The GREENWOOD APARTMENTS
OFFERING Paragon Real Estate Advisors is pleased to exclusively offer for sale the Greenwood Apartments, a well located, turn-key, apartment building constructed in 1954. Well located between the Crown Hill and Greenwood 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 renovated, stabilized investment property in a growing part of Seattle with further upside in rents and ability to add value. The LR3 zoning offers additional upside through a myriad of redevelopment options from townhomes to small apartment buildings. NAME Greenwood Apartments ADDRESS 617 NW 85th St, Seattle WA 98117 TOTAL UNITS 4 BUILT 1954 SQUARE FEET 3,550 Total Net Rentable PRICE $1,395,000 PRICE PER UNIT $348,750 PRICE PER BLDG FOOT $392.96 PRICER PER LOT FOOT $248.53 CURRENT GRM/CAP 16.19/4.92% MARKET GRM/CAP 14.29/5.56% LOT SIZE ZONING 5,613 Square Feet LR3 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 Fully renovated, turn-key building with mid-century appeal All units have new cabinets, quartz counters, hardwood/ laminate flooring, new paint and designer touches Low maintenance, easy to manage property Spacious two and three-bedroom units On-site, coin-operated laundry for additional income Two car garage and two open parking stalls for a total of four spaces Desirable LR3 zoning within a parking flexibility area Upside in rental income and room to further add value Fully-fenced yard is private and secure The GREENWOOD APARTMENTS
LOCATION HIGHLIGHTS Greenwood is a diverse neighborhood that straddles the northern edges of Ballard and Green Lake, extending north to the edge of Seattle, its boundary with Shoreline. Like so many parts of Seattle, Greenwood started out as its own city, but later saw the advantages of annexing to Seattle. The neighborhood is down-to-earth, an even mix of single-family homes, apartment buildings from various eras and townhomes. Since 1993 the neighborhood has hosted the Greenwood Classic Car Show on the last Saturday in June. Another event is the Greenwood Seafair Parade, held on the fourth Wednesday in July. Both events draw tens of thousands of visitors to the neighborhood annually WALK SCORE 87 Located in the growing and dynamic Greenwood/ Crown Hill neighborhood Walk Score of 87! Very walkable location with convenient access to most anything. Close to popular neighborhoods: Ballard, Green Lake, Phinney Ridge, Fremont & more 15-minute drive to downtown Seattle CBD TRANSIT SCORE 55 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) Safeway, Fred Meyer and Grocery Outlet all within walking distance BIKE SCORE 72
SEATTLE CBD CAPITOL HILL QUEEN ANNE FREMONT GREEN LAKE BALLARD PHINNEY RIDGE GREENWOOD CROWN HILL
BUILDING PHOTOS
UNIT PHOTOS
UNIT PHOTOS
Income and Expenses The GREENWOOD APARTMENTS Units 4 Price $1,395,000 Year Built 1954 Per Unit $348,750 Rentable Area 3,550 Sq.Ft. Per Sq. Ft. $392.96 Down Pmt $348,750 Current GRM 16.19 Loan Amount $1,046,250 Current CAP 4.92% Interest Rate 5.00% Market GRM 14.29 Amortization 30 years Market CAP 5.56% UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT 617A 3 Bd/1.5 Bth 1,150 $2,195 $2,295 617B 2 Bd/1 Bth 1,000 $1,750 $1,950 619A 2 Bd/1 Bth 1,000 $1,750 $1,950 619B 1 Bd/1 Bth 500 $1,175 $1,295 4 Total/Avg 888 $1.94 $2.11 MONTHLY INCOME CURRENT MARKET Gross Potential Rent $6,870 $7,490 Utility Bill Back ($60 - $100/unit) $200 $360 Laundry Income $60 $60 Parking Income (2 Garages) $0 $200 Misc Income (Actual) $50 $25 Gross Potential Income $7,180 $8,135 ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $86,160 $97,620 Less Vacancy 3.0% $2,585 3.0% $2,929 Gross Operating Income $83,575 $94,691 Less Expenses $14,946 $17,061 Net Operating Income $68,629 $77,630 Annual Debt Service ($5,617/mo) $67,398 $67,398 Cash Flow Before Tax 0.35% $1,231 2.93% $10,232 Principal Reduction $15,436 $15,436 Total Return Before Tax 4.78% $16,667 7.36% $25,668 ANNUALIZED OPERATING EXPENSES CURRENT MARKET RE Taxes $9,346 $11,461 Insurance $1,200 $1,200 Utilities $4,400 $4,400 Total Expenses $14,946 $17,061 CURRENT OPERATIONS Expense/Unit $3,737 Expense/Foot $4.21 Percent of EGI 17.35% MARKET OPERATIONS Expense/Unit $4,265 Expense/Foot $4.81 Percent of EGI 17.48%
DEVELOPMENT POTENTIAL HIGHLIGHTS 5,613 square foot lot LR3 zoning in a parking flexibility area Flat rectangular lot with an alley 50 50 of frontage on NW 85th Street Many development options including townhomes, apartments or condominiums 112 TOWNHOUSE DEVELOPMENT EXAMPLE
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.