1421 on queen anne

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Metrics Overview

Address: 1421 2nd Ave W Seattle, WA 98109
Units: 11
Date acquired: 11/29/2019
Date sold: Current Holding
Acquisition price: $3,975,000
Selling price: Current Holding
Capital investment (M&M Ventures): $1,723,000
Profit: Current Holding
Internal rate of return (IRR): Current Holding

This 11 unit apartment building was built in 1910 with six 770sf 1BR units & five 825sf 2BR units. The prior owner invested in significant upgrades to the building’s major systems, including electrical, plumbing, exterior brick veneer tuck pointing and new torch down roof. Yet all of the units are dated with only minor upgrades. Thus the property has significant potential to add value with unit remodels, including removal of old carpets to expose original hardwood floors, all new kitchen and bath cabinets, quartz countertops, stainless steel appliances, kitchen & bath tile flooring and washer/dryers added to each unit to replace the current community laundry machines. 1421 has further potential to add value with the construction of a 12th unit in the basement.

In the first 5 months of ownership we have filed a City of Seattle permit for a 12th unit in the basement, completed a full remodel of the 3 2BR unit 5 and leased this remodeled unit for $2,495/mo, a $600/mo rental increase.

PRIME

LOCATION

This prime top of the hill Queen Anne location is a family friendly neighborhood adjacent to the old iconic Queen Anne Hill Highschool (now luxury condos). It has a walk score of 88 and an abundance of dining and shopping options in two popular retail hubs: Upper Queen Anne Avenue (4 blocks) and Lower Queen Anne (7 blocks). It's also close to Seattle’s Central Business District (CBD) with easy access to public transportation. Perched on the South end of Queen Anne Hill, this property is minutes away from the burgeoning South Lake Union community where fast growing tech companies like Amazon, Apple and Facebook continue to seek new employees, all looking for a place to live! With median home values on Queen Anne Hill now exceeding $1.0M, renting is the only viable option for many residents who want to live in this area. It’s no wonder why the highest rental rates outside of Seattle core can be found at the top of Queen Anne Hill.