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Old Ballard 5 5 Units • 6313 22nd Ave NW • Seattle,
Washington
For More Information Please Contact
Nathaniel Kiger 206.774.5439 nate@tfgre.com
Erich Bubbel 206.774.5426 erich@tfgre.com
2621 Eastlake Ave E
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Investment Overview The Foundation Group is pleased to exclusively
offer for sale the
Old Ballard 5, a 5-unit building located in a premier live, work,
and
play environment of Ballard. The property provides a opportunity
to
purchase a value-add deal in one of the highly coveted locations
in
the City of Seattle.
The Old Ballard 5 was built in 1900 as a very large single-family
resi-
dence. The entrepreneurial nature of the early fishermen that lived
in
the neighborhood shows in the property. The owner converted
the
single-family residence to a 4-unit apartment building in 1945
and
renewed the building permit in 1950. In 1995 the owner decided
to
put the finishing touches on the building by adding a 5th
unit.
The building offers great proximity to retail amenities,
employment
centers, and parks in the area. The combination of a low price
per
unit, incredible location, and value added component makes the
Old
Ballard 5 a excellent investment opportunity in 2019.
Ballard with its access to amenities, walkability, public transit,
and employment centers is one of the strongest submarkets in the
Puget Sound region.
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Ballard Area Description Ballard is a hip waterfront neighborhood
with trendy restaurants,
indie shops, bars and craft breweries centered on historic
Ballard
Avenue. Ships and salmon pass through the Hiram M. Chittenden
Locks, or Ballard Locks, also a popular picnic spot. The
sandy
beach at Golden Gardens Park draws sunbathers and volleyball
players and offers mountain views. The Nordic Heritage Museum
displays the area’s Scandinavian roots.
In recent years, new development in the area has brought a
younger resident profile to Ballard that’s been attracted by
the
community’s fine dining, eclectic nightlife, quality of life,
retail
amenities, and proximity to downtown Seattle.
With a Walk Score of 95, residents of The Old Ballard 5 can
accomplish most of their daily errands on foot. Every Sunday
during the year, the Ballard Farmer’s Market is open for
business.
Ballard Avenue is closed to make room for local growers
and vendors, plus a variety of artists selling their wares, from
jewelry to
furniture. This is one of the few year-round markets in the
city, and since the selection is always changing, it’s easy to make
it
a weekly stop.
FISHERMEN’S TERMINAL
So u
rc e
2 Fred Meyer
3 Ballard Market
2 Nordic Musuem
2 Ballard Public Library
3 Seattle Maritimie Academy
4 Seattle Film Institute
Current Rent PSF $ Market
Rent PSF $
2 Bed/ 1 Bath- 6313 1 938 $1,440 $1.54 $2,100 $2,24
1 Bed/ 1 Bath- 6313A 1 300 $980 $3.27 $1,100 $3.67
1 Bed/ 1 Bath- 6311 1 750 $1,025 $1.37 $1,450 $1.93
1 Bed/ 1 Bath- 6315 1 750 $1,025 $1.37 $1,450 $1.93
1 Bed/ 1 Bath- 6317 1 750 $1,025 $1.37 $1,450 $1.93
Average 3,488 $1.58 $2.16
Total 3,488 $5,495 $7,550
Property Notes & Assumptions • Rent Roll as of June 12th,
2019
• Available interest rate of 4.75% on 5 year fixed; 65-70% LTV on
Market Rents
Scheduled Income
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Gross Potential Rent $66,660 $90,600
Vacancy $0 0% $4,860 5%
Effective Gross Rent $66,660 $85,740
O T H E R I N C O M E
Utility Billback $600 $6,600
E X P E N S E S
Property Taxes $8,546 $9,522
Net Operating Income $42,164 3.67% $65,989 5.73%
Loan Payments ($36,664) ($36,664)
Principle Reduction $9,038 $9,038
Financials
Rent Rent PSF
Ballard 4-unit 2020 NW 58th ST N/A 1 Bed 1 Bath $1,860 N/A
N/A 2 Bed 1 Bath $2,150 N/A
5700 20th Ave NW 5700 20th Ave NW 500 1 Bed 1 Bath $1,250
$2.50
2600 NW 63rd St 2600 NW 63rd St 955 2 Bed 1 Bath $2,000 -
$2,400
$2.09 - $2.51
Ballard 4-unit
Rent Comparables
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Sale Price Price/Unit Price/SF Cap Rate GRM
Dravus 65 65 W Dravus St 5 10/9/2018 1906 $1,400,000 $280,000 $422
3.50% n/a
Hillside 602 N 42nd St 16 07/24/2018 1909 $3,650,000 $228,125 $489
2.51% 20.60
4761 22nd Ave NE 4761 22nd Ave NE 5 07/24/2018 1910 $1,300,000
$260,000 $473 3.51% 18.00
Averages $256,042 $461 3.17% 19.30
Subject Property: Old Ballard 5
6313 22nd Ave NW 5 1900 $1,035,000 $207,000 $297 4.07% 15.53
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602 N 42nd ST2
2 Hillside 602 N 42nd Street, Seattle WA
Units 16
Price $3,650,000
4761 22ND AVE NE 4761 22ND AVE NE, Seattle WA
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Seattle / Puget Sound Region Seattle is the largest city in the
state of Washington with an estimated population of 684,500
as
of 2015. The Seattle metropolitan area, also known as The Puget
Sound, is comprised of King,
Pierce and Snohomish County; as an MSA it’s the 15th largest
metropolitan in the United States
with a population of approximately 3.7 million people.
Seattle has a thriving local economy and is home to eight Fortune
500 companies includ-
ing Costco, Microsoft, Amazon, Paccar, Starbucks, Nordstrom,
Expeditors International and
Weyerhaeuser. In addition Seattle is home to other notable tech
companies such as Expedia,
Zillow, Tableau and Zulily, and is quickly establishing itself as a
national tech hub as companies
from Silicon Valley ranging from Google to Facebook, open Seattle
offices in an attempt to draw
on the talented pool of tech workers living in and moving to
Seatte.
In 2016, Zillow ranked Seattle as the second hottest housing market
in the nation for apprecia-
tion. Similarly in June of 2016, Redfin also ranked Seattle as the
second hottest housing market
behind Denver, where the average days on market of a listing is
eight and median sales price
growth year over year is 7.5%. Much of this growth comes from the
hot job market in Seattle,
ranked as the fourth best in the nation. A statistical analysis by
Careerbuilder found that in 2015
Seattle added 78,082 jobs. Recently Conway Pederson forecasts they
expect the Puget Sound
region to add 47,900 jobs in 2016.
Currently, the year to date in-migration to the Puget Sound, based
on driver’s license data for
January through May, shows 49,656 people have moved into the area.
On an annual basis, the
12-month moving average of monthly in migration is approximately
10,000 people. Annually
that puts more than 120,000 people moving into the Puget Sound
region; though this does not
account for people moving out of the region, the bottom line is the
area has and will continue to
grow at a rapid pace making the rental market as strong as its ever
been.
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Buoyed by its technology sector and the metro’s appeal as a
live-work-play environment, Seattle’s economy and multifamily
market continue to break new ground.
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.
Nathaniel Kiger 206.774.5439 nate@tfgre.com
Erich Bubbel 206.774.5426 erich@tfgre.com
2621 Eastlake Ave E