apartments - loopnet

APARTMENTS

SOUTH LAKE UNION

SEATTLE CBD

CAPITOL HILL FIRST HILL

BELLTOWN

APARTMENTS

Paragon Real Estate Advisors is proud to exclusively list for sale the turnkey twenty-four-unit Muse Apartments located in the highly desirable Capitol Hill neighborhood of Seattle, Washington. With a “Walk Score” of 99 and a “Transit Score” of 100, Muse’s location is considered to be both a walker’s paradise and a rider’s paradise which means almost all daily activities can be done by foot and several popular locations can also be accessed by superior transit. The property is perfectly positioned on the most western portion of Capitol Hill in the Pike/Pine Corridor directly adjacent to Downtown Seattle and the Central Business District which gives renters a perfect balance of a charming residential feel with the perks of being in the heart of the action.

Muse offers an investor the opportunity to own a turnkey asset with condo quality finishes with the potential value add of renovating the 6 remaining units to achieve higher market rents.

NAME Muse Apartments

ADDRESS 1515 Bellevue Ave, Seattle WA 98122

TOTAL UNITS 24

BUILT 1925

SQUARE FEET 9,760 Total Net Rentable

PRICE $6,500,000

PRICE PER UNIT $270,833

CURRENT GRM/CAP 15.2/4.20%

MARKET GRM/CAP 13.5/5.02%

LOT INFORMATION 5,250 Square Feet Zoned NC3P-75 Urban Center

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.

� 1920’s classic brick building in the heart of Capitol Hill

� Market 5.02% CAP rate

� Turnkey investment

� 18 of the 24 units have been fully renovated

� Classic Capitol Hill construction with well preserved turn of the century charm

� Located in one of the strongest and stable rental markets in Seattle

� Two blocks from Downtown Seattle

� Six blocks from the Capitol Hill light rail station

� Walk Score 99 out of 100-- “Walkers Paradise”

� Transit Score 100 out of 100— “Rider’s Paradise”

� Upside in renovating the 6 remaining untouched units

� Future development potential with flexible NC3P-75 zoning

INVESTMENT HIGHLIGHTS

Seattle CBD 300,000 Jobs

AMENITIES MAP

Washington State Convention Center Expansion

LOCATION HIGHLIGHTS

� Cal Anderson Park – 7-acre park with water features, large lawn area, footpaths, a play area, an athletic field and oversized chess boards.

� Nearby Hospitals---Virginia Mason Hospital/Seattle Medical Center, First Hill Medical Swedish Hospital, Seattle Children’s Odessa Brown Clinic, Harborview Medical Center and Swedish Cherry Hill Campus

� Other close by parks include: Seven Hills Park, Homer Harris Park, Spring Street Mini Park, McGilvra Place, First Hill Park and Volunteer Park.

� Quick accessibility to Seattle CBD, Highway 99, I-5, I-90 and the new Mercer Street bike paths

� Sound Link Light Rail---Less than a 10-minute walk to the Capitol Hill Light Rail Station with service to places like Downtown Seattle, Century Link Field, Pioneer Square, Northgate and the Seattle Tacoma Airport.

� Superior Capitol Hill Location two blocks east of Downtown Seattle

� Walk to Seattle University, Seattle Central, and Cal Anderson Park

� Walking distance to many restaurants, coffee shops, and other neighborhood amenities

� Located in the Pike/Pine Urban Village Corridor

� Located on several Sound Transit’s Bus routes, offering frequent service to Downtown, Pike Place Market and South Lake Union.

� Immediate neighborhood East of the Seattle CBD

� Nearby Grocery – Quality Food Center (QFC), Safeway, Trader Joes and Whole Foods all within walking distance!

� Nearby Restaurants/Bars – Skillet, Lark Restaurant, Melrose Market, Starbucks Reserve Roastery, Momiji Sushi, Vito’s Restaurant and Lounge, Shucker’s Restaurant, Barrio Mexican Kitchen & Bar, Elysian Capitol Hill Brewery, Madison Pub, Tavern Law, Katsu Burger & Bar, Old School Frozen Custard, Café Presse, Needle & Thread Bar, Stumptown Coffee Roasters, Plum Bistro and more!

Capitol Hill has a great location just minutes to the East of Seattle’s CBD. The neighborhood is bound by I-5 to the West, beyond which is Eastlake and Downtown; to the North you can find Portage Bay and the Montlake neighborhoods; to the South is First Hill and the Central District; and to the East is the Madison Valley neighborhoods.

Capitol Hill is known to many for being a fast-paced, hip neighborhood with countless avenues to explore. During the day, Capitol Hill is flooded with people taking advantage of the easy-to-walk neighborhood to explore the various coffeehouses, shops, and markets. At night, the neighborhood transforms into a thriving area of taverns and bars hosting live music boasting with nightlife and entertainment.

To the north is Capitol Hill’s largest and most popular public park. The 48-acre park is home to the Seattle Asian Art Museum, tennis courts, picnic tables, conservatory, and water-tower observation deck. Leading into the Southern entrance of the park is Capitol Hill’s famous Millionaire’s Row on 14th Ave E. The rest of the neighborhood is comprised of a mixture of motel-like studio apartment buildings to some of the most historic mansions, with the two types sometimes shoulder-to-shoulder.

With the neighborhoods central location, commuting to and from the area is easy with I-5 just to the west and the advanced transit system implemented over the past few years. The long-planned Capitol Hill link light rail station located on Broadway opened in March of 2016. The transit line runs from the University of Washington to Angle Lake Station making 14 stops along the way including one at Sea-Tac Airport. In addition to the light rail, King County Metro has multiple transit bus lines with easy connections make for easy and hassle-free routes. Routes 8, 10, 43, 49, and 60 all operate in the neighborhood and offer services to downtown with frequent trips scheduled daily.

CAPITOL HILL

SEATTLE CENTRAL BUSINESS DISTRICT

� Major Health Care: Harborview Medical Center, University of Washington Medical Center, Swedish Medical Center, Children’s Hospital, Virginia Mason Medical Center, Providence Medical Center and Group Health

� Seattle Icons: Space Needle, Pike Place Market, South Lake Union, Seahawks, Mariners

� Home to major universities such as University of Washington, Seattle University, Seattle Pacific University, Antioch University, City University, Seattle Art Institute, Cornish School of Arts

� Headquarters to Amazon, Starbucks, Fred Hutchinson Cancer Research Center, Paul Allen Institute, Holland America Cruise Line, REI, Real Networks, Big Fish, Expedia (2018), Zillow, Redfin, F-5 Networks, Nordstrom’s, Boeing, Expeditors International, Payscale, Zulily

� New Companies entering Seattle’s Market: Dropbox, Facebook, Tableau and Apple

� Seattle is the number ten top fastest growing big U.S. city

� Amazon currently host’s 50,000 employees in the city of Seattle

� Amazon currently occupies 12 million square feet of office space in Seattle and will grow to approximately 14 million when its projects under construction are completed.

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

� 24 spacious studios and Studio + Den

� Versatile floor plans

� High-tech keyless entry locks

� Stainless steel appliances

� New cabinets

� New white subway tile bathroom surrounds

� Refinished original cast iron tubs

� Quartz countertops

� Dishwashers

� Refinished original oak/fir hardwood floors

� New “era appropriate” mosaic black/white bathroom tile floors

� Large living rooms

� Separately metered for electricity and gas

� Gas unit forced air heating

APARTMENT FEATURES

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

U N I T P H O T O S

F L O O R P L A N S

STUDIO 305 SQ.FT.

STUDIO WITH DEN UP TO 420 SQ.FT.

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $33,662 $37,800

Utility Bill Back $400 $400

Laundry Income $1,201 $1,812

Other Income $270 $270

Gross Potential Income $35,533 $40,282

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $426,401 $483,388

Less Vacancy 3.00% $12,792 3.00% $14,502

Gross Operating Income $413,609 $468,886

Less Expenses $140,535 $142,746

Net Operating Income $273,074 $326,140

Annual Debt Service ($17,604.87) $211,258 $211,258

Cash Flow Before Tax 2.33% $61,815 4.33% $114,882

Principal Reduction $71,988 $71,988

Total Return Before Tax 5.05% $133,804 7.05% $186,870

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

Real Estate Taxes 2020 Actual $45,831 $45,831

Insurance Actual $20,018 $20,018

Utilities Actual $24,164 $24,164

Professional Mgmt. 4% $16,544 $18,755

On-Site Payroll $40/Unit $11,520 $11,520

Maintenance & Repairs Actual $7,518 $7,518

Turnover Actual $3,198 $3,198

Administration $130/Unit $3,120 $3,120

Marketing/Retention Actual $2,622 $2,622

Reserves $250/Unit $6,000 $6,000

Total Expenses $140,535 $142,746

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

3 Studio 350 $1,199 - $1,349 $1,400

21 Studio + Den 420 $1,099 - $1,549 $1,600

24 Total/Avg 388 $3.45 $3.87

Units 24

Year Built 1925

Rentable Area 9,760

Down Pmt $2,651,600

Loan Amount $3,848,400

Interest Rate 3.65%

Amortization 30 years

Price $6,500,000

Per Unit $270,833

Per Sq. Ft. $665.98

Current GRM 15.24

Current CAP 4.20%

Market GRM 13.45

Market CAP 5.02%

Expense/Unit $5,856

Expense/Foot $14.40

Percent of EGI 32.96%

Expense/Unit $5,948

Expense/Foot $14.63

Percent of EGI 29.53%

CURRENT

OPERATIONS

MARKET

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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.

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