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MONROE + SUNSET AT RENTON

Offering Memorandum

EXECUTIVE SUMMARY

Exclusively listed by zeptoRE’s Jonathan Nicoli, this multifamily property is income-producing $45,600 currently & $73,560 proforma. Consisting of three (3) detached single-family houses on a half-acre lot, 1409 Monroe & Sunset is a versatile real estate investment property that provides savvy & opportunistic investors multiple exit strategy options including: Bringing rents up to market rates; redevelop for 35-unit apartments plus 5,000 SF commercial space; or propose live-work lofts/townhomes

*** $200,000 Price Improvement ***

1409 MONROE AVE NE​, RENTON WA, 98056

 
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Asking Price: $1,350,000​

Land Price/Dwelling Unit​: $38,571​

Lot Size​: 21,780 SF / 0.50 Acres​

Approved Use​: 35 Dwelling Units (3 Stories)​ | 5,000 SF Commercial Space​

Units Summary​:

Studios: 11 units

1-Bedroom: 18 units. ​

2-Bedrooms: 6 units​

Vehicle Parking​: 44 Total. 22 Full (incl. 4 ADA) & 22 Compact​

Construction Permit​: $319,931 | Permit is ready to be issued. Buyer is responsible to obtain.

Address​:1409 Monroe Ave NE​, Renton WA, 98056​

Parcel Number (King County)​: 0423059104​

Zoning​: Center Village (CV) Zone​

Vehicles per Day​: 24,188 VPD (2020)​

Present Use​: 3 Detached Single-Family Residences​

INVESTMENT OVERVIEW

Income-producing $45,600 current $73,560 proforma. Consists of 3 detached single-family houses on half-acre lot, 1409 MONROE & SUNSET in Renton Highlands is a versatile investment that provides savvy & opportunistic investors multiple exit strategy options including: Bringing rents up to market rates; redevelop for 35-unit apartments + 5,000 SF commercial space & propose live-work lofts/townhomes. This urban village neighborhood is in rapid transition w/ projects under construction yielding over 700 units multifamily, 100 for sale townhouses & 40,000 SF pedestrian retail & within walking distance or quick drive to dozens of Highlands neighborhood's most popular restaurants, bars & retailers.

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PROJECT VALUE PROFORMA

UNIT & AREA SIZES SUMMARY

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MASTER USE PERMIT

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NEIGHBORHOOD AMENITIES

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PROPERTY OVERVIEW

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RENT COMPARABLES

DEMOGRAPHICS

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CONFIDENTIALITY & DISCLAIMER

The information contained in the following Market Positioning Analysis is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from zeptoRE LLC & Century 21 Real Estate Center (“Brokers”) and should not be made available to any other persons or entity without the written consent of zeptoRE LLC. This Market Positioning Analysis has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. The Brokers have not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Market Positioning Analysis has been obtained from sources we believe to be reliable; however, the Brokers have not verified, and will not verify, any of the information contained herein, nor has the Brokers conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.  ​

NON-ENDORSEMENT NOTICE

zeptoRE LLC & Century 21 Real Estate Center is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of zeptoRE LLC, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of the Brokers and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.​

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. ZeptoRE LLC & Century 21 Real Estate Center had not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. zeptoRE LLC’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. zeptoRE LLC and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

By accepting this Offering Memorandum, you agree to release zeptoRE LLC & Century 21 Real Estate Center and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.