1711 APARTMENTS FOR $12,400,000 SALE 1711 12th Avenue | Capitol Hill | , WA 98122

TWO BLOCKS TO CAPITOL HILL LIGHT RAIL STATION

PRIME TRANSIT-ORIENTED CAPITOL HILL LOCATION The 1711 Apartments are located in the 12th Avenue neighborhood, adjacent to . The property features beautiful finishes with many upscale amenities and is built to a build green standard. The high energy efficient design and smart use of space make it ideal for apartment living in Seattle.

EXCLUSIVELY LISTED BY: JOE LEVIN COLLIERS INTERNATIONAL Senior Vice President 601 Union Street, Suite 5300 Multi-Family Investments Seattle, WA 98101 +1 206 954 8901 mobile +1 206 223 0866 +1 206 223 5583 office www.colliers.com/seattle [email protected] HIGHLIGHTS

Superb Capitol Hill Location - 12th Avenue and Pike/Pine corridor, walk two blocks to new light rail station

Seattle is leading job growth and one of the fastest growing rental markets in the country

Major employers hiring: Amazon, Boeing, Microsoft, Starbucks, University of Washington

Average household income exceeding $100,000 for renters seeking new apartment units on Capitol Hill

Built 2014 – Superior building amenities include energy efficient design, designer finishes, and Seattle views

Strong rental growth with low vacancy

Turner Way East

Valley Street

Broad Street Avenue East 10th

Mercer Street

Fairview Avenue North

LIGHT RAIL STATION

Eastlake Avenue East

1st Avenue Avenue North 1st Avenue Westlake North

5th Avenue North

23rd Avenue23rd East East

9th Avenue Avenue North 9th

East

8th Avenue Dexter Avenue Stewart Street

23rd Avenue 23rd Western Avenue

WALK Westlake Avenue East Olive Way SCORE 96 East

Bell Street Broadway Olive Way East Pine Street

TRANSIT East SCORE 77 Pine Street 1711 APARTMENTS Elliott Avenue East Union Street Boren Avenue Pike Street

1st Avenue BIKE 7th Avenue SCORE 6th Avenue 875th Avenue Madison Street

3rd Avenue

Martin Luther King Junior Way

East Cherry Street

East James Way

600 yd SUMMARY

Price: $12,400,000

Units: 37

Cap Rate: 4.9% Proforma

Neighborhood: Capitol Hill 12th Ave Pike/Pine

Type: Four Story, Wood-Frame

Year Built: 2014

Net Rentable SF: 18,672 (Approximate)

Lot Size: 7,260 SF

Zoning: NC3-40, Multifamily

RENT SCHEDULE

CURRE CURRENT RENTSNT MARKET RENTS (PRO-FORMA)

NO. OF AVG SIZE AVERAGE AVERAGE TYPE PRICE/SF PRICE/SF UNITS (SF) RENT RENT

ONE BEDROOM 7 679 $1,900 $2.80 $2,125 $3.13 LOFT

STUDIO 6 413 $1,387 $3.36 $1,595 $3.87

ONE BEDROOM – 24 477 $1,570 $3.27 $1,762 $3.69 OPEN

TOTALS/ AVERAGE: 37 505 $1,599 $3.17 $1,803 $3.57

TOTAL MONTHLY RENT: $59,180 $66,725

TOTAL ANNUAL RENT: $710,160 $800,700 OPERATING PERFORMANCE

INCOME & EXPENSES MARKET (PRO-FORMA) MARKET (PRO-FORMA) INCOME PER UNIT ANNUAL Scheduled Rental Income $21,641 $800,700 Vacancy 3.5% $757 $28,025 Bad Debt 0.5% $108 $4,004 Total Rental Income $20,775 $768,672 Utilities RUBS (W/S/G/G) $1,147 $42,440 Pet Fees $68 $2,500 Bike Storage $203 $7,500 Storage $84 $3,120 Other $344 12,725 EFFECTIVE GROSS INCOME $22,621 $836,957 EXPENSES Property Taxes 2016 $2,263 $83,743 Insurance $159 $5,871 Utilities* $878 $32,494 Maintenance & Repairs $883 $32,655 Marketing & Administrative $63 $2,322 Professional Management & Leasing 4% $963 $35,643 TOTAL EXPENSES $5,973 $192,728 Expenses / Unit $5,209 Expenses / SF $10.32 NET OPERATING INCOME $16,720 $644,229

Notes:

2015 Actuals Per Owner Market Rents Per Survey Vacancy Per Survey *Utilities RUBS includes water, sewer, garbage, gas bill back to tenant. Water/Sewer individually sub-metered Bike Storage available for 16 bikes, Income estimated at $25/month per bike, bike racks are in use Property Taxes are 2016 Actuals *Utilities Expenses. Sewer Capacity Charge of $1,143.83 per month ($13,726/Year) paid separately. Property Management Fees of 3.5% of Effective Gross Income