Scott Morasch - Commercial Real Estate Showcase

Scott Morasch Property Listings
Vice President Investments
Marcus & Millichap, Inc.
601 Union St
Suite 2710
Seattle, WA 98101-2341

1300 14th Avenue S - Charlemagne

Seattle, WA 98144 - North Beacon Hill MF Submarket

Property Type:Multi-Family Number of Units:14 Status:Existing Year Built:1965
Stories:2 Building Size:12,156 SF Land Area:.22 AC (9,583 SF)
For Sale Price:$2,995,000 Price/Unit:$213,928.57 Cap Rate:4.30 % GRM:14.78

Parking:1.07 Parking Spaces / 1,000 SF

Sale Notes:
Since September, the owner has spent approximately $70,000 in renovations. This includes extensive work to the exterior stucco, installation of cedar plank siding, and new paint. The interior of the property has recently received improvements to the common areas, which include new paint, doors and door framing, baseboards, and carpet. Other improvements done to the property in past years include, resealing of the parking lot in 2013, seismic retrofit in 2002, boiler replacement in 2006, a complete roof tear off in 2008, and a boiler inspection and repair in 2014.

The current owner has also renovated five units. These renovations include new cabinets, appliances, hardwood (2BD only) and vinyl wood flooring in the kitchens, paint, blinds, tub resurface, and a bedroom door installation in the smaller 1BDs.
Built in 1964 the Charlemagne' s unique location on the North End of Beacon Hill has always allowed it to beat the market in rents and low vacancy. The property is in excellent condition, due to meticulous maintenance by previous ownership for nearly 40 years, and recent renovations to the interior and exterior of the building by the current ownership.

Marcus & Millichap, Inc.
Kellan Moll
(206) 826-5700

Scott Morasch
(206) 826-5724

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