KING COUNTY QUARTERLY APARTMENT SALES REPORT · 2019. 10. 23. · selling price to a graduated rate structure, as follows: •f the selling price below $500,000 1.1% o •f the selling

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KING COUNTY

Q U A R T E R LY APARTMENT SALES REPORT

3rd Quarter 2019

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KING COUNTY

CONTENTS

North Seattle 2-4 unit Sales.................2-3Core King County 2-4 unit Sales........4-7Eastside 2-4 unit Sales......................... 8-9South Seattle 2-4 unit Sales..............10-11South King County 2-4 unit Sales ...12-13King Commercial Sales ........... ........ 14-17

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IS 2019 THE YEAR TO SELL YOUR PROPERTY?Substantial Rate Changes Coming January 1, 2020

The Legislature changed the state REET rate for most sales of real property from a flat 1.28% of the

selling price to a graduated rate structure, as follows:

• 1.1% of the selling price below $500,000

• 1.28% of the selling price between $500,000 and $1,500,000

• 2.75% of the selling price between $1,500,000 and $3,000,000

• 3.0% of the selling price over $3,000,000

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3.5%

3.25%

1.78%

1.6%

$500k $1.5m $3.0m $3.0m+

SALE PRICE

+1.72%increase

+1.47%increase

2019 2020

$20,150 tax increase on $3m sale



2621 Eastlake Ave E

Seattle, WA 98102

www.tfgre.com

IntroductionThis report is a roadmap for owners, devel-opers, and future investors to navigate the critical changes, which provide new opportuni-ties and challenges in the market place.

We provide an unparalleled boots-on-the-ground understanding of Snohomish County for a wide range of private capital investors.

We truly immerse ourselves in understanding the market. Driving the streets, monitoring new developments, and tying this all in to how it affects our clients. We make countless phone calls to proactively build relationships with key stakeholders in the community. Through our countless efforts we can offer deep and mean-ingful insight that is executable.

Erich Bubbel206.774.5426 [email protected]

For More Information Please Contact:

LESS THAN

72 DAYS LEFT!

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Property Address Sale Price Sale Date Year Built # Units Cap Rate $ Per Unit$ Per Sq Ft

GRM

1 1104 NE 145th St $870,000 7/23/19 1977 3 4.33% $290,000 $270 15.34

2 19257 16th Ave NE $580,000 7/27/19 1962 2 5.08% $290,000 $274 14.65

3 19651 20th Ave NE $548,050 7/31/19 1978 2 4.48% $274,025 $259 15.22

4 2211 NE 197th Pl $950,000 8/2/19 1978 4 4.28% $237,500 $287 16.79

5 1165 N 90th St $1,125,000 8/24/19 1968 3 5.06% $375,000 $339 16.39

6 12032 17th Ave NE $462,500 9/19/19 1941 2 4.79% $231,250 $578 15.45

7 16539 27th Ave NE $602,700 9/27/19 1955 2 N/A $301,350 $490 N/A

8 13217 35th Ave NE $941,000 10/1/19 1974 3 5.77% $313,667 $274 13.10

Multi-family Sales // Residential 2-4 Unit Rentals - North KingNOR

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Lake Forest Park

Northgate4.83%Cap RateAverage $289k$ Per Unit

Average

$346$ Per Sq FtAverage 15.28GRM

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Bitter Lake

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Approximate route of existing light rail line

Approximate route of future light rail line

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$414$ Per Sq FtAverage

Property Address Sale Price Sale Date Year Built # Units Cap Rate $ Per Unit $ Per Sq Ft GRM

1 4014 Midvale Ave N $1,129,500 7/2/19 1900 3 4.53% $376,500 $448 17.43

2 4200 4th Ave NW $867,950 7/10/19 1944 2 4.97% $433,975 $342 17.02

3 3802 Ashworth Ave N $879,950 7/18/19 1903 2 5.12% $439,975 $403 15.12

4 6039 5th Ave NW $717,500 8/19/19 1908 2 2.12% $358,750 $294 15.33

5 6515 21st Ave NE $1,200,000 8/26/19 1927 3 4.38% $400,000 $332 17.57

6 617 NW 85th St $1,235,000 8/27/19 1954 4 5.77% $308,750 $348 13.49

7 923 NW 61st St $1,275,000 8/31/19 1968 3 5.39% $425,000 $419 14.43

8 4735 22nd Ave NE $1,395,000 9/5/19 1958 4 4.76% $348,750 $450 15.20

9 4232 Midvale Ave N $800,000 9/6/19 1951 2 4.65% $400,000 $656 17.87

10 7008 6th Ave NW $1,209,000 9/7/19 1910 2 4.85% $604,500 $430 17.37

11 1727 NW 62nd St $1,000,000 9/24/19 1961 2 5.13% $500,000 $357 16.00

12 6547 24th Ave NE $930,000 9/26/19 1909 3 4.17% $310,000 $479 16.20

13 5613 6th Ave NW $740,000 10/1/19 1900 2 4.59% $370,000 $420 17.62

Multi-family Sales // Residential 2-4 Unit Rentals - Core King CO

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University District

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4.65%Cap RateAverage $406k$ Per Unit

Average 16.20GRM

Average

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$435$ Per Sq FtAverage


1 2571 E Montlake Pl E $749,900 7/2/19 1951 2 3.89% $374,950 $452 19.84

2 2213 Yale Ave E $1,150,000 7/9/19 1908 2 3.15% $575,000 $587 23.23

3 528 26th Ave S $1,092,000 7/22/19 1909 3 4.98% $364,000 $322 17.17

4 719 Warren Ave N $2,050,000 8/2/19 1932 4 4.39% $512,500 $336 15.00

5 3414 34th Ave W $561,500 8/21/19 1943 2 2.56% $280,750 $315 20.61

6 537 28th Ave $906,500 9/5/19 1981 3 4.74% $302,167 $320 15.89

7 811 E Aloha St $960,000 9/10/19 1906 2 N/A $480,000 $593 N/A

8 3607 Ashworth Ave N $925,000 9/17/19 1940 2 N/A $462,500 $492 N/A

9 3456 14th Ave W $985,000 9/19/19 1958 4 4.30% $246,250 $431 16.25

10 2733 Franklin Ave E $2,045,000 9/23/19 1950 4 4.70% $511,250 $433 17.39

11 1807 6th Ave W $975,000 9/24/19 1900 2 N/A $487,500 $637 N/A

12 1212 19th Ave E $1,400,000 9/30/19 1927 2 4.21% $700,000 $376 18.82

13 3447 23rd Ave W $1,275,000 10/3/19 1967 3 5.00% $425,000 $359 15.35

Multi-family Sales // Residential 2-4 Unit Rentals - Core ContCO

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S 4.19%Cap RateAverage $440k$ Per Unit

Average 17.96GRM

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Seattle

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Apple plans to add 2,000 jobs with Seattle expansion.



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1 1511 Index Ave NE $425,000 7/2/19 1943 2 N/A $212,500 $283 N/A

2 11031 Woodinville Dr $1,380,000 9/26/19 1988 4 5.22% $345000 $397 15.54

3 3105 NE 15th St $826,700 9/30/19 1961 4 4.44% $206,675 $284 13.71

4 217 Park Ave N $465,000 10/4/19 1907 2 4.79% $232,500 $229 16.15

Multi-family Sales // Residential 2-4 Unit Rentals - Eastside

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1511 Index AveNE

11031 Woodinville Dr

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Redmond

Kirkland

Kirkland waterfront

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3.24%Cap RateAverage $298$ Per Sq Ft

Average $249k$ Per Unit

Average 15.13GRM

Average

3105 NE 15th St

217 Park Ave N

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Multi-family Sales // Residential 2-4 Unit - South Seattle

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White Center

Burien

13209 12th Ave SW

9165 8th Ave S

3924 19th Ave SW

5120 S Roxbury St


1 13209 12th Ave SW 1,215,000 7/10/19 1999 4 5.34% $303,750 $246 14.57

2 4158 46th Ave SW $650,000 7/16/19 1913 2 N/A $325,000 $361 N/A

3 840 S Trenton St $600,000 7/18/19 1965 2 4.87% $300,000 $297 13.7

4 3716 S Oregon St $802,000 7/22/19 1978 3 4.40% $267,333 $303 14.91

5 9165 8th Ave S $730,000 7/22/19 2019 2 N/A $365,000 $270 N/A

6 8409 Delridge Wy SW $925,000 7/25/19 1979 4 6.37% $231,250 $285 11.95

7 3924 19th Ave SW $799,950 8/9/19 1958 2 5.31% $399,975 $392 14.18

8 8330 Wabash Ave S $815,000 8/16/19 1952 4 5.27% $203,750 $233 14.88

9 5120 S Roxbury St $715,000 8/26/19 1963 3 7.43% $238,333 $205 10.19

Beacon Hill

Mercer Island

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5.57%Cap RateAverage $292k$ Per Unit

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$288$ Per Sq FtAverage 13.48GRM

AverageThree Tree Point in Burien at sunset

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Multi-family Sales // Residential 2-4 Unit Rentals - South KingSOU

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1 1529 Maple Ln $422,000 7/8/19 1959 2 5.88% $211,000 $209 12.13

2 502 4th Ave SE $630,000 7/23/19 1989 4 5.23% $157,500 $178 11.22

3 222 St Paul Blvd $322,500 7/26/19 1986 2 4.41% $161,250 $205 14.53

4 615 Hi-Ab-La Pl NE $525,000 8/5/19 1990 2 4.30% $262,500 $287 18.23

5 975 26th Pl NE $725,000 8/9/19 1978 4 3.78% $181,250 $154 13.06

6 2025 C St SE $470,000 9/19/19 1988 2 3.90% $235,000 $182 17.41

7 11005 SE 248th St $535,000 9/20/19 1984 2 7.36% $267,500 $197 10.87

8 2516 286th Pl S $710,000 9/20/19 1969 4 7.78% $177,500 $177 9.50

9 28600 25th Pl S $395,000 9/23/19 1968 2 7.73% $197,500 $190 9.49

Federal Way

Renton

$198$ Per Sq FtAverage5.60%Cap RateAverage $206k

$ Per UnitAverage 12.91

GRMAverage

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28600 25th Pl S

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Property Name Property Address Sale PriceSale Date

Year Built

# Units

Cap Rate

$ Per Unit$ Per Sq Ft

GRM

1 Canberra 6111 N 41st St $2,720,000 7/1/19 1955 9 5.35% $327,778 $483 14.85

2 LaVanch 956 10th Ave E $6,850,000 7/9/19 1930 20 3.93% $342,500 $459 15.81

3 Furlani 130 SW 184th St $1,430,800 7/10/19 1967 8 4.97% $179,750 $248 11.95

4 951 26th Pl NE 951 26th Pl NE $1,417,550 7/11/19 1978 8 4.10% $177,194 $187 13.36

5 Villette 22415 30th Ave S $2,190,000 7/15/19 1961 12 5.91% $182,500 $270 11.29

6 West Aries 6001 California Ave SW $2,500,000 7/15/19 1959 9 4.63% $277,778 $307 16.47

7 245 NW Juniper St 245 NW Juniper St $1,650,000 7/16/19 1977 6 4.04% $275,000 $335 17.41

8 Harvey View 1214 Harvey Rd $1,600,000 7/18/19 1966 12 7.37% $133,333 $175 8.35

9 Sheridan Beach Terrace 15530 Bothell Wy NE $14,375,000 7/25/19 1965 53 5.06% $273,584 $286 13.50

10 Sunwood 320 SW 160th St $5,600,000 7/25/19 1966 26 6.32% $225,000 $199 11.74

11 5042 15th Ave NE 5042 15th Ave NE $1,390,000 7/30/19 1914 5 4.04% $278,000 $409 16.56

12 Rainsong9016 Redmond- Woodinville Rd NE

$2,650,000 8/1/19 1976 6 5.37% $441,667 $386 14.09

13 Lynn View 2315 W Lynn St $1,555,000 8/1/19 1970 7 5.66% $222,142 $355 11.91

14 Deauville 2801 14th Ave W $2,425,000 8/2/19 1961 8 3.82% $303,125 $364 16.22

15 Arden Park 23817 108th Ave SE $6,850,000 8/16/19 1968 36 5.40% $190,277 $182 10.92

16 401 Taylor Pl NW 401 Taylor Pl NW $3,220,000 8/20/19 1969 16 6.09% $201,250 $294 12.94

17 Musetta 16449 Ambaum Blvd S $1,594,000 8/20/19 1989 12 4.94% $132,833 $158 10.80

Multi-family Sales // Commercial - King County

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SeattleBellevue

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Expedia’s new campus will bring 4,500 employees to Interbay.

Deauville

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Sheridan Beach Terrace

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Rainsong

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LaVanch

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Property Name Property Address Sale PriceSale Date

Year Built

# Units

Cap Rate

$ Per Unit$ Per Sq Ft

GRM

1 2410 Dexter Ave N 2410 Dexter Ave N $3,375,000 8/22/19 1986 9 5.27% $375,000 $420 12.84

2 Elizabeth 2220 Minor Ave E $6,850,000 8/27/19 1966 16 3.78% $428,125 $400 18.06

3 Cumberland House 5941 California Ave SW $8,100,000 8/30/19 1989 30 3.65% $270,000 $289 16.60

4 Ballard 5 1311 NW 85th St $1,175,000 9/5/19 1956 5 4.40% $235,000 $265 12.81

5 Sherri Lee 2415 8th Ave N $2,400,000 9/6/19 1962 9 6.64% $266,667 $355 10.64

6 1024 SW 146th St 1024 SW 146th St $1,300,000 9/7/19 1980 6 3.62% $216,667 $189 14.68

7 Kona 1212 Market St $5,200,000 9/9/19 1969 16 3.36% $325,000 $362 19.00

8 Casa 15455 10th Ave SW $2,350,000 9/9/19 1979 12 4.71% $195,000 $280 13.92

9 Linden West 7014 Linden Ave N $2,040,000 9/18/19 1957 8 3.63% $255,000 $399 16.95

10 Clara 5026 22nd Ave NE $2,375,000 9/23/19 1928 6 4.71% $395,833 $521 14.63

11 Morgan Junction 6 6708 California Ave SW $2,000,000 9/24/19 2006 6 4.10% $333,333 $198 15.84

12 978 Edmonds Wy NE 978 Edmonds Wy NE $2,250,000 9/27/19 2011 6 5.29% $375,000 $250 13.29

13 Ravenna Terrace 9401 23rd Ave NE $1,990,000 9/27/19 1962 8 5.15% $248,750 $309 12.66

14 Stone 6 10560 Stone Ave N $1,268,000 9/27/19 1969 6 4.65% $211,333 $246 13.02

15 Montage 1422 Boylston Ave $10,460,000 9/30/19 2007 23 3.89% $435,833 $212 17.76

16 GW 9050 Greenwood Ave N $5,660,000 9/30/19 1966 20 5.22% $283,000 $454 14.11

17 11211 NE 68th St 11211 NE 68th St $1,770,000 10/3/19 1968 5 3.70% $354,000 $461 18.72

18 Swansonia 1017 E Harrison St $10,775,000 10/3/19 1925 32 3.74% $336,718 $643 17.75

Multi-family Sales // Commercial - King County Continued

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Tacoma

Seattle

Bellevue

Bothell

Swansonia

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Morgan Junction 6

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Cumberland

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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.

For More Information Please Contact:

Erich Bubbel206.774.5426 [email protected]

2621 Eastlake Ave E

Seattle, WA 98102

www.tfgre.com

References• Northwest Multiple Listing Service• Commercial Brokers Association• Seattle Times• Urban Visions Seattle Real Estate• U.S. Census Bureau• Puget Sound Business Journal

Documents

KING COUNTY QUARTERLY APARTMENT SALES REPORT · 2019. 10. 23. · selling price to a graduated rate structure, as follows: •f the selling price below $500,000 1.1% o •f the selling