The Joanne APARTMENTS NORTHGATE

THE JOANNE GREENWOOD APARTMENTS

GREEN LAKE

BALLARD

FREMONT UNIVERSITY DISTRICT WALLINGFORD

MAGNOLIA

INTERBAY QUEEN ANNE

CAPITOL HILL OFFERING

Paragon Real Estate Advisors is pleased to announce the exclusive sale of The Joanne Apartments. This offering presents a unique add value opportunity in the heart of the University District neighborhood. The property is within a short walk to the University of Washington and University Village where residents enjoy an array of shops, services, and dining options. The building consists of 1- Studio Unit and 5 – 1BD/1BTH Units that have territorial views of Ravenna Park and University Village. The Joanne Apartments provides a rare opportunity to purchase a property that has not been sold for over twenty years and has been family owned and operated. The offering presents an add value opportunity for an investor to touch up the unit interiors and significantly move rents upward. Additionally, the property sits on a 5,000 Sq. Ft. lot on LR3 (M) zoning offering future redevelopment potential with a multitude of options including apartments, SEDU’s, townhomes and more. Part of a portfolio sale, see the accompanying flyer or contact the listing agents for more details on the neighboring properties.

ADDRESS 5020 22nd Ave NE, Seattle, WA 98105

PRICE $1,595,000

PRICE PER UNIT $265,833

PRICE PER FOOT $419.08

MARKET GRM/CAP 13.6/5.3%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. INVESTMENT HIGHLIGHTS

Add value opportunity to improve the interior of the units and Large Average One Bedroom Unit Size of 680 Sq. Ft. increase rents substantially 5,000 Square Foot Lot Zoned LR3 (M) in an Urban Village The property has been family owned and operated over the past twenty years Zoning allows for multiple redevelopment options

Within two blocks of the University of Washington Campus Walkscore of 95 with easy access to an abundance of amenities

Within two blocks of University Village KC 2019 Assessed Value: $1,527,000

Six storage units can be rented for additional income 6-Unit building directly to the North sold for $2,375,000 on 09.20.2019 1 – Studio Unit and 5 – 1BD/1BTH Units NEIGHBORHOOD AMENITIES

Restaurants & Bars

1. U:Don 2. Thai Tom 3. Duchess Tavern 4. Pair 5. Franks’s Oyster House 6. Din Tai Fung 7. La Villa Mexican Restaurant 8. Zoka Coffee 9. The Kraken Lounge

Shops & Services THE JOANNE 23 26 APARTMENTS 10. Safeway 18 11. Trader Joe’s 17 12. Metropolitan Market 20 13. University Village 14. Amazon Books 4 12 5 7 15. H Mart UW 9 3 25 16. QFC 10 8 24 11 17. Whole Foods 13 2 16 18. PCC Community Markets 1 14 6 Schools & Parks 15 19 21 22 19. University of Washington 20. Ravenna Park 21. Union Bay Natural Area 22. Center for Urban Horticulture 23. Green Lake 24. Calvary Catholic Cemetery 25. Burke-Gilman Playground Park 26. Sand Point UNIVERSITY DISTRICT

The University District is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union BURKE-GILMAN TRAIL neighborhood. UW CAMPUS The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 46,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base. THE AVE The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and HUSKY STADIUM UNIVERSITY DISTRICT service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, UW CAMPUS Green Lake Park, and Gas Works Park.

POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 26,699 $56,697 87% $1,399 SEATTLE EMPLOYER MAP SEATTLE’S BOOMING TECH MARKET

SEATTLE

LOCAL TECH COMPANIES IN SEATTLE

PACIFIC OCEAN T

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A T I O N F R O M S A N F R AN C IS CO B AY AR EA SAN FRANCISCO KING COUNTY INFORMATION

KING COUNTY 2.3 million SINCE 2O1O, ON AVERAGE, KING COUNTY HAS ADDED 31,8OO PEOPLE PER YEAR, OR POPULATION GROWTH HAS BEEN GREATER THAN 13,OOO HOUSEHOLDS AT 2.45 PERSONS PER HOUSING PRODUCTION CONSISTENTLY SINCE 2O11. HOUSEHOLD. POPULATION

KING COUNTY MEDIAN NATIONAL MEDIAN $95,009 $63,179 HOUSEHOLD INCOME HOUSEHOLD INCOME

KING COUNTY by 78% NATIONAL INCREASE by 3% HOUSEHOLD INCOME INCREASE SINCE 2OOO ($41,852) SINCE 2OOO ($1,780)

KING COUNTY NATIONAL BACHELOR’S OR 53.2% BACHELOR’S OR 32.6% HIGHER DEGREE RATE HIGHER DEGREE RATE

KING COUNTY NUMBER 10 EDUCATION OF UNIVERSITIES

KING COUNTY RENTAL NATIONAL RENTAL 43% 36% HOUSING RATE HOUSING RATE

KING COUNTY MEDIAN $1,494 NATIONAL MEDIAN $1,023 MONTHLY RENT REAL ESTATE MONTHLY RENT BUILDING PHOTOS UNIT PHOTOS UNIT PHOTOS ANNUALIZED OPERATING DATA CURRENT MARKET

Income and Expenses Scheduled Gross Income $56,484 $117,624 Less Vacancy 1.00% $565 3.00% $3,529

Units 6 Price $1,595,000 Gross Operating Income $55,919 $114,095 Year Built 1948 Per Unit $265,833 Less Expenses $29,788 $30,201 Rentable Area 3,806 Per Sq. Ft. $419.08 Net Operating Income $26,131 $83,894 Down Pmt $638,000 Current GRM 28.24 Annual Debt Service ($4,708/mo) $56,494 $56,494 Loan Amount $957,000 Current CAP 1.64% Cash Flow Before Tax -4.76% ($30,363) 4.29% $27,400 Interest Rate 4.25% Market GRM 13.56 Principal Reduction $16,134 $16,134 Amortization 30 years Market CAP 5.26% Total Return Before Tax -2.23% ($14,229) 6.82% $43,534

UNITS UNIT TYPE SIZE CURRENT RENT MARKET RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET A 1BD/1BTH 650 $1,100 $1,525 Real Estate Taxes 2020 Actual $14,600 $14,600 B Studio 556 $850 $1,375 Insurance 2019 Actual $2,401 $2,401 C 1BD/1BTH 650 $750 $1,525 Utilities 2019 Actual $6,187 $6,600 D 1BD/1BTH 650 $675 $1,525 Maintenance & Repairs Pro Forma $4,500 $4,500 E 1BD/1BTH 650 $660 $1,525 Landscaping/Cleaning Pro Forma $600 $600 F 1BD/1BTH 650 $660 $1,595 Reserves Pro Forma $1,500 $1,500 6 Total/Avg 634 $1.23 $2.38 2019 Assessed Value: $1,527,000 Total Expenses $29,788 $30,201

MONTHLY INCOME CURRENT MARKET CURRENT MARKET Gross Potential Rent $4,695 $9,070 Expense/Unit $4,965 Expense/Unit $5,034 OPERATIONS OPERATIONS Utility Billback $0 $420 Expense/Foot $7.83 Expense/Foot $7.94 Laundry Income $12 $42 Percent of EGI 52.74% Percent of EGI 25.68% Storage Income $0 $210 Other Income $0 $60 Gross Potential Income $4,707 $9,802 SALES COMPARABLES THE JOANNE APARTMENTS The Joanne Apartments 5020 22nd Ave NE 7 Seattle, WA 98105 Year Built 1948 Units 6 Sales Price $1,595,000 1 Price/Unit $265,833 Price/Foot $419.08 Market GRM/CAP 13.6/5.3% 5 3 4 1 Year Built 1909/1964 2 Year Built 1959 6 Units 21 Square Feet 3,190 Square Feet 14,184 Units 5 Sales Price $6,269,000 Sales Price $1,744,250 2 Price/Unit $298,524 Price/Unit $348,850 Price/Foot $441.98 Price/Foot $546.79 GRM/CAP 15.6/3.9% GRM/CAP 16.0/4.6% Front Nine & Cowen Apts Sales Date 11.04.2019 Whitman 5-Unit Sales Date 10.15.2019 5502 & 5512 15th Ave NE 3612 Whitman Ave N Seattle, WA 98105 Seattle, WA 98103

Year Built 1958 3 Year Built 1928 4 Square Feet 7,300 Square Feet 3,100 Units 14 Units 4 Sales Price $3,480,000 Sales Price $1,395,000 Price/Unit $248,571 Price/Unit $348,750 Price/Foot $476.71 Price/Foot $450.00 GRM/CAP 18.3/3.3% GRM/CAP 15.2/4.8% De Soto Arms Sales Date 10.08.2019 Husky Fourplex Sales Date 09.04.2019 4435 Phinney Ave N 4735 22nd Ave NE Seattle, WA 98103 Seattle, WA 98105 5 Year Built 1928 6 Year Built 1955 7 Year Built 1961 Square Feet 4,560 Square Feet 5,348 Square Feet 6,468 Units 6 Units 9 Units 9 Sales Price $2,375,000 Sales Price $2,715,500 Sales Price $2,745,000 Price/Unit $395,833 Price/Unit $301,722 Price/Unit $305,000 Price/Foot $520.83 Price/Foot $507.76 Price/Foot $424.40 GRM/CAP 14.6/4.6% GRM/CAP N/A GRM/CAP 14.0/2.9% Clara Antoinette Sales Date 08.20.2019 Canberra Apartments Sales Date 07.01.2019 Matador Apartments Sales Date 05.22.2020 5026 22nd Ave NE 611 N 41st St 6516 25th Ave NE Seattle, WA 98105 Seattle, WA 98103 Seattle, WA 98115 RENT COMPARABLES

The Joanne 1 Bb/1 Bth 650 $1,100 $1.74 Apartments Studio 556 $850 $1.34 5020 22nd Ave NE 1 Bb/1 Bth 650 $750 $1.18 Seattle, WA 98105 1 Bb/1 Bth 650 $675 $1.06 1 Bb/1 Bth 650 $660 $1.04 1958 - 51 Units 1 Bb/1 Bth 650 $660 $1.04 1 University 12-Unit 5235 17th Ave NE 1 Bd/1 Bth 495 $1,680 $3.39 Seattle, WA 98105 1 Bd/1 Bth 440 $1,460 $3.32 2 Bd/1 Bth 635 $1,680 $2.65 1909 - 12 Units 2 University Fourplex 5219 22nd Ave NE 1 Bd/1 Bth 670 $1,395 $2.08 Seattle, WA 98105 2 Bd/1 Bth 750 $1,950 $2.60

1914 - 4 Units 3 Ravenna Triplex 5240 20th Ave NE 1 Bd/1 Bth 700 $2,000 $2.86 Seattle, WA 98105 2 Bd/1 Bth 1,000 $2,600 $2.60

1916 - 3 Units 5 3 7 4 Stonebridge 4 5204 15th Ave NE 1 2 1 Bd/1 Bth 598 $1,565 - $1,645 $2.62 - $2.75 Seattle, WA 98105 2 Bd/1 Bth 713 - 765 $1,900 - $2,250 $2.66 - $2.94

1977 - 26 Units 5 Shuksan Apartments 5247 15th Ave NE Studio 380 - 400 $1,320 - $1,325 $3.31 - $3.47 Seattle, WA 98105 1 Bd/1 Bth 530 - 650 $1,490 - $1,540 $2.37 - $2.81 6 2 Bd/1 Bth 730 $1,870 - $2,130 $2.56 - $2.92 1960 - 14 Units 6 Brooklyn 4141 Brooklyn Ave NE Studio 350 $1,380 - $1,430 $3.94 - $4.09 THE JOANNE Seattle, WA 98105 1 Bd/1 Bth 485 - 540 $1,615 - $1,785 $3.31 - $3.33 APARTMENTS

1960 - 32 Units Parkdell Apartments 7 2333 NE 55th St 1 Bd/1 Bth 630 $1,730 $2.75 Seattle, WA 98105 2 Bd/1 Bth 630 - 800 $1,875 - $2,270 $2.84 - $2.98

1954 - 8 Units THE JOANNE APARTMENTS

600 University St, Suite 2018 Michael Urquhart Brian Platt Seattle Washington 98101 [email protected] [email protected] 206 623-8880 / [email protected] 206 812-9123 206 812-9130 www.ParagonREA.com