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 Triplex. Located just three blocks North of Ballard s popular Northwest Market St, the subject property sits in the heart of one of Seattle s most desirable rental markets. With a Walk Score of 98, tenants enjoy easy walking distance to Seattle s most popular restaurants, pubs, breweries, and parks. The triplex consists of two large townhome style 2x1.75 units and one large 3x2 flat. Each unit has an in unit washer and dryer in a utility room with lots of storage. Master bedrooms are large enough to fit a king size bed and all units have updated appliances. Other improvements include the decks and deck railings being replaced and new sliding glass doors. This is a great opportunity for an owner/user looking for an investment property in an A+ location. NAME Ballard Triplex ADDRESS 5808 20th Ave NW, Seattle WA 98107 TOTAL UNITS 3 BUILT 1974 SQUARE FEET 3,914 Total Net Rentable PRICE $1,550,000 PRICE PER UNIT $516,667 PRICE PER FOOT $396 MARKET GRM/CAP 15.02/ 5.09% LOT SIZE ZONING 4,200 Square Feet LR3 Urban Village Zoning 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 Walk Score of 98 Large townhome style two bedroom units Washer/Dryer and laundry room in unit 3 off-street parking spaces (2 covered) Individual decks and large fenced off back/ yard for ground floor unit Updated appliance package Popular LR3 urban village zoning (no parking requirement) Low-maintenance vinyl siding Individual storage units THE BALLARD TRIPLEX
LOCATION HIGHLIGHTS Located in the desirable Ballard neighborhood Walk Score of 98! Very walkable location with convenient access to most anything. Close to popular neighborhoods: Green Lake, Phinney Ridge, Fremont & more 15-minute drive to downtown Seattle CBD WALK SCORE 98 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) Ballard Market, Swedish Emergency Care and Olympic Athletic Club all within walking distance TRANSIT SCORE 53 BIKE SCORE 84
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
MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT
MAJOR EMPLOYERS - SOUTH LAKE UNION
BUILDING PHOTOS
UNIT PHOTOS
UNIT PHOTOS
Income and Expenses Price $1,550,000 Year Built 1974 Per Unit $516,667 Rentable Area 3,914 Per Sq. Ft. $396 Down Pmt $465,000 Market GRM 15.02 Loan Amount $1,085,000 Market CAP 5.09% Interest Rate 5.00% Amortization 30 years UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT 2 2x1.75 (TH) 1,342 ($1,350-$1,500) $2,450 1 3x2 1,228 $800 $3,200 3 Average S.F. 1,304 $0.93 $2.07 MONTHLY INCOME CURRENT MARKET Monthly Scheduled Rent $3,650 $8,100 Utility Billback $0 $300 Parking (2 covered) $0 $200 Gross Potential Income $3,650 $8,600 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $43,800 $103,200 Less Vacancy 1.0% $438 4.0% $4,128 Gross Operating Income $43,362 $99,072 Less Expenses $16,376 $20,200 Net Operating Income $26,986 $78,872 Annual Debt Service ($5,824.51) $69,894 $69,894 Cash Flow Before Tax -9.23% ($42,908) 1.93% $8,978 Principal Reduction $16,008 $16,008 Total Return Before Tax -5.79% ($26,900) 5.37% $24,986 ANNUALIZED OPERATING EXPENSES CURRENT MARKET Real Estate Taxes 2018/Proforma $8,576 $12,400 Insurance Proforma $1,200 $1,200 Utilities Estimate $3,600 $3,600 Maintenance & Repairs Proforma $3,000 $3,000 Total Expenses $16,376 $20,200 CURRENT OPERATIONS Expense/Unit $5,459 Expense/Foot $4.18 Percent of EGI 37.39% MARKET OPERATIONS Expense/Unit $6,733 Expense/Foot $5.16 Percent of EGI 19.57%
SALES COMPARABLES 5808 20th Ave NW Seattle, WA 98107 2 Year Built 1913 Sales Price $1,570,512 Price/Unit $523,504 Price/Foot $628.20 GRM/CAP Unknown 426 N 61st St Seattle, WA 98103 Year Built 1974 Sales Price $1,550,000 Price/Unit $516,667 Price/Foot $396 CT RM/CAP 35.0/1.74% MKT GRM/CAP 15.0/5.09% Sales Date 4.23.2018 1 Year Built 1950 Sales Price $1,565,000 Price/Unit $521,667 Price/Foot $535.96 GRM/CAP Unknown 3900 Sunnyside Ave N Seattle, WA 98103 Sales Date 7.11.2018 3 Year Built 1973 Sales Price $1,594,125 Price/Unit $531,375 Price/Foot $450.32 GRM/CAP 21.4/3.2% Sales Date 10.27.2017 7422 E Green Lake Dr N Seattle, WA 98115 THE BALLARD TRIPLEX 7 6 2 3 4 Year Built 1971 Sales Price $1,852,000 Price/Unit $617,333 Price/Foot $430.70 GRM/CAP 21.0/3.31% 1819 3rd Ave W Seattle, WA 98119 Sales Date 9.25.2017 5 Year Built 1967 Sales Price $1,500,000 Price/Unit $500,000 Price/Foot $381.68 GRM/CAP 18.8/4.4% 3441-3445 23rd Ave W Seattle, WA 98199 Sales Date 8.4.2017 5 4 1 6 Year Built 1900 Sales Price $1,500,000 Price/Unit $500,000 Price/Foot $355.45 GRM/CAP 15.8/5.2% 352 NW 51st St Seattle, WA 98107 Sales Date 3.31.2017 Year Built 7 1963 Units 4 Sales Price $1,692,500 Price/Unit $423,125 Price/Foot $445.39 GRM/CAP 16.2/5.2% Sales Date 11.22.2017 5806 3rd Ave NW Seattle, WA 98107
600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / info@paragonrea.com www.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.