Jason KonoP: 206.566.6595C: [email protected]
Matt JohnstonP: 206.556.4419C: [email protected]
Casey ZejdlikP: 206.566.6599C: [email protected]
EXCLUSIVELY LISTED BY
Investment Overview
Location
Financials
Comparables
Offer Guidelines
TABLE of CONTENTS
The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. © Pilot Ventures LLC.
BALLARD 5 | 6
$66,777PROFORMA NOI
Price $ 1,195,000
Units 5
Price Per Unit $ 239,000
Rentable SF 4,430
Price Per SF $ 270
Current Cap Rate 4.32 %
Market Cap Rate 5.59 %
Current GRM 13.0
Market GRM 11.7
Year Built 1926 / 1956
Parcel Number 292170-0240
Land SF 6,935
Zoning LR2 RC
Construction Type Wood Frame
Plumbing Mixed
Parking 3 Garage Stalls, 1 Surface Stall
Hot Water Central
Heating Central
Roof Type Composition
Roof Year Fourplex: 2012Single Family: 2008Garage: 2001
BALLARD 5 | 9
BALL ARD 51301-1311 NW 85th St, Seattle, WA 98117
Nestled in the quaint and expanding North Ballard neighborhood, Ballard 5 is well poised to take advantage of all that Ballard has to offer. Ballard 5 sits on a nearly 7,000 SF lot with LR2 RC designated zoning. The property consists of a fourplex with one non-conforming unit and a single family home on one parcel. An investor in the Ballard 5 will have a myriad of options to maximize value and grow their investment in a high-demand rental market.
Residents of the Ballard 5 benefit from an abundance of retail, entertainment, and recreational amenities within an extremely close proximity. The beloved Golden Gardens Park is a short drive away and the running trails and beachfront access at Carkeek Park are just a short trip to the north. Further, residents are in a great position to take advantage of all the amenities offered in Ballard, Green Lake, and other surrounding neighborhoods.
Ballard 5 is surrounded by local dining favorites including Pagliacci Pizza, Chuck’s Hop Shop, and Wild Mountain Café. Residents have ample shopping opportunities at the local Safeway, Fred Meyer, and QFC. Commuting is a breeze with bus stops within walking distance that provide quick access to the Seattle core, and I-5 is a short drive to the east, allowing residents easy access to the rest of the Puget Sound region to the north and south.
Ballard 5 consists of four apartment-style units and one single family home on the same tax parcel. Tasteful landscaping and a well-maintained brick façade offer curb appeal and charm. Spacious units make residents feel at home and the property offers on-site laundry and three garage parking stalls and one surface parking stall for increased convenience. Ballard 5 offers an investor the chance to raise below market rents at a well-maintained and professionally managed property with future redevelopment potential.
seattle
Subm
arke
t In
form
atio
n
BALLARD 5 | 10
WALKSCORE.COM
87
EA
T +
DR
INK 1 Dick’s Drive-In
2 The Lodge Sports Grille
3 Flying Bike Brewery
4 Razzis Pizzeria
5 Gorditos
6 FlintCreek Cattle Co
7 The Angry Beaver
8 The Yard Cafe
9 Kasbah Moroccan
10 Taki’s Mad Greek
11 Thai Siam
12 The Wing Dome
13 Gorgeous George’s
14 Pete’s Eggnest
15 El Taco Loco
16 Goofys
17 Wild Mountain Cafe
18 Hounds Tooth Public House
19 Taqueria Tequila
20 Valhalla Sandwiches
21 Monkey Grind Espresso Bar
22 The Dane
1 Sandel Park
2 Crown Hill Park
3 Greenwood Park
4 The Pocket Theater
5 Greenwood Public Library
6 Green Lake Park
1 Grocery Outlet
2 Fred Meyer
3 Chuck’s Hop Shop
4 Safeway
5 QFC
6 Petco
1 Whole Life Yoga
2 The Grinning Yogi
3 Bohemian Studios
4 Revel Athletics
7657
RE
CR
EA
TIO
NS
HO
PP
ING
WE
LNE
SS
GREENWOOD
3
24
5 6 7
8
121314
18
19
20
2
3
1
12
34
4
2
21
5
BALLARD
BALLARD | Seattle | 98117
10
1
9
11
15
1617
1
4
5
6 3
22
BALLARD 5 | 12
Seattle is a bustling metropolis, ranked by the U.S. Census in the “Top 4 for Growth” for five consecutive years.
Since 2010, our population has increased 18.7%, bringing an additional 114,412 people to America’s beloved Emerald City.
It’s no stretch to appreciate how the lush, green foliage and shimmering waters led a few to Seattle.Unparalleled beauty and access to the outdoors have helped attract some of the best companies in the country. To the east and west, the city is bordered by Lake Washington and the Puget Sound. Out further, snowcapped mountain ranges can be seen in every direction.
Home to a diverse and robust community, Seattle is the cultural and business center of the Pacific Northwest. The thriving tech sector has pushed up the wages, software engineers averaging $132,000/year, as well as the cost of rent.
Employment and population growth rates are strong and stable, supported by the variety of commerce and an ongoing demand for skilled workers.
Seattle was ranked the second-best city for STEM workers by NerdWallet. The University of Washington, a highly ranked school with a variety of nationally recognized programs, prepares top-tier students for roles at companies, such as Amazon, the Fred Hutchinson Cancer Research Center, Facebook, and the Allen Institute.
Buzzing with new infrastructure, jobs and residents, Seattle’s evergrowing metropolis is considered home to many major employers who drive growth and fuel our economic climate including:
seattle
Regi
onal
Info
rmat
ion
BALLARD 5 | 13
3.8 MILLION PEOPLE IN SEATTLE’S URBAN CORE
THAT’S OVER HALF THETOTAL POPULATION OF
WASHINGTON STATE
BALLARD 5 | 15
UNIT Type Approx SF Current Rent Current /SF Market Rent Market /SF
1 2 Bd / 1 Bth 1,100 $ 1,650 $ 1.50 $ 1,945 $ 1.77
2 1 Bd / 1 Bth 700 $ 1,450 $ 2.07 $ 1,495 $ 2.14
3 2 Bd / 1 Bth 875 $ 1,550 $ 1.77 $ 1,795 $ 2.05
4* Studio 600 $ 1,150 $ 1.92 $ 1,250 $ 2.08
SFH 2 Bd / 1 Bth 1,150 $ 1,845 $ 1.60 $ 2,045 $ 1.78
4,425 $ 7,645 $ 1.73 $ 8,530 $ 1.93
• Opportunity to increase rents ~12%
• Three garage parking stalls, one surface parking stall
• One unit is considered “non-conforming” * Non-conforming unit
** Unit square footages are estimated and based off the Owner’s Rent Roll
Rent Roll
BALLARD 5 | 16
CURRENT PRO FORMA
Gross Potential Rent $ 91,740 $ 102,360
Vacancy $ (2,752) 3.00 % $(3,071) 3.00 %
NET RENTAL INCOME $ 88,988 $ 99,289
OTHER INCOME
Utility Billback $ 2,100 $ 3,600
Parking Income $ 0 $ 1,800
Misc Income $ 1,200 $ 1,800
Total Other Income $ 3,300 $ 7,200
EFFECTIVE GROSS INCOME $ 92,288 $ 106,489
EXPENSES
Property Taxes $ 10,407 $ 10,407
Insurance $ 3,480 $ 2,375
Utilities $ 11,933 $ 12,291
Maintenance & Repairs $ 4,000 $ 4,000
Professional Management $ 6,775 $ 6,389
Reserves $ 1,250 $ 1,250
Landscaping $ 2,763 $ 3,000
Total Expenses $ 40,608 $ 39,712
NET OPERATING INCOME $ 51,680 $ 66,777
Loan Payments $ (40,375) $ (40,375)
Pre-Tax Cash Flow $ 11,305 2.37 % $ 26,402 5.53 %
Principal Reduction $ 12,971 $ 12,971
TOTAL PRE-TAX RETURN $ 24,276 5.09 % $ 39,373 8.25 %
Financial Analysis
• Financing reflects $477,314 (40%) down at a 3.85% interest rate
• Buyer can achieve a nearly 6% cash-on-cash return on stabilized metrics
• Parcel is ~7,000 SF with LR2 RC zoning designation
BALLARD 5 | 18
PROPERTY ADDRESS Building Name Units Price Sale Date Price/Unit Price/NRSF Cap Rate GIM Year Built
1 621 NW 85th St Greenwood 7-Unit 7 $1,645,000 1/25/19 $235,000 $336 4.5% 15.5 1990
2 8500 Fremont Ave N The Cardigan 9 $2,625,000 6/18/19 $291,667 $306 5.7% 13.0 1978
3 6313 22nd Ave NW Old Ballard 5 5 $1,150,000 Pending $230,000 $329 3.7% 17.3 1900
4 906 N 85th St Green Lake 4 4 $1,150,000 5/1/19 $287,500 $429 4.7% 15.7 1958
5 4354 5th Ave NW 5th Ave Triplex 4 $1,362,500 9/17/18 $340,625 $347 4.1% 16.0 1967
AVERAGES $276,958 $349 4.5% 15.5
Sales Comparables
GREEN LAKE 4
• Renovated in 2012 • Garage parking • Patios/decks
5TH AVE TRIPLEX
• Triplex w/ one non-conforming unit
• Coin-op laundry on-site
GREENWOOD 7-UNIT
• 5-unit w/ townhome style duplex
• 5/7 units with in-unit W/D• All units have patios/decks
THE CARDIGAN
• Modern finishes and appliances • Garage parking available • Short term rental at time of sale
OLD BALLARD 5
• Value-add opportunity• Orginially a SF home• Core Ballard location
1 2 3
4 5
BALLARD 5 | 19
GREENWOOD 7-UNIT
621 NW 85th St
THE CARDIGAN
8500 Fremont Ave N
OLD BALLARD 5
6313 22nd Ave NW
GREEN LAKE 4
906 N 85th St
5TH AVE TRIPLEX
4354 5th Ave NW
1
2
3
4
5
GREENLAKE
GREENWOOD
12
3
4
5
SALMONBAY
BALLARD
WALLINGFORD
PHINNEY RIDGE
BALLARD 5 | 20
PROPERTY ADDRESS Building Name Unit Type Unit SF Rent Rent /SF Year Built
1 5310 8th Ave NW 8th Ave NW 1 Bd / 1 Bth 550 $ 1,495 $ 2.72 1950
2 3202 NW 75th St 3202 NW 75th St 1 Bd / 1 Bth 500 $ 1,195 $ 2.39 1922
3 2039 NW 59th St 2039 NW 59th St 1 Bd / 1 Bth 626 $ 1,300 $ 2.08 1963
4 3222 NW 54th St Lockside Apartments 1 Bd / 1 Bth 625 $ 1,495 $ 2.39 1964
AVERAGES 575 $ 1,371 $ 2.40
8TH AVE NW
• Updated finshes/flooring• W/D on-site • Strong location
1
Rent Comparables
LOCKSIDE APTS
• New flooring/appliances • Unit with deck • Laundry on-site
43202 NW 75TH ST
• Light renovation • W/D on-site • Street parking only
2 2039 NW 59TH ST
• Dated unit • On-site laundry • Carport parking
3
2025 NW 59TH ST
• Dated interiors• On-site laundry • Balconies
5 STEVE’S APTS
• Dated interiors • Carport parking • W/D on-site
8841 NW 52ND
• New applainces/finishes • W/D in-unit• Attached garage
6 BON FIVE APTS
• Dated interiors • W/D in-unit • Carport parking
7
5 2025 NW 59th St 2025 NW 59th St 2 Bd / 1 Bth 900 $ 1,995 $ 2.22 1963
6 841 NW 52nd St 841 NW 52nd St 2 Bd / 1 Bth 1,000 $ 1,880 $ 1.88 1968
7 1439 NW 65th St Bon Five Apartments 2 Bd / 2 Bth 1,025 $ 1,975 $ 1.93 1984
8 1122 NW Market St Steve's Apartments 2 Bd / 1.5 Bth 1,000 $ 1,850 $ 1.85 1980
AVERAGES 981 $ 1,925 $ 1.97
BALLARD 5 | 21
8TH AVE NW
5310 8th Ave NW
3202 NW 75TH ST
3202 NW 75th St
2039 NW 59TH ST
2039 NW 59th St
LOCKSIDE APARTMENTS
3222 NW 54th St
2025 NW 59TH ST
2025 NW 59th St
841 NW 52ND ST
841 NW 65th St
BON FIVE APARTMENTS
1439 NW 65th St
STEVE’S APARTMENTS
1122 NW Market St
1
2
3
4
5
6
SHILSHOLEBAY
GREENWOOD
7
8
1
2
4
5
67
8
BALLARD
PHINNEY RIDGE
3
Pilot Ventures is pleased to announce
All questions and inquiries regarding tours and this opportunity should be addressed to the Pilot Ventures representatives listed herein. Pilot Ventures’ team will be available to assist prospective investors with questions upon their review of the offering. Investors will receive advanced notification of the bid deadline via email. Offers should include, at a minimum, the following:
• The purchase price, contingencies and closing date;
• The amount of earnest money deposit;
• The source of capital for down payment;
• A detailed timeline for the transaction;
• A brief overview of the Buyer’s qualifications.
BALLARD 5 | 23
BALLARD 5 | 24
Built upon trust and experience, Pilot Ventures was founded by principals Casey Zejdlik and Jason Kono.
Specializing in multifamily investments and property management services, our focus on long-term client success is at the core of everything we do.
At Pilot Ventures, our experienced team of industry professionals offer more than 50 years of creative investment expertise. We engage with every client in a goal-oriented manner to enhance their portfolio and maximize results.
Together, we don’t just build equity— we build relationships.
BrokerageWhether you’re buying or selling, our experienced team of brokers will ensure you receive the best possible representation.
SyndicationOur firm’s financial expertise and professional management allows individuals, families, partnerships and trusts to invest in income producing properties without worrying about the day-to-day operations. We provide a full-service approach to every stage of your multifamily real estate investment.
ManagementManaging properties can be an overwhelming experience— in working with Pilot Ventures, we help streamline processes and systems to maximize your cash flow and ROI.
Top Related