7-UNIT NORTH SEATTLE VALUE-ADD - 8820 STONE AVE N | SEATTLE, WA 98103 - Westlake Associates
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7-UNIT NORTH SEATTLE VALUE-ADD 8820 STONE AVE N | SEATTLE, WA 98103
EXCLUSIVELY LISTED BY:
TRAVIS KANNIER
PRINCIPAL | BROKER
P: 206.505.9428
travisk@westlakeassociates.com
WESTLAKE ASSOCIATES | 2
Offering Highlights
$3,180,000
HIGHLIGHTS
• Apartment/Value-Add Opportunity (potential for 3 additional units)
LIST PRICE • Walkscore: 81 - Very Walkable
• Located 2 blocks from major transit line
6,938 SFLOT SF
•
•
Excellent access to Interstate 5 and Aurora Avenue N
North Seattle Community College (6K Students)
• Northgate Mall & Light Rail Station
LR2 (M)
• 0.6 Miles to Green Lake
• 1.4 Miles to Light Rail Station
ZONING • 3 Miles to University of Washington
NORTHGATE
GREEN LAKE
8820 STONE AVE N
ST
TH
85
N
GREENWOOD AVE N
WESTLAKE ASSOCIATES | 3
Property Details
PRICE: $3,180,000 Located in the up-and-coming neighborhood of North Green Lake, this 7-unit
apartment building is on the market for the first time since the current owner had
it built in 1991. This property offers investors the opportunity to own and manage
8820 Stone Ave N an easily maintained and easy to rent building with immediate rental upside and
Address value- add potential. The current unit mix consist of five , two bedrooms, two bath
Seattle, WA 98103 units and two, three bedrooms with two bath units. Each unit is spacious and has
County King their own washer and dryer. Over the years the units have been updated with new
carpets, paint and appliances when needed. The basement also has a laundry area
Market North College Park / Licton Springs that all tenants have access to. The location of this property is ideal for navigating
the city. Located two blocks from a major transit line, quick and easy access to
Style Apartment Interstate 5 and Aurora, and less than a 5-minute drive to Northgate Mall and the
new Light Rail Station. There are several schools (Cascadia Elementary, Bishop
APN# 099300-1000 Blanchet High School and North Seattle Community College) located within a
5-minute walk of the building and Green Lake North is roughly a 10-minute walk
Zoning LR2 that host a wonderful variety of fun restaurants.
Lot Size 6,938 SF Christopher Day, a local architect, has provided conceptual plans to legally add
three units (two 2-bedroom units and a studio) in the area of the tuck under parking
Year Built 1991 to bring the Unit Count to 10.
# of Floors 3
# of Units 7 (potential to add 3 units)
Net Rentable SF 6,521 SF
Construction Wood
Roof Composition
Heat Electric
Laundry Common
Parking Garage / Street
WESTLAKE ASSOCIATES | 4
Location
N 90TH ST
INTERLAKE AVE N
MIDVALE AVE N
STONE AVE N
8820 STONE AVE N
8820 STONE AVE N
N 88TH ST
WESTLAKE ASSOCIATES | 5
Value-Add Concept
WESTLAKE ASSOCIATES | 6
Value-Add Concept
WESTLAKE ASSOCIATES | 7
Financial Analysis | Value-Add Potential
UNIT MIX
PRICE ANALYSIS # OF UNITS UNIT TYPE CURRENT MARKET
1 STUDIO 425 $0 $1,200
LIST PRICE $3,180,000 2 2 BD | 1 BA 550 $0 $1,800
Price per Unit $318,000 5 2 BD | 2 BA 814 $2,071 $2,213
Price per NRSF $420.35 2 3 BD | 2 BA 990 $2,147 $2,400
Price per Land SF $458.34 TOTAL 10 UNITS 7,565 SF $14,650 $20,665
Current Cap 3.64%
Current GRM 18.09
INCOME
Market Cap 5.83%
CURRENT MARKET
Market GRM 12.76
Scheduled Rent Income $175,800 $247,980
+ Utility Income $0 $1,200
PROPOSED FINANCING Scheduled Gross Income $175,800 $249,180
- Vacancy & Credit Losses ($8,790) 5.00% ($12,459) 5.00%
Loan Amount $1,860,000 Gross Income $167,010 $236,721
Down Payment $1,240,000
EXPENSES
% Down 40.0%
CURRENT MARKET
Interest Rate 5.00%
RE Taxes $18,172 $18,172
Amortization 30 Years
Insurance $11,500 $11,500
Term 5 Years
Utilities $12,000 $12,000
Monthly Payment $9,985
Repairs & Maintenance $7,800 $7,800
Annual Payment $119,819
Landscaping $1,893 $1,893
Total Expenses $51,365 $51,365
OPERATING DATA
CURRENT MARKET
Net Operating Income $115,645 $185,356
Less Loan Payments ($119,819) ($119,819)
Pre-Tax Cash Flow ($4,174) -0.34% $65,537 5.29%
Sale Comparables
SUBJECT PROPERTY SUBJECT PROPERTY RAVENNA HOUSE SALE COMPARABLE
8820 Stone Ave N SALE DATE - 9407 23rd Ave NE SALE DATE 05/11/2022
Seattle, WA 98103 SALE PRICE $3,180,000
Seattle, WA 98115 SALE PRICE $2,095,000
TOTAL SF 7,565 SF TOTAL SF 6,170 SF
PRICE / SF $420 PRICE / SF $340
PRICE / UNIT $318,000 PRICE / UNIT $299,285
YEAR BUILT 1991 YEAR BUILT 1962
# OF UNITS 10 # OF UNITS 7
ZONING LR2 ZONING LR3(M)
6-UNIT SALE COMPARABLE NORTH GREEN LAKE SALE COMPARABLE
501 N 45th St SALE DATE 06/22/2021 902 95th St SALE DATE 01/14/2022
Seattle, WA 98103 SALE PRICE $2,222,000
Seattle, WA 98103 SALE PRICE $2,400,000
TOTAL SF 5,029 SF TOTAL SF 7,024 SF
PRICE / SF $442 PRICE / SF $342
PRICE / UNIT $370,000 PRICE / UNIT $240,000
YEAR BUILT 1965 YEAR BUILT 1985
# OF UNITS 6 # OF UNITS 10
ZONING LR1 ZONING LR2(M)
WESTLAKE ASSOCIATES | 9
Sale Comparables
8-UNIT SALE COMPARABLE COLETTE SALE COMPARABLE
7100 Linden Ave N SALE DATE 03/26/2022 511 N 43rd St SALE DATE 03/31/2021
Seattle, WA 98103 SALE PRICE $2,600,000
Seattle, WA 98103 SALE PRICE $2,648,000
TOTAL SF 5,330 SF TOTAL SF 5,380 SF
PRICE / SF $488 PRICE / SF $492
PRICE / UNIT $325,000 PRICE / UNIT $378,285
YEAR BUILT 1963 YEAR BUILT 1964
# OF UNITS 8 # OF UNITS 7
ZONING L2 ZONING LR2
OAKLAKE SALE COMPARABLE
9527 Interlake Ave SALE DATE 04/14/2022
Seattle, WA 98103 SALE PRICE $5,595,000
TOTAL SF 14,204 SF
PRICE / SF $393
PRICE / UNIT $310,861
YEAR BUILT 1996
# OF UNITS 18
ZONING LR3
WESTLAKE ASSOCIATES | 10Comparable Sale Summary
SALE COMPS # OF UNITS PRICE BLDG SF PRICE / SF PRICE / UNIT
9407 23RD AVE NE
01 7 $2,095,000 6,170 $340 $299,285
Seattle, WA 98115
501 N 45TH ST
02 6 $2,222,000 5,209 $442 $370,000
Seattle, WA 98103
902 95TH ST
03 10 $2,400,000 7,024 $342 $240,000
Seattle, WA 98103
7100 LINDEN AVE N
04 8 $2,600,000 5,330 $488 $325,000
Seattle, WA 98103
511 N 43RD ST
05 7 $2,648,000 5,380 $492 $378,285
Seattle, WA 98103
9527 INTERLAKE AVE
06 18 $5,595,000 14,204 $393 $310,861
Seattle, WA 98103
AVERAGES $416 $320,572
SUBJECT PROPERTY
10 $3,180,000 7,565 SF $420 $318,000
8820 Stone Ave N
03 06
01
8820 STONE AVE N
04
02
05
WESTLAKE ASSOCIATES | 11Neighborhood Amenities
WHAT’S NEARBY
RETAIL FOOD & DRINKS
6
PCC Community Market Jack in the Box
Fred Meyer Pho Than Brothers
ProSki Seattle Chuan BBQ
Dunn Lumber Backfire Moto
Dollar Tree Thai2go
Mud Bay Duke’s Seafood MILES
Ben & Jerry’s Downtown Seattle
SERVICES The Angry Beaver
Cascadia Elementary School Laem buri
Robert Eagle Staff Middle School Coffeeholic House 2.0
1.5
North Seattle College Coindexter’s
Northgate Transit Park & Ride Flying Bike Cooperative Brewery
Northgate Link Light Rail O Maki Rolls + Teriyaki
Bishop Blanchet High School FlintCreek Cattle
Green Lake Park Coyle’s Bakeshop
Licton Springs Park The Yard Cafe MILES
Valhalla Sandwiches
FOOD & DRINKS Monkey Grind Espresso Bar
Northgate Retail
Jade Restaurant & Lounge Gainsbourg
Taqueria La Fondita Halcyon Brewing Company
1
Taco Bell RAZZi’s PIZZERiA
Fu Shen The Olive and Grape
Lantern Brewing Pizzeria La Rocca
Thai Thai Kitchen Teachers Lounger
El Patio Kalia Indian Cuisine
Emerald City Smoothie Gorditos MILE
Burgermaster The Cozy Nut Tavern
Green Lake
WESTLAKE ASSOCIATES | 12Northgate
NORTHGATE is one of the largest neighborhoods in residents a convenient mass-transportation option and Interstate-5 North in the area they most closely
north Seattle. The main attraction to this area has been and an accessible, pedestrian-friendly hub within converge within North Seattle.
the Northgate Mall, which is conveniently located off walking distance.
of I-5. The mall features major department stores, The proximity to the 2 most major North/South
retail shops and restaurants. Beyond the shopping HALLER LAKE is kind of like a ‘late bloomer’ routes in Seattle as well as quick access to the E
and eating convenience, a bus transit transfer station aneighborhood. No one really settled in the area Line, Northgate Transit Center, and future light rail
and commuter parking lot are adjacent to I-5. until the mid-1900s; with the many other smaller combine to make Licton Springs one of the most well
Although the mall is the neighborhood’s largest pull, neighborhoods nearer to downtown, there was no connected neighborhoods in Seattle with Downtown
Northgate is home to the North Seattle Community reason to. The majoring of households were on large Seattle almost always less than 15 minutes away.
College (NSCC), the south fork of the Thornton plots of land with enough room far farm animals and
orchards. The small lake, originally owned by John The area is also a natural spring at the north end
Creek watershed, and the Sheikh Idriss Mosque, of Licton Springs Park, whihc has a long history as
known for its unique and distinctive architecture. Welch and then bought by Theodore Haller, was the
most desirable place to settle. A woman named Clare both a unique recreational spot and a commercial
The owners of the Northgate Mall revealed a large- Huntoon saw potential, however, and purchased a crossroads. The neighborhood takes its name from
scale development plan to make way for a hotel, bunch of land. Nothing much became of it as far as líq’ted (LEEK-teed) or Licton, the Lushootseed
four residential buildings, four mixed-use office housing is concerned, but her land is now home to (Whulshootseed) Coast Salish word for the reddish
towers and a fitness facility, all centered around one major businesses and community centers, ranging mud of the springs. The Coast Salish native people
idyllic park. The site is home to the National Hockey from Ingraham High School and Helene Madison had used the springs area as a spiritual health
League’s newly formed team, the Seattle Kraken, pool to Northwest Hospital and the Evergreen- spa. Neighborhood activists and North Seattle
training facility and community ice rinks. Washelli cemetery. Community College (NSCC) have been promoting
habitat restoration in support.
Along with the construction of the Link Light Rail LICTON SPRINGS or North Green Lake is a
Station, these developments at the mall site will give small neighborhood located between Aurora Ave N
WESTLAKE ASSOCIATES | 13Northgate Link Extension
THE NORTHGATE LINK EXTENSION adds three
NORTHGATE
new stations in Seattle, two underground (U District
and Roosevelt stations) and an elevated station at Northbound trains emerge from the Maple
Northgate, which will feature frequent bus connections, Leaf tunnel portal and rise to the elevated
a park-and-ride and a bicycle/pedestrian bridge to Northgate Station spanning Northeast 103rd
North Seattle College. Street. Station entrances are located on mall
property near the Northgate Transit Center.
Extending north of the station the turn-back
tracks mark the start of the Lynnwood Link
Extension, opening in 2024.
ROOSEVELT
Near Green Lake, Roosevelt High School,
and growing residential development, this
underground station is located on 12th
Avenue Northeast between Northeast 65th
and Northeast 67th streets. In partnership
with Bellwether Housing and Mercy
Housing Northwest, a daycare center and
approximately 245 units of affordable family
housing will be built on station property.
U DISTRICT
The U District station, located on Brooklyn
Avenue Northeast between Northeast
45th and Northeast 43rd streets, serves
University Way Northeast (“The Ave”) retail
and businesses, nearby residents and the
west side of the University of Washington
campus. Two entrances along Brooklyn
Avenue Northeast connect passengers to
the platform, about 80 feet below ground.
WESTLAKE ASSOCIATES | 14About Westlake
Since 1975, Westlake Associates, Inc. has been the premier
provider of commercial real estate brokerage services in the
Puget Sound Region.
Our unsurpassed commitment to creating and preserving our
clients’ real estate investment wealth has resulted in thousands of
successful transactions and a long history of repeat business and
client referrals.
The professionals at Westlake Associates collaboratively work
with clients to develop customized, creative solutions designed to
maximize investment returns.
EXCLUSIVELY LISTED BY: We’ve built a strong foundation of experience in Investment
TRAVIS KANNIER
Property Sales, Commercial Leasing, Property Management,
and comprehensive real estate services over our 40 year history.
PRINCIPAL | BROKER
We operate as a team and leverage each other’s resources and
P: 206.505.9428 experience to provide the highest level of client services.
travisk@westlakeassociates.com
PROUD MEMBERS OF:
Commercial Brokers Association (CBA)
Northwest Multiple Listing Services (NWMLS)
LoopNet National Listing Services
CoStar Commercial Real Estate Data & National Listing
Commercial Investment Real Estate (CREI)
Washington State Realtors Association (WSMA)
1200 Westlake Avenue N, Suite 310
DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no representa-
tions or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, and
Seattle, Washington 98109
numbers are approximate. Parties must verify the information and bear all risk for any inaccuracies. ©2022 WESTLAKE ASSOCIATES, INC.You can also read
