Sylvan Court. Apartments. TIM MCKAY Vice President direct

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1 TIM MCKAY direct DAN CHHAN direct SAM WAYNE Associate direct Sylvan Court Apartments

2 EXECUTIVE SUMMARY VALUATION & COMPARABLES MARKET OVERVIEW THE OFFERING 19 UNIT VALUE-ADD APARTMENT BUILDING IN SEATTLE S CENTRAL DISTRICT The Seattle Apartment Team of Colliers International, as exclusive listing brokers, presents the Sylvan Court Apartments, a 19-unit, value-add apartment opportunity in the heart of Seattle s Central District. Sylvan Court has been in the same family for over 30 years, and presents an opportunity for an investor to immediately increase rent and income. Rents currently hover in the $2.00/square foot range, but the market supports nearly $2.50/square foot, as well as the implementation of charges for utility bill-back and parking. Most units are spacious, averaging 670 square feet. The lot totals 15,360 square feet of LR3 zoned property, and falls within the 23rd & Union-Jackson Urban Village, offering an attractive option for future development. Sylvan Court offers an investor a true, value-add apartment opportunity in a rapid-appreciating neighborhood. PRICING SUMMARY Price Price/Unit Price/NRSF Current Cap Rate Market Cap Rate Gross Rent Multiplier $5,300,000 $278,947 $ % 5.1% 15.7 PROPERTY SUMMARY Address Year Built NRSF Site Area Zoning Units P. 2 SYLVAN COURT APARTMENTS 1905 E Fir Street Seattle, WA ,390 SF 15,360 SF LR3 19 sylvan

3 EXECUTIVE SUMMARY VALUATION & COMPARABLES MARKET OVERVIEW sylvan INVESTMENT HIGHLIGHTS HUGE UPSIDE IN RENTS AND OPERATIONS Value-Add Investment Opportunity: Limited stock and low velocity of ~$5,000,000 multifamily properties with immediate upside. Large Loss-to-Lease: In-place rents are below market, providing an opportunity to capture significant rent increases before any renovations are completed. Prime Value-Add Target: First time on the market in over 30 years. Current rents are 15-20% below the market before upgrades, in a neighborhood that supports condo quality units and rental rates. H Potential Unit Addition: 20th unit is currently operating as an office for the manager, but can easily be converted into a one bedroom apartment without additional building upgrades..drastically Improving Submarket: Easy access to transportation and neighborhood amenities, plus Vulcan planning the redevelopment of 23rd & Jackson, with 530 apartments and 46,000 square feet of retail. Very Strong Scores: 86 Walk Score Very Walkable, 76 Transit Score Excellent Transit, 79 Bike Score Very Bikeable. Magnolia Wallingford Fremont SOUTH University District LAKE UNION 12 MINS SOUTH Queen Anne LAKE UNION Madison Park 13 MINS Capitol Hill SEATTLE SEATTLE UNIVERSITY Belltown CBD 5 First Hill 10 MINS MINS Central District Seattle Bellevue BELLEVUE CBD 17 MINS SYLVAN COURT APARTMENTS Beacon Hill West Seattle COLLIERS INTERNATIONAL, INC P. 3

4 EXECUTIVE SUMMARY VALUATION & COMPARABLES MARKET OVERVIEW sylvan NEIGHBORHOOD DEMOGRAPHICS GREAT SUBMARKET DEMOGRAPHICS Located in the Central District neighborhood of Seattle, the Sylvan Court Apartments are in close proximity to the Central Business District and Capitol Hill s bustling retail/entertainment core. The Central District is one of Seattle s best performing submarkets with great demographics to support continued growth. Population 36,917 Average Household Size 2.8 EMPLOYMENT White Collar 75% Services 18% Blue Collar 7% Median Age 33.2 Median Household Income $89,882 Some College 15% High School Graduate 6% Bachelors/Grad/ Prof Degree 40% EDUCATION P. 4 SYLVAN COURT APARTMENTS

5 EXECUTIVE SUMMARY VALUATION & COMPARABLES MARKET OVERVIEW sylvan COLLIERS INTERNATIONAL, INC P. 5

6 TIM MCKAY O: DAN CHHAN O: SAM WAYNE Associate O: COLLIERS INTERNATIONAL 601 Union Street, Suite 5300 Seattle, Washington This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved. P. 6 SYLVAN COURT APARTMENTS