This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
For Sale: 6 Units - $1,295,000
STONE AVENUE APARTMENTS10730-10734 Stone Avenue N, Seattle, WA
Five minutes from Northgate Mall, the Northgate Transit Center Park & Ride, and the future Light Rail station (open for service in 2021)
“Very Walkable” walk score of 80 out of 100 with 18 restaurants and coffee shops within a half mile
Value-add opportunity - approximately 25% below market rents
Six all-corner units each with in-unit washer / dryers, dishwashers, and decks; six parking spaces of which four are covered
North Seattle rents have increased more than 42% in the last five years, and vacancy is at 3.7% (per Dupre + Scott Apartment Advisors)
Attractive, 1978-constructed building with modern systems, newly painted exterior, pitched composition roof, secured entry, and new common area carpet
Prime location with convenient access to both I-5 and SR 99, and minutes to major downtown employers
Within a half mile of five bus lines and blocks to the RapidRide E line
ContactDan SwansonKidder MathewsSenior Vice President, Partner [email protected]
Donna Marshall Capstone Real Estate GroupVice President [email protected]
kiddermathews.com
NORTHGATE
GREENWOOD
STONE AVENUE APARTMENTS
PUGET SOUND
N 105th St
Ro
osevelt W
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Greenw
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Property Overview Stone Avenue Apartments is a well-located, well-maintained property with significantly below market rents. This value-add opportunity is located in the highly sought-after Northgate neighborhood of Northwest Seattle. Located just north of Green Lake, this neighborhood provides excellent access to Seattle’s main arterials and major employers.
Built in 1978 and positioned across the street from a greenspace / wetland, Stone Avenue Apartments is comprised of 6 units – two one-bedroom apartments and four two-bedroom apartments. The all-corner units range in size from 500 to 820 square feet, feature decks and storage lockers, and offer in-unit washer / dryers and dishwashers. The property features modern systems, a pitched composition roof, new common area carpet, dual-pane vinyl windows, secured entry, and an attractive, recently painted exterior. There are six parking spaces available to tenants, of which four are covered.
Stone Avenue Apartments’ rents are approximately 25% below market value. With five of the six units having undergone recent renovation, simply increasing rents on those units will significantly increase income with few upgrades necessary.
Location Overview Seattle consistently ranks as one of the top employment cities in the nation with companies such as Amazon.com, Boeing, Microsoft, the University of Washington, and Nordstrom all calling Seattle and the Puget Sound region their home. Stone Avenue Apartments’ convenient location near both Interstate 5 and State Route 99 provides excellent access not only to these and other employers, but also to the major employment hubs to the north in Everett and Bothell. Additionally, with the opening of the Northgate and Lynnwood Link Light Rail expansions (scheduled for 2021 and 2024 respectively), that easy access will only improve.
With a “Very Walkable” walk score of 80 out of 100, residents of the Stone Avenue Apartments are within a half mile of 18 restaurants and coffee shops and within a mile of five parks. There are numerous markets and grocers in the area, including major QFC and Albertsons locations approximately a mile away. The property is also within three-quarters of a mile of seven bus routes and blocks to Metro Transit’s RapidRide E line, providing constant access to Downtown Seattle and located only a couple blocks away.
Stone Avenue Apartments is also located approximately a mile northwest of North Seattle College, one of the largest public community colleges in the Seattle area. This school provides learning opportunities for a diverse group of nearly 6,000 students, many of whom go on to transfer to the UW and other top universities across the country. Stone Avenue Apartments will be attractive to the students who attend both colleges.
The InvestmentStone Avenue Apartments offers an investor the opportunity to acquire a 1978-built, well-maintained, value-add asset with modern systems and in-unit washer / dryers in a desirable community near Downtown Seattle and other major employment hubs. The property’s excellent location and condition, combined with the prospect of an above-market return with minimal improvements required, make Stone Avenue Apartments an exceptional investment.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.com
Stone Avenue Apartments
UNIT MIX
UNIT TYPE # UNITS AVERAGE SF CURRENT AVG RENT CURRENT RENT/SF MARKET AVG RENT MARKET RENT/SF
1 Bed / 1 Bath 2 500 $975 $1.95 $1,245 $2.49
2 Bed / 1 Bath 4 773 $1,338 $1.73 $1,584 $2.05
TOTAL 6 4,090 $7,300 $8,825
AVERAGE ±682 $1,217 $1.78 $1,471 $2.16
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.com
PROPERTY OVERVIEW
Address 10730-10734 Stone Ave N Seattle, WA
Price $1,295,000
Down Payment $515,000
Price per Unit $215,833
Price per SF $316.63
Current Cap Rate 4.1%
Market Cap Rate 5.8%
Current GRM 14.8
Market GRM 11.6
# of Units 6
Avg Unit Size 682 SF
NRSF 4,090 SF
Year Built 1978
CURRENT MARKET
INCOME
Total Scheduled Rent $87,600 $105,900
Utility-Bill-Back - $5,587
Non-Ref. / Late Fees - $400
Scheduled Potential Income $87,600 $111,887
Less Physical Vacancy (4%) ($3,504) ($4,475)
Effective Gross Income $84,096 $107,412
EXPENSES
Real Estate Taxes $11,919 $11,919
Insurance $1,812 $1,812
Utilities $6,984 $6,984
Repairs and Maintenance $4,500 $4,500
Professional Management $4,205 $5,371
Capital Reserves $1,500 $1,500
Total Expenses ($30,920) ($32,085)
Expenses Per Unit $5,153 $5,348
Expenses Per Square Foot $7.56 $7.84
Net Operating Income $53,176 $75,326
Financials & Overview
Stone Avenue Apartments
SOUNDCREST9500 Fremont Avenue N, Seattle
Sale Date 10/10/2017Sale Price $3,000,000Price/Unit $300,000Price/SF $420.29Cap Rate N/AUnits 10Year Built 1992
130TH STREET APARTMENTS3019 NE 130th Street, Seattle
Sale Date 10/16/2017Sale Price $1,930,000Price/Unit $275,714Price/SF $292.65Cap Rate 4.1%Units 7Year Built 1999
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MAPLE LEAF RESIDENCES2020 NE 89th Street, Seattle
Sale Status PendingListing Price $6,000,000Price/Unit $240,000Price/SF $308.42Cap Rate 4.4%Units 25Year Built 1990
SANDPOINT CREST APARTMENTS12000 Sand Point Way NE, Seattle
Sale Status PendingListing Price $2,295,000Price/Unit $229,500Price/SF $405.48Cap Rate 4.8%Units 10Year Built 1955
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
kiddermathews.com
Sales Comparables
Stone Avenue Apartments
OAK TREE VILLAGE10317 Midvale Avenue N, Seattle
Sale Date 06/09/2017Sale Price $1,710,000Price/Unit $285,000Price/SF $401.60Cap Rate 5.8%Units 6Year Built 1968
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STONE AVENUE APARTMENTS
Lake CityNorthgate
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523
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