windermere circle triplex and development opportunity · circle triplex and development...

1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

Offering Memorandum

WINDERMERE CIRCLE TRIPLEX AND DEVELOPMENT OPPORTUNITY

5014 44th Ave NE Seattle, WA

Exclusively offered by Paragon Real Estate Advisors


Offering Summary

Name Windermere Circle Triplex and Land Opportunity

Address 5014 44th Ave NE, Seattle WA 98105

Total Units 3

Built 1963

Square Feet 4,880 Total Net Rentable

Price $1,795,000

Price Per Unit $598,333

Price Per Foot $367.83

Current GRM/CAP 21.7/3.5% (3% Vacancy)

Market GRM/CAP 15.0/5.4% (3% Vacancy)

Expense Per Unit $5,792/Year

Terms Cash Out

Lot Size 7,597 Square Feet

Zoning LR1

Paragon Real Estate Advisors is pleased to offer for sale the Windermere Circle Triplex and Development Opportunity. This 4,880 square foot triplex sits on 7,597 square feet of LR1 zoned land and is located walking distance from Children’s Hospital in North Seattle. This property provides excellent owner occupant potential as well as a great opportunity for investors and developers.

The property features a large 2,500 square foot penthouse unit with 3 bedrooms and 2.5 baths with a large yard to the North of the property. All the units include washers/dryers, private decks, garage parking, and storage facilities. Additionally, an investor or developer has the opportunity to add an additional unit to the property per the LR1 zoning.

WINDERMERE CIRCLE TRIPLEX

& DEV OP


Investment Highlights

Rare opportunity – A+ location

7,597 square foot lot zoned LR1 which can accommodate 4 townhouses

Large mid century triplex with 4,880 square feet of living space

Close to University Village and Children’s Hospital

Features 3Bd/2 Bth - 2,500 square foot owner’s suite

Quiet street located off Sand Point Way NE

Washer and dryer in all units

Common garage with 1 space per unit

Storage

Territorial views

89 Bike score

Across the street from the Burke Gilman Trail and Playground

1 mile to the University of Washington


Neighborhood Map

WEST SEATTLE

SEATTLE CBD

CAPITOL HILL

SOUTH LAKE UNION

QUEEN ANNE

FREMONT

U DISTRICT

BALLARD


& DEV OP


University District

This popular Seattle neighborhood is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union neighborhood.

The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 43,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base.

University Village is Seattle’s only outdoor lifestyle shopping center, offering a unique mix of locally-owned boutiques, signature national retailers, and a distinct collection of restaurants and eateries. With more than 120 stores and restaurants, University Village is the exclusive destination in the Pacific Northwest to find notable brands such as The Land of Nod and Brandy Melville, as well as featuring the only Room & Board, Restoration Hardware, Pottery Barn Kids, and Scotch & Soda locations in Washington.

In 2017, U.S. News & World Report ranked Seattle Children’s among the nation’s best children’s hospitals – for the 25th year in a row. Seattle Children’s Hospital is nationally ranked in all 10 Best Children’s Hospitals specialties. It is a 316-bed general children’s facility with more than 15,000 admissions in the latest year reported. Seattle Children’s is one of just six hospitals nationwide to have all 10 programs ranked in the top 20.

The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, Green Lake Park, and Gas Works Park. Close to new light rail station.

This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus.


University District Snapshot

Population 31,729

Median household income $49,571

Owner Occupied Renters

17% 83%

Walk Score Bike Score Transit Score

91 - Walkers Paradise 85 - Very Bikable 77 - Excellent Transit

Median Studio Rent $1,628

Median 1 Bd/1 Bth Rent $1,993

Median 2Bd/1 Bth Rent $2,267

Seattle Commute Times Bus: 26 min via Bus 372/Light Rail Car: 10 min via I5

Bellevue Commute Times Bus: 45 min via Bus 372/556 Car: 19 min via 520

* https://www.niche.com/places-to-live/n/university-district-seattle-wa

TOP JOB SECTORS: *

Management: 15.5% Business 7.7% Computer: 8.8% Education 6.6% Engineering 3.3% Administrative: 8.7%

Sales: 9.2% Service: 6.3% Healthcare: 5.1% Legal 2.4% Construction 2.1% Social Services: 1.7%


Employment

> Adobe

> Alaska Airlines

> Amazon

> Apple

> AT&T Wireless

> Boeing

> Costco

> Expedia, Inc.

> Expeditors International

> F5 Networks

> Facebook

> Fred Hutchinson

> Gates Foundation

> Getty Images

> Google

> Microsoft

> Nintendo

> Nordstrom

> Paccar

> RealNetworks

> REI

> Russell Investments

> SpaceX

> Starbucks

> Symetra Financial

> Tableau Software

> T-Mobile

> Twitter

> Uber

> University of Washington

> Virginia Mason

> Weyerhaeuser

> Zillow

> Zulilly

Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston.


Major Employers - Central Business District


Major Employers - South Lake Union


Building Photos


Unit Photos


Operating Summary

Units 3

Year built 1963

Rentable Area 4,880 Sq.Ft.

Down Payment $765,000 43%

Loan Amount $1,030,000 57%

Interest Rate 5.00%

Amortization 30 Years

Price $1,795,000

Price Per Unit $598,333

Per Square Foot $367.83

Current GRM 21.65

Current CAP 3.51%

Market GRM 14.96

Market CAP 5.43%

Units

Type

Size

Current Rent

Market Rent

1 2 Bd/2 Bth 1,200 $1,995 $2,695

1 2 Bd/2 Bth 1,200 $2,120 $2,695

1 3 Bd/3 Bth 2,500 $2,795 $3,950

3 Avg S.F. 1,247 $1.42 $1.91

Total Monthly Income

Monthly Scheduled Rent $6,910 $9,340

Utility Income $0 $360

Parking Income $0 $300

Other Income $0 $0

Total Monthly Income $6,910 $10,000

Scheduled Gross Income $82,920 $120,000

Less Vacancy 3.0% $2,488 3.0% $3,600

Gross Operating Income $80,432 $116,400

Less Expenses $17,375 $18,850

Net Operating Income $63,057 $97,550

Annual Debt Service ($5,529) $66,351 $66,351

Cash Flow Before Tax -0.43% ($3,294) 4.08% $31,199

Principal Reduction $15,196 $15,196

Total Return Before Tax 1.56% $11,903 6.06% $46,395

Annualized Operating Expenses Current Market

Real Estate Taxes 2016 Actual $11,325 $12,800

Insurance Proforma $1,050 $1,050

Utilities Proforma $3,300 $3,300

Maintenance & Repairs Proforma $1,500 $1,500

Landscaping Proforma $200 $200

Total Expenses $17,375 $18,850

Annualized Operating Data Current Market

Current Operations

Expenses/Unit Expenses/Foot Percent of EGI

$5,792$3.5620.95%

Market Operations

Expenses/Unit Expenses/Foot Percent of EGI

$6,283 $3.8615.71%


Residential Sale Comparables

SUB - 5014 44TH AVE NE Seattle WA 98105

Year Built 1963 Units 3 Sales Price $1,795,000 Price/Unit $598,333 Price/Foot $367.83 GRM/CAP 21.7/3.5% Sales Date TBD

4. 5809 20TH AVE NW Seattle, WA 98107

Year Built 1908 Units 4 Sales Price $1,700,000 Price/Unit $425,000 Price/Foot $487.39 GRM/CAP 25.1/2.6% Sales Date 5.25.2018

5. 530 12TH AVE E Seattle, WA 98102


2. 1609 E COLUMBIA ST Seattle, WA 98122


1. 4210 WOODLAND PARK AVE N Seattle, WA 98103


3. 301 BELMONT AVE E Seattle, WA 98102



Residential Sales Comparables Map

Windermere Circle Triplex & Development Opportunity 5014 44th Ave NE Seattle, WA

1. 4210 Woodland Park Ave N Seattle, WA 98103

2. 1609 E Columbia St Seattle, WA 98122

3. 301 Belmont Ave E Seattle, WA 98102

4. 5809 20th Ave NW Seattle, WA 98107

5. 530 12th Ave E Seattle, WA 98102

5

4

2

3

1 WINDERMERE CIRCLE TRIPLEX

& DEV OP


Land Sale Comparables

1. 5049 SAND POINT PL NE Seattle, WA 98105

Bldg Size 3,770 Sq.Ft. Lot Size 7,245 Sq.Ft. Zoning LR1 Sales Price $1,950,000 $/Bldg Foot $517.24 $/Lot Foot $269.15 Sales Date 7.2.2018

3. 5001 44TH AVE NE Seattle, WA 98105


SUB - 5014 44TH AVE NE Seattle WA 98105

Bldg Size 4,880 Sq.Ft. Lot Size 7,597 Sq.Ft. Zoning LR1 Sales Price $1,995,000 $/Bldg Foot $408.81 $/Lot Foot $262.60 Sales Date TBD


Bldg Size 4,520 Sq.Ft. Lot Size 7,875 Sq.Ft. Zoning LR1 Sales Price $1,690,000 $/Bldg Foot $$373.89 $/Lot Foot $214.60 Sales Date 5.20.2016




Land Sales Comparables Map

Windermere Circle Triplex & Development Opportunity 5014 44th Ave NE Seattle, WA

1. 5049 Sand Point Pl NE Seattle, WA 98105


3. 5001 44th Ave NE Seattle, WA 98105


3

1


& DEV OP2

4


Paragon Real Estate Advisors

ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family property sales in Washington State. We have accrued over $3.4 billion in sales and have closed over 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 23 years’ experience in the industry. Paragon’s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships.

The information found in this offering memorandum 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.

windermere circle triplex and development opportunity · circle triplex and development...

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