Magnolia 8 4259 Gilman Ave W - 8 Units Seattle, Washington - The Foundation Group
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8 Units • Seattle, Washington
Magnolia 8
4259 Gilman Ave W
1
Licton Springs A P A R T M E N T S :: F I N A N C I A L S U M M A R Y
For More Information Please Contact Michael Kahn 206.224.2442 michael@tfgre.com Bruce Kahn 206.324.9424 bruce@tfgre.com 2621 Eastlake Ave E Seattle, WA 98102 www.tfgre.com
A P A R T M E N T S :: F I N A N C I A L S U M M A R Y
Magnolia 8 :
02
Investment Overview
04
Submarket Information
06
Financial Summary
08
8 UNITS
Sales Comparables
Licton Springs
10
Photo Gallery
1
Investment Overview
The Foundation Group is pleased to exclusively offer for sale the
Magnolia 8 Property, an 8 unit apartment house in Seattle, WA. 4259
Gilman was built in 1959 and units have been updated upon turnover,
4259 GILMAN AVE W :: INVESTMENT OVERVIEW
with 6 of the 8 units having modern finishes. A new roof was installed
in 2019. Several units have private stairwell entrances. Off-street parking
for residents. The current owner has done an impeccable job of
maintaining the condition of the building. This low maintenance asset
is positioned well to capitalize on the future rent growth in the Seattle
marketplace.
The building is close to Swedish Ballard, NW Market, Ballard Ave, Leary
Way, Fremont, Queen Anne, Adobe, SPU, cafes, grocery stores, bars,
and restaurants. Magnolia 8 is a straight shot to downtown and only
steps from major bus lines: 24, 31, and 33. Walking distance to the
Seattle Pacific University Campus.
Just minutes from the Interbay retail center, which includes Whole
Foods, Petco, Total Wine. The Interbay Athletic Complex includes an
executive golf course and driving range. Beautiful running trails line
Discovery Park and the waterfront.
Close proximity to the future Sound Transit
Light Rail project (2025) and the new Expedia
campus, which is expected to bring more
than 3,500 new tenants to the region.
2
Quick Facts
Price $2,000,000
M8
Units 8
4259 GILMAN AVE W :: INVESTMENT OVERVIEW
Price Per Unit $250,000
Rentable Sq.Ft. 5,250
Price Per Sq.Ft. $381
Current Cap Rate 4.61%
Market Cap Rate 5.32%
Year Built 1959
Parking Six off-street spots
Land SF 7,250
Zoning LR2 (M)
Construction Type Wood frame
3
Magnolia Area Description
Affluent Magnolia is the second largest residential neighborhood
4259 GILMAN AVE W :: SUBMARKET INFORMATION
in Seattle and it is located on a peninsula jutting into Puget Sound.
Families explore the beaches and forested trails of vast Discovery
Park, home to West Point Lighthouse and indigenous art at the
Daybreak Star Indian Cultural Center. Smaller Magnolia Park has
expansive water views. Locals mingle in the Village, a cluster of
upscale shops and cafes, and site of a summer farmers’ market. This
convenient Magnolia location is rated Very Walkable. Close walking
Source: newsbreak.com
distance to a major retail center, which includes a QFC, Starbucks,
Denali Fitness, and several gas stations. Residents have their pick of
many restaurants, including Red Mill Burgers, Pagliacci Pizza, Tuk Tuk
Thai Kitchen, and Mulleady’s Irish Pub.
Magnolia is home to a Seattle favorite. Discovery Park, an impressive MAGNOLIA SHOPS
534 acre playground, features a 2.8 mile loop around the perimeter
that is a favorite among Seattle trail runners. It is Seattle’s largest park,
and never feels crowded due to its sheer size. Highlights also include
the West Point Lighthouse and two miles of protected beaches.
Visitors often spot wildlife there, including eagles, herons, seals and
owls. On the other hand, Magnolia Park, located on the Magnolia
Bluff, offers a more groomed experience, with picnic tables, tennis
courts, and stunning views of the Seattle skyline.
Magnolia is a hip waterfront
neighborhood, close to trendy
Source: facebook.com
restaurants,indie shops, bars and craft
breweries
VIEW OF MAGNOLIA
4
4259 GILMAN AVE W :: SUBMARKET INFORMATION
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Scheduled Income
Approx Current Current / Market Market
Unit Type Units Sq Ft Rent Sq Ft Rent / Sqft
4259 GILMAN AVE W :: FINANCIAL SUMMARY
1 Bed / 1Bath 7 594 $1,361 $2.29 $1,495 $2.52
2 Bed / 1 Bath 1 920 $1,650 $1.79 $1,795 $1.95
Average $2.04 $2.24
Total 8 $11,177 $12,260
Other Income
W/S/G $510 $650
Laundry $75 $75
Total $11,762 $12,985
Property Notes & Assumptions
• Six off-street parking spots
• New roof in 2019
6
Financials
Current Market
4259 GILMAN AVE W :: FINANCIAL SUMMARY
Gross Scheduled Income $141,144 $155,820
Vacancy ($4,234) 3% ($4,675) 3%
Gross Operating Income $136,910 $151,145
Expenses
Property Taxes - 2020 $19,449 $19,449
Insurance $1,504 $1,504
Utilities $8,830 $8,830
Maintenance (Proforma) $10,000 $10,000
Reserves (Proforma) $2,000 $2,000
Landscaping (Proforma) $3,000 $3,000
Total Expenses $44,783 32% $44,783 29%
Net Operating Income $92,127 $106,362
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Sales Comparables
Property Address # Units Sale Date Year Built Sale Price Price/Unit Price/SF
4259 GILMAN AVE W :: SALES COMPARABLES
1 2315 W Lynn St 6 7/31/19 1970 $1,555,000 $259,167 $395
2 3630 22nd Ave W 21 3/17/20 1990 $6,822,000 $324,857 $504
3 215 Valley St 11 10/29/19 1967 $4,750,000 $431,818 $469
4 1418 2nd Ave W 12 12/16/19 1948 $5,520,000 $460,167 $497
Averages $369,002 $466
M8 Magnolia 8 8 1959 $2,000,000 $250,000 $381
1 2 3 4
2315 W Lynn St 3630 22nd Ave W 215 Valley St 1418 2nd Ave W
8Sales Comparables
M8
4259 GILMAN AVE W :: SALES COMPARABLES
2
MAGNOLIA 8
3630 22nd Ave W
2315 W Lynn St 1
1418 2nd Ave W 4
3 215 Valley St
94259 GILMAN AVE W :: PHOTO GALLERY 10
11 4259 GILMAN AVE W :: PHOTO GALLERY
For More Information
Please Contact
Michael Kahn
206.224.2442
michael@tfgre.com
The information included in this document has been obtained from
Bruce Kahn sources we believe to be reliable. While we do not doubt its accuracy,
206.324.9424 we have not verified it and cannot make any guarantee, warranty or
representation about it. It is your responsibility to independently confirm
bruce@tfgre.com
its accuracy and completeness. Any projections, opinions, assumptions,
or estimates used are for example only and may not accurately represent
the current or future performance of the property. The value of any
proposed transaction to you depends on tax and other factors which
should be evaluated by your tax, financial and legal advisors. You and
2621 Eastlake Ave E your advisors should conduct a careful, independent investigation of the
Seattle, WA 98102 property to determine to your satisfaction the suitability of the property
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