paragon. Beyond the Deal.
paragon. Beyond the Deal.
paragon. Beyond the Deal.
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Kaylin Lee apartments<br />
Paragon. <strong>Beyond</strong> <strong>the</strong> <strong>Deal</strong>.<br />
location: 1814 12th Ave, Seattle, WA<br />
Total Units: 9<br />
Built: 1960<br />
Square Feet: 3,888 Net Rentable<br />
Price: $1,050,000<br />
Cost Per Unit: $116,667<br />
Cost Per Foot: $270.06 Net Rentable (432 Avg SqFt)<br />
AVG RENT/SQFT: $1.55<br />
Current GRM/CAP: 12.78/5.01% (3% Vacancy)<br />
MARKETt GRM/CAP: 11.05/6.02% (5% Vacancy)<br />
Expense per unit: $3,007/Year<br />
Terms: Cash Out<br />
HIGHLIGHTS: Great location, near shopping, restaurants, Seattle University,<br />
and <strong>the</strong> Pike/Pine triangle on Capitol Hill
The Kaylin Lee Apartments are located on 12th Avenue in <strong>the</strong> heart<br />
of Capitol Hill, Seattle’s most dynamic neighborhood. Capitol Hill is<br />
<strong>the</strong> most densely populated residential neighborhood North of San<br />
Francisco and West of Chicago.<br />
LOCATION<br />
The Kaylin Lee apartments are prominently located in <strong>the</strong> heart of Capitol<br />
Hill, one of Seattle’s most exciting urban neighborhood communities. The<br />
character of its historic buildings, design-savvy living spaces, arts facilities, and<br />
a collection of boutique shops and restaurants have only enhanced <strong>the</strong> vibrant<br />
neighborhood, which continues to embrace and cater to all walks of life.<br />
This chic urban location is home to over 50 restaurants, more than 30 coffee<br />
shops, several <strong>the</strong>aters, art galleries, and dozens of retailers and boutiques.<br />
Capitol Hill offers sophisticated, big city living with <strong>the</strong> close-knit ambiance of<br />
a small community, all within a fifteen-block radius.<br />
Residents have many options with retailers such as Trader Joes, Madison<br />
Market, Safeway and QFC all within blocks. This trendy metropolitan lifestyle<br />
is fur<strong>the</strong>r enhanced by <strong>the</strong> easy access to public transportation. Metro bus<br />
lines and <strong>the</strong> new Metro Light Rail transit center are all within walking<br />
distance. Cal Anderson Park and Playfield is located one block to <strong>the</strong> west<br />
providing ample outdoor space and recreational areas.<br />
Improvements<br />
Built in 1960, <strong>the</strong> Kaylin Lee has been updated while maintaining its charm<br />
and character. All exterior windows have been replaced with energy efficient<br />
double-paned vinyl windows providing units with sou<strong>the</strong>rn exposure light<br />
while reducing energy costs. The building was designed with efficient floor<br />
plans to attract urban tenants. The Kaylin Lee is a low maintenance design<br />
that will provide future owners with strong cash flow in a very strong rental<br />
area.<br />
Financing<br />
It is proposed that <strong>the</strong> Buyer pay all cash or obtain new financing available in<br />
<strong>the</strong> low to mid 4% range.
Paragon. <strong>Beyond</strong> <strong>the</strong> <strong>Deal</strong>.<br />
One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101<br />
T 206.623.8880 F 206.623.7435 www.ParagonREA.com<br />
operating information<br />
Kaylin Lee Apartments<br />
1814 12th Ave<br />
Seattle, WA<br />
Units 9<br />
Year Built 1960<br />
Rentable Area 3,888<br />
Down Payment $367,500 35.00%<br />
Loan Amount $682,500 65.00%<br />
Interest Rate<br />
4.50% Variable<br />
Amortization<br />
30 Years<br />
Lot Size<br />
4,520 Sq. Ft.<br />
Price 1,050,000<br />
Per Unit $116,667<br />
Per Sq. Ft. $270.06<br />
Current GRM 12.78<br />
Current CAP 5.01%<br />
Market GRM 11.05<br />
Market CAp 6.02%<br />
Monthly Scheduled Income<br />
# of<br />
Units<br />
Type<br />
size<br />
Current<br />
Rent<br />
Monthly<br />
Income<br />
Market<br />
Rent<br />
Monthly<br />
Income<br />
1<br />
Studio<br />
400<br />
$550<br />
$550<br />
$575<br />
$575<br />
8<br />
1 BD/1 Bth<br />
436<br />
$625 - $765<br />
$5,460<br />
$795<br />
$6,360<br />
9<br />
Averages<br />
432<br />
$1.55<br />
$1.78<br />
Monthly Scheduled Rent<br />
Parking (7 Stalls)<br />
$6,010<br />
$200<br />
$50/mo<br />
$6,935<br />
$350<br />
Utility Billback<br />
All utilities except Elect<br />
$612<br />
$612<br />
O<strong>the</strong>r<br />
$25<br />
$25<br />
Total Monthly Income<br />
$6,847<br />
$7,922<br />
Annualized Operating data<br />
Current<br />
market<br />
Scheduled Gross Income<br />
$82,164<br />
$95,064<br />
Less Vacancy<br />
3.00%<br />
$2,465<br />
5.00%<br />
$4,753<br />
Gross Operating Income<br />
$79,699<br />
$90,311<br />
Less Expenses<br />
$27,064<br />
$27,064<br />
Net Operating Income<br />
$52,635<br />
$63,247<br />
Annual Debt Service<br />
$3,458.13/mo<br />
$41,498<br />
$41,498<br />
Cash Flow Before Tax<br />
3.03%<br />
$11,138<br />
5.92%<br />
$21,749<br />
Principal Reduction<br />
$11,010<br />
$11,010<br />
Total Return before Tax<br />
6.03%<br />
$22,148<br />
8.91%<br />
$32,760<br />
Annualized Operating Expenses<br />
Current<br />
market<br />
Real Estate Taxes<br />
(2011)<br />
Insurance<br />
Utilities (billed back except Elect)<br />
Property Management<br />
$30/Unit<br />
$7,424<br />
$1,880<br />
$7,770<br />
$3,240<br />
$7,424<br />
$1,880<br />
$7,770<br />
$3,240<br />
Current Operations<br />
Expenses per Unit $3,007<br />
Expenses Per Foot $6.96<br />
Percent of Gross 32.94%<br />
Maintenance/Repairs<br />
Miscellaneous<br />
Replacements/Capital Reserves<br />
Proforma<br />
Proforma<br />
Proforma<br />
$4,500<br />
$450<br />
$1,800<br />
$4,500<br />
$450<br />
$1,800<br />
market Operations<br />
Expenses per Unit $3,007<br />
Expenses Per Foot $6.96<br />
Total Expenses<br />
$27,064<br />
$27,064<br />
Percent of Gross 28.47%<br />
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to <strong>the</strong> accuracy of <strong>the</strong> information. References<br />
to square footage or age are approximate. Buyer must verify <strong>the</strong> information and bears all risk for any inaccuracies.
Rent and Sale Comparables<br />
Subject property<br />
# of<br />
Units<br />
Year<br />
Built<br />
Studio Rent<br />
Sf & Rent/Sf<br />
1 Bd/1Bth Rent<br />
Sf & Rent/Sf<br />
Kaylin Lee Apartments<br />
1814 12th Ave<br />
Seattle, WA<br />
9<br />
1960<br />
$550<br />
400/$1.38<br />
$625 - $765<br />
436/$1.43 - $1.75<br />
Comparable Properties<br />
Roy Hill<br />
627 E Roy St<br />
Seattle, WA<br />
12<br />
1962<br />
$765<br />
363/$2.11<br />
$850<br />
527/$1.61<br />
Thomas Manor<br />
1819 E Thomas St<br />
Seattle, WA<br />
15<br />
1978<br />
$1,295<br />
650/$1.99<br />
Marianne Apartments<br />
414 Belmont Ave<br />
Seattle, WA<br />
16<br />
1958<br />
$695<br />
500/$1.39<br />
$895<br />
700/$1.28<br />
1202 Pine Apartments<br />
1202 Pine Street<br />
Seattle, WA<br />
27<br />
1908<br />
$750<br />
360/$2.08<br />
$995<br />
559/$1.78<br />
Birch<br />
1718 14th Ave<br />
Seattle, WA<br />
14<br />
1959<br />
$765<br />
444/$1.72<br />
$925<br />
625/$1.48<br />
SALE COMPARABLES<br />
# of<br />
Units<br />
YEAR<br />
PRICE<br />
PRICE PER<br />
UNIT<br />
PRICE PER<br />
Sqft<br />
GRM<br />
CAP<br />
CLOSING<br />
DATE<br />
Kaylin Lee Apartments<br />
1814 12th Ave<br />
Seattle, WA<br />
9<br />
1960<br />
$1,050,000<br />
$116,667<br />
$270.06<br />
12.78<br />
5.01%<br />
TBD<br />
Comparable Properties<br />
Cheri Plaza<br />
6547 4th Ave NE<br />
Seattle, WA<br />
14<br />
1957<br />
$2,161,579<br />
$154,399<br />
$340.41<br />
14.13<br />
5.7%<br />
7.11.2011<br />
Wellington<br />
535 16th Ave E<br />
Seattle, WA<br />
16<br />
1929<br />
$2,100,000<br />
$131,250<br />
$189.33<br />
10.3<br />
5.6%<br />
6.15.2011<br />
Thomas Manor<br />
1819 E Thomas St<br />
Seattle, WA<br />
15<br />
1966<br />
$1,725,000<br />
$115,000<br />
$164.77<br />
10.1<br />
5.4%<br />
3.17.2011<br />
Joyce<br />
2807 Franklin Ave E<br />
Seattle, WA<br />
6<br />
1928<br />
$865,000<br />
$144,167<br />
$180.66<br />
11.0<br />
4.9%<br />
11.30.2010<br />
Selaine<br />
415 18th Ave E<br />
Seattle, WA<br />
7<br />
1965<br />
$1,000,000<br />
$142,858<br />
$272.11<br />
12.7<br />
5.1%<br />
7.12.2010<br />
Paragon. <strong>Beyond</strong> <strong>the</strong> <strong>Deal</strong>.<br />
One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101<br />
T 206.623.8880 F 206.623.7435 www.ParagonREA.com<br />
This information has been secured from sources we believe to be reliable, but we make no representations or warranties,<br />
expressed or implied, as to <strong>the</strong> accuracy of <strong>the</strong> information. References to square footage or age are approximate. Buyer must<br />
verify <strong>the</strong> information and bears all risk for any inaccuracies.
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