2236 Yale A P A R T M E N T S

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Bernard Black
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1 2236 Yale A P A R T M E N T S

2 OFFERING Paragon Real Estate Advisors is proud to exclusively offer for sale the 2236 Yale Apartments. Located in the heart of Seattle s vibrant Eastlake neighborhood, 2236 Yale is a luxury four-unit apartment building with abundant amenities, high-end condo quality finishes, and sweeping views of Lake Union Yale A P A R T M E N T S This is an extremely rare opportunity for an investor or owner occupant to purchase a turn-key, low maintenance property, well located in between a major research university and one of the fastest growing job centers in the country. NAME 2236 Yale Apartments ADDRESS 2236 Yale Avenue E, Seattle, WA TOTAL UNITS 4 BUILT 1996 SQUARE FEET 4,560 PRICE $2,400,000 PRICE PER UNIT $600,000 PRICE PER FOOT $526 CURRENT/MARKET CAP 3.6%/4.7% LOT SIZE 4,400 TERMS Seller Financing This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

3 PUGET SOUND CAPITOL HILL SEATTLE CBD SOUTH LAKE UNION UNIVERSITY OF WASHINGTON FREMONT WALLINGFORD UNIVERSITY DISTRICT

INVESTMENT HIGHLIGHTS Incredible central location near lake, UW and South Lake Union Large 2Bd/2Bth units In-unit washer/dryer Stainless appliances, modern cabinets and granite counters High-end

4 INVESTMENT HIGHLIGHTS Incredible central location near lake, UW and South Lake Union Large 2Bd/2Bth units In-unit washer/dryer Stainless appliances, modern cabinets and granite counters High-end flooring with a mixture of tile, hardwood, and carpet Jacuzzi tubs In-floor radiant heat Each unit has a private patio or deck Views of Lake Union and Downtown Parking for 4 cars Gorgeous hardscaped outdoor common area 1996 construction Modern heating and electrical systems Pitched roof

LOCATION HIGHLIGHTS Perfectly positioned between UW, South Lake Union, Downtown

campus in South Lake Union Tech and bio-tech companies are expanding their

Short walk to the shores of Lake Union One block to excellent restaurant, bar

downtown CBD via King County Metro Bus Routes 71/72/73 Quick access to I-5, 520

5 LOCATION HIGHLIGHTS Perfectly positioned between UW, South Lake Union, Downtown and Capitol Hill neighborhoods Minutes to Amazon s 30,000+ employee corporate campus in South Lake Union Tech and bio-tech companies are expanding their presence in South Lake Union and nearby Fremont neighborhoods POPULATION 20,756 Short walk to the shores of Lake Union One block to excellent restaurant, bar and retail amenities on Eastlake Avenue E Active transit service to OW and the downtown CBD via King County Metro Bus Routes 71/72/73 Quick access to I-5, 520 to the Eastlake and Highway 99 MEDIAN INCOME $77,356 COMMUTE TO DOWNTOWN 10 Minutes

EASTLAKE Eastlake is one of Seattle s most iconic neighborhoods, boasting the famous flotilla of boat houses on the lake,

It is a neighborhood with a rich and distinctive history and feel.

It s perfectly positioned at the center of Seattle s urban and cultural hub UW, South Lake Union, Downtown and Capitol

Its minutes away from Amazon s 30,000+ employee campus in South Lake Union, and adjacent to many tech and biotech

Design Corporation. Local coffee shops, boutiques and other businesses also thrive alongside large chains.

6 EASTLAKE Eastlake is one of Seattle s most iconic neighborhoods, boasting the famous flotilla of boat houses on the lake, surrounded by an eclectic mix of historical townhomes, modern condominiums and colorful apartment buildings. It is a neighborhood with a rich and distinctive history and feel. Starting as little more than a floating shantytown for migrant workers has transformed over time into a diverse and electric neighborhood. While once considered floating shanties, these residences are still small, but vary from modest to opulent. It s perfectly positioned at the center of Seattle s urban and cultural hub UW, South Lake Union, Downtown and Capitol Hill, giving residents and visitors alike a unique and active springboard towards accessing work and play within the city. Its minutes away from Amazon s 30,000+ employee campus in South Lake Union, and adjacent to many tech and biotech companies that make up a large part of the city s employment infrastructure, such as Adaptive Biotechnologies and Immune Design Corporation. Local coffee shops, boutiques and other businesses also thrive alongside large chains. Eastlake is an attractive neighborhood and conveniently located to major thoroughfares and public transportation that make accessing the city at large easy. Many of the major bus routes connect to the U District and Downtown, opening up an enormous range of options for employment, education and entertainment for residents and visitors alike.

Top-tier talent is one of the key reasons out-ofstate companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King

7 WHY CHOOSE SEATTLE - KING COUNTY? A HIGHLY-SKILLED WORKFORCE The region s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor s degree or higher. Top-tier talent is one of the key reasons out-ofstate companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County. ESTABLISHED INDUSTRY CLUSTERS The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium-sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle-King County region is known CUTTING-EDGE RESEARCH Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success. *Data Sources: Washington State Employment Security Department, 2015; Washington State Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic Impacts 2016 Update; US International Trade Administration, 2014.

POPULATION, EDUCATION, INCOME King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021.

8 POPULATION, EDUCATION, INCOME King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year The county currently has 18 cities with populations greater than 20,000. Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle s adult residents have a Bachelor s degree or higher, nearly twice the national average. An educated city means an educated workforce a solid backbone for the innovative, knowledge-based industries that drive Seattle s economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor s degree or higher. Roughly 28 percent of King County residents are in professional business/managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels.

9 MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT

10 MAJOR EMPLOYERS - SOUTH LAKE UNION

11 IMPROVEMENTS Built in 1996, 2236 Yale is a stately and thoughtfully designed four story, wood framed building. The building features a pitched composition roof, horizontal cedar siding, and double paned vinyl windows, making for efficiency and low maintenance. The building entry is through the rear at the east side of the property with individual landings for each unit. There are four apartments at 2236 Yale, with two townhouse style units occupying the first two floors and flats on the third and fourth floors. The design creates privacy and separation with only one shared wall between two of the four units. All of the units are large two-bedroom/ two-bathroom floor plans with spacious rooms, lake and city views, lots of storage, and private patios or balconies. Units also feature master bedrooms with on-suite baths, fireplaces, utility rooms with full sized washers and dryers, and high-end kitchens with complete stainless appliance packages. Finishes include a mixture of high-end hardwood, carpet and tile flooring, quartz counters, and modern mill work. Additionally, the exteriors are beautifully landscaped with a lush private hardscaped common area for the tenants. The building mechanical systems include in-floor heating in each unit, individual electric meters, modern breaker panels, individual hot-water tanks located in the units, and copper plumbing. Residents enjoy the on-site parking in this popular Eastlake location where parking is at a premium.

12 BUILDING PHOTOS

13 UNIT PHOTOS

14 UNIT PHOTOS

54 B 2Bd/2Bth 1,140 Sq.Ft. $2,575 $2.22 $2,895 $2.54 C 2Bd/2Bth TH 1,140 Sq.Ft. $2,525 $2.

15 Unit Breakdown 2236 Yale A P A R T M E N T S APPROXIMATE CURRENT CURRENT MARKET MARKET UNIT TYPE UNIT SIZE RENT RENT/SQ.FT. RENT RENT/SQ.FT. A 2Bd/2Bth 1,140 Sq.Ft. $2,525 $2.22 $2,895 $2.54 B 2Bd/2Bth 1,140 Sq.Ft. $2,575 $2.22 $2,895 $2.54 C 2Bd/2Bth TH 1,140 Sq.Ft. $2,525 $2.22 $2,895 $2.54 D 2Bd/2Bth TH 1,140 Sq.Ft. $2,495 $2.19 $2,895 $2.54 Totals/Avg 1,140 Sq.Ft. $2,517 $2.22 $2,895 $2.54

16 Income and Expenses Units 4 Year Built 1996 Rentable Area 4,560 Down Pmt $600,000 Loan Amount $1,800,000 Interest Rate 4.50% Amortization 30 years Price $2,400,000 Per Unit $600,000 Per Sq. Ft. $ Current GRM 19.7 Current CAP 3.6% Market GRM 16.2 Market CAP 4.7% ANNUALIZED OPERATING EXPENSES CURRENT MARKET Real Estate Taxes 2018 $17,739 $17,739 Insurance Pro Forma $1,939 $1,939 Utilities Pro Forma $6,850 $6,850 Maintenance & Repairs Pro Forma $4,000 $4,000 Landscaping Pro Forma $1,800 $1,800 Total Expenses $32,328 $32,328 ANNUALIZED OPERATING DATA CURRENT MARKET UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT A 2Bd/2Bth 1,140 $2,525 $2,895 B 2Bd/2Bth 1,140 $2,575 $2,895 C 2Bd/2Bth TH 1,140 $2,525 $2,895 D 2Bd/2Bth TH 1,140 $2,495 $2,895 4 Total/Avg 1,140 $2.22 $2.54 Scheduled Gross Income $121,440 $148,560 Less Vacancy 3.00% $3, % $4,457 Gross Operating Income $117,797 $144,103 Less Expenses $32,328 $32,328 Net Operating Income $85,469 $111,775 Annual Debt Service ($6,750) $81,000 ($6,750) $81,000 Cash Flow Before Tax 0.74% $4, % $30,775 Principal Reduction $0 $0 Total Return Before Tax 0.74% $4, % $30,775 MONTHLY INCOME CURRENT MARKET Gross Potential Rent $10,120 $11,580 Utility Bill-back $0 $400 Parking $0 $400 CURRENT OPERATIONS Expense/Unit $8,082 Expense/Foot $7.09 MARKET OPERATIONS Expense/Unit $8,082 Expense/Foot $7.09 Total Monthly Income $10,120 $12,380 Percent of EGI 26.62% Percent of EGI 21.76%

SALES COMPARABLES 2236 Yale Apartment Homes 2236 Yale Avenue E Seattle WA 98102

$526.32 Current GRM/CAP 20.4/3.6% Market GRM/CAP 16.29/4.

2018 2 Year Built 1981 Units 5 Sales Price $2,550,000 Price/Unit $510,000

6% Marcus Condominiums 1530 Aurora Ave N Seattle, WA 98109 Sales Date 9.22.

$2,500,000 Price/Unit $500,000 Price/Foot $495.05 GRM/CAP 20.7/3.

17 SALES COMPARABLES 2236 Yale Apartment Homes 2236 Yale Avenue E Seattle WA Year Built 1996 Units 4 Sales Price $2,400,000 Price/Unit $600,000 Price/Foot $ $ Current GRM/CAP 20.4/3.6% Market GRM/CAP 16.29/4.7% Year Built 1908 Units 4 Sales Price $1,995,000 Price/Unit $315,625 Price/Foot $ GRM/CAP 18.5/4.6% 301 Belmont Ave E Seattle, WA Sales Date Year Built 1981 Units 5 Sales Price $2,550,000 Price/Unit $510,000 Price/Foot $ GRM/CAP 17.2/4.6% Marcus Condominiums 1530 Aurora Ave N Seattle, WA Sales Date Yale A P A R T M E N T S 3 Year Built 1960 Units 5 Sales Price $2,500,000 Price/Unit $500,000 Price/Foot $ GRM/CAP 20.7/3.4% Portage Bay Flats 3232 Fuhrman Ave E Seattle, WA Sales Date Year Built Units 5 Sales Price $2,250,000 Price/Unit $450,000 Queen Anne 5-Plex 110 W Florentia St Seattle, WA Price/Foot $ GRM/CAP N/A Sales Date

2236 Yale A P A R T M E N T S 600 University St, Suite 2018 Seattle, Washington 98101 206 623-8880 / info@paragonrea.

18 2236 Yale A P A R T M E N T S 600 University St, Suite 2018 Seattle, Washington / info@paragonrea.com This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

The FURLANI A P A R T M E N T S

The FURLANI A P A R T M E N T S SEATTLE CBD WEST SEATTLE BEACON HILL RAINIER VALLEY WHITE CENTER BURIEN NORMANDY PARK SEATTLE TACOMA INTERNATIONAL AIRPORT OFFERING Paragon Real Estate Advisors is pleased