Falconvue Apartments

$4,250,000

1308 12TH AVE S | SEATTLE WA 98144

13-Unit Apartment | 10,275 RSF

 
 

Summary

Anomaly Commercial and KW Commercial are proud to present the Falconvue Apartments as an off-market 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

**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:

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

$1,316.87 (2017)

 

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.