1010 e · 1010 e republican st. paragon real estate advisors is pleased to exclusively offer for...

1 0 1 0 ER E P U B L I C A N S T

QUEEN ANNE

SEATTLE CBD

BELLTOWN

CAPITOL HILL

SOUTH LAKE UNION

FIRST HILL

ELLIOTT BAY

1010 E REPUBLICAN ST

Paragon Real Estate Advisors is pleased to exclusively offer for sale 1010 E Republican St. This site presents the rare and unique opportunity to complete a partially finished 36 unit SEDU project. The site is situated in Capitol Hill, one of Seattle’s most sought after neighborhoods. The building has 9,827 square feet of rentable space containing 36 units along with 18 storage lockers, and a bike room. 1010 E Republican St offers a developer the ability to complete the project within a 6-month time horizon.

NAME 1010 E Republican St

ADDRESS 1010 E Republican St, Seattle WA 98102

PRICE Unpriced

EXISTING STATUS Partially Completed

TOTAL PLANNED UNITS 36

NET RENTABLE SQ.FT. 9,827 + Storage Lockers

PARCEL NUMBERS 685270-0477 and 685270-0478

ZONING LR3 (M)

O F F E R I N G

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

� Buy a partially completed project out of receivership

� 6-month time horizon for completion

� Limited carrying costs with current project underway

� Rare opportunity to purchase a partially completed development

� Property has been protected by 24/7 security

� A+ location in a vibrant urban neighborhood

� Views of downtown Seattle

� 35 SEDU units and 1 - one bedroom / one bathroom unit

� 18 storage lockers

� Bike room

� Rooftop deck with solar panels

� High quality structure

I N V E S T M E N T H I G H L I G H T S


L O C A T I O N H I G H L I G H T S

Capitol Hill is a popular, fast-paced residential neighborhood situated just east of the city’s downtown central business district. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges.

This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. It also has many distinguished apartment houses, including several designed by the distinguished builder Fred Anhalt.

The neighborhood figures prominently in nightlife and entertainment, with many bars hosting live music and with numerous avant-garde theaters. Most of the Hill’s major thoroughfares are dotted with coffeehouses, taverns and bars, and residences cover the gamut from modest motel-like studio apartment buildings to some of the city’s most historic mansions, with the two types sometimes shoulder-to-shoulder.

� The site lies 3 blocks away from the Light Rail station.

� The neighborhood is home to some of the best food and drink spots in all of Seattle

� Located just East of I-5

� Just over a mile from the Seattle Central Business District

� Located in one of the strongest and stable rental markets in the city

� 50-yard line location

WALK SCORE

97

TRANSIT SCORE

83

FOOD & DRINK PARKS & SCHOOLS

1. Starbucks Reserve Roastery

2. Ba Bar

3. The Pho Broadway

4. Taylor Shellfish Oyster Bar

5. Sitka and Spruce

6. Lil’ Woody’s

7. Maslow’s

8. Mansoon Seattle

9. McMenamins Six Arms

10. Rumba

11. Dino’s Tomato Pie

12. Portage Bay Cafe

13. Altura

14. The Belmont Lounge

15. Kaladi Brothers Coffee

16. Salt & Straw

17. Ayutthaya Thai

18. Marination Station

19. Dick’s Seafood & Chowder

20. Feierabend

21. The Cheesecake Factory

22. Rione XIII

23. Ruth’s Chris Steak House

24. Dick’s Drive-In

25. Barrio Mexican Kitchen & Bar

26. Poppy

1. Cal Anderson Park

2. Volunteer Park

3. Seattle Prep High School

4. Tashkent Park

5. Virginia Mason Hospital

6. Kaiser Permanente Capitol Hill Campus

7. Seattle University

8. Seattle Central College

9. Capitol Hill Light Rail Station

10. Swedish Hospital

11. Lowell Elementary School

12. Chase Bank

SHOPPING

1. Walgreens

2. Pike Grocery

3. Whole Food Market

4. QFC

5. Rite Aid

6. Banana Republic

7. Urban Outfitters

8. Bartell Drugs

9. Amazon Go

10. Pike Place Market

6

13

25

1

7

1

810

3

4

9

5

2

9

11

22

21

2

19

10

7

65 15

161

17

12

26

2423

8

18

20

2

3

4

5

7

8

9

10

11

6

12

AMENITIES MAP

E Madison St

Pine St

4

3

14


M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T

M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N

B U I L D I N G P H O T O S

F L O O R P L A N S

Basement First Floor

F L O O R P L A N S

Second - Fourth Floors

Rooftop

MONTHLY INCOME MARKET

Gross Potential Rent $43,167

Utility Billback $75/Unit $2,700

Storage Income $50/Locker $900

Pet Rental Income $50/Pet $700

Miscellaneous/Late fees $400

Gross Potential Income $47,867

ANNUALIZED OPERATING DATA MARKET

Scheduled Gross Income $574,404

Less Vacancy 3.0% $17,232

Gross Operating Income $557,172

Less Expenses $182,967

Net Operating Income $374,205

Income and Expenses

ANNUALIZED OPERATING EXPENSES MARKET

RE Taxes Proforma $60,000

Insurance Proforma $9,000

Utilities Proforma $36,000

Turnover/Maintenance Proforma $18,000

Property Management Proforma 4% GOI $22,287

On-Site Payroll Proforma $40/Unit/Mo $17,280

Elevator/Security Services Proforma $7,500

Landscaping Proforma $1,200

Miscellaneous/Admin Proforma $2,700

Capital Reserves Proforma $9,000

Total Expenses $182,967

UNITS

UNIT

TYPE

SIZE

MARKET

RENT

MARKET

RENT/FOOT

35 SEDU 251 - 289 $1,104 - $1,272 $4.40

1 1 Bd/ 1 Bth 359 $1,508 $4.20

36 Total/Avg 273 $1,348 $4.39

1010 E REBUBLICAN ST

Units 36

Year Built 2019

Rentable Area 9,827

Lot Size 5,940

Expense/Unit $5,082

Expense/Foot $18.62

Percent of EGI 31.85%

MARKET

OPERATIONS

The Redwood 111 21st Ave E Seattle, WA 98112

1 Year Built 2017 Units 75 Sales Price $17,500,000 Price/Unit $233,333 Price/Foot $918 CAP 4.5% Sales Date 12.18.2018

Cove 601 E Pike St Seattle, WA 98112


The Willet 4252 8th Ave NE Seattle, WA 98105


The Pomelo Heights 4229 7th Ave N Seattle WA 98105


1

3 4

2

N E W C O N S T R U C T I O N S A L E S C O M P S

1010 E Republican St 1010 E Republican St Seattle, WA 98102

Year Built 2019 Units 36 Price Unpriced


1010 E Republican St offering is being conducted by Paragon Real Estate Advisors. Questions and inquiries should be addressed to Brian Platt and Michael Urquhart.

Initial tour dates are listed below. Please contact Michael or Brian to confirm scheduling prior to tour date.

Monday July 22nd 1:00 PM to 3:00 PM Wednesday July 24th 1:00 PM to 3:00 PM Friday July 26th 10:00 AM to 12:00 PM

Offers should detail the following:

Estimated Cost to complete the project

Proof of Funds

Financing Plans

Closing Date

Earnest Money

O F F E R D E T A I L S


600 University St, Suite 2018

Seattle Washington 98101

206 623-8880 / [email protected]

www.ParagonREA.com



1010 e · 1010 e republican st. paragon real estate advisors is pleased to exclusively offer for...

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