MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA Candice Chevaillier Founder & Managing Broker

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1 MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA Candice Chevaillier Founder & Managing Broker candice.chevaillier@svn.com SVN Whitecap 314 West Galer Street, Suite 101, Seattle, WA SALE BROCHURE

2 Location & Property Highlights OFFERING SUMMARY Sale Price: $3,950,000 Number Of Units: 9 Cap Rate: 4.2% Lot Size: 0.13 Acres Year Built: 1962 Building Size: 7,100 Renovated: 2009 Zoning: LR2 LOCATION OVERVIEWVIEW The Mersoleil Franklin is located in the very central Eastlake neighborhood. While the property is located on a quiet, residential street, the location allows for excellent access to employment and transportation arterials. The property is just a block off Eastlake Avenue, on bus line 70, heading south to South Lake Union and downtown Seattle, or to the north to the University District. It is just blocks from a main 1-5 and 520 interchange allowing easy access north, south and east. Employers in the direct vicinity include Amazon, Microsoft, the Fred Hutchinson Cancer Research Center and the University of Washington. Within a few minutes walk, residents can enjoy various restaurant and dining amenities including Starbucks, Eastlake Bar & Grill, Little Water Cantina, and Romio s Pizza. For leisure activities, residents are just a couple blocks from the tennis courts and play fields at Rogers Playground and from walking trails along the shores of Lake Union to Roanoke Street Mini Park, as well as several rowing and yachting clubs. PROPERTY HIGHLIGHTS Prime Eastlake Location Remodeled in 2009 with new Roof, Window Replacement, Deck and Railing replacements Common areas upgraded with Commercial Carpet, new Common Laundry Machines, and Fire Alarm System Unit interiors feature Stainless Steel Appliances, Tiled Kitchen and Baths, Hardwood Floors, and Granite Countertops Submarket: Eastlake MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 2

3 Property Description Property Name: Mersoleil Franklin Property Address: 2635 Franklin Ave E, Cross Streets: Edgar & Franklin Ave E Year Built: 1962 Number of Units: 9 PROPERTY DESCRIPTION The Mersoleil Franklin is a beautiful turn-key nine unit apartment building located in the popular Eastlake neighborhood in Seattle. The building sits on a quiet, residential 5,500 square foot corner lot zoned LR2. Originally built in 1962, the building was remodeled and upgraded in The current owners increased the livable square footage by creating a more efficient space plan by relocating interior partitions. Exterior upgrades in 2009 included a new roof, new paint, new windows, new decks with glass and metal railings, and a new perimeter foundation drainage system. Common area improvements include new commercial carpeting, fresh hallway paint, millwork, and artwork, and two sets of washer dryers. Unit interiors were upgraded with all new flooring, high quality door and plumbing hardware, and updated lighting and millwork. The kitchens feature stainless steel appliances including Fisher & Paykel refrigerators, new cabinets and granite countertops and Grohe faucets. Bathrooms were upgraded with ceramic tiled baths, new cabinetry, in-floor heating, and framed vanity mirrors. There are three units with walk-in private entrances and mailboxes at Edgar Street. The other six units are on the second and third floors with a secured entry off Franklin Ave. In total, there is 1 one bedroom, 1 one bedroom + den, 5 two bedroom one bath units, and 2 three bedroom units, one with one bathroom and one with two bathrooms. There is one tandem and five single off-street parking spaces at the property. There are three locking storage closets located in common hallways. Several of the units also have sweeping territorial and Lake Union water views. Complete books & records including financials and architectural floor plans are available upon request. MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 3

4 Exterior Photos MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 4

5 Common Area Photos & Fixtures MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 5

6 Interior Photos MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 6

7 Location Maps MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 7

8 Floor Plans - Elevations MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 8

9 Unit Orientations & Descriptions Mersoleil Franklin Unit Orientations 2635 Franklin Avenue East LEFT UNIT (EAST) MIDDLE UNIT RIGHT UNIT (WEST) Apt D Apt E Apt F 2 Bedroom / 1 Bath 1 Bedroom / 1 Bath 3 Bedroom / 1 Bath Breakfast Bar Built in Buffet/Bar Sweeping Lake Union Views Large Balcony Balcony & Territorial Views Balcony & Extra Bright Top Floor Top Floor Top Floor Corner Unit Apt A Apt B Apt C 2 Bedroom / 1 Bath 2BR/1BA or 1BR+OFFICE 2 Bedroom / 1 Bath Breakfast Bar Balcony Split plan Middle Floor Middle floor Middle Floor Large Balcony Convenient to front door Extra Bright THIRD FLOOR SECOND FLOOR 219 E Edgar St. 217 E Edgar St. 215 E Edgar St. FIRST FLOOR 2 Bedroom / 1 Bath 1 Bedroom / 1 Bath / Study 3 Bedroom / 2 Bath Townhome PRIVATE ENTRANCES breakfast bar built in buffet/breakfast bar Large great room ON EDGAR STREET ground floor ground floor Ground Floor private entry, mailbox private entry, mailbox private entry, mailbox LOOKING AT THE NORTH SIDE OF THE BUILDING FROM EDGAR STREET MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 9

10 Rent Roll UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) CURRENT RENT CURRENT RENT (PER SF) MARKET RENT MARKET RENT/SF Unit A $1,775 $2.28 $2,195 $2.81 Unit B $1,750 $2.43 $2,095 $2.91 Unit C $1,825 $2.53 $2,095 $2.91 Unit D $1,875 $2.60 $2,095 $2.91 Unit E $1,425 $2.64 $1,495 $2.77 Unit F $2,495 $2.92 $3,195 $ ,175 $2,650 $2.26 $3,495 $ Study $1,615 $1.99 $1,895 $ $1,750 $2.24 $2,195 $2.81 Totals/Averages 7,100 $17, $2.42 $20,755 $2.91 Rent increases are scheduled for July 1 for Units B ($100 increase), C ($180 increase), and 217 ($150 increase). See previous page for Unit Orientations & Descriptions for each unit. MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 10

11 Income & Expenses INCOME SUMMARY CURRENT PER UNIT MARKET PER UNIT Apartment Income $205,920 $22,880 $249,060 $27,673 Laundry Income $0 $0 $1,728 $192 Utility Income $11,880 $1,320 $12,000 $1,333 Parking Income $6,600 $733 $6,900 $766 Gross Income $224,400 $24, 4,933 $269, $29, EXPENSE SUMMARY CURRENT PER UNIT MARKET PER UNIT Taxes $22,531 $2,503 $25,000 $2,777 Insurance $3,295 $366 $3,295 $366 Utilities $11,719 $1,302 $11,719 $1,302 Repairs / Turnover $9,000 $1,000 $9,000 $1,000 Landscaping $682 $75 $682 $75 Reserves $2,250 $250 $2,250 $250 Gross Expenses $49,477 $5,497 $51,946 $5,771 Net t Operating Income $165,947 $18,438 $204,258 $22,695 Comments: Full financials and property records available upon request. Insurance: Current Policy including Earthquake: $6183. No claims under current ownership. Quotes for more competitive insurance rates available through listing broker. Maintenance: 2016 Actual was $13,325. The Dupre + Scott 2017 Repair & Maintenance median is approximately $1000 per unit per year, which should be more than sufficient given that these units have all been nicely remodeled. MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 11

12 Financial Summary INVESTMENT OVERVIEWVIEW CURRENT MARKET Price $3,950,000 $3,950,000 Price per Unit $438,888 $438,888 GRM CAP Rate 4.2% 5.2% Cash-on-Cash Return (yr 1) 2.54 % 4.64 % Total Return (yr 1) $84,807 $123,118 Debt Coverage Ratio OPERATING DATA CURRENT MARKET Gross Scheduled Income $205,920 $249,060 Other Income $18,480 $20,628 Total Scheduled Income $224,400 $269,688 Vacancy Cost $8,976 $13,484 Gross Income $215,424 $256,204 Operating Expenses $49,477 $51,946 Net Operating Income $165,947 $204,258 Pre-Tax Cash Flow $46,401 $84,712 FINANCING DATA CURRENT MARKET Down Payment $1,825,000 $1,825,000 Loan Amount $2,125,000 $2,125,000 Debt Service $119,546 $119,546 Debt Service Monthly $9,962 $9,962 Principal Reduction (yr 1) $38,406 $38,406 MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 12

Sale Comps Map SUBJECT PROPERTY 2635 Franklin Ave E 1 LAUREY ANN - PENDING 2529 Yale Ave N 2 EASTLAKE 7 UNIT - PENDING 2726 Franklin Ave E 3 PORTAGE BAY PLAZA - PENDING

13 Sale Comps Map SUBJECT PROPERTY 2635 Franklin Ave E 1 LAUREY ANN - PENDING 2529 Yale Ave N 2 EASTLAKE 7 UNIT - PENDING 2726 Franklin Ave E 3 PORTAGE BAY PLAZA - PENDING 3261 Fuhrman Ave E 4 DENN MANOR th Ave E 5 MOD E Denny Way Seattle, WA MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 13

14 Sale Comps Summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS Mersoleil Franklin 2635 Franklin Ave E $3,950,000 7,100 SF $ $438, % SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE Laurey Ann - Pending 2529 Yale Ave N Eastlake 7 Unit - Pending 2726 Franklin Ave E Portage Bay Plaza - Pending 3261 Fuhrman Ave E Denn Manor th Ave E Mod E Denny Way Seattle, WA $2,700,000 3,894 SF $ $450, % On Market $1,625,000 3,575 SF $ $232, % On Market $3,100,000 6,764 SF $ $344, % On Market $4,225,000 10,840 SF $ $384, % /01/2016 $2,950,000 4,051 SF $ $368, % /20/2016 PRICE BLDG SF PRICE/SF PRICE/UNIT Totals/Averages $2,920, ,825 SF $ $356, % CAP GRM # OF UNITS CLOSE MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 14

SVN Listing Broker: Candice Chevaillier, CCIM CANDICE CHEVAILLIER Founder & Managing Broker PROFESSIONAL BACKGROUND Candice Chevaillier brings 14 years of deep local knowledge in Seattle s In-City

15 SVN Listing Broker: Candice Chevaillier, CCIM CANDICE CHEVAILLIER Founder & Managing Broker PROFESSIONAL BACKGROUND Candice Chevaillier brings 14 years of deep local knowledge in Seattle s In-City Apartment market to create investment strategies for her clients. Leveraging her formal training in marketing, she achieves top dollar on disposition by creating exemplary promotional campaigns for the subject property or portfolio. All the while, she ensures the transition into a new investment is smooth and directly aligned with her clients objectives. After completing a Master s Degree in Global Marketing Communications and Advertising in Europe, Candice began her professional career in management consulting with Andersen Consulting, now Accenture where she set strategies for shifting business environments. She joined a joint venture between Accenture and Microsoft, called Avanade, where she lead targeted global marketing campaigns using print and web mediums. With a passion for a more entrepreneurial environment, she moved over to commercial real estate brokerage with Marcus & Millichap where she created a successful brokerage business focused on the Seattle In-City apartment market. After showing her ability to brand herself and establish a clear commitment to her brokerage business, she was invited to become a Managing Director at The Foundation Group, a boutique real estate services firm. In 2012, she affiliated with SVN, formerly Sperry Van Ness, a unique real estate company acutely focused on client service. Initially, she opened the Seattle branch of Coast SVN, and now she has gone on to found SVN Whitecap. This new company creates a measured balance between the benefits of local expertise and leveraging the reach of a national platform. Candice continues to provide exemplary investment property brokerage services in Seattle s core markets. 314 West Galer Street, Suite 101 Seattle, WA T C candice.chevaillier@svn.com Candice has a home in Queen Anne and recently returned from living overseas in Paris France with her husband and two sons. She enjoys travel and adventure including photography, fly fishing and scuba diving. EDUCATION M.A., Global Marketing Communications and Advertising, Emerson College, Brussels, Belgium (August 1998) B.S., Psychology; B.A., Communication Studies, Virginia Polytechnic Institute and State University (May 1997) MEMBERSHIPS & AFFILIATIONS CCIM Designee CREW (Commercial Real Estate Women s Network) Commercial Broker Association (CBA) Board Member Northwest Multiple Listing Service (NWMLS) Rental Housing Association (RHA) Past Board Member MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 15

Mersoleil Franklin Proudly Managed By Foundation Group Since 2012 Property Management You Can Trust Foundation Group is a boutique property management company.

16 Mersoleil Franklin Proudly Managed By Foundation Group Since 2012 Property Management You Can Trust Foundation Group is a boutique property management company. We are small enough to give each property our individual attention, which larger companies cannot, and large enough to provide the very best in state of the art professional management services. What sets us apart from other management companies is the personal attention that we give to each and every property we manage. We believe in the hands on approach to property management and the benefits of frequently visiting the assets we manage. A firm must demonstrate the highest standards of professionalism, financial performance, and ethics to earn the prestigious Accredited Management Organization (AMO) designation from the Institute of Real Estate Management. We are one of only 500 firms in the United States to hold this accreditation. Your success is our business. We guarantee our approach meets all the unique needs of your investment: All of our property managers and maintenance staff are trained, licensed, and bonded. We turn units at a very low cost and maintain workers who are adept at providing cosmetic upgrades to ensure cash flow. We determine your short term and long term goals and develop a strategy to meet them. We offer an affordable group insurance program with comprehensive coverage and each property has a stand alone policy. We recognize no two properties are the same and take the time to fully understand each building and identify ways to increase cash flows. We use the latest computer technology to generate monthly financial reports that are accurate, timely, transparent, and concise. We encourage you to contact us if you need any assistance managing your property. Please file this for reference should you need our services in the future. We look forward to hearing from you. P: F: Eastlake Ave East MERSOLEIL FRANKLIN 2635 FRANKLIN AVE E SEATTLE, WA SVN Whitecap Page 16

Offering Memorandum LORRAINE APARTMENTS Franklin Ave E Seattle, WA. Exclusively offered by Paragon Real Estate Advisors

Offering Memorandum LORRAINE APARTMENTS 2236 Franklin Ave E Exclusively offered by Paragon Real Estate Advisors 1 Offering Summary Paragon Real Estate Advisors is proud to be chosen to market the Lorraine