Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 1943 10th Ave W, Seattle WA 98119
Total Units 3
Built 1968
Square Feet 3,150
Price $1,395,000
Price Per Unit $465,000
Price Per Net SQFT $442.86
Current GRM/CAP 20.4/3.4%
Market GRM/CAP 14.6/5.2%
Lot Size 5,400 Square Feet (LR1)

Queen Anne Triplex

Paragon Real Estate Advisors is pleased to offer for exclusive sale the Queen Anne Triplex, located just minutes away from the Downtown CBD and South Lake Union neighborhoods. This location is in one of the most sought-after rental markets of the Greater Seattle area due to Upper Queen Anne’s prominent history, central location, and renowned status.

The Queen Anne Triplex offers a rare opportunity to purchase a low maintenance value add property with rental upside in a distinguished Seattle neighborhood. The property has had partial remodels to two of the three, two-bedroom units. These updates include an upgraded kitchen in unit 3 and an upgraded bathroom in unit 2. With little investment needed, investors are able to fully update all the units and realize greater returns with increased rents in addition to charging back for utilities, storage and parking.


Investment Highlights:

  • A+ location
  • Large 2 Bd/1 Bth units averaging 1,050 square feet
  • Basement unit features a den
  • Fireplaces in all units
  • New roof, new hot water heaters
  • 4 on-site parking spaces
  • New double pane vinyl windows
  • Washer and dryer hook-ups in basement unit
  • 2 tenant storage units, 1 large storage room
  • Unit #3 has updated kitchen
  • Unit #2 has updated bathroom
  • Building has rear access from alley
  • Walking Distance to Interbay or Queen Anne Ave N
  • Less than 3 miles from the Seattle CBD

Monthly Income

UNIT UNIT TYPE SQFT CURRENT RENT RENT/SF MARKET RENT RENT/SF
1 2BD/1BTH 1,050 Sq.Ft. $1,895 $1.80 $2,495 $2.38
2 2BD/1BTH 1,050 Sq.Ft. $1,895 $1.80 $2,495 $2.38
3 2BD/1BTH 1,050 Sq.Ft. $1,895 $1.80 $2,495 $2.38
Average/Totals 1,050 Sq.Ft. $1.80 $2.38

Operating Information

PRICING
Price$1,395,000
Down Payment$418,500
Loan Amount$976,500
Interest Rate5.00% Variable
Amortization30 Years
 
Price Per Unit$465,000
Price Per Sq.Ft.$442.86
 
Current GRM20.38
Current CAP3.39%
Market GRM14.58
Market CAP5.22%
 
Current Expenses
Expenses/Unit$6,350
Expenses/Foot$6.05
% of GSI27.83%
Market Expenses
Expenses/Unit$6,657
Expenses/Foot$6.34
% of GSI20.87%


Monthly Scheduled IncomeCurrentMarket
Gross Potential Rent$5,685$7,485
Utility Bill Back$0$270
Common Laundry$20$20
Parking Income$0$200
Total Monthly Income$5,705$7,975
 
ANNUALIZED OPERATING DATA
Scheduled Gross Income$68,460$95,700
Less Vacancy$2,054 (3.00%)$2,871 (3.00%)
Gross Operating Income$66,406$92,829
Less Expenses$19,051$19,972
Net Operating Income$47,355$72,857
Annual Debt Service ($5,242/mo)$62,905$62,905
Cash flow Before Tax($15,550) (-3.72%)$9,952 (2.38%)
Principal Reduction$14,407$14,407
Total Return Before Tax($1,143) (-0.27%)$24,359 (5.82%)
 
EXPENSE AND RESERVES
Real Estate Taxes$9,208$10,129
Insurance $1,107$1,107
Utilities$3,475$3,475
Maintenance & Repairs$4,897$4,897
Legal/Prof Fees$364$364
Total Operating Expenses$19,051$19,972

Property Photos