GILMAN 6 APARTMENTS OFFERING MEMORANDUM - Paragon Real Estate Advisors
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GILMAN 6 APARTMENTS OFFERING MEMORANDUM
600 University St, Suite 2018 | Seattle, WA 98101
info @ ParagonREA.com
Information within this marketing package 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.
EXCLUSIVELY LISTED BY:
PATRICK SOBBA NICK HEMMING JACOB ODEGARD
206.484.5477 206.812.9105 206.623.6819
patrick@paragonREA.com nhemming@paragonREA.com jacob@paragonREA.com
EXECUTIVE SUMMARY
OFFERING
Paragon Real Estate Advisors is pleased to announce for sale the Gilman 6
Apartments. Built in 1955 and located on the West slope of Queen Anne, this
offering presents investors an opportunity to purchase a prime asset on a quiet
street with picturesque views of Elliott Bay. Renters will enjoy the coveted location
with easy walking distance to Interbay Golf Course, the top of Queen Anne, and
downtown Fremont - home to many of Seattle’s booming tech businesses.
The subject property features two cozy and clean studio units, two spacious and well-lit
1Bd/1Bth units, and two 2Bd/1Bth units with views and sought-after floor plans. The
new owner will be happy to find the building has been extremely well-maintained and
presents upside through stabilizing rents and upgrading the units with modern finishes.
NAME Gilman 6 Apartments
ADDRESS 2272 Gilman Dr W, Seattle, WA 98119
PRICE $1,750,000
TOTAL UNITS 6
BUILT 1955
SQUARE FEET 4,044 Total Net Rentable
PRICE PER UNIT $291,667
PRICE PER FOOT $433
CURRENT GRM/CAP 16.0/4.1%
MARKET GRM/CAP 13.4/5.3%
This information has been secured from sources we believe to be reliable, but we make no represen-
tations 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. ParagonREA.com
PROPERTY DETAILS
INVESTMENT
HIGHLIGHTS
- Favorable unit mix: (2) Studios, (2) 1Bd/1Bths, (2) 2Bd/1Bths
- Pride-of-ownership property
- Common laundry
- Spacious floor plans that provide plenty of space for tenants to host
or create live-in workstations
- Large corner windows that provide fantastic natural light
- Amazing views of Magnolia, The Puget Sound, and Interbay Golf Course
- Quiet neighborhood with easily accessible street parking
- Value-add via rental upside
- Value-add via modernizing unit interiors upon turnover
- 3 parking spaces w/ doors
- Fireplaces
- Double pane vinyl windows
- 6,420 SqFt lot
- Walking distance to top of Queen Anne and downtown Fremont
- Minutes from downtown Seattle
This information has been secured from sources we believe to be reliable, but we make no represen-
tations 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. ParagonREA.com
LOCATION
LOCATION
HIGHLIGHTS
- Conveniently located between major employment centers of
Downtown Seattle, South Lake Union, Wallingford, Fremont, and
the Elliot Bay
- Walking distance to popular grocers such like Whole Foods Market,
Total Wine, QFC and Ken’s Market
- One of Seattle’s hottest rental markets and prestigious
residential neighborhoods to live
- 5-minute walk to Interbay Golf Center
- Home to 25 beautifully maintained city parks
- 1-mile to Seattle Pacific University
- Less than 2-miles to the attraction-rich Seattle Center that hosts
many events and festivals
- Less than 15-minute drive (non-rush hour) to Downtown Seattle,
South Lake Union, Capitol Hill, Eastlake, Magnolia, Ballard, Fre-
mont, Wallingford, and the University District
- Served by Rapid Ride and other major bus routes
This information has been secured from sources we believe to be reliable, but we make no represen-
tations 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. ParagonREA.com
LOCATION N E I G H B O R H O O D A N A LYS I S - S E AT T L E , W A
Located minutes from the western shore This neighborhood is featuring world re-
of Lake Union in the highly desirable and nowned attractions such as the Space
dynamic Queen Anne neighborhood, the Needle, Paul Allen’s Museum of Pop Cul-
subject is at the epicenter of Seattle’s ture, Chihuly Garden and Glass, Key Are-
food, culture, and urban recreation scene. na, Opera House & Pacific Northwest
Queen Anne is known for its many trendy Ballet, and the Pacific Science Center.
restaurants, bars, neighborhood parks,
and nearby marinas. As the South Lake
Union area continues to rapidly grow, the
demand for Queen Anne property has
drastically increased over the past few
years. Companies such as Amazon, Face-
book, Google, Expedia, Microsoft and
Zulily continue to expand and hire more
employees to the Seattle area, making
Queen Anne a top location for investors.
$2,406 $101,580
Average Rent as of Median Household
2022 Income*
68%
Renter Occupied
Housing*
* based on 2019 Census data
QUEEN ANNE 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.
Photos used are not owned by Paragon Real Estate Advisors. Statistics are approximate.
02 LOCATION
LOCATION SHOPS & SERVICES
1. Whole Foods Market 6. Michaels
10 2. Total Wine 7. Trader Joe’s
3. QFC 8. Safeway
4. Ken’s Market
5. Macrina Bakery
5
RESTAURANTS & BARS
3 6
8 1. Holy Mountain Brewing Co. 6. Targy’s Tavern
4 2 9
2. Red Mill Burgers 7. Coffeemind Queen Anne
5 3. Market Cocina 8. Yasuko’s Teriyaki
7
4. Mulleady’s Irish Pub 9. Ugly Mug Cafe
5. La Palma Restaurant 10. Rooftop Brewing Company
1
PARKS & SCHOOLS
SUBJECT PROPERTY 1. Interbay Golf Center 6 .Seattle Pacific University
8
6 4 2. SW Queen Anne Greenbelt 7. Magnolia Montessori School
2 5 3. Elliott Bay Park 8. Coe Elementary School
6
8 4. Kerry Park 9. McClure Middle School
3 1
9 7 5. Interbay Stadium 10. St. Anne School
7
10
1 2
4
3
E L L I O T B A Y
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.
Photos used are not owned by Paragon Real Estate Advisors. Statistics are approximate.
02 LOCATION
LOCATION
SEATTLE EMPLOYER MAP
1. 18.
2. 19.
3. 20.
4 4. 21.
5. 22.
3
2 1
6. 23.
L A K E 7. 24.
U N I O N
SUBJECT PROPERTY 8. 25.
9. 26.
5 6 8 10.
9
18 3
19 23
26 11.
7
12.
11
20 10
24
12 13.
13
14 25
E L L I O T T B A Y 14.
21 22
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LOCATION K I N G CO U N T Y B Y T H E N U M B E RS
King County is located in the U.S. state United States. The county seat is Seat-
of Washington. The population was tle, also the state’s most populous city.
2.27M in the 2020 census, making it The county’s median age is 36.9 and a
the most populous county in Washing- median household income is $102,594.
ton, and the 12th-most populous in the
2.27M 0.89%
King County Population Increase in Population
2020 Since 2019
THE LARGEST CITIES BY POPULATION:
Seattle 744,955
Bellevue 147,599
Kent 129,618
Renton 102,153
Federal Way 97,044
Kirkland 89,557
Auburn 81,905
Redmond 67,678
Sammamish 65,733
Shoreline 56,752
SEAT TLE,
WASHINGTON 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.
Photos used are not owned by Paragon Real Estate Advisors. Statistics are approximate.
02 LOCATION
LOCATION FORTUNE 500 COMPANIES
IN KING COUNTY:
M A J O R E M P LOY E RS - G R E AT E R S E AT T L E A R E A Amazon
Costco
Many large, nationally-known corporations Looking beyond the Fortune 500 require-
are headquartered in King County. Within ments of local headquarters and signifi-
Microsoft
the Fortune 500 list of largest corporations cant revenues, other major King County Starbucks
in the United States, eight companies are employers include Boeing, the University Paccar
based in King County and reveal the diver- of Washington, and local and regional gov- Nordstrom
sity of the region’s employment market. In- ernment. Boeing employs around 58,800 Expeditors Intl
cluded in the list are large retailers Costco in the state of Washington, and Rent- Weyerhaeuser
and Nordstrom, technology giants Amazon on is the headquarters of Boeing Com-
and Microsoft, coffee company Starbucks, mercial Airplanes. In King County, large
truck manufacturer Paccar, global logistics and well-established companies exist in
company Expeditors International, and nearly every sector of the labor market.
forest products company Weyerhaeuser.
Rank Business Name Employed (2019) Revenue (2019)
1 The Boeing Co. 71,829 $76.6B
2 Amazon 60,000 $280.5B
3 Microsoft Corp. 55,063 $125.8B
4 University of Washington 46,824 N/A
5 Costco Wholesale Corp. 18,045 $152.7B
6 Fred Meyer Stores 16,164 $11.0B
7 King County Government 15,851 $4.3B
8 City of Seattle 15,733 $5.9B
9 Starbucks Coffee Co. 14,000 $25.5B
10 Seattle Public Schools 11,886 N/A
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. Photos used are not owned by Paragon Real Estate Advisors. Statistics are approximate.PROPERTY DETAILS
EXTERIORS
ParagonREA.comPROPERTY DETAILS
INTERIORS
ParagonREA.comPROPERTY DETAILS
INTERIORS
ParagonREA.comPROPERTY DETAILS
INTERIORS
ParagonREA.comFINANCIALS
UNIT
BREAKDOWN
UNIT CURRENT MARKET
UNIT TYPE SIZE RENT PER SQFT RENT PER SQFT
1 1 Bd/1 Bth 625 $1,325 $2.12 $1,650 $1.78
2 1 Bd/1 Bth 625 $1,345 $2.15 $1,650 $1.78
3 2 Bd/1 Bth 925 $1,770 $1.91 $2,195 $2.37
4 2 Bd/1 Bth 925 $1,845 $1.99 $2,195 $2.37
5 Studio 450 $1,345 $2.99 $1,195 $2.66
6 Studio 350 $1,045 $2.99 $1,195 $3.41
6 Total/Avg 650 $8,675 $2.15 $10,080 $2.49
ParagonREA.comFINANCIALS
ANNUALIZED OPERATING DATA CURRENT MARKET
INCOME Scheduled Gross Income $109,560 $131,100
& EXPENSES
Less Vacancy 5.0% $5,478 5.0% $6,555
Gross Operating Income $104,082 $124,545
Less Expenses $32,751 $31,610
Units 6 Price $1,750,000
Net Operating Income $71,331 $92,935
Year Built 1955 Per Unit $291,667
Annual Debt Service ($5,012.86) $60,154 $60,154
Rentable Area 4,044 Per Sq. Ft. $433
Cash Flow Before Tax 1.60% $11,177 4.68% $32,781
Down Pmt $700,000 Current GRM 15.97
Principal Reduction $18,491 $18,491
Loan Amount $1,050,000 Current CAP 4.08%
Total Return Before Tax 4.24% $29,668 7.32% $51,272
Interest Rate 4.00% Market GRM 13.35
Amortization 30 years Market CAP 5.31%
UNIT CURRENT MARKET
UNITS TYPE SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET
2 Studio 400 $1,045 - $1,345 $1,195 Real Estate Taxes 2022 $14,128 $14,128
2 1 Bd/1 Bth 625 $1,325 - $1,345 $1,650 Insurance 2021/Proforma $3,841 $3,000
2 2 Bd/1 Bth 925 $1,770 - $1,845 $2,195 Utilities 2021 $4,735 $4,735
6 Total/Avg 674 $2.15 $2.49 Maintenance Repairs Proforma $5,700 $5,700
Landscaping 2021 $2,547 $2,547
MONTHLY INCOME CURRENT MARKET Reserves Proforma $1,800 $1,500
Gross Potential Rent $8,675 $10,080 Total Expenses $32,751 $31,610
Utility Billback $375 $375
Parking $0 $300
Laundry $80 $80 CURRENT Expense/Unit $5,458 MARKET Expense/Unit $5,268
OPERATIONS OPERATIONS
Misc/Pet Rent $0 $90 Expense/Foot $8.10 Expense/Foot $7.82
Gross Potential Income $9,130 $10,925 Percent of EGI 29.89% Percent of EGI 24.11%
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.SALES COMPARABLES
SALES
COMPARABLES
Gilman 6 Apartments
2272 Gilman Dr W,
Queen Anne 8
801 W McGraw St, Seattle, WA
1 Maywood
1321 4th Ave W, Seattle, WA
2 Linden 6 Apartments
3912 Linden Ave N, Seattle, WA
3
Seattle, WA 98119 Year Built 1957 Year Built 1909 Year Built 1969
Units 8 Units 10 Units 6
Year Built 1955 Sales Price $2,355,000 Sales Price $3,400,000 Sales Price $1,800,000
Units 6 Price/Unit $294,375 Price/Unit $340,000 Price/Unit $300,000
Sales Price $1,750,000 Price/Foot $490 Price/Foot $434 Price/Foot $403
Price/Unit $291,667 GRM/CAP 17.0/3.8% GRM/CAP 17.0/3.2% GRM/CAP 17.0/3.7%
Price/Foot $433 Sale Date 02.15.2022 Sale Date 01.25.2022 Sale Date 11.14.2021
GRM/CAP 16.0/4.1%
Valley View Apartments
3011 14th Ave W, Seattle, WA
4 Fremont 5
3967 Fremont Ave N, Seattle, WA
5
Year Built 1960 Year Built 1956
Units 6 Units 5
Sales Price $1,480,000 Sales Price $1,580,000
Price/Unit $246,667 Price/Unit $316,000
Price/Foot $411 Price/Foot $385
GRM/CAP 15.7/4.0% GRM/CAP 13.0/4.6%
Sale Date 11.09.2021 Sale Date 07.20.2021
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. Photos used are not owned by Paragon Real Estate
Advisors. Statistics are approximate.SALES COMPARABLES
SALES COMPARABLES
1. QUEEN ANNE 8 - 801 W McGraw St 4. VALLEY VIEW APARTMENTS - 3011 14th Ave W
2. MAYWOOD - 1321 4th Ave W 5. FREMONT 5 - 3967 Fremont Ave N
3. LINDEN 6 APARTMENTS - 3912 Linden Ave N
5
3
4
SUBJECT PROPERTY
1
2RENT COMPARABLES
RENT COMPARABLES
ADDRESS BUILT UNITS UNIT TYPE UNIT SIZE RENT RENT/SF
Gilman 6 Apartments Studio 400 $1,045 - $1,345 $2.99
2272 Gilman Dr W 1955 6 1BD/1BTH 625 $1,325 - $1,345 $2.12 - $2.15
Seattle, WA 98119 2BD/1BTH 925 $1,770 - $1,845 $1.91 - $1.99
Helanne Apartments
1BD/1BTH 600 $1,400 $2.33
1
2268 14th Ave W 1962 7
2BD/1BTH 725 $2,100 $2.90
Seattle, WA
Mia Casa
2
2566 14th Ave W 1962 6 2BD/1BTH 950 $2,200 $2.32
Seattle, WA
Pandora Apartments
3
1301 W Emerson St 1957 10 Studio 209 $1,025 $4.90
Seattle, WA
Queen Anne
665 $1,720 $2.59
4
1BD/1BTH
2641 Prosch Ave W 1954 4
2BD/1BTH 1,060 $2,535 $2.39
Seattle, WA
Salire Apartments
600 $1,800 $3.00
5
1BD/1BTH
3811 13th Ave W 1962 7
2BD/1BTH 700 - 805 $2,356 - $3,390 $2.92 - $3.41
Seattle, WA
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.RENT COMPARABLES
RENT COMPARABLES
1. HELANNE APARTMENTS - 2268 14th Ave W 4. QUEEN ANNE - 2641 Prosch Ave W
2. MIA CASA - 2566 14th Ave W 5. SALIRE APARTMENTS - 3811 13th Ave W
3. PANDORA APARTMENTS - 1301 W Emerson St
5
3
4
2
1
SUBJECT PROPERTYPARAGON REAL ESTATE ADVISORS ParagonREA.com 206.623.8880
PARAGON
REAL ESTATE
The Top Local Multi-Family
Brokerage in 2021
in the Seattle market according to
$4.1 B 27
Sales Volume Years in
Business
20 + 48 k In 1995 our founders saw an opportunity to form a new kind of brokerage, one that focused on shar-
Brokers Units Sold ing information between brokers and truly partnering with its clients. Paragon Real Estate Advisors
quickly established itself as a leading Seattle real estate investment firm.
Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multi-family prop-
erty sales in Washington State. We have accrued over $4.1 billion in sales and have closed over 1,800
successful real estate transactions. We are locally owned, client-focused, and highly experienced.
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 20 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 represen-
tation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations,
Visit our new website! ParagonREA.com and ongoing partnerships.PATRICK SOBBA
206.484.5477
patrick@paragonREA.com
NICK HEMMING
206.812.9105
nhemming@paragonREA.com
JACOB ODEGARD
206.623.6819
jacob@paragonREA.com
600 University St, Suite 2018 | Seattle, WA 98101
info @ ParagonREA.com
Information within this marketing package 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.
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