ravenna house - loopnet · 2018-12-26 · capitol hill seattle cbd university of washington....
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R A V E N N A H O U S E
MADRONA
SOUTH LAKE UNION
LIGHT RAIL STATION
CAPITOL HILL
SEATTLE CBD
UNIVERSITY OF WASHINGTON
WALLINGFORD
RAVENNA
LIGHT RAIL STATION
SODOBEACON HILL
Paragon Real Estate Advisors is pleased to exclusively offer for sale the Ravenna House. Originally constructed in 1910, the property features period detail and charm as well as a mix of apartment units and rooms with shared spaces that are well suited to the University/Ravenna rental market. Residents are drawn to the walkability and convenience of the location and charming park side setting and slower paced feel of the Ravenna neighborhood. The location also offers convenient transportation options and quick access to the city’s major employment hubs and other popular neighborhoods and destinations. The property offers an investor an excellent opportunity to acquire a property that is primed for future appreciation in one of the city’s best rental markets with significant room to increase income and add/create value through renovation.
NAME Ravenna House
ADDRESS 5604 17th Ave NE, Seattle WA 98105
TOTAL UNITS/ROOMS 7
BUILT 1910
SQUARE FEET 3,783 Total Net Rentable
PRICE $1,388,000
PRICE PER FOOT $366.90
CURRENT GRM/CAP 16.3/4.0%
MARKET GRM/CAP 13.8/5.0%
LOT INFORMATION 5,400 Square Feet (Zoned SF 5000)
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.
O F F E R I N G
I N V E S T M E N T H I G H L I G H T S
� Recently replaced exterior siding and double paned vinyl windows
� Significant upside in income and potential to add value
� Close to University of Washington and U Village Shopping
� Common on-site laundry machines
� Garage for storage or additional income
� First time on the market in 25+ years
� Located in the desirable University/Ravenna area
� Walk Score of 88 and Bike Score of 84!
� Mix of units and rooms is well suited for the UW rental market
� Large decks with territorial views, excellent outdoor spaces
� Certain units have high ceilings and period charm from the early 1900’s
VIEW FROM PROPERTY
R A V E N N A H O U S E
B U I L D I N G P H O T O S
C O M M O N A R E A P H O T O S
U N I T P H O T O S
U N I T P H O T O S
U N I T P H O T O S
BASEMENT
FIRST FLOOR
F L O O R P L A N S
SECOND FLOOR
THIRD FLOOR
F L O O R P L A N S
Income Breakdown
UNIT/ROOM
TYPE
APPROXIMATE
ROOM SIZE
CURRENT
RENT
CURRENT
RENT/SQ.FT.
MARKET
RENT
MARKET
RENT/SQ.FT.
1 Studio / 1Bth 375 Sq.Ft. $800 $2.13 $900 $2.40
2 2 Bd/1 Bth 830 Sq.Ft $1,400 $1.69 $1,400 $1.69
3 2+ Bd/1 Bth 900 Sq.Ft $1,650 $1.83 $1,795 $1.99
4 Room 178 Sq.Ft $800 $4.49 $800 $2.13
5 Room 375 Sq.Ft $675 $1.80 $800 $2.13
6 Room 375 Sq.Ft $600 $1.60 $800 $2.13
7 1 Bd/1 Bth 750 Sq.Ft $1,080 $1.44 $1,250 $1.67
Totals/Avg 757 Sq.Ft. $7,005 $1.85 $7,745 $2.05
VIEW FROM PROPERTY
R A V E N N A H O U S E
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $7,005 $7,745
Laundry Income $60 $60
Utility Bill Back $0 $405
Parking (Garage) $0 $100
Miscellaneous $50 $50
Gross Potential Income $7,115 $8,360
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $85,380 $100,320
Less Vacancy 4.0% $3,415 4.00% $4,013
Gross Operating Income $81,965 $96,307
Less Expenses $26,330 $27,423
Net Operating Income $55,635 $68,884
Annual Debt Service ($3,516/mo) $42,197 $42,197
Cash Flow Before Tax 1.94% $13,438 3.85% $26,688
Principal Reduction $11,196 $11,196
Total Return Before Tax 3.55% $24,634 5.46% $37,884
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
Real Estate Taxes 2018 Actual $9,732 $11,030
Insurance 2017 Actual $1,306 $1,306
Utilities 2017 Actual $8,790 $8,790
Maintenance & Repairs 2017 Actual $4,097 $4,097
Landscaping 2017 Actual $1,405 $1,200
Administration/Misc. Proforma $1,000 $1,000
Total Expenses $26,330 $27,423
UNIT/
ROOM
ROOM
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
1 Studio/1Bth 375 $800 $900
1 1 Bd/1 Bth 750 $1,080 $1,250
1 2 Bd/1 Bth 830 $1,400 $1,400
1 2 + Bd/1 Bth 900 $1,650 $1,795
3 Room 178 - 375 $600 - $800 $800
7 Total/Avg 757 $1.85 $2.05
Units/Rooms 7
Year Built 1910
Rentable Area 3,783
Down Pmt $694,000
Interest Rate 4.50%
Amortization 30 years
Price $1,388,000
Per Sq. Ft. $366.90
Current GRM 16.26
Current CAP 4.01%
Market GRM 13.84
Market CAP 4.96%
Expense/Unit $3,761
Expense/Foot $6.96
Percent of EGI 30.84%
Expense/Unit $3,918
Expense/Foot $7.25
Percent of EGI 27.34%
CURRENT
OPERATIONS
MARKET
OPERATIONS
5 Unit Apartment 4761 22nd Ave NE Seattle, WA 98105
2 Year Built 1910 Sales Price $1,300,000 Price/Foot $472.73 GRM/CAP 17.7/3.7% Sales Date 7.24.2018
Ravenna Duplex 5526 16th Ave NE Seattle, WA 98105
1 Year Built 1904 Sales Price $1,300,000 Price/Foot $371.43 GRM/CAP Vacant Sales Date 9.20.2018
U District Duplex 5032 20th Ave NE Seattle, WA 98105
3 Year Built 1920 Sales Price $1,400,000 Price/Foot $471.38 GRM/CAP Vacant Sales Date 5.22.2018
7 Unit Apartment 5204 18th Ave NE Seattle, WA 98105
4 Year Built 1910 Sales Price $1,660,000 Price/Foot $395.24 GRM/CAP 14.9/4.6% Sales Date 4.23.2018
1
3
4
2
S A L E S C O M P A R A B L E S
Rooming House 4730 19th Ave NE Seattle, WA 98105
5 Year Built 1910 Sales Price $3,950,000 Price/Foot $519.74 GRM/CAP 22.6/3.6% Sales Date 2.22.2018
5
Ravenna House 5604 17th Ave NE Seattle, WA 98105
Year Built 1910 Sales Price $1,388,000 Price/Foot $366.90 Current GRM/CAP 16.3/4.0% Market GRM/CAP 13.8/5.0%
R A V E N N A H O U S E
L O C A T I O N H I G H L I G H T S
The University District is a great location and is just minutes Northeast of downtown Seattle. The neighborhood is bound by I-5 to the West, beyond which is Wallingford and Fremont. To the North you can find the Ravenna and Maple Leaf neighborhoods and to the South you can explore Montlake and Capitol Hill. Traveling East you have the Laurelhurst area and Lake Washington.
With the neighborhood’s central location, commuting to and from the area is easy with the advanced transit system implemented over the past few years. The long planned University Link Light Rail Station located at Husky stadium opened in March of 2016. The transit line runs from the University of Washington to Angle Lake Station making 14 stops along the way including one at Sea-Tac Airport. In addition to the light rail, King County Metro has multiple transit bus lines with easy connections making for easy and hassle free transportation options.
� Located directly Northeast of the Seattle Central Business District
� Easy access to local transit options via Metro Transit and Link Light Rail
� Walk to restaurants, cafés, and shopping on the Ave or at University Village
WALK SCORE
90
TRANSIT SCORE
70
BIKE SCORE
84
The University District is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union neighborhood.
The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 46,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base.
The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, Green Lake Park, and Gas Works Park.
This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus.
U N I V E R S I T Y D I S T R I C T
The University Link Light Rail station is located next to Husky Stadium and the platforms are big enough to handle game day crowds. Modern elevators and escalators connect the platforms to the nearby campus, UW Medical Center and surrounding neighborhoods. A new pedestrian bridge allows walkers and bikers to avoid traffic by connecting the station to upper campus and the Burke-Gilman Trail.
By 2021, the University District is slated to gain a second link light rail station located on Brooklyn Ave NE between NE 45th and NE 43rd streets. It will serve the surrounding residential community, the “Ave” business district, other employment sites, the UW Tower and the north University of Washington campus. Its official name is now U District Station. Riders will board trains underground. The station will have two entrances along Brooklyn Ave NE with elevators, escalators and stairs. The station will have about 100 bike parking spaces. The site is designed to accommodate future development above the station. When it opens in 2021, projected transit times suggest a 5 minute commute to Northgate and 8 minutes to Westlake Station in Downtown Seattle.
UNIVERSITY LINK LIGHT RAIL AND FUTURE LIGHT RAIL EXPANSION
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.