October 20, 2008
FOR IMMEDIATE RELEASE
McQuaid Commercial Closes $2.8M Deal in West Seattle
October 20, 2009: McQuaid Commercial has closed on a 23-unit apartment building in the Lincoln Park area of West Seattle.
“This property was offered for the first time since it was constructed in 1968 by the original developer who decided today is finally the right time to sell.” Michael McQuaid, owner of McQuaid Commercial, said today. “The seller thought that since so few people are selling buildings this year that he should take advantage of the limited competition in the marketplace. The client was great to work with as his perspective on the market comes from decades of participation and observance of the ups and downs over a very long period of time.”
The building is located one block from Loman Park, and two blocks from Lincoln Park with views of Puget Sound.
The property was in generally fair condition but was in need of updating. It sold with a price per unit of $121,739 and a CAP of 3.36% and a GRM of 14.86 on current income. The buyer, a group of local investors under the name of Halcyon CC4R LLC led by Paul Waln and Nathan Clarenburg, purchased the property for $2,800,000. The buyer intends to renovate and upgrade the building and self-manage the investment as they have experience with a large collection of primarily 4-plex style properties and are looking forward to the efficiencies a larger property will benefit from.
The sellers, Jack and Lila Corrock, decided it was time to sell since this was their last investment property in Seattle and they intend to retire completely from the apartment business after being in it for nearly 50 years. Mr. Corrock built dozens of apartment buildings in the Seattle area in the 1950-1970’s as speculative developments, retaining only this property and one other as long term holdings after relocating to Ketchum, ID.
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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