Offering Summary

Address 310 N 103rd St, Seattle WA 98133
Total Units 15 + 2 Commercial
Built 2013
Square Feet 13,959 Net Rentable
Price $5,995,000
Price Per Unit $352,647
Price Per Sq.Ft. $429.47
Current GRM/CAP 16.9/4.0%
Market GRM/CAP 13.9/5.2%

View at Greenwood


Paragon Real Estate Advisors is pleased to offer for sale the View at Greenwood. This mixed-use apartment building was finished in 2013 and lies in Seattle’s Greenwood neighborhood. While being situated in a quiet neighborhood outside of the city’s core, the building still remains only a 15-minute commute into Seattle’s bustling downtown. The unit mix is comprised of 11 one-bedroom / one-bath units ranging from 600 to 660 square feet, 2 two bedrooms/ two-bath units at 860 square feet, and two luxurious townhouse penthouses which are 1,272 and 1,460 square feet. This turnkey investment is perfect for an investor who is looking to secure a solid building in an excellent location and receive an above average cash on cash return.

Investment Highlights:

  • Spacious units
  • High quality commercial build-out
  • Two parking garages with 18 secured spaces
  • City, mountain and sound views
  • Two townhouse style penthouse units
  • Building recently constructed in 2013
  • Situated on a highly visible corner lot

Operating Statement

Pricing
Price$5,995,000
Down Payment$2,410,055 (40%)
Loan Amount$3,584,945 (60%)
Interest Rate3.80%
Amortization30 Years
Price Per Unit$352,647 (821 Avg Sq.Ft)
Price Per Sq.Ft.$429.47
Market GRM/CAP13.9/5.2% (4% Vacancy)
 
Current Expenses
Expenses/Unit$5,930
Expenses/Foot$7.22
% of GSI28.35%
Market Expenses
Expenses/Unit$6,098
Expenses/Foot$7.43
% of GSI24.11%


Monthly Scheduled IncomeCurrentMarket
Monthly Scheduled Rent$28,656$32,090
Utility Bill Back$80$1,020
Commercial NNN$873$873
Parking (18 Spaces)$0$1,350
Storage (14 Units)$0$350
Late Fees/Misc$22$150
Total Monthly Income$29,631$35,833
Scheduled Gross Income$355,573$429,997
 
Less Vacancy$14,223 (4.0%)$17,200 (4.0%)
Annualized Operating DataCurrentMarket
Gross Operating Income$341,350$412,797
Less Expenses$100,808$103,666
Net Operating Income$240,542$309,131
Annual Debt Service ($16,704/mo)$200,452$200,452
Cash flow Before Tax$40,090 (1.66%)$108,680 (4.51%)
Principal Reduction$65,354$65,354
Total Return Before Tax$105,445 (4.38%)$174,034 (7.22%)
 
Annualized Operating ExpensesCurrentMarket
Real Estate Taxes (2019)$42,471$42,471
Insurance (Pro Forma)$6,000$6,000
Utilities (2019 Est)$20,973$20,973
Property Management$13,654$16,512
Maint/Repairs (2019 Est)$8,687$8.687
Cleaning/Landscaping (2019 Est)$4,773$4,773
Admin/Legal (Proforma)$750$750
Reserves (Proforma)$3,500$3,500
Total Operating Expenses$100,808$103,666

Commercial Space Floor Plans

Residential Level Floor Plans

Greenwood

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.
  • „Located in the growing and dynamic neighborhood
  • Walk Score of 87! Very walkable location
  • Close to Ballard, Green Lake, Phinney Ridge and Fremont
  • 15-minute drive to downtown and SLU
  • Easy access to I-5, Aurora Ave and 15th Ave NW
  • Multiple bus stops 1 block away
  • Close to many parks and outdoor recreation areas
  • Safeway, Fred Meyer and Grocery Outlet all within walking distance

Why Choose Seattle - King County?

A HIGHLY-SKILLED WORKFORCE
The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher. Top-tier talent is one of the key reasons out-of state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County.

ESTABLISHED INDUSTRY CLUSTERS
The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known

CUTTING-EDGE RESEARCH
Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success.