Sherri Lee - images1.loopnet.com · 1222 Taylor Ave N Seattle, WA 98109 3 9 $3,100,000 $344,444...
Transcript of Sherri Lee - images1.loopnet.com · 1222 Taylor Ave N Seattle, WA 98109 3 9 $3,100,000 $344,444...
Sherri LeeA P A R T M E N T S
ELLIOTT BAY
SEATTLE CBD
QUEEN ANNE
SOUTH LAKE UNION
LABEL
BALLARD
GREENLAKE
EASTLAKE
BELLTOWN
UNIVERSITY OF WASHINGTON
FREMONT
Sherri LeeA P A R T M E N T S
Paragon Real Estate Advisors has been retained as the exclusive agent to list The Sherri Lee Apartments, a 9-unit (including one non-conforming unit) building located on the east side of Queen Anne near South Lake Union and Downtown Seattle. This is the first time the Sherri Lee has been marketed for purchase since it was built in 1962. This is an extremely rare opportunity for an investor to acquire an asset with views of Lake Union and repositioning upside.
Please contact listing brokers to arrange a tour of the property or for additional due diligence materials.
Financing: It is proposed that the Buyer pay all cash or obtain new financing.
NAME Sherri Lee Apartments
ADDRESS 2415 8th Ave N, Seattle WA 98109
TOTAL UNITS 9 (Including one non-conforming unit)
BUILT 1962
SQUARE FEET 6,760 Total Net Rentable
PRICE $2,700,000
PRICE PER UNIT $300,000
PRICE PER FOOT $399.41
MARKET GRM/CAP 12.5/5.6%
LOT SIZE 7,000 Square Feet
ZONING LR2
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.
� Excellent Queen Anne location
� 4 minute drive to South Lake Union (1 mile)
� 12 minute drive to Seattle CBD (2 miles)
� Convenient bike lanes and bus line located on Dexter Avenue N
� Select units with incredible views of Lake Union
� Primarily two-bedroom units
I N V E S T M E N T H I G H L I G H T S
Sherri LeeA P A R T M E N T S
� First time available since construction
� Six covered parking spaces
� Private balconies/decks
� Two on-site laundry rooms for tenant convenience
� Additional storage spaces
� 7,000 square foot lot zoned LR2
A E R I A L V I E W
Sherri LeeA P A R T M E N T S
� Queen Anne is consistently ranked as one of the city’s hottest neighborhoods, most desirable places to live, most competitive real estate markets and most walkable/livable communities.
� Close to schools: Queen Anne Elementary School, Seattle Country Day School, John Hay Elementary School, St. Anne School, Mc Clure Middle School, Seattle Pacific University and more.
� Nearby Grocery Stores: Quality Food Center (QFC), Whole Foods, Trader Joe’s, Metropolitan Market, Safeway, PCC, Ken’s Market and Lyon’s Grocery.
� Nearby Restaurants/Coffee Shops: Herkimer Coffee, Citizen, Canlis, How To Cook A Wolf, 5 Spot, Molly Moon’s, Revel, Ballard Pizza Company, Laredos Grill, China Harbor, Hilltop Ale House, and many more!
� Just minutes from Seattle Center, the Museum of Pop Culture, Key Arena, MOHAI, and many other wonderful parks and recreational destinations.
� Less than 1 block from the 62 bus line stops offering quick public transportation to South Lake Union and the CBD as well as north to destinations such as Fremont, Wallingford and Green Lake.
L O C A T I O N H I G H L I G H T S
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 A N D V I E W S
U N I T P H O T O S
Unit Breakdown
UNIT
TYPE
APPROXIMATE
UNIT SIZE
CURRENT
RENT
CURRENT
RENT/SQ.FT.
1 2 Bd/1 Bth 770 Sq.Ft. $1,200 $1.56
2 2 Bd/1 Bth 770 Sq.Ft. $1,200 $1.56
3 2 Bd/1 Bth 770 Sq.Ft. $1,150 $1.49
4 2 Bd/1 Bth 770 Sq.Ft. $1,150 $1.49
5 2 Bd/1 Bth 770 Sq.Ft. $1,125 $1.46
6 2 Bd/1 Bth 770 Sq.Ft. $1,895 - Vacant $2.46
7 2 Bd/1 Bth 770 Sq.Ft. $1,895 - Vacant $2.46
8 2 Bd/1 Bth 770 Sq.Ft. $975 $1.27
9 1 Bd/1 Bth* 600 Sq.Ft. $800 $1.33
Totals/Avg 751 Sq.Ft. $11,390 $1.68
Sherri LeeA P A R T M E N T S
* Non-conforming unit
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $11,390 $16,355
Parking Income (6 spaces) $0 $600
Utility Bill Back ($70/$105) $0 $910
Miscellaneous Income $45 $45
Laundry Income $90 $90
Gross Potential Income $11,525 $18,000
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $138,300 $216,000
Less Vacancy 2.0% $2,766 4.0% $8,640
Gross Operating Income $135,534 $207,360
Less Expenses $57,207 $57,207
Net Operating Income $78,327 $150,153
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
RE Taxes 2019 $23,972 $23,972
Insurance 2018 $3,100 $3,100
Utilities 2018 $14,373 $14,373
On-Site Mgmt $40/unit $4,320 $4,320
Maint/Repairs Proforma $7,200 $7,200
Landscaping 2018 $1,992 $1,992
Reserves Proforma $2,250 $2,250
Total Expenses $57,207 $57,207
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
1 1 Bd/1 Bth 600 $800 $1,195
8 2 Bd/1 Bth 770 $975 - $1,200 $1,895
9 Total/Avg 751 $1.68 $2.42
Units 9
Year Built 1962
Rentable Area 6,760
Price $2,700,000
Per Unit $300,000
Per Sq. Ft. $399.41
Current GRM 19.52
Current CAP 2.90%
Market GRM 12.50
Market CAP 5.56%
Expense/Unit $6,356
Expense/Foot $8.46
Percent of EGI 42.21%
Expense/Unit $6,356
Expense/Foot $8.46
Percent of EGI 27.59%
CURRENT
OPERATIONS
MARKET
OPERATIONS
14 Unit Apartment 2400 Dexter Ave N Seattle, WA 98109
4 Year Built 1954 Units 14 Sales Price $2,152,500 Price/Unit $358,750 Price/Foot $365.82 Sales Date 12.31.2018
14 Unit Apartment 708 McGraw St Seattle, WA 98109
5 Year Built 1954 Units 14 Sales Price $2,152,500 Price/Unit $269,062 Price/Foot $420.25 Sales Date 12.31.2018
Virginia Lee 2020 Waverly Pl N Seattle, WA 98109
6 Year Built 1966 Units 11 Sales Price $3,610,000 Price/Unit $328,182 Price/Foot $401.11 Sales Date 9.21.2018
S A L E S C O M P A R A B L E S
Townview Apartments 1222 Taylor Ave N Seattle, WA 98109
3 Year Built 1959 Units 9 Sales Price $3,100,000 Price/Unit $344,444 Price/Foot $448.89 Sales Date 2.1.2019
Sherri Lee Apartments 2415 8th Ave N Seattle, WA 98109Year Built 1962 Units 9 Sales Price $2,700,000 Price/Unit $300,000 Price/Foot $399.41
Sherri LeeA P A R T M E N T S
Roanoke Terrace 2600 Eastlake Ave E Seattle, WA 98109
2 Year Built 1968 Units 16 Sales Price $6,800,000 Price/Unit $425,000 Price/Foot $444.44 Sales Date 3.5.2019
Fifth Ave Apartments 1401 5th Ave N Seattle, WA 98109
1 Year Built 1963 Units 29 Sales Price $10,145,300 Price/Unit $349,838 Price/Foot $463.04 Sales Date 3.15.2019
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Paul Mickley
206 465-1200
Travis Andrews
425 442-2220
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. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.