B A L L A R DT H R E E U N I T

UNIVERSITY DISTRICTWALLINGFORD

FREMONT

BALLARD GREEN LAKE

GREENWOOD

NORTHGATE

CAPITOL HILL

QUEEN ANNE

MAGNOLIAIN

TER

BA

Y

CENTRAL DISTRICTSEATTLE CBD

WEST SEATTLE

BALLARD THREE UNIT

Paragon Real Estate Advisors is pleased to announce the exclusive listing of the Ballard Three Unit. This offering presents an opportunity to purchase a building conveniently located between Phinney Ridge and Ballard. The property consists of two 2BD/1BTH units and one additional non-conforming 2BD/1BTH Unit. The property has experienced long-term tenants and substantial rent growth over the past ten years. The building is equipped with solar panels on the roof providing significant electric credits minimizing the annual property expenses. This is an opportunity that provides an investor with significant rental upside upon minimal cosmetic renovations to the already desirable units. The property presents an opportunity for an owner/user purchase as well as an attractive investment play.

NAME Ballard Three Unit

ADDRESS 6230 6th Ave NW, Seattle, WA 98107

YEAR BUILT 1963

PRICE $1,095,000

PRICE PER UNIT $365,000

PRICE PER FOOT $375.00

UNIT MIX 3 – 2BD/1BTH Units

AVERAGE UNIT SIZE 973 Square Feet

CURRENT GRM/CAP 17.7/4.0%

MARKET GRM/CAP 14.1/5.3%

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.

Property is equipped with solar panels on the roof

Large unit mix of all 2BD/1BTH units

Two garage parking stalls – uncaptured income opportunity

Roof is about 10 years old

Common laundry room shared by two units

Significant rental upside – bill back utilities, increase rents and charge for parking

Electrical Panels have been replaced in the units

One of the units has a washer/dryer within the unit

5,000 Square Foot Lot - SF5000

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

N E I G H B O R H O O D A M E N I T I E S

1. Un Bien2. Thunderbird Tavern3. The Fat Hen4. Waterwheel Lounge5. The Barking Dog Alehouse6. Brunswick & Hunt7. Red Mill Burgers8. Larsen’s Bakery

9. Sound Auto Solutions10. US Post Office11. Shell12. Scandinavian Specialties13. Ballard CrossFit14. Ken’s Market15. Safeway16. Walgreens17. Ballard Market

18. Salmon Bay Park19. Ballard Boys and Girls Club20. Whittier Elementary School21. Woodland Hall Preschool22. Ballard High School23. Loyal Heights Playfield24. Kirke Park25. Golden Gardens26. Woodland Park27. Green Lake

Restaurants & Bars

Shops & Services

Schools & Parks

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6 7

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12 13

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25

BALLARD THREE UNIT

16 15

26

27

B A L L A R D

POPULATION

25,720

AVERAGE HOUSEHOLD INCOME

$127,179

RENTER-OCCUPIED HOUSING61%

AVERAGE RENT

$2,169

BALLARD

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.

In recent years, a younger resident profile has been attracted to Ballard through new development, 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.

Area highlights include the Ballard locks, Salmon Bay Marina, Shilshole Bay Marina and the beautiful beach front Golden Gardens Park which overlooks the majestic Olympic Mountains.

SHILSHOLE BAY MARINA

BALLARD SATURDAY MARKET

BALLARD LOCKS

GOLDEN GARDENS PARK

BURKE-GILMAN TRAIL

SEATTLE EMPLOYER MAP

SEATTLE

SAN FRANCISCO

PACIFIC OCEAN

SEATTLE’S BOOMING TECH MARKET

TEC

H M

IGR

ATIO

N FROM

SAN FRANCISCO BAY AREA

LOCAL TECH COMPANIES IN SEATTLE

KING COUNTY INFORMATION

POPULATION

HOUSEHOLD INCOME

EDUCATION

KING COUNTY 2.3 million

KING COUNTY BACHELOR’S OR HIGHER DEGREE RATE

53.2%

KING COUNTY MEDIAN HOUSEHOLD INCOME

KING COUNTY INCREASE SINCE 2OOO

$95,009

by 78% ($41,852)

NATIONAL MEDIAN HOUSEHOLD INCOME

NATIONAL INCREASE SINCE 2OOO

$63,179 by 3% ($1,780)

KING COUNTY NUMBER OF UNIVERSITIES

10

NATIONAL BACHELOR’S OR HIGHER DEGREE RATE

32.6%

REAL ESTATE

KING COUNTY RENTAL HOUSING RATE

KING COUNTY MEDIAN MONTHLY RENT

43%

$1,494

NATIONAL RENTAL HOUSING RATE

NATIONAL MEDIAN MONTHLY RENT

36% $1,023

SINCE 2O1O, ON AVERAGE, KING COUNTY HAS ADDED 31,8OO PEOPLE PER YEAR, OR 13,OOO HOUSEHOLDS AT 2.45 PERSONS PER HOUSEHOLD.

POPULATION GROWTH HAS BEEN GREATER THAN HOUSING PRODUCTION CONSISTENTLY SINCE 2O11.

B U I L D I N G P H O T O S

U N I T P H O T O S

U N I T P H O T O S

U N I T P H O T O S

U N I T P H O T O S

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $5,100 $5,940

Utility Bill Back $0 $270

Parking Income $0 $200

Common Laundry $42 $42

Miscellaneous Income $15 $15

Gross Potential Income $5,157 $6,467

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $61,884 $77,604

Less Vacancy 3.00% $1,857 4.00% $3,104

Gross Operating Income $60,027 $74,500

Less Expenses $16,796 $16,796

Net Operating Income $43,231 $57,704

Annual Debt Service ($3,688/mo) $44,253 $44,253

Cash Flow Before Tax -0.37% ($1,022) 4.91% $13,450

Principal Reduction $15,761 $15,761

Total Return Before Tax 5.38% $14,739 10.67% $29,211

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

Real Estate Taxes 2020 Actual $9,251 $9,251

Insurance 2019 Actual $976 $976

Utilities (W/S/G) 2019 Actual $4,954 $4,954

Maintenance & Repairs 2019 Actual $1,615 $1,615

Total Expenses $16,796 $16,796

UNITS UNIT TYPE

SIZE CURRENT RENT MARKET RENT

6230 2BD/1BTH 965 $1,800 $2,095

6232 2BD/1BTH 965 $1,850 $2,050

6232 B 2BD/1BTH 990 $1,450 $1,795

3 Total/Avg 2,920 $1.75 $2.03

Units 2 + 1

Year Built 1963

Rentable Area 2,920

Down Pmt $273,750

Loan Amount $821,250

Interest Rate 3.50%

Amortization 30 years

Price $1,095,000

Per Unit $365,000

Per Sq. Ft. $375.00

Current GRM 17.69

Current CAP 3.95%

Market GRM 14.11

Market CAP 5.27%

Expense/Unit $5,599

Expense/Foot $5.75

Percent of EGI 27.14%

Expense/Unit $5,599

Expense/Foot $5.75

Percent of EGI 21.64%

CURRENT

OPERATIONS

MARKET

OPERATIONS

North Queen Anne Triplex 3627 13th Ave W Seattle, WA 98119

1 Year Built 1959 Units 3 Square Feet 2,700 Sales Price $1,320,000 Price/Unit $440,000 Price/Foot $488.89 Sales Date 05.18.2020

Ballard Triplex 357 NW 50th St Seattle WA 98107

2 Year Built 1968 Units 2+1 Square Feet 2,765 Sales Price $1,267,500 Price/Unit $422,500 Price/Foot $458.41 Sales Date 05.01.2020

Fremont Triplex 1025 N 36th St Seattle, WA 98103

3 Year Built 1901 Units 2+1 Square Feet 2,200 Sales Price $1,120,000 Price/Unit $373,333 Price/Foot $509.09 Sales Date 03.16.2020

Queen Anne Triplex 2227 3rd Ave W Seattle, WA 98119

4 Year Built 1931 Units 2+1 Square Feet 2,920 Sales Price $1,300,000 Price/Unit $433,333 Price/Foot $445.21 Sales Date 02.13.2020

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4

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

Ballard Triplex 826 NW 64th St Seattle WA 98107

5 Year Built 1968 Units 3 Square Feet 2,850 Sales Price $1,200,500 Price/Unit $400,167 Price/Foot $421.23 Sales Date 01.25.2020

Ballard Three Unit 6230 6th Ave NW Seattle WA 98107Year Built 1963 Units 2 + 1 Square Feet 2,920 Sales Price $1,095,000 Price/Unit $365,000 Price/Foot $375.00

BALLARD THREE UNIT

2

5

Brian Platt

BrianP@ParagonREA.com

203 812-9130

Michael Urquhart

Michael@ParagonREA.com

206 812-9123

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.