For Sale Professional Office Building...3rd Floor is vacant, available for user Just off of Lake...

Brokerage & Property Management Services 425 Pontius Ave N, Suite 203 Seattle, WA 98109 www.yateswood.com

2611 NE 113th St, Seattle, WA 98125

User Office Building

Three Story Building, 7,900 SF Gross Area

1st Floor - Lobby & Parking

2nd Floor has short term leases

3rd Floor is vacant, available for user

Just off of Lake City Way NE

Price; $2,070,000

HIGHLIGHTS:

Peter Argeres 206.268.3310 [email protected]

For more information, please contact:

Dennis Counts 206.268.3312 [email protected]

For Sale

Professional Office Building

Executive Summary

2611 NE 113th St., Seattle, WA 98125




The information contained herein was compiled from information furnished by sources deemed reliable. However, its accuracy is not guaranteed. Prospective purchasers should verify all such

information on their own behalf, or have the information verified by their own attorney, accountant or business advisor.

North Seattle / Lake City Office Market:

With the continued tightening of downtown Seattle and surrounding submarkets, rent growth is rising

and should continue to rise in the near future through lease absorption. The Lake City and North

Seattle office markets are experiencing lower vacancy rates as well.

Use: Three Story, Professional Office Building. Property has been used

principally for Law offices for the last 25 years.

Gross Area: 7,900 sf of Building Area

First Floor: Building Lobby with Elevator, Storage, and Secure Parking Garage -

approximately 2,700 sf.

Second Floor: Office Area with five private offices, conference room, reception,

elevator, lobby, restrooms, and front & rear stairwells

- approximately 2,600 sf.

Third Floor: Office Area with five private offices, conference room, reception,

elevator, lobby, restrooms, and front & rear stairwells

- approximately 2,600 sf.

Common Area: Second & third floors each have an Elevator Lobby, Stairwells, and

Men’s and Women’s Restrooms. Showers are on each floor.

Parking: Six Covered Stalls and Seven Uncovered Stalls

Security: Exterior Intercom System to each Reception area.

Land Area: 8,095 sf. Zoned Commercial NC3/30

Tax Parcel Number: 890250 0395

Building Age: Constructed in 1992

Building Upgrades: New Roof in 2011, New Siding in 2008, and newer HVAC systems.

Transit Score: 55 : “Good Transit”. Many nearby public transportation options.

Condominium Potential: Building has Existing Condominium Docs and CC&R’s for future

commercial Condo potential for selling individual floors separately.

Tenant & Financial Summary


Brokerage & Property Management Services

425 Pontius Ave N, Suite 20 Seattle, WA 98109 www.yateswood.com



Tenant Overview

Suite Term Rent

200 9/1/17— 8/31/19 $1,300/$1,400

201 6/1/17— 5/31/19 $1,375/$1,425

200A m/m $850

200C m/m $675

200D m/m $750

200 E m/m $750

Financial Summary Pro Forma

Monthly Rent Annual Rent

2nd Floor Rent $5,700 $68,000

3rd Floor Rent $6,067($28.00 sf/yr Gross) $72,800 Pro Forma Rents

Potential Annual Rents $ 140,000

Less Vacancy 5% $ (7,000)

Effective Gross Rents $ 133,000

Annual Operating Expenses

Real Estate Taxes $ 9,036 (YR 2017)

Insurance $ 2,500

Utilities $ 7,000

Est. Repairs/Reserves $ 5,000

Elevator/Alarm $ 2,500

Total Expenses $ 26,036

NET OPERATING INCOME $ 106,964

CAP Rate at 5.17% = $2,070,000

Photos








Floor Plan


Aerial View





Comparables





Recent Market Sales

2016 & 2017

2611 NE 113th St., Seattle

Comparable Properties - Recently Sold

Address Sale Price Building Area Land Area Price/sq.ft. Bldg.

1. 3016 NE Blakeley $3,000,000 11,500 sf 6,970 sf $263.16

2. 916 Ravenna Blvd. $2,300,000 4,750 sf 10,019 sf $484.21

3. 1200 Northgate Way $2,100,000 6,553 sf 15,246 sf $320.46

4. 11545 NE 15th $2,000,000 3,768 sf. 14,401 sf $530.79

5. 7801 W Green Lake $2,000,000 7,428 sf 6,700 sf $269.25

6. 1545 65th $1,509,000 5,600 sf 3,920 sf $269.55

7. 11006 34th NE $1,500,000 3,828 sf 15,480 sf $391.85

8. 13540 Lake City Way $1,410,000 9,100 sf 10,202 sf $154.95

9. 7114 Roosevelt $750,000 2,494 sf 1,250 sf $300.72

10. 8014 35th NE $990,000 1,913 sf 11,326 sf $517.51

11. 8040 35th NE $950,000 2,340 sf 6,869 sf $405.98

12. 164 NE 145th $740,000 2,380 sf 18,822 sf $310.92

13. 4522 15th NE $727,500 3,217 sf 4,356 sf $226.28

14. 559 NE 80th $555,000 1,406 sf 3,097 sf $394.74

15. 10728 Lake City Way $520,000 1,875 sf 6,098 sf $277.33

16. 11285 Lake City Way $514,970 2,661 sf 15,799 sf $193.52

Comparable Properties – Currently For Sale

Address Asking Price Building Area Land Area Price/sq.ft. Bldg.

17. 11545 15th NE $2,995,000 3,768 sf 14,400 sf $794.85

18.15235 Aurora Ave N $4,500,000 9,588 sf 20,500 sf $439.34

19. 13346 1st NE $1,350,000 2,223 sf 5,656 sf $607.29

Subject

2611 NE 113th 7,388 sf * 8,095 sf

*includes parking garage

For Sale Professional Office Building...3rd Floor is vacant, available for user Just off of Lake...

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