HAMLIN PLACE APARTMENTS

HAMLIN PLACE APARTMENTS 2800 FRANKLIN A VE E, SEATTLE, WA 98102 CONTACT INFORMATION: DICK KETTLEWELLELL BROKER 206.328.3445 surfingtoo@hotmail.com

OFFERING SUMMARY WESTLAKE ASSOCIATES IS PLEASED TO PRESENT THE HAMLIN PLA CE APARTMENTS FOR SALE. Price: $5,600,000 Price / Unit: $350,000 Price / NRSF: $527 CAP: 3.75% Projected CAP: 4.4% GRM: 17.8 Projected GRM: 14.9 NRSF: 10,620 SF Lot Size: 12,000 SF Year Built: 1959 ADDRESS 2800 Franklin Ave E, Seattle, WA 98102 PROPERTY HIGHLIGHTS LOCATION!! LOCATION!! LOCATION! FIRST TIME OFFERED IN NEARLY 25 YEARS TOP CONDITION UNIQUE PENTHOUSE 75% OF UNITS HAVE BEEN UPDATED EXCELLENT VIEW OF LAKE UNION AND OLYMPIC MOUNTAINS FABULOUS NEIGHBORHOOD SETTINGTING PUBLIC BEACHFRONT PARK 2 BLOCKS AWAY ENJOY KAYAKING, PADDLE BOARDING, SWIMMING, LAKE UNION JULY 4 FIREWORKS PUBLIC TRANSPORTATION TION 1 BLOCK AWAY CLOSE TO SOUTH LAKE UNION, AMAZON, GATES FOUNDATION, AND UNIVERSITY OF WASHINGTON

INVESTMENT TERMS TERMS CASH TO LOAN* OR NEW FINANCING 15 BUSINESS DAY INSPECTION $100,000 EARNEST MONEY DUE UPON REMOVAL OF INSPECTION CONTINGENCY, NON-REFUNDABLE CLOSING ON OR ABOUT 60 DAYS FROM REMOVAL OF INSPECTION CONTINGENCY; SUBJECT TO THREE 15 DAY EXTENSIONS BUYER AGREES TO COOPERATE IN SELLER S 1031-EXCHANGE TO INCLUDE THREE 15 DAY EXTENSIONS, IF NECESSARY, FOR SELLER TO IDENTIFY EXCHANGE PROPERTY Gas Works Park and Olympic Mountain Views *EXISTING LOAN: ASSUMABLE BALANCE: $2,010,000 INTEREST RATE: 3.3% MONTHLY PAYMENT: $9,262.75 FIXED TO: MARCH 2021 RATE CHANGE: APRIL 2021 FULLY AMORTIZES: 2046 Enjoy Kayaking, Paddle boarding, and Swimming

PROPERTY

PROPERTY DETAILS PRICE $5,600,000 PROPERTY DETAILS Property Type Multifamily LOCATION INFORMATION Building Name Street Address City, State, Zip Hamlin Place 2800 Franklin Ave E Seattle, WA 98102 Property Subtype Zoning Lot Size APN# Low-Rise Garden L3 12,000 SF 195970-1495 County / Township King PARKING & TRANSPORTATION Market Puget Sound Parking 16 on-site assigned parking stalls Submarket Seattle Public Transportation 1 block away BUILDING INFORMATION Gross Building Area Net Rentable Area 13,140 SF 11,880 SF UTILITIES & AMENITIES Laundry - Central 2 Kenmore Washers - owned 2 Kenmore Dryers - owned Unit 17: Stacked washer/dryer Number of Floors Year Built 3 1959 Heat Central / Gas recirculating hot water, baseboard heaters Construction Roof Frame / Brick / Marblecrete New Torch Down (2015) 9 Years remaining on transferable warranty Domestic Hot Water Utilities Individual Electric hot water tanks for each unit - Tenant Paid W/S/G billed back to residents KING COUNTY ASSESSOR S INFORMATION: 2018 Assessor s Parcel 195970-1495 Storage 17 individual storage lockers Assessed Land Value $2,032,300 Assessed Improvement Value $2,500,700 Total Assessed Value $4,533,000 2018 Real Estate Taxes $44,970

LOCATION University of Washington Hamlin Place Eastlake Boulodrome Park

NEIGHBORHOOD EASTLAKE THIS AREA ONCE PLAYED a big role in moving cargo from Elliot Bay and Downtown across Lake Washington. Most of the residents were people who worked in these important jobs. Located on the eastern side of Lake Union, the first houseboats were more like floating shanties for migrant workers who helped built the Lake Washington Ship Canal. Once the city s population began to grow, nicer homes were built for more wealthy dwellers. Today, the residences are still small, but vary from modest to opulent. Almost 60% of the residences in Eastlake were built after 1980, most being apartment buildings with retail space on the ground level. Eastlake is said to have the most eclectiv assortment of architecture in Seattle, with floating homes, urban condos, turn-of-the-century homes, modern townhomes and old brick apartment buildings. There are a lot of ways to get out and enjoy Lake Union. There are boat launches for kayaks and canoes; many small parks dot the shore, including Fairview Park and Eastlake Bouledrome, which claims to have the best waterfront bocce ball in Seattle. You can grab a table on the deck at one of the restaurants along the lake like Eastlake Bar and Grill or Serafina and watch the boats and seaplanes as you dine. Eastlake is a particularly attractive location for people with ties to the University of Washington, which can be reached quickly by a number of bus routes. Eastlake is also home to Seattle s highest concentration of houseboats, the likes of which were made famous in the 1993 film Sleepless in Seattle. The close proximity to the South Lake Union, Capitol Hill and Univeristy District neighborhoods make Eastlake a prime location to reside for city dwellers.

FUTURE GOOGLE C AMPUS SOUTH LAKE UNION GeekWire New images show how Google s Seattle campus will transform the South Lake Union neighborhood The team designing Google s Seattle campus has released a new batch of images that show how the tech giant will drive the next evolution of the South Lake Union neighborhood, right in Amazon s backyard... Documents show the project on the block between Terry and Boren avenues north will include a pair of six-story office buildings with a combined 313,500 square feet of office space. Above one of the office buildings will be eight stories of apartments with 79 units. Google has agreed to leases lasting 14 to 16 years, a sign of the company s long-term commitment to the Seattle region. Combined with Google s recently expanded offices in Kikrland, Wash., the technology giant will be approaching 1 million square feet in the region with this new space. Reference: https://www.geekwire.com/2016/see-googles-seattle-campus-will-transform-south-lake-union-neighborhood/

FUTURE GATES FOUNDATION CAMPUS PUGET SOUND BUSINESS JOURNAL Gates Foundation sets start date for third boomerang building at Seattle headquarters The Bill & Melinda Gates Foundation plans to begin building the second phase of its Seattle headquarters, eight years after opening the $500 million campus. The result will be the third of three boomerang-shaped buildings that are home to the world s largest charitable foundation... The foundation plans to break ground on the six-story building at the northeast corner of the capus in October 2019... When completed in the spring of 2022, the approximately 385,000 square foot building will have space for an additional 800 employees as well as meeting and community space. The Gates Foundation employs nearly 1,500 people worldwide, with 1,200 employees at the headquarter campus. Reference: https://www.bizjournals.com/seattle/news/2018/06/20/gates-foundation-third-building-headquarters.html

DESCRIPTION OF REMODELED UNITS KITCHEN Granite Countertops Decorative Backsplash Undermount Stainless Steel Sinks Faucet Self Cleaning Range Self Defrost Refrigerator Dishwasher / Disposal Light Fixtures Rangehood - Vented LIVING ROOM DINING ROOM Flooring: Prefinished 3/4 inch quality hardwood floors First Floor units feature carpet BATHROOMS Vanity Granite Countertop Undermount Sink Tile Floor Faucet Light Fixture

RENT ROLL UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) CURRENT RENT CURRENT RENT (PER SF) MARKET RENT MARKET RENT/SF PARKING UTILITY REIMBURSEMENT 1 1 1 640 $1,350 $2.11 $1,575 $2.46 $50 / $75 $80 2 1 1 625 $1,250 $2.00 $1,575 $2.52 $50 / $75 $80 3 1 1 625 $1,350 $2.16 $1,595 $2.55 $50 / $75 $80 4 1 1 625 $1,300 $2.08 $1,595 $2.55 $75 $80 5 1 1 625 $1,350 $2.16 $1,595 $2.55 $50 / $75 $80 6 1 1 625 $1,400 $2.24 $1,675 $2.68 $50 / $75 $80 7 1 1 625 $1,350 $2.16 $1,675 $2.68 $50 / $75 $80 8 1 1 625 $1,300 $2.08 $1,695 $2.71 $50 / $75 $130 9 1 1 625 $1,400 $2.24 $1,695 $2.71 $50 / $75 $130 10 1 1 625 $1,500 $2.40 $1,695 $2.71 $50 / $75 $80 11 1 1 625 $1,450 $2.32 $1,695 $2.71 $75 $80 12 1 1 625 $1,500 $2.40 $1,725 $2.76 $50 / $75 $130 14 1 1 625 $1,525 $2.44 $1,725 $2.76 $50 / $75 $80 15 1 1 625 $1,350 $2.16 $1,725 $2.76 $50 / $75 $80 16 1 1 625 $1,350 $2.16 $1,725 $2.76 $50 / $75 $130 17 (Penthouse) 2 1 1,230 $2,825 $2.30 $3,150 $2.56 $50 / $75 $130 10, 0,620 SF $23,640 $28,115 $1,200 $1,530 *Number 13 Was Not Used. **Non-Renovated Units: 2, 8, 9, 15 $23,640 $1,757 $1,200

INCOME & EXPENSES INCOME SUMMARY ANNUALIZED 2018 PROJECTED Scheduled Rental Income $282,000 $337,380 + Laundry $4,200 $5,500 + Parking $9,600 $14,400 + Utility Use Fee $18,360 $18,300 Scheduled Gross Income $314,160 $375,580 - Vacancy (3.00%) ($9,424) ($11,268) Effective Gross Income $304,735 $364,312 EXPENSE SUMMARY ANNUALIZED 2018 PROJECTED - Real Estate Taxes $40,350 $44,970 - Property Insurance $2,022 $3,875 - Management Fee (4%) $10,265 $14,465 - On Site Manager $6,345 $12,000 - Electricity $865 $1,100 - Gas $5,380 $5,800 - W/S/G $13,350 $14,200 - Maintenance/Labor $6,452 $6,600 - Repair $2,598 $3,300 - Landscape $2,715 $2,810 - Supplies $1,825 $2,600 - Reserves $1,500 $4,520 - Miscellaneous $1,000 $2,500 Gross Expenses $94,667 $118,740 Net Operating Income $210,068 $245,572

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SALE COMPS 1. HARRIET MANOR 1304 E Harrison St Seattle, WA 98102 2. 3232 FUHRMAN 3232 Fuhrman Ave E Seattle, WA 98102 SALE PRICE $3,660,000 PRICE / UNIT $406,666 SALE PRICE $2,500,000 PRICE / UNIT $500,000 SALE DATE 01/12/2018 PRICE / NRSF $588 SALE DATE 09/12/2017 PRICE / NRSF $498 YEAR BUILT 1960 CAP 3.1 YEAR BUILT 1960 CAP 2.9% # OF UNITS 9 GRM 18.00 # OF UNITS 5 GRM 21.8 NRSF 6,224 SF NRSF 5,024 SF 3. MERSOLEIL FRANKLIN 2635 Franklin Ave E Seattle, WA 98102 4. 2211 FRANKLIN 2211 Franklin Ave E Seattle, WA 98102 SALE PRICE $3,925,000 PRICE / UNIT $436,111 SALE PRICE $3,010,000 PRICE / UNIT $430,000 SALE DATE 09/18/2017 PRICE / NRSF $598 SALE DATE 07/22/2016 PRICE / NRSF $610 YEAR BUILT 1962 CAP 2.9% YEAR BUILT 1959 CAP N/A # OF UNITS 9 GRM 18.37 # OF UNITS 7 GRM N/A NRSF 6,560 SF NRSF 4,930 SF

SALE COMPS 5. 2462 DEXTER 2462 Dexter Ave N Seattle, WA 98109 6. 4238 EVANSTON 4238 Evanston Ave N Seattle, WA 98103 SALE PRICE $3,562,800 PRICE / UNIT $450,000 SALE PRICE $4,167,800 PRICE / UNIT $378,890 SALE DATE 08/10/2017 PRICE / NRSF $477 SALE DATE 06/27/2017 PRICE / NRSF $530 YEAR BUILT 1976 CAP N/A YEAR BUILT 1959 CAP N/A # OF UNITS 8 GRM N/A # OF UNITS 11 GRM 17.16 NRSF 7,534 SF NRSF 7,865 SF 7. MOUNTLAKE APARTMENTS 4236 7th Ave NE Seattle, WA 98105 8. WALLINGFORD CONDOS 3426 Wallingford Ave N Seattle, WA 98103 SALE PRICE $4,150,000 PRICE / UNIT $377,272 SALE PRICE $5,900,000 PRICE / UNIT $327,500 SALE DATE 01/04/2017 PRICE / NRSF $585 SALE DATE 11/29/2016 PRICE / NRSF $678 YEAR BUILT 1989 CAP N/A YEAR BUILT 1985 CAP 2.4% # OF UNITS 11 GRM N/A # OF UNITS 18 GRM 25.02 NRSF 7,093 SF NRSF 8,694 SF

SALE COMPS 9. 1215 QUEEN ANNE 1215 Queen Anne Ave N Seattle, WA 98109 SALE PRICE $4,000,000 PRICE / UNIT $307,693 SALE DATE 06/01/2017 PRICE / NRSF $509 YEAR BUILT 1958 CAP 3.1% # OF UNITS 13 + 1* GRM 18.78 NRSF 7,856 SF *1 non-conforming unit

SALE COMPS 6. 7. 8. 2. Hamlin Place 5. 3. 4. 9. 1.

SALE COMPS SUMMARY SALE COMPS PRICE YEAR BUILT NRSF PRICE / SF PRICE / UNIT CAP GRM # OF UNITS CLOSE 1. Harriet Manor 1304 E Harrison St Seattle, WA 98102 2. 3232 Fuhrman 3232 Furhman Ave E Seattle, WA 98102 3. Mersoleil Franklin 2635 Franklin Ave E Seattle, WA 98102 4. 2211 Franklin 2211 Franklin Ave E Seattle, WA 98102 5. 2462 Dexter 2462 Dexter Ave N Seattle, WA 98109 6. 4238 Evanston 4238 Evanston Ave N Seattle, WA 98103 7. Mountlake Apartments 4236 7th Ave NE Seattle, WA 98105 8. Wallingford Condos 3426 Wallingford Ave N Seattle, WA 98103 9. 1215 Queen Anne 1215 Queen Anne N Seattle, WA 98109 $3,660,000 1960 6,224 SF $588 $406,666 3.1% 18.00 9 01/12/2018 $2,500,000 1960 5,024 SF $498 $500,000 2.9% 21.8 5 09/12/2017 $3,925,000 1962 6,560 SF $598 $436,111 2.9% 18.37 9 09/18/2017 $3,010,000 1959 4,930 SF $610 $430,000 N/A N/A 7 07/22/2016 $3,562,800 1976 7,534 SF $477 $450,000 N/A N/A 8 08/10/2017 $4,167,800 1959 7,865 SF $530 $378,890 N/A 17.16 11 06/27/2017 $4,150,000 1989 7,093 SF $585 $377,500 N/A N/A 11 01/04/2017 $5,900,000 1985 8,694 SF $678 $327,777 2.4% 25.02 18 11/29/2016 $4,000,000 1958 7,856 SF $509 $307,693 3.1% 18.78 13 + 1 06/01/2018 PRICE YEAR BUILT NRSF PRICE / SF PRICE / UNIT CAP GRM # OF UNITS CLOSE Totals Averages $3,875,066 1967 6,865 SF $564 $401,626 2.88% 19.85 10 - Subject Property 2800 Franklin Ave E Seattle, WA 98102 $5,600,000 1959 10,620 SF $527 $350,000 3.75% 17.8 16

EMPLOYER MAP

PUGET SOUND SUMMARY PUGET SOUND Set in the beautiful Pacific Northwest, the greater Seattle area is a national center for manufacturing, technology, services, international trade and tourism. MAJOR EMPLOYERS Today some of the world s most recognizable Fortune 500 companies call Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 Networks and Nintendo of America. According to the Puget Sound Business Journal, technology companies are leading the way in employment growth in the Seattle MSA. As the home of Microsoft and Amazon, Seattle accounts for over 20% of the nation s software publishing employment. Microsoft is one of the top employers in the sate with over 42,000 employees. Their World Headquarters, located in Redmond is over 10 million square feet. largest maker of large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington. Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by 2040. INTERNATIONAL TRADE Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the area. The Port of Seattle, which also operates the Seattle-Tacoma International Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing international trade, transportation and travel to the Pacific Northwest. PUGET SOUND LARGEST EMPLOYERS 80,000 Employees 42,000 Employees 40,000 Employees JOINT BASE LEWIS-MCCHORD 56,000 Employees 25,000 Employees 20,000 Employees The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center. The Puget Sound is one of the capitals of the aerospace industry anchored by Boeing, the world s largest aerospace company, second- RECREATION The region is known for its quality of life, arts, and outdoor lifestyle which helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. Seattle s main attractions include Pike Place Market, the Space Needle, and Seattle Center, home of the 1962 World s Fair. Seattle is home to a number of professional sports teams including the 2013 Super Bowl champions, the Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer team. 20,000 Employees 15,000 Employees 10,000 Employees 13,000 Employees

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)