX923 6th Ave N, Seattle
Sale Date 03/13/2016Sale Price $1,460,000Price/Unit $486,667Price/SF $496.60GRM 17.2Cap Rate 4.8%Units 3Year Built 1902
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QUEEN ANNE TRIPLEX
MAGNOLIA TRIPLEX3441-3445 23rd Ave W, Seattle
Sale Date PendingSale Price $1,550,000Price/Unit $516,667Price/SF $394.40GRM 20.0Cap Rate 4.2%Units 3Year Built 1967
NORTH CAPITOL HILL TRIPLEX1909 Broadway E, Seattle
Sale Date 11/09/2016Sale Price $1,749,000Price/Unit $583,000Price/SF $523.34GRM 18.0Cap Rate 4.6%Units 3Year Built 1990
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.comThis information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verifi cation of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Exclusive Multifamily Offering
QUEEN ANNE TRIPLEX1819 3rd Avenue West, Seattle WA
$1,650,000 | 3 units | $383.72 per square foot
ContactDan SwansonKidder MathewsSenior Vice President, [email protected]
Donna MarshallCapstone Real Estate GroupVice [email protected]
Premier address and spectacular location three blocks from Queen Anne Avenue’s trendy walkable restaurants, shops, grocers, and transit
Built by current ownership group in 1971 and on the market for the fi rst time in 46 years
Owner-occupant opportunity/value-add investment
Ability to secure residential fi nancing - a 30-year fi xed rate loan possible
Within a few miles of major employers: Amazon, Google, Facebook, Gates Foundation, SPU, and Expedia (opening in 2019)
Uniquely large units - two are approximately 1,650 square feet
Three garages and three off-street parking spaces
Sales Comparables
Queen Anne Triplex
CAPITOL HILL TRIPLEX1970 Harvard Ave E, Seatle
Sale Date 05/31/2017Sale Price $1,600,000Price/Unit $533,333Price/SF $380.95GRM N/ACap Rate N/AUnits 3Year Built 1969
QUEEN ANNE
SEATTLE
CAPITOL HILL
GREEN LAKE
GREENWOOD
PHINNEY RIDGE
FREMONT
GREEN LAKE
LAKE UNION
PUGET SOUND
QUEEN ANNE
QUEEN ANNE TRIPLEX SEATTLE
LAK
E
UN
ION
PUGET SOUND
BALLARD
1
2
5
MAGNOLIA TRIPLEX2308 W Wheeler St, Seattle
Sale Date 07/03/2017Sale Price $1,600,000Price/Unit $533,333Price/SF $430.11GRM N/ACap Rate N/AUnits 3Year Built 1965
4
WALLINGFORD
FREMONT