Red Maple Apartments North 6th St, Tacoma, WA. Exclusive Multi-Family Offering $1,825, Units

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1 Exclusive Multi-Family Offering $1,825, Units 1122 North 6th St, Tacoma, WA Exclusively represented by Laura Fox, CCIM Ted Sipila, CCIM April 2018

2 Table of Contents 1. Investment Overview Executive Summary Property Overview Unit Mix 2. Location Overview Aerial Overviews 3. Pricing 4. Rent Comparables 5. Sales Comparables This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.

3 Investment Overview EXECUTIVE SUMMARY Parcel Number Price $1,825,000 Price Per Unit $96,053 Number of Units 19 Year Constructed 1918/1993 Number of Floors 3 (includes basement) Number of Buildings 1 Construction Type Exterior Finish Land Area Masonry Brick 13,000 SF (.30 acres) Approx. Net Rentable SF ±7,560 Price Per RSF $241 Average Unit Size Utilities Windows Heating ±398 SF Landlord pays utilities Vinyl Radiant Cap Rate 4.8%

4 Investment Overview PROPERTY OVERVIEW Red Maple is a 19 unit apartment complex in the north end of Tacoma, WA. Constructed in 1918 and renovated in 1993, the apartments are a mix of studios, 1-bedroom, 1-bathroom, and 2-bedroom, 1-bathroom. The apartments have ovens, refrigerators and some units feature hardwood floors. Owner pays utilities. Upside available by billing tenants back for utilities. Property has excess land for future development. Unit Mix RENT SUMMARY # of Units Type Average SF Total SF Average Rent Average Price per SF 16 Studio 360 SF 5,760 SF $750 $ x1 700 SF 1,400 SF $900 $ x1 400 SF 400 SF $800 $2.00

5 Red Maple Close Aerial N 6th Street N L Street

6 Red Maple Location Aerial Ruston Way PUGET SOUND Union Ave STADIUM HIGH SCHOOL JEFFERSON ELEMENTARY SCHOOL UNIVERSITY OF PUGET SOUND N Steele St RED MAPLE WRIGHT PARK 6th Ave JASON LEE MIDDLE SCHOOL TACOMA GENERAL HOSPITAL

7 Pricing Total Monthly Rental Income $ 14,450 Total Annual Income $ 173,400 Credit & Vacancy (5%) $ (8,670) Laundry & Other ($200/unit) $ 3,800 Effective Annual Income $ 168,530 Annual Operating Expense Real Estate Taxes (2017) $ 17,211 Insurance (2017) $ 5,530 Utilities (2017) $ 28,693 Maintenance & Repair ($700/unit) $ 13,300 Management (5%) $ 8,670 Administration & Other $ 1,900 Reserves ($250/unit) $ 4,750 Total Annual Expenses $ 80,054 Annual Net Income: $ 88,476 Price: $ 1,825,000 Cap Rate: 4.80%

8 Market Pricing Total Monthly Rental Income $ 14,450 Total Annual Income $ 173,400 Credit & Vacancy (5%) $ (8,670) Utility Billback $ 23,000 Laundry & Other ($200/unit) $ 3,800 Effective Annual Income $ 191,530 Annual Operating Expense Real Estate Taxes (2017) $ 17,211 Insurance (2017) $ 5,530 Utilities (2017) $ 28,693 Maintenance & Repair ($700/unit) $ 13,300 Management (5%) $ 8,670 Administration & Other $ 1,900 Reserves ($250/unit) $ 4,750 Total Annual Expenses $ 80,054 Annual Net Income: $ 111,476 Price: $ 1,825,000 Cap Rate: 6.10%

9 Rent Comparables SUBJECT RED MAPLE 1122 N 6th St, Tacoma No. of Units 19 Year Built 1918 Unit Mix 2BR/1BA 1BR/1BA Studio Avg. SF Avg. Rent $900 $800 $750 Avg. Rent/SF $1.29 $2.00 $2.08 : No utility billback 1 McKELLAR 902 N M St, Tacoma No. of Units 24 Year Built 2015 Unit Mix 1BR/1BA Studio Avg. SF : Rent includes utilities Avg. Rent $1,050 $900 Avg. Rent/SF $2.33 $2.25 SUBJECT 2 PATRICIA 718 N 4th St, Tacoma No. of Units 19 Year Built 1951 Unit Mix 1BR/1BA Avg. SF 700 Avg. Rent $1,175 Avg. Rent/SF $1.67 : 3 BILTMORE 801 N I St, Tacoma No. of Units 32 Year Built 1939 Unit Mix 1BR/1BA Avg. SF 525 Avg. Rent $1,200 Avg. Rent/SF $2.20 : No utility bill back

10 Sales Comparables 1 LENNICK COURT APARTMENTS 5715 North 30th Street, Tacoma, WA No. of Units 15 Avg. Unit Square Feet 653 SF Year Built 1969 Sale Price $1,697,100 Price/Unit $113,140 Cap Rate 4.6% 2 SCOTT S LANDING 501 North J Street, Tacoma, WA No. of Units 16 Avg. Unit Square Feet 747 SF Year Built 1976 Sale Price $2,009,000 Price/Unit $125,562 Cap Rate 5.3% 3 VICTORIAN MANOR APARTMENTS South I Street, Tacoma, WA No. of Units 12 Avg. Unit Square Feet Undisclosed Year Built 1954 Sale Price $1,325,000 Price/Unit $110,416 Cap Rate Undisclosed

11 Sales Comparables 4 SHASTA APARTMENTS 1545 Fawcett Avenue, Tacoma, WA No. of Units 10 Avg. Unit Square Feet 525 SF Year Built 1919 Sale Price $1,320,000 Price/Unit $132,000 Cap Rate 5.4% NORTH PROSPECT STREET Tacoma, WA No. of Units 11 Avg. Unit Square Feet 127 SF Year Built 1963 Sale Price $1,500,000 Price/Unit $136,363 Cap Rate Undisclosed SOUTH 7TH STREET Tacoma, WA No. of Units 12 Avg. Unit Square Feet 800 SF Year Built 1908 Sale Price $1,900,000 Price/Unit $158,333 Cap Rate Undisclosed