Offering Summary

Address 6708 California Ave SW, Seattle WA 98136
Total Units 6
Built 2006
Square Feet 6,443 Net Rentable (Per KCR)
Price $2,200,000
Price Per Unit $366,667
Price Per Sq.Ft. $341.46
Market GRM/CAP 13.7/5.1%
Lot Information 5,938 Square Feet Zoned LR3

Morgan Junction 6


Paragon Real Estate Advisors has been retained as the exclusive agent to list the Morgan Junction 6, a 6-unit apartment building constructed in 2006. Conveniently located in the Morgan Junction area of West Seattle, this opportunity offers an investor a condo-quality, low maintenance asset with upside.

Investment Highlights:

  • Low maintenance 2006 construction
  • Top floor views of Olympic Mountains
  • One block from Morgan Junction retail amenities
  • Walk Score: 81 - Very Walkable
  • Large 2BD/1BTH apartments
  • Stacked washer and dryer in-units
  • Full amenity packages including stainless steel appliances
  • Garage parking with 6 stalls
  • Located on the bus line with easy access to transportation options
  • Individual water shut-offs

Operating Statement

Pricing
Price$2,200,000
Down Payment$1,100,000 (50%)
Loan Amount$1,100,000 (50%)
Interest Rate4.20%
Amortization30 Years
Price Per Unit$366,667 (1,074 Avg Sq.Ft)
Price Per Sq.Ft.$341.46
Market GRM/CAP13.7/5.1% (4% Vacancy)
 
Current Expenses
Expenses/Unit$6,959
Expenses/Foot$6.48
% of GSI33.73%
Market Expenses
Expenses/Unit$6,959
Expenses/Foot$6.48
% of GSI27.15%


Monthly Scheduled IncomeCurrentMarket
Monthly Scheduled Rent$10,525$12,270
Parking (6 Spaces)$0$450
Utility Bill Back$0$630
Laundry Income (In Unit)$0$0
Total Monthly Income$10,525$13,350
 
Annualized Operating DataCurrentMarket
Scheduled Gross Income$126,300$160,200
Less Vacancy$2,526 (2.00%)$6,408 (4.00%)
Gross Operating Income$123,774$153,792
Less Expenses$41,754$41,754
Net Operating Income$82,020$112,038
Annual Debt Service ($5,379/mo)$64,550$64,550
Cash flow Before Tax$17,470 (1.59%)$47,488 (4.32%)
Principal Reduction$18,708$18,708
Total Return Before Tax$36,177 (3.29%)$66,195 (6.02%)
 
Annualized Operating ExpensesCurrentMarket
Real Estate Taxes (2019)$18,747$18,747
Insurance (New Quote)$2,783$2,783
Utilities (2018 Actual)$10,524$10,524
Maint/Repairs (Proforma)$5,400$5,400
Landscaping (Proforma)$1,800$1,800
Admin/Legal (Proforma)$1,000$1,000
Reserves (Proforma)$1,500$1,500
Total Operating Expenses$41,754$41,754

West Seattle

West Seattle is one of Seattle’s core residential neighborhoods and is currently ranked among the top neighborhoods in the United States to be searched by Silicon Valley residents looking to relocate. Known as the birthplace of Seattle this charming area provides a relatively quick commute to Seattle’s Central Business District. It is known for its natural beauty and waterfront beach community feel. It is home to two of Seattle’s largest waterfront parks, Lincoln Park, a 135-acre waterfront park with walking and bike trails, a saltwater pool, picnic and play areas, beach access, and Alki Beach Park, which is a 2.5 mile beach with sandy beaches, beach volleyball courts, bike and jogging lanes and many restaurants, pubs and many yearly events for everyone to enjoy.
For entertainment and services, the both the Alaska Junction and Morgan Junction retail areas are located mere blocks away. Shopping, dining, drinking, concert going, coffee sipping, wine tasting, and farmers-markets make this area the retail core of the neighborhood. On top of community events like art walks, seasonal festivals, open mic nights, and outdoor movie nights ensure the area is enjoyed by locals and visitors all year round.

Why Choose Seattle - King County?

A HIGHLY-SKILLED WORKFORCE
The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher. Top-tier talent is one of the key reasons out-of state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County.

ESTABLISHED INDUSTRY CLUSTERS
The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known

CUTTING-EDGE RESEARCH
Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success.

Unit Totals

Type Units Size Current Rent Monthly Income Market Rent Market Income
2BD/1BTH 6 1,074 Sq.Ft. $1,595 - $1,895 $10,525 $2,045 $12,270
Totals/Averages 6 1,074 Sq.Ft. $1.63 $1.90

Building Floor Plan