ballard view - images1.loopnet.com · ballard and phinney neighborhoods, the property offers...

BALLARD VIEWF L A T S

z

WALLINGFORD

CAPITOL HILL

BALLARD

INTERBAY

QUEEN ANNE

SEATTLE CBD

FREMONT

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

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.

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.

� 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

I N V E S T M E N T H I G H L I G H T S

BALLARD VIEWF L A T S

z

L O C A T I O N H I G H L I G H T S

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

� 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

POPULATION

32,473

MEDIAN INCOME

$94,136

COMMUTE TO DOWNTOWN

15 MINUTES

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.

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

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.

B A L L A R D

B U I L D I N G P H O T O S

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

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

Income and Expenses

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

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

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

Units 3

Year Built 1975

Rentable Area 3,540 Sq.Ft.

Down Pmt $362,500

Loan Amount $1,087,500

Interest Rate 5.00%

Amortization 30 years

Price $1,450,000

Per Unit $483,333

Per Sq. Ft. $409.60

Current GRM 19.03

Current CAP 4.09%

Market GRM 14.64

Market CAP 5.60%

Expense/Unit $4,875

Expense/Foot $4.13

Percent of EGI 19.79%

Expense/Unit $4,950

Expense/Foot $4.19

Percent of EGI 15.45%

CURRENT

OPERATIONS

MARKET

OPERATIONS

Ballard Fourplex 4210 Woodland Park Ave N Seattle, WA 98103

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% Sales Date 8.10.2017

10th Ave Triplex 1414 10th Ave W Seattle, WA 98119


20th Ave Fourplex 5809 20th Ave NW Seattle, WA 98107


Phinney Fourplex 4202 Phinney Ave N Seattle, WA 98103

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% Sales Date Pending

2

14

3

S A L E S C O M P A R A B L E S

Ballard View Flats 83 NW Market St Seattle, WA 98107Year 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

F L A T S

z

Phinney Triplex 301 NW 52nd St Seattle, WA 98107

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% Sales Date On the Market

5

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.

ballard view - images1.loopnet.com · ballard and phinney neighborhoods, the property offers...

Documents