THE WESTERNER IS AN 8-UNIT APARTMENT BUILDING LOCATED IN SEATTLE S FREMONT NEIGHBORHOOD WHICH SITS ON THE CORNER OF FREMONT AVE AND NORTH 42ND ST. LOCATED JUST NORTH OF B.F. DAY SCHOOL AND WITHIN 1 MILE TO THE SOUTH ENTRANCE OF THE WOODLAND PARK ZOO, THE WESTERNER HAS A WALKSCORE OF 83. Property Number of Units 8 The Westerner 4200 Fremont Ave N 98103 Price $2,400,000 Terms Cash Price per Unit $300,000 CAP current/market 4.4% GRM current/ market 17.2 Year Built 1962 Lot Size 5130 Approx. Net Rentable Area Financing 3584 New c o m m e r c i a l r e a l e s t a t e b r o k e r s 1 2 0 BE L M O N T A V E E, S E A T T L E W A 9 8 1 0 2 P 2 0 6. 2 7 0. 8 8 8 0 F 2 0 6. 2 7 0. 8 8 9 2
monthly scheduled income Type S/1 1/1 2/1 No. of Units 1 6 1 Size 360sf 420sf 675sf Current Rent $1,050 annualized operating expenses $1,150- $1,400 $2,100 Monthly Income $1,050 $6,735 $2,100 current Real Estate Taxes 2017 $13,056 Insurance (p.f.) $2,600 Utilities 2016 $7,578 Maintenance/Repair (p.f.) $6,400 Monthly Scheduled Rent $11,100 Utility Income $320 Laundry Income (p.f.) $100 Deposits/Other Income $80 Total Monthly Income $11,600 current operations expense per unit $3,704 expense per foot $8.27 % of gross 31.9 Total Expenses $29,634 financing Down Payment $1,075,000 Monthly Payment $6,174 Loan Amount $1,325,000 Interest Rate 3.8% Amortization 30 year annualized operating data current Scheduled Gross Income $139,200 Less Vacancy $4,176 Gross Operating Income $135,024 Less Expenses $29,634 Net Operating Income $105,390 Annual Debt Service $74,088 Cash Flow Before Tax $31,302 Principal Reduction $24,155 Total Return Before Tax $55,407 c o m m e r c i a l r e a l e s t a t e b r o k e r s 1 2 0 BE L M O N T A V E E, S E A T T L E W A 9 8 1 0 2 P 2 0 6. 2 7 0. 8 8 8 0 F 2 0 6. 2 7 0. 8 8 9 2
rent comparables comparable properties Year Units Unit Type/sf Rent Rent/SF 1400 Fremont Ave N (subject property) 1962 8 1/S/360 6/1/420 1/2/675 301 N 46th St. 1956 11 9/S/390 3/1/390 $1,050 + U s $1,325 Avg. + U s $2,100 + U s $1,095+U s $1,495+U s $2.92 $3.15 $3.1 $2.81 $3.83 4238 Evanston Ave N 1959 11 715 sf avg. $1,922 avg. $2.88 avg. sales comparables comparable properties # units price price per unit 4200 Fremont Ave N (subject property) year built GRM CAP Sale 8 $2,400,000 $300,000 1962 17 4.4% 4238 Evanston Ave N 11 $4,225,000 $384,000 1959 16.87 4.66% Pending 616 N 48th St. 6 $1,550,000 $258,000 1924 19.8 2.8% 1/2017 3426 Wallingford Ave N 18 $5,900,000 $327,777 1986 17 4.0% 11/2016 c o m m e r c i a l r e a l e s t a t e b r o k e r s 1 2 0 BE L M O N T A V E E, S E A T T L E W A 9 8 1 0 2 P 2 0 6. 2 7 0. 8 8 8 0 F 2 0 6. 2 7 0. 8 8 9 2
Built in 1962 with wood-frame construction, The Westerner sits on a 5,130sf corner lot zoned LR3. The building is two stories built in the motel style with individual entries for each apartment unit. Roof is pitched with composite shingles. Windows are double-pane vinyl, and the siding is a mix of wood on the upper portion and East side of the building, with a stone façade on the lower half of the building facing Fremont Ave. Heat in units is electric baseboard and plumbing is original with new valves replaced during renovations. Over the past 10 years, the property has undergone extensive cosmetic renovation, the majority of which has taken place in the last 6 months. This work includes complete makeover of 6/8 units and partial renovation of the remaining 2. Unit improvements include new tub surrounds, laminate flooring, new fixtures and outlets, and faux-marble countertops in kitchen. The building was painted just last year. The parking lot, which was previously 5 spaces, has just been re-surfaced and striped to accommodate 6 individual spaces (ownership does not currently charge for parking). Laundry is shared and located on the SE corner of the property. Where now there is 1 W/D unit in the laundry, this will be replaced with side by side stacked W/D units for ease of use by tenants. Laundry is owned and operated by ownership. In the laundry room there is a wash sink and 8 storage lockers which are approximately 2.5ft wide and 4ft deep. Fremont is easily accessed and has convenient transit to most areas of the city. At the Westerner s doorstep, Fremont Ave has direct metro transit to South Lake Union and Downtown via the 5 route and various Rapid Transit routes on Aurora, two blocks to the East. East and Westerly locations such as the University District and Ballard can be reached easily from 45th St., just North of the Building, or at the base of Fremont Ave on N 36th St. via Leary Ave. The Westerner s locale caters to both young and older demographics. Fremont is known throughout Seattle as a very hip and vibrant neighborhood/community which features popular restaurants and nightlife, major employers, as well as ample retail/shopping centers all within walking distance of the building. Some of the most thriving and competitive employers including Facebook, Tableau, and Google sit right at the South base of the Fremont neighborhood and are surrounded by renowned bars and restaurants such as the George and Dragon Pub, Revel, Paseo, and Fremont Brewing Co. c o m m e r c i a l r e a l e s t a t e b r o k e r s 1 2 0 BE L M O N T A V E E, S E A T T L E W A 9 8 1 0 2 P 2 0 6. 2 7 0. 8 8 8 0 F 2 0 6. 2 7 0. 8 8 9 2
c o m m e r c i a l r e a l e s t a t e b r o - 1 2 0 BE L M O N T A V E E, S E A T T L E W A 9 8 1 0 2 P 2 0 6. 2 7 0. 8 8 8 0 F 2 0 6. 2 7 0. 8 8 9 2