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A P A R T M E N T S
T H E
BRADBURY
QUEEN ANNE
DOWNTOWN BUSINESS DISTRICT
BELLTOWN
SOUTH LAKE UNION
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A P A R T M E N T S
T H E
BRADBURY
PIONEER SQUARE
Paragon Real Estate Advisors is proud to present you with the exclusively listed Bradbury Apartments located at 718 Cherry Street in the First Hill/Downtown neighborhood of Seattle. This 30 unit community (29 units plus one commercial space) provides an excellent opportunity to own an apartment in Seattle’s core market. The Bradbury is located one block east of downtown and has a 97 Walk Score and 100 Transit Score. This neighborhood is going through significant redevelopment with luxury apartments, senior assisted living facilities, expansion of major medical centers including Swedish Hospital and medical Center, and Harborview Hospital as well as the development of many highrise office developments within walking distance of the subject property including the recently finished F5 Networks Tower. This is a unique opportunity to own an apartment building in this area where apartments rarely change hands.
NAME The Bradbury Apartments
ADDRESS 718 Cherry St, Seattle WA 98104
TOTAL UNITS 30 (29 + 1 Commercial)
BUILT 1902
SQUARE FEET 13,720 Total Net Rentable
PRICE $7,649,000
PRICE PER UNIT $254,967
PRICE PER FOOT $557.51
CURRENT GRM/CAP 14.3/4.8%
MARKET GRM/CAP 13.3/5.1%
LOT INFORMATION 7,200 Square Feet Zoned Highrise
O F F E R I N G
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.
� Adjacent to Downtown Seattle and First Hill
� 97 Walkscore and 100 Transit Score
� Area of high-paying medical and corporate jobs
� Seattle skyline views
� Formal entry with era appropriate style
� Vintage apartments with fir floors, claw foot tubs and bay windows
� Updated plumbing, electrical and heating systems
� Highrise Zoning (M) – located in the Capitol Hill/ First Hill Urban Center
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A P A R T M E N T S
T H E
BRADBURY
I N V E S T M E N T H I G H L I G H T S
L O C A T I O N H I G H L I G H T S
� Bradbury is located one block from downtown Seattle
� Transit Paradise: Metro Bus Service, Lightrail, First Hill Street Car
� Walking distance to all necessities including restaurants, parks, grocery stores, shopping and entertainment amenities
� Direct access to Interstate 5
� 300,000+ jobs in the immediate area
� First Hill is home to all the major medical centers in Seattle including Swedish, Harborview, Virginia Mason and Providence Medical Centers as well as the many health and wellness support businesses.
� Located within walking distance to Seattle Central College and Seattle University
� Short distance to Seattle Mariner’s T-Mobile Park, Seattle Seahawks and Seattle Sounders Century Link Field
WALK SCORE
97
TRANSIT SCORE
100
BIKE SCORE
71
Rising behind the downtown retail core, First Hill is a diverse jumble of high-rise apartments, historic mansions and hospitals. First Hill is one of the few neighborhoods in Seattle to have fairly easily discernible border lines, with Yesler to the south separating First Hill from the International district, 12th Avenue on the east acting as the borderline to the Central district, and East Pike Street as the northern boundary with Capitol Hill. Interstate 5 divides downtown from First Hill on the west side.
Knowns for the high concentration of churches and hospital buildings this area is also home to many of the well-known private schools in the area. Seattle Academy of Arts and Sciences and the Northwest School are both highly regarded middle and high schools, while O’dea is a catholic high school for boys. In higher education, the Jesuit school Seattle University has been located in the neighborhood since 1898.
The neighborhood is no longer the mecca for well-to-do business people that it once was; however, it is having a resurgence as a residential area. In recent years the trendy restaurants of Capitol Hill have been spilling south of Pike and into First Hill, adding to the allure of the neighborhood.
F I R S T H I L L
Western Ave
2nd Ave Ext S
Elliott Ave
1st Ave
Battery
St
Mercer St
Wall St
Marion St
E Madison St
1st A
ve S
Auro
ra A
ve N
Alas
kan
Way
S
4th A
ve S
Madison St
Alaskan Way
2nd Ave
4th Ave
4th Ave
Alas
kan
Way
Viad
Alaskan Way Viad
7th Ave
Golf Dr S
10th
Ave
E
University St
E Denny Way
E Thomas St
Taylo
r Ave
N
4th Ave
E Roy StValley St
Belmont Ave E
Quee
n Ann
e Ave
N
Boren Ave S
Mercer St
S Royal Brougham Way
Seneca St
Columbia St
8th Ave
E Union St
2nd Ave
Howell St
6th Ave
Pine St
4th A
ve S
E John St
S Atlantic St
1st A
ve S
Union St
Westlake Ave
Alas
kan W
ay S
E Cherry St
E Oliv
e W
ay
15th Ave S
Broadway E
5th A
ve S
1st A
ve N
Elliott Ave
Rainier Ave S
Western Ave
Spring St
12th
Ave
S
E Yesler Way
E Aloha St
5th A
ve N
Roy St
Olive WayVirg
inia S
t
9th A
ve N
E Pike St
Pike St
Mercer St
Westlake Ave N
East
lake A
ve E
Fairv
iew A
ve N
James St
Yesler Way
S Dearborn St
Airport Way S
Stewart
St
Broad S
t
Broa
dway
S Jackson St
Denny Way
1st Ave
1st Ave
Boren Ave
Boren Ave
5th Ave
5th Ave
167
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0 0.5 KM0.25
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AMENITIES MAPFOOD & DRINK
1. Sushi Kanpai 2. Metropolitan Grill 3. Vito’s 4. Cedars in Capitol Hill 5. Rhein Haus 6. Sugar Bakery & Cafe 7. Tulio 8. The Hideout 9. Dick’s Drive-In 10. Primo Pizza Parlor 11. 8oz Burger & Co 12. Skillet diner 13. Pie Bar 14. Lark 15. Mad Pizza 16. Bebas & Amigos
HEALTH & WELLNESS
1. Harborview Medical Center 2. NW Fitness Gym 3. Downtown Seattle YMCA 4. Virginia Mason Hospital 5. Swedish First Hill
PARKS
1. Seattle University Park 2. Freeway Park 3. Cal Anderson Park 4. City Hall Park 5. Kobe Terrace 6. First Hill Park 7. Westlake Park
SHOPPING
1. Melrose Market 2. Pacific Place 3. Westlake Center
GROCERY
1. Quality Food Center (QFC) 2. Stockbox First Hill Grocery 3. Han’s Deli & Grocery 4. Plaza Select Foods 5. Trader Joe’s
ACTIVITIES
1. Frye Art Museum 2. Pike Place Market 3. Seattle Public Library 4. Convention Center 5. Seattle Aquarium 6. Century Link Field 7. T-Mobile Park 8. King Street Station 9. Seattle Art Museum
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A P A R T M E N T S
T H E
BRADBURY
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M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T
M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N
S E A T T L E E C O N O M Y
Washington was recently ranked as the #1 economy in the United States. It is leading innovation potential, economic activity, and economic health. Seattle’s diversified industry is made up of older industrial and new technology companies. Seattle’s growth is driven by cloud services, AI, bio tech, aerospace engineering, green technology, e-commerce, and financial service enterprises. Large companies continue to dominate the business landscape. Seattle is home to 16 headquartered companies that are on Fortune 500’s list as the largest companies in the United States.
TECHNOLOGY
Seattle employs more than 165,300 people in the technology sector
with an average wage of $130,000.
LIFE SCIENCES
With over 1,700 research, medical device,
distribution and drug companies are located
here, and this area employs more than
36,000 people.
CONSUMER GOODS
Seattle is home to many national leaders in
consumer goods such as Starbucks, Costco, Nordstrom, REI and
Weyerhaeuser.
AEROSPACE
Home to Boeing, the biggest airline producer in the world, Washington state produces 90% of all commercial aircrafts in
the United States.
Company Employees Revenue
Amazon.com 647,500 $232,887,000Costco Wholesale 194,000 $141,576,000Microsoft 131,000 $110,360,000Starbucks 291,000 $24,719,500Paccar 28,000 $23,495,700Nordstrom 74,000 $15,860,000Expedia Group 24,500 $11,223,000Alaska Air Group 23,376 $8,264,000Expeditors Int’l of Washington 17,400 $8,138,400Weyerhaeuser 9,300 $7,476,000Fortive 24,000 $7,203,200Puget Sound Energy 3,140 $3,346,500TrueBlue 6,700 $2,499,200Itron 7,350 $2,376,100F5 Networks 4,409 $2,161,400Esterline Technologies 12,609 $2,034,800
THE FUTURE OF INDUSTRY IS IN SEATTLE
� Growing population of 3.87 million in the Seattle Metro area.
� 57% of the Seattle population has a bachelors degree or higher.
� Central business district provides more than 410,000 jobs.
� Seattle is expected to add an additional 40,000 to 50,000 jobs in 2019.
� Seattle offers high rents with an occupancy rate of 95%
� Seattle is home to many large companies in technology, life sciences, consumer goods and aerospace.
� High median income of $79,565.
� Seattle has 59+ cranes hovering over the skyline, the highest number in any US city. The top 25 construction projects are estimated to cost $23 Billion.
W H Y I N V E S T I N S E A T T L E ?W H Y I N V E S T I N S E A T T L E ?
B U I L D I N G P H O T O S
U N I T P H O T O S
A E R I A L V I E W
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T H E
BRADBURY
A E R I A L V I E W
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T H E
BRADBURY
D E V E L O P M E N T S A R O U N D B R A D B U R Y
615 8TH AVE
800 COLUMBIA ST
606 TERRY ST
715 8TH AVE
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A P A R T M E N T S
T H E
BRADBURY
707 TERRY ST
D E V E L O P M E N T S A R O U N D B R A D B U R Y
615 8TH AVE
• Across the St from Bradbury
• 204 Residential Condominium Units
715 8TH AVE
• Behind the Bradbury
• 77 Residential units
• Senior Living
• 187,000 GSF
800 COLUMBIA ST
• 287 Residential units
707 TERRY ST
• 486 Units
• 16 Stalls
606 TERRY ST
• Assisted Living
A E R I A L V I E W
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BRADBURY
F L O O R P L A N S - R E S I D E N T I A L
CORNER STUDIO UNIT
STUDIO UNITCORNER 1BD UNIT
1BD UNIT
F L O O R P L A N S - C O M M E R C I A L S P A C E S
ENTRY
METERS/STORAGE
OFFICE
OFFICEOFFICE OFFICE
BATH
BATH KITCHEN/WORK AREA
Rent Roll
UNIT
TYPE
APPROXIMATE
UNIT SIZE
CURRENT
RENT
MARKET
RENT
UNIT
TYPE
APPROXIMATE
UNIT SIZE
CURRENT
RENT
MARKET
RENT
101 1 Bd/1 Bth 586 Sq.Ft. $1,499 $1,575 206 Studio 317 Sq.Ft. $1,225 $1,325
102 Studio 327 Sq.Ft. $1,160 $1,325 207 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575
103 1 Bd/1 Bth 497 Sq.Ft. $1,500 $1,575 208 Studio 317 Sq.Ft. $1,048 $1,325
104 Studio 317 Sq.Ft. $1,150 $1,325 209 Studio 327 Sq.Ft. $1,276 $1,325
105 1 Bd/1 Bth 497 Sq.Ft. $1,349 $1,575 211 Studio 378 Sq.Ft. $1,400 $1,325
106 Studio 317 Sq.Ft. $1,125 $1,325 301 1 Bd/1 Bth 586 Sq.Ft. $1,499 $1,575
107 1 Bd/1 Bth 497 Sq.Ft. $1,425 $1,575 302 Studio 367 Sq.Ft. $1,249 $1,325
108 Studio 317 Sq.Ft. $1,135 $1,325 303 1 Bd/1 Bth 497 Sq.Ft. $1,369 $1,575
109 Studio 378 Sq.Ft. $1,400 $1,325 304 Studio 317 Sq.Ft. $1,219 $1,325
111 Studio 367 Sq.Ft. $1,258 $1,325 305 1 Bd/1 Bth 497 Sq.Ft. $1,550 $1,575
201 1 Bd/1 Bth 586 Sq.Ft. $1,650 $1,575 306 Studio 317 Sq.Ft. $1,150 $1,325
202 Studio 327 Sq.Ft. $1,250 $1,325 307 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575
203 1 Bd/1 Bth 497 Sq.Ft. $1,525 $1,575 308 Studio 317 Sq.Ft. $1,199 $1,325
204 Studio 317 Sq.Ft. $1,170 $1,325 309 1 Bd/1 Bth 765 Sq.Ft. $1,499 $1,575
205 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575 Commercial 1,400 Sq.Ft. $1,700 $1,700
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A P A R T M E N T S
T H E
BRADBURY
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $40,326 $43,375
Utility Bill Back $1,794 $2,250
Laundry Income $541 $541
Other Income $1,892 $1,892
Gross Potential Income $44,553 $48,059
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $534,635 $576,703
Less Vacancy 3.0% $16,039 3.0% $17,301
Gross Operating Income $518,596 $559,402
Less Expenses $154,337 $172,854
Net Operating Income $364,259 $386,549
Annual Debt Service ($20,608/mo) $247,301 $247,301
Cash Flow Before Tax 3.82% $116,958 4.55% $139,247
Principal Reduction $88,076 $88,076
Total Return Before Tax 6.70% $205,034 7.43% $227,324
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
RE Taxes T-12/Proforma $43,266 $57,368
Insurance T-12/Proforma $12,358 $9,000
Utilities T-12 $30,004 $30,004
Professional Mgmt 3% $15,558 $16,782
On-Site Mgmt T-12/Proforma $16,200 $16,200
Maint/Repairs/Turnover T-12/Proforma $12,709 $27,000
Administration T-12/Proforma $11,695 $4,500
Marketing T-12/Proforma $3,547 $3,000
Capital Reserves Proforma $9,000 $9,000
Total Expenses $154,337 $172,854
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
16 Studio 317 - 378 $1,048 - $1,400 $1,325
13 1 Bd 497 - 765 $1,349 - $1,525 $1,575
1 Comm 1,400 $1,700 $1,700
Avg 473 $2.94 $3.16
Units 30
Year Built 1902
Rentable Area 13,720
Down Pmt $3,059,600
Loan Amount $4,589,400
Interest Rate 3.50%
Amortization 30 years
Price $7,649,000
Per Unit $254,967
Per Sq. Ft. $557.51
Current GRM 14.31
Current CAP 4.76%
Market GRM 13.26
Market CAP 5.05%
Expense/Unit $6,266
Expense/Foot $13.70
Percent of EGI 35.16%
Expense/Unit $5,869
Expense/Foot $12.83
Percent of EGI 29.46%
CURRENT
OPERATIONS
MARKET
OPERATIONS
Mulholland 507 Harvard Ave E Seattle, WA 98102
1 Year Built 1926 Units 29 Sales Price $9,350,000 Price/Unit $322,414 Price/Foot $483.83 GRM/CAP 16.6/3.7% Sales Date 8.30.2019
LaVanch Apartments 956 10th Ave E Seattle, WA 98
2 Year Built 1930 Units 20 Sales Price $6,850,000 Price/Unit $342,500 Price/Foot $607.43 GRM/CAP 15.8/3.9% Sales Date 7.9.2019
14 Unit Apartment 1613 Summit Ave Seattle, WA 98122
3 Year Built 1964 Units 14 Sales Price $3,925,000 Price/Unit $280,357 Price/Foot $574.50 GRM/CAP Unknown Sales Date 11.30.2018
MelMar Apartments 219 Harvard Ave E Seattle, WA 98102
4 Year Built 1962 Units 28 Sales Price $9,375,000 Price/Unit $334,821 Price/Foot $533.28 GRM/CAP 14.0/4.8% Sales Date 11.28.2018
S A L E S C O M P A R A B L E S
Adamson Apartments 900 E Prospect St Seattle, WA 98102
5 Year Built 1955 Units 21 Sales Price $5,450,000 Price/Unit $259,524 Price/Foot $576.72 GRM/CAP 15.8/4.2% Sales Date 10.12.2018
Swansonia 1017 E Harrison St Seattle, WA 98102
6 Year Built 1925 Units 32 Sales Price $9,250,000 Price/Unit $289,063 Price/Foot $551.68 GRM/CAP 15.2/4.4% Sales Date Pending
The Bradbury Apartments 718 Cherry St Seattle, WA 98104Year Built 1902 Units 30 Sales Price $7,649,000 Price/Unit $254,967 Price/Foot $577.51 Current GRM/CAP 14.3/4.8% Market GRM/CAP 13.3/5.1% 1
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The Bradbury - Current 718 Cherry St Seattle, WA 98104
1902 - 30 Units
Studio1 Bd/1 Bth
317 - 378497 - 765
$1,048 - $1,400$1,349 - $1,525
$3.31 - $3.70$1.99 - $2.71
The Bradbury - Market 718 Cherry St Seattle, WA 98104
1902 - 30 Units
Studio1 Bd/1 Bth
317 - 378497 - 765
$1,325$1,575
$3.51 - $4.18$2.06 - $3.17
Metroline Flats 915 E Spruce St Seattle, WA 98104
2019 - 72 Units
Studio1 Bd/1 Bth
400479 - 540
$1,730$1,830 - $1,945
$4.33$3.60 - $3.82
Reverb 1023 E Alder St Seattle, WA 98122
2016 - 30 Units
Studio1 Bd/1 Bth
400527
$1,725$1,628 - $2,040
$4.31$3.09 - $3.87
M Street 910 8th Ave Seattle, WA 98104
2007 - 220 Units
Studio1 Bd/1 Bth
475659 - 820
$1,685 - $1,775$2,180 - $2,305
$3.55 - $3.74$2.81 - $3.31
Zindorff Apartments 714 7th Ave Seattle, WA 98104
1911 - 75 Units
Studio1 Bd/1 Bth
310328
$1,250$1,350
$4.03$4.12
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BRADBURY
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / [email protected]
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.