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B a l l a r d T H R E E U N I T
BALLARD THREE UNIT
LAKE WASHINGTON
Paragon Real Estate Advisors is pleased to exclusively offer for sale a three-unit building located in the 12th most walkable city, Ballard. The Ballard Three Unit presents the opportunity to buy a turnkey investment with newly remodeled units. This pride of ownership building is a well-located property close to a multitude of major employers in one of the hottest rental markets in King County. Residents enjoy the historic and hip neighborhood where trendy shops, restaurants, and bars thrive. Centrally located, the Ballard three-unit is within minutes of a variety of amenities surrounding the neighborhood all within walking distance.
NAME Ballard Three Unit
TOTAL UNITS 3
PRICE $1,300,000
ZONING 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
Built in 1968 the building is in the 12th most walkable neighborhood in Seattle. The property is comprised of two, two-bedroom two bath units and a non-conforming one bedroom one-bathroom unit located on the lower floor.
The two-bedroom units were remodeled in 2016. Improvements included new Pergo hardwood throughout, dark wood cabinets with stainless steel pulls, beautiful quartz countertops, tile backslashes and a full stainless-steel appliance package including – glass cooktop range, microwave hood, dishwasher, and refrigerator with an in-door ice and water dispenser. The kitchen has pantry storage and each unit features a state-of-the-art ventless and stackable Bosch washer and dryer.
The units have ample closet space and a fireplace with a painted brick surround, and wall thermostats that control Cadet in-wall heaters. The bathrooms were completely updated with tile shower surrounds and tile flooring. The master bathroom has a walk- in shower with tile surround and glass shower doors. 357 is the top floor unit and has a deck. 355 is the middle floor unit and has a quaint enclosed sunroom.
357 ½ is the bottom floor unit and was remodeled in 2018. State-of-the-art improvements including carefully selected grey vinyl plank flooring, white solid wood kitchen cabinets with stainless steel pulls, quartz countertops, full size stackable washer and dryer and a stainless-steel appliances package including-glass cooktop range, microwave hood, dishwasher, and refrigerator.
The exterior of the building was painted in 2017. There is tuck-under parking located off the alley way at the back building. There are 3 parking spots (5 if parked in tandem).
P R O P E R T Y I M P R O V E M E N T S
2 Bedroom Units (355 & 357) renovated in 2016
1 Bedroom Unit (357 ½) renovated in 2018
Building exterior was painted in 2017
Ample closet space
Less than 600 feet to major bus routes
Less than 1 mile from Woodland Park and Woodland Park Zoo
Beautiful quartz countertops and tile backsplashes
Washer and Dryer in every unit
Walkscore of 82 and Bike Score of 80 – Most errands could be completed on foot or by bicycle
Less than three miles from the University of Washington
P R O P E R T Y H I G H L I G H T S
L O C A T I O N H I G H L I G H T S
Ballard gives off a true community feel as it is comprised of single-family homes, apartments, and townhouses all filled with personable and easy going residents. The neighborhood is easy to navigate on foot or by bike as it has a walk score of 85 and a bike score of 80 which is why you can often find the sidewalks busy with residents enjoying the weather on a nice sunny day. Come night time the area flourishes with an abundance of great places to dine out, grab a beer at one of the breweries, or enjoy a drink at one of the many taverns.
With a well-developed public transportation system, the commute into the downtown central business district and south lake union area is smooth and timely. Commuting into the downtown central business district is just six miles away with easy access using Highway 99, West Lake Ave, and I-5, or by taking the public transportation via routes 17 & 18.
Situated near some of the best restaurants, pubs, breweries, and shops in the area
Easy access to public transportation including the rapid ride
Surrounded by Seattle’s most notorious beaches and parks such as Golden Gardens (4 miles), Gasworks (3 miles), Woodland Park and Zoo (1.5 miles), and Discovery Park (4 miles)
Immediate access to the Seattle Central Business District and South Lake Union employment hubs
An abundance of grocery stores including Safeway, Fred Meyer and Trader Joe’s
POPULATION
32,473
15 MINUTES
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 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 popular hot spots for visitors and locals alike.
In recent years, a younger resident profile has been attracted to Ballard through new development, 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.
Residents have immediate access to everything that makes Ballard such a desirable neighborhood. This property is only blocks from Ballard’s historic downtown area which consists of fine dining, charming storefronts, live music and offers a pedestrian friendly environment. Located all within blocks are popular places
such as The Dray Bar, The Bluegrass gastropub, Benito’s Chicago Eatery, MOD, Pasta Bella, El Camion, No Bones Beach Club, The Fat Hen and many more! In addition to several restaurants and bars close by, there are grocers (Quality Food Center, Trader Joe’s, Safeway), banks (Bank of America and Wells Fargo) and recreational destinations such as the Ballard Sunday Farmers Market, the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beach front Golden Gardens Park which overlooks the majestic Olympic Mountains, providing a year-round oasis for picnics and bonfires.
B A L L A R D
M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T
M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N
B U I L D I N G P H O T O S
U N I T P H O T O SU N I T P H O T O S
U N I T P H O T O S
MONTHLY INCOME CURRENT MARKET
Forfeits/Late/NSF/Damages $125 $125
Less Vacancy 3.0% ($2,227) 3.0% ($2,338)
Gross Operating Income $78,980 $82,677
Less Expenses $12,249 $14,668
Annual Debt Service ($3,786/mo) $45,431 $45,431
Cash Flow Before Tax 4.20% $21,301 4.45% $22,578
Principal Reduction $13,965 $13,965
Income and Expenses
RE Taxes 2018 Actual $6,596 $9,015
Insurance 2018 Actual $850 $850
Utilities 2018 Actual $4,108 $4,108
Maint/Repairs 2018 Actual $695 $695
Total Expenses $12,249 $14,668
3 Total/Avg 922 $2.24 $2.35
Units 3
CURRENT
OPERATIONS
MARKET
OPERATIONS
Ballard Three Unit 357 NW 50th St Seattle, WA 98107 Year Built 1968 Units 3 Sales Price $1,300,000 Price/Unit $433,333 Price/Foot $470 Current GRM/CAP 17.5/5.1% Market GRM/CAP 16.7/5.2%
63rd St Fourplex 2620 NW 63rd St Seattle, WA 98107
3 Year Built 1961 Units 4 Sales Price $1,355,000 Price/Unit $338,750 Price/Foot $491 GRM 17.0 Sales Date 5.22.2019
Midvale Triplex 4014 Midvale Ave N Seattle, WA 98103
1 Year Built 1900 Units 3 Sales Price $1,129,500 Price/Unit $376,500 Price/Foot $448 GRM/CAP 17.0/4.4% Sales Date 7.2.2019
3rd Ave Triplex 6224 3rd Ave NW Seattle, WA 98107
4 Year Built 1972 Units 3 Sales Price $1,320,000 Price/Unit $440,000 Price/Foot $423 GRM/CAP 16.0/4.6% Sales Date 5.2.2019
Carr Place Triplex 3839 Carr Place N Seattle, WA 98103
2 Year Built 1967 Units 3 Sales Price $1,300,000 Price/Unit $433,333 Price/Foot $476 GRM/CAP 21.0/3.5% Sales Date 5.29.2019
1 2
3 4
B a l l a r d T H R E E U N I T
S A L E S C O M P A R A B L E S
Ballard Three Unit 357 NW 50th St Seattle, WA 98107
1968 - 3 Units
355 Middle Unit 357 Top Unit 357 ½ Bottom Floor
739 1,013 1,013
$1,695 $2,395 $2,095
$2.29 $2.36 $2.07
1972 - 3 Units
780 1,560
1984/1990 - 4 Units
6505 Phinney Ave N Seattle, WA 98103
1918 - 3 Units
650 900 - 1,100
$1,200 $1,800 - $2,000
$1.85 $2.00 - $1.82
2
R E N T C O M P A R A B L E S
3
1
12
3
B a l l a r d T H R E E U N I T
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / [email protected]
www.ParagonREA.com
BALLARD THREE UNIT
LAKE WASHINGTON
Paragon Real Estate Advisors is pleased to exclusively offer for sale a three-unit building located in the 12th most walkable city, Ballard. The Ballard Three Unit presents the opportunity to buy a turnkey investment with newly remodeled units. This pride of ownership building is a well-located property close to a multitude of major employers in one of the hottest rental markets in King County. Residents enjoy the historic and hip neighborhood where trendy shops, restaurants, and bars thrive. Centrally located, the Ballard three-unit is within minutes of a variety of amenities surrounding the neighborhood all within walking distance.
NAME Ballard Three Unit
TOTAL UNITS 3
PRICE $1,300,000
ZONING 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
Built in 1968 the building is in the 12th most walkable neighborhood in Seattle. The property is comprised of two, two-bedroom two bath units and a non-conforming one bedroom one-bathroom unit located on the lower floor.
The two-bedroom units were remodeled in 2016. Improvements included new Pergo hardwood throughout, dark wood cabinets with stainless steel pulls, beautiful quartz countertops, tile backslashes and a full stainless-steel appliance package including – glass cooktop range, microwave hood, dishwasher, and refrigerator with an in-door ice and water dispenser. The kitchen has pantry storage and each unit features a state-of-the-art ventless and stackable Bosch washer and dryer.
The units have ample closet space and a fireplace with a painted brick surround, and wall thermostats that control Cadet in-wall heaters. The bathrooms were completely updated with tile shower surrounds and tile flooring. The master bathroom has a walk- in shower with tile surround and glass shower doors. 357 is the top floor unit and has a deck. 355 is the middle floor unit and has a quaint enclosed sunroom.
357 ½ is the bottom floor unit and was remodeled in 2018. State-of-the-art improvements including carefully selected grey vinyl plank flooring, white solid wood kitchen cabinets with stainless steel pulls, quartz countertops, full size stackable washer and dryer and a stainless-steel appliances package including-glass cooktop range, microwave hood, dishwasher, and refrigerator.
The exterior of the building was painted in 2017. There is tuck-under parking located off the alley way at the back building. There are 3 parking spots (5 if parked in tandem).
P R O P E R T Y I M P R O V E M E N T S
2 Bedroom Units (355 & 357) renovated in 2016
1 Bedroom Unit (357 ½) renovated in 2018
Building exterior was painted in 2017
Ample closet space
Less than 600 feet to major bus routes
Less than 1 mile from Woodland Park and Woodland Park Zoo
Beautiful quartz countertops and tile backsplashes
Washer and Dryer in every unit
Walkscore of 82 and Bike Score of 80 – Most errands could be completed on foot or by bicycle
Less than three miles from the University of Washington
P R O P E R T Y H I G H L I G H T S
L O C A T I O N H I G H L I G H T S
Ballard gives off a true community feel as it is comprised of single-family homes, apartments, and townhouses all filled with personable and easy going residents. The neighborhood is easy to navigate on foot or by bike as it has a walk score of 85 and a bike score of 80 which is why you can often find the sidewalks busy with residents enjoying the weather on a nice sunny day. Come night time the area flourishes with an abundance of great places to dine out, grab a beer at one of the breweries, or enjoy a drink at one of the many taverns.
With a well-developed public transportation system, the commute into the downtown central business district and south lake union area is smooth and timely. Commuting into the downtown central business district is just six miles away with easy access using Highway 99, West Lake Ave, and I-5, or by taking the public transportation via routes 17 & 18.
Situated near some of the best restaurants, pubs, breweries, and shops in the area
Easy access to public transportation including the rapid ride
Surrounded by Seattle’s most notorious beaches and parks such as Golden Gardens (4 miles), Gasworks (3 miles), Woodland Park and Zoo (1.5 miles), and Discovery Park (4 miles)
Immediate access to the Seattle Central Business District and South Lake Union employment hubs
An abundance of grocery stores including Safeway, Fred Meyer and Trader Joe’s
POPULATION
32,473
15 MINUTES
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 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 popular hot spots for visitors and locals alike.
In recent years, a younger resident profile has been attracted to Ballard through new development, 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.
Residents have immediate access to everything that makes Ballard such a desirable neighborhood. This property is only blocks from Ballard’s historic downtown area which consists of fine dining, charming storefronts, live music and offers a pedestrian friendly environment. Located all within blocks are popular places
such as The Dray Bar, The Bluegrass gastropub, Benito’s Chicago Eatery, MOD, Pasta Bella, El Camion, No Bones Beach Club, The Fat Hen and many more! In addition to several restaurants and bars close by, there are grocers (Quality Food Center, Trader Joe’s, Safeway), banks (Bank of America and Wells Fargo) and recreational destinations such as the Ballard Sunday Farmers Market, the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beach front Golden Gardens Park which overlooks the majestic Olympic Mountains, providing a year-round oasis for picnics and bonfires.
B A L L A R D
M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T
M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N
B U I L D I N G P H O T O S
U N I T P H O T O SU N I T P H O T O S
U N I T P H O T O S
MONTHLY INCOME CURRENT MARKET
Forfeits/Late/NSF/Damages $125 $125
Less Vacancy 3.0% ($2,227) 3.0% ($2,338)
Gross Operating Income $78,980 $82,677
Less Expenses $12,249 $14,668
Annual Debt Service ($3,786/mo) $45,431 $45,431
Cash Flow Before Tax 4.20% $21,301 4.45% $22,578
Principal Reduction $13,965 $13,965
Income and Expenses
RE Taxes 2018 Actual $6,596 $9,015
Insurance 2018 Actual $850 $850
Utilities 2018 Actual $4,108 $4,108
Maint/Repairs 2018 Actual $695 $695
Total Expenses $12,249 $14,668
3 Total/Avg 922 $2.24 $2.35
Units 3
CURRENT
OPERATIONS
MARKET
OPERATIONS
Ballard Three Unit 357 NW 50th St Seattle, WA 98107 Year Built 1968 Units 3 Sales Price $1,300,000 Price/Unit $433,333 Price/Foot $470 Current GRM/CAP 17.5/5.1% Market GRM/CAP 16.7/5.2%
63rd St Fourplex 2620 NW 63rd St Seattle, WA 98107
3 Year Built 1961 Units 4 Sales Price $1,355,000 Price/Unit $338,750 Price/Foot $491 GRM 17.0 Sales Date 5.22.2019
Midvale Triplex 4014 Midvale Ave N Seattle, WA 98103
1 Year Built 1900 Units 3 Sales Price $1,129,500 Price/Unit $376,500 Price/Foot $448 GRM/CAP 17.0/4.4% Sales Date 7.2.2019
3rd Ave Triplex 6224 3rd Ave NW Seattle, WA 98107
4 Year Built 1972 Units 3 Sales Price $1,320,000 Price/Unit $440,000 Price/Foot $423 GRM/CAP 16.0/4.6% Sales Date 5.2.2019
Carr Place Triplex 3839 Carr Place N Seattle, WA 98103
2 Year Built 1967 Units 3 Sales Price $1,300,000 Price/Unit $433,333 Price/Foot $476 GRM/CAP 21.0/3.5% Sales Date 5.29.2019
1 2
3 4
B a l l a r d T H R E E U N I T
S A L E S C O M P A R A B L E S
Ballard Three Unit 357 NW 50th St Seattle, WA 98107
1968 - 3 Units
355 Middle Unit 357 Top Unit 357 ½ Bottom Floor
739 1,013 1,013
$1,695 $2,395 $2,095
$2.29 $2.36 $2.07
1972 - 3 Units
780 1,560
1984/1990 - 4 Units
6505 Phinney Ave N Seattle, WA 98103
1918 - 3 Units
650 900 - 1,100
$1,200 $1,800 - $2,000
$1.85 $2.00 - $1.82
2
R E N T C O M P A R A B L E S
3
1
12
3
B a l l a r d T H R E E U N I T
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / [email protected]
www.ParagonREA.com