Paragon Real Estate Advisors is pleased to offer for sale the Terra Apartments. Situated in the Greenwood neighborhood just north of the Seattle CBD The Terra Apartments are four blocks from the heart of the Greenwood Business District.
This is a popular neighborhood due to its close proximately to Green Lake Park, North Seattle College, and Woodland Park Zoo. Green Lake Park features a newly reconstructed 2.8 mile path, a variety of recreational facilities that include basketball, tennis, baseball, soccer, boating, picnics and swimming. Greenwood’s own park is just two blocks to the north of Terra Apartments. This area is a prime location with convenient and easy access to I-5 and Highway 99 both leading to all major employment centers in Seattle.
Highlights
> New bathrooms with cabinetry and fixtures
> Newly installed washer and dryer in each unit
> New laminate flooring and carpeting
> Updated lobby and common hallways
> Open and covered parking for 23 cars
> Newly installed double pane vinyl windows
> New exterior paint
> New roof
> New kitchens with full stainless steel appliance package, cabinets and fixtures
> Updated mechanical including plumbing and elevator systems
| PRICING | ||
| Price | $6,195,000 | |
| Down Payment | $1,858,500 (30%) | |
| Loan Amount | $4,336,500 (70%) | |
| Interest Rate | 3.70% Variable | |
| Amortization | 30 Years | |
| Price Per Unit | $326,053 | |
| Price Per Net Sq.Ft. | $422.29 | |
| Current GRM | 14.11 | |
| Current CAP | 4.94% | |
| Market GRM | 13.61 | |
| Market CAP | 4.94% | |
| CURRENT EXPENSES | ||
| Current Expenses/Unit | $6,074 | |
| Expenses/Foot | $7.87 | |
| % of GSI | 26.28% | |
| MARKET EXPENSES | ||
| Expenses/Unit | $7,140 | |
| Expenses/Foot | $9.25 | |
| % of GSI | 29.80% | |
| MONTHLY SCHEDULED INCOME | Current | Market | |
| Monthly Scheduled Rent | $33,125 | $33,930 | |
| Utility Recovery | $1,518 | $1,560 | |
| Parking | $1,255 | $1,450 | |
| Other Rent Income (Pet, Storage) | $530 | $830 | |
| Miscellaneous Income | $167 | $167 | |
| Total Monthly Income | $36,595 | $37,937 | |
| ANNUALIZED OPERATING DATA | |||
| Scheduled Gross Income | $439,140 | $455,244 | |
| Less Vacancy | $17,566 (4%) | $13,657 (3%) | |
| Gross Operating Income | $421,574 | $441,587 | |
| Less Expenses | $115,406 | $135,663 | |
| Net Operating Income | $306,169 | $305,923 | |
| Annual Debt Service ($19,960/mo) | $239,522 | $239,522 | |
| Cash flow Before Tax | $66,647 (3.59%) | $66,401 (3.57%) | |
| Principal Reduction | $80,426 | $80,426 | |
| Total Return Before Tax | $147,073 (7.91%) | $146,828 (7.90%) | |
| ANNUALIZED OPERATING EXPENSES | |||
| Real Estate Taxes (Actual) | $30,143 | $49,560 | |
| Insurance (Actual) | $5,567 | $5,567 | |
| Utilities (12 Mo/Actual) | $24,009 | $24,009 | |
| Property Management (Market 4%) | $16,863 | $17,663 | |
| On-Site Payroll (Proforma) | $9,120 | $9,120 | |
| Maint & Repairs (Actual) | $12,955 | $12,995 | |
| Landscaping (Actual) | $1,992 | $1,992 | |
| Administration (Actual) | $2,523 | $2,523 | |
| Reserves (Proforma) | $4,750 | $4,750 | |
| Turnover (Actual) | $4,445 | $4,445 | |
| Elevator (Actual) | $3,039 | $3,039 | |
| Total Operating Expenses | $115,406 | $135,663 | |
| # OF UNIT | TYPE | SIZE | CURRENT RENT | MONTHLY INCOME | MARKET RENT | MONTLY INCOME |
|---|---|---|---|---|---|---|
| 12 | 1BD/1BTH | 600-700 Sq.Ft. | $1,525-$1,650 | $19,190 | $1,650 | $19,800 |
| 3 | 2BD/1BTH | 826 Sq.Ft. | $1,995-$2,095 | $6,090 | $2,095 | $6,285 |
| 1 | 3BD/2BTH | 1,700 Sq.Ft. | $3,695 | $3,695 | $3,695 | $3,695 |
| 3 | 4BD/3.5BTH | 2,900 Sq.Ft. | $4,150 | $4,150 | $4,150 | $4,150 |
| 19 | Average/Totals | 863 SqFt | $2.26 | $33,125 | $2.31 | $33,930 |
| Year Built | 1971 |
|---|---|
| Units | 19 |
| Sales Price | $6,195,000 |
| Price Per Unit | $326,053 |
| Price/Foot | $411.63 |
| GRM/CAP | 14.6/4.9% |
| Year Built | 1959 |
|---|---|
| Units | 13 |
| Sales Price | $4,350,000 |
| Price/Unit | $362,500 |
| Price/Foot | $453.98 |
| GRM/CAP | 14.1/5.1% |
| Sales Date | 7.17.2017 |
| Year Built | 1967 |
|---|---|
| Units | 9 |
| Sale Price | $3,150,000 |
| Price/Unit | $350,000 |
| Price/Foot | $413.44 |
| GRM/CAP | 16.7/4.1% |
| Sales Date | 6.28.2017 |
| Year Built | 1959 |
|---|---|
| Units | 11 |
| Sales Price | $4,170,000 |
| Price Per Unit | $379,090 |
| Price/Foot | $530.20 |
| GRM/CAP | 16.2/4.6% |
| Sales Date | 6.27.2017 |
| Year Built | 1968 |
|---|---|
| Units | 8 |
| Sales Price | $3,075,000 |
| Price/Unit | $2384,375 |
| Price/Foot | $403.33 |
| GRM/CAP | 15.7/4.5% |
| Sales Date | 6.14.2017 |
| Year Built | 1975 |
|---|---|
| Units | 11 |
| Sale Price | $3,750,000 |
| Price/Unit | $340,909 |
| Price/Foot | $392.22 |
| GRM/CAP | 15.4/4.5% |
| Sales Date | 6.12.2017 |
