KING COUNTY Q U A R T E R LY APARTMENT SALES REPORT th Quarter 2018 1
Introduction This report is a roadmap for owners, developers, and future investors to navigate the critical changes, which provide new opportunities and challenges in the market place. We provide an unparalleled boots-on-theground understanding of King County for a wide range of private capital investors. We truly immerse ourselves in understanding the market. Driving the streets, monitoring new developments, and tying this all in to how it affects our clients. We make countless phone calls to proactively build relationships with key stakeholders in the community. Through our countless efforts we can offer deep and meaningful insight that is executable. CONTENTS KING COUNTY North Seattle Sales...2-3 Core King County Sales... -5 Eastside Sales...6-7 South Seattle Sales... 8-9 West Seattle Sales...10-11 South King County Sales...12-13 King County Commercial Sales... 1-15 Erich Bubbel 206.77.526 erich@tfgre.com Since joining the Foundation Group as an Investment Real Estate Advisor, Erich has spent the past several years analyzing the King, Pierce and Snohomish county markets, developing strong relationships with buyers and sellers, and perfecting the art of contract negotiation. His BA in Marketing from New Mexico State University allows him to be adept at finding the unique qualities in a property that a seller can capitalize on to produce the maximum price potential, recognize any inefficiencies of a multi-family investment and develop a plan to increase returns for the long term. Erich enjoys the challenge of searching out properties with the right qualities for a buyer s specific needs. From the initial meeting, Erich works with the client to produce a feasible plan that will achieve their financial goals by providing honest advise about their current investments and visions for the future. Nate Kiger 206.77.539 nate@tfgre.com Nate is an associate advisor at the Foundation Group. As a new broker Nate brings extensive financial, real estate, and planning expertise to provide advice to better achieve higher price points for clients. His BA in Legal Studies allows him to excel in advocating for value-add deals on behalf of clients. Nate is an analyst and treats every deal as if he was handling his own investment property. KING COUNTY INTRODUCTION WHO WE ARE 2621 Eastlake Ave E Seattle, WA 98102 www.tfgre.com 1
Google 20007 25th Ave NE NORTH KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Multi-family Sales // Residential 2- Unit Rentals- North King Property Address Sale Price Sale Date Year Built # Units 91 N 163rd St $687,000 10//18 196 2.51% $33,500 $330 15.95 901 N 97th St $70,000 10/26/18 1960 2 3.3% $370,000 $525 20.05 1023 Greenwood Ave N $965,000 10/30/18 1959 3 3.03% $321,666 $32 23.85 3836 NE 95th St $799,950 10/31/18 197 2.83% $399,975 $357 16.6 30 NW 100th Pl $820,000 11/13/18 1953 2 5.35% $10,000 $28 1.5 20007 25th Ave NE $660,000 11/19/18 1979 2 5.38% $330,000 $257 1.86 2823 NE Meadow Pl $675,000 11/26/18 1968 2 $337,500 $196 1506 N 97th St $825,000 12/26/18 1967 2 3.22% $12,500 $357 22.32 Northgate.25% $366k $327 18.29 Shoreline 91 N 163rd St 1023 Greenwood Ave N North Seattle 30 NW 100th Pl 1506 N 97th St 901 N 97th St 2823 NE Meadow Pl Lake Forest Park Northgate 3836 NE 95th St Approximate route of future light rail extension NORTH KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS 2 Ballard 3
302 NW 8th St 8006 25th Ave NW CORE KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Multi-family Sales // Residential 2- Unit Rentals- Core King Property Address Sale Price Sale Date Year Built # Units 319 Malden Ave E $1,300,000 10/2/18 1906 3 2.7% $33,333 $703 2.9 38 Fremont Ave $895,000 10/17/18 1930 3 5.19% $298,333 $373 13.79 182 NE Ravenna Blvd $1,200,000 10/18/18 192 2 2.80% $600,000 $313 22.73 5030 Sand Point Pl NE $1,772,000 10/22/18 1960 3 2.5% $590,666 $397 27.79 1015 E Jefferson St $1,225,000 10/25/18 1988 3.55% $08,333 $589 17.29 351 Burke Ave N $1,100,000 10/26/18 197 2 $550,000 $30 3001 22nd Ave W $1,300,000 11/5/18 1961 3.23% $33,333 $39 17.62 302 NW 8th St $870,000 11/26/18 197 2 5.36% $35,000 $395 15.7 8006 25th Ave NW $875,000 11/30/18 1952 2 5.51% $37,500 $391 15.51 333 33rd Ave W $1,175,000 12//18 1997 3 5.36% $391,667 $289 1.68 702 11th Ave E $1,150,000 12/11/18 190 2 $575,000 $39 501 th Ave NE $1,525,000 12/21/18 1963 3.00% $508,333 $313 18.39.23% $72k $11 18.8 333 33rd Ave W Magnolia 3001 22nd Ave W Ballard 38 Fremont Ave 351 Burke Ave N Queen Anne Seattle 182 NE Ravenna Blvd University District 1015 E Jefferson St Approximate route of future light rail extension Capitol Hill 702 11th Ave E 319 Malden Ave E Approximate route of existing light rail line 5030 Sand Point Pl NE 501 th Ave NE CORE KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Google 5
11031 Woodinville DR EASTSIDE - KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Multi-family Sales // Residential 2- Unit Rentals- Eastside Property Address Sale Price Sale Date Year Built # Units 131 NE 7th Pl $1,600,000 10/3/18 1970.77% $00,000 $335 16.68 1509 NE 6th Pl $1,606,000 10/5/18 1970.5% $01,500 $320 1.83 1521 NE 6th Pl $1,590,000 10/6/18 1970.7% $397,500 $317 16.76 $750,000 10/6/18 1978 2.89% $375,000 $313 15.63 1513 NE 6th Pl $1,585,000 10/8/18 1970.80% $396,250 $316 16.0 2920 NE 8th St $950,000 10/20/18 1977 5.92% $237,500 $191 13.25 11031 Woodinville Dr $1,110,000 11/12/18 1988 3.0% $277,500 $319 22.09 152 Index Ave NE $35,000 11/30/18 193 2.7% $217,500 $298 1.50 30 SE Donnelly Ln Construction on Facebook s 678,000 SF Building X expected to begin in June 2019. Kirkland 1509 NE 6th Pl Redmond Approximate route of future light rail extension 11031 Woodinville Dr 131 NE 7th Pl 1521 NE 6th Pl 1513 NE 6th Pl Bellevue 1509 NE 6th Pl.68% $338k $301 16.22 30 SE Donnelly Ln Approximate route of existing light rail line Kirkland waterfront 30 SE Donnelly Ln 152 Index Ave NE 131 NE 7th Pl 2920 NE 8th St 6 Google EASTSIDE - KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Approximate route of future light rail extension 7
1550 17th Ave S KING COUNTY - SOUTH SEATTLE MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Multi-family Sales // Residential 2- Unit- South Seattle Property Address Sale Price Sale Date Year Built # Units 833 Wabash Ave S $900,000 10/3/18 1958 3 3.20% $300,000 $227 20.83 15002 th Ave S $37,500 10/8/18 1955 2 6.73% $187,250 $268 12.76 757 36th Ave S $1,017,500 10/11/18 190 3 n/a $339,167 $306 n/a 12811 35th Ave S $285,000 10/18/18 197 2 n/a $12,500 $119 n/a 303 S 10th St $625,000 11/9/18 1953 2 7.05% $312,500 $256 11.57 1550 17th Ave S $670,000 11/27/18 1908 3 n/a $391,667 $392 n/a 2717 S 125th St $350,000 12/28/18 192 2 7.00% $175,000 $11 9.53 Three Tree Point in Burien at sunset 6.00% $26k $2 13.67 White Center 303 S 10th St Burien 757 36th Ave S Beacon Hill 833 Wabash Ave S Approximate route of existing light rail line 2717 S 125th St 12811 35th Ave S 15002 th Ave S Mercer Island Renton 757 36th Ave S 833 Wabash Ave S 2717 S 125th St 303 S 10th St KING COUNTY - SOUTH SEATTLE MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS 8 Google 9
WEST SEATTLE - KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS 10 Multi-family Sales // Residential 2- Unit Rentals- West Seattle Property Address Sale Price Sale Date Year Built # Units 253 56th Ave SW $836,000 10/6/18 1975 2.37% $18,000 $1 18.33 160 SW Henderson St $72,000 10/19/18 1952 3 2.57% $27,333 $276 21.55 3800 Beach Dr SW $920,000 11/20/18 1976 2 2.00% $60,000 $7 33.37 511 SW Lander St $916,000 11/30/18 1910 3 5.51% $305,333 $326 1.98 3318 Beach Dr SW $1,67,500 12//18 197 2 3.58% $733,750 $6 21.8 21 SW Edmunds St $827,870 12/10/18 1950 2 n/a $19,935 $319 n/a Aerial view of West Seattle 3.61% $31k $0 22.01 253 56th Ave SW 3318 Beach Dr SW 511 SW Lander St 3800 Beach Dr SW West Seattle 21 SW Edmunds St Delridge 160 SW Henderson St Google 160 SW Henderson St 3800 Beach Dr SW 3318 Beach Dr SW 253 56th Ave SW WEST SEATTLE - KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS 11
Google SOUTH KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Multi-family Sales // Residential 2- Unit Rentals- South King Property Address Sale Price Sale Date Year Built # Units 313 C Ct SE $5,000 10/1/18 1998 2 5.2% $222,500 $157 13.73 819 S 310th Place $25,000 10/2/18 1981 2 5.23% $212,500 $16 13.38 2217 M St NE $10,000 10/3/18 1968 2 6.80% $205,000 $208 11.02 1027 22nd St NE $70,000 10/18/18 198 2 5.36% $235,000 $2 13.99 3306 22nd Place S $60,000 10/31/18 1980 2 6.30% $230,000 $191 12.59 2612 Laukala Place $579,950 11/1/18 1989 8.17% $1,987 $162 10.38 838 3rd Ave N $05,000 11/8/18 1969 2 5.99% $205,000 $221 12.73 22310 2th Ave S $615,000 11/9/18 195 7.92% $153,750 $201 9.58 305 T St SE $750,000 11/21/18 1989 n/a $187,500 $18 n/a 2330 I St NE $538,000 11/28/18 1980 7.28% $13,500 $10 10.9 220 Charwila Ln $585,000 11/29/18 1992 6.39% $16,250 $156 11.08 381 D Place SE $579,000 12/13/18 1981 6.33% $1,750 $153 11.83 2250 I St NE $575,000 12/21/18 1978 6.81% $13,750 $192 11..31 6.9% $182k $180 11.89 Approximate route of future light rail extension Sea Tac 22310 2th Ave S 819 S 310th Pl Federal Way 3306 22nd Pl S Renton Approximate route of existing light rail line 838 3rd Ave N Kent 2330 I St NE 2250 I St NE 2217 M St NE 1027 22nd St NE Auburn 305 T St SE 313 C Ct SE 838 3rd Ave N 819 S 310th Pl 305 T St SE SOUTH KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS 220 Charwila Ln 381 D Place SE 12 381 D Pl SE 2612 Laukala Pl 13
Shoreline Bothell Mosaic on Greenwood Spring Lake Multi-family Sales // Commercial KING COUNTY MULTI-FAMILY SALES :: COMMERCIAL Sale Price Sale Date Year Built # Units $ Per Sq Ft 5502 Lake Washington Blvd Ne $85,500,000 10/2/18 1991 131 $652,672 $85 Alaire 510 Stevens Ave SW $97,500,000 10//18 1988 357.68% $273,109 $25 The Woodlands 3626 SE Swenson Dr $0,000,000 10/5/18 2015 100 $00,000 $280 Dravus 65 65 W Dravus St $1,00,000 10/9/18 1906 5 3.50% $280,000 $22 Adamson 900 E Prospect St $5,50,000 10/11/18 1955 21 3.98% $259,52 $577 15.8 Harbor Vista 2119 23rd Ave W $,500,000 10/19/18 1972 15 3.50% $300,000 $353 17 Property Name Property Address Avalon Kirkland Avalon Kirkland Dravus 65 Alaire Harbor Vista Adamson Bellevue Seattle West Seattle 6 The Woodlands Harbor Vista Issaquah Burien Manor 11822 1st Ave S West Seattle 6 517 Fauntleroy Way SW $1,857,000 11/5/18 1990 6.13% $309,500 $387 16.38 Cascade 16935 116th Ave SE $1,260,000 11/12/18 1970 8.26% $157,500 $213 13.6 Mosaic on Greenwood 1353 Greenwood Ave N $9,050,000 11/15/18 1995 33.52% $27,22 $365 13.5 Trellis 2120 SW 352nd St $27,00,000 11/20/18 1985 111 5.18% $26,87 $20 10.86 Spring Lake 12530 35th Ave NE $1,950,000 11/29/18 1987 69.10% $216,667 $38 $3,000,000 10/25/18 1989 20.27% $150,000 $181 12. Burien Manor Urban Vision s S development 1.2M SF of office and retail space to start construction as early as 2020. Alaire Sea Tac Cascade Cascade Country Squire Country Squire 10835 SE 200th St.19% $2,060,000 12/2/18 $28k 1967 12.00% $328 $171,667 $191 Kent 1.7 1.26 Mosaic on Greenwood Trellis 1 KING COUNTY MULTI-FAMILY SALES :: RESIDENTIAL 2- UNIT RENTALS Redmond Auburn Google 15
References Northwest Multiple Listing Service Commercial Brokers Association Seattle Times Urban Visions Seattle Real Estate U.S. Census Bureau Puget Sound Business Journal For More Information Please Contact: Erich Bubbel 206.77.526 erich@tfgre.com Nate Kiger 206.77.539 nate@tfgre.com 2621 Eastlake Ave E Seattle, WA 98102 www.tfgre.com 16 The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.