11031 WOODINVILLE DR.

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1 11031 WOODINVILLE DR. 4 units Bothell, Washington Licton Springs APARTMENTS :: FINANCIAL SUMMARY 1

2 For More Information Please Contact Nathaniel Kiger Erich Bubbel Eastlake Ave E Seattle, WA

3 02 Investment Overview 04 Submarket Information 06 Financial Summary 10 Rent Comparables 12 Photo Gallery 14 Regional Information WOODINVILLE DR Licton Springs APARTMENTS :: FINANCIAL SUMMARY 1

4 Investment Overview The Foundation Group is pleased to exclusively offer for sale Woodinville Drive in Bothell WA. Situated in a pristine residential neighborhood near the University of Washington Bothell campus Woodinville is a great value-add opportunity Woodinville is still owned by the original developer of the project. The building consists of four 2 bed/1 bath units, washer and dryer in unit, and proximity to the Universities Woodinville Drive has copper plumbing, a roof installed in 2009, and 8 parking spots. With the large units, access to amenities, and location this an desirable investment. Bothell is right next to the wineries in Woodinville while also offering UW-Bothell. 12 minutes to Bellevue, 20 minutes to Seattle, and 18 minutes to Everett all make Bothell right in the middle of the major employment centers that anchor our region. 2

5 Quick Facts Price $1,000,000 Units 4 Price Per Unit $250,000 Rentable Sq.Ft. 3,472 Price Per Sq.Ft. $288 Current Cap Rate 3.38% Market Cap Rate 6.02% Year Built 1988 Parking 8 Land SF 9,006 Zoning R 2800, OP Construction Type Wood Frame 3

6 Bothell Area Description Bothell is situated in the Seattle metropolitan areas Eastside. Located 20 minutes from Seattle, 18 minutes to Everett, and 12 minutes to Bellevue gives Bothell great access to many of the regions employment centers. 90 minutes away from skiing, right next to Woodinville (160 wineries and various restaurants), and a strong employment base make Bothell a top submarket in the Seattle metropolitan area. Bothell was originally a logging town. The city experienced great growth in 1992 when 5.9 square miles of land was annexed in Snohomish County. In addition, Bothell also offers a diverse employment base locally with high technology, education, and biomedical companies as the dominant industries. Bothell is an educational hub in the region with the University of Washington Bothell Campus and Cascadia College being situated downtown. Over 8,000 students attend these institutions, with UW Bothell being ranked by Money Magazine as the best value University in Washington for 2014 and Bothell has a median household income of $81,972, a median home value of $355,100, and a population of 41,207. Bothell has been experiencing as of late a revitalization of the downtown area with restaurants and cultural amenities. NORTH CREEK OFFICE CNTER Source: seattlewatching.com Source: Seattle Parks & Rec UNIVERSITY OF WASHINGTON BOTHELLL 4

7 Bothell Area Stats 2 1 TRANSPORTATION SCORES RETAIL 1. Resaurants & Entertainment 2. Country Village Shops 3. Downtown Bothell HEALTHCARE 1 Evergreen Primary care 2 Bothell Health Care 3 Pacific Medical Centers-Canyon Park RECREATION 1 Brackett s Landing 2 North Creek Forest 3 Blyth Park 4. The Park at Bothell Landing SCHOOLS 1 UW-Bothell 2 Cascadia College WOODINVILE DR :: INVESTMENT OVERVIEW

8 Scheduled Income Unit Type Units Approx Sq Ft Current Rent Current / Sq Ft Market Rent Market / Sqft 2 Bed/ 1 Bath $965 $1.11 $1,650 $ Bed/ 1 Bath $1,187 $1.37 $1,650 $ Bed/ 1 Bath $941 $1.08 $1,650 $ Bed/ 1 Bath $1,095 $1.26 $1,650 $1.90 Average 868 $1,047 $1.21 $1,650 $1.90 Total 4 $4,188 $6,600 Property Notes & Assumptions Rent Roll as of October 10th, Parking Spots Units include decks & patios Immediate upside in rents 2 Renovated units 6

9 Financials Current Market Gross Potential Rent $50,256 $79,200 Vacancy $1,508 3% $2,376 3% Effective Gross Rent $48,748 $76,824 EXPENSES Property Taxes $7,979 $9,485 Insurance $1,196 $1,196 Utilities $5,799 $5,799 Total Expenses $14,973 30% $16,479 21% Net Operating Income $33, % $60, % 7

10 Rent Comparables Property Name Year Property Address Unit Type Average SF Rent Current / SF Interlakken (no washer and dryer in unit) Woodinville Dr (no washer and dryer in unit) 9214 NE 180th St (no washer and dryer in unit) Interlakken Woodinville Drive 2 Bed/ 1 Bath 800 $1,504 $1.88 (Including utility bill backs) Woodinville Drive 2 Bed/ 1 Bath 875 $1,497 $ NE 180th St 2 Bed/ 1 Bath 685 $1,301-$1,397 $ $ Woodinville Dr 9214 NE 180th St Woodinville Dr 8

11 Rent Comparables Woodinville Dr NE 180th St Woodinville Dr Interlakken 9

12 Sales Comparables Property Address # Units Sale Date Year Built Sale Price Price/Unit Price/SF Cap Rate GRM Beardslee Blvd 2 03/04/ $513,800 $256,900 $ % Duschess Rd 2 02/28/ $800,000 $400,000 $ % th St 2 07/20/ $770,000 $385,000 $ % Averages $347,300 $ % Woodinville DR $1,000,000 $250,000 $ % Beardslee Blvd 531 Duschess Rd th St Woodinville Dr 10

13 Sales Comparables 531 Duschess Rd Woodinville Dr th Beardslee Blvd 11

14 Sales Comparables Beardslee Blvd Bothell, WA Units 2 Price $513,800 Sale Date 03/04/2018 Price / Unit $256,900 Price / Sq Ft $ Cap Rate 2.50% GRM Duschess Rd Bothell, WA Units 2 Price $800,000 Sale Date 02/28/2018 Price / Unit $400,000 Price / Sq Ft $ Cap Rate 5.00% GRM

15 th St SE Bothell, WA Units 2 Price $770,000 Sale Date 07/20/2018 Price / Unit $385,000 Price / Sq Ft $ Cap Rate 4.70% GRM

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18 Seattle / Puget Sound Region Seattle is the largest city in the state of Washington with an estimated population of 684,500 as of The Seattle metropolitan area, also known as The Puget Sound, is comprised of King, Pierce and Snohomish County; as an MSA it s the 15th largest metropolitan in the United States with a population of approximately 3.7 million people. Seattle has a thriving local economy and is home to eight Fortune 500 companies including Costco, Microsoft, Amazon, Paccar, Starbucks, Nordstrom, Expeditors International and Weyerhaeuser. In addition Seattle is home to other notable tech companies such as Expedia, Zillow, Tableau and Zulily, and is quickly establishing itself as a national tech hub as companies from Silicon Valley ranging from Google to Facebook, open Seattle offices in an attempt to draw on the talented pool of tech workers living in and moving to Seatte. In 2016, Zillow ranked Seattle as the second hottest housing market in the nation for appreciation. Similarly in June of 2016, Redfin also ranked Seattle as the second hottest housing market behind Denver, where the average days on market of a listing is eight and median sales price growth year over year is 7.5%. Much of this growth comes from the hot job market in Seattle, ranked as the fourth best in the nation. A statistical analysis by Careerbuilder found that in 2015 Seattle added 78,082 jobs. Recently Conway Pederson forecasts they expect the Puget Sound region to add 47,900 jobs in Currently, the year to date in-migration to the Puget Sound, based on driver s license data for January through May, shows 49,656 people have moved into the area. On an annual basis, the 12-month moving average of monthly in migration is approximately 10,000 people. Annually that puts more than 120,000 people moving into the Puget Sound region; though this does not account for people moving out of the region, the bottom line is the area has and will continue to grow at a rapid pace making the rental market as strong as its ever been. 16

19 Buoyed by its technology sector and the metro s appeal as a live-work-play environment, Seattle s economy and multifamily market continue to break new ground. 17

20 For More Information Please Contact Nathaniel Kiger Erich Bubbel Eastlake Ave E Seattle, WA The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.