SELF-STORAGE INVESTMENT OFFERING

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Aron Jennings
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1 SELF-STORAGE INVESTMENT OFFERING A-Economy Storage 104 S. Division Street ±481 Storage Units + ±12,000 SF of Commercial / Retail Space ±113,915 SF Gross Building Area Offered at $3,700,000 ($32/SF gross building area) Chris Schreiber - Broker or chris.schreiber@ Approximate 8% cap rate at asking price Casey Brazil - Managing Broker or casey.brazil@ No warranty or representation, expressed or implied, is made by Kiemle & Hagood Company, its agents or its employees as to the accuracy of the information contained herein. All information furnished is from sources deemed reliable and submitted subject to errors, omissions, change of terms and conditions, prior sale, lease or financing, or withdrawal without notice. No one should rely solely on the above information, but instead should conduct their own investigation to independently satisfy themselves.

104 S. DIVISION STREET Latitude: 47.39 N Longitude: -117.

HIGHLIGHTS ±481 Storage Units plus commercial/retail space ±113,915 SF gross building area Site is ±30,095 SF 1980 s rehabilitation to

storage basement All floors are interior stairwell and freight elevator accessed On-site surface parking for storage and retail patrons

General Zoning, City of Spokane Accessed via two public right of ways (Division and State Streets) Opportunity for future redevelopment,

2 104 S. DIVISION STREET Latitude: N Longitude: W DISTANCES Spokane Valley: ±11 minutes Spokane International Airport: ±12 minutes Liberty Lake: ±16 minutes Coeur d Alene: ±35 minutes HIGHLIGHTS ±481 Storage Units plus commercial/retail space ±113,915 SF gross building area Site is ±30,095 SF 1980 s rehabilitation to self-storage $48,000 Scheduled Gross Monthly Income 4 full floors built out with storage units, managers office, and retail suite plus storage basement All floors are interior stairwell and freight elevator accessed On-site surface parking for storage and retail patrons Covered loading and parking for storage customers Strategic location with limited competition and high barriers of entry DTG - Downtown General Zoning, City of Spokane Accessed via two public right of ways (Division and State Streets) Opportunity for future redevelopment, especially considering central location, exposure to traffic on Division Street and proximity to University District and Downtown Spokane Offered at $3,700,000 ($32/SF gross building area) Approximate 8% capitalization rate at asking price

3 UNIVERSITY DISTRICT CENTRAL BUSINESS DISTRICT 105 S. Division St +/-24,400ADT N +/-96,000 ADT AERIAL VIEW

DEMOGRAPHICS 1Mi 3 Mi 5 Mi 10 Mi 20 Mi Est Population (2015) 12,340 115,100 218,605 373,573 490,172 Proj Population (2020) 12,970 121,610 231,030 395,282 519,414 Census Population (2010) 11,640

1% 1.1% 1.2% Est Average HHI (2015) $41,775 $53,009 $56,393 $61,391 $64,603 Est Median HHI (2015) $28,510 $41,993 $46,134 $46,134 $51,146 Median Age 36.8 35.5 36.2 36.8 37.

It is strategically located in Downtown Spokane and the University District.

4 DEMOGRAPHICS 1Mi 3 Mi 5 Mi 10 Mi 20 Mi Est Population (2015) 12, , , , ,172 Proj Population (2020) 12, , , , ,414 Census Population (2010) 11, , , , ,153 Proj Annual Growth (15-20) 1.0% 1.1% 1.1% 1.1% 1.2% Est Average HHI (2015) $41,775 $53,009 $56,393 $61,391 $64,603 Est Median HHI (2015) $28,510 $41,993 $46,134 $46,134 $51,146 Median Age Daytime Population (2015) 72, , , , , S. Division St A-Economy Self Storage is located 105 S. Division Street, Spokane, Washington. It is strategically located in Downtown Spokane and the University District. This location is well suited to the present use with very limited competition downtown and will likely lend itself to redevelopment at some point in the future. The building is a 4 story (plus basement) historic building, originally constructed in Present ownership began rehabilitation and re-purposing the building to self-storage in Renovations essentially have continued up until the recent completion of the Day Spa on the ground floor. According to a recent appraisal and county records, the building contains approximately ±113,915 SF (gross building area) of which approximately 102,315 SF is utilized for storage and approximately ±11,600 SF is office/ commercial space. The facility is situated on 30,095+/- SF of commercial land. The site is zoned DTG, Downtown General by the City of Spokane. The property includes onsite parking and loading. Storage customers access the facility through covered dock high loading at the rear of the building, with paved public street access from State Street. Commercial tenants and their patrons access the building from Division Street. There is a small parking lot at the north east corner, accessed from Division Street. The storage facility includes approximately 481 storage units and an onsite manager s office. The lower level (basement) is also used for storage and is partially rented for document storage. The basement and upper floors are accessed via internal stairways and a freight elevator. Interior lighting is mostly fluorescent fixtures on timer switches. The exterior and load bearing walls are concrete, brick and mortar throughout. Most of the individual storage unit dividers and entry doors are wood framed with individual padlocks. Storage customers enter the facility via the main entrance off of State Street, adjacent to the manager s office. After business hours the storage component is locked and secured. A-Economy does not offer RV or boat storage.

Potential Gross Storage Income (PGI) $464,388 Retail/Office Rental Income

0% ($71,896) Effective Rental Income $527,234 Add Ancillary Income 0.

5 Potential Gross Storage Income (PGI) $464,388 Retail/Office Rental Income $134,742 Less Stabilized Vacancy & Collection Loss 12.0% ($71,896) Effective Rental Income $527,234 Add Ancillary Income 0.5% $2,636 Effective Gross Income (EGI) $529,871 Operating Expenses /SF % of EGI Total Operating Expenses $ % ($232,278) Net Operating Income (NOI) $297,592 Capitalization Rate (calculated) 8.0% Offering Price $3,700,000 PRICING & FINANCIAL ANALYSIS

6 ADDITIONAL PHOTOS

Confidentiality Agreement & Waiver of Liability In evaluating a potential purchase of A-Economy Storage ( Property ) from ownership and/or their affiliated entities ( Owner ).

and in accordance with the following: The Property Information does not purport to be all-inclusive or to necessarily contain all the information that a prospective purchaser may desire in

Property Information has been prepared for informational purposes relating to this transaction only and upon the express understanding that it will be used for only said purpose.

7 Confidentiality Agreement & Waiver of Liability In evaluating a potential purchase of A-Economy Storage ( Property ) from ownership and/or their affiliated entities ( Owner ). We provided this offering memorandum, undestanding you agree to treat any information concerning the Property or the Owner (all such material, collectively, the Property Information ) confidentially and in accordance with the following: The Property Information does not purport to be all-inclusive or to necessarily contain all the information that a prospective purchaser may desire in investigating the Property. Property Information has been prepared for informational purposes relating to this transaction only and upon the express understanding that it will be used for only said purpose. No information supplied may be used to the detriment of Owner, nor may any of the supplied information be used directly or indirectly by current or prospective competitors of the Owner, its respective officers, employees and representatives. Any projections or similar materials should be considered hypothetical only and no assurances can be given as to the accuracy of assumptions or the predictability of any given result or outcome. In furnishing this Property Information, neither Owner nor Advisor undertakes any obligation to provide the recipient with access to any additional information. Information provided by third party sources and included herein shall be verified by prospective purchaser. Any purchase must be based upon the prospective purchaser s own investigations and not upon any information contained herein. Such investigations shall be at the prospective purchaser s own risk. Neither Owner nor Broker make any express or implied representation or warranty as to the accuracy or completeness of the Property Information made available in connection with this request or any further investigation of the Property. Both Owner and Broker expressly disclaim any and all liability which may be based on such Property Information, errors therein or omissions there from. The recipient(s) of such Property Information shall be entitled to rely solely on the representations or warranties made to it by Owner in any final purchase agreement, should such an agreement be fully executed by all parties thereto. Should the supplied information provided through Casey Brazil and Chris Schreiber of Kiemle & Hagood Company produce a Letter of Intent, leading to an offer to purchase, you agree to work through Kiemle & Hagood Company, as broker for the seller. NON-DISCLOSURE AGREEMENT

Milton Apartments OFFERING MEMORANDUM MILTON, WA OFFERING MEMORANDUM PRESENTED BY: KW COMMERCIAL 1100 Dexter Avenue North, Suite 275 Seattle, WA 98109

Milton Apartments OFFERING MEMORANDUM MILTON, WA OFFERING MEMORANDUM PRESENTED BY: KW COMMERCIAL 1100 Dexter Avenue North, Suite 275 Seattle, WA 98109 OFFERING MEMORANDUM Milton Apartments MILTON, WA OFFERING MEMORANDUM KW COMMERCIAL 1100 Dexter Avenue North, Suite 275 Seattle, WA 98109 PRESENTED BY: CHARLES BURNETT Managing Broker 206.931.6036 charles@soundrealtygroup.com