FINNIGAN APARTMENTS 530 BELL STREET, EDMONDS, WA CONTACT INFORMATION: BROKER PRINCIPAL BROKER PRINCIPAL BROKER

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1 FINNIGAN APARTMENTS 530 BELL STREET, EDMONDS, WA CONTACT INFORMATION: STEVE FISCHER PRINCIPAL BROKER TYLER SMITH PRINCIPAL BROKER JOE KINKOPF BROKER

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 Apartments boast newly remodeled units along with some views of the Puget Sound and Olympic Mountains. The building is a 3-story building located in the heart of the historic Edmonds Bowl. It consists 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. Fantastic Location in the heart of the thriving Edmond Bowl. Step right out your door and just blocks or doors away from coffee, grocery, bars, restaurants, brewery, theaters and more. Price: $2,995,000 Price Per Unit: $272,273 Price Per NRSF: $ Cap Rate: 5.07 % Market Cap Rate: 5.95 % GRM: Building Size: 6,801 SF Lot Size: 6,098 SF Year Built: 1962 Year Renovated: 2017 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 $2,995,000 LOCATION INFORMATION Building Name Street Address Finnigan Apartments 530 Bell Street City, State, Zip Edmonds, WA County/Township Market Submarket Cross Streets Market Type Snohomish Lynnwood / Edmonds Edmonds Bowl Bell Street and 5th Ave N 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 Remodeled Units. Open floorplans

4 RENT ROLL UNITS BEDROOM/ BATH SIZE RENT PSF MARKET RENT MARKET RENT PSF Office A 0 x $1,045 $2.24 $1,295 $2.78 Office B 0 x $1,400 $1.87 $1,650 $2.20 C 1 x $1,845 $2.46 $1,895 $ x $1,250 $2.50 $1,345 $ x $1,425 $2.34 $1,425 $ x $1,745 $2.68 $1,895 $ x $1,425 $2.34 $1,895 $ x $1,895 $3.11 $1,895 $ x $1,895 $3.11 $1,895 $ x $1,645 $2.70 $1,895 $ x $1,670 $2.39 $1,895 $ ,861 $17,240 $2.51 $18,980 $2.78 Averages 623 $1,567 $2.52 $1,725 $2.77 The statements, ts, figures & 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 Office $1,222 $2.01 $1,472 $2.42 Studio $1,250 $2.50 $1,345 $ BD 1 BA $1,693 $2.81 $1,835 $3.05 Totals/Averages % 6,532 $17,238 $2.64 $18,969 $2.90

6 FINANCIAL OFFERING PROPERTY OVERVIEW Number of Units 11 Year Constructed 1962 Remodel 2017 Rentable SF Lot Size Zoning Exterior PRICE ANALYSIS 6,801 SF 6,098 SF BC Walk Up Sale Price $2,995,000 Price per Unit $272,273 Price per NRSF $ Price per Land SF $ Current Cap 5.07% Current GRM Market Cap 5.95% Market GRM FINANCING Loan Amount Down Payment Rate % Down Amortization Term Monthly Payment $1,946,750 $1,048, % 35.0% 30 5 Years $7,624 Annual Payment $91,497 The statements, figures & 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. # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 2 Office 608 $1,222 $2.01 $1,472 $ Studio 500 $1,250 $2.50 $1,345 $ BD 1 BA 602 $1,693 $2.81 $1,835 $3.05 Total AVG $17,238 $2.64 $18,969 $2.90 INCOME CURRENT PRO FORMA Scheduled Rent Income $206,880 $227,628 + Other Income $2,400 $4,800 + Utility Bill Back $3,120 $11,220 + Parking Income $3,600 $3,600 + Laundry Income $0 $0 + Storage Income $180 $1,080 Scheduled Gross Income $216, $250,548 - Vacancy & Cr Losses (5.00%) $10,809 $12,527 Gross Income $205,371 $238,021 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes (2017) $15,204 $1,382 $20,182 $1,834 Insurance $3,300 $300 $3,300 $300 Utilities W/S/G/E $11,573 $1,052 $11,573 $1,052 Management $8,215 $746 $9,521 $865 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 $53,492 $4,862 $59,776 $5,434 Net Operating Income $151, 1,879 $13,807 $178,245 $16,204 Less Annual Debt Service ($91,497) ($8,317) ($91,497) ($8,317) Cash Before Taxes $60,382 $5,489 $86,748 $7,886 Plus Principal Reduction $0.00 $0.00 $0.00 $0.00 Total Return Before Taxes $60, $5, $86, $7,886.18

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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 Coffee Co. 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

12 PUGET SOUND PUGET SOUND Set in the beautiful Pacific Northwest, the greater Seattle area is a national center for manufacturing, technology, services, international trade and tourism. MAJOR EMPLOYERS Today some of the world s most recognizable Fortune 500 companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 Networks and Nintendo of America. According to the Puget Sound Business Journal, technology companies are leading the way in employment growth in the Seattle MSA. As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World Headquarters, located in Redmond is over 10 million square feet. largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington. Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by INTERNATIONAL TRADE Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle, which also operates the Seattle-Tacoma International Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest. PUGET SOUND LARGEST EMPLOYERS 80,000 42,000 40,000 JOINT BASE LEWIS-MCCHORD 56,000 25,000 20,000 The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center. The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world s largest aerospace company, second- RECREATION The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World s Fair. Seattle is home to a number of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team. 20,000 15,000 10,000 13,000 WESTLAKE ASSOCIATES, INC

13 EDMONDS EDMONDS THE CITY OF EDMONDS is located in south Snohomish County on the shores of Puget Sound approximately 14 miles north of Seattle. The community s location on the west-facing slopes of Puget Sound provides many amenities, including extensive views of the water and Olympic Mountains, access to beaches and waterfront parks. An active arts and cultural community contributes to the strong sense of civic pride widely shared in the community. There are numerous well-kept residential neighborhoods, a viable economic base, and an active, involved citizenry. Edmonds is the title-holder as the model for Northwest living and Friendliest Community. The existing transportation system consists of a complete network of arterials, providing links to major centers and to the ferry system. The Edmonds- Kingston Ferry connects Edmonds with the northern Kitsap Peninsula and points west on the Olympic Peninsula via the Hood Canal Bridge. The Burlington Northern Railroad runs adjacent to the city s shoreline and provides AMTRAK passenger rail service. Edmonds parks have something for everyone. The city has more than 325 acres of parkland, more than 1,000- feet of waterfront shoreline, and 20,000 square feet of flower bed, all maintained by the Parks Department. For example you can spend the day at Marina Beach, where you can see the Olympic Mountains, fly a kite, sculpt a castle, and explore the marine life at low tide. This spectacular waterfront park includes picnicking, car top boat launch, off-leash dog area and walking along the waterfront. In addition to the Edmonds Historical Museum and the Edmonds Center for the Arts, there are many community related events throughout the year, such as the Edmonds Arts Festival, Edmonds in Bloom and the Edmonds Waterfront Festival. 40,400 POPULATION $71,787 AVERAGE INCOME EDMONDS-KINGSTON FERRY 45 Mins AVERAGE SEATTLE COMMUTE WEYERHAEUSER HEADQUARTERS WEYERHAEUSER WEYERHAEUSER WESTLAKE ASSOCIATES, HEADQUARTERS HEADQUARTERS INC.

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

15 FISCHER/SMITH/KINKOPF BIO STEVE FISCHER Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T C fischer@westlakeassociates.com TYLER SMITH Principal Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T C tylersmith@westlakeassociates.com JOE KINKOPF Broker 1200 Westlake Ave N, Suite 310 Seattle, WA T C joek@westlakeassociates.com 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 firm 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 office, Steve is a huge sports fan, enthusiast of the outdoors, enjoys cooking, an avid soccer player and a die-hard husky. 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 classifications. 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 firm s top performers and quickly rose to Partner. Tyler s consistent effort 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 finance for a company headquartered in Irvine, CA before returning home to the Pacific Northwest. He joined Westlake Associates in 2004 and currently resides with his wife and two boys in Northeast Seattle. PROFESSIONAL BACKGROUND Joe specializes in the sale of multifamily properties in the Puget Sound. Upon graduation from the University of Washington, Joe began his career at Westlake. Growing up in North King County, Joe acquired a fascination with real estate after seeing the great change in his hometown as a result of urban growth. Joe enjoys looking at the numbers and analyzing different markets throughout the Puget Sound region to help his clients make the right investment decisions. Joe stresses the importance integrity and believes that dealing honestly with clients is the greatest priority in business.

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. Our firm has over twenty full-time real estate professionals with expertise in the multi-family sales market. With a majority of our partners owning and operating their own investment property, we offer clients a unique perspective from both an agent and owner point of view. Our specialization in representing Puget Sound apartment owners results in our clients receiving the most effective representation in the industry, where maximizing client returns is our highest priority. Through effective teamwork, 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)