Post on 30-Sep-2020
1 0 1 0 ER E P U B L I C A N S T
QUEEN ANNE
SEATTLE CBD
BELLTOWN
CAPITOL HILL
SOUTH LAKE UNION
FIRST HILL
ELLIOTT BAY
1010 E REPUBLICAN ST
Paragon Real Estate Advisors is pleased to exclusively offer for sale 1010 E Republican St. This site presents the rare and unique opportunity to complete a partially finished 36 unit SEDU project. The site is situated in Capitol Hill, one of Seattle’s most sought after neighborhoods. The building has 9,827 square feet of rentable space containing 36 units along with 18 storage lockers, and a bike room. 1010 E Republican St offers a developer the ability to complete the project within a 6-month time horizon.
NAME 1010 E Republican St
ADDRESS 1010 E Republican St, Seattle WA 98102
PRICE Unpriced
EXISTING STATUS Partially Completed
TOTAL PLANNED UNITS 36
NET RENTABLE SQ.FT. 9,827 + Storage Lockers
PARCEL NUMBERS 685270-0477 and 685270-0478
ZONING LR3 (M)
O F F E R I N G
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.
� Buy a partially completed project out of receivership
� 6-month time horizon for completion
� Limited carrying costs with current project underway
� Rare opportunity to purchase a partially completed development
� Property has been protected by 24/7 security
� A+ location in a vibrant urban neighborhood
� Views of downtown Seattle
� 35 SEDU units and 1 - one bedroom / one bathroom unit
� 18 storage lockers
� Bike room
� Rooftop deck with solar panels
� High quality structure
I N V E S T M E N T H I G H L I G H T S
1 0 1 0 ER E P U B L I C A N S T
L O C A T I O N H I G H L I G H T S
Capitol Hill is a popular, fast-paced residential neighborhood situated just east of the city’s downtown central business district. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges.
This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.
The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill’s major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city’s most historic mansions, with the two types sometimes shoulder-to-shoulder.
� The site lies 3 blocks away from the Light Rail station.
� The neighborhood is home to some of the best food and drink spots in all of Seattle
� Located just East of I-5
� Just over a mile from the Seattle Central Business District
� Located in one of the strongest and stable rental markets in the city
� 50-yard line location
WALK SCORE
97
TRANSIT SCORE
83
FOOD & DRINK PARKS & SCHOOLS
1. Starbucks Reserve Roastery
2. Ba Bar
3. The Pho Broadway
4. Taylor Shellfish Oyster Bar
5. Sitka and Spruce
6. Lil’ Woody’s
7. Maslow’s
8. Mansoon Seattle
9. McMenamins Six Arms
10. Rumba
11. Dino’s Tomato Pie
12. Portage Bay Cafe
13. Altura
14. The Belmont Lounge
15. Kaladi Brothers Coffee
16. Salt & Straw
17. Ayutthaya Thai
18. Marination Station
19. Dick’s Seafood & Chowder
20. Feierabend
21. The Cheesecake Factory
22. Rione XIII
23. Ruth’s Chris Steak House
24. Dick’s Drive-In
25. Barrio Mexican Kitchen & Bar
26. Poppy
1. Cal Anderson Park
2. Volunteer Park
3. Seattle Prep High School
4. Tashkent Park
5. Virginia Mason Hospital
6. Kaiser Permanente Capitol Hill Campus
7. Seattle University
8. Seattle Central College
9. Capitol Hill Light Rail Station
10. Swedish Hospital
11. Lowell Elementary School
12. Chase Bank
SHOPPING
1. Walgreens
2. Pike Grocery
3. Whole Food Market
4. QFC
5. Rite Aid
6. Banana Republic
7. Urban Outfitters
8. Bartell Drugs
9. Amazon Go
10. Pike Place Market
6
13
25
1
7
1
810
3
4
9
5
2
9
11
22
21
2
19
10
7
65 15
161
17
12
26
2423
8
18
20
2
3
4
5
7
8
9
10
11
6
12
AMENITIES MAP
E Madison St
Pine St
4
3
14
1 0 1 0 ER E P U B L I C A N S T
M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T
M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N
B U I L D I N G P H O T O S
B U I L D I N G P H O T O S
B U I L D I N G P H O T O S
B U I L D I N G P H O T O S
F L O O R P L A N S
Basement First Floor
F L O O R P L A N S
Second - Fourth Floors
Rooftop
MONTHLY INCOME MARKET
Gross Potential Rent $43,167
Utility Billback $75/Unit $2,700
Storage Income $50/Locker $900
Pet Rental Income $50/Pet $700
Miscellaneous/Late fees $400
Gross Potential Income $47,867
ANNUALIZED OPERATING DATA MARKET
Scheduled Gross Income $574,404
Less Vacancy 3.0% $17,232
Gross Operating Income $557,172
Less Expenses $182,967
Net Operating Income $374,205
Income and Expenses
ANNUALIZED OPERATING EXPENSES MARKET
RE Taxes Proforma $60,000
Insurance Proforma $9,000
Utilities Proforma $36,000
Turnover/Maintenance Proforma $18,000
Property Management Proforma 4% GOI $22,287
On-Site Payroll Proforma $40/Unit/Mo $17,280
Elevator/Security Services Proforma $7,500
Landscaping Proforma $1,200
Miscellaneous/Admin Proforma $2,700
Capital Reserves Proforma $9,000
Total Expenses $182,967
UNITS
UNIT
TYPE
SIZE
MARKET
RENT
MARKET
RENT/FOOT
35 SEDU 251 - 289 $1,104 - $1,272 $4.40
1 1 Bd/ 1 Bth 359 $1,508 $4.20
36 Total/Avg 273 $1,348 $4.39
1010 E REBUBLICAN ST
Units 36
Year Built 2019
Rentable Area 9,827
Lot Size 5,940
Expense/Unit $5,082
Expense/Foot $18.62
Percent of EGI 31.85%
MARKET
OPERATIONS
The Redwood 111 21st Ave E Seattle, WA 98112
1 Year Built 2017 Units 75 Sales Price $17,500,000 Price/Unit $233,333 Price/Foot $918 CAP 4.5% Sales Date 12.18.2018
Cove 601 E Pike St Seattle, WA 98112
2 Year Built 2017 Units 60 Sales Price $32,160,000 Price/Unit $536,000 Price/Foot $894 CAP 3.8% Sales Date 05.11.2018
The Willet 4252 8th Ave NE Seattle, WA 98105
3 Year Built 2017 Units 20 Sales Price $5,450,000 Price/Unit $272,500 Price/Foot $843 CAP 4.5% Sales Date 04.27.2018
The Pomelo Heights 4229 7th Ave N Seattle WA 98105
4 Year Built 2017 Units 23 Sales Price $4,950,000 Price/Unit $215,217 Price/Foot $876 CAP 4.3% Sales Date 04.24.2108
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3 4
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N E W C O N S T R U C T I O N S A L E S C O M P S
1010 E Republican St 1010 E Republican St Seattle, WA 98102
Year Built 2019 Units 36 Price Unpriced
1 0 1 0 ER E P U B L I C A N S T
1010 E Republican St offering is being conducted by Paragon Real Estate Advisors. Questions and inquiries should be addressed to Brian Platt and Michael Urquhart.
Initial tour dates are listed below. Please contact Michael or Brian to confirm scheduling prior to tour date.
Monday July 22nd 1:00 PM to 3:00 PM Wednesday July 24th 1:00 PM to 3:00 PM Friday July 26th 10:00 AM to 12:00 PM
Offers should detail the following:
Estimated Cost to complete the project
Proof of Funds
Financing Plans
Closing Date
Earnest Money
O F F E R D E T A I L S
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.
600 University St, Suite 2018
Seattle Washington 98101
206 623-8880 / info@ParagonREA.com
www.ParagonREA.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.
1 0 1 0 ER E P U B L I C A N S T