Paragon. Beyond the Deal.

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Ashley Hudson
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ballard 6 apartments Paragon. Beyond the Deal. location: 2216 NW 59th Street, Total Units: 6 Built: 1969 Square Feet: 5,380 Net Rentable Price: $1,495,000 Cost Per Unit: $249,167 Cost Per Foot: $277.

1 ballard 6 apartments Paragon. Beyond the Deal. location: 2216 NW 59th Street, Total Units: 6 Built: 1969 Square Feet: 5,380 Net Rentable Price: $1,495,000 Cost Per Unit: $249,167 Cost Per Foot: $ Net Rentable AVG RENT/SQFT: $1.40 CURRENT GRM/CAP: 16.46/3.93% (3% Vacancy) MARKET GRM/CAP: 13.61/5.13% (4% Vacancy) Expense per unit: $4,892/Year Terms: Cash Out HIGHLIGHTS: Meticulously maintained with a newer roof, updated plumbing, doublepaned vinyl windows Located in the Ballard Urban Village Well-designed floorplans, six personal storage lockers, four covered parking spots (tandem), a common laundry room, and a large private courtyard

The property is located just blocks away from the retail core of the Ballard. Residents can walk to a QFC grocery store, St

LOCATION Ballard is known for its Scandinavian Roots and has become one of the fastest growing neighborhoods in Seattle.

The seafront provides spectacular views of the Puget Sound and the Olympic Mountain range.

It offers residents easy access to Downtown Seattle through major transportation routes by car or bus.

Major Seattle employers in the area include Amazon.com, Starbucks, Nordstrom, Adobe, and the Bill and Melinda Foundation.

It has been meticulously maintained with a newer roof, updated plumbing, and newer double-paned vinyl windows.

2 The property is located just blocks away from the retail core of the Ballard. Residents can walk to a QFC grocery store, Starbucks, a U.S. Post Office, a Seattle Public Library, and enjoy the many dining, retail and entertainment spots located along Market Street and the surrounding historic Ballard district. LOCATION Ballard is known for its Scandinavian Roots and has become one of the fastest growing neighborhoods in Seattle. It is also home to some of Seattle s best waterfront attractions, such as the Ballard Locks, Shilshole Bay Marina and the beautiful beachfront Golden Gardens Park. The seafront provides spectacular views of the Puget Sound and the Olympic Mountain range. Ballard has become a trendy urban village hub, with one of the strongest rental markets in the Seattle metro area. It offers residents easy access to Downtown Seattle through major transportation routes by car or bus. The rise in popularity for the Ballard community has been due to its attractive storefronts, pedestrian-friendly environment, and award winning restaurants and bars. Major Seattle employers in the area include Amazon.com, Starbucks, Nordstrom, Adobe, and the Bill and Melinda Foundation. Improvements Built in 1969, the Ballard 6 is a two-story, wood-framed building with a low maintenance marblecrete finish. It has been meticulously maintained with a newer roof, updated plumbing, and newer double-paned vinyl windows. The units have well-designed floorplans, and there are six personal storage lockers, four covered parking spots (tandem), a common laundry room, and a large private courtyard behind the building shaded by large cedar trees. The Ballard 6 consists of six spacious apartments including three large one-bedroom/one bathroom units, and three spacious two-bedroom/one and a half bath units. It offers an investor a rare opportunity to own a well-maintained and low maintenance building in the trendy and hip Ballard neighborhood. Since the property is located in one of Seattle s designated Urban Villages, there may be potential to expand or potentially add units to the existing building. Financing The owners desire to be cashed out at closing. It is recommended that a buyer seek new financing in the 3.5% to 4% interest rate range amortized over 30 years, depending on lender.

3 Paragon. Beyond the Deal. One Union Square 600 University Street Suite T F operating information ballard NW 59th St Units 6 Year Built 1969 Rentable Area 5,380 Down Payment $702, % Loan Amount $792, % Interest Rate 3.55% Variable Amortization 30 Years Lot Size 5,000 Sq. Ft. Price $1,495,000 Per Unit $249,167 Per Sq. Ft. $ Current GRM Current CAP 3.93% Market GRM Market CAP 5.13% Monthly Scheduled Income # of Units Type size Current Rent Monthly Income Market Rent Monthly Income 3 1 BD/1 Bth $875 - $1,195 $3,045 $1,100 - $1,250 $3, BD/1.5 Bth $1,450 - $1,550 $4,475 $1,650 $4,950 6 Average S.F. 897 $1.40 $1.56 Monthly Scheduled Rent Laundry Utility Parking (four covered stalls) $7,520 $50 $84/unit $8,400 $50 $505 $200 Miscellaneous Total Monthly Income $7,570 $9,155 Annualized Operating data Current market Scheduled Gross Income $90,840 $109,860 Less Vacancy 3.00% $2, % $4,394 Gross Operating Income $88,115 $105,466 Less Expenses $29,352 $28,741 Net Operating Income $58,763 $76,725 Annual Debt Service $3,580/mo $42,962 $42,962 Cash Flow Before Tax 2.25% $15, % $33,763 Principal Reduction $15,077 $15,077 Total Return before Tax 4.39% $30, % $48,840 Annualized Operating Expenses Current market Real Estate Taxes Insurance Utilities On-Site Management $9,404 $3,575 $7,581 $2,880 $9,404 $2,000 $7,581 $2,880 Current Operations Expenses per Unit $4,892 Expenses Per Foot $5.46 Percent of Gross 32.31% Maintenance/Repairs Turnover Administration Reserves Total Expenses $3,536 $576 $1,800 $29,352 $3,600 $900 $576 $1,800 $28,741 market Operations Expenses per Unit $4,790 Expenses Per Foot $5.34 Percent of Gross 26.26% 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.

4 ReNT AND SALe COMPARABLeS SUBJeCT PROPeRTY # OF UNITS YeAR BUILT 1 BD/1BTh ReNT SF & ReNT/SF 2 BD/1BTh ReNT SF & ReNT/SF 2 BD/1.5BTh ReNT SF & ReNT/SF Ballard NW 59th Street $875 - $1, /$1.40 $1,450 - $1, /$1.40 COMPARABLe PROPeRTIeS M & J Apartments 2410 NW 57th Street $875 - $1, /$1.35-$1.84 $1, /$1.87 Lock Vista Apartments 3025 NW Market St $950 - $1, /$ $1, /$2.40 Cadence 3040 NW Market St $1, /$ th Ave NW $1, /$ NW 58th Street $1, /$2.12 sale comparables Ballard NW 59th Street COMPARABLe PROPeRTIeS # OF UNITS 6 YeAR 1969 PRICe $1,495,000 PRICe PeR UNIT $249,167 PRICe PeR SQFT $ GRM CAP Current % Market % CLOSING DATe TBD Wallingford View 4314 Winslow Place N $1,210,000 $242,000 $ % NW 57th Street $910,000 $182,000 $ % NW 57th Street $1,400,000 $200,000 $ % Ballard heights 1507 NW 64th Street $1,390,000 $278,000 $ % Market North 1145 NW 63rd Street $1,675,000 $239,285 $ % NW 56th Street $1,450,000 $290,000 $ % Paragon. Beyond the Deal. One Union Square 600 University Street Suite t F 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.

5 Additional Photos

6 Additional Photos

7 Floor plans - basement Floor plans - first floor Floor plans - second floor

8 aerial MaP Downtown Ballard Downtown seattle Historic Ballard ship canal Ballard locks Ballard 6 apartments

ALKI PARK APARTMENTS. Two parcels from Alki Beach and Retail District. Condo quality renovated interiors. Granite and stainless kitchens

ALKI PARK APARTMENTS. Two parcels from Alki Beach and Retail District. Condo quality renovated interiors. Granite and stainless kitchens ALKI PARK APARTMENTS LOCATION: 2664 59th Ave SW, Seattle WA TOTAL UNITS: 6 BUILT: 1916 (Remodeled 2014) SQUARE FEET: 3,338 Net Rentable PRICE:,000 COST PER UNIT: $241,667 COST PER FOOT: $434.39 Net Rentable