MADISON VALLEY - Paragon Real Estate ...
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MADISON VALLEY
T R I P L E X
NORTHGATE
GREENWOOD
BALLARD GREEN LAKE
FREMONT UNIVERSITY
WALLINGFORD DISTRICT
MADISON VALLEY
MAGNOLIA
INTERBAY TRIPLEX
QUEEN ANNE
CAPITOL HILL
SEATTLE CBD CENTRAL DISTRICT
WEST SEATTLE
OFFERING Paragon Real Estate Advisors is pleased to offer for sale the Madison Valley Triplex located in one’s of Seattle most sought after neighborhoods. The subject property is located on a large 6,600 square foot lot with north facing territorial views. The property consists of three two bedroom one bathroom units that are 780-880 square feet in size featuring living rooms with fireplaces. The tenants enjoy living in a quiet, park like setting with a fenced in backyard and private patio. Additionally, the property has three covered carport stalls that can be tandem parking and also includes additional storage for tenants. The Madison Valley triplex is conveniently located within walking distance to the Arboretum, Madison Park, Capitol Hill and is surrounded by several nearby parks. With many retail and service amenities located just a short walk away, this building is the perfect opportunity for an investor to purchase an investment property that is fully leased with increased rent notices already in place for the second half of 2022. The property is also ideal for an owner occupant who wants to live in one of the units, while enjoying additional rental income from the other units. NAME/ADDRESS Madison Valley Triplex - 1724 30th Ave, Seattle, WA 98122 TOTAL UNITS 3 BUILT 1967 SQUARE FEET 2,440 Total Net Rentable PRICE $1,260,000 PRICE PER UNIT $420,000 PRICE PER FOOT $516 CURRENT GRM/CAP 17.9/4.1% RENT INCREASE GRM/CAP 16.4/4.6% - Effective second-half of 2022 MARKET GRM/CAP 14.6/5.6% LOT SIZE 6,600 Square Feet ZONING SF 5000 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.
INVESTMENT HIGHLIGHTS 4.1% Current Cap/4.6% Rent Increase Cap/ 5.6% Market Cap $420,000 per Unit $516.37 per Net Rentable Square Foot New Roof & Gutters within last three years Upgraded Electrical Panels Rents will be increased to $2,005 - $2,031 2nd Half 2022 6,600 Square Foot Lot – Zoned SF 5000 Building Partially Updated with Double Pane Vinyl Windows Historically Low Vacancy and Turnover A+ Location Rare Opportunity
PROPERTY HIGHLIGHTS 1967 Construction 3 – 2bd/1bth units – 780 – 880 Square Feet. Common Laundry Room for top two units Bottom Unit has W/D Fireplace in two units 3 On-Site Covered Parking Stalls plus Available Tandem Parking Great Madison Valley location - Quiet Neighborhood Park like setting with private patio and garden Territorial North Facing Views Less than a mile to the Arboretum 2.5 miles to University of Washington Short walk to some of Seattle’s best retail and amenities
MADISON VALLEY & MADRONA Located near the Washington Park Arboretum, Madison Valley has been called “Little France” in recognition of its many outstanding French restaurants. Madison Valley is two miles east of downtown Seattle and one mile west of Lake Washington. The neighborhood’s business district is an eclectic mix of sophisticated shops, services, and restaurants. Independently owned businesses attract visitors from afar, and shopkeepers greet customers by name. Close proximity to downtown makes it a desirable place to live. Living in Madrona offers residents an urban suburban mix feel and most residents own their homes. In Madrona there are a lot of bars, restaurants, coffee shops, and parks. Many families and young professionals live in Madrona and residents tend to be liberal. The public schools in Madrona are highly rated. POPULATION MED. HOUSEHOLD INCOME MEDIAN RENT 12,083 $144,333 $2,200
NEIGHBORHOOD AMENITIES
Restaurants & Bars
1. Cafe Flora
2. Araya’s Place Madison
3. The Harvest Vine
4. Two Doors Down
5. Feed Co. Burgers
6. Bottlehouse
5 1
7. Cupcake Royale
8. COMMUNION Restaurant & Bar
9. Ezell’s Famous Chicken
10. Zagol Ethiopian Restaurant 4
11. Belle Epicurean Bakery
Shops & Services 2
11
1. PCC Community Markets - Central District 3 1 7 MADISON VALLEY
2. Chuck’s Hop Shop Central District 4 TRIPLEX
3. Safeway
4. Trader Joe’s 4 3
5. Grocery Outlet 6
8 6
6. Central Co-op
7. City People’s Garden Store 2 5
1
3 5 7
Schools & Parks 2
1. Arboretum 10
2. Madrona Park 9
3. Seattle University 7
4. Volunteer Park
5. Interlaken Park 8
6. Judkins Park and Playfield
7. Leschi Park
8. Frink Park 6
SEATTLE EMPLOYER MAP
SEATTLE’S BOOMING TECH MARKET
SEATTLE
LOCAL TECH COMPANIES IN SEATTLE
PACIFIC OCEAN
T E C H M I G R AT I O
NF
RO
M
SA
FR
N
AN
CI
SC
OB
AY
A RE
A
SAN FRANCISCO
KING COUNTY INFORMATION
KING COUNTY 2.3 million SINCE 2O1O, ON AVERAGE, KING COUNTY HAS
ADDED 31,8OO PEOPLE PER YEAR, OR
POPULATION GROWTH HAS BEEN GREATER THAN 13,OOO HOUSEHOLDS AT 2.45 PERSONS PER
HOUSING PRODUCTION CONSISTENTLY SINCE 2O11. HOUSEHOLD.
POPULATION
KING COUNTY MEDIAN NATIONAL MEDIAN $63,179
HOUSEHOLD INCOME $95,009 HOUSEHOLD INCOME
KING COUNTY by 78% NATIONAL INCREASE by 3%
INCREASE SINCE 2OOO ($41,852) SINCE 2OOO ($1,780)
HOUSEHOLD INCOME
KING COUNTY NATIONAL
BACHELOR’S OR 53.2% BACHELOR’S OR 32.6%
HIGHER DEGREE RATE HIGHER DEGREE RATE
KING COUNTY NUMBER
OF UNIVERSITIES 10
EDUCATION
KING COUNTY RENTAL NATIONAL RENTAL 36%
HOUSING RATE 43% HOUSING RATE
KING COUNTY MEDIAN $1,494 NATIONAL MEDIAN $1,023
MONTHLY RENT MONTHLY RENT
REAL ESTATEBUILDING PHOTOS
UNIT PHOTOS
UNIT PHOTOS
FINANCIALS
Units 3 Purchase Price $1,260,000
Year built 1967 Per Unit $420,000
Rentable Area 2,440 Per Sq. Ft. $516.39
Down Payment $315,000 Rent Increase GRM 16.43
Loan Amount $945,000 Rent Increase CAP 4.61%
Interest Rate 3.900% Market GRM 14.63
Amortization 30 Years Market Cap 5.55%
CURRENT RENT RENTS INCREASE IN MARKET RENT
SECOND-HALF OF 2022
UNIT RENT MONTHLY RENT MONTHLY RENT MONTHLY
UNITS TYPE SIZE INCOME INCOME INCOME
1 2BD/1BTH 780 $1,850 $1,850 $2,031 $2,031 $2,300 $2,300
1 2BD/1BTH 780 $1,825 $1,825 $2,005 $2,005 $2,300 $2,300
1 2BD/1BTH 880 $1,850 $1,850 $2,025 $2,025 $2,300 $2,300
3 Average S.F. 813 $2.26 $2.48 $2.83
MONTHLY INCOME CURRENT RENT INCREASE MARKET
Monthly Scheduled Rent $5,525 $6,061 $6,900
Utility Billback $330 $330 $330
Parking Income $0 $0 $150
Laundry & Other Income $20 $0 $20
Total Monthly Income $5,875 $6,391 $7,400INCOME & EXPENSES
ANNUALIZED OPERATING DATA CURRENT RENT MARKET
INCREASE
Scheduled Gross Income $70,500 $76,692 $88,800
Less Vacancy $2,115 3.00% $2,301 3.00% $2,664
Gross Operating Income $68,385 $74,391 $86,136
Less Expenses $16,253 $16,253 $16,253
Net Operating Income $52,132 $58,138 $69,883
Annual Debt Service $53,487 $53,487 $53,487
Cash Flow Before Tax ($1,356) 1.48% $4,651 5.21% $16,396
Principal Reduction $16,933 $16,933 $16,933
Total Return Before Tax $15,577 6.85% $21,584 10.58% $33,329
ANNUALIZED OPERATING EXPENSES CURRENT
RE Taxes 2021 Actual $9,333
Insurance Proforma $1,100
Utilities 2020 Actual $3,960
Common Electrical 2020 Actual $360
Maintenance & Repairs Proforma $1,500
Total Expenses $16,253S A L E S C O M PA R A B L E S
Madison Valley Triplex
1724 30th Ave
Seattle, WA 98122
Year Built 1967
Units 3
Sales Price $1,260,000
Price/Unit $420,000
Price/Foot $516
Current GRM/CAP 17.9/4.1%
Rent Increase GRM/CAP 16.4/4.6%
Market GRM/CAP 14.6/5.6%
1 Year Built 1944 2 Year Built 1990
Units 2 Units 2
Sales Price $1,350,000 Sales Price $1,280,000
Price/Unit $675,000 Price/Unit $640,000
Price/Foot $527 Price/Foot $557 MADISON VALLEY
GRM/CAP 23.5/3.4% GRM/CAP 23.4/3.4%
Sales Date 11.26.2021 Sales Date 11.18.2021 TRIPLEX
Madrona Duplex Leschi Duplex
125 29th Ave 1515 29th Ave S
Seattle, WA 98122 Seattle, WA 98144
3 Year Built 1905 4 Year Built 1908
Units Units
5
3 3
Sales Price $1,250,000 Sales Price $1,265,000
Price/Unit $416,667 Price/Unit $421,667 3
Price/Foot $523 Price/Foot $536
GRM/CAP 23.4/2.0% GRM/CAP 18.0/4.3%
Sales Date 08.23.2021 Sales Date 08.02.2021 4
Capitol Hill Triplex Cherry Hill Triplex
118 17th Ave E 125 29th Ave
Seattle, WA 98112 Seattle, WA 98122 1
5 Year Built 1952
Units 3
Sales Price $1,430,000
Price/Unit $476,667 2
Price/Foot $574
GRM/CAP 17.0/4.0%
Sales Date 04.16.2021
Capitol Hill Triplex
406 E Republican St
Seattle, WA 98102600 University St, Suite 2018 Michael Urquhart Brian Platt
Seattle Washington 98101 Michael@ParagonREA.com Brian@ParagonREA.com
206 623-8880 / info @ParagonREA.com 425 999-6650 425-251-8483
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.You can also read
