offering memorandum | 1458 nw 67th st | seattle, wa …

OFFERING MEMORANDUM | 1458 NW 67TH ST | SEATTLE, WA 98117

BALLARD NEW CONSTRUCTION INVESTMENT OPPORTUNITY

NEW CONSTRUCTION INVESTMENT OPPORTUNITY

This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

EXCLUSIVELY LISTED BY

JAMES COLEMAN

[email protected] 206-384-6077

JONATHAN JACOBS

[email protected]

DANE MURPHY


Windermere Real Estate Co. | Seattle – Ballard 2636 NW Market St. Seattle WA, 98107

BALLARD NEW CONSTRUCTION INVESTMENT OPPORTUNITY | OFFERING MEMORANDUM 3

EXECUTIVE SUMMARY

Building Characteristics1458 NW 67TH ST SEATTLE, WA 98117

$1,699,999

Built in 2021

3,152 SQFT

3,152 GLA

$15,200 Estimated Property Taxes for 2022

LR1 Zoning

Urban Village

Parcel #: 305270024600

Tax Assessed Value: TBD

INVESTMENT HIGHLIGHTS

Located within an urban village, walking distance to downtown Ballard

Fully leased• 82% of lease is on a 4% increase

over 3 years• 2 bed unit is leased for 1 year

Easy access to public transportation and future light rail station

Located near restaurants, coffee shops, and Market Street




AMENITIES MAP

ENJOY COFFEE, DRINKS, PIZZA,

SHOPPING AND MORE ALL WITHIN

WALKING DISTANCE.

1. Delancey’s Pizza2. The Fat Hen3. Frankie & Jos4. noLIta5. Top Banana6. Ballard Market7. Watson Counter8. Portalis Wine Shop9. Biscuit & Bean10. Un Bien11. Grumpy D’s Coffee House


NW 65TH ST NW 65TH ST


70TH ST70TH ST

NW 73RD ST NW 73RD ST


NW 61ST ST NW 61ST ST NW 61ST ST

NW 62ND ST NW 62ND ST NW 62ND ST

NW 64TH ST NW 64TH ST NW 64TH ST

NW 63RD ST NW 63RD ST NW 63RD ST

BALLARD HIGH SCHOOL

SALMON BAY PARK

NW 73RD ST

20TH AV

E NW

17TH AV

E NW

15TH AV

E NW

14TH AV

E NW

15TH AV

E NW

11TH AV

E NW

9TH AV

E NW

10

5

1 2

3

4

6

7

8

9

11

DEMOGRAPHICS

27,500 Total Population (approx.)

7.1% YOY Change in Population

34.4 Median Age

$132,468 Average Household Income

14,213 Occupied housing Units

5,194 Owner Occupied

9,019 Renter Occupied


BALLARD

RENT ROLL


P&L

TENANTS LEASABLE SQFT % OF GLA TERM MONTHLY RENT ANNUAL RENT

Unit 1 2,585 82% 36 months $7,500-$8,100 $90,000-$97,200

Unit 2 567 18% 12 months $1,850 $22,200

Year One Totals 3,152 100% 9,350 $112,200

*Some of this information is estimated and not actual. Buyer to verify to their own satisfaction.

LOCATION DESCRIPTION SQFT CURRENT NEW UTILITY

Unit 1 - Year One* 8 beds @ $937.50 ea 2,585 $7,500 $600

Unit 2 2 bed/1 bath 567 $1,850 $150

*Unit 1 is a three year lease

Monthly Totals 3,152 $9,350 $750

Yearly Totals $112,200 $9,000

Yearly Income $121,200

INCOME

BALLARD NEW CONSTRUCTION INVESTMENT OPPORTUNITY | OFFERING MEMORANDUM 9*Some of this information is estimated and not actual. Buyer to verify to their own satisfaction.

P&L (continued)

MONTHLY EXPENSES

Management Included in lease

Insurance State Farm $200

Vacancy 2.5% $234

Utilities (estimated year one) SPU, City Light $750*

RE Taxes 2022 EST $1,267

Maintenance Misc Yard and Misc $250

METRO King County Tap Charge $70

Reserves and Misc $300

Monthly Total Expenses $3,017

Yearly Expenses $36,852

NOI $84,948

Price $1,699,999

Cap Rate 4.99

*After year one of lease is complete, tenant is liable for 80% ofutilities and landlord is liable the remaining 20%.

Landlord Obligations

Landlord is responsible for exterior walls, foundation, and roof.

No common area maintenance

Landlord is responsible for all property taxes

Landlord is responsible for maintaining property and liability insurance

Landlord is responsible for utilities that exceed $750 per month

Unit 1 tenant pay $600/month for utilities

Unit 2 tenant pays $150/month for utilities


LEASE ABSTRACT


EXCLUSIVELY LISTED BY

JAMES COLEMAN


JONATHAN JACOBS

[email protected]

DANE MURPHY


Windermere Real Estate Co. | Seattle – Ballard 2636 NW Market St. Seattle WA, 98107

offering memorandum | 1458 nw 67th st | seattle, wa …

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