4333 Dayton Flyer - commercialmls.com CAP: 5.75% MKT GRM: 13.69 SITE LOCATION. Mace Erickson MANAGING BROKER ... to the south of the Woodland Park Zoo and Green Lake neighborhood and

FOR MORE INFORMATIONPLEASE CONTACT:

Mace EricksonMANAGING BROKER

206.505.9418

[email protected]

Dayton Apartments | 4333 Dayton Avenue N, Seattle 98103

FORSALE

Investment Highlights

+ New Roof & Double Pane Windows

+ 3 Newly Renovated Units

+ Meticulously Maintained

+ Prime Fremont Location

+ Rental Upside

PRICE: $1,433,000

UNITS: 5

$/UNIT: $286,600

$/SF: $332.02

CAP: 4.98%

GRM: 15.34

MKT CAP: 5.75%

MKT GRM: 13.69

SITE LOCATION


206.505.9418

Dayton Apartments | Executive Summary

Westlake Associates, Inc. is proud to present the

5 unit Dayton Apartments for sale. The property

presents investors with the opportunity to own in

one of the most sought after and profitable rental

markets in the region. The Dayton Apartments

offer strong cash flow and a proven significant

rental upside with high appreciation for a long term

investment.

The PropertyBuilt in 1972, the apartments were recently renovated. The location and desirable finishes of the renovated units

have attracted high end tenants to the building, making the apartments a low maintenance, high yield investment

with the potential for a buyer to renovate the remaining units for additional income. The current owner has

renovated 3 of the 5 units, gaining substantial increases in rent. They consist of a one standard 1 bedroom 1 bath

unit, three 2 bedroom 1 bath units, of which two are renovated, and a top floor, renovated 3 bedroom 2 bath unit

with significant renovations and views – ideal for an owner user unit. The most recently renovated units were

completed in 2013 with stainless steel appliances, hardwood floors and new countertops.

The Fremont neighborhood is a highly desirable neighborhood, just a short drive from Downtown Seattle. It is

located to the south of the Woodland Park Zoo and Green Lake neighborhoods, to the East of Ballard and a mile

to the West of the University of Washington. The Burke Gilman Trail winds along Lake Union to the South and

offers a wide variety of activities such as jogging, skating or biking.

Currently the city of Seattle is building a new efficient light rail system to connect to the current street

car network which will provide greater ease of access to downtown Seattle and across the major urban

neighborhoods, supporting economic growth and strengthening connections among the places where people

live, work and socialize.


206.505.9418

Executive SummaryDayton Apartments | 4333 Dayton Avenue N

Access & TransitThe Dayton Apartments are located by several bus lines for easy access to the University of

Washington and Seattle Pacific University as well as downtown. Commuters have a short drive to

downtown Seattle along either Highway 99 or Fremont Ave N, while many young professionals

have chosen to work in Fremont.

The street car network which runs along 36th St in Fremont offers even more variety of

transportation options and with direct lines to Ballard as well as a greater ease of access to

downtown Seattle and to the other major urban neighborhoods.

The LocationThe apartments are located a few blocks from downtown Fremont, the self-declared “center of

the universe”. The apartments are conveniently located a few minutes’ drive north of Downtown

Seattle, to the south of the Woodland Park Zoo and Green Lake neighborhood and a mile west of the

University of Washington. A vibrant community, Fremont is fast becoming known as the Tech Canal

as a growing number of tech companies have brought their offices to the area. A few of the more

notable companies are: Adobe, Google, Tableau Software, Getty Images, AdReady, Brightdream

Creative and Groundspeak. To the south, the Burke Gilman Trail borders Lake Union and offers

several activities including biking, kayaking, running, rowing and boating.

Fremont is a thriving artesian metropolis, boasting the oldest outdoor street market, the famous

Solstice Parade bikers and the monthly artwalk where several galleries and shops flood the streets

with different styles of art. Throughout the year, Fremont hosts some of Seattle’s most creative

festivals including the Moisture Festival, Fremont Fair, HopScotch, Fremont Outdoor Movies with the

annual Zombie Walk to name a few.


206.505.9418

The LocationDayton Apartments | 4333 Dayton Avenue N

Several tech companies such as Google and Adobe have set up offices along the South Ship Canal in Fremont. They’re often called the “tech canal” by the industry

The Burke-Gilman is a 27 mile-long paved biking and jogging trail that runs through Fremont from Puget Sound to Lake Union and partway around Lake Washington

Greenlake offers several miles of jogging trails, as well as kayaking and swimming in the summer


206.505.9418

Dayton Apartments | 4333 Dayton Avenue N

Neighborhood Location

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Site Location


206.505.9418


Neighborhood Location

FOOD - GROCERY1. PCC Natural Market

2. Fred Meyer

3. Marketime Foods Grocery Store

EMPLOYMENT1. Tableau Software

2. Google

3. Adobe

4. Net Motion Wireless

5. Brooks Trailhead

Recreation

1. Gasworks Park

2. A.B. Ernst Park

3. Fremont Troll

4. Fremont Branch Library

5. Fremont Chamber of Commerce

6. Woodland Park Zoo

7. Wallingford Playground

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BARS & PUBS1. Fremont Brewing Company

2. Hale’s Ales Brewery & Pub

3. Red Door

FOOD - RESTAURANTS3. Paseo Caribbean Restaurant

4. Rock Creek

5. Roux

6. Westward

7. The Whale Wins

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206.505.9418

Property PhotosDayton Apartments | 4333 Dayton Avenue N


206.505.9418



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206.505.9418

PROPERTY OVERVIEW

Number of Units 5

Year Constructed 1972

Rentable SF 4,316

Lot Size 5,500

Heating Electric

Parking 6

Laundry Coin-Op

PRICE ANALYSIS

Sale Price $1,433,000

Price per Unit $286,600

Price per NRSF $332.02

Price per Land SF $260.55

Current CAP Rate 4.98%

Current GRM 15.34

Pro Forma CAP Rate 5.75%

Pro Forma GRM 13.69

FINANCING

Loan Amount $920,000

Down Payment $427,500

Rate 3.50%

L-T-V 64%

Amortization 30

Term 5

Monthly Payment $4,131

Annual Payment $49,575

# of UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF

1 1 Bedroom | 1 Bath 600 $970 $1.62 $1,250 $2.08

3 2 Bedroom | 1 Bath 872 $1,417 $2.27 $1,658 $1.90

1 3 Bedroom | 2 Bath 1,250 $2,495 $2.00 $2,500 $2.00

Total | AVG 4,316 $7,715 $1.70 $8,725 $1.96

INCOME

CURRENT PRO FORMA

Scheduled Rental Income $92,580 $104,700

+ Laundry $63 | $760 $67 | $800

+ Parking $0 | $0 $240 | $2,880

+ Utility Recovery $249 | $2,987 $249 | $2,987

Scheduled Gross Income $96,327 $111,367

- Vacancy & Cr Losses 3.0% ($2,890) ($3,341)

Gross Income $93,437 $108,026

CURRENT PRO FORMA

Net Operating Income $71,304 $82,419

Less Annual Debt Service ($49,575) ($49,575)

Cash Before Taxes $21,729 5.08% $32,845 7.68%

EXPENSES

CURRENT PER UNIT PRO FORMA PER UNIT

Real Estate Taxes (2015) $10,268 $2,054 $10,268 $2,054

Insurance (2015) $1,990 $398 $1,990 $398

Utilities $4,114 $823 $4,114 $823

Property Management (5%) $4,500 $900 $5,235 $1,047

Repairs | Maintenance $1,261 $252 $4,000 $800

Total Operating Expenses $22,133 $4,427 $25,607 $5,121

The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.

Financial Analysis



206.505.9418


Rent Roll

UNIT TYPE SF MONTHLY RENT $/SF

1 2 Bedroom | 1 Bath 850 $1,120 $1.32

2 2 Bedroom | 1 Bath 883 $1,545 $1.75

3 2 Bedroom | 1 Bath 883 $1,585 $1.80

4 1 Bedroom | 1 Bath 600 $970 $1.62

5 3 Bedroom | 2 Bath 1,250 $2,495 $2.00

AVERAGES 907 $1,543 $1.70


206.505.9418

Address # of Units Year Built Sale Date Sale Price $/Unit $/SF CAP GRM

The Standard 3636 Dayton Avenue N

13 1967 06.03.2015 $4,775,000 $367,307 $500.73 4.7% 15.4

42nd Street Apartments 951 N 42nd Street

18 1962 10.29.2015 $3,590,000 $199,444 $297.55 4.1% 14.1

Miranda Place 4451 Midvale Avenue N

9 1966 11.17.2015 $3,575,000 $397,222 $473.26 5.0% 15.3

Florentia Apartments 4 Florentia Street 10 1990 08.28.2015 $2,775,000 $277,500 $334.50 4.2% 16.2

The View Apartments 411 N 44th Street 8 1965 10.19.2015 $2,230,000 $278,750 $446.45 4.4% 15.2

Colette 511 N 43rd Street 7 1964 01.21.2016 $1,600,000 $228,571 $297.40 N.A N.A

Wallingford View 4314 Winslow Place N 5 1968 06.09.2015 $1,210,000 $242,000 $334.99 3.8% 16.9

Phinney Five 110 NW 39th Street 5 1960 12.07.2015 $1,100,000 $220,000 $337.01 4.4% 15.4

Phinney View 4208 Phinney Avenue N 5 1967 05.15.2015 $1,038,8000 $207,760 $319.63 3.4% 17.4

Averages $268,728 $371.28 4.3% 15.7

Dayton Apartments $1,433,000 $286,600 $332.02 4.98% 15.34

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206.505.9418

Westlake Associates, Inc.

About the Company

Commercial Investment Real Estate

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 real estate investment wealth has led to the successful closing of billions

of dollars in investment property and a long history of repeat business and client referrals.

Our firm has over twenty full-time real estate professionals with expertise in the multi-family

sales market. With a majority of our partners owning and operating their own investment

property, we offer clients a unique perspective from both an agent and owner point of view.

Our specialization in representing Puget Sound apartment owners results in our clients

receiving the most effective representation in the industry, where maximizing client returns is

our highest priority.

Through effective teamwork, communication, and an unparalleled knowledge of the Puget

Sound apartment market, our agents continue to lead the industry in successful closings and

client satisfaction.

+ MEMBER: Commercial Brokers Association (CBA)

+ MEMBER: Northwest Multiple Listing Services (NWMLS)

+ MEMBER: Loop Net National Listing Services

+ MEMBER: Costar Commercial Real Estate Data and national listing service

+ MEMBER: Commercial Investment Real Estate Institute (CREI)

+ MEMBER: Washington State Realtors Association (WSMA)

+ MEMBER: National Association of Realtors (NAR)

Documents

4333 Dayton Flyer - commercialmls.com CAP: 5.75% MKT GRM: 13.69 SITE LOCATION. Mace Erickson MANAGING BROKER ... to the south of the Woodland Park Zoo and Green Lake neighborhood and