November 4, 2010: McQuaid Commercial Real Estate has closed the sale of the Fremont Arms Apartments, a 6-unit building located at 800 N 36th street.
“Despite the complexities involved in this particular sale we are extremely pleased with the price we achieved for our client (the sellers).” Noah Klika, seller representative said Thursday. “Getting $160,000/unit for this property illustrates the premium the market is willing to pay for well located apartment buildings in a so called ‘down’ market.”
The buyer for the property is of the typical Seattle fashion: a well-to-do couple working for a local technology company and University looking to expand their personal portfolio of income producing properties (investments which provide attractive yields and safety compared to other investment alternatives).
The seller is a long-term family partnership exiting the rental business after owning and operating a portfolio of multi-family and mixed-use buildings throughout the Seattle area
Fremont Arms sold for $960,000, with a 5.7% cap rate and 11.35 GRM. This calculates $171.43/sq ft and $160,000 per unit.
MCQUAID Commercial Real Estate is located at 400 Roy street in lower Queen Anne. It is an open concept, boutique-style firm offering advising services and focuses on superior client representation.
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