Offering Memorandum - LoopNet · 00 University Street Suite 201 Seattle, WA 9101 1 P 2020 E...

1600 University Street | Suite 2018 | Seattle, WA 98101P 206.623.8880 | E [email protected] | ParagonREA.com

Offering Memorandum

EAST LYNN APARTMENTS

4215 E Lynn St Seattle, WA 98112

Exclusively offered by Paragon Real Estate Advisors


Offering Summary

Name East Lynn Apartments

Address 4215 E Lynn St, Seattle WA 98112

Total Units 5 (Potential to add 2 Units)

Built 1950

Square Feet 6,459 Total Net Rentable (Per KCR)

Price $4,800,000

Terms Cash Out

Lot Size 7,200 Square Feet

Zoning LR3

Paragon is proud to offer for sale the East Lynn apartments located in the highly sought after Madison Park neighborhood. The East Lynn Apartments are located on the SW corner of 43rd Street and East Lynn Street which affords unobstructed and amazing views of Lake Washington and Cascade Mountains. Originally built as a 7 unit apartment building in 1950, the East Lynn Apartments was converted to a 5 unit building allowing for a large penthouse suite for the then current owners.

The East Lynn Apartments offer several investment opportunities including maintaining the investment as a 5 unit building, converting the building back to 7 units and maintaining as an investment or the units can be reconfigured to accommodate multi-generational housing. The building is also a perfect candidate for condominium conversion with the rare location on the shores of Lake Washington offering spectacular views.



Investment Highlights

Esteemed and highly sought after location

Unobstructed lake and mountain views

Large 7,200 square foot lot zoned LR3

Unique and inviting floor plans

Fireplaces

Shared courtyard area

Potential for two owner’s units

Individual entrances for each unit

Beautifully landscaped

Three carports with three curb-cuts


Neighborhood Map


QUEEN ANNEBALLARD

SEATTLE CBD

FREMONTCAPITOL HILL

MADISON PARK UNIVERSITY OF WASHINGTON

GREENWOOD

LAURELHURST


Location Highlights

Perfectly positioned in East Central Seattle along Lake Washington

Two blocks to Madison Park Village with quality restaurants, unique shops and every day services

Picturesque Madison Park Beach offering a respite from the busy city life and in the summer home to the growing number of triathletes training for summer athletic events

Supportive and active multi-generational community with a unique kinship which one can feel walking around the “Park” and can been seen at the annual Christmas Ship Festival, Madison Park Days and Concerts in the Park series

Madison Park playground which is a great gathering place with cutting edge playground equipment

The Washington Park Arboretum is located under a mile away, a short 10 minute bike ride

5 minutes to Capitol Hill, 15 minutes to downtown Seattle and South Lake Union employment centers

Active transit to UW and Seattle CBD via King County Metro Bus Route 11, 48 and 40

Quick access to 520, I 5, and I – 90


Employment

> Adobe

> Alaska Airlines

> Amazon

> Apple

> AT&T Wireless

> Boeing

> Costco

> Expedia, Inc.

> Expeditors International

> F5 Networks

> Facebook

> Fred Hutchinson

> Gates Foundation

> Getty Images

> Google

> Microsoft

> Nintendo

> Nordstrom

> Paccar

> RealNetworks

> REI

> Russell Investments

> SpaceX

> Starbucks

> Symetra Financial

> Tableau Software

> T-Mobile

> Twitter

> Uber

> University of Washington

> Virginia Mason

> Weyerhaeuser

> Zillow

> Zulilly

Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston.


Major Employers - Central Business District


Major Employers - South Lake Union


Building Photos


Rent Roll

Unit

Type

Size

Current Rent

Market Rent

1 1Bd/1Bth 650 $1,525 $1,750

1 1Bd/1Bth 700 $995 $1,850

1 1Bd/1Bth 800 $1,600 $1,950

1 2Bd/1Bth 1,200 $2,255 $2,500

1 2Bd+/3Bth 2,400 $2,800 $4,000

5 Totals $9,175 $12,050


Paragon Real Estate Advisors

ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family property sales in Washington State. We have accrued over $3.4 billion in sales and have closed over 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 23 years’ experience in the industry. Paragon’s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships.

The information found in this offering memorandum 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 the information and bears all risk for any inaccuracies.

Offering Memorandum - LoopNet · 00 University Street Suite 201 Seattle, WA 9101 1 P 2020 E...

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