A PA RT M E N T S241O
ELLIOTT BAY
SEATTLE CBD
QUEEN ANNE
SOUTH LAKE UNION
BALLARD
GREENLAKE
EASTLAKE
BELLTOWN
UNIVERSITY OF WASHINGTON
FREMONT
A PA RT M E N T S241O
Paragon Real Estate Advisors has been retained as the exclusive agent to list The 2410 Apartments, 9-unit building located on the east side of Queen Anne near South Lake Union and Downtown Seattle. This is the first time the Lee View has been marketed for purchase since it was built in 1986. This is an extremely rare opportunity for an investor to acquire an asset with views of Lake Union and repositioning upside.
Please contact listing brokers to arrange a tour of the property or for additional due diligence materials.
Financing: It is proposed that the Buyer pay all cash or obtain new financing.
NAME 2410 Apartments
ADDRESS 2410 Dexter Ave N, Seattle WA 98109
TOTAL UNITS 9
BUILT 1986
SQUARE FEET 8,028 Total Net Rentable
PRICE $3,900,000
PRICE PER UNIT $433,333
PRICE PER FOOT $485.80
MARKET GRM/CAP 14.8/4.6%
LOT SIZE 7,300 Square Feet
ZONING LR3
O F F E R I N G
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.
� Excellent Queen Anne location
� 4 minute drive to South Lake Union (1 mile)
� 12 minute drive to Seattle CBD (2 miles)
� Convenient bike lanes and bus line located on Dexter Avenue N
� Incredible views of Lake Union
� Large units averaging 892 square feet
I N V E S T M E N T H I G H L I G H T S
� First time available since construction
� 9 garage parking spaces
� Private balconies or decks
� Washer and dryer in unit
� 7,300 square foot lot zoned LR3
A PA RT M E N T S241O
� Queen Anne is consistently ranked as one of the city’s hottest neighborhoods, most desirable places to live, most competitive real estate markets and most walkable/livable communities.
� Close to schools: Queen Anne Elementary School, Seattle Country Day School, John Hay Elementary School, St. Anne School, Mc Clure Middle School, Seattle Pacific University and more.
� Nearby Grocery Stores: Quality Food Center (QFC), Whole Foods, Trader Joe’s, Metropolitan Market, Safeway, PCC, Ken’s Market and Lyon’s Grocery.
� Nearby Restaurants/Coffee Shops: Herkimer Coffee, Citizen, Canlis, How To Cook A Wolf, 5 Spot, Molly Moon’s, Revel, Ballard Pizza Company, Laredos Grill, China Harbor, Hilltop Ale House, and many more!
� Just minutes from Seattle Center, the Museum of Pop Culture, Key Arena, MOHAI, and many other wonderful parks and recreational destinations.
� Less than 1 block from the 62 bus line stops offering quick public transportation to South Lake Union and the CBD as well as north to destinations such as Fremont, Wallingford and Green Lake.
L O C A T I O N H I G H L I G H T S
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
A D D I T I O N A L P H O T O S
A E R I A L V I E W
A PA RT M E N T S241O
Unit Breakdown
UNIT
TYPE
APPROXIMATE
UNIT SIZE
CURRENT
RENT
CURRENT
RENT/SQ.FT.
101 1 Bd/1 Bth 700 Sq.Ft. $1,100 $1.57
102 2 Bd/1.5 Bth 988 Sq.Ft. $1,200 $1.21
103 2 Bd/1.5 Bth 988 Sq.Ft. $1,300 $1.32
201 1 Bd/1 Bth 700 Sq.Ft. $1,050 $1.50
202 2 Bd/1.5 Bth 988 Sq.Ft. $1,450 $1.47
203 2 Bd/1.5 Bth 988 Sq.Ft. $1,400 $1.42
301 1 Bd/1 Bth 700 Sq.Ft. $1,150 $1.64
302 2 Bd/1.5 Bth 988 Sq.Ft. $1,500 $1.52
303 2 Bd/1.5 Bth 988 Sq.Ft. $1,550 $1.57
Totals/Avg 892 Sq.Ft. $11,700 $1.46
A PA RT M E N T S241O
MONTHLY INCOME CURRENT MARKET
Gross Potential Rent $11,700 $19,605
Parking Income (12 spaces) $0 $1,350
Utility Bill Back ($90/unit) $0 $945
Gross Potential Income $11,700 $21,900
ANNUALIZED OPERATING DATA CURRENT MARKET
Scheduled Gross Income $140,400 $262,800
Less Vacancy 2.0% $2,808 4.0% $10,512
Gross Operating Income $137,592 $252,288
Less Expenses $74,390 $74,390
Net Operating Income $63,202 $177,898
Income and Expenses
ANNUALIZED OPERATING EXPENSES CURRENT MARKET
RE Taxes 2019 $32,672 $32,672
Insurance 2018 $4,868 $4,868
Utilities 2018 $19,288 $19,288
On-Site Mgmt $40/unit $4,320 $4,320
Maint/Repairs Proforma $9,000 $9,000
Landscaping 2018 $1,992 $1,992
Reserves Proforma $2,250 $2,250
Total Expenses $74,390 $74,390
UNITS
UNIT
TYPE
SIZE
CURRENT
RENT
MARKET
RENT
3 1 Bd/1 Bth 700 $1,050 - $1,150 $1,745
6 2 Bd/1.5 Bth 988 $1,200 - $1,550 $2,395
9 Total/Avg 892 $1.46 $2.44
Units 9
Year Built 1986
Rentable Area 8,028
Price $3,900,000
Per Unit $433,333
Per Sq. Ft. $485.80
Current GRM 27.78
Current CAP 1.62%
Market GRM 14.84
Market CAP 4.56%
Expense/Unit $8,266
Expense/Foot $9.27
Percent of EGI 54.07%
Expense/Unit $8,266
Expense/Foot $9.27
Percent of EGI 29.49%
CURRENT
OPERATIONS
MARKET
OPERATIONS
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S A L E S C O M P A R A B L E S
Townview Apartments 1222 Taylor Ave N Seattle, WA 98109
4 Year Built 1959 Units 9 Sales Price $3,100,000 Price/Unit $344,444 Price/Foot $448.89 Sales Date 2.1.2019
4
2410 Apartments 2410 Dexter Ave N Seattle, WA 98109Year Built 1986 Units 9 Sales Price $3,900,000 Price/Unit $433,333 Price/Foot $485.80
Mali Hus Apartments 2462 Dexter Ave N Seattle, WA 98109
1 Year Built 1976 Units 6 Sales Price $3,562,800 Price/Unit $593,800 Price/Foot $568.32 Sales Date 8.10.2017
Capitol Hill 8 418 12th Ave E Seattle, WA 98102
6 Year Built 1968 Units 8 Sales Price $3,810,000 Price/Unit $476,250 Price/Foot $620.12 Sales Date 1.15.2019
2
1
A PA RT M E N T S241O
6Roanoke Terrace 2600 Eastlake Ave E Seattle, WA 98109
3 Year Built 1968 Units 16 Sales Price $6,800,000 Price/Unit $425,000 Price/Foot $444.44 Sales Date 3.5.2019
Fifth Ave Apartments 1401 5th Ave N Seattle, WA 98109
2 Year Built 1963 Units 29 Sales Price $10,145,300 Price/Unit $349,838 Price/Foot $463.04 Sales Date 3.15.2019
5
3
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.