Offering Summary

Address 319 N 105th St, Seattle, WA 98133
Total Units 4
Built 1960
Square Feet 3,288 Total Net Rentable
Price $1,145,000
Price Per Unit $286,250
Price Per Foot $348.24
Current GRM/CAP 17.16/4.44%
Market GRM/CAP 13.91/5.48%
Zoning C1-40
Terms Cash Out

Investment Highlights

Paragon Real Estate Advisors is proud to offer The Michelle Apartments, a 4-unit apartment building located in the desirable Greenwood neighborhood. The location offers quick access Ballard, Northgate, Fremont and the CBD via I-5 and Aurora Avenue.

The property offers all 2-bedroom units with modern floor plans, common laundry, ample parking, and great rental upside.

Highlights
> Walkable location
> Potential to add a unit in the basement (buyer to verify)
> Low maintenance property with little vacancy
> Upside in rental income
> Desirable C1-40 zoning in frequent transit corridor
> Freshly painted exterior
> 5 tandem parking spaces
> Common laundry
> Double pane vinyl windows
> Poised for future appreciation




Greenwood Neighborhood

  • Part of growing and dynamic Greenwood neighborhood
  • Access to walkable amenities such as restaurants, bars and recreation centers
  • 15 minutes from downtown CBD
  • Quick walk to Rapid Transit stop
  • Major companies opening offices nearby: Google, Facebook, Apple, Ebay, Dropbox, Twitter, Uber
  • Easy access to I-5 and Aurora
  • Close to Fremont and Ballard which are growing hubs for employers
  • Ability to live in city and commute north while eschewing downtown freeway traffic
  • Major employers headquarter nearby: Amazon, Nordstrom, Expedia, Zillow, Tableau Weyerhaeuser



Operating Information

PRICING
Price$1,145,000
Down Payment$286,250
Loan Amount$858,750
Interest Rate5.00%
Amortization30 Years
 
Price Per Unit$286,250
Price Per Sq.Ft.$348.24
 
Current GRM17.16
Current CAP4.44%
Market GRM13.91
Market CAP5.48%
 
CURRENT EXPENSES
Current Expenses/Unit$3,463
Expenses/Foot$4.21
% of GSI20.76%
MARKET EXPENSES
Expenses/Unit$3,855
Expenses/Foot$4.69
% of GSI18.73%


MONTHLY SCHEDULED INCOMECurrentMarket
Monthly Scheduled Rent$5,400 $6,400
Utility Bill Back ($75/Unit Avg)$0$300
Laundry Income$140$140
Miscellaneous Income$20$20
Total Monthly Income$5,560 $6,860
 
ANNUALIZED OPERATING DATA
Scheduled Gross Income$66,720$82,320
Less Vacancy$2,002 (3%)$4,116 (5%)
Gross Operating Income$64,718$78,204
Less Expenses$13,851$15,418
Net Operating Income$50,867 $62,786
Annual Debt Service ($4,610/mo)$55,319$55,319
Cash flow Before Tax($4,452) (-1.56%)$7,467 (2.61%)
Principal Reduction$12,670$12,670
Total Return Before Tax$8,218 (2.87%)$20,136 (7.03%)
 
ANNUALIZED OPERATING EXPENSES
Real Estate Taxes$8,251 $9,818
Insurance $1,200$1,200
Utilities$4,400$4,400
Total Operating Expenses$13,851 $15,418

Monthly Scheduled Income

# OF UNIT TYPE SIZE CURRENT RENT MONTHLY INCOME MARKET RENT MONTLY INCOME
1 2BD/1BTH 822 Sq.Ft. $1,250 $1,250 $1,600 $1,600
1 2BD/1BTH 822 Sq.Ft. $1,200 $1,200 $1,600 $1,600
1 2BD/1BTH 822 Sq.Ft. $1,350 $1,350 $1,600 $1,600
1 2BD/1BTH 822 Sq.Ft. $1,350 $1,350 $1,600 $1,600
4 Average/Totals 825 SqFt $1.57 $5,150 $1.95 $6,400

Property Photos

Seattle, King County

A HIGHLY-SKILLED WORKFORCE
The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher.

Top-tier talent is one of the key reasons out-of-state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County.

ESTABLISHED INDUSTRY CLUSTERS
The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known

CUTTING-EDGE RESEARCH
Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success.