Exclusively Offered by Paragon Real Estate Advisors

Offering Summary

Address 6402 Phinney Ave N, Seattle WA 98103
Total Units 15
Built 1930
Square Feet 9,420 Total Net Rentable (Per Rent Roll)
Price $4,000,000
Price Per Unit $266,667
Expenses Per Unit 5,499/Year
Price Per Foot $425
Current GRM/CAP 19.42/3.04% (1% Vacancy)
Market GRM/CAP 14.35/4.54% (4% Vacancy)
Zoning LR3 RC
Terms Cash Out

Investment Highlights

Paragon Real Estate Advisors is pleased to exclusively offer for sale The Bugge Apartments, a brick veneer classic designed building located at the crest of Phinney Ridge hill in Seattle. Situated in a very walkable and amenity rich neighborhood, the Bugge offers residents a nice residential feel with quick access to the tech employment centers of Fremont, South Lake Union and Downtown Seattle.

This is the first time the Bugge has been on the market in over 25+ years, and allows a buyer a rare opportunity to purchase a well-maintained building with immediate rental upside in a fantastic location.

Highlights
> First time on the market in 25+ years
> Excellent Phinney Ridge location
> Significant rental upside
> Additional space in the storage and laundry room
> Brick-veneer classic design (wood-frame)
> Views of Cascades
> Walkscore of 84
> Partial copper plumbing upgrades
> Newer Duralast roof
> Garage parking stall
> Secured intercom entry









Location Highlights

The Bugge Apartments are located at 6402 Phinney Avenue N in the Phinney Ridge neighborhood of Seattle. Residents have direct access to downtown Seattle and South Lake Union employment centers via Highway 99, and the University of Washington.

Located just blocks from the Woodland Park Zoo, residents enjoy many recreational activities offered at Woodland Park and Green Lake Park including: soccer fields, tennis courts, summer concerts, boating, jogging, and relaxing in the sun.
This location is also a short walk or quick drive to some of the best entertainment venues, eateries, and services in the popular Ballard, Fremont, Phinney Ridge and Wallingford neighborhoods.

Operating Information

PRICING
Price$4,000,000
Down Payment$2,000,000 (50%)
Loan Amount$2,000,000 (50%)
Interest Rate4.00% Variable
Amortization30 Years
 
Price Per Unit$266,667
Price Per Sq.Ft.$424.63
 
Current GRM19.42
Current CAP3.04%
Market GRM14.35
Market CAP4.54%
Current DCR1.06
 
CURRENT EXPENSES
Current Expenses/Unit$5,499
Expenses/Foot$8.76
% of GSI40.45%
MARKET EXPENSES
Expenses/Unit$5,723
Expenses/Foot$9.11
% of GSI32.08%


MONTHLY SCHEDULED INCOMECurrentMarket
Monthly Scheduled Rent$15,960$20,175
Office Space$550$550
Garage Income (One Garage)$0$100
Parking (One Stall)$0$75
Utility Surcharge$100$1,275 ($85/Unit)
Storage Income ($25/Month)$200$375
Pet Rent$25$350 ($50*7 Pets)
Laundry Income$250$250
Other Income$80$80
Total Monthly Income$17,165$23,230
 
ANNUALIZED OPERATING DATA
Scheduled Gross Income$205,980$278,760
Less Vacancy$2,060 (1%)$11,150 (4%)
Effective Gross Income$206,920$267,610
Less Expenses$82,480$82,840
Net Operating Income$121,440$181,770
Annual Debt Service ($9,548/mo)$114,580$114,580
Cash flow Before Tax$6,861 (.34%)$67,190 (3.36%)
Principal Reduction$35,221$35,221
Total Return Before Tax$42,081 (2.10%)$102,411 (5.12%)
 
ANNUALIZED OPERATING EXPENSES
Real Estate Taxes - 2017 AV: $3.95m (2017)$33,872$33,872
Insurance (2016)$5,657$5,657
WSG/Electric (2016)$13,924$13,924
Gas (2016)$5,875$5,875
Repairs/Maint/Turnover (2016)$9,960$12,750
On-Site Mgmt ($40/Unit Proforma)$7,200$7,200
Landscaping (2016)$2,062$2,062
Misc$180$750
Reserves$3,750$3,750
Total Operating Expenses$82,480$85,840

Monthly Scheduled Income

# OF UNIT TYPE SIZE CURRENT RENT MONTHLY INCOME MARKET RENT MONTLY INCOME
10 1BD/1BTH 625-750 Sq.Ft. $925-$1,395 $11,490 $1,445 $14,450
5 Studio 425-525 Sq.Ft. $820-$950 $4,470 $1,145 $5,725
15 Average/Totals 628 SqFt $1.69 $1,064 $2.14 $1,345

Property Photos

Floor Plans