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A P A R T M E N T S

T H E

BRADBURY

QUEEN ANNE

DOWNTOWN BUSINESS DISTRICT

BELLTOWN

SOUTH LAKE UNION

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A P A R T M E N T S

T H E

BRADBURY

PIONEER SQUARE

Paragon Real Estate Advisors is proud to present you with the exclusively listed Bradbury Apartments located at 718 Cherry Street in the First Hill/Downtown neighborhood of Seattle. This 30 unit community (29 units plus one commercial space) provides an excellent opportunity to own an apartment in Seattle’s core market. The Bradbury is located one block east of downtown and has a 97 Walk Score and 100 Transit Score. This neighborhood is going through significant redevelopment with luxury apartments, senior assisted living facilities, expansion of major medical centers including Swedish Hospital and medical Center, and Harborview Hospital as well as the development of many highrise office developments within walking distance of the subject property including the recently finished F5 Networks Tower. This is a unique opportunity to own an apartment building in this area where apartments rarely change hands.

NAME The Bradbury Apartments

ADDRESS 718 Cherry St, Seattle WA 98104

TOTAL UNITS 30 (29 + 1 Commercial)

BUILT 1902

SQUARE FEET 13,720 Total Net Rentable

PRICE $7,649,000

PRICE PER UNIT $254,967

PRICE PER FOOT $557.51

CURRENT GRM/CAP 14.3/4.8%

MARKET GRM/CAP 13.3/5.1%

LOT INFORMATION 7,200 Square Feet Zoned Highrise

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.

� Adjacent to Downtown Seattle and First Hill

� 97 Walkscore and 100 Transit Score

� Area of high-paying medical and corporate jobs

� Seattle skyline views

� Formal entry with era appropriate style

� Vintage apartments with fir floors, claw foot tubs and bay windows

� Updated plumbing, electrical and heating systems

� Highrise Zoning (M) – located in the Capitol Hill/ First Hill Urban Center

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BRADBURY

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

L O C A T I O N H I G H L I G H T S

� Bradbury is located one block from downtown Seattle

� Transit Paradise: Metro Bus Service, Lightrail, First Hill Street Car

� Walking distance to all necessities including restaurants, parks, grocery stores, shopping and entertainment amenities

� Direct access to Interstate 5

� 300,000+ jobs in the immediate area

� First Hill is home to all the major medical centers in Seattle including Swedish, Harborview, Virginia Mason and Providence Medical Centers as well as the many health and wellness support businesses.

� Located within walking distance to Seattle Central College and Seattle University

� Short distance to Seattle Mariner’s T-Mobile Park, Seattle Seahawks and Seattle Sounders Century Link Field

WALK SCORE

97

TRANSIT SCORE

100

BIKE SCORE

71

Rising behind the downtown retail core, First Hill is a diverse jumble of high-rise apartments, historic mansions and hospitals. First Hill is one of the few neighborhoods in Seattle to have fairly easily discernible border lines, with Yesler to the south separating First Hill from the International district, 12th Avenue on the east acting as the borderline to the Central district, and East Pike Street as the northern boundary with Capitol Hill. Interstate 5 divides downtown from First Hill on the west side.

Knowns for the high concentration of churches and hospital buildings this area is also home to many of the well-known private schools in the area. Seattle Academy of Arts and Sciences and the Northwest School are both highly regarded middle and high schools, while O’dea is a catholic high school for boys. In higher education, the Jesuit school Seattle University has been located in the neighborhood since 1898.

The neighborhood is no longer the mecca for well-to-do business people that it once was; however, it is having a resurgence as a residential area. In recent years the trendy restaurants of Capitol Hill have been spilling south of Pike and into First Hill, adding to the allure of the neighborhood.

F I R S T H I L L

Western Ave

2nd Ave Ext S

Elliott Ave

1st Ave

Battery

St

Mercer St

Wall St

Marion St

E Madison St

1st A

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Auro

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Alas

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4th A

ve S

Madison St

Alaskan Way

2nd Ave

4th Ave

4th Ave

Alas

kan

Way

Viad

Alaskan Way Viad

7th Ave

Golf Dr S

10th

Ave

E

University St

E Denny Way

E Thomas St

Taylo

r Ave

N

4th Ave

E Roy StValley St

Belmont Ave E

Quee

n Ann

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N

Boren Ave S

Mercer St

S Royal Brougham Way

Seneca St

Columbia St

8th Ave

E Union St

2nd Ave

Howell St

6th Ave

Pine St

4th A

ve S

E John St

S Atlantic St

1st A

ve S

Union St

Westlake Ave

Alas

kan W

ay S

E Cherry St

E Oliv

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ay

15th Ave S

Broadway E

5th A

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1st A

ve N

Elliott Ave

Rainier Ave S

Western Ave

Spring St

12th

Ave

S

E Yesler Way

E Aloha St

5th A

ve N

Roy St

Olive WayVirg

inia S

t

9th A

ve N

E Pike St

Pike St

Mercer St

Westlake Ave N

East

lake A

ve E

Fairv

iew A

ve N

James St

Yesler Way

S Dearborn St

Airport Way S

Stewart

St

Broad S

t

Broa

dway

S Jackson St

Denny Way

1st Ave

1st Ave

Boren Ave

Boren Ave

5th Ave

5th Ave

167

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31076

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AMENITIES MAPFOOD & DRINK

1. Sushi Kanpai 2. Metropolitan Grill 3. Vito’s 4. Cedars in Capitol Hill 5. Rhein Haus 6. Sugar Bakery & Cafe 7. Tulio 8. The Hideout 9. Dick’s Drive-In 10. Primo Pizza Parlor 11. 8oz Burger & Co 12. Skillet diner 13. Pie Bar 14. Lark 15. Mad Pizza 16. Bebas & Amigos

HEALTH & WELLNESS

1. Harborview Medical Center 2. NW Fitness Gym 3. Downtown Seattle YMCA 4. Virginia Mason Hospital 5. Swedish First Hill

PARKS

1. Seattle University Park 2. Freeway Park 3. Cal Anderson Park 4. City Hall Park 5. Kobe Terrace 6. First Hill Park 7. Westlake Park

SHOPPING

1. Melrose Market 2. Pacific Place 3. Westlake Center

GROCERY

1. Quality Food Center (QFC) 2. Stockbox First Hill Grocery 3. Han’s Deli & Grocery 4. Plaza Select Foods 5. Trader Joe’s

ACTIVITIES

1. Frye Art Museum 2. Pike Place Market 3. Seattle Public Library 4. Convention Center 5. Seattle Aquarium 6. Century Link Field 7. T-Mobile Park 8. King Street Station 9. Seattle Art Museum

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A P A R T M E N T S

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BRADBURY

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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

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

� 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 ?

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 E R I A L V I E W

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A P A R T M E N T S

T H E

BRADBURY

D E V E L O P M E N T S A R O U N D B R A D B U R Y

615 8TH AVE

800 COLUMBIA ST

606 TERRY ST

715 8TH AVE

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A P A R T M E N T S

T H E

BRADBURY

707 TERRY ST

D E V E L O P M E N T S A R O U N D B R A D B U R Y

615 8TH AVE

• Across the St from Bradbury

• 204 Residential Condominium Units

715 8TH AVE

• Behind the Bradbury

• 77 Residential units

• Senior Living

• 187,000 GSF

800 COLUMBIA ST

• 287 Residential units

707 TERRY ST

• 486 Units

• 16 Stalls

606 TERRY ST

• Assisted Living

A E R I A L V I E W

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A P A R T M E N T S

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BRADBURY

F L O O R P L A N S - R E S I D E N T I A L

CORNER STUDIO UNIT

STUDIO UNITCORNER 1BD UNIT

1BD UNIT

F L O O R P L A N S - C O M M E R C I A L S P A C E S

ENTRY

METERS/STORAGE

OFFICE

OFFICEOFFICE OFFICE

BATH

BATH KITCHEN/WORK AREA

Rent Roll

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

MARKET

RENT

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

MARKET

RENT

101 1 Bd/1 Bth 586 Sq.Ft. $1,499 $1,575 206 Studio 317 Sq.Ft. $1,225 $1,325

102 Studio 327 Sq.Ft. $1,160 $1,325 207 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575


104 Studio 317 Sq.Ft. $1,150 $1,325 209 Studio 327 Sq.Ft. $1,276 $1,325





109 Studio 378 Sq.Ft. $1,400 $1,325 304 Studio 317 Sq.Ft. $1,219 $1,325






205 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575 Commercial 1,400 Sq.Ft. $1,700 $1,700

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A P A R T M E N T S

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BRADBURY

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $40,326 $43,375

Utility Bill Back $1,794 $2,250

Laundry Income $541 $541

Other Income $1,892 $1,892

Gross Potential Income $44,553 $48,059

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $534,635 $576,703

Less Vacancy 3.0% $16,039 3.0% $17,301

Gross Operating Income $518,596 $559,402

Less Expenses $154,337 $172,854

Net Operating Income $364,259 $386,549

Annual Debt Service ($20,608/mo) $247,301 $247,301

Cash Flow Before Tax 3.82% $116,958 4.55% $139,247

Principal Reduction $88,076 $88,076

Total Return Before Tax 6.70% $205,034 7.43% $227,324

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

RE Taxes T-12/Proforma $43,266 $57,368

Insurance T-12/Proforma $12,358 $9,000

Utilities T-12 $30,004 $30,004

Professional Mgmt 3% $15,558 $16,782

On-Site Mgmt T-12/Proforma $16,200 $16,200

Maint/Repairs/Turnover T-12/Proforma $12,709 $27,000

Administration T-12/Proforma $11,695 $4,500

Marketing T-12/Proforma $3,547 $3,000

Capital Reserves Proforma $9,000 $9,000

Total Expenses $154,337 $172,854

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

16 Studio 317 - 378 $1,048 - $1,400 $1,325

13 1 Bd 497 - 765 $1,349 - $1,525 $1,575

1 Comm 1,400 $1,700 $1,700

Avg 473 $2.94 $3.16

Units 30

Year Built 1902

Rentable Area 13,720

Down Pmt $3,059,600

Loan Amount $4,589,400

Interest Rate 3.50%

Amortization 30 years

Price $7,649,000

Per Unit $254,967

Per Sq. Ft. $557.51

Current GRM 14.31

Current CAP 4.76%

Market GRM 13.26

Market CAP 5.05%

Expense/Unit $6,266

Expense/Foot $13.70

Percent of EGI 35.16%

Expense/Unit $5,869

Expense/Foot $12.83

Percent of EGI 29.46%

CURRENT

OPERATIONS

MARKET

OPERATIONS

Mulholland 507 Harvard Ave E Seattle, WA 98102

1 Year Built 1926 Units 29 Sales Price $9,350,000 Price/Unit $322,414 Price/Foot $483.83 GRM/CAP 16.6/3.7% Sales Date 8.30.2019

LaVanch Apartments 956 10th Ave E Seattle, WA 98


14 Unit Apartment 1613 Summit Ave Seattle, WA 98122

3 Year Built 1964 Units 14 Sales Price $3,925,000 Price/Unit $280,357 Price/Foot $574.50 GRM/CAP Unknown Sales Date 11.30.2018

MelMar Apartments 219 Harvard Ave E Seattle, WA 98102


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

Adamson Apartments 900 E Prospect St Seattle, WA 98102


Swansonia 1017 E Harrison St Seattle, WA 98102

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

The Bradbury Apartments 718 Cherry St Seattle, WA 98104Year Built 1902 Units 30 Sales Price $7,649,000 Price/Unit $254,967 Price/Foot $577.51 Current GRM/CAP 14.3/4.8% Market GRM/CAP 13.3/5.1% 1

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BRADBURY

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The Bradbury - Current 718 Cherry St Seattle, WA 98104

1902 - 30 Units

Studio1 Bd/1 Bth

317 - 378497 - 765

$1,048 - $1,400$1,349 - $1,525

$3.31 - $3.70$1.99 - $2.71

The Bradbury - Market 718 Cherry St Seattle, WA 98104

1902 - 30 Units

Studio1 Bd/1 Bth

317 - 378497 - 765

$1,325$1,575

$3.51 - $4.18$2.06 - $3.17

Metroline Flats 915 E Spruce St Seattle, WA 98104

2019 - 72 Units

Studio1 Bd/1 Bth

400479 - 540

$1,730$1,830 - $1,945

$4.33$3.60 - $3.82

Reverb 1023 E Alder St Seattle, WA 98122

2016 - 30 Units

Studio1 Bd/1 Bth

400527

$1,725$1,628 - $2,040

$4.31$3.09 - $3.87

M Street 910 8th Ave Seattle, WA 98104

2007 - 220 Units

Studio1 Bd/1 Bth

475659 - 820

$1,685 - $1,775$2,180 - $2,305

$3.55 - $3.74$2.81 - $3.31

Zindorff Apartments 714 7th Ave Seattle, WA 98104

1911 - 75 Units

Studio1 Bd/1 Bth

310328

$1,250$1,350

$4.03$4.12

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BRADBURY

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.

apartments - cityfeet€¦ · economic health. seattle’s diversified industry is made up of older...

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