LOWER QUEEN ANNE TRIPLEX
923 6th Ave N, Seattle, WA 98109
Exclusive Multifamily Offering
$1,450,000 | 3 units
Prime lower Queen Anne location, downtown + Space Needle views
MADISON PARK
Completely remodeled turnkey triplex - New foundation and roof,
completely new electrical, plumbing, interiors, appliances, stacked washer/
dryers
EASTLAKE
QUEEN ANNE
Steps to Space Needle, Seattle Center, and walking distance to restaurants,
shops, and grocery
CAPITOL HILL
Walking distance to Amazon.com and Gates Foundation headquarters
LOWER QUEEN
ANNE TRIPLEX
Owner occupant opportunity
Parking for 2 cars
MADRONA
SEATTLE CBD
kiddermathews.com
1 mile to Downtown Seattle
Easy conversion to Airbnb / short-term stay housing
Multiple bus routes to Downtown Seattle, Seattle University, & Seattle Pacific
Contact
CO-BROKERED BY
Dan Swanson
Senior Vice President, Partner
206.296.9610
Donna Marshall
Vice President, Investment Sales
425.422.0954
[email protected]
[email protected]
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent
investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Location Overview
Building Overview
The triplex located at 923 6th Avenue North sits on the south
slope of Queen Anne Hill within walking distance to the Gates
Foundation and Amazon.com world headquarters. It is also
within a mile of Downtown Seattle and is walkable to many
retail and recreational opportunities in both the Lower Queen
Anne and South Lake Union neighborhoods.
Starting in 2008 when the property was purchased by the
current ownership, the property was completely gutted
and re-built over a new foundation built to current seismic
standards. A partial list of the improvements made to the
building includes:
The residents at the Lower Queen Anne Triplex are able to
meet the vast majority of their needs within a short walk,
which has become exceedingly important to this generation
of tenants who are choosing to live more and more of their
lives on foot. Nearby employers include Amazon, the Bill
and Melinda Gates Foundation, UW Lake Union Facilities,
Fred Hutchinson Cancer Research Center, and multitudes of
expanding businesses in Downtown and South Lake Union.
To reach additional employment centers, residents of the
Lower Queen Anne Triplex can access 7 bus routes within a
2-minute walk, as well as the E Line and the Seattle Streetcar
within a half mile.
1. Completely new foundation built to
current seismic standards
2. Completely new electrical and plumbing systems
3. Completely replaced 30 year roof
4. Stacked washer/dryers in each apartment
5. New appliances and metered hot water tanks
6. Condo quality interior renovations
7. Newly painted exterior (2016)
The three units that comprise the property boast large
open floor plans, travertine entries, new lighting fixtures,
fir and hard surface flooring, and tall ceilings. The kitchens
have all been updated with dishwashers, granite or marble
countertops, stainless steel appliances, and new cabinets.
Each unit has its own attractive details: second bathroom, 2
parking spaces, a walk-in closet, a large storage area, and
exclusive patio space for unit C, a bay window for unit A, and
exclusive attic storage, two private decks, and Downtown and
Space Needle views for unit B. Current rents in the building
are lower than market rates and offer the buyer an opportunity
for immediate upside upon lease expirations. Additionally, the
property’s incredibly central location will draw tenants who
are willing to pay more to live in one of the most entertaining,
exciting, and strategic locations in the city.
According to WalkScore.com, the Lower Queen Anne Triplex
is “very walkable” with a score of 87 out of 100. Within
a quarter mile of the property there are 19 restaurants,
coffee shops, and bars, and within a mile there are at least
14 markets and grocery stores, including several major
supermarkets such as QFC, Metropolitan Market, Safeway,
and Whole Foods. There are a variety of parks within a short
walk, and within a third of a mile is Lake Union Park with its
waterfront, MOHAI museum, Center for Wooden Boats, and
streetcar stations. Additionally, Seattle Center’s fountains,
gardens, museums, theaters, sports, shops, and dining are all
under three quarters of a mile away.
The Lower Queen Anne Triplex is profitable in its current
operations, but with rent upside combined with continued
tenant demand to live in such a desirable location, the buyer
of this asset will have an opportunity to generate an income
stream that will improve over time.
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent
investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.
Lower Queen Anne Triplex
Financials & Overview
PROPERTY OVERVIEW
Address
Price
Price per Unit
Price per SF
Cap Rate
GRM
# of Units
MARKET
Avg Unit Size
923 6th Ave N
Seattle, WA 98109
$1,450,000
$483,333
$493.20
4.8%
17.1
3
980 SF
INCOME
Total Scheduled Rent
Utility-Bill-Back
Non-Refundable/Misc
Scheduled Potential Income
Less Physical Vacancy (0%)
2016 Actual Collections
$81,000
$3,600
Insurance
$84,850
($170)
$84,680
Repairs and Maintenance
$2,834
Expenses Per Square Foot
Net Operating Income
0.05 ac
(2,240 SF)
Type of
Ownership
Zoning
2008
Fee Simple
545830-0700
LR3
$746
$3,875
Expenses Per Unit
Effective Year
Built
APN
$7,486
Utilities
Total Expenses
Lot Size
2,940 SF
$250
EXPENSES
Real Estate Taxes
Net Rentable SF
$14,941
$4,980
$5.08
$69,740
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Lower Queen Anne Triplex
Sales Comparables
1
2111 5th Ave N, Seattle
Sale Date
Sale Price
Building SF
Price/Unit
Price/SF
Cap Rate
Units
2
12/10/2016
$1,425,000
FREMONT
3,000 SF
$712,500
$475.00
4.8%
2
QUEEN ANNE
103 Aloha St, Seattle
Sale Date
Sale Price
Building SF
Price/Unit
Price/SF
Cap Rate
Units
LAKE UNION
08/11/2016
$1,140,000
MADISON PARK
5
3
1
3,100 SF
$570,000
$367.74
N/A
2
4
2
3
Sale Date
List Price
Building SF
Price/Unit
Price/SF
Cap Rate
Units
4
Pending
$1,395,000
LOWER QUEEN
ANNE TRIPLEX
3,697 SF
$697,500
$377.33
5.2%
2
LESCHI
6
SEATTLE CBD
1909 Broadway E, Seattle
Sale Date
Sale Price
Building SF
Price/Unit
Price/SF
Cap Rate
Units
5
CAPITOL HILL
515 W McGraw St, Seattle
Sale Price
Building SF
Price/Unit
Price/SF
Cap Rate
Units
PUGET SOUND
3,342 SF
$583,000
$523.34
4.4%
3
78 E Lynn St, Seattle
Sale Date
INDUSTRIAL
DISTRICT
11/09/2016
$1,749,000
6
08/29/2016
$1,980,000
3,435 SF
$495,000
$576.42
2.9%
4
This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy.
Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of
income and expenses. Consult your attorney, accountant, or other professional advisor.
1123 14th Ave, Seattle
Sale Date
Sale Price
Building SF
Price/Unit
Price/SF
Cap Rate
Units
11/01/2016
$1,420,000
2,700 SF
$473,333
$525.93
4.7%
3
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