Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 6700 Carleton Ave S, Seattle WA 98108
Total Units 6
Built 1958
Square Feet 2,494 Total Net Rentable
Price $895,000
Price Per Unit $149,167
Current GRM/CAP 14.3/4.7% (1% Vacancy)
Expenses Per Unit $3,03/Year
Price Per Foot $358.86
Market GRM/CAP 13.5/4.8% (3% Vacancy)
Lot Size 6,000 Sq.Ft.
Zoning LR1
Terms Cash Out

Investment Highlights

Paragon Real Estate Advisors is pleased to offer for sale the Georgetown Apartments. This attractive 6 unit apartment building is located in the trendy up and coming neighborhood of Georgetown.

With an explosion of high paying jobs and increasing rental rates in Seattle, Georgetown is an affordable alternative for renters. Georgetown is no longer only a home to artists seeking affordable housing it has become a highly sought after neighborhood. Just a ten minute drive from Seattle Georgetown is a neighborhood offering a sense of community with parks, restaurants and well known breweries. Georgetown is an example of a vibrant and growing Urban Village just outside the city core, yet within the Seattle city limits.

Highlights
> Single story side by side apartment units
> Pitched composition roof
> On-site parking
> Common laundry room
> Potential to add one more apartment unit
> Stable long term tenant base
> Low maintenance, low management-intensive property




Location Highlights

The Carleton Apartments are located in Seattle’s oldest neighborhood, Georgetown. In recent years, Georgetown has experienced a dramatic revival with a bustling business district and night life. Everything from barbershops to scooter shops to coffee shops, a large variety of restaurants, and street fairs thrive in this historic area.

Georgetown is known for its micro breweries, including the Georgetown Brewery with popular Manny’s Pale Ale, and Emerald City Beer known for its Dottie Lager. Restaurants include Stella’s Pizzeria, Brass Tacks, Two Tartes Bakery, and the well renowned Corson Building offering a unique upscale dining experience. Many other hip entertainment venues like the Georgetown Trailer Park Mall, and the School of Acrobatics and New Circus Arts are also thriving.
Fran’s chocolatiers offering the finest of artisan chocolate has recently moved their operations to this area. Fran’s has a retail, production and viewing area that offers tours of the facility the heart of Georgetown.

The Carleton Apartments are located in a residential neighborhood adjacent to Georgetown’s entertainment district. This area is a popular place to live with many new townhome projects, homes, and a fairly limited supply of apartment rentals. It has direct access to both Interstate 5 and Highway 99, and is a quick 10 minute commute to downtown Seattle. Several public parks are in the area, the closest is Oxbow Park featuring the giant “Hat N Boots” sculpture just one block away.



Monthly Scheduled Income

# OF UNIT TYPE SIZE CURRENT RENT MONTHLY INCOME MARKET RENT MONTLY INCOME
6 1BD/1BTH 416 Sq.Ft. $815-$915 $5,175 $915 $5,490
6 Average/Totals 416 SqFt $2.07 $5,175 $2.20 $5,490

Operating Information

PRICING
Price$895,000
Down Payment$358,000 (40%)
Loan Amount$537,000 (60%)
Interest Rate4.20% New Loan
Amortization30 Years
 
Price Per Unit$149,167
Price Per Sq.Ft.$358.86
 
Current GRM14.32
Current CAP4.70%
Market GRM13.50
Market CAP4.75%
 
CURRENT EXPENSES
Current Expenses/Unit$3,303
Expenses/Foot$7.95
% of GSI31.71%
MARKET EXPENSES
Expenses/Unit$3,623
Expenses/Foot$8.72
% of GSI32.80%


MONTHLY SCHEDULED INCOMECurrentMarket
Monthly Scheduled Rent$5,175$5,490
Utility Billback$0$0
Laundry Income$33$33
Other Income$0$0
Total Monthly Income$5,208$5,523
 
ANNUALIZED OPERATING DATA
Scheduled Gross Income$62,496$66,276
Less Vacancy$625 (1%)$1,988 (5%)
Gross Operating Income$61,871$64,288
Less Expenses$19,819$21,740
Net Operating Income$42,052$42,548
Annual Debt Service ($2,626/mo)$31,512$31,512
Cash flow Before Tax$10,540 (2.94%)$11,035 (3.08%)
Principal Reduction$9,133$9,133
Total Return Before Tax$19,672 (5.50%)$20,167 (5.63%)
 
ANNUALIZED OPERATING EXPENSES
Real Estate Taxes $4,408$7,000
Insurance$2,188$2,188
Untilies$7,252$7,252
Adminstration$105$105
Maintenance & Repairs$4,367$3,000
Landscaping$0$600
Reserves$1,500$1,500
Total Operating Expenses$19,819$21,740