MONTLAKE VILLAS 4236 7TH AVE NE | SEATTLE, WA 98105 - Westlake Associates
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MONTLAKE VILLAS
4236 7TH AVE NE | SEATTLE, WA 98105
BRIAN THIRTYACRE TY LIGHTY
PRINCIPAL | BROKER BROKER
P: 206.505.9402 P: 206.505.9407
thirtyacre@westlakeassociates.com tylighty@westlakeassociates.com
Headline font
MONTLAKE VILLAS
WESTLAKE ASSOCIATES | 2
Investment Offering
PROPERTY DETAILS WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE
County King MONTLAKE VILLAS APARTMENT EXCLUSIVELY FOR SALE.
Market University District
Montlake Villas offers investors the rare opportunity to acquire a highly sought after 9,000 SQFT
Land Use Apartments parcel in the heart of the U District, and only 4 blocks from the new transit station. Zoned MR(M1)
Style Low-Rise the large lot allows developers to take advantage of the University of Washington Growth plan in
which the UW has plans to add approximately 6 Million SQFT to the campus by 2028. Roughly half
APN# 409230-0995 of the growth will occur on the West Campus, just a few blocks from Montlake Villas. Montlake Villas
Zoning MR (M1) in it’s current state is a well maintained, occupied 11 unit, that will allow developers great cash flow
while navigating through the design and permitting process.
BUILDING INFORMATION
PROPERTY HIGHLIGHTS
Name Montlake Villas
Address 4236 7th Ave NE
• Rare 9,000 SQ. FT. Lot Zoned MR (M1)
Seattle, WA 98105
Year Built 1998 • Allowable FAR Area 40,500 Sq. Ft.
# of Buildings 1
# of Floors 3 • No Parking Requirement
# of Units 11
• 1998 Construction
Lot Size 9,000 SF
Net Rentable SF 7,093 SF • Centrally Located in the University District
Construction Wood
Heat Electric • 4 Blocks from Brooklyn Light Rail Station & University
Roof Composition of Washington Campus
Laundry Common
• Easy Access to I-5 Corridor
Parking Garage
• WalkScore: 90 - Walker’s Paradise
WESTLAKE ASSOCIATES | 3
Location
NE 43RD ST
4236 7TH AVE NE 4236 7TH AVE NE
8TH AVE NE
7TH AVE NE
NE 42ND ST
WESTLAKE ASSOCIATES | 4
Financial Analysis
# UNITS TYPE SF CURRENT PSF PRO FORMA PSF
PRICE ANALYSIS 1 1 BD | 1 BA 485 $1,250 $2.58 $1,575 $3.25
8 2 BD | 1 BA 625 $1,808 $2.89 $2,000 $3.20
PRICE UNPRICED 1 2 BD | 2 BA 650 $1,695 $2.60 $1,750 $2.69
1 3 BD | 2 BA 950 $3,000 $3.15 $3,300 $3.47
TOTAL 11 7,085 SF $20,625 $2.74 $22,625 $3.22
INCOME
CURRENT PRO FORMA
Scheduled Rent Income $244,908 $271,500
+ Utility Recovery $15,180 $15,180
+ Parking $3,000 $12,000
+ Laundry Income $900 $900
Scheduled Gross Income $263,988 $299,580
- Vacancy & Credit Losses ($10,524) 4.00% ($11,947) 4.00%
Gross Income $253,464 $287,633
EXPENSES
CURRENT PRO FORMA
RE Taxes (2021) $42,900 $44,000
Insurance $5,201 $5,201
Professional Management $12,145 $17,258
Utilities $11,588 $12,000
Repairs & Maintenance $16,450 $13,200
Miscellaneous / Reserves $2,750 $2,750
Total Expenses $91,034 $94,409
OPERATING DATA
CURRENT PRO FORMA
Net Operating Income $162,430 $193,224
Total Return Before Taxes $162,430 $193,224
Rent Roll
UNIT UNIT TYPE SF PROFORMA RENT / SF
1 2 BD | 2 BA 675 $1,600 $2.37
2 1 BD | 1 BA 650 $1,200 $1.84
3 2 BD | 1 BA 650 $1,750 $2.69
4 2 BD | 1 BA 650 $1,750 $2.69
5 3 BD | 2 BA 950 $3,000 $3.15
6 2 BD | 1 BA 650 $1,825 $2.80
7 2 BD | 1 BA 650 $1,875 $2.88
8 2 BD | 1 BA 650 $1,750 $2.69
9 2 BD | 1 BA 650 $1,950 $3.00
10 2 BD | 1 BA 650 $1,825 $2.80
11 2 BD | 1 BA 650 $2,100 $3.23
TOTAL / AVG 11 7,085 SF $20,625 $2.74
WESTLAKE ASSOCIATES | 6
Interior Photos
WESTLAKE ASSOCIATES | 7
Exterior Photos
WESTLAKE ASSOCIATES | 8
Sales Comparable Summary
PRICE/
LAND COMPS SALE DATE PRICE BUILDABLE UNITS LOT SF POTENTIAL PRICE/NRSF
UNIT
U DISTRICT
ASSEMBLAGE 10/01/2020 $19,570,000 221 20,438 $88,552 $958
4126-4138 12th Ave NE
U DISTRICT SITE
12/27/2019 $2,270,000 35 5,000 $64,857 $454
4205 9th Ave NE
DEVELOPMENT SITE
02/29/2020 $1,750,000 3,100 $322
4041 7th Ave NE
UDISTRICT U-PARK
11/12/2019 $1,750,000 4,500 $389
4259 Roosevelt Way NE
ROOSEVELT
TOWNHOMES 03/05/2021 $3,300,000 24 2,857 $137,500 $1,155
5336 Roosevelt Way NE
TRIPLEX
ON MARKET $2,390,000 42 4,500 $56,905 $531
4054 7th Ave NE
RIFT
12/23/2019 $1,940,000 50 4,918 $38,800 $394
818 NE 42nd St
8 PARCEL
ASSEMBLAGE 11/04/2019 $39,140,000 449 41,200 $87,171 $950
4210-4238 12th Ave NE
Averages $10,920,000 137 Units 10,814 SF $86,953 $644
Subject Property
9,000 SF
4236 7th Ave NE
WESTLAKE ASSOCIATES | 9
Site Demographics & Amenities
WHAT’S NEARBY
POPULATION 1-MILE 3-MILE 5-MILE
RETAIL
90
H Mart UW Total Population 9,780 48,785 150,902
University Book Store Growth 2020 - 2025 (est.) 7.83% 8.05% 7.88%
CVS
Target Median Age 37.5 37.9 37.4
Trader Joe’s HOUSEHOLDS & INCOME 1-MILE 3-MILE 5-MILE
WALK SCORE Total Households 4,090 19,211 57,734
SERVICES
UW Medical Center Walker’s Paradise Average HH Income $92,962 $104,971 $108,804
University of Washington
Renter Occupied Housing 49.76% 38.71% 33.61%
Peace Park
North Passage Point Park ©COSTAR REALTY INFORMATION, INC. 2021
Burke Gilman Trail
FOOD & DRINKS
Portage Bay Cafe
65
Little Duck
Voula’s Offshore Cafe
Ivar’s Fish Bar ‘ BIKE SCORE
Donut Factory Bikeable
Tower Cafe
Ugly Mug Cafe
Korean Tofu House
Starbucks
Guanaco’s Tacos Pupuseria
Cafe Allegro
Burger & Kabob Hut
Samurai Noodles
100
Aladdin Gyro-Cery & Deli
Big Time Brewery & Alehouse
bb.q Chicken UW TRANSIT SCORE
MOD Pizza Rider’s Paradise
Jai Thai
WESTLAKE ASSOCIATES | 10University District
THE U DISTRICT, surrounding the University of Washington, is an eclectic mix of urban shopping areas;
historic homes and architecture; and great cafes, pubs, restaurants, and theaters. The “U District” has a
youthful and relaxed feel with lots of dining and shopping deals to take advantage of.
Much of the charm of the U District can be found in simply strolling the area of the University of Washington’s
gorgeous grounds which include historic buildings, gardens, sprawling green space. In spring, the iconic
blossoming cherry trees in the UW Quad has been a destination for onlookers from around the world. “The
Ave,” (University Way) is a popular gathering place with many eateries and funky shops. On 17th Avenue
NE, a tree-lined lane known as Greek Row, passerby’s can admire the stately mansions that house UW’s
fraternities and sororities.
The University of Washington Seattle campus is situated on the shores of Union and Portage Bays, with
views of the Cascade Range to the east and the Olympic Mountains to the west. Those looking for outdoor
pursuits will feel right at home among the students who can often be found kayaking on Lake Union or
Portage Bay, biking the Burke Gilman trail or catching a football game at Husky Stadium, known for its
unique tailgating parties, called “sailgating” as some arrive by yacht rather than by car.
The University of Washington, founded in 1861, is a
public, comprehensive institution. UW has earned an
international reputation for its research in such fields as
Asian languages and literature, cell biology, computer
science, forestry, international studies, nursing and
physics. Its 703-acre campus, graced by Collegiate
Gothic architecture, meandering paths and immacu-
lately landscaped grounds, is located in a residential
section of Seattle five miles from downtown.
#19
TOP PUBLIC by U.S. News
SCHOOL in 2021
#1
MOST INNOVATIVE by Reuters
UNIVERSITY DISTRICT
Public School in the World in 2019
WESTLAKE ASSOCIATES | 11Transportation
Bus Stops for Routes 44 & 64
Two bus stops with major routes from the UW Station. Route 44 travels from the UW
Station to Wallingford, and then to Ballard. Route 64 travels from Jackson Park to
BUS Cherry Hill, by way of North Seattle, Wedgwood, Green Lake, South Lake Union,
STOPS First Hill, and then to Cherry Hill in the Capitol Hill District.
UNIVERSITY OF WASHINGTON STATION
Location: Adjacent to Husky Stadium
LIGHT RAIL
STATIONS Travel Time to Downtown Seattle: 8 Minutes
Travel Time to Sea-Tac Airport: 46 Minutes
Amenities: Bicycle Racks, Ticket Vending Machines
Bus Stop
for Route 44 U District
U DISTRICT STATION
Station
Opening: 2021 (Opening 2021)
Location: On Brooklyn Ave NE between 45th & NE 43rd Streets
Travel Time to Downtown Seattle: 8 Minutes
Travel Time to Sea-Tac Airport: 41 Minutes
Bus Stop
Travel Time to Northgate Station: 5 minutes
for Route 64
Amenities: 100 Bicycle Racks, Ticket Vending Machines
U-DISTRICT LIGHT RAIL STATION TO OPEN THIS FALL, WILL SERVE
STUDENTS AND SURROUNDING COMMUNITY
“The new U-District Link Light Rail station on Brooklyn Avenue is set to open this
fall, connecting the neighborhood more easily with Seattle’s downtown corridor. The
station is part of the Northgate light rail expansion project approved by voters in
2008, which began construction in 2012.”
University of
READ THE FULL ARTICLE HERE
Washington Station
KEY
WESTLAKE ASSOCIATES | 12
BUS STOPS LIGHT RAIL STATIONSAbout Westlake
Since 1975, Westlake Associates, Inc. has been the premier
provider of commercial real estate brokerage services in the
Puget Sound Region.
Our unsurpassed commitment to creating and preserving our
clients’ real estate investment wealth has resulted in thousands of
successful transactions and a long history of repeat business and
client referrals.
The professionals at Westlake Associates collaboratively work
with clients to develop customized, creative solutions designed to
maximize investment returns.
EXCLUSIVELY LISTED BY: We’ve built a strong foundation of experience in Investment
Property Sales, Commercial Leasing, Property Management,
BRIAN THIRTYACRE
and comprehensive real estate services over our 40 year history.
PRINCIPAL | BROKER
We operate as a team and leverage each other’s resources and
P: 206.505.9402 experience to provide the highest level of client services.
thirtyacre@westlakeassociates.com
PROUD MEMBERS OF:
TY LIGHTY
Commercial Brokers Association (CBA)
BROKER
Northwest Multiple Listing Services (NWMLS)
P: 206.505.9407 LoopNet National Listing Services
tylighty@westlakeassociates.com CoStar Commercial Real Estate Data & National Listing
Commercial Investment Real Estate (CREI)
Washington State Realtors Association (WSMA)
1200 Westlake Avenue N, Suite 310
DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no representa-
tions or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, and
Seattle, Washington 98109
numbers are approximate. Parties must verify the information and bear all risk for any inaccuracies. ©2021 WESTLAKE ASSOCIATES, INC.You can also read
