LOCATION: 2039 NW 59th St, Seattle WA

TOTAL UNITS: 5

BUILT: 1963

SQUARE FEET: 3,130 Net Rentable

PRICE: $1,200,000

COST PER UNIT: $240,000

COST PER FOOT: $383.39 Net Rentable (626 Avg SqFt)

AVG RENT/SQFT: $1.52/$1.99

CURRENT GRM/CAP: 20.7/3.18% (2.5% Vacancy)

MARKET GRM/CAP: 14.3/5.04% (4% Vacancy)

EXPENSE PER UNIT: $3,697/Year (Current) $4,006/Year (Market)

TERMS: Cash Out

HIGHLIGHTS:

5 U N I T O N 5 9 T H

• Prime Ballard location

• Updated double pane windows

• Common laundry

• Significant rental upside

LOCATION

Originally a Nordic fishing town, Ballard has seen tremendous growth over the past several years and consequently is one of Seattle’s hottest rental markets. The city offers beautiful waterfront locations such as the Ballard Locks, Shishole Bay Marina, and Golden Gardens Park. Living in Ballard makes for quick and easy transportation all throughout Seattle. With 15th Avenue W just south of the Ballard Bridge and Aurora Ave N to the East, residents can easily commute to downtown by both bus and car. Major Seattle employers in the area include Amazon, Nordstrom, Tableau, F5 and the Bill and Melinda Gates Foundation.

IMPROVEMENTS

Built in 1963, this well maintained five-unit apartment building is a two story wood framed building. The owner has updated the property with double-paned vinyl windows and there is common laundry available for the tenants. The property has five spacious one-bedroom, one-bath units that average approximately 626 square feet. Four tuck under parking spots are available in the front of the property and one adjacent uncovered spot.

This property provides an investor with the opportunity to purchase a low maintenance building in a prime Ballard location with significant rental income potential.

FINANCING

It is proposed that a Buyer obtain new financing at the best rate and terms available.

The subject property is located at 2039 NW 59th Street just a quick walk away from Market and Ballard Ave NW, two of the areas most frequented arterials. Ballard has become one of Seattle’s most popular in-city neighborhoods and is the host of many award winning restaurants and bars, attractive storefronts and an overall pedestrian friendly environment.

Units 5

Year Built 1963

Rentable Area 3,130

Down Payment $700,000 58.33%

Loan Amount $500,000 41.67%

Interest Rate 3.40% Fixed 5 Year

Amortization 30 Years

Lot Size 5,000 Sq. Ft. Zoned LR3

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 the information and bears all risk for any inaccuracies.

OPERAT ING INFORMAT ION

One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101T 206.623.8880 F 206.623.7435 www.ParagonREA.com

BALLARD 5 UNIT2039 NW 59TH STSEATTLE, WA

Price $1,200,000

Per Unit $240,000

Per Sq. Ft. $383.39

Current GRM 20.68

Current CAP 3.18%

Market GRM 14.30

Market CAP 5.04%

Monthly Scheduled Rent

Parking

Utility

Laundry

Total Monthly Income

MONTHLY SCHEDULED INCOME

CURRENT RENT

$955

$955

$955

$955

$950

$1.52

SIZE

626

626

626

626

626

TYPE

1 BD/1 Bth

1 BD/1 Bth

1 BD/1 Bth

1 BD/1 Bth

1 BD/1 Bth

Averages

# OF UNITS

1

2

3

4

5

5

MONTHLY INCOME

$955

$955

$955

$955

$950

MONTHLY INCOME

$1,245

$1,245

$1,245

$1,245

$1,245

MARKET RENT

$1,245

$1,245

$1,245

$1,245

$1,245

$1.99

RE Taxes

Insurance

Utilities

Maintenance & Repairs

Reserves

Total Expenses

ANNUALIZED OPERATING EXPENSES MARKET

$7,973

$1,336

$4,471

$5,000

$1,250

$20,030

Expenses per Unit $3,697

Expenses Per Foot $5.91

Percent of Gross 32.66%

Expenses per Unit $4,006

Expenses Per Foot $6.40

Percent of Gross 24.87%

CURRENT OPERATIONS

MARKET OPERATIONS

CURRENT

$7,973

$1,336

$4,471

$3,454

$1,250

$18,484

Scheduled Gross Income

Less Vacancy

Gross Operating Income

Less Expenses

Net Operating Income

Annual Debt Service

Cash Flow Before Tax

Principal Reduction

Total Return before Tax

ANNUALIZED OPERATING DATA CURRENT

$58,040

$1,451

$56,589

$18,484

$38,105

$26,609

$11,496

$9,760

$21,256

MARKET

$83,900

$3,356

$80,544

$20,030

$60,514

$26,609

$33,905

$9,760

$43,665

2.50%

$2,217.41/mo

1.64%

3.04%

4.00%

4.84%

6.24%

4 Covered, 1 Open

2016

Farmers Quote

2015

2015/Proforma

Proforma

APARTMENTS | INVESTMENT | BROKERAGE

$4,770

$0

$0

$67

$4,837

$6,225

$375

$325

$67

$6,992

$75/space

$65/unit

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 the information and bears all risk for any inaccuracies.

RENT AND SALE COMPARABLES

# OF UNITS

5

YEAR

1963

PRICE

$1,200,000

PRICE PER UNIT

$240,000

PRICE PER SQFT

$383.39

GRM

14.30 (Market)

CAP

5.04% (Market)

CLOSING DATE

TBD

One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101T 206.623.8880 F 206.623.7435 www.ParagonREA.com

# OF UNITS

5

5

YEAR BUILT

1963

1963

1 BD/1BTH RENTSF & RENT/SF

$954626/$1.52

$1,245626/$1.99

AMENITIES

Common laundry, on-site parking

Common laundry, on-site parking

SUBJECT PROPERTY

Ballard 5 Unit - Current2039 NW 59th StSeattle, WA

Ballard 5 Unit - Market2039 NW 59th StSeattle, WA

SALE COMPARABLES

Ballard 5 Unit2039 NW 59th StSeattle, WA

Ballard 5 Unit 2008 NW 58th St

Ballard 15 Unit6000 24th Ave NW

Palm Court2410 NW 57th St

7 Unit2411 NW 58th St

Ballard Heights1507 NW 64th St

5

15

7

7

5

1995

1967

1957

1957

1966

$1,295650/$1.99

$1,495653/$2.29

$1,500650/$2.31

$1,375650/$2.12

$1,400677/$2.07

Decks, garages, on-site parking

W/S/G additional $35/month per tenant

Utility bill back: $50 for 1 beds and $75 for 2 beds

Ground floor units, off-street parking, utilities are an additional $40/mo

Decks and on-site parking

COMPARABLE PROPERTIES

The Victoria2237 NW 59th St

6 Unit6201 11th Ave NW

6 Unit6231 5th Ave NW

6 Unit2407 NW 59th St Ballard 62216 NW 59th St

Park Six1400 N 46th St

6

6

6

6

6

6

1965

1958

1957

1958

1970

1953

$1,505,000

$1,215,000

$1,550,000

$1,500,000

$1,635,000

$1,575,000

$250,833

$202,500

$258,333

$250,000

$272,500

$262,500

$360.74

$397.06

$451.63

$331.64

$357.38

$437.50

17.2

17.3

16.0

19.8

18.0

16.1

3.6%

3.5%

4.1%

3.2%

3.6%

4.3%

12.22.2015

11.20.2015

11.06.2015

10.02.2015

07.29.2015

06.16.2015

COMPARABLE PROPERTIES

APARTMENTS | INVESTMENT | BROKERAGE