ELEVENTH STREET APARTMENTS

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1 ELEVENTH STREET APARTMENTS TH STREET SE PUYALLUP, WA FOR MORE INFORMATION: TYLER SMITH PRINCIPAL BROKER STEVE FISCHER PRINCIPAL BROKER

2 OFFERING SUMMARY THE OFFERING PROVIDES AN OPPORTUNITY TO ACQUIRE A STABILIZED ASSET WHERE 7 OF THE 8 UNITS HAVE BEEN UPDATED. ALL UNITS ARE LARGE 2 BEDROOM UNITS WITH WASHER AND DRYER IN SUITE. EACH UNIT HAS A SLIDING GLASS DOOR THAT OPENS IN TO A PARK LIKE GARDEN AREA. The property is perfectly situated near downtown Puyallup coffee, restaurants, employers and grocery with easy access to the growing south hill retail corridor. Puyallup remains one of the fastest growing areas in the state with an estimated population of 40,000. Known for its strong schools and beautiful views of the cascades and Mount Rainier, it has become a favorite destination for young families in the Puget sound region. Price: $1,450,000 Price Per Unit: $181,250 Price Per NRSF: $ Cap Rate: 5.84% Market Cap Rate: 6.11 % GRM: Building Size: 7,044 Lot Size: 1.17 Acres Year Built: 1967 Year Renovated: 2017 ADDRESS th Street SE Puyallup, WA PROPERTY HIGHLIGHTS 2017 REMODELED BUILDING EXTERIOR AND INTERIOR UPGRADES ADDITIONAL UPSIDE IN RENTS UNIQUE GARDEN STYLE LAYOUT PROVIDES A SINGLE FAMILY PROPERTY FEEL FANTASTIC ASTIC MEEKER ER NEIGHBORHOOD LOCATION MASSIVE 50,822 SF LOT - POTENTIAL FOR FUTURE DEVELOPMENT SHORT WALK TO DOWN TOWN PUYALLUP RESTAURANTS, COFFEE, AND GROCERY 5.84% CAP RATE WITH ADDITIONAL UPSIDE ALL 2 BEDROOM UNITS WITH LAUNDRY

3 PROPERTY DETAILS SALE PRICE $1,450, LOCATION INFORMATION Building Name Eleventh Street Apartments Street Address th Street SE City, State, Zip Puyallup, WA County/Township Pierce Market Puyallup Submarket Downtown Puyallup PROPERTY DETAILS Property Type Multifamily Property Subtype Low-Rise/Garden Zoning RM-10 Lot Size 50,822 SF APN# Submarket Downtown Puyallup BUILDING INFORMATION Building Size 7,044 SF Occupancy % Number Of Floors 1 Year Built 1967 Last Renovated 2017 Framing Roof Siding Wood Flat Wood composite UTILITIES & AMENITIES Central HVAC Laundry Description Plumbing Description Electric Full Size In Unit Galvanized

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9 FINANCIAL OFFERING PROPERTY OVERVIEW Number of Units 8 Year Constructed 1967 Remodel 2017 Rentable SF 7,044 Lot Size 50,822 SF Zoning RM-10 Exterior Wood Heat Electric PRICE ANALYSIS Sale Price $1,450,000 Price per Unit $181,250 Price per NRSF $ Price per Land SF $28.53 Current Cap 5.84% Current GRM Market Cap 6.11% Market GRM FINANCING Loan Amount $1,087,500 Down Payment $362,500 Rate 4.0% % Down 25.0% # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 8 2 BD 1 BA 880 $1,310 $1.49 $1,355 $1.54 Total AVG $10,480 $1.49 $10,840 $1.54 INCOME CURRENT PRO FORMA Scheduled Rent Income $125,760 $130,080 + Other Income $200 $200 Scheduled Gross Income $128, $132,480 - Vacancy & Cr Losses $6,408 $6,624 Gross Income $121,752 $125,856 EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT Real Estate Taxes $9,191 $1,148 $9,191 $1,148 Insurance $2,953 $369 $2,953 $369 Utilities W/S/G/E $7,246 $905 $7,246 $905 Management $6,088 $761 $6,293 $786 Maintenance $6,000 $750 $6,000 $750 Grounds $2,400 $300 $2,400 $300 Miscellaneous $1,200 $150 $1,200 $150 Reserves $2,000 $250 $2,000 $250 Total Operating Expenses $37,078 $4,634 $37,283 $4,660 Net Operating Income $84,674 $10,584 $88,573 $11,071 Less Annual Debt Service $62,303 $7,787 $62,303 $7,787 Cash Before Taxes $22,371 $2,796 $26,270 $3,283 Plus Principal Reduction $19, $2, $19, $2, Total Return Before Taxes $41, $5, $45, $5, Amortization 30 Term 5 years Monthly Payment 62,303 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.

10 RENT ROLL UNITS BEDROOM/BATH SIZE RENT PSF LEASE EXPIRATION x $1,345 $1.53 2/28/ x $1,350 $1.53 7/31/ x $1,345 $1.53 3/31/ x $1,345 $1.53 4/30/ x $1,200 $1.36 6/30/ x $1,270 $1.44 1/31/ x $1,355 $1.54 3/31/ x $1,270 $1.44 1/31/ ,040 $10,480 $1.49 Averages 880 $1,310 $1.49 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.

11 DEMOGRAPHICS MAP POPULATION 1 MILE 3 MILES 5 MILES Total population 8,172 65, ,185 Median age Median age (male) Median age (Female) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES Total households 3,343 25,903 58,953 # of persons per HH Average HH income $62,080 $70,583 $72,182 Average house value $237,953 $325,840 $329,879 * Demographic data derived from 2010 US Census

12 BROKER BIO & CONTACT T YLER SMITH STEVE FISCHER Principal Broker Principal Broker 1200 Westlake Ave N, Suite 130 Seattle, WA T C tylersmith@westlakeassociates.com 1200 Westlake Ave N, Suite 130 Seattle, WA T C fischer@westlakeassociates.com PROFESSIONAL BACKGROUND 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. 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. 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. 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.

13 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)