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% |
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:
| Pricing | ||
| Price | $5,995,000 | |
| Down Payment | $2,410,055 (40%) | |
| Loan Amount | $3,584,945 (60%) | |
| Interest Rate | 3.80% | |
| Amortization | 30 Years | |
| Price Per Unit | $352,647 (821 Avg Sq.Ft) | |
| Price Per Sq.Ft. | $429.47 | |
| Market GRM/CAP | 13.9/5.2% (4% Vacancy) | |
| Current Expenses | ||
| Expenses/Unit | $5,930 | |
| Expenses/Foot | $7.22 | |
| % of GSI | 28.35% | |
| Market Expenses | ||
| Expenses/Unit | $6,098 | |
| Expenses/Foot | $7.43 | |
| % of GSI | 24.11% | |
| Monthly Scheduled Income | Current | Market | |
| 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 Data | Current | Market | |
| 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 Expenses | Current | Market | |
| 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 | |
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.
