 EVERETT 16 UNIT ROOMING HOUSE OFFERING

Paragon Real Estate Advisors is proud to exclusively list for sale the 2414 Hoyt Avenue, a 16 Unit Rooming House located in the desirable Bayside neighborhood of Everett. The property is located one-minute north of downtown Everett. With a walk score of 91, the buildings location is considered a walker’s paradise which means almost all daily activities can be done by foot with plenty of reachable amenities in downtown Everett. The property is currently operated as a 16 unit rooming house. The property has development upside with its dense multi-family zoning as well as potential value add opportunities such as raising rents to market and/or renovating units to achieve higher returns.

NAME Everett 16 Unit Rooming House

ADDRESS 2414 Hoyt Ave, Everett WA 98201

UNITS 16

BUILT 1910

SQUARE FEET 5,604 Gross Square Feet

PRICE $820,000

PRICE PER FOOT $146

CURRENT GRM/CAP 8.5/6.4%

MARKET GRM/CAP 8.0/6.8%

LOT SIZE 6,098 Square Feet

ZONING R4 - Proposed Urban Residential INVESTMENTHIGHLIGHTS

„„ 2 blocks from Downtown Everett

„„ Walks Score of 91 - Walker’s Paradise

„„ Upside in raising below market rents with unit updates

„„ Future development potential with dense multi-family zoning (buyer to verify)

„„ Attractive rental rates

„„ Accessible parking LOCATION HIGHLIGHTS

Everett is the county’s largest city and sits on the shores of Port Gardner Bay with views of the Olympic Mountain range and the Puget Sound. The city’s diverse economy continues to strengthen and is positioned for robust growth and innovation. Everett is the global center for the aerospace industry and is one of the states hubs for high-tech innovation including clean energy, biotech and advanced technology manufacturing. The property’s proximity to downtown provides access to rich amenities such as dining, entertainment, grocers, shopping and public transportation.

„„ 15 minutes from Paine Field Airport which has been approved to service commercial flights with support from Alaska Air, Southwest and United Airlines

„„ 5 minutes from Everett Station where future light rail has been approved by Sound Transit 3

„„ Less than five minutes away from Everett’s Waterfront Place development which plans to invest 635 million into the project consisting of a revamped waterfront with public amenities and private development.

„„ 5 minutes south of Everett Community College and Washington State University’s satellite campus WALK SCORE

„„ Right across the street from Everett High School 91 NEIGHBORHOOD MAP

MUKILTEO

PROVIDENCE MEDICAL CENTER

PUGET SOUND RUCKER AVENUE NAVAL COMPLEX HOYT AVENUE

 EVERETT 16 UNIT ROOMING HOUSE

EVERETT HIGH SCHOOL EMPLOYMENT HIGHLIGHTS

Boeing’s Everett Facility employees more than 34,000 Company Employees personnel, and is the largest building in the world at 472 million Boeing 34,500 cubic feet. The company produces the 747, 767, 777, and the 787 Providence Medical Center 4,775 airplanes at this site Tulalip Tribes 3,200 The Port of Everett supports nearly $30 billion worth of U.S. Everett Naval Complex 2,987 exports annually and supports more than 35,000 jobs tied to WA State Government 2,950 commerce. Everett is also home the largest public marina on The Everett Clinic 2,225 the West Coast. Fortive 26,000 (globally) Providence Regional Medical Center service over 350,000 Premera Blue Cross 2,600 patients a year and employ 4,775 people. Fluke Corp 1,200 Everett School District 2,195 PROPERTY PHOTOS PROPERTY PHOTOS FLOOR PLANS

Basement First Floor

Storage Front Porch

Furnace Unit 16 Unit 17 Unit 3 Unit 1 Hot Water

Kitchen Unit 2 Bath Bath Living Room

Utility Unit 15

Utility Laundry Bath Unit 18 Kitchen Bath Kitchen

Stairs Up Stairs Kitchen Bedroom Outside Porch FLOOR PLANS

Second Floor Third Floor

Unit 5 Unit 6 Attic Unit 11 Attic Storage

Closet Unit 10 Unit 12 Closet Closet Closet Closet

Unit 4 Unit 7

Bath Attic

Closet Landing WC

Attic Unit 9 Unit 8 Bath WC

Stairs Stairs Down

Outside Porch EVERETT WATERFRONT DEVELOPMENT COMMUNITY COLLEGE EVERETT $635 MILL PROJECT NAVAL COMPLEX AERIAL VIEW

EVERETT PAINE FIELD BOEING PLANT Income and Expenses

ROOM TYPE CURRENT MARKET ANNUALIZED OPERATING DATA CURRENT MARKET

1 1 Bd/1 Bth/ Den $475 $550 Scheduled Gross Income $96,000 $103,800 2 1 Bd/1 Bth/ Den $725 $775 Less Vacancy 2.0% $1,920 4.0% $4,152 3 1 Bd/1 Bth/ Den $475 $500 Gross Operating Income $94,080 $99,648 4 1 Bd/1 Bth/ Den $475 $500 Less Expenses $42,036 $43,036 5 1 Bd/1 Bth/ Den $475 $500 Net Operating Income $52,044 $56,612 6 1 Bd/1 Bth/ Den $475 $500 Annual Debt Service ($3,081/mo) $36,976 $36,976 7 1 Bd/1 Bth/ Den $425 $450 Cash Flow Before Tax 6.13% $15,068 7.98% $19,636 8 1 Bd/1 Bth/ Den $400 $450 Principal Reduction $8,469 $8,469 9 1 Bd/1 Bth/ Den $475 $500 Total Return Before Tax 9.57% $23,536 11.42% $28,104 10 1 Bd/1 Bth/ Den $475 $500 11 1 Bd/1 Bth/ Den $475 $500 ANNUALIZED OPERATING EXPENSES CURRENT MARKET 12 1 Bd/1 Bth/ Den $475 $500 Real Estate Taxes $11,378 $11,378 15 1 Bd/1 Bth/ Den $600 $650 Insurance $4,222 $4,222 16 1 Bd/1 Bth/ Den $425 $500 Utilities $11,436 $11,436 17 1 Bd/1 Bth/ Den $500 $550 On-Site Management $8,700 $8,700 18 1 Bd/1 Bth/ Den $600 $650 Maintenance & Repairs $6,300 $6,300 16 Totals $7,950 $8,575 Advertising $0 $0 Administration $0 $0

MONTHLY INCOME CURRENT MARKET Total Expenses $42,036 $43,036 Gross Potential Rent $7,950 $8,500 Laundry $50 $75 CURRENT OPERATIONS MARKET OPERATIONS Parking $0 $0 Expenses/Unit $2,627 Expenses/Unit $2,690 Miscellaneous $0 $0 Expenses/Foot $7.50 Expenses/Foot $7.68 Gross Potential Income $8,000 $8,650 Percent of GSI 43.79% Percent of GSI 41.46% SALES COMPARABLES

Everett 16 Unit Rooming House 2414 Hoyt Ave Everett, WA 98201

Year Built 1910 Room 16 Sales Price $820,000 Price/Foot $146 GRM/CAP 8.5/6.4%

3  EVERETT

Year Built 1998 Year Built 1918 16 UNIT 1 2 ROOMING HOUSE Units 15 Units 7 Sales Price $900,000 Sales Price $888,000 1 Price/Unit $60,000 Price/Unit $126,857 2 Price/Foot $187 Price/Foot $219 GRM/CAP 6.0/9.9% GRM/CAP 12.0/6.1% Sales Date 05.25.2018 Sales Date 05.01.2018 Lentzy Apartments Grand Apartments 2922 Hoyt Ave 3020 Grand Ave Everett, WA 98201 Everett, WA 98201 4

3 Year Built 1900 4 Year Built 1978 Units 7 Units 5 Sales Price $900,000 Sales Price $975,000 Price/Unit $128,571 Price/Unit $195,000 Price/Foot $209 Price/Foot $205 GRM/CAP 13.2/5.3% GRM/CAP 15.8/4.2% Sales Date 06.01.2017 Sales Date 01.05.2017 Nordic Apartments 5 Unit Apartments 2301 Rucker Ave 3532 Wetmore Ave Everett, WA 98201 Everett, WA 98201 CONTACT

600 University St, Suite 2018 Seattle Washington 98101

206 623-8880 / [email protected] www.ParagonREA.com