THE PHINNEY T R I PLEX

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Jason Craig
5 years ago
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1 THE PHINNEY T R I PLEX

2 CAPITOL HILL WALLINGFORD SEATTLE CBD QUEEN ANNE FREMONT PHINNEY RIDGE BALLARD

OFFERING Paragon Real Estate Advisors is pleased to announce for sale The Phinney Triplex featuring 180 degree views of the Olympic mountains and downtown Ballard.

3 OFFERING Paragon Real Estate Advisors is pleased to announce for sale The Phinney Triplex featuring 180 degree views of the Olympic mountains and downtown Ballard. This property is located in the heart of one of Seattle s most desirable rental markets. The property sits on a corner lot and features a recently painted exterior, new decks, as well as parking garages for tenant convenience. The property underwent a complete renovation in 2017 which includes: new hardsurface flooring, quartz counter tops, stainless-steel appliances, new cabinetry, and the addition of washer and dryers to each unit. The top two units in the property are Owner s Units featuring more than 1,200 square feet of living space. Located in Phinney Ridge with a short walking distance to both Fremont and Ballard, The Phinney Triplex is the perfect opportunity for an investor that is looking for a turn key investment. NAME The Phinney Triplex ADDRESS 301 NW 52nd St, Seattle WA TOTAL UNITS 3 BUILT 1983 SQUARE FEET 2,950 Total Net Rentable PRICE $1,595,000 PRICE PER UNIT $531,667 PRICE PER FOOT $541 CURRENT GRM/CAP 18.79/4.23% MARKET GRM/CAP 15.14/5.38% LOT SIZE 5,000 Square Feet 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 Owner s Units featuring 2 bed / 2 baths and 1,210 square feet 2 covered garages as well as tenant storage Completely remodeled building, 1983 construction 5,000 square foot

4 INVESTMENT HIGHLIGHTS Owner s Units featuring 2 bed / 2 baths and 1,210 square feet 2 covered garages as well as tenant storage Completely remodeled building, 1983 construction 5,000 square foot corner lot Amazing views of downtown Ballard Highly desirable, pedestrian friendly neighborhood Kitchens feature quartz countertops, custom cabinets and stainless steel appliances including dishwashers Close walking distance to the Woodland Park Zoo, Fremont and downtown Ballard Remodeled bathrooms Excellent street frontage and visibility on 3rd Avenue NW Units offer washers and dryers, fireplaces and vaulted ceilings Low maintenance hard-surface flooring Brand new private decks and exterior paint 4.23% entry CAP rate THE PHINNEY TRIPLEX

LOCATION HIGHLIGHTS Located in the growing and dynamic Greenwood/ Crown Hill

Very walkable location with convenient access to most anything.

15-minute drive to downtown Seattle CBD POPULATION 32,473 Easy access to I-5, Aurora

stops 1 block away Close to many popular parks and outdoor recreation destinations

5 LOCATION HIGHLIGHTS Located in the growing and dynamic Greenwood/ Crown Hill neighborhood Walk Score of 87! Very walkable location with convenient access to most anything. Close to popular neighborhoods: Ballard, Green Lake, Phinney Ridge, Fremont & more 15-minute drive to downtown Seattle CBD POPULATION 32,473 Easy access to I-5, Aurora Ave (99), and 15th Ave NW Convenient access to public transportation with multiple bus stops 1 block away Close to many popular parks and outdoor recreation destinations (Green Lake, Woodland Park, Carkeek Park, Golden Gardens Park) Safeway, Fred Meyer and Grocery Outlet all within walking distance MEDIAN INCOME $94,136 COMMUTE TO DOWNTOWN 15 MINUTES

BALLARD Ballard is a historic and hip little town located in the northwest region of Seattle.

Once upon a time, Ballard was its own city a blue-collar, maritime-centric enclave bustling with fishers, millworkers, and boat-builders, many of Scandinavian descent.

s popular hot spots for visitors and locals alike.

In addition to several restaurants and bars close by, there are grocers (Quality Food Center, Trader Joe s, Safeway), banks (Bank of America and Wells Fargo) and recreational destinations such as

providing a year-round oasis for picnics and bonfires.

6 BALLARD Ballard is a historic and hip little town located in the northwest region of Seattle. Ballard s thriving waterfront and blossoming culture makes it one of the most distinguished neighborhoods in Seattle. Once upon a time, Ballard was its own city a blue-collar, maritime-centric enclave bustling with fishers, millworkers, and boat-builders, many of Scandinavian descent. While the historic neighborhood maintains its working waterfront, a lineup of trendy bars, shops, and restaurants, plus a pedestrian-friendly layout, have helped it transform into one of the city s popular hot spots for visitors and locals alike. such as The Dray Bar, The Bluegrass gastropub, Benito s Chicago Eatery, MOD, Pasta Bella, El Camion, No Bones Beach Club, The Fat Hen and many more! In addition to several restaurants and bars close by, there are grocers (Quality Food Center, Trader Joe s, Safeway), banks (Bank of America and Wells Fargo) and recreational destinations such as the Ballard Sunday Farmers Market, the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beach front Golden Gardens Park which overlooks the majestic Olympic Mountains, providing a year-round oasis for picnics and bonfires. In recent years, a younger resident profile has been attracted to Ballard through new development, the community s energetic nightlife, award winning restaurants, quality of life, retail amenities, and close vicinity to Downtown Seattle. Ballard s unique amenities, rich history, small-town charm, dynamic waterfront and close proximity to Seattle s most popular neighborhoods make it a prime location to live, work and play. Residents have immediate access to everything that makes Ballard such a desirable neighborhood. This property is only blocks from Ballard s historic downtown area which consists of fine dining, charming storefronts, live music and offers a pedestrian friendly environment. Located all within blocks are popular places

7 MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT

8 MAJOR EMPLOYERS - SOUTH LAKE UNION

9 BUILDING PHOTOS

10 BUILDING PHOTOS

11 UNIT PHOTOS

12 UNIT PHOTOS

13 Income and Expenses Units 3 Price $1,595,000 Year Built 1983 Per Unit $531,667 Rentable Area 2,950 Sq.Ft. Per Sq. Ft. $541 Down Pmt $563,000 Current GRM Loan Amount $1,032,000 Current CAP 4.23% Interest Rate 5.00% Market GRM Amortization 30 years Market CAP 5.38% UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT 1 1 Bd/1 Bth 530 $1,495 $1, Bd/2 Bth 1,210 $2,495 $2, Bd/2 Bth 1,210 $2,595 $2,795 3 Total/Avg 983 $2.23 $2.46 MONTHLY INCOME CURRENT MARKET Gross Potential Rent $6,585 $8,149 Utility Bill Back $240 $330 Parking Income (2 Covered) $150 $200 Miscellaneous Income $100 $100 Gross Potential Income $7,075 $8,779 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $84,900 $105,348 Less Vacancy 3.0% $2, % $3,160 Gross Operating Income $82,353 $102,188 Less Expenses $14,845 $16,300 Net Operating Income $67,508 $85,888 Annual Debt Service ($5,540/mo) $66,480 $66,480 Cash Flow Before Tax 0.18% $1, % $19,408 Principal Reduction $15,226 $15,226 Total Return Before Tax 2.89% $16, % $34,633 ANNUALIZED OPERATING EXPENSES CURRENT MARKET RE Taxes 2018 Taxes $8,545 $10,000 Insurance Proforma $1,100 $1,100 Utilities Estimate $3,200 $3,200 Maint/Repairs Proforma $1,500 $1,500 Landscaping Proforma $500 $500 Total Expenses $14,845 $16,300 CURRENT OPERATIONS Expense/Unit $4,948 Expense/Foot $5.03 Percent of EGI 17.49% THE PHINNEY TRIPLEX MARKET OPERATIONS Expense/Unit $5,433 Expense/Foot $5.53 Percent of EGI 15.47%

SALES COMPARABLES The Phinney Triplex 301 NW 52nd St Seattle, WA 98107 Year

$541 Current GRM/CAP 18.8/4.2% Market GRM/CAP 15.1/5.

3900 Sunnyside Ave N Seattle, WA 98103 Price/Foot $535.

2018 Unknown 2 Year Built 1913 Units 3 Sales Price $1,570,512 Price/Unit

$1,594,125 Price/Unit $531,375 Price/Foot $450.32 GRM/CAP 21.4/3.

2017 Year Built 4 1967 Units 3 Sales Price $1,500,000 Price/Unit $500,000

4% 3441-3445 23rd Ave W Seattle, WA 98199 Sales Date 8.4.2017 4 1 5 Year

14 SALES COMPARABLES The Phinney Triplex 301 NW 52nd St Seattle, WA Year Built 1983 Units 3 Sales Price $1,595,000 Price/Unit $531,667 Price/Foot $541 Current GRM/CAP 18.8/4.2% Market GRM/CAP 15.1/5.4% 3 1 Year Built 1950 Units 3 Sales Price $1,565,000 Price/Unit $521, Sunnyside Ave N Seattle, WA Price/Foot $ GRM/CAP Sales Date Unknown 2 Year Built 1913 Units 3 Sales Price $1,570,512 Price/Unit $523, N 61st St Seattle, WA Price/Foot $ GRM/CAP Unknown Sales Date THE PHINNEY TRIPLEX 3 Year Built 1973 Units 3 Sales Price $1,594,125 Price/Unit $531,375 Price/Foot $ GRM/CAP 21.4/3.2% 7422 E Green Lake Dr N Seattle, WA Sales Date Year Built Units 3 Sales Price $1,500,000 Price/Unit $500,000 Price/Foot $ GRM/CAP 18.8/4.4% rd Ave W Seattle, WA Sales Date Year Built 1900 Units 3 Sales Price $1,500,000 Price/Unit $500,000 Price/Foot $ GRM/CAP 15.8/5.2% 352 NW 51st St Seattle, WA Sales Date Year Built Units 4 Sales Price $1,692,500 Price/Unit $423,125 Price/Foot $ GRM/CAP 16.2/5.2% rd Ave NW Seattle, WA Sales Date

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

15 600 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.

T H E B A L L A R D T R I P L E X

T H E B A L L A R D T R I P L E X THE BALLARD TRIPLEX LAKE WASHINGTON CAPITOL HILL SEATTLE CBD WALLINGFORD FREMONT QUEEN ANNE FREELARD PHINNEY RIDGE BALLARD OFFERING Paragon Real Estate Advisors is pleased to announce for sale the Ballard