offering memorandum...offering summary address: 1515 nw 52nd st, seattle, wa 98107 total units: 26...

OFFERING MEMORANDUM

1515 NW 52nd StSeattle, WA 98107

Exclusively offered by:

600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

TABLE OF CONTENTS

1. Offering Summary ........................................................... Page 3

Investment Highlights .................................................. Page 4

Location Highlights ....................................................... Page 5

Property Highlights ....................................................... Page 6

2. Location ........................................................................... Page 8 - 14

3. Community ...................................................................... Page 16

Exterior Photos ............................................................. Page 17

Interior Photos .............................................................. Page 18 - 20

5. Financials

Unit Mix & Floorplans ................................................... 2

Financial Summary ...................................................... Page 23

Income and Expense Summary ................................... Page 24 - 25

6. Comparables

Sale Comparables ....................................................... Page 27 - 29

Rent Comparables ....................................................... Page 30 - 33


THE STANTONOFFERING MEMORANDUM - 2

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.

OFFERING SUMMARY

ADDRESS: 1515 NW 52nd St, Seattle, WA 98107

TOTAL UNITS: 26

BUILT: 1991 (2014)

SQUARE FEET: 20,540 Net Rentable

PRICE: $9,400,000

PRICE PER UNIT: $361,538

PRICE PER NRSF: $458

CURRENT CAP: 4.8%

MARKET CAP: 5.1%

FINANCING: Current loan to be assumed (see page 23 for details)

Paragon Real Estate Advisors is proud to exclusively offer for sale the Stanton Apartments.

The Stanton is a completely renovated and modernized mixed-use apartment community

excellently located in the heart of Ballard, one of Seattle’s most popular neighborhoods

and desirable places to live. The Stanton provides an opportunity for the discerning

investor to acquire a completely turn-key, low-maintenance asset with the appeal of

new construction located in one of the top 5 investment markets in the country. The

new owner will benefit from immediate management upside as well as upside in the

rental income and will see the investment prosper over the long-term as regional market

fundamentals remain strong and population and job growth continue.




Turnkey trophy asset in one of Seattle’s best neighborhoods

Mixed-use asset: 24 apartment homes and 2 commercial spaces

Located in the heart of Ballard: 50 yard-line location

Walkscore of 94: Walker’s Paradise!

Extensively renovated and repositioned to new construction quality

Units feature a clean, contemporary design with modern finishes and fixtures

Desirable mix of spacious one and two bedroom units

Attractive and contemporary lobby and common areas

Controlled access building serviced by an elevator

Secure garage parking for apartment residents

Covered off-street parking for commercial tenants

Secure bike parking for residents

Private resident storage units located on each floor

Value-add opportunity through management upside

Large balconies and wood-burning fireplaces in all residential units

Low-maintenance/efficient design with minimal landscaping and common areas

INVESTMENT HIGHLIGHTS




New companies opening regional offices nearby include Alibaba, Apple,

Dropbox, HBO, Payscale, and Porch

10 Minutes to Amazon’s world Headquarters: 24,000 employees

Close to popular neighborhoods: Queen Anne, Fremont, Greenlake, and

Wallingford

“Silicon Canal” less than 2 away: Facebook, Google, Tableau, Adobe,

Getty Images, Brooks Sports

LOCATION HIGHLIGHTS

Ballard is one of Seattle’s most popular and dynamic neighborhoods

Walkscore of 94: Walker’s Paradise!

2 blocks to Swedish Medical Center

3 blocks from Rapid Ride D Line with express service to Seattle CBD

3 blocks from popular NW Market Street destinations

4 blocks from Sunday Farmers Market (#1 Farmer’s Market in

Washington State by sales)

Seattle’s most popular restaurants, café’s, boutique shops and nightlife

within walking distance

Low vacancy sub-market: 2.8% average vacancy rate over the past 10

years (Dupre + Scott)

High income neighborhood: $83,584 average household income within

one-half mile

Major Employers nearby: Amazon, Facebook, Fred Hutch Cancer

Research, Google, Group Health, Microsoft, UW Medical Research,

The Gates Foundation

3 miles north of new 40-acre Expedia campus: 4,500 new jobs by 2018




PROPERTY HIGHLIGHTS

Extensively renovated and repositioned to new construction quality

Low-maintenance/efficient design with minimal landscaping and common areas

New Hardie Plank/Panel siding

New double paned vinyl windows and sliding doors

New deck railings and deck coating

Quartz countertops and under-mount sinks

Stainless steel appliances

Contemporary light toned wood-veneer cabinetry

Designer hardware, lighting and fixtures

Vinyl plank hard-wood flooring in kitchens, living rooms and bathrooms

All homes have washer/dryers

Secure garage parking for apartments and commercial spaces

Secure bike storage




Aerial Map

Emloyment

Amenities Map

Amenities Key

Ballard

LOCATION

AERIAL MAP



SEATTLE CBD

Lake Union

Lake Washington

Elliott Bay

Queen Anne

WallingfordFremont

Ballard

Capitol HillSoDo

U of WA

EMPLOYMENT

Adobe

Alaska Airlines

Amazon

Apple

AT&T Wireless

Boeing

Children’s Hospital

Costco

Expedia, Inc.

Expiditors International

F5 Networks

Facebook

Fred Hutchinson

Gates Foundation

Getty Images

Google

Group Health

Microsoft

Nintendo

Nordstrom

Paccar

RealNetworks

REI

Russell Investments

SpaceX

Starbucks

Swedish Health Services

Symetra Financial

Tableau Software

T-Mobile

Twitter

Uber

University of Washington

Virginia Mason

Weyerhaeuser

Zillow

SEATTLE AREA EMPLOYERS




EMPLOYMENT

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, Amazon, Expedia and 3,000 other ICT

companies. 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. Greater Seattle thrives in clean technology,

boasting the world’s largest hydro-electric system and ranking #1 among

U.S. states towards energy efficiency efforts. In addition, Greater Seattle

is among the top-five largest life science clusters in the United States, is

a world center for global health, and is home to the third largest container

complex in North America.




AMENITIES MAP



NW MARKET ST

24TH

AV

E N

W

15TH

AV

E N

WB

ALL

AR

D B

RID

GE

SALMON BAY

2

6 16

1

4

17

12

3

15

1014

5

8

9

7

11 13

5

2

3

11

8

49

6

7

10

1

19

18

15

14

13

17

1

4

5

6

7 3

8

12

211

9

10

48 14

3245

42

34

335

11

47

37

44

38

109

40

39

4420

194

3

21

16

15

6

22

2324

7

8

17

12

18

35

12

25

13

43

4046

2729

28

AMENITIES MAP KEY

1. Matador2. La Carta de Oaxaca3. Kickin’ Boot Whiskey Kitchen4. Bastille Cafe & Bar5. Smokin Pete’s BBQ6. Percy’s & Co7. Senor Moose8. Stoneburner9. The Market Arms10. Ocho11. Portage Bay Cafe12. Kangaroo & Kiwi Pub13. Golden Beetle14. Cafe Besalu15. Kings Hardware16. Hazelwood17. BalMar18. Ballard Smoke Shop19. Hot Cakes20. Volterra21. Mio Tea22. Moshi Moshi Sushi23. The Noble Fir24. Shiku Sushi

25. Peddler Brewing Company26. Hilliard’s Beer27. Stoup Brewing 28. Reuben’s Brews29. El Camion Foodtruck30. Shelter Lounge31. The Walrus and the Carpenter32. Mr Gyro’s33. Olafs34. Hale’s Ales35. Ballard Pizza Company36. Bad Albert’s Tap & Grill37. Pestle Rock38. The Gerald39. The Sexton40. Morsel and Bean41. The Monkey Bridge42. Kiss Cafe43. Staple & Fancy44. Billy Beach Sushi and Bar45. Skillet Diner46. Cafe Besalu47. Ballard Annex Oyster House48. The Boar’s Nest

1. Second Ascent2. The Palm Room3. Buffalo Exchange4. KAMgear5. Kitchen’n Things6. Classic Consignment7. Secret Garden Bookshop8. Trove Vintage Boutique9. Couch10. Kavu Ballard11. Gifted12. VAIN13. The Aviary14. La Corza15. Sticks & Stones Art Gallery16. Horse Shoe17. Lucca Great Finds18. Ballard Woodworks19. Trader Joe’s

1. Venue Ballard2. Ballard Locks3. Ballard Sunday Market4. Majestic Bay Theatres5. Hales Palladium6. Seattle Creative Arts Center7. Tractor Tavern8. Gymboree Play & Music9. Conor Byrne10. Blowing Sands Glass Blowing11. Venue Wotk Studio & Boutique12. Monster Art & Clothing13. The Ballard Underground14. Super Smash Games15. Egan’s Ballard Jam House16. The Sunset17. Full Tilt Ice Cream & Arcade

1. Stone Gardens2. LA Fitness3. Corepower Yoga4. Olympic Athletic Club5. Crossfit Seattle6. Ballard Health Club

E AT A N D D R I N K E N T E R TA I N M E N T R E TA I L

H E A L T H A N D W E L L N E S S

7. Fitness 198. The Fitness Lab9. Kula Movement10. Shakti Vinyasa Yoga11. Bell Curve Fitness




BALLARD

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 (settled in 1853)

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 hippest hot spots for visitors and locals alike.

Located on NW 52nd St, right in the heart of Ballard, residents at the Stanton have

immediate access to everything that makes Ballard such a desirable neighborhood.

The property is a stone’s throw from Ballard’s historic downtown area which consists

of fine dining, charming storefronts, live music and offers a pedestrian friendly

environment. The Stanton’s address boasts a Walkscore of 94, which is considered

a walker’s paradise. Located all within blocks are popular places such as Senor

Moose Cafe, Tractor Tavern, Majestic Bay Theaters, The Other Coast Café, Kings,

La Carta De Oaxaca, Mighty-O Donuts, Hilliard’s Brewery, Five Guys, Palermo Pizza,

Kangaroo & Kiwi Pub, Stoneburner, Bastille Café and Bar, Volterra and many more!

In addition to several restaurants and bars close by, there are grocers (Quality Food

Center (QFC), Trader Joe’s, Safeway), banks (Bank of America and Wells Fargo) and

other service businesses, amenities and recreational destinations such as a U.S.




BALLARD

Post Office, Walgreens, Swedish Medical Hospital, the new Ballard

Public Library and the ever so popular Ballard Sunday Farmers

Market.

Ballard is also home to some of Seattle’s best outdoor recreation

and waterfront attractions such as the Ballard locks, Salmon Bay

Marina, Shilshole Bay Marina and the beautiful beachfront Golden

Gardens Park which overlooks the majestic Olympic Mountains,

providing a year-round oasis for picnics and bonfires on a rocky

beach.

In recent years, new development in the area is attracting a younger

resident profile to Ballard that has been attracted by 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.




Community Summary

Exterior Photos

Interior Photos

COMMUNITY

COMMUNITY SUMMARY

Name

Price

Address

Units

Square Feet

Built

Parcel

Lot Size

Zoning

PROPERTY SUMMARY

Building

Construction

Roof

Windows

Plumbing

Heat

Elevator

Parking

Laundry

Storage

PROPERTY SPECIFICATIONS

One, five-story building

Wood-framed

Flat/PCV Memebrane

Vinyl Double Pane

Copper

Electric

1

20 Garage Spaces, 5 Covered

In Unit

8 Private storage units

The Stanton

$9,400,000

1515 NW 52nd St, Seattle, WA 98107

26 (24 Apartments + 2 Commercial)

20,540 Net Rentable (30,199 Gross)

1990/2014

276770-1615

10,000 Square Feet

C1-65




UNIT TYPE UNITS SF CURRENT $/SF MARKET $/SF

1 BD/1BTH 8 655 $1,579 - $1,725 $2.49 $1,725 $2.63

2BD/1BTH 6 815 $1,829 - $2,149 $2.45 $2,149 $2.64

Commercial 2 1,115 $1,750 - $2,300 $21.79 $1,750 - $2,300 $21.79

TOT/AVG 26 789 $49,024 $2.39 $52,234 $2.54

EXTERIOR PHOTOS




INTERIOR PHOTOS




Unit mix with floorplans

Financial Summary

Income/Expense Summary

FINANCIALS

Elevator

Kitchen

Deck

Bedroom

Living

UNIT MIX AND FLOOR PLANS

ONE BEDROOM/ONE BATHW

Kitchen

Deck

Bedroom

Living

Dining

Bedroom

Bath

DTWO BEDROOM/ONE BATH




Units SF Current Rent/SF Market Rent/SF

8 655 $1,579 - $1,725 $2.49 $1,725 $2.63

Units SF Current Rent/SF Market Rent/SF

16 815 $1,829 - $2,149 $2.45 $2,149 $2.64

FINANCIAL SUMMARY

ASSUMPTION INFORMATION

The property is encumbered with an existing loan serviced by Walker & Dunlop. The loan has

an unpaid balance of approximately $5,225,000 and an interest rate of 4.37% interest only until

November 2019 at which time the loan converts to a 30 year amortization. The loan matures in

October 2024. It is proposed that the purchaser assume the existing financing.

INCOMEGross Scheduled Income

Less Vacancy

Effective Gross Income

EXPENSESReal Estate Taxes

Insurance

Utilities

Contract Services

Repairs & Maintenance

Administrative

Advertising

Payroll

Management Fee

Replacement Reserves

Total Expenses

NET OPERATING INCOMEAnnual Debt Service ($19,027.71/month)

CASH FLOW

CURRENT $650,273

$29,262 (4.5%)

$621,011

$49,818

$5,980

$31,720

$9,031

$23,660

$4,940

$2,730

$18,850

$21,735

$6,500

$174,964

$446,046$228,333

$217,714 (5.21%)




OTHER INCOMEUtility Bill Back

Parking Income

Storage Income

Pet Rent

Miscellaneous Fees

Total Other Income

CURRENT$1,855

$1,560

$230

$350

$1,170

$5,165

MARKET$1,855

$2,100

$240

$400

$750

$5,345

Price:

Price Per Unit:

Price Per Foot:

CAP:

GRM:

Down Payment:

Loan Amount:

Interest Rate:

Loan Type:

PRICING

$9,400,000

$361,538

$457.64

Current 4.8% Market 5.1%

Current 14.5 Market 13.6

$4,175,000 (44%)

$5,225,000 (56%)

4.37% Fixed

Assumption of Existing Financing

MARKET $690,952

$31,093 (4.5%)

$659,859

$49,818

$5,980

$31,720

$9,031

$23,660

$4,940

$2,730

$18,850

$23,095

$6,500

$176,324

$483,535$228,333

$255,203 (6.11%)

#8

16

2

Total Monthly Rent

TYPE1 BD/1 BTH

2 BD/1 BTH

Commercial

SIZE655

815

1,115

CURRENT$1,579 - $1,725

$1,829 - $2,149

$1,750 - $2,300

$49,024

MARKET$1,725

$2,149

$1,750 - $2,300

$52,234

2016

2015

2015

2015

2015

2015

2015

2015

PF 3.5% EGI

PF $250/unit

INCOME SUMMARY

Gross Potential Rent is based on market rent growth

across the rent roll. The market rents were established on

comparative analysis with market rents of nearby competing

properties. See pages 30 - 32 of the Offering Memorandum

for rent comparables. The total gross potential rent is

$626,808 or $52,234 per month. This equates to $2,009

per unit and $2.54 per square foot. The current rents for

occupied units plus market rents for vacant units equate to

$1,885 per unit and $2.39 per square foot.

GROSS POTENTIAL RENT

VACANCY AND ECONOMIC LOSS

Vacancy, Concessions and Credit Loss are projected to be

4.5%. This is based on market rent surveys in the Ballard

submarket for similar communities. Dupre + Scott’s March

2016 Apartment Vacancy Report shows a market vacancy

of 4.1% for Ballard.

We have underwritten Other Income by adding up the the following subcategories,

resulting in a total of $64,144. (See table) This equates to or $2,467 per unit or

$206 per unit per month.

OTHER INCOME

OTHER INCOME NOTES

Utility Reimbursements

Covered Parking

Storage

Pet Rent

Non-Refundable Fees

Late/NSF Fees

Damages/ Forfeited Deposits

Total Other Income

$22,264

$25,200

$2,880

$4,880

$3,600

$960

$4,400

$64,144

Based on 2015 actual

$150/mo x 20 stalls x 70% usage

$50/mo x 8 closets x 60% usage

$200 NR x 6 units + $25/mo x 12 units

$300 x 50% turnover

$40/unit

$370/unit x 50% turnover




EXPENSE SUMMARY

We have underwritten Taxes consistent with the 2016 actual expense. Real estate taxes are not typically increased substantially immediately following the sale of a property. Properties in King County are appraised on two year cycle. The Assessor’s Office is required to use the three methods of valuation to establish the appraised value and cannot rely solely on the previous sale price. We advise buyers consult a tax professional.

REAL ESTATE TAXES

INSURANCE

Based on pro forma annual expense of $5,980 or $230 per unit.

Based on pro forma annual expense of $23,660 or $910/unit. This includes costs associated with maintaining the interior and exterior of the Property, and the building systems, including: plumbing, electrical and HVAC systems. Also included are costs to maintain appliances and unit turnover costs.

REPAIRS/MAINTENANCE/TURNOVER

CONTRACT SERVICES

Elevator - Based on actual trailing 12 month expense of $3,667 or $306 per month.

Landscaping - Based on actual trailing 12 month expense of $2,431 or $203 per month.

Fire Alarm - Based on actual trailing 12 month expense of $1,884 or $157/month.

Pest Control - Based on actual trailing 12 month expense of $1,049 or $87/month.

Based on pro forma annual expense of $4,940 or $190/unit. This category includes costs associated with operating a leasing office, such as office supplies, office equipment, dues and subscriptions, postage, legal fees, telephone, employee training and travel.

ADMINISTRATIVE

Equal to 3.5% of the Effective Gross Income or $866/unit. This is a competitive rate for third party management companies in the Puget Sound region for apartment communities of similar size and vintage.

MANAGEMENT FEE

Based on pro forma annual expense of $18,850 or $725/unit.

PAYROLL

Based on pro forma annual expense of $2,730 or $105/unit, which includes brochures, internet advertising, rental magazine advertising and signage.

ADVERTISING

Based on industry standard of $250/unit

REPLACEMENT RESERVES

Based on 2015 actual utility expenses including electricity, water, sewer, and trash removal, which equates to $1,220 per unit.

UTILITIES




Sales Comparables

Rent Comparables

COMPARABLES

SALES COMPARABLES

2014

35

$13,950,000

$398,571

$765.89

February 2016

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

1. YARDHOUSE

1406 E REPUBLICAN ST

SEATTLE, WA

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

2. YALE APARTMENTS

2032 YALE AVE E

SEATTLE,

1988

28

$10,500,000

$375,000

$449.00

October 2015

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

3. MADISON COURT

1922 42ND AVE E

SEATTLE, WA

1930

12

$4,775,000

$397,917

$528.79

October 2015

2009

38

$12,975,000

$341,447

$416.07

January 2016

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

1. AROS & VOSS

2251 NW 59TH ST

SEATTLE, WA




SALES COMPARABLES

1978

26

$9,500,000

$365,385

$356.87

July 2015

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

5. ATRIA VILLA

1251 TAYLOR AVE N

SEATTLE, WA

1927

15

$4,900,000

$326,667

$468.00

June 2015

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

7. SOPHIA APARTMENTS

607 W GALER ST

SEATTLE, WA

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

8. STANDARD AT FREMONT

3636 DAYTON AVE N

SEATTLE, WA

1929

25

$8,100,000

$324,000

$526.45

July 2015

Year Built

Units

Sales Price

Price/Unit

Price/Foot

Sales Date

6. WELLINGTON

535 16TH AVE E

SEATTLE, WA

1967

13

$4,775,000

$376,308

$500.73

June 2015




SALES COMPARABLE MAP

THE STANTON 1515 NW 52ND ST SEATTLE, WA

1. YARDHOUSE 1406 E REPUBLICAN ST SEATTLE, WA

2. AROS & VOSS 2251 NW 59TH ST SEATTLE, WA

3. YALE APARTMENTS 2032 YALE AVE E SEATTLE, WA

4. MADISON COURT 1922 42ND AV E SEATTLE, WA

5. ATRIA VILLA 1251 TAYLOR AVE N SEATTLE, WA

6. WELLINGTON 535 16TH AVE E SEATTLE, WA

7. SOPHIA APARTMENTS 607 W GALER ST SEATTLE, WA 8. STANDARD AT FREMONT 3636 DAYTON AVE N SEATTLE, WA

SUBJECT

3

2

4

5

6

7

8

1



RENT COMPARABLES

2015

111

$600 ($300 non-ref)

$125 - $175/mo

$300 ($200 non-ref)

$25/mo pet rent

Year Built

Units

Deposit

Parking

Pets

1. SOREN

5711 24TH ST NWSEATTLE, WA

UNIT TYPE UNITS SF MARKET RENT AVG RENT RENT/SF

Open 1 BD/1 BTH

1 BD/1 BTH

1 BD/1.5 BTH

1 BD/1 BTH + DEN

2 BD/2 BTH

Live/Work

TOTAL/AVG 111 683 $1,881 $2.75

58

19

6

10

14

4

495

614

813

875

1,140

743

$1,395 - $1,700

$1,595 - $2,060

$2,450

$2,083 - $2,350

$2,650 - $2,990

$1,950 - $2,050

$1,548

$1,828

$2,450

$2,217

$2,820

$2,000

$2.96

$3.00

$3.01

$2.53

$2.47

$2.65

NW MARKET ST

15TH

AV

E N

W

2009

260

$700 ($350 non-ref)

$105/mo

$500 ($250 non-ref)

$25/mo pet rent

Year Built

Units

Deposit

Parking

Pets

2. LEVA ON MARKET

1545 NW MARKET STSEATTLE, WA


Studio

1 BD/1 BTH

2 BD/1 BTH

2 BD/2 BTH

Live/Work

TOTAL/AVG 260 790 $1,948 $2.47

22

162

52

15

9

486

767

898

972

1,020

$1,400 - $1,500

$1,634 - $2,100

$2,182 - $2,352

$2,500

$1,750 - $1,950

$1,450

$1,867

$2,267

$2,500

$1,850

$2.98

$2.43

$2.52

$2.57

$1.81

NW MARKET ST

15TH

AV

E N

W




RENT COMPARABLES

2012

275

$700-740 ($300 non-ref)

$145/mo

$500 refundable

$40 - $50/mo pet rent

Year Built

Units

Deposit

Parking

Pets

3. URBANA

1501 NW 56TH STSEATTLE, WA


Studio

Open 1 BD/1 BTH

1 BD/1 BTH

2 BD/2 BTH

TOTAL/AVG 287 683 $1,834 $2.75

91

25

133

38

507

494

777

1,043

$1,375 - $1,600

$1,550 - $1,700

$1,700 - $2,100

$2,450 - $2,650

$1,488

$1,625

$1,900

$2,525

$2.93

$3.29

$2.45

$2.42

NW MARKET ST

15TH

AV

E N

W

20012

265

$800 ($300 non-ref)

$125/mo

$500 refundable

$35/mo pet rent

Year Built

Units

Deposit

Parking

Pets

4. AVA BALLARD

5555 14TH AVE NWSEATTLE, WA


Studio

1 BD/1 BTH

2 BD/1 BTH

TOTAL/AVG 265 701 $1,933 $2.76

64

138

63

461

681

988

$1,470 - $1,550

$1,725 - $1,925

$2,415 - $2,750

$1,510

$1,825

$2,598

$3.28

$2.68

$2.63

NW MARKET ST

15TH

AV

E N

W




RENT COMPARABLES

2013

166

$600 ($300 non-ref)

$130/mo

$500 ($250 non-ref)

$25/mo pet rent

Year Built

Units

Deposit

Parking

Pets

5. KOI



Studio

1 BD/1 BTH

1 BD/1 BTH

1 BD/1 BTH

2 BD/2 BTH

2 BD/2 BTH Loft

TOTAL/AVG 166 717 $1,865 $2.60

60

14

55

1

32

4

471 - 551

691

759 - 833

1,102

1,016

1,103

$1,350 - $1,525

$1,750 - $1,800

$1,825 - $1,995

$1,790 - $22,100

$2,430 - $2,630

$1,800 - $2,950

$1,438

$1,775

$1,911

$1,945

$2,530

$2,875

$2.83

$2.58

$2.43

$1.76

$2.49

$2.61

NW MARKET ST

15TH

AV

E N

W

1948/2014

138

$500 ($250 non-ref)

$125/mo

$400 ($200 non-ref)

$25/mo pet rent

Year Built

Units

Deposit

Parking

Pets

6. CADENCE



1 BD/1 BTH

1 BD/1 BTH

2 BD/1 BTH

TOTAL/AVG 138 673 $1,795 $2.66

24

96

18

600

600

820

$1,495

$1,595 - $1,695

$2,095 - $2,395

$1,495

$1,645

$2,245

$2.49

$2.74

$2.74

NW MARKET ST

15TH

AV

E N

W




RENT COMPARABLE MAP

THE STANTON 1515 NW 52ND ST SEATTLE, WA

1. SOREN 5711 24TH ST NW SEATTLE, WA

2. LEVA ON MARKET 1545 NW MARKET ST SEATTLE, WA

3. URBANA 1501 NW 56TH ST SEATTLE, WA

4. AVA BALARD 5555 14TH AVE NW SEATTLE, WA

5. KOI 1139 NW MARKET ST SEATTLE, WA

6. CADENCE 3040 NW MARKET ST SEATTLE, WA

SUBJECT

3

2

4

5

6

1



PA R A G O N R E A L E S TAT E A D V I S O R S


EXCLUSIVELY OFFERED BY

offering memorandum...offering summary address: 1515 nw 52nd st, seattle, wa 98107 total units: 26...

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