Prince of Wales1818 20th Ave Seattle, WA 98122
This Property is a True METER Trifecta!
We mention the Trifecta for certain projects, and this project fits that definition to a T. The three major criteria we recognized in the Trifecta were:
Mismanaged / Poor Condition
A property that needs capital upgrades and professional management.
Opportunity to Add New Units
In this case we added 6 studios to the basement.
The amount of land this property was sitting on was ideal, and just waiting for development in this area. This was developed into 8 amazing for sale homes.
Meter has took a Seattle original and breathed new life into it. Prince of Wales was a 32 unit apartment building we found suffering from severe neglect and undervaluation. Meter upgraded the existing units and added 6 new units to maximize the value and enhance this Capitol Hill gem.
In addition, the property included 10,000 sq. ft. of vacant land, which was developed into 8 modern townhomes, many of which are designated with roof decks and 2-car garages.
The project was not easy. But METER’s experience made it possible to both restore the building, maximize value and improve the neighborhood.
Purchase Date: October 26, 2012
Sale Date of Building: September 30, 2014
Purchase Price: $3,450,000
Development Cost, Land entitlement $94,757
Development Cost, Cap X $2,509,194
Total Project Cost $6,053,951
Sale Price of Land $1,700,000
Sale Price of Building $8,765,000
Total Gross Profit $4,411,049
Net Operating income at Sale $407,283
Performance CAP at Sale 6.85%