FOR SALE. Scandia Gardens 2401 NW 63rd Street, Seattle UNITS: 8 $/UNIT: $300,000. Mace Erickson $/SF: $ CAP: 3.51%
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- Regina Barnett
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1 FOR SALE, Seattle PRICE: $2,400,000 Investment Highlights UNITS: 8 $/UNIT: $300,000 + Proven Rental Upside $/SF: $ Large Decks CAP: 3.51% + Spacious Floorplans GRM: MKT CAP: 5.44% MKT GRM: Meticulously Maintained + Prime Ballard Location FOR MORE INFORMATION PLEASE CONTACT: mace@ westlakeassociates.com SITE LOCATION
2 Scandia Gardens Westlake Associates, Inc. is proud to present the 8 unit Scandia Garden Apartments for sale. The property presents investors with the opportunity to own in one of the most sought after and profitable rental markets in the region. The Scandia Gardens offers strong cash flow and a proven significant rental upside with high appreciation for a long term investment. The Property Built in 1967, the spacious apartments have large open floorplans with balconies and fireplaces for each unit. The location and clean finishes of the units have attracted higher end tenants to the building, making the apartments a low maintenance investment with the potential for a buyer to further renovate the units for additional income. The units consist of three large 2 bedroom 1 bath unit, four 1 bedroom 1 bath units, and a studio. Six of the units have significant natural lighting and are lined with windows along three sides of the units. The Ballard neighborhood is a highly desirable neighborhood, just a short drive from Downtown Seattle. It is located to the north of the ship canal, to the West of the Fremont and Green Lake neighborhoods, to the East of Golden Gardens and Shilshole Bay and just north of downtown Seattle. The Burke Gilman Trail winds along the Ship Canal and Lake Union, and offers a wide variety of activities such as jogging, skating or biking. Currently the city of Seattle is building a new efficient light rail system to connect to the current street car network which will provide greater ease of access to downtown Seattle and across the major urban neighborhoods, supporting economic growth and strengthening connections among the places where people live, work and socialize.
3 Executive Summary The Location The apartments are located a few blocks from downtown Ballard. The apartments are conveniently located a few minutes drive north of Downtown Seattle, to the west of the Woodland Park Zoo and Fremont neighborhood a few miles from the University of Washington and surrounded by the Pacific Ocean and the ship canal. A vibrant community, Ballard is a thriving artesian metropolis, boasting the famous Solstice Parade bikers, weekly farmers markets, and the monthly artwalk where several galleries and shops flood the streets with different styles of art. New businesses, breweries and restaurants are sprouting up to accommodate the neighborhood s rapid growth, yet much of Ballard s Scandinavian culture and fishing industry remains. An area where much of that culture remains is in Old Ballard, home to a wide range of restaurants, shops and pubs. Old Ballard is also one of Seattle s most popular weekend hangouts, particularly when the Ballard Farmer s Market takes over Ballard Avenue every Sunday. Another local attraction is the Ballard Locks. Officially known as the Hiram M. Chittenden Locks, the Ballard Locks are one of Seattle s most popular tourist attractions, especially during the sunny months. The grounds also feature a fish ladder and the famous Carl S. English Jr. Botanical Garden. Ballard is also home to one of Seattle s most beautiful beaches. With its amazing view, Golden Gardens Park attracts large crowds during summer months and loyal locals during the winter. Access & Transit The Scandia Garden Apartments are located a block from several bus lines for easy access to downtown Seattle as well as Seattle Pacific University. Commuters have a short drive to downtown Seattle on 15th Ave NW, while many young professionals have chosen to work in Ballard or along the Tech Canal in Fremont.
4 The Location Several tech companies such as Google and Adobe have set up offices along the South Ship Canal in Fremont and Ballard. They re often called the tech canal by the industry The Burke-Gilman is a 27 mile-long paved biking and jogging trail that runs through Fremont into Ballard from Puget Sound to Lake Union and partway around Lake Washington Located in Ballard, the Shilshole Bay Marina and Golden Gardens Park offers residents beautiful Puget Sound views all year long as well as an off-lease dog park.
5 Neighborhood Location Gree eenl nlak e Site Location Phin inne ney Ridg e Ball llar ard Wall llin ingf gfor ord Fremont Magn olia East stla lake Quee een Anne Capi pito tol Hill
6 Neighborhood Location 6 3 Site Location FOOD - GROCERY 1. QFC 2. Safeway 3. Ballard Market 4. Ballard Publilc Market Cafes & Bars 1. The Stepping Stone 2. Java Bean Organic Coffee 3. Cafe Besalu 4. Toast Ballard 5. Starbucks RESTAURANTS 1. Scooter s Burgers 2. La Isla 3. Ristorante Picolinos 4. Plaka Estiatorio 5. Volterra 6. Moshi Moshi Sushi Recreation & Parks 1. Ballard Commons Park 2. Ballard Playground 3. Adams Elementary School 4. Marvin s Garden 5. Ballard Boys and Girls Club 6. Salmon Bay Park
7 Property Photos
8 Financial Analysis PROPERTY OVERVIEW Number of Units 8 Year Constructed 1967 Rentable SF 6,474 Lot Size 5,000 Heating Laundry PRICE ANALYSIS Electric Coin-Op Sale Price $2,400,000 Price per Unit $300,000 Price per NRSF $ Price per Land SF $ Current CAP Rate 3.51% Current GRM Pro Forma CAP Rate 5.44% Pro Forma GRM FINANCING Loan Amount $1,680,000 Down Payment $720,000 Rate 3.50% L-T-V 30% Amortization 30 Term 5 Monthly Payment $7,544 Annual Payment $90,527 *Dupre & Scott Average The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment. # of UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 1 Studio 500 $850 $1.70 $1,300 $ Bedroom 1 Bath 744 $1,206 $1.62 $1,513 $ Bedroom 1 Bath 1,000 $1,650 $1.65 $2,100 $2.10 Total AVG $10,625 $1.64 $13,650 $2.13 INCOME CURRENT PRO FORMA Scheduled Rental Income $127,500 $163,800 + Laundry $100 $1,200 $100 $1,200 + Parking $0 $0 $375 $4,500 + Utility Recovery $0 $0 $550 $6,660 Scheduled Gross Income $128,700 $176,100 - Vacancy & Cr Losses 3.0% ($3,825) ($4,914) Gross Income $124,875 $171,186 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes (2016) $13,760 $1,720 $13,760 $1,720 Insurance* $2,016 $252 $2,016 $252 Utilities* $9,048 $1,131 $9,048 $1,131 Repairs Maintenance* $7,520 $940 $7,520 $940 Management $8,288 $1,036 $8,288 $1,036 Total Operating Expenses $40,632 $5,079 $40,632 $5,079 CURRENT PRO FORMA Net Operating Income $84,244 $130,555 Less Annual Debt Service ($90,527) ($57,147) Cash Before Taxes $27, % $73, %
9 Rent Roll UNIT TYPE SF MONTHLY RENT $/SF A Studio 500 $850 $1.70 B 1 Bedroom 1 Bath 724 $1,075 $ Bedroom 1 Bath 750 $1,250 $ Bedroom 1 Bath 1,000 $1,650 $ Bedroom 1 Bath 750 $1,250 $ Bedroom 1 Bath 1,000 $1,650 $ Bedroom 1 Bath 750 $1,250 $ Bedroom 1 Bath 1,000 $1,650 $1.65 TOTALS AVERAGES 6,474 $10,625 $1.64
10 About the Company Westlake Associates, Inc. Commercial Investment Real Estate Since 1975 Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound region. Our commitment to assist our clients in creating and preserving their real estate investment wealth has led to the successful closing of billions of dollars in investment property and a long history of repeat business and client referrals. Our firm has over twenty full-time real estate professionals with expertise in the multi-family sales market. With a majority of our partners owning and operating their own investment property, we offer clients a unique perspective from both an agent and owner point of view. Our specialization in representing Puget Sound apartment owners results in our clients receiving the most effective representation in the industry, where maximizing client returns is our highest priority. Through effective teamwork, communication, and an unparalleled knowledge of the Puget Sound apartment market, our agents continue to lead the industry in successful closings and client satisfaction. + MEMBER: Commercial Brokers Association (CBA) + MEMBER: Northwest Multiple Listing Services (NWMLS) + MEMBER: Loop Net National Listing Services + MEMBER: Costar Commercial Real Estate Data and national listing service + MEMBER: Commercial Investment Real Estate Institute (CREI) + MEMBER: Washington State Realtors Association (WSMA) + MEMBER: National Association of Realtors (NAR)
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