February 4, 2010:
McQuaid Commercial Real Estate has sold a 7-unit multifamily property located at 4000 California Ave SW in West Seattle.
“The buyer, H&G Properties, had been on the sidelines of the apartment market for the past three years but found today’s combination of pricing, lending rates, and lack of appealing investment alternatives too strong to not participate” said Michael McQuaid, the broker representing the buyer group.
The sales price of $850,000 equated to an 11.6 GRM and a CAP of 5.39%. Given the generally good condition of the building and the good rental sub-market, walking distance to the heart of the retail core of West Seattle, and access to public transportation, this property appeared to be an excellent opportunity for the buyer who intends to self-manage the property and improve the operations over the next year, said McQuaid, who has represented this buyer in the past.
The buyer obtained a loan from Luther Burbank S&L at the rate of 5.05% fixed for five years. The building is situated on a corner lot, has a pitched roof, and very large units, plus ample off-street parking including a very large garage.
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.