offering memorandum - commercialmls.com · offering memorandum - 4 the uptown neighborhood of queen...

OFFERING MEMORANDUM

THE CENTRE COURT 116 Warren Ave NSeattle, WA 98109

Exclusively offered by:

600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

OFFERING SUMMARY


THE CENTRE COURTOFFERING MEMORANDUM - 2

NAME: THE CENTRE COURT

ADDRESS: 116 Warren Ave N, Seattle, WA 98109

TOTAL UNITS: 18 Residential Units

1 Commercial Space

TOTAL PARKING: 21 Residential Spaces

21 Dedicated Bike Racks

6 Commercial Spaces

BUILT: 2002

SQUARE FEET: 23,659 Total Net Rentable

19,314 Residential

4,345 Commercial

PRICE: $11,950,000

AVG RENT/SQFT: $2.39

CURRENT COMBINED CAP: 4.54%

MARKET COMBINED CAP: 5.18%

EXPENSE PER UNIT: $8,427/Year

TERMS: Cash Out, Chase Loan

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 the information and bears all risk for any inaccuracies.

INVESTMENT HIGHLIGHTS



• Located in the highly desirable Uptown neighborhood of Queen Anne

• Large two and three bedroom condominium units averaging 1,073 square

feet plus spacious decks

• High-quality designer finishes

• Roof-top terrace with expansive views of the Sound, Space Needle,

Downtown Seattle, Elliot Bay and the mountains

• Security video intercom access

• Limited access parking garages

• High efficiency gas hot water and heat

• Steps away from the Seattle Center and neighborhood shops, restaurants

and attractions including the waterfront via Myrtle Edwards Park

• Building enjoys high-quality tenants and very low turnover. One owner,

continuously maintained building, since new

• Walkscore of 96 and considered a “Walker’s Paradise”

• Public parking conveniently located adjacent to building

• Convenient Access to 1-5, Alaskan Way, Major Arterials & Public

Transportation

• Expedia has confirmed plans to open its new corporate headquarters

along the waterfront near The Centre Court where it expects to have more

than 4,000 employees in the near future

QUEEN ANNE



The Uptown neighborhood of Queen Anne is known as one of

Seattle’s most established and desirable urban neighborhoods. The

pedestrian-friendly location is situated between the employment

centers of Downtown Seattle, South Lake Union and the waterfront.

This location offers residents the ability to take advantage of the

many walkable amenities in the surrounding neighborhood given its

central location.

The Centre Court has a Walkscore of 96 making it a true “Walker’s

Paradise” where most residents can complete daily errands on

foot. Nearby grocery and drugstore options include QFC, Safeway,

Metropolitan Market and Bartell Drugs. This area of Queen Anne is

also known for its many trendy restaurants, bars, high-end boutique

retailers, neighborhood parks and entertainment venues.

Located just steps away from Centre Court is the 64-acre Seattle

Center that hosted the 1962 World’s Fair and features exciting

attractions such as the Space Needle, Chihuly Glass Exhibit, Paul

Allen’s Experience Music Project, Key Arena, Memorial Stadium,

Opera House & Pacific Northwest Ballet, Repertory Theatre, Center

House & Exhibition Hall, the Pacific Science Center, and the monorail for

rapid service to the center of downtown Seattle.

A few steps westerly on Denny Way brings you to an entrance to Myrtle

Edwards Park and the waterfront with all its many attractions, views

and sunsets. The convenient location of the Centre Court provides easy

access to I-5, Alaskan Way and major arterials in addition to public

transportation with Metro bus routes crisscrossing the neighborhood to

provide easy access throughout the region.

NEIGHBORHOOD HIGHLIGHTS



EMPLOYMENT



The Seattle metro area is currently characterized by positive job growth,

with a 2.9% gain in employment, which represents an increase of 43,000

new jobs. Downtown Seattle ranks 12th among the 231 major employment

markets in the U.S. for job density, and that ranking is expected to rise.

In February 2015, the unemployment rate in Seattle, hit the “ideal” rate

of 4.4%. Economists consider anything under 5% full employment.

Employment at software publishers is up 4 percent from a year ago, edging

out a 3.4 percent gain at hospitals. A main beneficiary is the retail sector,

with year-over-year job growth of 5 percent.

Some of the region’s largest employers are within minutes of Centre

Court. In nearby South Lake Union, Amazon’s new 3.3 million square

foot headquarters is currently under construction. The project is

estimated to bring an additional 23,000 Amazon employees to the area,

bringing Amazon’s total employment near 50,000. Amazon is expected

to occupy a total of 10 million square feet of office space by 2019. Other

top area employers include F5 Networks, Zulily and the Bill and Melinda

Gates Foundation which are all less than a mile away from Centre

Court, while other employers such as Expedia.com are in the process

of locating their corporate headquarters in the immediate area. Bus

stops are located along Denny Way and along Queen Anne Avenue N

providing convenient access to these and many other top employers.


NEIGHBORHOOD MAP



F5 Networks

Seattle Center

Port of Seattle Headquarters

Amazon

Centre Court

Bill & Melinda Gates Foundation

Olympic Sculpture Park

Zulily

Kerry Park

Myrtle Edwards Park

IMPROVEMENTS



The residential condominium suites are comprised of 16 two bedroom, two bath

homes at 1,012 square feet and 2 three bedroom, three bath homes at 1,561

square feet. With no more than 4 units per floor, every condominium unit is a

corner unit with related and expansive views. The condominium finishes include

double pane vinyl windows, wood clad refrigerators, stainless steel gas ranges,

beautiful granite countertops, designer light fixtures, European maple cabinets

with under-cabinet lighting, beautiful ceramic tile flooring in the entry, kitchen

and bathrooms, with luxurious carpeting in the living areas and bedrooms. Units

also feature gas fireplaces, large walk-in closets, mirrored bi-folding wardrobe

doors and extra large washers and dryers. Each unit includes a private deck,

with the 3 bedroom, 3 bath townhouse units having an additional and exclusive

roof-top deck as well. Oh, the views! All of the homes are individually metered

for gas, water and electricity and have high efficiency gas hot water and heat

with programmable zone thermostats and recirculating fans. These features

help reduce the owner’s utility expenses while maximizing cash flow. Units are

fully serviced with cable and CAT 5 wiring and the building also has a dedicated

satellite dish.

The building amenities include new keyless entry system, 27 on-site parking stalls

(21 for residents and 6 for commercial space) as well as 21 dedicated bike racks,

two limited access garages, a business center and a large roof-top terrace open

to all units with sweeping views of Elliot Bay and the mountains, Downtown and

the Space Needle – the views are too incredible to describe.

Built in 2002, Centre Court is an eight-story building with five

floors of wood-frame and stucco construction over three floors

of reinforced concrete. The building consists of five floors of

residential condominium units over two stories of parking and

one ground level condominium commercial office space. This

brilliantly designed and finished building presents as new with

no deferred maintenance.

UNIT PHOTOS



2BD/2BTH FLOORPLANS



2BD/2BTH SUITE

1,012 Sq.Ft. Living Space

80 Sq.Ft. Deck Space

Bedroom

Bath

Bedroom Living

Dining

Deck

KitchenFoyer

Bath

3BD/3BTH FLOORPLANS



3BD/3BTH TOWNHOUSE

1,561 Sq.Ft. Living Space

557 Sq.Ft. Deck Space

Bedroom

Bath

BedroomLiving

Dining

Deck

KitchenFoyer

Bath

Private Deck Master Bedroom Master Bath

FlexSpace

Open to Below

COMMERCIAL OFFICE SPACE



The ground floor of the subject property features a 4,345 square foot

luxury air conditioned condominium office space. The office features high

vaulted store front windows and ceilings with a designer fireplace creating

an awesome light filled lobby. Just off the reception station are conference

rooms, kitchen, workrooms, several private offices, men’s and women’s

bathrooms, secured facilities and more. Additional private offices are

located on the mezzanine level with access to the commercial parking

garage, executive bathroom and private shower facility. The office is fully

networked and includes a dedicated climate controlled server room. The

finishes in the office suite are a very high quality that you must see to

appreciate.

The office is furnished and features custom art glass light fixtures made

by a well-known and local glass artist. The office furnishings may be

purchased separately if desired.

The building is served with a hydraulic Dover elevator having an extra tall

ceiling and a transferable platinum maintenance agreement.


PUGET SOUND OFFICE MARKET



The Seattle region once again earned top honors as Reuters named the

University of Washington the most innovative public university in the world-

fourth overall behind three private schools. Companies needing creative

thinkers, impactful ideas and unique solutions are drawn to the talent

available in the Emerald City. A Redfin analysis in May 2015 reported that

one in four Bay Area residents in the housing market is looking outside

of that region and that Seattle is the most popular destination outside

California.

The attractiveness of the region has not gone unnoticed by employers. For

the ninth straight quarter, the Puget Sound office market recorded strong

absorption; with half a million square feet of newly occupied space in the

third quarter of 2015. At the same time, Class A office rents across the

region rose from $32.39 to $33.34 per square foot per year, full service.

The technology sector was the primary driver, accounting for over 3.8

million sq. ft. of new office leases in the last 12 months. Additionally, a

recent CBRE study found that of the top 10 construction markets in the

country, Seattle was second for technology sector pre-leasing. This is a

reassuring statistic for a region with 6.1 million square feet of office under

construction.


Direct Class A asking rates increased from $37.81 in Q2 to $39.15

this quarter. The highest Class A asking rate in Downtown Seattle

continue to be in the South Lake Union submarket, at $43.85. This

trend continues to reflect high demand for space and quality of new

developments. The largest rate increases occurred in the Waterfront

and Denny Triangle submarkets, which both saw rates jump about

$3.00 per square foot in three months.

FINANCING



The buyer may obtain a new loan from JP Morgan Chase.

Chase is offering a new hybrid loan in the amount of

approximately $7,400,000 (see operating statement) with a

30-year fully amortizing loan and a three-year fixed interest

rate of approximately 3.26% per annum. The origination fee

is 0% and the processing fee is under $5,000.


MARKET



Statistics released by Apartment Insights revealed rents in the

Puget Sound region are still increasing. According to Tom Cain

of Apartment Insights, a survey of over 50 properties in the

King/Snohomish market in the 2014 4th quarter revealed “rents

increased $100 or 8.24% in 2014.”

Meanwhile, cap rates in the Seattle commercial real estate

market are falling. According to The Apartment Advisors (Dupre

+ Scott, June 2015, Vol. 38, No. 3), cap rates rose from their

recession rate of 4.2% in 2007 to a peak of 5.8% in 2010. “The

cap rate fell steadily after that and currently averages 4.4%.”

Dupre + Scott called this rate one of the lowest they had ever

seen. The annual Apartment Expense Report found operating

costs to be $6,163 per unit in Seattle in 2014.


CAP RATE COMPARISON



THE CENTRE COURT

BROADSTONE KOI

COLLINS ON PINE

WELLINGTON

GATSBY

SQUARE ONE

ELLIOTT BAYVIEW

JAX


3.0% 3.5% 4.0% 4.5% 5.0%

4.4%

3.1%

4.2%

4.5%

4.0%

4.5%

4.5%

2.5%

3.3%

PRICE PER SQUARE FOOT COMPARISON



JOSEPH ARNOLD LOFTS

SUNSET ELECTRIC

REO FLATS

GATSBY

APERTURE ON FIFTH

JAX

SQUARE ONE

COLLINS ON PINE

WELLINGTON

BROADSTONE KOI

ELLIOTT BAYVIEW

THE CENTRE COURT


$500 $750$550 $600 $650 $700

$578

$520

$604

$631

$633

$700

$505

$618

$543

$594

$526

$518

OPERATING STATEMENTS



We have included three operation summaries for your review. The first is the

Commercial Operating Statement. The Owner of the property currently occupies

the commercial space. We believe a new lease rate of $18 per square foot, NNN

reflects the current market for this space. The expenses listed in the offering are

the actual expenses shown on attached operating statements.

The second is the Residential Operating Statement. The rents are based on current

lease rates and the expenses are the actual expenses you will see on the attached

statements. The average rents for the 16 two-bedroom units are $2,369 or $2.34

per net rentable square foot, well below the market average for comparable units.

Based on current market conditions; market rents for these luxury condominiums

should be $2,800 per unit or $2.79 per net rentable square foot.

The third statement is a blended summary of the Commercial and Residential

operations with commercial rents reflected at a market rate of $18 per foot, NNN.

Centre Court is a well-priced investment and offers an investor a beautiful, well-

constructed asset neighboring the Seattle Center and the iconic Space Needle.

Centre Court is completely turn-key and has been beautifully maintained. This

property is an ideal candidate for a 1031 exchange opportunity.


MARKET RATE COMMERCIAL OPERATING STATEMENT



PRICINGValue

Price Per Net Sq.Ft.Market CAP

$1,500,000

$345.226.39%

MONTHLY SCHEDULED INCOMEMonthly Scheduled Commercial Rent

ANNUALIZED OPERATING DATAVacancy and Collections Loss Parking (Commercial)Commercial CAM

Total Collected IncomeLess Expenses

Net Operating Income

EXPENSE AND RESERVESReal Estate TaxesInsuranceUtilitiesProfessional ManagementMaintenance & Repairs

Total Operating Expenses

MARKET $78,210 ($18/Sq.Ft. NNN)

<3,911> (5%) 21,600 32,521 ($7.48/Sq.Ft.)

$128,421 <32,521>

$95,900

13,395 1,553 8,247 4,227 5,099

$32,521


MONTHLY UNIT INCOME



401

402

403

404

501

502

503

504

601

602

603

604

701

702

703

704

801

802

Residential Totals

Suite A Commercial Office

Building Totals

SQFT

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,012 SqFt

1,561 SqFt

1,561 SqFt

1,012 SqFt

1,012 SqFt

19,314 SqFt

4,345 SqFt

23,659 SqFt

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

2,800

4,500

4,500

2,800

2,800

$53,800

$6,517

$60,317

CURRENT INCOME

2,045

2,295

2,150

2,200

2,150

2,195

2,495

2,495

2,200

2,350

2,550

2,500

2,500

2,595

4,095

4,170

2,395

2,795

$46,175


MARKET INCOME

UNIT

NUMBER

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

2 BD/2 BTH

3 BD/3 BTH

3 BD/3 BTH

2 BD/2 BTH

2 BD/2 BTH

UNIT

TYPE

RESIDENTIAL OPERATING STATEMENT



PRICINGValue

Price Per Net Sq.Ft.Current CAPMarket CAP

$10,450,000

$541.064.26%5.01%

MONTHLY SCHEDULED INCOMEMonthly Scheduled Residential Rent

ANNUALIZED OPERATING DATAVacancy and Collections LossUtility ReimbursementsMiscellaneousForfeits / Late / NSFParking (Apartments)

Total Collected IncomeLess Expenses

Net Operating Income

EXPENSE AND RESERVESReal Estate TaxesInsuranceUtilitiesProfessional ManagementOn-Site PayrollMaintenance & RepairsTurnoverAdvertisingAdministration / Misc.Reserves


CURRENT$554,100

<16,792> 15,197 40 2,484 35,760

$590,789<145,831>

$444,958

53,860 7,037 23,336 18,747 9,046 16,545 7,344 1,816 4,659 3,441

$145,831

MARKET$645,600

<16,792> 15,197 40 2,484 47,124

$693,653<170,555>

$523,098

78,584 7,037 23,336 18,747 9,046 16,545 7,344 1,816 4,659 3,441

$170,555

CURRENTExpense/Unit: $8,102Expense/Foot: $7.55

MARKETExpense/Unit: $9,475Expense/Foot: $8.83


COMBINED RESIDENTIAL AND COMMERCIAL OPERATING STATEMENT



PRICINGPricePrice Per Net Sq.Ft.

FINANCINGDown PaymentLoan AmountInterest RateAmortization

Current CAPMarket CAP

$11,950,000$505.09

$4,550,000 38.08%$7,400,000 61.92%3.26%30 Years

4.54%5.18%

MONTHLY SCHEDULED INCOMEMonthly Scheduled Residential RentMonthly Scheduled Commercial Rent

Total Scheduled Rent

ANNUALIZED OPERATING DATAVacancy and Collections LossUtility ReimbursementsMiscellaneousForfeits / Late / NSFParking (Apartments)Parking (Commercial)Commercial CAM

Total Collected IncomeLess ExpensesNet Operating IncomeAnnual Debt Service ($32,245.90/mo)Cash flow Before TaxPrincipal Reduction

Total Return Before Tax

EXPENSE AND RESERVESReal Estate TaxesInsuranceUtilitiesProfessional ManagementOn-Site PayrollMaintenance & RepairsTurnoverAdvertisingAdministration / Misc.Replacements / Reserves


CURRENT 554,100 78,210

$632,310

<20,703> 15,197 40 2,484 35,760 21,600 32,521 $719,210<176,965>$542,245<386,951>$155,294 (3.41%) 147,908

$303,201 (6.66%)

65,868 8,590 31,583 22,974 9,046 21,644 7,344 1,816 4,659 3,441

$176,965

MARKET 645,600 78,210

$723,810

<20,703> 15,197 40 2,484 47,124 21,600 32,521

$822,074<203,076>$618,998<386,951>$232,047 (5.10%) 147,908

$379,954 (8.35%)

91,979 8,590 31,583 22,974 9,046 21,644 7,344 1,816 4,659 3,441 $203,076

CURRENTExpense/Unit: $8,427Expense/Foot: $7.48

MARKETExpense/Unit: $9,670Expense/Foot: $8.58


SALES COMPARABLES



2002

18 + Com

$11,950,000

$505.09

4.54%

5.18%

TBD

Year Built

Units

Sales Price

Price Net Sq.Ft.

Current CAP

Market CAP

Sales Date

SUBJECT - THE CENTRE COURT

116 WARREN AVE N, SEATTLE, WA

1927

25

$8,100,000

$324,000

$526.45

4.4%

15.7

7.17.2015

Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

1. WELLINGTON

535 16TH AVE E, SEATTLE, WA

Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

2. SQUARE ONE

1020 NE 63RD, SEATTLE, WA

2014

112

$33,500,000

$299,107

$577.60

4.0%

14.9

12.9.2014

Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

3. JAX

500 3RD AVE W, SEATTLE, WA

2014

76

$36,000,000

$473,684

$593.53

3.1%

15.4

11.5.2014

SALES COMPARABLES



Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

4. GATSBY

1145 10TH AVE E, SEATTLE, WA

2014

70

$35,600,000

$508,571

$618.16

4.2%

16.5

8.7.2014

Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

6. COLLINS ON PINE

1601 13TH AVE, SEATTLE, WA

2013

76/81

$29,600,000

$365,432

$542.56

4.5%

14.0

5.21.2014


Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

5. BROADSTONE KOI

1139 NW MARKET, SEATTLE, WA

2012

166

$57,000,000

$343,373

$520.21

4.5%

15.5

6.2.2014

Year Built

Units

Sales Price

Price/Unit

Price Net Sq.Ft.

CAP Rate

GRM

Sales Date

7. ELLIOTT BAYVIEW

151 JOHN ST, SEATTLE, WA

2011

41

$14,650,000

$357,317

$517.50

3.3%

15.3

2.27.2013

SALES COMPARABLE MAP



Centre Court

THE CENTRE COURT 116 WARREN AVE N

SEATTLE, WA

1. WELLINGTON 535 16TH AVE E

SEATTLE, WA

2. SQUARE ONE 1020 NE 63RD

SEATTLE, WA

3. JAX 500 3RD AVE W

SEATTLE, WA

4. GATSBY 1145 10TH AVE E

SEATTLE, WA

5. BROADSTONE KOI 1139 NW MARKET

SEATTLE, WA

6. COLLINS ON PINE 1601 13TH AVE

SEATTLE, WA

7. ELLIOTT BAYVIEW 151 JOHN ST

SEATTLE, WA

SUBJECT

1

4

3

6

2

5

7

RENT COMPARABLES



SQFT

1,012

1,561

$/SF

$2.34

$2.65

2002

18 + Com

Year Built

Units

SUBJECT - THE CENTRE COURT

116 WARREN AVE N, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$2,369

$4,133

AMENITIES:

Roof-top deck, controlled access, business center, private resident parking garage, large balconies, gas fireplace, panoramic views, walk-in closets, washer/dryer in unit, granite countertops, stainless steel appliances, gas hydronic heat, parking is currently $175/month

2008

116

Year Built

Units

1. THE AXIS

123 2ND AVE N, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,758

$2,271

$3,691

$3,766

AMENITIES:

Roof-top deck, fitness center, business center, screening lounge, parking, stainless steel appliances, granite countertops, hardwood & carpet floors, washer/dryer in unit, parking is $130/month, W/S/G is approximately $85/month

$/SQFT

$3.23

$3.54

$2.60

$2.96

SQFT

544

642

1,417

1,271


2014

161

Year Built

Units

2. VERVE


UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,778

$2,803

$4,429

AMENITIES:

Roof-top deck and lounge, fitness center, free WiFi, controlled access, parking garage, washer/dryer in unit, stainless steel appliances, granite countertops, plank wood floors, views, parking is $200-$250/month

$/SQFT

$3.29

$3.10

$3.61

SQFT

541

903

1,226

RENT COMPARABLES



2014

76

Year Built

Units

3. JAX APARTMENTS

500 3RD AVE W, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,932

$2,235

$3,125

AMENITIES:

Roof-top deck, fitness center, community room, controlled access, parking garage, hardwood-style floors, stainless steel appliances, quartz slab countertops, views, washer/dryer in unit, private decks/patios in select units, parking is $175/month

2014

106

Year Built

Units

4. APERTURE ON FIFTH

206 5TH AVE N, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,695

$2,456

$3,396

AMENITIES:

Roof-top deck, fitness center, community room, controlled access, parking garage, hardwood-style floors, stainless steel appliances, quartz countertops, washer/dryer in unit, parking is $175/month

$/SQFT

$2.76

$2.65

$2.72

$/SQFT

$3.99

$3.72

$3.32

SQFT

425

660

1,022

SQFT

701

842

1,149


2004

58

Year Built

Units

5. LA VIE

229 QUEEN ANNE AVE N, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,450

$2,000

$2,900

AMENITIES:

Sun deck, fitness center, controlled access, laundry facility, balcony in selected units, wood-style flooring, washer/dryer in unit, views.

$/SQFT

$2.28

$2.41

$2.56

SQFT

636

830

1,135

RENT COMPARABLES



2001

60

Year Built

Units

6. UPTOWN QUEEN ANNE

315 1ST AVE W, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,375

$1,925

$2,900

AMENITIES:

Roof-top terrace, controlled access, parking garage, fireplaces, walk-in closets in selected units, washer/dryer in unit, views, new resident parking special starts at $99/month

2011

102

Year Built

Units

7. ELLIOTT BAYVIEW

151 JOHN ST, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/1 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,618

$1,911

$2,900

AMENITIES:

Roof-top deck, WiFi enabled conference room, garage, air-conditioning, private patios, stainless steel appliances, granite countertops, washer/dryer in unit, views, parking is $175/month

$/SQFT

$3.25

$2.57

$2.84

$/SQFT

$2.54

$2.10

$3.07

SQFT

638

912

944

SQFT

423

748

1,022


2001

98

Year Built

Units

8. THE SHELBY


UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,450

$1,900

$2,900

AMENITIES:

Outdoor patios, fitness center, controlled access, parking garage, conference center with WiFi, parking is $165/month

$/SQFT

$2.77

$2.26

$2.60

SQFT

523

841

1,115

RENT COMPARABLES



2002

102

Year Built

Units

9. METRO ON FIRST

215 1ST AVE W, SEATTLE, WA

UNIT TYPE

Studio

1 BD/1 BTH

2 BD/2 BTH

3 BD/2 BTH

3 BD/3 BTH

RENT

$1,568

$1,864

$2,957

AMENITIES:

Roof-top grills, private balcony in selected units, controlled access, parking garage, fitness center, lounge, stainless steel appliances, washer/dryer in unit, reserved parking is $160 to $180/month

$/SQFT

$3.14

$2.85

$2.85

SQFT

500

655

1,050


2BD/2BTH RENT COMPARISON



VERVE

AXIS

APERTURE ON FIFTH

JAX

METRO ON FIRST

ELLIOTT BAYVIEW

UPTOWN QUEEN ANNE

THE SHELBY

LA VIE

THE CENTRE COURT - MARKET

THE CENTRE COURT - CURRENT


$2,000 $4,500$2,500 $3,000 $3,500 $4,000

$2,800/1,012/$2.77

$3,691/1,417/$2.60

$4,429/1,226/$3.61

$3,125/1,149/$2.72

$3,396/1,022/$3.32

$2,900/944/$3.07

$2,900/1,022/$2.84

$2,900/1,115/$2.60

$2,900/1,135/$2.56

$2,957/1,050/$2.82

$2,369/1,012/$2.34

RENT COMPARABLE MAP



Centre Court

THE CENTRE COURT 116 WARREN AVE N SEATTLE, WA

1. THE AXIS 123 2ND AVE N SEATTLE, WA

2. VERVE 2720 4TH AVE SEATTLE, WA

3. JAX APARTMENTS 500 3RD AVE W SEATTLE, WA

4. APERTURE ON FIFTH 206 5TH AVE N SEATTLE, WA

5. LA VIE 229 QUEEN ANNE AVE N SEATTLE, WA

6. UPTOWN QUEEN ANNE 315 1ST AVE W SEATTLE, WA

7. ELLIOTT BAYVIEW 151 JOHN ST SEATTLE, WA

8. THE SHELBY 2201 4TH AVE SEATTLE, WA

9. METRO ON FIRST 215 1ST AVE W SEATTLE, WA

SUBJECT

1

2

4

3

5

6

7

8

9

EXCLUSIVELY OFFERED BY PARAGON REAL ESTATE ADVISORS


THE CENTRE COURT

offering memorandum - commercialmls.com · offering memorandum - 4 the uptown neighborhood of queen...

Documents