Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 5411 32nd Ave NW, Seattle, WA
Total Units 3
Built 1962
Square Feet 2,260 Net Rentable
Price $900,000
Cost Per Unit $300,000
Expenses Per Unit $3,683/Year
Cost Per Foot $398.23 Net Rentable (753 Ave SqFt)
Current GRM/CAP 21.10/3.51%
Market GRM/CAP 15.00/5.18%
Lot Size 4,482 Sq.Ft. (Land Vision)

The Investment

Paragon Real Estate Advisors is pleased to offer for sale the Ballard Triplex. This charming, well located, triplex is situated just off Market Street across from the Hiram M. Chittenden Locks.

Built in 1962, the Ballard Triplex is a 2-story wood framed building with a low maintenance marble-crete and brick façade and a pitched composition roof.

This triplex is comprised of 3 spacious apartments including one, two-bedroom/one-bath unit on the ground floor and two, one-bedroom/one-bath units on the upper floor. The one-bedroom units are large and feature a unique two-level lofted floorplan that is open and airy with great natural light. The one-bedroom units also have beautiful original hardwood floors. Each unit is individually metered for electricity, has electric baseboard heating and has separate hot water tanks.

The building features a generally low-maintenance design and has been updated with double-paned vinyl windows for energy efficiency, a newer roof (2010+/-), upgraded electrical panels and an improved gutter system to handle Seattle weather. The building also appears to have copper water supply lines.

Resident amenities include ample off-street parking with 4+ parking stalls and a convenient common laundry facility with one pair of leased machines. The building sits on an approximately 4,482 square foot lot that is zoned NC1-30 which allows for a multitude of future redevelopment options.

Located in one of Seattle’s most popular and dynamic neighborhoods.

Ballard is a historic and hip little town located in the northwest region of Seattle. Ballard’s thriving waterfront and blossoming culture makes it one of the most distinguished neighborhoods in Seattle. Once upon a time, Ballard (settled in 1853) was its own city—a blue-collar, maritime-centric enclave bustling with fishers, millworkers, and boat-builders, many of Scandinavian descent.

While the historic neighborhood maintains its working waterfront, a lineup of trendy bars, shops, and restaurants, plus a pedestrian-friendly layout, have helped it transform into one of the city’s hippest hot spots for visitors and locals alike.




Ballard is home to some of Seattle’s best outdoor recreation and waterfront attractions such as the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beachfront Golden Gardens Park which overlooks the majestic Olympic Mountains, providing a year-round oasis for picnics and bonfires on a rocky beach.

In recent years, new development in the area is attracting a younger resident profile to Ballard that has been attracted by the community’s energetic nightlife, award winning restaurants, quality of life, retail amenities, and close vicinity to Downtown Seattle. Ballard’s unique amenities, rich history, small-town charm, dynamic waterfront and close proximity to Seattle’s most popular neighborhoods make it a prime location to live, work and play

Monthly Scheduled Income

# of Units Type Size Current Rent Monthly Income Market Rent Monthly Income
1 1BD/1BTH 700 $1,060 $1,060 $1,450 $1,450
1 1BD/1BTH 700 $925 $925 $1,450 $1,450
1 2BD/1BTH 860 $1,300 $1,300 $1,695 $1,695
3 Average S.F. 753 $1.45 $2.03

Property Photos

Building Floor Plans

Operating Information

PRICING
Price$900,000
Down Payment$225,000 (25%)
Loan Amount$675,000 (75%)
Interest Rate4.50% 30 Year Fixed
Amortization30 Years
Lot Size4,482 SqFt.
 
Price Per Unit$300,000
Price Per Net Sq.Ft.$398.23
 
Market GRM15.00
Market CAP5.18%
Current GRM21.10
Current CAP3.51%
 
Market Expenses
Expenses/Unit$3,865
Expenses/Foot$5.13
% of EGI19.92%
Current Expenses
Expenses/Unit$3,683
Expenses/Foot$4.89
Percent of EGI25.90%


Monthly Scheduled IncomeCurrentMarket
Monthly Scheduled Rent$3,285$4,595
Parking ($40/Space) $0$120
Laundry$30$30
Utility Bill Back (Average)$240$240
Misc.$0$15
Total Monthly Income$3,555$5,000
 
ANNUALIZED OPERATING DATACurrentMarket
Scheduled Gross Income$42,660$60,000
Less Vacancy0%$1,800 (3.00%)
Effective Gross Income$42,660$58,200
Less Expenses$11,050$11,594
Net Operating Income$31,610$46,606
Annual Debt Service ($3,420.13/mo)$41,042$41,042
Cash flow Before Tax(9,431 (-4.19%)$5,564 (2.47%)
Principal Reduction$10,889$10,889
Total Return Before Tax$1,458 (0.65%)$16,454 (7.31%)
 
ANNUALIZED OPERATING EXPENSESCurrentMarket
Real Estate Taxes (2016 Actual)$4,956$5,500
Insurance (2016 Actual)$764$764
Utilities (2016 Actual)$3,080$3,080
Maintenance & Repairs (Proforma)$2,250$2,250
Total Operating Expenses$11,050$11,594
 

Ballard Triplex

This apartment offers a new investor the opportunity to purchase an attractive, turn-key asset located in one of Seattle’s strongest rental sub markets.