Offering Summary

Address 319 N 105th St, Seattle, WA
Total Units 4
Built 1960
Square Feet 3,288 Total Net Rentable
Price $1,175,000
Price Per Unit $293,750
Price Per Foot $357
Current GRM/CAP 18.44/3.83% (3% Vacancy)
Market GRM/CAP 14.27/5.22% (5% Vacancy)
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 fl oorplans, 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 offi ces 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$1,175,000
Down Payment$293,750
Loan Amount$881,250
Interest Rate5.00%
Amortization30 Years
 
Price Per Unit$293,750
Price Per Sq.Ft.$357
 
Current GRM18.44
Current CAP3.83%
Market GRM14.27
Market CAP5.22%
 
CURRENT EXPENSES
Current Expenses/Unit$4,213
Expenses/Foot$5.13
% of GSI26.45%
MARKET EXPENSES
Expenses/Unit$4,213
Expenses/Foot$5.13
% of GSI20.47%


MONTHLY SCHEDULED INCOMECurrentMarket
Monthly Scheduled Rent$5,150 $6,400
Utility Bill Back ($75/Unit Avg)$0$300
Laundry Income$140$140
Miscellaneous Income$20$20
Total Monthly Income$5,310 $6,860
 
ANNUALIZED OPERATING DATA
Scheduled Gross Income$63,720 $82,320
Less Vacancy$1,912 (3%)$4,116 (5%)
Gross Operating Income$61,808 $78,204
Less Expenses$16,851 $16,851
Net Operating Income$44,957 $61,353
Annual Debt Service ($4,730/mo)$56,769 $56,769
Cash flow Before Tax($11,811) (-4.02%)$4,584 (1.56%)
Principal Reduction$13,002 $13,002
Total Return Before Tax$1,190 (0.41%)$17,586 (5.99%)
 
ANNUALIZED OPERATING EXPENSES
Real Estate Taxes$8,251 $8,251
Insurance $1,200$1,200
Utilities$4,400$4,400
Repairs & Maintenance$3,000 $3,000
Total Operating Expenses$16,851 $16,851

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 $5,200 $1.95 $6,600

Property Photos

Sales Comparables

The Michelle
319 N 105th St
Seattle, WA 98133
Year Built 1960
Units 4
Sales Price $1,175,000
Price Per Unit $293,750
Price/Foot $357
GRM/CAP 18.44/3.83%
Sale Date TBD
Linden Ave 4 Unit
9217 Linden Ave N
Seattle, WA 98103
Year Built 1965
Units 4
Sale Price $1,250,000
Price/Unit $312,500
Price/Foot $355
GRM/CAP 21.1/3.4%
Sales Date Pending
N. 85th 4 Unit
718 N 85th St
Seattle, WA 98103
Year Built 1955
Units 4
Sales Price $1,130,000
Price/Unit $282,500
Price/Foot $376
GRM/CAP 15.8/4.6%
Sales Date 12.05.17
NW 89th St Duplex
1824 NW 89th St
Seattle, WA 98117
Year Built 1959
Units 2
Sales Price $1,162,000
Price Per Unit $581,000
Price/Foot $388
GRM/CAP 24.9/2.6%
Sales Date 10.25.17
N 78th St Fourplex
1115 N 78th St
Seattle, WA 98103
Year Built 1950
Units 4
Sales Price $1,225,000
Price/Unit $306,250
Price/Foot $438
GRM/CAP 19.7/3.7%
Sales Date 6.12.17
Midvale Ave 6 Unit
10317 Midvale Ave N
Seattle, WA 98133
Year Built 1968
Units 6
Sale Price $1,710,000
Price/Unit $285,000
Price/Foot $403
GRM/CAP 14.15/5.0%
Sales Date 6.13.17

Sales Comparables MAP

The Michelle
319 N 105th St
Seattle, WA 98133
Linden Ave 4 Unit
9217 Linden Ave N
Seattle, WA 98103
N. 85th 4 Unit
718 N 85th St
Seattle, WA 98103
NW 89th St Duplex
1824 NW 89th St
Seattle, WA 98117
N 78th St Fourplex
1115 N 78th St
Seattle, WA 98103
Midvale Ave 6 Unit
10317 Midvale Ave N
Seattle, WA 98133

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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
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CUTTING-EDGE RESEARCH
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.