December 4, 2007
FOR IMMEDIATE RELEASE
McQuaid Commercial Real Estate closes deal on historic building in Belltown
December 5, 2007: McQuaid Commercial is pleased to announce the sale of the Stonecliff Apartments, a 34-unit 1924 brick apartment building located in Belltown. The local seller, Gary and Nancy Eliasen, sold the building to Stonecliff LLC, a local entity formed for the purchase. The sales price of $4,600,000 was driven by the buyer’s perception that the current rents were far below the current market. The management company used by the buyer also manages several nearby properties of similar age and condition and expects this property to perform very well due to its location and attractive vintage design. While the current GRM is nearly 19 at this price, the buyer expects that after rents adjust to market values the GRM will be a very reasonable 10.28, a very appealing GRM in today’s sales marketplace. The seller purchased the building in 1994 for $1,100,000 and it is currently assessed for $2,718,000. The transaction took a total of 74 days to close, typical of McQuaid transactions that involve new financing.
The building was initially constructed of brick, mortar and marble to support the tremendous influx of people streaming into Seattle after World War I, and to provide housing for those who worked in the downtown area.
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. MCQUAID agents sit at one table in order to facilitate communication and provide connections between buyers and sellers quickly. MCQUAID opened its doors in May 2007.
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