z BALLARD VIEW FLATS
SEATTLE CBD CAPITOL HILL FREMONT QUEEN ANNE WALLINGFORD INTERBAY BALLARD
OFFERING Paragon Real Estate Advisors is pleased to exclusively offer for sale the Ballard View Flats, a well located, turn-key triplex constructed in 1975. Conveniently located at the edge of the Ballard and Phinney neighborhoods, the property offers residents quick access to the cities employment hubs and most popular neighborhoods and destinations. The property offers the buyer a rare opportunity to purchase a tastefully updated, stabilized investment property in a dynamic part of Seattle with further upside in rents and ability to add value. Please contact listing brokers for more information and available times to tour the property. NAME Ballard View Flats ADDRESS 283 NW Market St, Seattle WA 98107 TOTAL UNITS 3 BUILT 1975 SQUARE FEET 3,540 Total Net Rentable PRICE $1,450,000 PRICE PER UNIT $483,333 PRICE PER FOOT $409.60 CURRENT GRM/CAP 19.0/4.1% MARKET GRM/CAP 14.6/5.6% LOT SIZE 5,040 Square Feet ZONING SF 5000 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 Recently refreshed building with territorial views Lower unit is updated with new flooring, countertops and fixtures Easy to rent/manage and low-maintenance Upside in rental income and room to further add value All large 2 BD/1.75 BTH units Units have full-sized washer and dryer and complete appliance packages Private balcony/patios and fireplaces 3 off-street parking stalls Copper plumbing, individual electric meters z BALLARD VIEW FLATS
LOCATION HIGHLIGHTS Ballard gives off a true community feel as it is comprised of single-family homes, apartments, and townhouses all filled with personable and easy going residents. The neighborhood is easy to navigate on foot or by bike as it has a walk score of 85 and a bike score of 80 which is why you can often find the sidewalks busy with residents enjoying the weather on a nice sunny day. Come night time the area flourishes with an abundance of great places to dine out, grab a beer at one of the breweries, or enjoy a drink at one of the many taverns. With a well-developed public transportation system, the commute into the downtown central business district and south lake union area is smooth and timely. Commuting into the downtown central business district is just six miles away with easy access using Highway 99, West Lake Ave, and I-5, or by taking the public transportation via routes 17 & 18. Situated near some of the best restaurants, pubs, breweries, and shops in the area Easy access to public transportation including the rapid ride POPULATION 32,473 MEDIAN INCOME $94,136 Surrounded by Seattle s most notorious beaches and parks such as Golden Gardens (4 miles), Gasworks (3 miles), Woodland Park and Zoo (1.5 miles), and Discovery Park (4 miles) Immediate access to the Seattle Central Business District and South Lake Union employment hubs An Abundance of grocery stores including Safeway, Fred Meyer and Trader Joe s COMMUTE TO DOWNTOWN 15 MINUTES
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
BUILDING PHOTOS
BUILDING PHOTOS
Income and Expenses MONTHLY INCOME CURRENT MARKET Gross Potential Rent $6,300 $7,785 Utility Bill Back ($90/Unit) $0 $270 Parking Income (3 Stalls) $0 $150 Miscellaneous Income $50 $50 Total Monthly Income $6,350 $8,255 ANNUALIZED OPERATING DATA CURRENT MARKET Units 3 Price $1,450,000 Year Built 1975 Per Unit $483,333 Rentable Area 3,540 Sq.Ft. Per Sq. Ft. $409.60 Down Pmt $362,500 Current GRM 19.03 Loan Amount $1,087,500 Current CAP 4.09% Interest Rate 5.00% Market GRM 14.64 Amortization 30 years Market CAP 5.60% UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT 1 2 Bd/1.75 Bth 1,180 $1,950 $2,595 1 2 Bd/1.75 Bth 1,180 $1,950 $2,595 1 2 Bd/1.75 Bth 1,180 $2,400 $2,595 3 Total/Avg $1.78 $2.20 Scheduled Gross Income $76,200 $99,060 Less Vacancy 3.0% $2,286 3.0% $2,972 Gross Operating Income $73,914 $96,088 Less Expenses $14,626 $14,850 Net Operating Income $59,288 $81,238 Annual Debt Service ($5,838/mo) $70,055 $70,055 Cash Flow Before Tax -2.97% ($10,767) 3.08% $11,183 Principal Reduction $16,045 $16,045 Total Return Before Tax 1.46% $5,277 7.51% $27,228 ANNUALIZED OPERATING EXPENSES CURRENT MARKET RE Taxes 2018 Actual $8,896 $9,500 Insurance Estimated $1,580 $1,200 Utilities Estimated $4,150 $4,150 Total Expenses $14,626 $14,850 CURRENT OPERATIONS Expense/Unit $4,875 Expense/Foot $4.13 Percent of EGI 19.79% MARKET OPERATIONS Expense/Unit $4,950 Expense/Foot $4.19 Percent of EGI 15.45%
SALES COMPARABLES 1 Year Built 1968 Units 4 Sales Price $1,850,000 Price/Unit $462,500 Price/Foot $474.36 GRM/CAP 17.5/4.6% Ballard Fourplex 4210 Woodland Park Ave N Seattle, WA 98103 Sales Date 8.10.2017 Ballard View Flats 83 NW Market St Seattle, WA 98107 Year Built 1975 Units 3 Sales Price $1,450,000 Price/Unit $483,333 Price/Foot $409.60 Current GRM/CAP 19.0/4.1% Market GRM/CAP 14.6/5.6% BALLARD VIEW FLATS 2 Year Built 1950 Units 3 Sales Price $1,450,000 Price/Unit $483,333 Price/Foot $372.75 GRM/CAP 24.7/3.0% 10th Ave Triplex 1414 10th Ave W Seattle, WA 98119 Sales Date 6.20.2018 3 z 5 4 1 Year Built 3 1908 Units 4 Sales Price $1,700,000 Price/Unit $425,000 Price/Foot $487.39 GRM/CAP 25.1/2.6% 20th Ave Fourplex 5809 20th Ave NW Seattle, WA 98107 Sales Date 5.25.2018 4 Year Built 1910 Units 4 Sales Price $1,700,000 Price/Unit $425,000 Price/Foot $517.03 GRM/CAP 27.3/2.6% Phinney Fourplex 4202 Phinney Ave N Seattle, WA 98103 Sales Date Pending 2 5 Year Built 1983 Units 3 Sales Price $1,595,000 Price/Unit $531,667 Price/Foot $540.68 GRM/CAP 18.8/4.2% Phinney Triplex 301 NW 52nd St Seattle, WA 98107 Sales Date On the Market
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.