T H E M I C H E L L E A P A R T M E N T S

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Elfreda Norman
5 years ago
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1 THE MICHELLE A P A R T M E N T S

OFFERING Paragon Real Estate Advisors is proud to offer The Michelle Apartments, a 4-unit apartment building located in the desirable Greenwood neighborhood.

2 OFFERING Paragon Real Estate Advisors is proud to offer The Michelle Apartments, a 4-unit apartment building located in the desirable Greenwood neighborhood. The location offers quick access Ballard, Northgate, Fremont and the CBD via I-5 and Aurora Avenue. The property offers all 2-bedroom units with modern floorplans, common laundry, ample parking, and great rental upside. NAME The Michelle Apartments ADDRESS 319 N 105th St, Seattle WA TOTAL UNITS 4 BUILT 1960 SQUARE FEET 3,228 Total Net Rentable PRICE $1,150,000 PRICE PER UNIT $287,500 PRICE PER FOOT $ CURRENT GRM/CAP 18.05/ 4.17% MARKET GRM/CAP 13.97/ 5.60% LOT SIZE 4,900 Square Feet ZONING C1-40 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.

INVESTMENT HIGHLIGHTS Walkable location Potential to add unit in the basement (buyer to verify) Low maintenance property with little vacancy Upside in rental income Great C1-40

3 INVESTMENT HIGHLIGHTS Walkable location Potential to add unit in the basement (buyer to verify) Low maintenance property with little vacancy Upside in rental income Great C1-40 zoning in frequent transit corridor Freshly painted exterior 5 tandem parking spaces Common laundry Double pane vinyl windows Poised for future appreciation THE MICHELLE A P A R T M E N T S

LOCATION HIGHLIGHTS The Michelle apartments is located in the vibrant Greenwood neighborhood.

The Michelle Apartments sits 15 minutes from Seattle s downtown CBD, and just a short walk to a Rapid Ride Transit stop.

Greenwood s business district today remains as successful as it was decades ago.

eateries, along with a community theater. The community hosts many events that appeal to families and urbanites alike.

4 LOCATION HIGHLIGHTS The Michelle apartments is located in the vibrant Greenwood neighborhood. This neighborhood of proximity boast many walkable amenities including restaurants, bars, grocery stores and parks. The Michelle Apartments sits 15 minutes from Seattle s downtown CBD, and just a short walk to a Rapid Ride Transit stop. This location serves as a gateway to the city, with close access to I-5 and Aurora Ave as well convenient proximity to Green Lake, Fremont and Ballard. Greenwood s business district today remains as successful as it was decades ago. The heart of the neighborhood can be found just blocks away at 85th Street and Greenwood Avenue and is booming with coffeehouses, antique stores, bars, and eateries, along with a community theater. The community hosts many events that appeal to families and urbanites alike. Things tend to quiet down at night, which makes this the perfect place to live if you like to be on the move during the day and a homebody when the sun goes down. WALK SCORE 85 Located just north of the Seattle Central Business District Easy access to local transit options via Rapid Ride TRANSIT SCORE 54 Walk to restaurants, cafés, and shopping Easy access to the Northgate Mall Walking distance to Carkeek Park BIKE SCORE 79

5 SEATTLE CBD QUEEN ANNE BALLARD PUGET SOUND FREMONT THE MICHELLE APARTMENTS D OO NW EE GR NORTHGATE CARCREEK PARK UE EN AV N

6 BUILDING PHOTOS

7 UNIT PHOTOS

8 Income and Expenses THE MICHELLE A P A R T M E N T S Units 4 Price $1,150,000 Year Built 1960 Per Unit $287,500 Rentable Area 3,288 Per Sq. Ft. $ Down Pmt $287,500 Current GRM Loan Amount $862,500 Current CAP 4.17% Interest Rate 5.000% Market GRM Amortization 30 Years Market CAP 5.60% UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT 1 2 Bd/1 Bth 822 $1,250 $1, Bd/1 Bth 822 $1,200 $1, Bd/1 Bth 822 $1,350 $1, Bd/1 Bth 822 $1,350 $1,600 4 Total/Avg 822 $1,287 $1,600 MONTHLY INCOME CURRENT MARKET Monthly Scheduled Rent $5,150 $6,860 Utility Billback ($75/unit) $0 $300 Laundry Income $140 $140 Other Income $20 $20 Total Monthly Income $5,310 $6,860 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $63,720 $82,320 Less Vacancy 3.00% $1, % $4,116 Gross Operating Income $61,808 $78,204 Less Expenses $13,851 $13,851 Net Operating Income $47,957 $64,353 Annual Debt Service ($4,630/mo) $55,561 $55,561 Cash Flow Before Tax -2.64% ($7,604) 3.06% $8,792 Principal Reduction $12,725 $12,725 Total Return Before Tax 1.78% $5, % $21,517 ANNUALIZED OPERATING EXPENSES CURRENT MARKET RE Taxes 2018 Actual $8,251 $8,251 Insurance 2018 Actual $1,200 $1,200 Utilities 2018 Actual $4,400 $4,400 Total Expenses $13,851 $13,851 CURRENT OPERATIONS Expense/Unit $3,463 Expense/Foot $4.21 Percent of EGI 21.74% MARKET OPERATIONS Expense/Unit $3,463 Expense/Foot $4.21 Percent of EGI 16.83%

600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / info@paragonrea.

9 600 University St, Suite 2018 Seattle Washington / info@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.

The GREENWOOD APARTMENTS

The GREENWOOD APARTMENTS OFFERING Paragon Real Estate Advisors is pleased to exclusively offer for sale the Greenwood Apartments, a well located, turn-key, apartment building constructed in 1954. Well