powerpoint presentation...roanoke terrace 1968 16 $425,000 $444.44 22.7 3.67% $6,800,000 3/5/2019...
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701 NE Northlake Ave N | Seattle, WA 98105P 206-274-8000 | www.portagebayadvisors.com
Diane318 Boylston Avenue East | Seattle, WA 98102
$2,800,000
Will Gibsono: 206-274-8108c: [email protected]
Portage Bay AdvisorsWorld Headquarters701 Northlake Ave NSeattle, WA 98105
The information included in this document has been obtained by sources we believe to be reliable. While we do not doubt itsaccuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility toindependently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are forexample only and may not accurately represent the current or future performance of the property. The value of any proposedtransaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You andyour advisors should conduct a careful, independent investigation of the property to determine to you satisfaction the suitabilityof the property for your needs.
offering summary _____________
Property Overview
Building Name Diane
Address 318 Boylston Avenue East | Seattle, WA 98102
Total Units 8
Price $2,800,000
Price Per Unit $350,000
Price Per Foot Net $545.81 / Gross $514.52
Current GRM / CAP 16.79 /4.12%
Terms All cash to seller
Year Built 1958
Square Feet 5,130 net rentable / 5,442 gross square feet
Lot Size 4,438 sf
Zoning MR (M)
Portage Bay Advisors is pleased to exclusively offer for sale for the first time in over twenty years Diane, on Boylston Avenue East in the Capitol Hill neighborhood of Seattle, Washington.
Diane is an 8-unit, two-story brick façade building that was built in 1958, but has been updated since the building was built with new windows, and updated plumbing throughout. The units have also been kept in very nice condition, while still maintaining the building’s mid-century charm and style points. The building features beautiful, original oak floors in all ofthe units, along with very charming mid-century kitchens and bathrooms that have dishwashers and disposers. Every unit has its own individual private entry from the common area courtyard, which is located behind secure entry off the street. There is also separate, dedicated tenant storage located on-site, along coin-operated laundry facilities in a secure laundry room.
The building offers a good mix of units: two 2bd/1ba units & six 1bd/1ba units, along with three separate and secure garage units.
Diane offers investors the rare opportunity to acquire a well-maintained building with modern physical systems at a supreme Capitol Hill location.
investment overview____________Supreme Capitol Hill location
Walk score of 98, or walker’s paradise
Located just four blocks from the Capitol Hill Light Rail station
Updated plumbing throughout
All units have original oak floors
Updated double pane vinyl windows
Coin-operated laundry facilities located on-site
3 secure garage units
Well maintained property with historically stable occupancy & low vacancy
Lot zoned MR (M)
Diane is located at 318 Boylston Avenue East, west of Broadway & north of John Street, in the heart of Capitol Hill neighborhood of Seattle, WA just four blocks from the Capitol Hill light rail station, and boasts a walk score of 98 (walker’s paradise).
Capitol Hill is a vibrant and active neighborhood which teems with activity at all hours of the day and night. Centrally located and just to the east of the downtown Seattle CBD, Capitol Hill is a core, urban submarket of Seattle, WA. During the day, markets, boutiques, restaurants, coffee shops and salons are abuzz with activity. In the evening, the neighborhood is alive with nightlife featuring bars, nightclubs, theatres and music venues along with coffee shops that moonlight as cocktail lounges.
Housing options on Capitol Hill offer a wide range of diversity, from modest small efficiency dwelling units (SEDU) to some of the City’s most beautiful and historic mansions. It is common to find a wide range of housing options and diversity represented in a single block of Capitol Hill.
Subject Property Profile
OFFERING SUMMARYMonthly Income
UnitUnit Type
Approximate Size
Current Rent
Current Rent/sf
1 2bd/1ba ~750sf $1,900 $2.53/sf
2 1bd/1ba ~605sf $1,500 $2.48/sf
3 1bd/1ba ~605sf $1,500 $2.48/sf
4 1bd/1ba ~605sf $1,500 $2.48/sf
5 2bd/1ba ~750sf $1,850 $2.47/sf
6 1bd/1ba ~605sf $1,365 $2.26/sf
7 1bd/1ba ~605sf $1,400 $2.31/sf
8 1bd/1ba ~605sf $1,500 $2.48/sf
rent roll______________________
Subject Property Profile
#
Rent Income
Units TypeApproximate
SizeCurrent
RentCurrent
Monthly Income
6 1bd/1ba ~605sf $1,365-$1,500 $8,675
2 2bd/1ba ~750sf $1,850-$1,900 $3,750
8 641 sf avg. $2.44/sf avg $12,515
Annualized Operating Expenses Current
Real Estate Taxes (2020 actual) $20,294
Insurance (pf $350 per unit) $2,800
Utilities (2019 annual) $8,400
Maintenance & Repairs (pf $950 per unit) $7,600
On-site management (pf $40/unit rent credit) $3,840
Reserves (pf $250 per unit) $2,000
Total Expenses $44,889
Annualized Operating Data Current
Gross Scheduled Income $166,800
Vacancy (4%) ($6,672)
Gross Operating Income $160,128
Less Expenses ($44,889)
Net Operating Income $115,239
Annual Debt Service ($86,861)
Cash Flow Before Tax $28,378
Principal Reduction $30,394
Total Return Before Tax $58,772
Total Monthly Income CurrentRent Income $12,515
Utility Income $660
Parking Income $525
Laundry Income $120
Other Income $80
Total Income $13,900
operating summary_____________
Building Overview
Units 8 Price $2,800,000
Year Built 1958 Price Per Unit 350,000
Net Rentable SF 5,130 Price/Net SF $545.81
Gross SF 5,442 Price/Gross SF $514.52
Down Payment $1,200,000 Current GRM 16.79
Loan Amount $1,600,000 Current CAP 4.12%
Interest Rate 3.56%
Amortization 30 Years
Current Operations
Expenses per Unit $5,611
Expenses per Foot $8.75
Percentage of Gross 26.91%
OFFE2207RING SUMMARY
Year Built UnitsPrice
Per UnitPrice
Per SFGRM CAP Selling Price Sale Date
Subject Property318 Boylston Avenue East Seattle, WA 98102
Diane
1958 8 $350,000 $545.81 16.79 4.12% $2,800,000
Sales Comparable 1406 Summit Avenue EastSeattle, WA 98102
Summit Terrace
1924 10 $330,000 $702.13 17.66 3.75% $3,300,000 12/9/2019
Sales Comparable 2825-829 13th AvenueSeattle, WA 98112
DeLaire
1908 9 $344,444 $567.87 18.8 3.47% $3,100,000 6/12/2019
Sales Comparable 3418 12th Avenue NESeattle, WA 98102
Capitol Hill 8
1968 8 $467,444 $620.12 16.5 4.38% $3,810,000 1/15/2019
Sales Comparable 3
Sales Comparable 2
Subject Property Sales Comparable 1
sales comparables ___________
OFFE2207RING SUMMARY
Year Built UnitsPrice
Per UnitPrice
Per SFGRM CAP Selling Price Sale Date
Subject Property318 Boylston Avenue East Seattle, WA 98102
Diane
1958 8 $350,000 $545.81 16.79 4.12% $2,800,000
Sales Comparable 41210 East John StreetSeattle, WA 98102
Price Manor
1958 11 $277,273 $451.85 17.2 3.67% $3,050,000 1/16/2019
Sales Comparable 52600 Eastlake Avenue EastSeattle, WA 98102
Roanoke Terrace
1968 16 $425,000 $444.44 22.7 3.67% $6,800,000 3/5/2019
Sales Comparable 62220 Minor Avenue EastSeattle, WA 98102
Elizabeth
1968 16 $428,125 $451.85 18.31 3.65% $6,850,000 8/26/2019
Sales Comparable 6
Sales Comparable 5
Subject Property Sales Comparable 4
sales comparables ___________
Subject Property Profile
building photography____________
Subject Property Profile
building photography____________
Subject Property Profile
building photography____________
for more informationplease contact
Will Gibsono: 206-274-8108 c: [email protected]
World Headquarters701 NE Northlake WaySeattle, WA 98105www.portagebayadvisors.com