Offering Summary

Address 1627 10th Ave W, Seattle WA 98119
Price $3,995,000
Total Units 8
Built 1928
Square Feet 6,341 Total Net Rentable
Price Per Unit $499,375
Price Per Net SQFT $630
Current GRM/CAP 16.48/4.66%
Market GRM/CAP 15.85/4.67%
Terms Cash Out
Lot Size 7,200 SQFT

Elise Apartments

Paragon Real Estate Advisors is pleased to exclusively offer for sale the Elise Apartments located on the top of Queen Anne. The Elise Apartments presents the opportunity to buy a turnkey investment with a new 2019 luxury remodel completed on all units. This pride of ownership building is a well-located property close to a multitude of major employers in one of the hottest rental markets in King County. Residents enjoy the serene quietness of the luxurious Queen Anne neighborhood all within minutes of the Downtown Central Business District and a variety of amenities surrounding the neighborhood all within walking distance.

Investment Highlights

  • Trophy brick building
  • 2019 luxury remodel completed
  • Washer and dryer in units
  • Large one-bedroom units
  • Turnkey investment
  • Perfect 1031 exchange opportunity
  • Expansive landscaping
  • Community background
  • Perfect balance of vintage charm with a modern twist
  • New double pane windows
  • All units are equipped with stainless steel appliances, hardwood floors, quarts countertops, new cabinetry, and stylish light fixtures

Operating Income Analysis

Price Per Unit$499,375
Price Per Sq.Ft.$630.03
Down Payment$1,398,250
Loan Amount$2,596,750
Interest Rate4.00% New Loan
Amortization30 Years
Curent GRM/CAP16.48 / 4.66%
Market GRM/CAP15.85 / 4.67%
% of GSI20.24%

Monthly Scheduled Rent$18,080$19,160
Utility Billback $680$680
Pet Rent$250$250
Storage/Late Fees$388$120
Total Monthly Income$20,198$21,010
Scheduled Gross Income$242,375$252,120
Less Vacancy$7,271 (3.00%)$7,564 (3.00%)
Gross Operating Income$235,105$244,556
Less Expenses$49,056$58,188
Net Operating Income$186,049$186,368
Annual Debt Service ($12,397/mo)$148,767$148,767
Cash flow Before Tax$37,281 (2.67%)$37,601 (2.69%)
Principal Reduction$45,730$45,730
Total Return Before Tax$83,011 (5.94%)$83,331 (5.96%)
Real Estate Taxes (2019)$22,068$31,200
Insurance (2019)$3,008$3,008
Utilities (2019 Annualized)$10,080$10,080
House Electric (2019)$1,200$1,200
Gas (2019)$360$360
On-Site Mgmt (2019)$3,840$3,840
Maintenance & Repairs (2019)$4,000$4,000
Legal/Admin (Proforma)$900$900
Miscellaneous (Proforma)$1,600$1,600
Reserves (Proformal)$2,000$2,000
Total Operating Expenses$49,056$58,188

Building Photos

Puget Sound Region

The Seattle area, the nation’s 13th largest metropolitan area, is known for its strong business climate as well as its skilled workforce. Several factors contribute to the region’s thriving business community, from the prevailing entrepreneurial spirit to the education levels and skill sets of its work force. Innovative companies attract high-quality workers who typically possess a high level of education.

Seattle is the largest city in the four-county metropolitan area known as the Puget Sound region. The area’s other major metropolitan cities are Bellevue, Tacoma, Everett, and Bremerton. Surrounding these are growing cities that include Kirkland, Redmond, Kent, Renton, Bothell, and Issaquah.

According to Forbes, Seattle is one of the most popular cities in the country for the millennial generation (ages 20-34), with a growth rate of 20.3 percent since 2007. This is primarily due to the abundance of tech, engineering, and biotechnology employment opportunities in the region, which are highly sought after industries by millennials.