FINNIGAN APARTMENTS 530 BELL STREET EDMONDS, WA eassociates.

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BROKER 206.505.9425 tylersmith@westlakeassociates.

1 FINNIGAN APARTMENTS 530 BELL STREET EDMONDS, WA FOR MORE INFORMATION: TYLER SMITH PRINCIPAL BROKER STEVE FISCHER PRINCIPAL BROKER eassociates.com

OFFERING SUMMARY WESTLAKE ASSOCIATES IS PLEASED TO OFFER AN OPPORTUNITY TO OWN A TROPHY BUILDING IN ONE OF PUGET SOUND'S PREMIER WATERFRONT NEIGHBORHOODS.

IT CONSIST OF (2) OFFICE SUITES, (1) STUDIO AND (8) ONE BEDROOM UNITS. THE PROPERTY IS WELL MAINTAINED WITH SEVERAL OF THE UNITS HAVING UNDERGONE SIGNIFICANT RENOVATIONS.

2 OFFERING SUMMARY WESTLAKE ASSOCIATES IS PLEASED TO OFFER AN OPPORTUNITY TO OWN A TROPHY BUILDING IN ONE OF PUGET SOUND'S PREMIER WATERFRONT NEIGHBORHOODS. THE FINNIGAN APARTMENT'S BOAST NEWLY REMODELED UNITS ALONG WITH SOME VIEWS OF THE PUGET SOUND AND OLYMPIC MOUNTAINS. THE BUILDING IS A 3 STORY BUILDING LOCATED IN HEART OF THE HISTORIC EDMONDS BOWL. IT CONSIST OF (2) OFFICE SUITES, (1) STUDIO AND (8) ONE BEDROOM UNITS. THE PROPERTY IS WELL MAINTAINED WITH SEVERAL OF THE UNITS HAVING UNDERGONE SIGNIFICANT RENOVATIONS. THERE IS POTENTIAL TO FURTHER INCREASE RENTS WITH ADDITIONAL UPDATING OF THE INTERIOR AND EXTERIOR OF THE PROPERTY. THIS IS A RARE OPPORTUNITY TO OWN A WELL LOCATED STABILIZED ASSET WITH ADDITIONAL UPSIDE. Price: $3,400,000 Price Per Unit: $309,091 Price Per NRSF: $ Cap Rate: 4.22% Market Cap Rate: 4.66 % GRM: Building Size: 6,801 Lot Size: 0.14 Acres Year Built: 1962 Year Renovated: 2017 Fantastic Location in the heart of the thriving Edmond Bowl. Step right out your door and just blocks or doors away from C ee, Grocery, Bars, restaurants, brewery, theaters and more. ADDRESS 530 Bell Street, Edmonds, WA PROPERTY HIGHLIGHTS REMODELED MID CENTURY MODERN BUILDING PARTIAL VIEWS OF PUGET SOUND & OLYMPIC MOUNTAINS 85 POINT WALK SCORE TURNKEY ASSET WITH ABILITY TO FURTHER IMPROVE RENT POTENTIAL WASHER AND DRYER IN 6 OF THE 9 APARTMENT UNITS DOUBLE PANE VINYL WINDOWS 50 YARD LINE IN THE HIGHLY SOUGHT NEIGHBORHOOD OF EDMONDS BOWL 1 BLOCK FROM MAIN STREET AND CIVIC CENTER PLAYFIELD 5 MINUTE WALK TO THE FERRY TERMINAL COVETED EDMOND'S SCHOOL DISTRICT

3 PROPERTY DETAILS SALE PRICE $3,400, LOCATION INFORMATION Building Name Finnigan Apartments Street Address 530 Bell Street City, State, Zip Edmonds, WA County/Township Snohomish Market Lynnwood / Edmonds Submarket Edmonds Bowl Cross Streets Bell Street and 5th Ave N Market Type Large PROPERTY DETAILS Property Type Property Subtype Zoning Lot Size Multifamily Low-Rise/Garden BC 6,098 SF APN# Submarket PARKING & TRANSPORTATIONTION Street Parking Parking Type Edmonds Bowl Yes Structure BUILDING INFORMATION Building Size 6,801 SF Occupancy % Number Of Floors 3 Year Built 1962 Last Renovated 2017 Load Factor Yes Framing Wood Condition Excellent Roof Flat Number Of Buildings 1 UTILITIES & AMENITIES Number Of Elevators 0 Restrooms 11 Laundry Description Exterior Description Interior Description In Unit Walk Up R

RENT ROLL UNITS BEDROOM/BATH SIZE RENT PSF LEASE EXPIRATION 0 x 1 466 $995 $2.14 0 x 1 750 $1,350 $1.80 C 1 x 1 750 $1,795 $2.39 1 0 x 1 440 $1,195 $2.72 2 1 x 1 609 $1,425 $2.

4 RENT ROLL UNITS BEDROOM/BATH SIZE RENT PSF LEASE EXPIRATION 0 x $995 $ x $1,350 $1.80 C 1 x $1,795 $ x $1,195 $ x $1,425 $ x $1,695 $ x $1,425 $ x $1,595 $ x $1,595 $ x $1,595 $ x $1,595 $ ,801 $16,260 $2.39 Averages 618 $1,478 $2.39 The statemen es & computations herein, ein, while not guaranteed, are secured ed from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before e committing to an investment. t.

5 UNIT MIX SUMMARY UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT MARKET RENT/SF e $1,173 $1.93 $1,200 $1.97 Studio $1,195 $2.72 $1,250 $ BD 1 BA $1,589 $2.64 $1,750 $2.91 Totals/Averages % 6,472 $16,253 $2.51 $17,650 $2.73

6 FINANCIAL OFFERING PROPERTY OVERVIEW Number of Units 11 Year Constructed 1962 Remodel 2017 Rentable SF 6,801 Lot Size 6,098 SF Zoning BC Exterior Walk Up PRICE ANALYSIS Sale Price $3,400,000 Price per Unit $309,091 Price per NRSF $ Price per Land SF $ Current Cap 4.22% Current GRM Market Cap 4.66% Market GRM FINANCING Loan Amount $2,040,000 Down Payment $1,360,000 Rate 3.875% % Down 40.0% Amortization 30 Term 5 Years Monthly Payment $9,592 Annual Payment $115,114 # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF $1,173 $1.93 $1,200 $ Studio 440 $1,195 $2.72 $1,250 $ BD 1 BA 602 $1,589 $2.64 $1,750 $2.91 Total AVG $16,260 $2.51 $17,650 $2.73 INCOME CURRENT PRO FORMA Scheduled Rent Income $195,120 $211,800 + Other Income $4,800 $4,800 + Utility Bill Back $2,520 $10,800 + Parking Income $3,600 $3,600 + Laundry Income $0 $0 + Storage Income $180 $180 Scheduled Gross Income $206,136 $231, Vacancy & Cr Losses $10,311 $11,559 Gross Income $195,909 $219,621 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes (2017) $14,342 $1,303 $22,000 $2,000 Insurance $3,025 $275 $3,025 $275 Utilities W/S/G/E $12,115 $1,101 $12,115 $1,101 Management $7,836 $712 $8,785 $798 Onsite $2,400 $218 $2,400 $218 Maintenance/Turnover $8,250 $750 $8,250 $750 Grounds $1,800 $163 $1,800 $163 Reserves $2,750 $250 $2,750 $250 Total Operating Expenses $52,518 $4,774 $61,125 $5,556 Net Operating Income $143,391 $13,03535 $158,496 $14,408 Less Annual Debt Service ($115,114) ($10,464) ($134,300) ($12,209) Cash Before Taxes $28,277 $2,570 $24,196 $2,199 Plus Principal Reduction $36, $3, $36, $3, Total Return Before Taxes $64, $5, $67, $6, T es & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.

7 PHOTOS

8 PHOTOS

9 PHOTOS

10 PHOTOS

AMENITIES MAP BOPNBURGER Edmonds Bakery Red Twig A Very Taki Tiki Bar & Grill ARTspot Next to Nature Pets Edmonds Center for the Arts Chantrelle El Puerto Rusty Pelican Waterfront C o.

11 AMENITIES MAP BOPNBURGER Edmonds Bakery Red Twig A Very Taki Tiki Bar & Grill ARTspot Next to Nature Pets Edmonds Center for the Arts Chantrelle El Puerto Rusty Pelican Waterfront C o. Cole Gallery Art Rick Steves Europe Edmonds Theater Daphnes Cafe Ganache Patisserie Salish Sea Brewing Co. Revelations Yogurt Gallery North Edmonds Municipal Court Engel's Pub The Loft Cafe Thai Cottage Glazed & Amazed Art Edmonds City Hall Epulo Bistro Las Brisas Starbucks The Papery Edmonds Marina

DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES Total population 10,619 62,665 141,386 Median age 52.3 45.6 42.0 Median age (male) 49.2 43.8 40.6 Median age (Female) 54.3 46.7 43.

14 DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES Total population 10,619 62, ,386 Median age Median age (male) Median age (Female) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 5,232 27,302 59,936 # of persons per HH Average HH income $91,785 $95,653 $83,651 Average house value $551,255 $571,648 $482,549 * Demographic data derived from 2010 US Census

BROKER CONTACT TYLER SMITH Principal Broker STEVE FISCHER Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA 98109 T 206.505.9425 C 206.612.2475 tylersmith@westlakeassociates.

com PROFESSIONAL BACKGROUND For over 13 years, Tyler has specialized in the sale of middle market multi-family assets in the Puget Sound Region.

15 BROKER CONTACT TYLER SMITH Principal Broker STEVE FISCHER Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T C tylersmith@westlakeassociates.com 1200 Westlake Ave N, Suite 310 Seattle, WA T C eassociates.com PROFESSIONAL BACKGROUND For over 13 years, Tyler has specialized in the sale of middle market multi-family assets in the Puget Sound Region. Tyler s extensive experience includes the sale of various types of asset size and As an apartment owner himself, Tyler understands the importance of evaluating each client s needs individually and carefully. Since joining Westlake Associates, he has consistently been one of the s top performers and quickly rose to Partner. Tyler s consistent ort and drive have earned him Westlake Associates Top Producer award. Education Tyler earned a degree in economics from the University of Washington. Tyler worked in e for a company headquartered in Irvine, CA before returning home to the P Northwest. He joined Westlake Associates in 2004 and currently resides with his wife and two boys in Northeast Seattle. PROFESSIONAL BACKGROUND A lifetime resident of the Seattle area, Steve graduated from the University of Washington with a degree in Economics. Beginning his real estate career as an analyst, his work ethic quickly transitioned from analyst to full time apartment broker. Since the inception of his brokerage career, Steve has successfully closed over $100 million in sales totaling over 100 transactions. To expand his skill set, Steve also manages a portfolio of 130 apartment units in the Seattle area. Steve excels at problem solving to complete his client s investment goals. His diverse background of brokerage and management provide a unique spectrum of knowledge. Drawing from this knowledge allows him to guide his clients not only through the sales process, but to also navigate the operational side of owning an apartment building. He truly is A Wealth of Experience. A believer of investing in real estate as a module to gain wealth, Steve has been actively investing in Seattle real estate since In 2012, he was unanimously voted a partner at Westlake Associates, Inc. Away from the e, Steve is a huge sports fan, enthusiast of the outdoors, enjoys cooking, an avid soccer player and a die-hard husky.

16 ABOUT WESTLAKE Since 1975 Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound region. Our commitment to assist our clients in creating and preserving their real estate investment wealth has led to the successful closing of billions of dollars in investment property and a long history of repeat business and client referrals. O eal estate professionals with expertise in the multi-family sales market. With a majority of our partners owning and operating their own investment property perspective from both an agent and owner point of view. Our specialization in representing Puget Sound apartment owners results in our clients r epresentation in the industry, where maximizing client returns is our highest priority. Thr work, communication, and an unparalleled knowledge of the Puget Sound apartment market, our agents continue to lead the industry in successful closings and client satisfaction. MEMBER: : Commercial Brokers Association (CBA) MEMBER: : Northwest Multiple Listing Services (NWMLS) MEMBER: : Loop Net National Listing Services MEMBER: : Costar Commercial Real Estate Data and National Listing Service MEMBER: : Commercial Investment t Real Estate Institute (CREI) MEMBER: : Washington State Realtors Association (WSMA)

ELEVENTH STREET APARTMENTS

ELEVENTH STREET APARTMENTS 501 11TH STREET SE PUYALLUP, WA 98372 FOR MORE INFORMATION: TYLER SMITH PRINCIPAL BROKER 206.505.9425 tylersmith@westlakeassociates.com STEVE FISCHER PRINCIPAL BROKER 206.505.9435