Exclusively Offered by Paragon Real Estate Advisors

Investment Highlights

Paragon Real Estate Advisors is pleased to exclusively announce for sale the Llandover Flats, a 9 unit turn-key apartment building located in the Greenwood neighborhood of North Seattle.

Improvements to the exterior envelope include new paint, vinyl windows and replaced stairs and walkways. The interiors have been remodeled to condo quality which includes washer and dryer in unit (except studios), new cabinets, new appliances and updated hard surface flooring. The Llandover Flats offers a future buyer a fully turn-key investment with a stabilized stream of cashflow.

> Washer and dryer in 7 of 9 units
> Common laundry facilities for 2 studio units
> Individual balconies or patios
> Double-pane vinyl windows
> New hot-water tanks
> Individual storage units
> 5.0% current CAP rate
> Condo quality updates



Greenwood

Greenwood is a diverse neighborhood that straddles the northern edges of Ballard and Green Lake, extending north to the edge of Seattle, its boundary with Shoreline. Like so many parts of Seattle, Greenwood started out as its own city, but later saw the advantages of annexing to Seattle.

The neighborhood starts around 70th in the south and ends at Seattle’s northern border, 145th street. While Greenwood Avenue is its mainline, it extends east to Highway 99 and west to about 5th. These are vague borders, as other neighborhoods jut about in the area, including Ballard to the southwest and west and Phinney ridge to the southeast and east. Greenwood and 85th is the main commercial center for the neighborhood, housing a number of restaurants and food stores that exemplify the area’s diverse population.
The neighborhood is down-to-earth, an even mix of single-family homes, apartment buildings from various eras and townhomes. Since 1993 the neighborhood has hosted the “Greenwood Classic Car Show” on the last Saturday in June. Another event is the “Greenwood Seafair Parade”, held on the fourth Wednesday in July. Both events draw tens of thousands of visitors to the neighborhood annually.

Monthly Scheduled Income

Units Type Size Current Rent Rent/Sq.Ft. Market Rent Rent/Sq.Ft.
2 Studio 400 Sq.Ft. $1,195 $2,390 $1,195 $2,390
6 1 Bd/1 Bth 550 Sq.Ft. $1,150 - $1,495 $7,973 $1,495 $8,970
9 2 Bd/1 Bth 750 Sq.Ft. $1,795 $1,795 $1,895 $1,895
9 Totals/Avg 538 Sq.Ft. $2.51 $2.74

Operating Summary

PRICING
Price$2,350,000
Year Built1962
Units9
Rentable Sq.Ft.4,840 Sq.Ft.
Down Pmt$950,000
Loan Amt$1,400,000
Interest Rate4.50%
Current GRM/CAP14.3/5.0%
Market GRM/CAP13.3/5.5%


TOTAL MONTHLY INCOMECURRENTMARKET
Monthly Scheduled Rent$12,158$13,255
Utility Billback$1,035$1,035
Parking (9 Open Space)$350$350
Laundry$20$20
Misc/Pet Rent$125$125
Total Monthly Income$13,688$14,785
ANNUALIZED OPERATING DATACURRENTMARKET
Scheduled Gross Income$164,256$177,420
Less vacancy$4,928 (3.0%)$7,097 (4.0%)
Gross Operating Income$159,328$170,323
Less Expenses$41,419$41,419
Net Operarting Income$117,910$128,904
Annual Debt Service ($7,094/mo)$85,123$85,123
Cash Flow Before Tax$32,786 (3.45%)$43,781 (4.61%)
Principal Reduction$22,585$22,585
Total Return Before Tax$55,372 (5.83%)$66,366 (6.99%)
ANNUALIZED OPERATING EXPENSESCURRENTMARKET
Real Estate Taxes (2018)$15,802$15,805
Insurance (Actual)$2,837$2,837
Utilties (Actual)$12,780$12,780
Maint & Repairs (Proforma)$6,750$6,750
Landscaping (Proforma)$1,000$1,000
Miscellaneous (Proforma)$450$450
Reserves (Proforma)$1,800$1,800
Total Operating Expenses$41,419$41,419

Sales Comparables

SUBJECT - Llandover Flats
14045 Greenwood Ave N
Seattle, WA 98133
Year Built 1962
Units 9
Sales Price $2,350,000
Price/Unit $261,111
Price/Sq.Ft. $486
GRM/CAP 13.3/5.5%
Sales Date TBD
Greenwood Inn
9030 Greenwood Ave N
Seattle, WA 98103
Year Built 1962
Units 23
Sales Price $4,813,000
Price/Unit $209,261
Price/ Sq.Ft. $459
GRM/CAP 12.1/5.1%
Sales Date 5.21.2018
Dorlynn Apartments
8800 Nesbit Ave N
Seattle, WA 98103
Year Built 1966
Units 8
Sales Price $1,584,600
Price/Unit $198,075
Price/Sq.Ft. $359
GRM/CAP Unknown
Sales Date 5.18.2018
5 Unit Apartment
9233 Interlake Ave N
Seattle, WA 98103
Year Built 1986
Units 5
Sales Price $1,410,000
Price/Unit $282,000
Price/Sq.Ft. $228
GRM/CAP Unknown
Sales Date 5.2.2018
Stone Ave 6 Unit
10732 Stone Ave N
Seattle, WA 98133
Year Built 1978
Units 6
Sales Price $1,363,800
Price/Unit $227,300
Price/Sq.Ft. $328
GRM/CAP 14.8/3.9%
Sales Date 12.20.2017
Sandpoint Crest Apts
12000 Sand Point Way NE
Seattle, WA 98125
Year Built 1955
Units 10
Sales Price $2,007,100
Price/Unit $200,710
Price/Sq.Ft. $355
GRM/CAP Unknown
Sales Date 11.14.2017

Sales Comparables MAP

SUBJECT - Llandover Flats
14045 Greenwood Ave N
Seattle, WA 98133
Greenwood Inn
9030 Greenwood Ave N
Seattle, WA 98103
Dorlynn Apartments
8800 Nesbit Ave N
Seattle, WA 98103
5 Unit Apartment
9233 Interlake Ave N
Seattle, WA 98103
Stone Ave 6 Unit
10732 Stone Ave N
Seattle, WA 98133
Sandpoint Crest Apts
12000 Sand Point Way NE
Seattle, WA 98125

Seattle, King County

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