The Humphrey nd Avenue Seattle, WA $21,000, Eastlake Ave E Seattle, WA P E

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1 The Humphrey nd Avenue Seattle, WA st Ave S Seattle, WA Eastlake Ave E Seattle, WA P E info@tfgre.com $21,000,000

2 Presented By: Will Gibson o: c: Michael Walsh o: c: The information included in this document has been obtained by sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to you satisfaction the suitability of the property for your needs. The Foundation Group 2621 Eastlake Ave E Seattle, WA info@tfgre.com

3 offering summary The Foundation Group is pleased to exclusively offer for sale The Humphrey Apartments, in the Belltown neighborhood of Seattle. Built in 1923, The Humphrey is a six-story irregular U-shaped brick masonry construction building with 73 apartment units & 2 commercial spaces surrounding a central courtyard. The building consists of 72 studio units & one 1bd/1ba unit. All of the top floor units (12) are lofted. One of the studio units on the ground floor also features a den. Most of the units feature exposed brick walls, and many of the units have fantastic views of either the City or Elliott Bay. The current owner freshens & updates units on turnover. Approximately 45 of the units have been updated and feature updated kitchens with butcher block countertops & modern appliances, new fixtures & hardware throughout, updated bathrooms, and original oak floors that have been painstakingly restored. Approximately 7 of the units have been recently massively renovated down to the studs with new plumbing & updated kitchens with apron sinks & stone countertops. There is a property manager s office on-site in the lobby, and there are leased coin-operated laundry facilities & bicycle storage also located on-site. Property Overview Building Name The Humphrey Address nd Avenue Seattle, WA Total Units 73+2 Year Built 1923 Square Feet Price $21,000,000 Terms 37,976 Net Rentable / 50,376 Gross All Cash to Seller Price Per Unit $280,000 Price Per Foot Net $ / Gross $ CAP Rate Current / Stabilized 3.82% / 4.52% GRM Current / Stabilized / Expense Per Unit Lot Size $6,264 current / $6,340 stabilized 8,424 sf Zoning DMR/C 95/65 Financing New

4 investment overview Vintage brick building in the heart of Belltown Walking distance to Amazon campus Walk score of 99 transit score of 100 Hardwood floors in the units and some of the hallways Service & Passenger Elevators Walk score of 99 transit score of 100 Property Management office on-site Close to major transit Hardwood floors in the units and some of the hallways Most units updated The Humphrey is located at nd Avenue, in the Belltown neighborhood of Seattle, Washington. Boasting a walk score of 99, many residents of Belltown don t own cars. Belltown is one of the easiest neighborhoods in Seattle to commute to and from. It is only a short bike ride, bus ride, or walk from downtown Seattle, and residents of the neighborhood can utilize the King County Metro System to get practically anywhere. The Humphrey is a short walk to the Westlake Link Light Rail Station, and just one block from 3 rd Avenue, which serves as a hub for mass transit running to all points in the region for both Sound Transit & King County Metro Transit. The Humphrey is within walking distance of Pike Place Market, The Olympic Sculpture Park, The Seattle Art Museum, Benaroya Hall, Westlake Center, Pacific Place Mall, and is surrounded by world Class Seattle restaurants and bars such as Queen City Grill, Umi Sushi House, Shiro s, The Rendezvous and Jewel Box Theatre, Shorty s and many more. The Humphrey is also home to Bathtub Gin & Co., and the Italian restaurant La Fontana Siciliana.

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6 operating summary Building Overview Units 73+2 Price $21,000,000 Year Built 1923 Price Per Unit $280,000 Net SF 37,976 Price/Net SF $ Gross SF 50,376 Price/Gross SF $ Down Payment $9,500,000 Current GRM Loan Amount $11,500,000 Current CAP 3.82% Interest Rate 4.42% Stabilized GRM Amortization 30 Years Stabilized CAP 4.52% Rent Income Units Type Square Feet Current Rent Current Income Stabilized Rent Stabilized Income 59 Studio sf $1,025-$1,485 $73,855 $1,485 $87,615 1 Studio + den 800sf $1,800 $1,800 $1,800 $1, Loft Studio sf $1,375-$1,850 $18,835 $1,600 $19, bd/1ba 650sf $1,850 $1,850 $1,850 $1,850 2 Comm Space 700-1,428sf $1,241-$4,502 $5,743 $5,743 $5, sf avg $101,633 $116,208 Total Monthly Income Current Stabilized Rent Income $101,633 $110,465 Utility Income $4,250 $4,250 Cell Tower Income $1,368 $1,368 Laundry Income $989 $989 Pet/Other Income $2,241 $2,241 Total Income $110,481 $125,056 Annualized Operating Expenses Current Stabilized Real Estate Taxes $157,228 $157,228 Insurance $24,883 $24,883 Utilities $66,662 $66,662 M&R and payroll $95,995 $95,995 On-site Management $17,760 $17,760 Professional Management $52,795 $58,505 Admin & Admin Payroll $35,698 $35,698 Capital Reserves $18,750 $18,750 Total Expenses $469,771 $475,481 Annualized Operating Data Current Stabilized Gross Scheduled Income $1,325,772 $1,500,672 Vacancy (4%/5%) ($53,031) ($75,034) Gross Operating Income $1,272,741 $1,425,638 Less Expenses ($469,771) ($475,481) Net Operating Income $802,970 $950,157 Annual Debt Service ($57,723.45/mo) ($692,681) ($692,681) Cash Flow Before Tax $110,289 $257,476 Principal Reduction $188,163 $188,163 Total Return Before Tax $298,452 $445,639 Current Operations Market Operations Expenses per Unit $6,264 Expenses per Unit $6,340 Expenses per Foot $12.37 Expenses per Foot $12.52 Percentage of Gross 35.43% Percentage of Gross 31.68%

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8 rent roll (current ) Monthly Income Subject Property Profile Unit Unit Type Approx sf Current Rent Current Rent/sf Restaurant Commercial ~1,428sf $4,502 $3.15/sf Speakeasy Commercial ~700sf $1,241 $1.77/sf 03b 1bd/1ba ~650sf $1,850 $2.85/sf 04b Studio + den ~800sf $1,675 $2.09/sf 101 studio ~403sf $1,485 $3.68/sf 102 studio ~431sf $1,225 $2.84/sf 103 studio ~469sf $1,225 $2.61/sf 104 studio ~380sf $1,225* $3.22/sf 105 studio ~378sf $1,250 $3.28/sf 106 studio ~380sf $1,125 $2.96/sf 107 studio ~380sf $1,145 $3.01/sf 108 studio ~378sf $1,250 $3.31/sf 109 studio ~380sf $1,260 $3.32/sf 110 studio ~469sf $1,275 $2.72/sf 111 studio ~431sf $1,125 $2.61/sf 201 studio ~403sf $1,475 $3.66/sf 202 studio ~431sf $1,255 $2.91/sf 203 studio ~469sf $1,265 $2.70/sf 204 studio ~380sf $1,265 $3.33/sf 205 studio ~378sf $1,025 $2.71/sf

9 rent roll Monthly Income Subject Property Profile Unit Unit Type Approx sf Current Rent Current Rent/sf 206 studio ~380sf $1,245 $3.28/sf 207 studio ~380sf $1,245 $3.28/sf 208 studio ~378sf $1,550 $4.10/sf 209 studio ~380sf $1,150 $3.03/sf 210 studio ~469sf $1,295 $2.76/sf 211 studio ~431sf $1,100 $2.55/sf 212 studio ~403sf $1,285 $3.19/sf 301 studio ~403sf $1,025 $2.54/sf 302 studio ~431sf $1,295 $3.00/sf 303 studio ~469sf $1,225 $2.61/sf 304 studio ~380sf $1,155 $3.04/sf 305 studio ~378sf $1,125 $2.98/sf 306 studio ~380sf $1,255 $3.30/sf 307 studio ~380sf $1,295 $3.41/sf 308 studio ~378sf $1,465 $3.88/sf 309 studio ~380sf $1,260 $3.32/sf 310 studio ~469sf $1,220 $2.60/sf 311 studio ~431sf $1,255 $2.91/sf 312 studio ~403sf $1,195 $2.97/sf 401 studio ~403sf $1,350 $3.35/sf

10 rent roll Monthly Income Subject Property Profile Unit Unit Type Approx sf Current Rent Current Rent/sf 402 studio ~431sf $1,375 $3.19/sf 403 studio ~469sf $1,225* $2.61/sf 404 studio ~380sf $1,325 $3.49/sf 405 studio ~378sf $1,270 $3.36/sf 406 studio ~380sf $1,350* $3.55/sf 407 studio ~380sf $1,200 $3.16/sf 408 studio ~378sf $1,485 $3.93/sf 409 studio ~380sf $1,220 $3.21/sf 410 studio ~469sf $1,200 $2.56/sf 411 studio ~431sf $1,165 $2.70/sf 412 studio ~403sf $1,290* $3.20/sf 501 studio ~403sf $1,300 $3.23/sf 502 studio ~431sf $1,325 $3.07/sf 503 studio ~469sf $1,425 $3.07/sf 504 studio ~380sf $1,225 $3.22/sf 505 studio ~378sf $1,195 $3.16/sf 506 studio ~380sf $1,175 $3.09/sf 507 studio ~380sf $1,150 $3.03/sf 508 studio ~378sf $1,300 $3.44/sf 509 studio ~380sf $1,225 $3.22/sf

11 rent roll Monthly Income Subject Property Profile Unit Unit Type Approx sf Current Rent Current Rent/sf 510 studio ~469sf $1,320 $2.81/sf 511 studio ~431sf $1,325 $3.07/sf 512 studio ~403sf $1,095 $2.72/sf 601 Loft Studio ~650sf $1,600 $2.46/sf 602 Loft Studio ~750sf $1,485 $1.98/sf 603 Loft Studio ~750sf $1,850 $2.47/sf 604 Loft Studio ~750sf $1,600* $2.13/sf 605 Loft Studio ~750sf $1,450 $2.33/sf 606 Loft Studio ~650sf $1,450 $2.23/sf 607 Loft Studio ~650sf $1,475 $2.27/sf 608 Loft Studio ~750sf $1,450 $1.93/sf 609 Loft Studio ~750sf $1,375 $1.83/sf 610 Loft Studio ~750sf $1,550 $2.07/sf 611 Loft Studio ~750sf $1,650 $2.20/sf 612 Loft Studio ~650sf $1,450 $2.23/sf ~506 sf avg $1,314 avg $2.53/sf avg *pro forma

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13 sales comparables page 1 OFFE2207RING SUMMARY Subject Property Sales Comparable 1 Subject Property nd Avenue Seattle, WA Year Built Units Price Per Unit Price Per SF Sales Comparable 2 Sales Comparable 3 GRM CAP Selling Price Sale Date $280,000 $ % $21,000,000 TBD The Humphrey Sales Comparable Pine Street Seattle, WA Atwood Sales Comparable st Avenue Seattle, WA Centerview Apartments Sales Comparable st Avenue W Seattle, WA $244,262 $ % $14,900,000 12/15/ $198,684 $ % $7,550,000 3/2/ $319,444 $ % $11,500,000 4/28/2017 Glen Eden

14 sales comparables page 2 OFFE2207RING SUMMARY Subject Property Sales Comparable 1 Subject Property nd Avenue Seattle, WA Year Built Units Price Per Unit Price Per SF Sales Comparable 2 Sales Comparable 3 GRM CAP Selling Price Sale Date $280,000 $ % $21,000,000 TBD The Humphrey Sales Comparable th Avenue South Seattle, WA Ascona Sales Comparable Bellevue Avenue Seattle, WA Bel-Vista Sales Comparable Queen Anne Ave Seattle, WA $197,368 $ % $11,250,000 10/12/ $202,419 $ % $6,275,000 11/30/ $182,580 $ % $5,450,000 1/17/ Queen Anne

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20 for more information please contact Will Gibson o: c: Michael Walsh o: c: World Headquarters 2621 Eastlake Ave E Seattle, WA tfgre.com