Exterior.jpg
 

SOLD

Falconvue Apartments

$4,250,000

1308 12TH AVE S | SEATTLE WA 98144

13-Unit Apartment | 10,275 RSF

 

Falconvue Apartments

$4,250,000

1308 12TH AVE S | SEATTLE WA 98144

13-Unit Apartment | 10,275 RSF

Questions:  206.947.5053

 
 

Summary

Anomaly Commercial and KW Commercial are proud to present the Falconvue Apartments as an acquisition target for qualified investors.  The property features 13 large units with an abundance of parking (covered, private, & street parking).  The rents are low for the area which leaves room for the opportunistic investor to add value through further renovation and operational improvements.

Value-Add Highlights:

  • All units are rented at 22% below the market average rents
  • All units are rented at 42% below the market high for buildings of this vintage and quality
  • The landlord is not currently charging for parking
  • 3 units do not yet have W/D
  • LL does not charge a premium for view units
 

Lloyd Ball

Director of Commercial

KW Commercial | Keller Williams Bellevue

206.947.5053 | Lloyd@anomalyco.com

 
 

**All information contained in this offering was obtained from sources we believe to be reliable; however, Anomaly Commercial and Keller Williams Realty Bellevue has not verified its accuracy and makes no guarantees, warranty or representation about it.


Property Details

Strong key performance indicators with value-add potential

 

Building

Type:

Year Built: 

Year Renovated:

Units:

Management:

Unit Mix:

RSF:

GSF:

Floors: 

Construction: 

Avg. Rent:

Market Rent:

2017 Taxes:

Low-Rise Apt.

1986 

2016

13

Owner-Managed

Nine 2/1.5 & Four 1/1

10,275 SF

11,133 SF

3

Wood Frame

$1.95/SF

$2.39/SF

$17,119

 

Land

Land Area:

Zoning:

Parcel:

0.14 AC | 6,000 SF

L3

766010-0145


Media

Renovated and well located with parking for all

Click to enlarge images

 

Rent Comps

Strong rent comps show rental increases of 22% to 43% are possible for Falconvue

 
 

$1.95

( Falconvue's $/RSF )

$2.78

( Highest $/RSF )

$2.41

( Weighted Average $/RSF )

$1.52

( Lowest $/RSF )


Falconvue's Performance

Increase income with rental rate adjustments & parking fees

 
 

Current

( Owner Managed )

 

4.37%

( Cap Rate )

$185,581

( NOI )

$1.95

( Average Rent/SF )

 

Proforma

( Average of this Age Range and All Qualities )

 

5.5%

( Cap Rate )

$233,436

( NOI )

$2.41

( Average Rent $/SF )

 

( Top 25% of this Age Range )

 

6.5%

( Cap Rate )

$276,766

( NOI )

$2.78

( Top 25% Rent $/SF )


Sales Comps

 

 

Comp Set's Key Performance Indicators

 

4.37%

( Falconvue's Cap Rate )

4%

( Lowest Cap Rate )

5.1%

( Average Cap Rate )

 

$326,923

( Falconvue's $/Unit )

$315,000

( Highest $/Unit )

235,649

( Average $/Unit )

 

$413.62

( Falconvue's $/RSF )

$457.85

( Highest $/RSF )

$380.72

( Weighted Average $/RSF )

 

Demographic Info

Seattle, WA 98144

 
 
 
 

All information contained in this offering was obtained from sources we believe to be reliable; however, Anomaly Commercial and Keller Williams Realty Bellevue has not verified its accuracy and makes no guarantees, warranty or representation about it.