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

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Margery Wade
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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.

1 ALKI PARK APARTMENTS LOCATION: th 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: $ Net Rentable (556 Avg SqFt) AVG RENT/SQFT: $2.42 CURRENT GRM/CAP: 14.09/5.10% (4% Vacancy) MARKET GRM/CAP: 13.44/5.22% (5% Vacancy) HIGHLIGHTS: Two parcels from Alki Beach and Retail District Condo quality renovated interiors Granite and stainless kitchens New roof, upgraded electric, new windows Washer and dryer in units Views of Puget Sound Across from park and tennis courts

This property provides the investor a rare opportunity to purchase a boutique, fully renovated 6-unit apartment complex at Alki Beach, one of Seattle s most sought-after neighborhoods.

This in-city beach location gives residents immediate walking-distance access to Alki s many popular eating establishments including Top Pot Doughnuts, Pegasus Pizza, Starbucks, Cactus,

Nearby bus and water taxi routes offer convenient access to Downtown Seattle, the Stadium District, and the I-90 corridor to the Eastside employment centers as well as easy access to the

IMPROVEMENTS Built in 1916, the Alki Park Apartments is a classic turn of the century apartment building that has been fully renovated by the current ownership.

There are six one-bedroom units which are set up to take advantage of abundant natural light and are well-laid out for the West Seattle rental market.

2 This property provides the investor a rare opportunity to purchase a boutique, fully renovated 6-unit apartment complex at Alki Beach, one of Seattle s most sought-after neighborhoods. LOCATION Alki Beach is one of Seattle s most popular beaches and offers residents spectacular views of the City, Puget Sound and Olympic Mountains. This in-city beach location gives residents immediate walking-distance access to Alki s many popular eating establishments including Top Pot Doughnuts, Pegasus Pizza, Starbucks, Cactus, Alki Café and Spud s Fish and Chips. Nearby bus and water taxi routes offer convenient access to Downtown Seattle, the Stadium District, and the I-90 corridor to the Eastside employment centers as well as easy access to the shopping district at Fauntleroy Junction in West Seattle. IMPROVEMENTS Built in 1916, the Alki Park Apartments is a classic turn of the century apartment building that has been fully renovated by the current ownership. The property consists of a fourplex and duplex located on a single corner lot. There are six one-bedroom units which are set up to take advantage of abundant natural light and are well-laid out for the West Seattle rental market. Over the last few years, the property has undergone a substantial renovation including the addition of a washer and dryer to each unit, hard surface hardwood style flooring and new windows. The roof, gutters and downspouts are new as is the landscaping. The bathrooms boast claw-foot bathtubs and have been updated with new fixtures. The chef-styled kitchens are renovated to include dishwashers, upgraded appliances, granite countertops, and updated cabinetry. The apartments provide tenants quality interior finishes while retaining the charm of a beachside residence. FINANCING It is proposed that the Buyer obtain new financing with current interest rates in the mid 3% range.

3 EXTERIOR PHOTOS

4 INTERIOR PHOTOS

5 APARTMENTS INVESTMENT BROKERAGE One Union Square University Street Suite 2018 Seattle, WA T F OPERATING INFORMATION ALKI PARK APARTMENTS TH AVE SW SEATTLE, WA Units 6 Year Built 1916 Rentable Area 3,338 Down Payment $550, % Loan Amount $900, % Interest Rate 3.50% Variable Amortization 30 Years Lot Size 3,520 Sq. Ft. Price,000 Per Unit $241,667 Per Sq. Ft. $ Current GRM Current CAP 5.10% Market GRM Market CAP 5.22% Current DCR: 1.52 MONTHLY SCHEDULED INCOME # OF UNITS TYPE SIZE CURRENT RENT MONTHLY INCOME MARKET RENT MONTHLY INCOME 2664 A 2664 B 2664 C 2664 D 5860 # #102 6 Averages $1,250 $995 $2.42 $1,250 $995 $1,350 $1,195 $2.53 $1,350 $1,195 Monthly Scheduled Rent Laundry (W/D in units) Utility Bill Back Miscellaneous Total Monthly Income $8,090 $0 $375 $108 $8,573 $75/unit $8,435 $0 $450 $108 $8,993 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income Less Vacancy Gross Operating Income Less Expenses Net Operating Income Annual Debt Service Cash Flow Before Tax Principal Reduction Total Return before Tax 4.00% $4,041.40/mo 4.63% 7.77% $102,877 $4,115 $98,761 $24,818 $73,943 $48,497 $25,447 $17,272 $42, % 4.95% 8.09% $107,916 $5,396 $102,520 $26,805 $75,715 $48,497 $27,218 $17,272 $44,491 ANNUALIZED OPERATING EXPENSES Real Estate Taxes 2016/Proforma Insurance W/S/G/G Electric Maintenance/Repairs Proforma On-site Asst. Capital Reserves Proforma Total Expenses CURRENT $8,888 $1,652 $6,341 $1,037 $4,500 $900 $1,500 $24,818 MARKET $10,875 $1,652 $6,341 $1,037 $4,500 $900 $1,500 $26,805 CURRENT OPERATIONS Expenses per Unit $4,136 Expenses Per Foot $7.43 Percent of Gross 24.12% MARKET OPERATIONS Expenses per Unit $4,468 Expenses Per Foot $8.03 Percent of Gross 24.84% 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.

SALE COMPARABLES SUBJECT PROPERTY # OF UNITS YEAR PRICE PRICE PER UNIT PRICE PER SQFT GRM CAP CLOSING DATE Alki Park Apartments 2664 59th Ave SW Seattle, WA 6 1916,000 $241,667 $434.39 14.1 5.

6 SALE COMPARABLES SUBJECT PROPERTY # OF UNITS YEAR PRICE PRICE PER UNIT PRICE PER SQFT GRM CAP CLOSING DATE Alki Park Apartments th Ave SW Seattle, WA ,000 $241,667 $ % TBD COMPARABLE PROPERTIES 6 Unit 4012 California Ave SW $1,700,000 $283,333 $ % Alaska th Ave SW $5,650,000 $313,889 $ % Admiral Flats 3431 California Ave SW $2,450,000 $306,250 $ % Beachcomber 3625 Beach Drive SW $3,700,000 $284,615 $ % Unit 3306 Beach Drive SW $2,515,000 $359,286 $ % Beachwood 4027 Beach Drive SW $2,965,000 $286,500 $ % AERIAL VIEW QUEEN ANNE SEATTLE CBD SODO PORT OF SEATTLE ADMIRAL DISTRICT ELLIOTT BAY ALKI BEACH WEST SEATTLE ALASKA JUNCTION Alki Park Apartments One Union Square University Street Suite 2018 Seattle, WA 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.

Paragon. Beyond the Deal.

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: $277.88