M o n t l a k eT R I P L E X

SEATTLE CBD

LAKE UNION

CAPITOL HILL LIGHT RAIL STATIONCAPITOL HILL

EASTLAKE

SOUTH LAKE UNION

U DISTRICT

ROOSEVELT

FREMONT

WALLINGFORD

M o n t l a k eT R I P L E X

UNIVERSITY OF WASHINGTON

Paragon Real Estate Advisors is pleased to exclusively offer for sale a triplex located in the Montlake neighborhood. This Montlake Triplex presents the opportunity to buy a charming building in a park like setting. This pride of ownership building is a well-located property close to a multitude of major employers, the University of Washington, and local retail and restaurants. Residents enjoy convenient freeway access and being located within minutes of a variety of amenities surrounding the neighborhood all within walking distance.

NAME Montlake Triplex

ADDRESS 2553 24th Ave E, Seattle, WA 98112

TOTAL UNITS 3

BUILT 1959

SQUARE FEET 2,160 Total Net Rentable

PRICE $1,200,000

PRICE PER UNIT $400,000

PRICE PER FOOT $556

CURRENT GRM/CAP 21.4/3.3%

MARKET GRM/CAP 17.3/4.7%

LOT SIZE 4,916 Square Feet

ZONING LR2

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.

P R O P E R T Y I M P R O V E M E N T S

The property is in the northern sector of Montlake near the up-and-coming Montlake transit station and easy access to the 520 freeway. It is a two-story brick triplex, built in 1959. In front of the property is a cobblestone pathway that leads to a shared patio with a beautiful yard. The triplex is comprised of three different unit types. There is a one bedroom one bath unit and a two-bedroom one bath unit on the main living areas of the building. The third unit is a one bedroom one bath daylight basement.

Unit A and B are the upper floors of the building. The units have spacious floor plans and hardwood floors. The kitchen has tile countertop, backsplash, and pink tile trim, along with an electric stove, a refrigerator and oven. Wooden cabinetry lines the perimeter, providing plenty of storage for all kitchenware. The windows are all a mix of single pane aluminum frame and double pane vinyl windows. Windows at the property were being replaced on an as-needed basis.

All three units are equipped with ample closet space. Unit A and Unit B have individual access to a two-car garage that has been converted into two individual garage spaces. The garage/storage spaces can be accessed via a staircase in each unit. Unit A the one bedroom one bath unit, has a washer and dryer located in the garage. Unit B the two bedroom and one bath unit and unit c, the daylight basement unit share a washer and dryer that is in the alcove off the landing to access the daylight basement unit. The daylight basement unit does not have access to the garage/storage space. Unit A and B are supplied with forced air heating/cooling. The daylight basement has electric baseboard and a cadet heater. The plumbing is a mix of copper and galvanized. The building exterior is masonry and a pitched composition roof.

There is off-street parking, located on 24th Ave E. The property offers incredibly convenient and easy access to the natural (conserved) beauties like the arboretum and the Japanese gardens, in addition to the bustling nightlife in Capitol Hill and University Village. It is near public transportation outlets and right off the SR 520.

2 private garages

Convenient freeway access

Park like setting

Close proximity to the University of Washington - less than a half mile

First time on the market in over a decade!

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

M o n t l a k eT R I P L E X

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

Sandwiched between Eastlake and the Washington Park Arboretum, Montlake is a charming, quiet neighborhood. It is three minutes to the University District and ten minutes to the Seattle Central Business District.

Montlake is a community that rallies together to solve issues, usually revolving around environmental preservation. Hot-button issues include the ever-evolving debate about the Highway 520 bridge that cuts through the neighborhood, habitat restoration, and the upkeep of the area’s parks. Much of the draw to Montlake is its park system. Interlaken Park, which forms the border between Montlake and Capitol Hill, is great for hiking. The Washington Parks Arboretum marks the eastern border and has flower gardens, trails that go over land and water, and the Japanese garden.

The small business district on 24th Avenue has convenient shops to fulfill your basic needs. University Village is 8 minutes away providing a variety of well-established retail stores and restaurants.

This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus.

WALK SCORE

73

TRANSIT SCORE

78

BIKE SCORE

97

Easy access to the UW campus - less than a half mile

Easy access to public transportation - including future bus and rail stops off 520

Immidiate access to the Seattle Central Business District and South Lake Union

Easy access to Seattle’s Arboretum, Botanical Gardens, Interlaken Park, East Montlake Park, and more!

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

U N I T P H O T O S

Unit B Unit C

Unit C Unit B

U N I T P H O T O S

Unit B Unit C

Unit C Unit B

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $56,100 $69,300

Parking Income $0 $2,400

Utility Bill Back $256 $2,352

Pet Rent $300 $300

Gross Potential Income $54,973 $72,273

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $56,100 $69,300

Less Vacancy 3% (1,683) 3% ($2,079)

Gross Operating Income $54,973 $72,273

Less Expenses $15,319 $15,823

Net Operating Income $39,654 $56,450

Annual Debt Service ($1,910/mo) $22,916 $22,916

Cash Flow Before Tax 2.09% $16,738 4.19% $33,534

Principal Reduction $7,044 $7,044

Total Return Before Tax 2.97% $23,782 5.07% $40,578

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

Real Estate Taxes Actual $10,533 $10,873

Insurance Actual $2,336 $2,336

Utilities Actual $2,450 $2,614

Total Expenses $15,319 $15,823

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

1 1 Bd/1 Bth 600 $1,650 $1,830

1 2 Bd/1 Bth 960 $1,700 $2,295

1 1 Bd/1 Bth DLB 600 $1,325 $1,650

3 Total/Avg 720 $2.16 $2.67

Units 3

Year Built 1959

Rentable Area 2,160

Down Pmt $800,000

Loan Amount $400,000

Interest Rate 4.00%

Amortization 30 years

Price $1,200,000

Per Unit $400,000

Per Sq. Ft. $556

Current GRM 21.39

Current CAP 3.30%

Market GRM 17.32

Market CAP 4.70%

Expense/Unit $5,106

Expense/Foot $7.09

Percent of EGI 27.31%

Expense/Unit $5,274

Expense/Foot $7.33

Percent of EGI 22.83%

CURRENT

OPERATIONS

MARKET

OPERATIONS

1014 E Denny Way

Seattle, WA 98122

3 Year Built 1905 Units 3 Sales Price $2,100,000 Price/Unit $700,000 Price/Foot $691 GRM/CAP N/A Sales Date 01.07.2019

1001 23rd Ave E

Seattle, WA 98112

1 Year Built 1950 Units 3 Sales Price $1,834,100 Price/Unit $611,367 Price/Foot $552 GRM/CAP N/A Sales Date 06.14.2019

511 E Mercer St

Seattle, WA 98102

2 Year Built 1904 Units 3 Sales Price $1,295,000 Price/Unit $431,667 Price/Foot $485 GRM/CAP 25.0/2.8% Sales Date 04.05.2019

332 17th Ave E

Seattle, WA 98112

4 Year Built 1912 Units 4 Sales Price $1,900,000 Price/Unit $475,000 Price/Foot $475 GRM/CAP 16.0/5.0% Sales Date 12.31.2018

1

3

4

2

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

319 Malden Ave E

Seattle, WA 98112

5 Year Built 1906 Units 3 Sales Price $1,300,000 Price/Unit $433,333 Price/Foot $699 GRM/CAP 25.0/3.0% Sales Date 10.02.2018

5

Montlake Triplex 2553 24th Ave E Seattle, WA 98112Year Built 1959 Units 3 Sales Price $1,200,000 Price/Unit $400,000 Price/Foot $556 Current GRM/CAP 21.4/3.3% Market GRM/CAP 17.3/4.7%

M o n t l a k eT R I P L E X

2

Montlake Triplex2553 24th Ave ESeattle, WA 98112

1959 - 3 Units

1 Bd/1 Bth1 Bd/1 Bth (DLB)

2 Bd/1 Bth

600960

$1,650$1,325$1,700

$2.75$2.21$1.77

In-unit W/D in unit A, shared W/D in units B and C, forced air, 1x1 daylight basement unit, off street parking, 2 private garage spaces.

1931 E Calhoun StSeattle, WA 98112

1920 - 2 Units

1 Bd/1 Bth (DLB) 750 $1,900 $2.53W/D in unit, stainless steel appliances, walk-in closet. Owner pays W/S/G, gas and electricity. Tenant is responsible for Cable/Internet.

431 31st Ave ESeattle, WA 98112

1924 - 3 Units

2 Bd/1 Bth 1,500 $2,495 $1.66

Newly remodeled, W/D in basement - accessible from the unit, stainless steel appliances, soft close cabinetry, quartz countertops, tiled bathroom with heated floors. Tenant pays a share of common W/S/G, electricity, and lawn care. $100 - $175 per month

611 Malden Ave ESeattle, WA 98112

1907/1974 - 4 Units

2 Bd/1 Bth 825 $2,295 $2.784-plex building, on-site laundry facilities, refinished oak hardwood floors, large galley kitchen w/new appliances, hot water radiant heat. W/S/G included. Tenant pays electricity

3

1

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

1

23

M o n t l a k eT R I P L E X

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

45 6

1919 E Thomas StSeattle, WA 98112

1908 - 2 Units

2 Bd/1 Bth 800 $2,800 $3.50Duplex, W/D in unit, new hardwood/carpet, stainless steel appliances, dishwasher, free street parking, W/S/G & electric included.

222 23rd Ave ESeattle, WA 98112

1903 - 2 Units

1 Bd/1 Bth 610 $1,650 $2.70Duplex, W/D in unit, dishwasher, forced air, private patio/covered deck, W/S/G and landscaping included.

1000 32nd Ave ESeattle, WA 98112

1955/1985 - 4 Units

1 Bd/1 Bth 525 $1750 $3.33Recently remodeled full kitchen, stainless steel appliances, hardwood floors, large closets, street parking, extra insulation for noise cancellation and heat retention.

4134 11th Ave NESeattle, WA 98105

1926/1985 - 10 Units

2 Bd/1 Bth 850 $2,645 $3.11 Hardwood floors, private entry, BBQ, courtyard

4719 15th Ave NESeattle, WA 98105

1999 - 24 Units

1 Bd/1 Bth 599 $1,829 $3.05W/D in unit, dishwasher, carpet, double pane vinyl windows, walk-in closets, garage parking, storage space, balconies/patios

8

7

4

5

6

78

M o n t l a k eT R I P L E X

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.