offering memorandum · 2019. 4. 25. · 600 university street suite 2018 seattle, wa 98101 1 p...
TRANSCRIPT
-
1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Offering Memorandum
DISCOVERY PARK APARTMENTS
3108 W Jameson Street Seattle, WA
Exclusively offered by Paragon Real Estate Advisors
-
2600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Offering Summary
Name Discovery Park Apts
Address 3108 W Jameson Street
Total Units 4
Built 1948
Square Feet 1,452 Total Net Rentable
Price $775,000
Price Per Unit $193,750
Price Per Foot $533
Terms Cash Out
Lot Size 4,000 Square Feet
Zoning NC1-40
Paragon Real Estate Advisors is pleased to exclusively offer for sale the
Discovery Park Apartments. This property is conveniently located in the
north Magnolia neighborhood within close proximity to Discovery Park and
the Interbay Golf Course. Residents also have easy access to Downtown
Seattle, Magnolia Village, Ballard/Queen Anne, Seattle Pacific University
and South Lake Union. This is an excellent opportunity to purchase well-
located duplexes that cash flow while securing NC-140 zoned land for future
development opportunity.
-
3600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Investment Highlights
Built in 1948
Great Magnolia location
Easy access to Downtown via 15th Avenue W
Rent upside with development potential
Minutes from South Lake Union, Magnolia Village, Ballard and Queen Anne, Seattle Pacific University and South Lake Union just minutes away
Local retail and service establishments include QFC, Whole Foods Market, Pagliacci Pizza, and Red Mill Burgers
Walking distance to Discovery Park and the Ballard Locks
Magnolia is one of Seattle’s best rental neighborhoods
-
4600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Neighborhood Map
INTERBAY
SEATTLE CBD
BALLARD
SOUTH LAKE UNION
FREMONT
DISCOVERY PARK APARTMENTS
ELLIOTT BAY
SODOCAPITOL HILL
WALLINGFORD
MAGNOLIA
QUEEN ANNE
WHOLE FOODS
-
5600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Magnolia
Second largest neighborhood in Seattle by area
Ranked as the 9th best neighborhood in the city with an 8.1 out of 10 score according to Street Advisors
Home to Seattle’s largest park: the 534 acre Discovery park and it’s expansive beaches, 7 miles of walking trails, tide pools and nature habitat
Beautiful views of the Seattle Skyline and the Olympic mountains
Magnolia’s business district is home to many specialty stores and professional services, some of Seattle’s top restaurants, and industrial and marine services
West Point, the westerly most point in the city, is home to the oldest lighthouse in the area.
Fisherman’s Terminal, located right on Salmon Bay near the 15th Street Bridge offers you plentiful ways to experience the local fishing culture
Serviced by King County Metro bus lines 19 and 24
Bicycle friendly area with easy access to downtown via a 4 mile protected bike path that follows the water
-
6600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Seattle Central Business District
Seattle is the number ten top fastest growing big U.S. cities
Major Health Care: Harborview Medical Center, University of Washington Medical Center, Swedish Medical Center, Children’s Hospital, Virginia Mason Medical Center, Providence Medical Center and Group Health
Seattle Icons: Space Needle, Pike Place Market, South Lake Union, Seahawks, Mariners
Home to major universities such as University of Washington, Seattle University, Seattle Pacific University, Antioch University, City University, Seattle Art Institute, Cornish School of Arts
Headquarters to Amazon, Starbucks, Fred Hutchinson Cancer Research Center, Paul Allen Institute, Holland America Cruise Line, REI, Real Networks, Big Fish, Expedia (2018), Zillow, Redfin, F-5 Networks, Nordstrom’s, Boeing, Expeditors International, Payscale, DocuSign, Zulily
New Companies entering Seattle’s Market: Tableau, Facebook, Dropbox, Apple and Google
Amazon currently host’s 24,000 employees, and is projected to host an additional 47,000 more (total 71,000) by 2019
-
7600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Employment
> Adobe
> Alaska Airlines
> Amazon
> Apple
> AT&T Wireless
> Boeing
> Costco
> Expedia, Inc.
> Expeditors International
> F5 Networks
> Facebook
> Fred Hutchinson
> Gates Foundation
> Getty Images
> Google
> Microsoft
> Nintendo
> Nordstrom
> Paccar
> RealNetworks
> REI
> Russell Investments
> SpaceX
> Starbucks
> Symetra Financial
> Tableau Software
> T-Mobile
> Twitter
> Uber
> University of Washington
> Virginia Mason
> Weyerhaeuser
> Zillow
> Zulilly
Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston.
-
8600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Improvements
4 Studios at approximately 363 square feet
Attractive North Magnolia location with off-street parking
Building offers efficient units with rental upside
Private patios
Vinyl windows
Electric baseboard heating
All units have their own hot water heater
Zoned NC1-40
4,000 square foot lot
-
9600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Unit Photos
-
10600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Proforma Operating Summary
Units 4
Year built 1948
Rentable Area 1,452
Down Payment $193,750 25%
Price $775,000
Price Per Unit $193,750
Per Square Foot $534
Annualized Operating Expenses
Real Estate Taxes 2017 Actual $4,790
Insurance Pro Forma $1,000
Utilities Pro Forma $4,000
Maintenance Pro Forma $4,000
Total Expenses $13,790
Units
Type
Size
Pro Forma Rent
Avg Rent/SF
1 Studio 363 $1,200 $3.31
2 Studio 363 $1,200 $3.31
3 Studio 363 $1,200 $3.31
4 Studio 363 $1,200 $3.31
Totals 1,452 $4,800 $3.31
Scheduled Gross Income $57,600
Less Vacancy 3.00% $1,728
Gross Operating Income $55,872
Less Expenses $13,790
Net Operating Income $42,082
Annualized Operating Data
-
11600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Sale Comparables
DISCOVERY PARK APARTMENTS 3108 Jameson St, Seattle, WA
Year Built 1948 Units 4 Sales Price $775,000 Price/Unit $193,750 Price/Foot $534 GRM/CAP N/A Sales Date TBD
1. 2655 22ND AVE W Seattle, WA
Year Built 1959 Units 3 Sales Price $1,190,000 Price/Unit $396,666 Price/Foot $285 GRM/CAP N/A Sales Date 8.29.2016
2. 2311 W RAYE ST Seattle, WA
Year Built 1960 Units 3 Sales Price $1,065,000 Price/Unit $355,000 Price/Foot $328 GRM/CAP 18.0/3.8% Sales Date 1.06.2017
4. 2304 W CROCKETT ST Seattle, WA
Year Built 1954 Units 4 Sales Price $1,130,000 Price/Unit $282,500 Price/Foot $338 GRM/CAP N/A Sales Date 8.29.2016
3. THORNDYKE APARTMENTS 2853 Thorndyke Ave W, Seatle, WA
Year Built 1901 Units 3 Sales Price $899,000 Price/Unit $299,666 Price/Foot $326 GRM/CAP 15.0/4.14% Sales Date 5.05.2017
5. 5411 32ND AVE NW Seattle, WA
Year Built 1962 Units 3 Sales Price $955,000 Price/Unit $318,333 Price/Foot $422 GRM/CAP 21.0/3.5% Sales Date 3.20.2017
-
12600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Sales Comparables Map
Discovery Park Apartments 3108 Jameson St Seattle, WA
1. 2655 22nd Ave W Seattle, WA
2. 2311 W Raye St Seattle, WA
3. Thorndyke Apartments 2853 Thorndyke Ave W Seatle, WA
4. 2304 W Crockett St Seattle, WA
5. 5411 32nd Ave NW Seattle, WA
DISCOVERY PARK APARTMENTS
3
4
1
2
5
-
13600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com
Paragon Real Estate Advisors
ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family property sales in Washington State. We have accrued over $3 billion in sales and have closed nearly 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 20 years’ experience in the industry. Paragon’s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships.
The information found in this offering memorandum 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.