FOR SALE | MULTI-FAMILY QUEEN ANNE VIEW TRIPLEX€¦ · PROPERTY HIGHLIGHTS Founder & Managing...

PROPERPROPERTTY HIGHLIGHTSY HIGHLIGHTS

Founder & Managing [email protected]

CCANDICE CHEVANDICE CHEVAILLIERAILLIER Amazing Location between Queen Anne and Fremont

Close to Employment, Dining, and Lifestyle Amenities

Updated units featuring hardwood floors and in-unit

Washers and Dryers

PRESENTED BPRESENTED BYY::

The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for itscorrectness.

All SVN® Offices Independently Owned & Operated.The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

FOR SALE | MULTI-FAMILY

QUEEN ANNE VIEW TRIPLEX2709 4th Ave N | Seattle, WA 98109

QUEEN ANNE VIEW TRIPLEX | 3 UNITS | SEATTLE, WA

DISCLAIMER


The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of theproperty within and is not to be used for any other purpose. This information should not, under any circumstances, bephotocopied or disclosed to any third party without the written consent of the SVN® Advisor or Property Owner, or usedfor any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed inthis proposal, and no other person is authorized by the Owner to provide any information or to make anyrepresentations other than contained in this Offering Brochure. If the person receiving these materials does not chooseto pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy orcompleteness of the information contained herein, and nothing contained herein is or shall be relied upon as a promiseor representation as to the future representation of the Property. This Offering Brochure may include certain statementsand estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there canbe no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and allliability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, orany other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled torely solely on those representations and warranties that may be made to it in any final, fully executed and delivered RealEstate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not lookto Owner or the SVN Advisor nor any of their officers, employees, representatives, independent contractors or affiliates,for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conducttheir own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expresslyreserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property andexpressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any timewith or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the OfferingBrochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed RealEstate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, aprospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and theSVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchasershould not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate PurchaseAgreement shall bind the property and each prospective purchaser proceeds at its own risk.


TABLE OF CONTENTS


1. 4PROPERTY INFORMATIONExecutive Summary 5

Exterior Photos 6

Interior Photos 7

Interior Photos 8

Interior Photos 9

Building & Unit Layouts 10

Property Improvements 11

Location Maps 12

Satellite Map 13

2. 14FINANCIAL ANALYSISRent Roll 15

Unit Mix Summary 16

Income & Expenses 17

Financial Summary 18

3. 19SALE COMPARABLESSale Comps Summary 20

Sale Comps 21

Sale Comps Map 22

4. 23BROKER INFORMATIONAdvisor Biography 24

About SVN® 25

Core Covenants 26

1 PROPERTY INFORMATION


SSALE OALE OVERVERVIEWVIEW PROPERPROPERTTY DESCRIPTIONY DESCRIPTION

This well-appointed triplex is perfectly positioned between Queen Anne andFremont, offering convenient access to the employment, dining, and lifestyleamenities for two of Seattle's most popular neighborhoods.

Originally built in 1957, this property was purchased by the current owner in2012. The previous owner upgraded the property before the sale, and uponpurchase, the new owner further improved the property by remodelingkitchens and bathrooms, and upgrading flooring to hardwood and tile in thetub surrounds. Between 2011 and 2012, common area improvementsincluded updated electrical panels, furnace, landscaping and roof coating.There is off street garage parking for three cars and another three spaces infront of the garages. Two of units have views of Fremont and two of theunits have a private back yard. Unit 2711 was designed as an owner's unitwith two levels, a spacious kitchen, two upper bedrooms and guest quartersdownstairs.

This nicely located triplex is in turn-key condition and would be an excellentfirst time investment or addition to an existing real estate investmentportfolio.

SALE PRICE: $995,000

NUMBER OF UNITS: 3

CAP RATE: 3.84%

NOI: $38,254

LOT SIZE: 0.14 Acres

BUILDING SIZE: 2,470 SF

YEAR BUILT: 1957

ZONING: LR1

MARKET: Queen Anne

SUB MARKET: North Slope


SECTION 1 | PROPERTY INFORMATION

Executive Summary

5All SVN® Offices Independently Owned & Operated.The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.




Exterior Photos




Interior Photos - Unit 2711




Interior Photos - Unit 2709




Interior Photos - Unit 2709 1/2




Building & Unit Layouts

Queen Anne View Triplex

Address: 2709 4th Avenue North, Seattle, WA 98119

Unit Descriptions

Current owner purchased the property in 2012 and remodeled the property.

Area Description Common Areas

Updated landscaping (2012) Replaced Electrical Subpanel (2012) Added French Drain and Sump pump (2012) Repainted building (2014) New Gas Furnace (2011) New Garage Door (2011) New Roof (2001), New Coating (2011)

2709 Kitchen remodeled, including bamboo flooring (2012) Bathroom remodeled, Including tile flooring and surrounds (2012) Hardwood flooring installed (2012) Lighting updated

2709 ½ Hardwood flooring installed (2012) Kitchen appliances replaced (2012) Bathroom remodeled, including tiling bath surround (2012)

2711 Previous owner’s unit Dishwasher replaced (2012) Refrigerator replaced (2011) Gas Oven / Range replaced (2011) Granite Countertops installed (2011) Skylights replaced (2011) Hardwoods refinished (2011)







Location Maps



Satellite Map


2 FINANCIAL ANALYSIS



UNITUNITNUMBERNUMBER

UNITUNITBEDBED

UNITUNITBBAATHTH

UNITUNITSIZE (SIZE (SF)SF)

LEALEASESESSTTARARTT

CURRENTCURRENTRENTRENT

CURRENTCURRENTRENT (RENT (PER SF)PER SF)

MARKETMARKETRENTRENT

MARKETMARKETRENTRENT/SF/SF

2709 1 1 553 MTM $1,000 $1.81 $1,295 $2.34

2709 1/2 1 1 561 LEASE $1,100 $1.96 $1,295 $2.31

2711 2 1 1443 MTM $2,000 $1.39 $2,995 $2.08

TTootals/Atals/Avvereragesages 2,5572,557 $4,$4,100100 $1.$1.6060 $5,585$5,585 $2.2$2.244


SECTION 2 | FINANCIAL ANALYSIS

Rent Roll


UNIT TUNIT TYPEYPE CCOUNTOUNT % T% TOOTTALAL SIZE (SIZE (SF)SF) RENTRENT RENTRENT/SF/SF MIN RENTMIN RENT MAX RENTMAX RENT MARKET RENTMARKET RENT MARKET RENTMARKET RENT/SF/SF

1 BR 1BA 2 66.7 550 $1,050 $1.91 $1,000.00 $1,100.00 $1,295 $2.35

2BR 1BA TH 1 33.3 1,443 $2,000 $1.39 $2,000.00 $2,000.00 $2,995 $2.08

TTootals / Atals / Avvereragesages 33 100%100% 2,5432,543 $4,$4,100100 $1.$1.6161 $4,$4,000000..0000 $4,200$4,200..0000 $5,585$5,585 $2.20$2.20



Unit Mix Summary


INCINCOME SUMMAROME SUMMARYY CURRENTCURRENT MARKETMARKET

Apartment Income $49,200 $67,020

Parking Income $0 $1,800

Utility Income $2,400 $2,400

GROSS INCOME $51,600 $71,220

EXPENSE SUMMAREXPENSE SUMMARYY CURRENTCURRENT MARKETMARKET

Real Estate Taxes $7,760 $7,760

Insurance $1,188 $1,188

Utilities $2,850 $2,850

GROSS EXPENSES $11,798 $11,798

NET OPERATING INCOME $38,254 $55,861



Income & Expenses


INVESINVESTMENT OTMENT OVERVERVIEWVIEW CURRENTCURRENT MARKETMARKET

Price $995,000 $995,000

Price per Unit $331,666 $331,666

GRM 20.2 14.9

CAP Rate 3.8% 5.6%

Cash-on-Cash Return (yr 1) -2.33 % 4.75 %

Total Return (yr 1) $6,781 $24,388

Debt Coverage Ratio 0.87 1.27

OPERAOPERATING DTING DAATTAA CURRENTCURRENT MARKETMARKET

Gross Scheduled Income $49,200 $67,020

Other Income $2,400 $4,200

Total Scheduled Income $51,600 $71,220

Vacancy Cost $1,548 $3,561

Gross Income $50,052 $67,659

Operating Expenses $11,798 $11,798

Net Operating Income $38,254 $55,861

Pre-Tax Cash Flow -$5,799 $11,808

FINANCING DFINANCING DAATTAA CURRENTCURRENT MARKETMARKET

Down Payment $248,750 $248,750

Loan Amount $746,250 $746,250

Debt Service $44,053 $44,053

Debt Service Monthly $3,671 $3,671

Principal Reduction (yr 1) $12,580 $12,580



Financial Summary

3 SALE COMPARABLES



SUBJESUBJECT PROPERCT PROPERTTYY PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF PRICE/UNITPRICE/UNIT CCAPAP GRMGRM # OF UNITS# OF UNITS

Queen Anne TQueen Anne Tripleriplexx2709 4th Ave NSeattle, WA 98109

$995,000 2,470 SF $402.83 $331,667 3.84% 20.22 3

SSALE CALE COMPSOMPS PRICEPRICE BLDG SFBLDG SF PRICE/SFPRICE/SF PRICE/UNITPRICE/UNIT CCAPAP GRMGRM # OF UNITS# OF UNITS CLCLOSEOSE

11MMagnolia Tagnolia Tripleriplexx2853 Thorndyke Ave WSeattle, WA 98199

$950,000 2,760 SF $344.20 $316,666 4.4% 17.53 3 On Market

22Queen Anne TQueen Anne Tripleriplexx1018 W Emerson StSeattle, WA 98119

$1,395,000 2,850 SF $489.47 $465,000 3.68% 21.77 3 On Market

33Queen Anne TQueen Anne Tripleriplexx8 W Etruria StSeattle, WA 98119

$950,000 3,390 SF $280.24 $316,666 5.26% 14.39 3 06/30/2016

44MMagnolia Tagnolia Tripleriplexx2655 22nd Ave WSeattle, WA 98199

$1,190,000 4,180 SF $284.69 $396,666 3.13% 22.94 3 08/29/2016

PRICEPRICE PRICE/SFPRICE/SF PRICE/UNITPRICE/UNIT CCAPAP GRMGRM # OF UNITS# OF UNITS

TTOOTTALS/AALS/AVERAVERAGESGES $1,121,250 $340.29 $373,750 4.12% 19.16 3


SECTION 3 | SALE COMPARABLES

Sale Comps Summary




Sale Comps

MAMAGNOLIA TRIPLEXGNOLIA TRIPLEX2853 Thorndyke Ave W | Seattle, WA 98199

$950,000Sale Price: 1901Year Built:

2,760 SFBuilding SF: $344.20Price PSF

3No. Units $316,666Price / Unit

4.4%CAP: 100%Occupancy:

17.53GRM: $41,754NOI:

11

11

QUEEN ANNE TRIPLEXQUEEN ANNE TRIPLEX1018 W Emerson St | Seattle, WA 98119

$1,395,000Sale Price: 1968Year Built:



3.68%CAP: 100%Occupancy:

21.77GRM: $51,330NOI:

22

22

QUEEN ANNE TRIPLEXQUEEN ANNE TRIPLEX8 W Etruria St | Seattle, WA 98119

$950,000Sale Price: 1900Year Built:



5.26%CAP: 06/30/2016Closed:

100%Occupancy: 14.39GRM:

$50,001NOI:

33

33

MAMAGNOLIA TRIPLEXGNOLIA TRIPLEX2655 22nd Ave W | Seattle, WA 98199

$1,190,000Sale Price: 1959Year Built:



3.13%CAP: 08/29/2016Closed:

100%Occupancy: 22.94GRM:

$37,258NOI:

44

44

Listed for 1,287,000


2709 4th Ave N | Seattle, WA 98109SUBJESUBJECT PROPERCT PROPERTTYY

11 2853 Thorndyke Ave WSeattle, WA 98199

MAMAGNOLIA TRIPLEXGNOLIA TRIPLEX 22 1018 W Emerson StSeattle, WA 98119

QUEEN ANNE TRIPLEXQUEEN ANNE TRIPLEX 33 8 W Etruria StSeattle, WA 98119

QUEEN ANNE TRIPLEXQUEEN ANNE TRIPLEX

44 2655 22nd Ave WSeattle, WA 98199

MAMAGNOLIA TRIPLEXGNOLIA TRIPLEX



Sale Comps Map

4 BROKER INFORMATION



SECTION 4 | BROKER INFORMATION

Advisor Biography


Candice ChevaillierFounder & Managing BrokerSVN | Whitecap Commercial Real Estate

Candice Chevaillier brings 14 years of deep local knowledge inSeattle’s In-City Apartment market to create investment strategies forher clients. Leveraging her formal training in marketing, she achievestop dollar on disposition by creating exemplary promotionalcampaigns for the subject property or portfolio. All the while, sheensures the transition into a new investment is smooth and directlyaligned with her clients’ objectives.

After completing a Master’s Degree in Global MarketingCommunications and Advertising in Europe, Candice began herprofessional career in management consulting with AndersenConsulting, now Accenture where she set strategies for shiftingbusiness environments. She joined a joint venture between Accentureand Microsoft, called Avanade, where she lead targeted globalmarketing campaigns using print and web mediums. With a passionfor a more entrepreneurial environment, she moved over tocommercial real estate brokerage with Marcus & Millichap where shecreated a successful brokerage business focused on the SeattleIn-City apartment market. After showing her ability to brand herselfand establish a clear commitment to her brokerage business, she wasinvited to become a Managing Director at The Foundation Group, aboutique real estate services firm. In 2012, she affiliated with SVN,formerly Sperry Van Ness, a unique real estate company acutelyfocused on client service. Initially, she opened the Seattle branch ofCoast SVN, and now she has gone on to found SVN Whitecap. Thisnew company creates a measured balance between the benefits oflocal expertise and leveraging the reach of a national platform.Candice continues to provide exemplary investment propertybrokerage services in Seattle’s core markets.

Candice has a home in Queen Anne and recently returned from livingoverseas in Paris France with her husband and two sons. She enjoystravel and adventure including photography, fly fishing and scubadiving.

Phone: 206.284.1000

Email: [email protected]

Memberships & Affiliations

CCIM DesigneeCREW (Commercial Real Estate Women’s Network)Rental Housing Association Past Board MemberNational Multifamily Housing Group - Marcus &MillichapMarcus & Millichap – Outstanding Sales Performance2005Commercial Broker Association (CBA)Northwest Multiple Listing Service (NWMLS)

Fax: 877.888.6768

Cell: 206.604.3400

Address: 314 West Galer Street, Suite 101

Seattle, WA 98119

the commercial real estate landscape has changed; it has perhaps changed forever. We don’t need to tellyou times are challenging, your own experience has proven the need for different strategies and direction. You have demanded a different kindof broker – a proactive, collaborative, and proven advisor with deep local knowledge and a broad national footprint. The SVN Company ofAffiliates has what you need.

Because It’s Right.Our culture is designed to ensure that our interests are aligned with

those we serve. Why? Because it’s right. We have a long and very

public history of setting the industry standard in this regard. Every

SVN® company affiliate must agree in writing to abide by our Core

Covenants – the first of which is this primary covenant: “I place my

client’s interests above my own...” These covenants are more than

mere words, they allow us to breathe and align as one organization.

They offer you the confidence of knowing our entire organization of

affiliates is always thinking of what is best for you. It’s a different

standard, driven by a different focus and supported by a unique,

committed and passionate culture built to challenge the status quo.

Wall Street To Main Street.We believe the SVN company of affiliates simply has the best

footprint in the market. We realize that transactions don’t just occur

in major markets, and as such we have uniquely built our brand

around a platform that focuses on your needs. Our affiliates have

offices in major markets, as well as second and tertiary market.

Whether you’re seeking acquisition, disposition, advisory,

management, or capital markets assistance, we stand ready to

serve your needs. Lipsey Co. has ranked the Sperry Van Ness

organization as one of the most recognized commercial real estate

brands in the US for a reason – we know how to deliver a certainty

of execution for our clients.

There are many things that go into creating a best-in-class

commercial real estate company of affiliates or CRE Brand. While

ours offers proven and emerging technologies, an innovative

business model, a strategic footprint and a culture of collaboration

and sharing, it is our tenacity that is the defining difference. Our

affiliates understand our value is in breaking down barriers and

accelerating results for our clients. We know that we don’t earn your

business by telling you how wonderful we are, but by creating a

certainty of execution you can depend upon. We learned long ago

that it doesn’t cost anything to work hard; it just takes a

commitment to a work ethic which is deeply ingrained in the SVN®

culture. It is this tenacious approach to relentlessly earn your

business that has built the numerous longterm client relationships

for our affiliates, and which continues to validate our beliefs and

efforts. If you want evidence of our tenacity, look no further than our

comprehensive approach to marketing. Every asset marketed within

our system, SVN Connect®, receives its own custom online presence

cross- linked to a variety of other industry portals and fully integrate

into state-of-the-art social media and search engine marketing

campaigns. We further augment our marketing efforts with National

marketing opportunities, email and telesales efforts to proprietary

investor and broker databases, and options like our accelerated

marketing platform. We simply leave no stone unturned.

Our vision can be best summarized by our clear recognition that we

have only one niche – our client. The bottom line is that we are built

to serve your needs across asset classes, practice areas, and

geographic boundaries. If you have a need we have both the

capability and the competency to insure a successful execution.

Our message isn’t about us – it’s about you. We understand that

your success is our success and we never lose sight of that. We like

to think that we have some of the brightest minds in the industry,

an innovative approach, a culture of sharing and collaboration, and

a relentless commitment to service; but we prefer to let our actions

and results speak louder than words.

It’s a different world out there –

Tenacious.

Leadership.

Vision.

Defined.

Because It’s Right.Why?

The SVN Company of Affiliates has an executive team with

tremendous integrity, continuity and experience. Along with our

industry veterans, we embrace the talents and insights of our next

generation of leaders. You asked us to harness the incredible power

that comes from the blending of institutional talent with a

results-driven, entrepreneurial approach to doing the business –

and we listened.



About SVN®


To create and nurture a positive working environment and perform asa team member with accountability, responsibility and authority, everySperry Van Ness® Affiliate Advisor agrees to lead and live by thefollowing Core Covenants in everything they do with Sperry Van Ness:

I QUICKLY RESOLVE CONFLICTS POSITIVELY AND

EFFECTIVELY.

1

8

5

9

7

10

2

6



Core Covenants

3


4

I SHOW RESPECT AND SUPPORT TO ALL.

I EPITOMIZE THE FIRST-CLASS REPUTATION AND IMAGE OF

SPERRY VAN NESS.

I PLACE MY CLIENT’S INTEREST ABOVE MY OWN AND

PROACTIVELY COOPERATE WITH ALL BROKERS AND

AGENTS.

I AM INDIVIDUALLY RESPONSIBLE FOR ACHIEVING MY

OWN POTENTIAL.

I VALUE THE IMPORTANCE OF PHYSICAL AND MENTAL

HEALTH, AND INVOLVEMENT WITHIN MY COMMUNITY IN

THE SUPPORT OF A BALANCED AND SUCCESSFUL CAREER.

I HONOR MY COMMITMENTS.

I DOMINATE MY MARKET AREA AND PROMOTE MY

SPECIALTY WITHIN THE FIRM.

MY THOUGHTS, ACTIONS AND ENERGIES ARE FOCUSED ON

THE POSITIVE AND THE POSSIBLE.

CREATE AMAZING BENEFITS FOR MY CLIENTS,

COLLEAGUES, AND COMMUNITY.

FOR SALE | MULTI-FAMILY QUEEN ANNE VIEW TRIPLEX€¦ · PROPERTY HIGHLIGHTS Founder & Managing...

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