July 14, 2011: On Monday Will Gibson, sales agent at McQuaid Commercial, closed the sale of the Brentwood Apartments on behalf of the estate and heirs of Pauline Walsh for the price of $1,266,208 for the two six unit buildings located at 2919 Franklin Ave E.
The buyers for the property are a group of local investors, formed as Brentwood Partners LLC, who “bought the property with the intention of completing the deferred maintenance items and performing substantial renovations and upgrades”, according to Gibson who spent considerable time with the buyers during their due diligence. Major components like the roof, plumbing, and brick work were in obvious need of attention however the buyers said they are attracted to the investment because of its great location and charm potential.
The price this property sold for equates to a 5.06 CAP and a 10.5 GRM using the current income and expense data for the property. The sellers provided the financing for two years at 6% interest only so the buyers could complete their improvements and then seek long term financing.
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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