$389,500. Offering Memorandum Lombard Avenue Everett, Washington Lombard Ave.

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1 $389, Lombard Ave Offering Memorandum 2307 Lombard Avenue Everett, Washington

2 For More Information Please Contact Erich Bubbel 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. 262 Eastlake Ave E Seattle, WA

3 Contents Investment Overview Submarket Information Financial Summary Sale Comparables

4 SECTION :: INVESTMENT OVERVIEW Investment Overview The Foundation Group is pleased to exclusively offer for sale 2307 Lombard Avenue. This Duplex is located in the city of Everett. This property provides an opportunity to buy a well-built turn-key building in the city of Everett. Its close proximity to main arterials offers tenants or an owner who occupies immediate access for convenient commuting. Originally built in 90, 2307 Lombard Avenue provides a variety of units for its tenants. Improvements to the property include new double pane windows, Hardie siding, new kitchen package which includes appliances, cabinets and quartz counter tops. The building is currently a Duplex apartment building, one separate back house consisting of an open Bed/ Bath and a 2 Bed/ Bath for the main house. The mix of units allow for a range of tenants from working class single individuals up to large families and it acts as a great owner occupied property while having the income from another unit help pay down the mortgage. This newly renovated Duplex acts as a great rental property at a market 5.93% Cap Rate or if an individual is looking to owner occupy while receiving income from the separate back house unit.

5 SECTION :: INVESTMENT OVERVIEW Quick Facts Price $389,500 Units LOMBARD AVE Rentable SF (RSF),439 Price Per Net RSF $270 Price Per Unit $94,750 Market Cap 5.93% Market GRM 3. Year Built 90/ Renovated 208 Zoning Construction Type Heating Type R2 Wood Frame Forced Air Source: Per Snohomish County Assesor's

6 SECTION 2 :: SUBMARKET INFORMATION 2307 Lombard Ave Amenities Aerial GROCERY Safeway 3 2 QFC 3 Rons Food Market 4 Country Farms 5 Sno-Isle Natural Foods SCHOOLS Everett College 2 Whittier Elementary 3 Hawthorne Elementary 4 Garfield Elementary 5 Everett High School 6 North Middle School 7 Sequoia High School EMPLOYMENT 5 2 Boeing 2 Providence Medical 3 Tulalip Tribes LOMBARD AVE 4 Naval Station 5 Everett Clinic 6 Port of Everett 7 TRANSIT Everett Transit Station

7 SECTION 3 :: FINANCIAL SUMMARY Scheduled Income Unit Type Units Approx Sq Ft Market Rent Market / Sq Ft Bed/ Bath 580 $,050 $.8 2 Bed/ Bath 859 $,425 $.66 Total 2 $2,475

8 SECTION 3 :: FINANCIAL SUMMARY Financials Market Gross Potential Rent $29,700 Vacancy (2%) $624 Effective Gross Income $29,076 Current Expenses Property Taxes 208 $2,667 Insurance $,500 Utilities $,798 Total Expenses $5,965 Net Operating Income $23,

9 SECTION 4 :: SALE COMPARABLES Sale Comparables Map 49 8TH STREET 220 ROCKEFELLER AVE 2307 LOMBARD AVE 3 92 COLBY AVE 4 * Possession Sound TH STREET

10 SECTION 4 :: SALE COMPARABLES Sale Comparables 49 8th Street Everett, WA th Street Everett, WA Sold Date 2/28/8 Sold Price $54,000 Price/Unit $270,500 Price/SF $ Units 2 Year Built 954 Cap Rate 5.30% Sold Date 3/22/8 Sold Price $355,000 Price/Unit $77,500 Price/SF $288.5 Units 2 Year Built 925 Cap Rate 4.9% 3 92 Colby Avenue Everett, WA Rockefeller Avenue Everett, WA Sold Date 8/22/7 Sold Price $425,000 Price/Unit $22,500 Price/SF $24.32 Units 2 Year Built 905 Cap Rate 5.37% Sold Date /3/7 Sold Price $368,000 Price/Unit $84,000 Price/SF $ Units 2 Year Built 90 Cap Rate 3.70%

11 For More Information Please Contact Erich Bubbel Eastlake Ave E Seattle, WA