east Union Mixed-Use

SEATTLE CBD

CAPITOL HILL

CENTRAL DISTRICT

SOUTH LAKE UNION

east Union

Mixed-Use

Paragon Real Estate Advisors is proud to exclusively offer for sale the East Union Mixed-Use triplex. Built in 2009, the East Union Mixed-Use triplex features two large 2 Bd/2 Bth units and one ground floor live-work unit. Sweeping views of Mt. Rainier can be had from the private decks of each unit as well as the spacious 900+ square foot rooftop deck. Each unit contains its own full-size washer/dryer as well as bamboo floors, granite countertops, stainless appliances and his and her sinks in the expansive master baths. The property is centrally located 1 mile due East of the Seattle CBD and is right in the heart of the booming 23rd and Union Urban Village, offering a plethora of neighborhood amenities. This property is perfect for the investor owner user, who is looking for a turn-key property that is located in a rapidly growing neighborhood.

NAME East Union Mixed-Use

ADDRESS 2106 E Union St, Seattle, WA 98122

TOTAL UNITS 3 (2 residential + 1 live/work)

BUILT 2009

SQUARE FEET 2,930 Net Rentable

PRICE $1,395,000

PRICE PER UNIT $465,000

PRICE PER FOOT $476

CURRENT CAP 3.6%

PRO FORMA CAP 5.1%

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.

� Perfect for owner user

� Hip/rapidly growing neighborhood

� 1-mile East of Downtown Seattle

� Newer, modern construction

� Ground floor live/work unit

� Large two bedroom, two bath units

� High-end finishes

� Spacious master baths with double vanities

� In-unit laundry/private decks

� 900+ square foot rooftop deck

� Sweeping territorial views including Mt. Rainier

� Located on Route 2 bus line

I N V E S T M E N T H I G H L I G H T S

east Union

Mixed-Use

L O C A T I O N H I G H L I G H T S

� One half mile to Capitol Hill and its abundant neighborhood amenities

� 1 mile to the Capitol Hill Light Rail Station with service to places like Downtown Seattle, Century Link Field, Pioneer Square, Northgate and the Seattle Tacoma Airport.

� 1 mile to the Downtown Central Business District

� Across the street the New Seasons Market will be opening an 18,000 ft store with 144 apartment units in late 2018

� 23rd and Unions Midtown Center is planned for 429 units, restaurants, and commercial space surrounding a large public plaza.

� A stones throw from Uncle Ikes and Chucks Hop Shop amongst other neighborhood shops and restaurants

� Cal Anderson Park – 7-acre park with water features, large lawn area, footpaths, a play area, an athletic field and oversized chess boards.

� Quick accessibility to Seattle CBD, Highway 99, I-5, I-90 and the new Mercer Street bike paths

� Nearby Hospitals---Virginia Mason Hospital/Seattle Medical Center, First Hill Medical Swedish Hospital, Seattle Children’s Odessa Brown Clinic, Harborview Medical Center and Swedish Cherry Hill Campus

� Other close by parks include: Seven Hills Park, Homer Harris Park, Spring Street Mini Park, McGilvra Place, First Hill Park and Volunteer Park.

WALK SCORE

98

TRANSIT SCORE

84

BIKE SCORE

77

Capitol Hill is situated on a hill just east of the city’s downtown central business district. This popular residential neighborhood is funky and fast-paced, with an endless number of cool blocks to explore. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges

This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.

The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill’s major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city’s most historic mansions, with the two types sometimes shoulder-to-shoulder.

To the north is Capitol Hill’s largest and most popular public park. The 48 acre Volunteer Park is home to Seattle’s Asian Art museum, tennis courts, a conservatory, and a variety of city-wide events.

The demand for Capitol Hill apartments continues to rise as nearby Amazon.com continues its feverish hiring pace alongside other technology companies that are hiring as well as relocating to the South Lake Union area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area.

C A P I T O L H I L L

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 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.

W H Y C H O O S E S E A T T L E - K I N G C O U N T Y ?

*Data Sources: Washington State Employment Security Department, 2015; Washington State

Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic

Impacts 2016 Update; US International Trade Administration, 2014.

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

E X T E R I O R P H O T O S

R E S I D E N T I A L P H O T O S

R E S I D E N T I A L P H O T O S

C O M M E R C I A L P H O T O S

MONTHLY INCOME CURRENT PRO FORMA

Gross Potential Rent $5,700 $7,600

Utility Bill Back $0 $250

Other Income $0 $60

Gross Potential Income $5,700 $7,910

ANNUALIZED OPERATING DATA CURRENT PRO FORMA

Scheduled Gross Income $69,600 $94,920

Less Vacancy 4.00% $2,784 4.00% $3,797

Gross Operating Income $66,816 $91,123

ANNUALIZED OPERATING EXPENSES CURRENT PRO FORMA

Real Estate Taxes 2019 $9,068 $11,858

Insurance 2018 $1,200 $900

Utilities 2018 $3,000 $3,000

Fire Alarm/Sprinkler 2018 $1,000 $1,000

Maintenance & Repairs Pro Forma $3,000 $3,000

Total Expenses $17,268 $19,758

ANNUALIZED OPERATING DATA CURRENT PRO FORMA

Net Operating Income $49,548 $71,366

Annual Debt Service ($4,058/mo) $48,696 $48,696

Cash Flow Before Tax 0.16% $852 4.16% $22,669

Principal Reduction $14,969 $14,969

Total Return Before Tax 2.90% $15,820 6.19% $37,638

Income and Expenses

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

PRO FORMA

RENT

A 2 Bd/2 Bth 975 $1,700 $2,600

B 2 Bd/2 Bth 975 $2,600 $2,600

C Live/Work 980 $1,500 $2,400

Total 2,930 $5,700 $7,600

Units 3

Year Built 2009

Rentable Area 2,930

Down Pmt $545,000

Loan Amount $850,000

Interest Rate 4.00%

Amortization 30 years

Price $1,395,000

Per Unit $465,000

Per Sq. Ft. $476

Current GRM 20.0

Current CAP 3.6%

Pro Forma GRM 14.7

Pro Forma CAP 5.1%

Expense/Unit $5,756

Expense/Foot $5.89

Percent of EGI 24.8%

Expense/Unit $6,586

Expense/Foot $6.74

Percent of EGI 20.8%

CURRENT

OPERATIONS

PRO FORMA

OPERATIONS

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1 Year Built 1901 Units 3 Sales Price $1,485,000 Price/Unit $495,000 Price/Foot $437 Sales Date 00.00.0000

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2 Year Built 1901 Units 2 Sales Price $1,308,000 Price/Unit $645,000 Price/Foot $523 Sales Date 06.14.2019

Mixed-Use 4507 Sunnyside Ave N Seattle, WA 98103

3 Year Built 1991 Units 4 Sales Price $1,864,000 Price/Unit $466,000 Price/Foot $373 Status Pending

1

2

3

S A L E S C O M P A R A B L E S

Fourplex 242 32nd Ave Seattle, WA 98122

4 Year Built 1907 Units 4 Sales Price $1,395,000 Price/Unit $348,750 Price/Foot $506 Status On Market

4

East Union Mixed-Use 2106 E Union St Seattle, WA 98122Year Built 2009 Units 3 Sales Price $1,395,000 Price/Unit $465,000 Price/Foot $476 Current GRM/CAP 20.0/3.6% Market GRM/CAP 14.7/5.1%

east Union

Mixed-Use

600 University St, Suite 2018

Seattle Washington 98101

206 623-8880 / info@ParagonREA.com

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.