Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 8221 5th Ave NE, Seattle WA 98115
Total Units 15 (14 Apts + 1 Com Space)
Built 1998
Square Feet 12,341 Net Rentable
Price $4,900,000
Current GRM/CAP 16.6/3.9%
Market GRM/CAP 12.3/5.8%
Terms Cash Out
Lot Size 5,580 Square Feet
Zoning NC1-40

Investment Highlights

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Ashley Manor Apartments, a well located 14-unit apartment (plus commercial space) building constructed in 1998. Situated in the very walkable and amenity rich Maple Leaf neighborhood, the Ashley Manor Apartments offers residents a nice residential feel with quick access to the tech employment centers of South Lake Union and Downtown Seattle.

This is the first time the Ashley Manor has been available to purchase since construction. The property offers the buyer a rare opportunity to purchase a newer construction building with immediate rental upside.

Investment Highlights:

  • 1998 construction
  • Original owner builder
  • First time on the market
  • Large units, views and decks
  • Elevator access
  • Low maintenance brick and vinyl exterior
  • Secured under building parking
  • Excellent condition
  • Re-decorated common areas
  • Views of Downtown Seattle

Location

Maple Leaf is a strong residential neighborhood for high quality multi-family, condominiums and single-family homes. The local businesses include, neighborhood grills, cafés, specialty shops, pharmacy, a large ACE Hardware and the Perkins School a private K-5 Elementary. Additionally, Maple Leaf supports many professional neighborhood businesses like CPA’s, Dentists, Doctors, Chiropractors and Attorneys. Frequent bus service allows residents to easily travel to employment centers located in South Lake Union, Downtown, the University of Washington, and Fremont. Nearby Northgate shopping mall offers many retail, entertainment and restaurant options.
Sound Transit’s Northgate Link Light Rail Extension, set to open in 2021, will have two Light Rail stations that are each located in this neighborhood. Sound Transit estimates that 23,000 riders will board from the Northgate and Roosevelt Light Rail Stations by 2030, allowing quick access to the University of Washington, Capitol Hill, Downtown Seattle, and the Sea-Tac International Airport.
  • Located just north of the Seattle Central Business District
  • Easy access to Metro Transit and Link Light Rail
  • Walk to restaurants, cafés, and shopping
  • Easy access to the University of Washington
  • Close to Greenlake - Seattle’s most popular park
  • 14 minutes to the Seattle CBD
  • 1.1 miles from two future light rail stations

Monthly Scheduled Income

# of Units Type Size Current Rent Monthly Income Market Rent Market Income
3 1Bd/1Bth 725 Sq.Ft. $1,010 - $1,495 $3,600 $1,695 $5,085
8 2Bd/1Bth 810 Sq.Ft. $1,305 - $1,995 $13,265 $2,095 $16,760
3 2Bd/2Bth 840 Sq.Ft. $1,305 - $1,995 $4,710 $2,295 $6,885
1 Office 1,116 Sq.Ft. $1,740 $1,740 $1,740 $1,740
15 Avgverage 823 Sq.Ft $1.89 $23,315 $2.47 $30,470

Operating Statement

PRICING
Price$4,900,000
Price Per Unit$326,667
Price Per Sq.Ft.$397.05
Down Payment$2,450,000 (50%)
Loan Amount$2,450,000 (50%)
Interest Rate4.50%
Amortization30 Years
 
Current GRM/CAP16.6/3.9%
Market GRM/CAP12.3/5.8%
 
CURRENT EXPENSES
Expenses/Unit$6,391
Expenses/Foot$7.77
% of GSI33.38%
MARKET EXPENSES
Expenses/Unit$6,561
Expenses/Foot$7.97
% of GSI25.76%


MONTHLY SCHEDULED INCOMECURRENTMARKET
Monthly Scheduled Rent$23,315$30,470
Utility Bill Back$622$1,125 ($75/unit)
Parking (14 Stalls)$0$700 ($50/Stall)
Storage Income (7 Lockers)$245$245
Pet Rent$0$175 ($25/pet)
NNN Income$449$449
Total Monthly Income$24,671$33,164
 
ANNUALIZED OPERATING DATACURRENTMARKET
Scheduled Gross Income$296,055$397,968
Less Vacancy$8,882 (3%)$15,919 (4%)
Gross Operating Income$287,173$382,049
Less Expenses$95,869$98,418
Net Operating Income$191,304$283,631
Annual Debt Service ($12,414/mo)$148,965$148,965
Cash flow Before Tax$42,339 (1.73%)$134,666 (5.50%)
Principal Reduction$39,524$39,524
Total Return Before Tax$81,863 (3.34%)$174,190 (7.11%)
 
ANNUALIZED OPERATING EXPENSESCURRENTMARKET
Real Estate Taxes (2018)$36,651$39,200
Insurance (2017)$3,380$3,380
Utilities (2017)$18,075$18,075
On-Site Payroll (Proforma)$8,100$8,100
Maintenance & Repairs$12,750$12,750
Landscaping$906$906
Administration$750$750
Elevator Contract (2017)$8,912$8,912
Phone Contract (2017)$2,595$2,595
Reserves$3,750$3,750
Total Operating Expenses$95,869$98,418