The Eastlake Bungalows Northgate

THE EASTLAKE BUNGALOWS NORTHGATE

GREENWOOD

BALLARD GREEN LAKE

THE EASTLAKE BUNGALOWS

UNIVERSITY FREMONT DISTRICT WALLINGFORD

MAGNOLIA

INTERBAY QUEEN ANNE

CAPITOL HILL

SEATTLE CBD CENTRAL DISTRICT

WEST SEATTLE OFFERING

The Eastlake Bungalows are situated in Seattle’s beloved Eastlake neighborhood renowned for its striking views of Lake Union, downtown Seattle and Queen Anne. The property itself contains two separate tax parcels, each with two duplexes built in 1990. The properties are being advertised both as an 8-unit sale or as individual fourplexes. The properties consist of (4) 817 SQFT 2x1 flats, (2) 1118 SQFT 2x1.5 townhome units, and (2) 704 SQFT 1x1 townhomes. Each unit conveniently has a full-size washer/dryer set and 7 off-street parking spaces are available off of the alley. The property presents the prospective Buyer with a newer construction value add deal with massive rental upside in one of Seattle’s most popular neighborhoods. The Eastlake Bungalows were designed by renowned architect Charles Edelstein with the vision of creating a houseboat style community steps away from Lake Union. Each unit has a separate entrance with walkways in-between the bungalow like structures. None of the units share a common wall to the sides.

NAME The Eastlake Bungalows

ADDRESS 2212-2216 Minor Ave E, Seattle, WA 98102

TOTAL UNITS 8

BUILT 1999

SQUARE FEET 6,912 Total Net Rentable

PRICE $2,950,000

PRICE PER UNIT $368,750

PRICE PER FOOT $427

CURRENT GRM/CAP 17.7/3.1%

MARKET GRM/CAP 13.6/4.6%

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

One block from Lake Union!

Walk score of 80.

Washer/Dryer in unit.

Seven off street parking spaces

Spacious townhome style units.

Attractive LR3 Urban Village Zoning (no parking requirement) for long-term land bank.

Units contain no common walls to the sides allowing for a quiet living environment. EASTLAKE NEIGHBORHOOD AMENITIES

Restaurants & Bars

1. Mammoth 2. Zoo Tavern 3. Serafina 4. Siam On Eastlake 5. 14 Carrot Cafe 6. Otter Bar and Burger 13 7. Pagliacci Pizza 8. Copper Tree Coffee House 9. Armistice Coffee Roaster 25 26 10. Grand Central Bakery 20 Shops & Services 1 8 6 11. Eastlake Market 7 12 2 5 12. Pete’s Supermarket and Wine Shop 11 THE EASTLAKE 9 13. Seattle Caviar Co BUNGALOWS 3 14. QFC 19 15. Safeway 18 16. Walgreens Pharmacy 4 10

Schools & Parks 22 17 23 17. Volunteer Park 18. Interlake Park 19. Washington Park Arboretum 14 20. Montlake Playfield Park 21. Cal Anderson Park 16 22. Bright Water Waldorf School 24 23. Stevens Elementary School 24. Lowel Elementary School 25. Gas Works Park 15 26. Roanoke Park 21 EASTLAKE

Eastlake is one of Seattle’s most iconic neighborhoods, boasting the famous flotilla of boat houses on the lake, surrounded by an eclectic mix of historical townhomes, modern condominiums and colorful apartment buildings. It is a neighborhood with a rich and distinctive history and DINING AT feel. EASTLAKE It’s perfectly positioned at the center of Seattle’s urban and cultural hub — UW, South Lake Union, Downtown and Capitol Hill, giving residents and visitors alike a unique and active springboard towards accessing work and play within the city. Its minutes away from Amazon’s 30,000+ FLOATING employee campus in South Lake Union, and adjacent to NEIGHBORHOOD many tech and biotech companies that make up a large part of the city’s employment infrastructure, such as Adaptive EASTLAKE Biotechnologies and Immune Design Corporation. Local coffee shops, boutiques and other businesses also thrive alongside large chains.

POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 4,245 $102,132 69% $1,616 SEATTLE EMPLOYER MAP

THE EASTLAKE BUNGALOWS SEATTLE’S BOOMING TECH MARKET

SEATTLE

LOCAL TECH COMPANIES IN SEATTLE

PACIFIC OCEAN T

C H

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 BUILDING PHOTOS BUILDING PHOTOS BUILDING PHOTOS FLOOR PLANS - FRONT BUILDING

FIRST FLOOR - 2 BD/1 BTH FLAT SECOND FLOOR - 2 BD/1 BTH FLAT APPROX 817 SQ.FT. APPROX 817 SQ.FT.

NEW RETAINING WALL

W/D HW

BEDROOM BEDROOM W/D

BATH BATH

BEDROOM BEDROOM

KITCHEN KITCHEN

DINING ROOM DINING ROOM

LIVING ROOM LIVING ROOM FLOOR PLANS - REAR BUILDING

BASEMENT - 1 BD/1 BTH TOWN HOME FIRST FLOOR APPROX 704 SQ.FT.

HW W/D

KITCHEN DINING ROOM

BATH BEDROOM

LIVING ROOM FLOOR PLANS - REAR BUILDING

SECOND FLOOR - 2 BD/1.5 BTH TOWN HOME THIRD FLOOR APPROX 1,118 SQ.FT.

BATH

KITCHEN BATH

BEDROOM

DINING ROOM W/D

LIVING ROOM BEDROOM Unit Breakdown

APPROXIMATE CURRENT CURRENT MARKET MARKET UNIT TYPE UNIT SIZE RENT RENT/SQ.FT. RENT RENT/SQ.FT. 2212a 2 Bd/1 Bth 817 Sq.Ft. $1,450 $1.77 $2,095 $2.56 2212b 2 Bd/1 Bth 817 Sq.Ft. $1,500 $1.84 $2,095 $2.56 2212c 1 Bd/1 Bth (TH) 704 Sq.Ft. $1,595 $2.27 $1,795 $2.55 2212d 2 Bd/1.5 Bth (TH) 1,118 Sq.Ft. $2,100 $1.88 $2,345 $2.10 2216a 2 Bd/1 Bth 817 Sq.Ft. $1,450 $1.77 $2,095 $2.56 2216b 2 Bd/1 Bth 817 Sq.Ft. $2,095 $2.56 $2,095 $2.56 2216c 1 Bd/1 Bth (TH) 704 Sq.Ft. $1,280 $1.82 $1,795 $2.55 2216d 2 Bd/1.5 Bth (TH) 1,118 Sq.Ft. $1,920 $1.72 $2,345 $2.10 Totals/Avg 864 Sq.Ft. $1,674 $1.94 $2,083 $2.41

* Market rent assumed for vacant units. Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $166,421 $217,514 Units 8 Price $2,950,000 Less Vacancy 3.0% $4,993 5.0% $10,876 Year Built 1999 Per Unit $368,750 Gross Operating Income $161,428 $206,639 Rentable Area 6,912 Per Sq. Ft. $427 Less Expenses $70,314 $70,814 Down Pmt $1,475,000 Current GRM 17.73 Net Operating Income $91,114 $135,825 Loan Amount $1,475,000 Current CAP 3.09% Annual Debt Service ($6,747.53) $80,970 $80,970 Interest Rate 3.65% Market GRM 13.56 Cash Flow Before Tax 0.69% $10,144 3.72% $54,854 Amortization 30 years Market CAP 4.60% Principal Reduction $27,591 $27,591 Total Return Before Tax 2.56% $37,735 5.59% $82,446

UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET 2 1 Bd/1 Bth (TH) 704 $1,280 $1,595 Real Estate Taxes 2020 $34,388 $34,388 4 2 Bd/1 Bth 817 $1,450 - $1,525 $2,095 Insurance Proforma $5,942 $5,942 2 2 Bd/2 Bth (TH) 1,118 $1,920 - $2,100 $2,345 Utilities (W/S/G) 2020 $12,864 $12,864 8 Total/Avg 864 $1.89 $2.35 On-Site Management $45/door $4,320 $4,320 Maintenance & Repairs Proforma $5,600 $5,600 Turnover Proforma $2,000 $2,000 Landscaping Proforma $2,000 $2,500

MONTHLY INCOME CURRENT MARKET Replac./ Cap. Reserves Proforma $2,400 $2,400 Gross Potential Rent $13,075 $16,260 Administration Proforma $800 $800 Utility Billback $713 $911 Total Expenses $70,314 $70,814 Parking (7 open spaces) $0 $875 Misc/Pet Rent $80 $80 CURRENT MARKET Gross Potential Income $13,868 $18,126 Expense/Unit $8,789 Expense/Unit $8,852 OPERATIONS OPERATIONS Expense/Foot $10.17 Expense/Foot $10.25 Percent of EGI 42.25% Percent of EGI 32.56% SALES COMPARABLES THE EASTLAKE BUNGALOWS The Eastlake Bungalows 2212 - 2216 Minor Ave E Seattle, WA 98102 Year Built 1967 Units 8 Sales Price $2,950,000 Price/Unit $368,750 Price/Foot $427 Current GRM/CAP 17.7/3.1% Market GRM/CAP 13.6/4.6% 1 2 1 Year Built 1965 2 Year Built 1967 Units 8 Units 8 3 Sales Price $3,542,000 Sales Price $3,742,000 Price/Unit $442,750 Price/Unit $467,750 Price/Foot $478 Price/Foot $499 GRM/CAP Unknown GRM/CAP Unknown Sales Date 03.19.2021 Sales Date 03.19.2021 2210 Yale Ave E 2026 Yale Ave E Seattle, WA 98102 Seattle, WA 98102 5

3 Year Built 1966 4 Year Built 1958 Units 8 Units 8 4 Sales Price $3,098,400 Sales Price $2,480,000 Price/Unit $387,300 Price/Unit $375,000 Price/Foot $392 Price/Foot $438 GRM/CAP 16.2/3.9% GRM/CAP Unknown Sales Date 11.03.2020 Sales Date 07.20.2020 2037 Franklin Ave E Diane Apartments Seattle, WA 98102 318 Boylston Ave E Seattle, WA 98102 5 Year Built 1958 Units 9 Sales Price $4,156,000 Price/Unit $461,778 Price/Foot $557 CAP 4.3% Sales Date 07.20.2020 9 Unit Apartment 744 Belmont Ave E Seattle, WA 98102 RENT COMPARABLES

THE EASTLAKE

The Eastlake Bungalows BUNGALOWS 2212-2216 Minor Ave E 1 Bd/1 Bth 704 $1,280 Seattle, WA 98102 2 Bd/1 Bth 817 $1,450 - $1,525 2 Bd/1.5 Bth 1,118 $1,920 - $2,100 1999 - 8 Units

1 2038 Yale Ave E Seattle, WA 1 Bd/1 Bth 950 $1,800 - $2,000

1928 - 6 Units 2 3 2 Hearthside Manor 1 2214 Yale Ave E 1 Bd/1 Bth 650 $1,600 - $1,795 Seattle, WA 3 Bd/2 Bth 1,200 $3,095

1963 - 8 Units

3 Penn House Apts. 2003 Franklin Ave E 2 Bd/1 Bth 950 $1,800 Seattle, WA 2 Bd/2 Bth 1,150 $2,000

1967 - 10 Units THE EASTLAKE BUNGALOWS

600 University St, Suite 2018 Seattle Washington 98101

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