Bayview Apartments - LoopNet · DONNA MARSHALL Capstone Real Estate Group 425.422.0954...
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This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor. Bayview Apartments 1914 FERRY AVE SW | SEATTLE, WA FOR SALE WALKABLE North Admiral location near dining, retail, entertainment, and a variety of public transit options with connections to downtown Seattle, Alki, Southcenter, SODO, and Rainier Valley LIKELY DEVELOPMENT POTENTIAL – The 9,563-SF lot can potentially be developed into up to 9 view townhomes or up to 24 view apartments* RENT UPSIDE of approximately 10 to 12%, and the opportunity to significantly increase utility charges to tenants DESIRABLE property features such as hardwood or parquet hardwood flooring in 8 of the units, views of Downtown Seattle and Elliott Bay from select top- floor units, 9 storage lockers, and 8 off-street parking spaces UPDATES include newer windows on the east and north sides of the building, a repainted exterior (2016), copper plumbing to the best of the seller’s knowledge, and a functional roof (2007) *Based on prior LR3 zoning density limits. Buyer to verify all development potential under the property’s new LR3 (M) zoning, which offers increased density. List Price | $2,200,000 KIDDER.COM DAN SWANSON Kidder Mathews 206.296.9610 [email protected] DONNA MARSHALL Capstone Real Estate Group 425.422.0954 [email protected]
Transcript of Bayview Apartments - LoopNet · DONNA MARSHALL Capstone Real Estate Group 425.422.0954...
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Bayview Apartments1914 FERRY AVE SW | SEATTLE, WA
FOR SALE
WALKABLE North Admiral location near dining,
retail, entertainment, and a variety of public transit
options with connections to downtown Seattle, Alki,
Southcenter, SODO, and Rainier Valley
LIKELY DEVELOPMENT POTENTIAL – The
9,563-SF lot can potentially be developed into up to
9 view townhomes or up to 24 view apartments*
RENT UPSIDE of approximately 10 to 12%,
and the opportunity to significantly increase utility
charges to tenants
DESIRABLE property features such as hardwood
or parquet hardwood flooring in 8 of the units, views
of Downtown Seattle and Elliott Bay from select top-
floor units, 9 storage lockers, and 8 off-street parking
spaces
UPDATES include newer windows on the east
and north sides of the building, a repainted exterior
(2016), copper plumbing to the best of the seller’s
knowledge, and a functional roof (2007)
*Based on prior LR3 zoning density limits. Buyer to verify all development potential under the property’s new LR3 (M) zoning, which offers increased density.
List Price | $2,200,000
KIDDER.COM
DAN SWANSON
Kidder [email protected]
DONNA MARSHALL
Capstone Real Estate [email protected]
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
1914 FERRY AVE SW | SEATTLE, WA
FOR SALE
Bayview Apartments
PROPERTY DESCRIPTION
Built in 1953, the Bayview Apartments is a nine-unit apartment complex located in West Seattle’s desirable North Admiral neighborhood. Its excellent unit mix of studio and one-bedroom units, combined with its prime walkable location, make the Bayview Apartments an appealing option among renters. The property features rent upside of approximately 10 to 12% as well as the opportunity to significantly increase utility charges to tenants. Additionally, the large LR3 (M)-zoned lot likely allows for a development of townhomes or view apartments now or in the future.*
The Bayview consists of one 420-square-foot studio and eight 510-square-foot one-bedroom units. Eight units feature either hardwood or parquet hardwood flooring and select top floor apartments boast views of Downtown Seattle and Elliott Bay. In addition, there are 8 off-street parking spaces. The property was recently updated with new windows on both the east and north sides. The brick façade building features copper plumbing to the best of the seller’s knowledge, a functional roof (2007), and nine storage lockers that can be rented for additional income. The building exterior was repainted in 2016. In 2015, Seattle Public Utilities installed a new 8” water main in Ferry Avenue SW. The heating system is a central hot water circulated system powered by an oil burner. The oil tank was recently replaced and pollution liability insurance through the State of Washington has been in place since 2005.
The 9,563-square foot lot zoned LR3 (M) within an urban village creates an opportunity to develop the property now or in the future. The next owner could likely construct up to 9 luxury view townhomes or up to 24 view apartments.* Directly adjacent to the east of the property, the zoning changes to SF 5,000. Easterly views and light would be preserved given this zoning’s lower density.
With a “Very Walkable” walk score of 83, residents can enjoy a myriad of restaurants, coffee shops, bars, and shops all under 10 minutes away by foot. The Admiral Theater – an historic and fun retro movie theater with nautical décor – is just a seven-minute walk from the Bayview Apartments. There are over 10 parks, playgrounds, and playfields within a one-mile radius of the property, one of which is only a minute away by foot. The West Seattle Water Taxi is approximately 0.6 miles away and takes riders to Downtown Seattle. Additionally, ten bus lines, all with stops within a 0.3-mile radius, take tenants to the employment and entertainment centers of Downtown Seattle, Alki, Southcenter, SODO, and Rainier Valley. The Junction is just a 10-minute drive away.
*Buyer to verify all development potential. Estimates based on prior LR3 zoning, and current zoning has increased in density.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
FINANCIALS
UNIT MIX SUMMARY
INCOME
Current Market
Total Scheduled Rent $128,580 $143,460
Laundry $1,160 $1,160
Other Income $2,049 $2,049
Utility Bill-Back $7,800 $15,402
Scheduled Potential Income $139,589 $162,071
Less Physical Vacancy (4.0%) ($5,584) ($6,483)
Effective Gross Income $134,005 $155,588
Unit TypeNo. of Units SF
Avg Current Rent $/SF
Avg Market Rent $/SF
Studio 1 420 $1,095 $2.61 $1,195 $ 2.85
1 Bed / 1 Bath 8 510 $1,203 $2.36 $1,345 $ 2.64
Total 9 $4,500 $10,715 $11,955
Average 500 $1,191 $2.38 $1,328 $2.66
EXPENSES
Current Market
Real Estate Taxes $14,610 $17,866
Insurance $3,600 $3,600
Utilities $19, 252 $19,252
Repairs & Maintenance $5,697 $8,100
Professional Management $6,955 $7,779
Capital Reserves $2,250 $2,250
Contract Services $633 $633
Total Expenses $52,997 $59,480
Expenses Per Unit $5,889 $6,609
Expenses Per SF $11.78 $13.22
Net Operating Income $81,008 $96,108
PROPERTY OVERVIEW
Address 1914 Ferry Ave SW, Seattle WA 98116
No. of Units 9
NRSF ±4,500
Year Built 1953
Price $2,200,000
Price / Unit $244,444
Price / SF $488.89
Cap Rate 3.7%
Market Cap Rate 4.4%
GRM 15.8
Market GRM 13.6
Zoning LR3 (M)
Lot Size 9,563 SF
Urban Village Admiral
FOR SALE
1914 FERRY AVE SW | SEATTLE, WA
Bayview Apartments
note: Market rent assumes basic cosmetic remodeling.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
KIDDER.COM
Property Year Built Date Sold Sale Price Price / Unit Price / SF Cap Rate Units
01 WEST AIRES
6001 California Ave SW Seattle, WA
1959 07.15.19 $2,500,000 $312,500 $307.28 N/A 8
02 CALIFORNIA COURT
3600 California Ave SWSeattle, WA
1928 05.01.19 $2,325,000 $258,333 $413.33 N/A 9
03 ANDOVER
4000 California Ave SWSeattle, WA
1966 12.03.18 $1,940,000 $277,143 $316.16 4.1% 7
04 MONTEREY APTS
4022 California Ave SWSeattle, WA
1954 08.17.18 $3,803,400 $237,713 $420.36 4.7% 16
05 ELLINWOOD
2318 California Ave SWSeattle, WA
1936 05.31.18 $3,100,000 $238,462 $421.77 4.2% 13
06 SUNSET MANOR
5212 California Ave SWSeattle, WA
1969 Pending $5,500,000 $275,000 $373.01 3.9% 20
SALE COMPARABLES
FOR SALE
1914 FERRY AVE SW | SEATTLE, WA
Bayview Apartments
ELLIOTT BAY
ALKI AVE SW
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SW ADMIRAL WAY
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BAYVIEW APARTMENTS
