HAMLIN PLACE APARTMENTS...HAMLIN PLACE APARTMENTS 2800 FRANKLIN AVE E, SEATTLE, WA 98102 CONTACT...

HAMLIN PLACE APARTMENTS2800 FRANKLIN A VE E, SEATTLE, WA 98102 CONTACT INFORMATION:

DICK KDICK KETETTLEWTLEWELLELLBROKER

[email protected]

http://properties.westlakeassociates.com/349555-sale


Price: $5,600,000

Price / Unit: $350,000

Price / NRSF: $527

CAP: 3.75%

Projected CAP: 4.4%

GRM: 17.8

Projected GRM: 14.9

NRSF: 10,620 SF

Lot Size: 12,000 SF

Year Built: 1959

WESTLAKE ASSOCIATES IS PLEASED TO PRESENT THEHAMLIN PLA CE APARTMENTS FOR SALE.

2800 Franklin Ave E, Seattle, WA 98102

ADDRESSADDRESS

PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS

LLOCAOCATIONTION! L! LOCAOCATIONTION! L! LOCAOCATIONTION!!

FIRST TIME OFFERED IN NEARLFIRST TIME OFFERED IN NEARLY 25 YEARSY 25 YEARS

TTOP COP CONDITIONONDITION

UNIQUE PENTHOUSEUNIQUE PENTHOUSE

75% OF UNITS HAVE BEEN UPDATED

EXEXCELLENT VIEW OF LCELLENT VIEW OF LAKAKE UNION AND OLE UNION AND OLYYMPIC MOUNTMPIC MOUNTAINSAINS

FFABULABULOUS NEIGHBORHOOD SETOUS NEIGHBORHOOD SETTINGTING

PUBLIC BEAPUBLIC BEACHFRONT PCHFRONT PARK 2 BLARK 2 BLOCKS AOCKS AWWAAYY

ENJOENJOYY KAKAYYAKAKING,ING, PPADDLEADDLE BOBOARDING,ARDING, SWSWIMMING,IMMING, LLAKAKEE UNIONUNION JULJULYY 44 FIREWFIREWORKSORKS

PUBLIC TRANSPORTPUBLIC TRANSPORTAATION 1 BLTION 1 BLOCK AOCK AWWAAYY

CLCLOSEOSE TTOO SOUTHSOUTH LLAKAKEE UNIONUNION,, AMAZAMAZONON,, GAGATESTES FOUNDFOUNDAATIONTION,, ANDAND UNIVERSITUNIVERSITY OF WY OF WASHINGTASHINGTONON

OFFERING SUMMARY



• CASH TO LOAN* OR NEW FINANCING

• 15 BUSINESS DAY INSPECTION

• $100,000 EARNEST MONEY DUE UPON REMOVAL OFINSPECTION CONTINGENCY, NON-REFUNDABLE

• CLOSING ON OR ABOUT 60 DAYS FROM REMOVAL OFINSPECTION CONTINGENCY; SUBJECT TO THREE 15 DAYEXTENSIONS

• BUYER AGREES TO COOPERATE IN SELLER’S 1031-EXCHANGETO INCLUDE THREE 15 DAY EXTENSIONS, IF NECESSARY, FORSELLER TO IDENTIFY EXCHANGE PROPERTY

*EXISTING LOAN: ASSUMABLE

BALANCE: $2,010,000

INTEREST RATE: 3.3%

MONTHLY PAYMENT: $9,262.75

FIXED TO: MARCH 2021

RATE CHANGE: APRIL 2021

FULLY AMORTIZES: 2046

TERMS

Gas Works Park and Olympic Mountain Views

Enjoy Kayaking, Paddle boarding, and Swimming

INVESTMENT TERMS

PROPER TY

Property Type

Property Subtype

Zoning

Lot Size

APN#

Multifamily

Low-Rise | Garden

L3

12,000 SF

195970-1495

PROPERTY DETAILS PRICE $5,600,000

Building Name

Street Address

City, State, Zip

County / Township

Market

Submarket

Hamlin Place

2800 Franklin Ave E

Seattle, WA 98102

King

Puget Sound

Seattle

LOCATION INFORMATION

Assessor’s Parcel

Assessed Land Value

Assessed Improvement Value

Total Assessed Value

2018 Real Estate Taxes

195970-1495

$2,032,300

$2,500,700

$4,533,000

$44,970

Gross Building Area

Net Rentable Area

Number of Floors

Year Built

Construction

Roof

13,140 SF

11,880 SF

3

1959

Frame / Brick / Marblecrete

New Torch Down (2015)

KING COUNTY ASSESSOR’S INFORMATION: 2018

BUILDING INFORMATION

Parking

Public Transportation

16 on-site assigned parking stalls

1 block away

PARKING & TRANSPORTATION

Laundry - Central

Heat

Domestic Hot Water

Utilities

Storage

2 Kenmore Washers - owned2 Kenmore Dryers - owned

Unit 17: Stacked washer/dryer

Central / Gas recirculating hot water, baseboard heaters

Individual Electric hot water tanks for each unit - Tenant Paid

W/S/G billed back to residents

17 individual storage lockers

UTILITIES & AMENITIES

9 Years remaining on transferable warranty

PROPER TY DETAILS

University of Washington

Hamlin Place

Eastlake Boulodrome Park

LOCATION

EASTLAKETHIS AREA ONCE PLAYED a big role in moving cargo from Elliot Bay and Downtown across Lake Washington. Most of the residents were people who worked in these important jobs. Located on the eastern side of Lake Union, the first houseboats were more like “floating shanties” for migrant workers who helped built the Lake Washington Ship Canal. Once the city’s population began to grow, nicer homes were built for more wealthy dwellers. Today, the residences are still small, but vary from modest to opulent. Almost 60% of the residences in Eastlake were built after 1980, most being apartment buildings with retail space on the ground level. Eastlake is said to have the most eclectiv assortment of architecture in Seattle, with floating homes, urban condos, turn-of-the-century homes, modern townhomes and old brick apartment buildings.

There are a lot of ways to get out and enjoy Lake Union. There are boat launches for kayaks and canoes; many small parks dot the shore, including Fairview Park and Eastlake Bouledrome, which claims to have the best waterfront bocce ball in Seattle. You can grab a table on the deck at one of the restaurants along the lake like Eastlake Bar and Grill or Serafina and watch the boats and seaplanes as you dine. Eastlake is a particularly attractive location for people with ties to the University of Washington, which can be reached quickly by a number of bus routes. Eastlake is also home to Seattle’s highest concentration of houseboats, the likes of which were made famous in the 1993 film Sleepless in Seattle. The close proximity to the South Lake Union, Capitol Hill and Univeristy District neighborhoods make Eastlake a prime location to reside for city dwellers.

NEIGHBORHOOD

GeekWire

New images show how Google’s Seattle campus will transform the South Lake Union neighborhood“The team designing Google’s Seattle campus has released a new batch of images that show how the tech giant will drive the next evolution of the South Lake Union neighborhood, right in Amazon’s backyard...

Documents show the project on the block between Terry and Boren avenues north will include a pair of six-story of-fice buildings with a combined 313,500 square feet of office space. Above one of the office buildings will be eight stories of apartments with 79 units. “

“Google has agreed to leases lasting 14 to

16 years, a sign of the company’s

long-term commitment to the Seattle

region. Combined with Google’s recently

expanded offices in Kikrland, Wash., the

technology giant will be approaching

1 million square feet in the region with this

new space. “

Reference: https://www.geekwire.com/2016/see-googles-seattle-campus-will-transform-south-lake-union-neighborhood/

FUTURE GOOGLE C AMPUS | SOUTH LAKE UNION

PUGET SOUND BUSINESS JOURNAL

Gates Foundation sets start date for third ‘boomerang’ building at Seattle headquarters“The Bill & Melinda Gates Foundation plans to begin building the second phase of its Seattle headquarters, eight years after opening the $500 million campus.

The result will be the third of three boomerang-shaped build-ings that are home to the world’s largest charitable founda-tion...

The Gates Foundation employs nearly 1,500 people world-wide, with 1,200 employees at the headquarter campus.”

“The foundation plans to break ground on

the six-story building at the northeast

corner of the capus in October 2019...

When completed in the spring of 2022, the

approximately 385,000 square foot

building will have space for an additional

800 employees as well as meeting and

community space.“

Reference: https://www.bizjournals.com/seattle/news/2018/06/20/gates-foundation-third-building-headquarters.html

FUTURE GATES FOUNDATION CAMPUS

• Granite Countertops

• Decorative Backsplash

• Undermount Stainless Steel Sinks

• Faucet

• Self Cleaning Range

• Self Defrost Refrigerator

• Dishwasher / Disposal

• Light Fixtures

• Rangehood - Vented

• Vanity

• Granite Countertop

• Undermount Sink

• Tile Floor

• Faucet

• Light Fixture

• Flooring: Prefinished 3/4 inch quality hardwood floors

• First Floor units feature carpet

KITCHEN

BATHROOMS

LIVING ROOM | DINING ROOM

DESCRIPTION OF REMODELED UNITS

UNITNUMBER

UNITBED

UNITBATH

UNITSIZE (SF)

CURRENTRENT

CURRENTRENT (PER SF)

MARKETRENT

MARKETRENT/SF

PARKINGUTILITY

REIMBURSEMENT

1 1 1 640 $1,350 $2.11 $1,575 $2.46 $50 / $75 $80

2 1 1 625 $1,250 $2.00 $1,575 $2.52 $50 / $75 $80

3 1 1 625 $1,350 $2.16 $1,595 $2.55 $50 / $75 $80

4 1 1 625 $1,300 $2.08 $1,595 $2.55 $75 $80

5 1 1 625 $1,350 $2.16 $1,595 $2.55 $50 / $75 $80

6 1 1 625 $1,400 $2.24 $1,675 $2.68 $50 / $75 $80

7 1 1 625 $1,350 $2.16 $1,675 $2.68 $50 / $75 $80

8 1 1 625 $1,300 $2.08 $1,695 $2.71 $50 / $75 $130

9 1 1 625 $1,400 $2.24 $1,695 $2.71 $50 / $75 $130

10 1 1 625 $1,500 $2.40 $1,695 $2.71 $50 / $75 $80

11 1 1 625 $1,450 $2.32 $1,695 $2.71 $75 $80

12 1 1 625 $1,500 $2.40 $1,725 $2.76 $50 / $75 $130

14 1 1 625 $1,525 $2.44 $1,725 $2.76 $50 / $75 $80

15 1 1 625 $1,350 $2.16 $1,725 $2.76 $50 / $75 $80

16 1 1 625 $1,350 $2.16 $1,725 $2.76 $50 / $75 $130

17 (Penthouse) 2 1 1,230 $2,825 $2.30 $3,150 $2.56 $50 / $75 $130

110,0,620 SF620 SF $23,$23,640640 $28,$28,115115 $1,200$1,200 $1,530$1,530

**NNumber 13 Wumber 13 Was Nas Not Uot Used.sed.****NNon-on-RRenovated Uenovated Units: 2, 8, 9, 15nits: 2, 8, 9, 15

$23,$23,640640 $1,757$1,757 $1,200$1,200

RENT ROLL

INCOME SUMMARY ANNUALIZED 2018 PROJECTED

Scheduled Rental Income $282,000 $337,380

+ Laundry $4,200 $5,500

+ Parking $9,600 $14,400

+ Utility Use Fee $18,360 $18,300

Scheduled Gross Income $314,160 $375,580

- Vacancy (3.00%) ($9,424) ($11,268)

Effective Gross Income $304,735 $364,312

EXPENSE SUMMARY ANNUALIZED 2018 PROJECTED

- Real Estate Taxes $40,350 $44,970

- Property Insurance $2,022 $3,875

- Management Fee (4%) $10,265 $14,465

- On Site Manager $6,345 $12,000

- Electricity $865 $1,100

- Gas $5,380 $5,800

- W/S/G $13,350 $14,200

- Maintenance/Labor $6,452 $6,600

- Repair $2,598 $3,300

- Landscape $2,715 $2,810

- Supplies $1,825 $2,600

- Reserves $1,500 $4,520

- Miscellaneous $1,000 $2,500

Gross Expenses $94,667 $118,740

Net Operating Income $210,068 $245,572

INCOME & EXPENSES

PENTHOUSE PHOTOS

TYPICAL 1 BDRM UNIT PHOTOS

TYPIC AL 1 BDRM UNIT PHOTOS

BUILDING PHOTOS

HARRIET MANOR1304 E Harrison StSeattle, WA 98102

SALE PRICESALE DATEYEAR BUILT# OF UNITSNRSF

$3,660,00001/12/2018196096,224 SF

PRICE / UNITPRICE / NRSFCAPGRM

$406,666$5883.118.00

1.3232 FUHRMAN3232 Fuhrman Ave ESeattle, WA 98102


$2,500,00009/12/2017196055,024 SF


$500,000$4982.9%21.8

2.

MERSOLEIL FRANKLIN2635 Franklin Ave ESeattle, WA 98102


$3,925,00009/18/2017196296,560 SF


$436,111$5982.9%18.37

3. 2211 FRANKLIN2211 Franklin Ave ESeattle, WA 98102


$3,010,00007/22/2016195974,930 SF


$430,000$610N/AN/A

4.

SALE COMPS

2462 DEXTER2462 Dexter Ave NSeattle, WA 98109

MOUNTLAKE APARTMENTS

4236 7th Ave NESeattle, WA 98105


$4,150,00001/04/20171989117,093 SF


$377,272$585N/AN/A

7.


$3,562,80008/10/2017197687,534 SF


$450,000$477N/AN/A

5.4238 EVANSTON4238 Evanston Ave NSeattle, WA 98103


$4,167,80006/27/20171959117,865 SF


$378,890$530N/A17.16

6.

WALLINGFORD CONDOS3426 Wallingford Ave NSeattle, WA 98103


$5,900,00011/29/20161985188,694 SF


$327,500$6782.4%25.02

8.

SALE COMPS

1215 QUEEN ANNE1215 Queen Anne Ave NSeattle, WA 98109


$4,000,00006/01/2017195813 + 1*7,856 SF


$307,693$5093.1%18.78

9.

*1 non-conforming unit

SALE COMPS

5.

8.

9.

6. 7.

1.

3.

4.

2.

Hamlin Place

SALE COMPS

SALE COMPS PRICE YEAR BUILT NRSF PRICE / SF PRICE / UNIT CAP GRM # OF UNITS CLOSE

1. Harriet Manor1304 E Harrison StSeattle, WA 98102

$3,660,000 1960 6,224 SF $588 $406,666 3.1% 18.00 9 01/12/2018

2. 3232 Fuhrman3232 Furhman Ave ESeattle, WA 98102

$2,500,000 1960 5,024 SF $498 $500,000 2.9% 21.8 5 09/12/2017

3. Mersoleil Franklin2635 Franklin Ave ESeattle, WA 98102

$3,925,000 1962 6,560 SF $598 $436,111 2.9% 18.37 9 09/18/2017

4. 2211 Franklin2211 Franklin Ave ESeattle, WA 98102

$3,010,000 1959 4,930 SF $610 $430,000 N/A N/A 7 07/22/2016

5. 2462 Dexter2462 Dexter Ave NSeattle, WA 98109

$3,562,800 1976 7,534 SF $477 $450,000 N/A N/A 8 08/10/2017

6. 4238 Evanston4238 Evanston Ave NSeattle, WA 98103

$4,167,800 1959 7,865 SF $530 $378,890 N/A 17.16 11 06/27/2017

7. Mountlake Apartments4236 7th Ave NESeattle, WA 98105

$4,150,000 1989 7,093 SF $585 $377,500 N/A N/A 11 01/04/2017

8. Wallingford Condos3426 Wallingford Ave NSeattle, WA 98103

$5,900,000 1985 8,694 SF $678 $327,777 2.4% 25.02 18 11/29/2016

9. 1215 Queen Anne1215 Queen Anne NSeattle, WA 98109

$4,000,000 1958 7,856 SF $509 $307,693 3.1% 18.78 13 + 1 06/01/2018

PRICE YEAR BUILT NRSF PRICE / SF PRICE / UNIT CAP GRM # OF UNITS CLOSE

Totals | Averages $3,875,066 1967 6,865 SF $564 $401,626 2.88% 19.85 10 -

Subject Property2800 Franklin Ave ESeattle, WA 98102

$5,600,000 1959 10,620 SF $527 $350,000 3.75% 17.8 16

SALE COMPS SUMMARY

EMPLOYER MAP

PUGET SOUNDSet in the beautiful Pacific Northwest, the greater Seattle area is a national center for manufacturing, technology, services, international trade and tourism.

MAJOR EMPLOYERS

Today some of the world’s most recognizable Fortune 500 companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 Networks and Nintendo of America.

According to the Puget Sound Business Journal, technology companies are leading the way in employment growth in the Seattle MSA. As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation’s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World Headquarters, located in Redmond is over 10 million square feet.

The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center.

The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world’s largest aerospace company, second-

largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington.

Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by 2040.

INTERNATIONAL TRADE

Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle, which also operates the Seattle-Tacoma International Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest.

RECREATION

The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle’s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World’s Fair. Seattle is home to a number of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team.

PUGET SOUND LARGEST EMPLOYERS

80,000Employees

JOINT BASE LEWIS-MCCHORD

56,000Employees

42,000Employees

25,000Employees

40,000Employees

20,000Employees

10,000Employees

15,000Employees

13,000Employees

20,000Employees

PUGET SOUND SUMMARY

Since 1975 Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound region. Our commitment to assist our clients in creating and preserving their realestate investment wealth has led to the successful closing of billions ofdollars in investment property and a long history of repeat business andclient referrals.

Our firm has over twenty full-time real estate professionals with expertisein the multi-family sales market. With a majority of our partners owningand operating their own investment property, we offer clients a unique perspective from both an agent and owner point of view. Ourspecialization in representing Puget Sound apartment owners results inour clients receiving the most effective representation in the industry,where maximizing client returns is our highest priority.

Through effective teamwork, communication, and an unparalleledknowledge of the Puget Sound apartment market, our agents continue tolead the industry in successful closings and client satisfaction.

MEMBERMEMBER: C: Commerommercial Bcial Brrokokers Association (ers Association (CBACBA))

MEMBERMEMBER: N: Northorthwest Mwest Multiple Lultiple Listing Sisting Serervices (Nvices (NWWMLS)MLS)

MEMBERMEMBER: Loop N: Loop Net Net National Lational Listing Sisting Serervicesvices

MEMBERMEMBER: C: Costar Costar Commerommercial Rcial Real Eeal Estate Dstate Data and Nata and National Lational Listing Sisting Serervicevice

MEMBERMEMBER: C: Commerommercial Icial Innvestmenvestment Rt Real Eeal Estate Istate Institute (nstitute (CREI)CREI)

MEMBERMEMBER: W: Washington Sashington State Rtate Realtors Association (WSMAealtors Association (WSMA))

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HAMLIN PLACE APARTMENTS...HAMLIN PLACE APARTMENTS 2800 FRANKLIN AVE E, SEATTLE, WA 98102 CONTACT...

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