C a p i t o l H i l lT R I P L E X3

SEATTLE CBD

SLU

CAPITOL HILL

FIRST HILL

UNIVERSITY DISTRICT

EASTLAKE

QUEEN ANNE

WATERFRONT

BELLTOWN

C a p i t o l H i l lT R I P L E X3

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Capitol Hill Triplex. This 3-unit apartment building is located in the highly sought after and walkable Capitol Hill neighborhood. Capitol Hill is distinguished for its high-end residential homes, convenience to Broadway Avenue’s shopping and entertainment district, and its superior access to Downtown Seattle’s Central Business District.

This exclusive listing presents a rare opportunity to purchase a three-unit apartment building in an A+ location under $1.1M. The two-story building plus basement is comprised of a 1BD/0.75BTH, 1BD/2BTH + Den and a 2BD/1BTH unit. The Capitol Hill Triplex presents an investor with the opportunity to own a well-maintained building in an unbeatable location with significant rental upside left to capture.

NAME Capitol Hill Triplex

ADDRESS 2317 E Ward St, Seattle, WA 98112

TOTAL UNITS 3

BUILT 1908

SQUARE FEET 1,893 Total Net Rentable

PRICE $1,075,000

PRICE PER UNIT $358,333

CURRENT GRM/CAP 20.3/3.3%

MARKET GRM/CAP 15.8/4.6%

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.

� Sweeping views of Lake Washington and the Mountains

� Significant rental upside

� The basement unit has just been completely remodeled with granite countertops, vinyl wood floors and new cabinets

� Two blocks to The Arboretum

� Seven blocks to Madison Street

� Live in one unit and rent out the other two

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

C a p i t o l H i l lT R I P L E X3

Capitol Hill is situated on a hill just east of the city’s downtown central business district. This popular residential neighborhood is funky and fast-paced, with an endless number of cool blocks to explore. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges.

This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.

The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill’s major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city’s most historic mansions, with the two types sometimes shoulder-to-shoulder.

To the north is Capitol Hill’s largest and most popular public park. The 48 acre Volunteer Park is home to Seattle’s Asian Art museum, tennis courts, a conservatory, and a variety of city-wide events.

The demand for Capitol Hill apartments continues to rise as nearby Amazon.com continues its feverish hiring pace alongside other technology companies that are hiring as well as relocating to the South Lake Union area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Mason Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area.

C A P I T O L H I L L

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1. Bar Cantinetta2. Pagliacci Pizza3. Hello Robin4. Victorola Coffee Roasters5. The Harvest Vine6. Aviv Hummus Bar7. Nishino8. Queen Bee Café9. Bakery Nouveau10. Safeway11. Trader Joe’s12. Anytime Fitness13. Kaiser Permanente - Capitol Hill Campus14. Wells Fargo15. Walgreens16. QFC17. Madison Street Animal Hospital18. Seattle Public Library19. Bank of America20. Holy Names Academy21. Meany Middle School22. Saint Josephs School23. Seattle University24. Volunteer Park25. Washington Park Arboretum26. Lakeview Park

Food/DrinkShopping/ServicesParks/Schools

N E I G H B O R H O O D A M E N I T I E S

C a p i t o l H i l lT R I P L E X3

� 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 ?

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

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

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

B A S E M E N T U N I T P H O T O S

B A S E M E N T U N I T P H O T O S

M I D D L E U N I T P H O T O S

M I D D L E U N I T P H O T O S

T O P U N I T P H O T O S

T O P U N I T P H O T O S

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $4,095 $5,345

Utility Bill Back $100/Unit $300 $100/Unit $300

Laundry Income $7/Unit $15 $7/Unit $21

Miscellaneous Income $0 $5/Unit $15

Gross Potential Income $4,410 $5,681

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $52,920 $68,172

Less Vacancy 4.00% $2,117 4.00% $2,727

Gross Operating Income $50,803 $65,445

Less Expenses $15,765 $15,765

Net Operating Income $35,038 $49,680

Annual Debt Service ($3,849.16) $46,190 $46,190

Cash Flow Before Tax -4.15% ($11,152) 1.30% $3,490

Principal Reduction $14,198 $14,198

Total Return Before Tax 1.13% $3,047 6.58% $17,689

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

Real Estate Taxes 2020 Actual $8,988 $8,988

Insurance 2018 Actual $957 $957

Utilities (W/S/Garb/Gas) Pro Forma $3,600 $3,600

Common Area Electric Pro Forma $720 $720

Maintenance & Repairs Pro Forma $1,500 $1,500

2019 Assessed Value: $955,000

Total Expenses $15,765 $15,765

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

Top 2 Bd/1 Bth 640 $1,200 $2,100

Main 1 Bd/0.75 Bth 600 $1,200 $1,550

Basement 1 Bd/2 Bth + Den 600 $1,695 $1,695

3 Total/Avg 1,840 $2.16 $2.82

Units 3

Year Built 1908

Rentable Area 1,893

Down Pmt $268,750

Loan Amount $806,250

Interest Rate 4.00%

Amortization 30 years

Price $1,075,000

Per Unit $358,333

Per Sq. Ft. $567.88

Current GRM 20.31

Current CAP 3.26%

Market GRM 15.77

Market CAP 4.62%

Expense/Unit $5,255

Expense/Foot $8.33

Percent of EGI 29.79%

Expense/Unit $5,255

Expense/Foot $8.33

Percent of EGI 23.13%

CURRENT

OPERATIONS

MARKET

OPERATIONS

2213 Yale Ave E Seattle, WA 98102

1 Year Built 1908 Units 2 Sales Price $1,150,000 Price/Unit $575,000 Price/Foot $586.73 GRM/CAP 23.0/3.1% Sales Date 07.09.2019

616 Malden Ave E Seattle, WA 98112

2 Year Built 1905 Units 3 Sales Price $1,200,000 Price/Unit $400,000 Price/Foot $415.22 GRM/CAP 20.0/3.4% Sales Date 05.28.2019

511 E Mercer St Seattle, WA 98102

3 Year Built 1904 Units 3 Sales Price $1,065,000 Price/Unit $355,000 Price/Foot $398.88 GRM/CAP 25.0/3.7% Sales Date 04.05.2019

1527 31st Ave S Seattle WA 98144

4 Year Built 1900 Units 3 Sales Price $1,041,000 Price/Unit $347,000 Price/Foot $400.38 GRM/CAP 17.1/4.2% Sales Date 01.14.2019

1

3

4

2

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

1015 E Jefferson St Seattle, WA 98122

5 Year Built 1988 Units 3 Sales Price $1,225,000 Price/Unit $408,333 Price/Foot $588.94 GRM/CAP 17.3/4.5% Sales Date 10.25.2018

5

Capitol Hill Triplex 2317 E Ward St Seattle WA 98112Year Built 1908 Units 3 Sales Price $1,075,000 Price/Unit $358,333 Price/Foot $567.88 Current GRM/CAP 20.3/3.3% Market GRM/CAP 15.8/4.6%

C a p i t o l H i l lT R I P L E X3

2

Capitol Hill Triplex2317 E Ward StSeattle, WA 98112

1908 - 3 Units

2 Bd/1 Bth1 Bd/0.75 Bth1 Bd/2 Bth + Den

640600600

$1,200$1,200$1,600

$1.88$2.00$2.67

1810 15th Ave Seattle, WA 98122

1925 - 15 Units

2 Bd/1 Bth 800 $1,995 $2.49

230 14th Ave E Seattle, WA 98112

1965 - 13 Units

2 Bd/1 Bth 775 $2,200 $2.84

402 21st AveSeattle, WA 98122

1900 - 2 Units

2 Bd/1 Bth 600 $2,000 $3.33

741 Federal Ave E Seattle, WA 98102

1927 - 11 Units

1 Bd/1 Bth 475 $1,500 $3.16

104 14th Ave E Seattle, WA 98112

1903 - 7 Units

1 Bd/1 Bth 506 $1,550 $3.06

1828 11th AveSeattle, WA 98122

1987 - 19 Units

1 Bd/1 Bth 448 $1,850 $4.13

315 12th Ave E Seattle, WA 98102

1928 - 6 Units

1 Bd/1 Bth 764 $1,695 $2.22

3

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

4

5

6

1

1

3

4

2

56

7

7

C a p i t o l H i l lT R I P L E X3

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.

Brian Platt Brian@ParagonREA.com 206 812-9130

Michael Urquhart Michael@ParagonREA.com 206 812-9123