QUEEN ANNE 2648 & th Avenue W, Seattle, WA 98119

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1 QUEEN ANNE 2648 & th Avenue W, Seattle, WA A MULTI-FAMILY INVESTMENT OPPORTUNITY + Adjacent 5 unit properties + Situated on 12,000 SF of LR1 + 4 Townhouse-st yle Units + Large Decks, territorial views FOR MORE INFORMATION: COLLIN HAGSTROM PRINCIPAL BROKER collin@ westlakeassociates.com CURRAN HAGSTROM PRINCIPAL BROKER curran@ westlakeassociates.com

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4 OFFERING SUMMARY WESTLAKE ASSOCIATES, INC. IS PROUD TO PRESENT THIS QUEEN ANNE 10-UNIT PORTFOLIO FOR SALE. LOCATED $ ON 14TH AVENUE WEST ON THE WEST SLOPE OF QUEEN ANNE HILL, INVESTORS HAVE THE RARE OPPORTUNITY TO OWN TWO WELL-MAINTAINED PROPERTIES IN THE HEART OF ONE OF THE MOST PROFITABLE SUBMARKETS PRICE IN THE PUGET SOUND REGION. $3,350, UNITS The adjacent properties are situated on 12,000 square feet of land, zoned LR1, and are joined by a common stairwell and lush landscaping in between both buildings which leads to private entrances for each unit. With spacious floor plan including four, 2-bedroom townhome units, moderatley updated interiors, large decks, and territorial views, this 10-unit portfolio is perfectly positioned to capitalize on the sustainable economic growth and prosperity of the downtown Seattle core. There is legitimate rental upside potential on turnover, with minimal cosmetic upgrading. A brand new 1 bedroom, 1 bath unit was permitted and added in It has been finished with quartz counters, stainless steel appliances, and in-unit washer/dryer. The buildings are a stone s throw from the Interbay Urban Center, blocks from the quaint shops and restuarants of Upper Queen Anne, and less than two miles from Downtown Seattle and the booming tech hub of South Lake Union - home to major employees like Amazon, Facebook, Fred Hutch Cancer Research Center, and the Gates Foundation. Expedia World Headquarters are opening in less than a mile from the properties in With surrounding neighborhoods like Ballard, Fremont, and Magnolia, this Queen Anne portfolio is perfectly located with easy access to all areas of the city. ADDRESS 2648 & th Avenue W Seattle, WA $ $335,000 PER UNIT %4.52% CAP 5.06% MARKET CAP $ $ PER SF GRM GRM MARKET GRM

5 ADDRESS 2648 ADDRESS 2650 TOTAL UNITS: 5 5 STORIES: 2 2 UNIT MIX: 4-2 BD 1 BA 4-2 BD 1 BA 1-1 BD 1 BA 1 Studio BUILDING OVERVIEW YEAR BUILT: sf PARCEL SIZE: 6,000 SF 6,000 SF NET RENTABLE SF: 3,300 SF 3,968 SF ZONING: LR1 LR1 Multi-Family / Townhouse Multi-Family / Townhouse CONSTRUCTION: Wood Frame Wood Frame ROOF: Composite Pitched Composite Pitched WINDOWS: Double Pane Vinyl Double Pane Vinly HEATING: Electric Forced Air Electric Forced Air HOT WATER: Individual Electric Tanks Individual Electric Tanks misc. WASHER/DRYERS: Common Laundry Room in 2650 Common Laundry Room PARKING: 4 Carport stalls 4 Off-street parking spaces

6 LOAN Amount $1,950,000 Down Payment $1,400,000 Interest 3.90% Down Payment 42% Amortization 30 Annual PMT $110,370 RENT ROLL # AVG. SIZE Studio INCOME & EXPENSE CURRENT & MARKET CURRENT PSF MARKET PSF $1,100 $2.86 $1,175 $ BD 1 BA BD 1 BA Total 10 6,606 $1,495 $2.93 $1,698 $2.38 $16,180 $2.50 $1,525 $2.99 $1,875 $2.63 $17,700 $2.72 INCOME Scheduled Rental Income + Utility Recovery + Laundry + Parking - Vacancy & Cr Losses Gross Income CURRENT $194,160 $945 $11,300 $250 $3,000 $115 $1, % ($6,206) $203,674 MARKET $212,400 $945 $11,340 $400 $4,800 $115 $1, % ($6,754) $223,166 EXPENSES Real Estate Taxes Property Insurance Professional Management Landscaping CURRENT PSF PER UNIT $19,420 $2.94 $1,942 $2,330 $0.35 $233 $10,184 $1.54 $1,018 $2,400 $0.36 $240 MARKET PSF PER UNIT $19,420 $2.94 $1,942 $2,330 $0.35 $233 $11,158 $1.69 $1,116 $2,400 $0.36 $240 Utilities (W S G Elect) $8,863 $1.34 $886 $9,306 $1.41 $931 Repairs Maintenance $6,500 $0.98 $650 $6,500 $0.98 $650 Reserves $2,500 $0.38 $250 $2,500 $0.38 $250 Total Operating Expenses $52,197 $7.90 $5,220 $53,614 $8.12 $5,361 NET OPERATING INCOME $151,477 $69,552 Less Annual Debt Service $111,020 $111,020 Cash Before Taxes $40, % $58, % WESTLAKE ASSOCIATES, INC

7 RENT ROLL CURRENT & MARKET Unit Type SF Current Monthly Rent $/SF Market Rent Market $/SF Bed 1 Bath 660 $1,800 $2.73 $1,850 $ Bed 1 Bath 660 $1,850 $2.80 $1,850 $ Bed 1 Bath 660 $1,675 $2.54 $1,850 $ Bed 1 Bath 660 $1,750 $2.65 $1,850 $ Bed 1 Bath 510 $1,495 $2.93 $1,525 $ Bed 1 Bath 768 $1,650 $2.15 $1,900 $ Bed 1 Bath 768 $1,675 $2.18 $1,900 $ Bed 1 Bath 768 $1,550 $2.02 $1,900 $ Bed 1 Bath 783 $1,635 $2.13 $1,900 $ Studio 384 $1,100 $2.86 $1,175 $3.06 Total 10 Units 6,621 $16,180 $17,700 Averages 662 $1,618 $2.50 $1,770 $2.72 WESTLAKE ASSOCIATES, INC

8 FEATURED UNIT PHOTOS WESTLAKE ASSOCIATES, INC

9 FEATURED UNIT PHOTOS WESTLAKE ASSOCIATES, INC

10 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, Boeing 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. 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 Medial 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, secondlargest 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. 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. PUGET SOUND LARGEST EMPLOYERS 80,000 42,000 22,000 20,000 JOINT BASE LEWIS-MCCHORD 56,000 25,000 20,000 10,000 15,000 13,000

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12 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. FOR MORE INFORMATION: COLLIN HAGSTROM PRINCIPAL BROKER collin@ westlakeassociates.com CURRAN HAGSTROM PRINCIPAL BROKER 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 Real Estate Institute (CREI) MEMBER: Washington State Realtors Association (WSMA) curran@ westlakeassociates.com WESTLAKE ASSOCIATES, INC.