The Wright Building 1957 6Th Avenue W | Seattle, Wa 98119

THE WRIGHT BUILDING 1957 6TH AVENUE W | SEATTLE, WA 98119

JOE KINKOPF STEVE FISCHER TYLER SMITH BROKER PRINCIPAL | BROKER PRINCIPAL | BROKER P: 206.505.9403 P: 206.505.9435 P: 206.505.9425 [email protected] [email protected] [email protected] Investment Offering

WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE WRIGHT $2.5M BUILDING EXCLUSIVELY FOR SALE. LIST PRICE The Wright Building is located on top of Queen Anne Hill, one of Seattle’s oldest and most sought after neighborhoods. This property includes four commercial units and three residential units. With a mixed use, a potential 7 investor will be able to diversify their income by owning multiple use types under one roof. # OF UNITS This property is located near major employers such as Amazon, Google, and Expedia. As employees return to the office, this property will benefit as vacancy shrinks in prime Seattle neighborhoods. With a classic wood frame/ brick veneer exterior, this property will charm any potential tenant looking to live in a quiet neighborhood. The $357,143 availability of amenities gives tenants the best of both world when making a decision about where to make their PER UNIT new home.

INVESTMENT HIGHLIGHTS PROPERTY HIGHLIGHTS Name The Wright Building • Beautiful turn of the century charm Address 1957 6th Ave W • Seattle, WA 98119 • Modern system updates Price $2,500,000 • Mixed Use asset to diversify holdings Year Built 1913 / 1980 • Prestigious location # of Units 7 • Corner property Net Rentable SF 6,520 SF • Desirable location for retail $ per Unit $357,143 • Large basement space for either owner or $ per NRSF $383.44 tenant storage Market Cap Rate 5.26%

WESTLAKE ASSOCIATES | 2 Property Profile

PROPERTY DETAILS County King Market Queen Anne Land Use Apartment (Mixed Use) Style Low-Rise APN# 239710-1416 Zoning NC1-40 (M)

BUILDING INFORMATION Name The Wright Building Address 1957 6th Avenue W Seattle, WA 98119 Year Built 1913 / 1980 # of Buildings 1 # of Floors 2 # of Units 7 Lot Size 4,120 SF Net Rentable SF 6,250 SF Construction Wood Frame Exterior Brick Veneer Heat Hot Water / Baseboard Roof Flat Laundry Common Parking Street

WESTLAKE ASSOCIATES | 3 Location

W MCGRAW ST 6TH AVE W 5TH AVE W 7TH AVE W

THE WRIGHT BUILDING

W CROCKETT ST

WESTLAKE ASSOCIATES | 4 Financial Analysis

PRICE ANALYSIS INCOME CURRENT PRO FORMA PRICE $2,500,000 Scheduled Rent Income $127,656 $166,620 Price per Unit $357,143 + Other Income $900 $900 Price per NRSF $383.44 + Utility Bill Back $0 $1,600 Price per Land SF $606.79 + NNN $6,216 $16,272 Current Cap 3.60% + Pet Rent $0 $600 Current GRM 18.55 Scheduled Gross Income $134,767 $189,197 Market Cap 5.26% - Vacancy & Credit Losses ($4,043) 3.00% ($9,460) 5.00% Market GRM 13.21 Gross Income $130,724 $179,738 PROPOSED FINANCING EXPENSES CURRENT PRO FORMA Loan Amount $1,250,000 RE Taxes $16,389 $21,250 Down Payment $1,250,000 Insurance $2,800 $2,800 Rate 3.500% Utilities W/S/G/E $7,766 $7,766 % Down 50.0% Management $6,536 $8,987 Amortization 30 Years Maintenance & Repairs $5,600 $5,600 Term 5 Years Reserves $1,750 $1,750 Monthly Payment $5,613 Total Expenses $40,841 $48,153 Annual Payment $67,357 OPERATING DATA CURRENT PRO FORMA Net Operating Income $89,883 $131,585 Less Loan Payments ($67,357) ($67,357) Pre-Tax Cash Flow $22,527 1.80% $64,228 5.14% Plus Principal Reduction $23,989 $23,989 Total Return Before Taxes $46,516 3.72% $88,217 7.06% Rent Roll

UNIT UNIT TYPE SF CURRENT RENT / SF MARKET RENT / SF

1 1 BD | 1 BA 800 $1,170 $1.46 $1,595 $1.99

2 1 BD | 1 BA 800 $1,170 $1.46 $1,595 $1.99

3 1 BD | 1 BA 610 $1,395 $2.29 $1,495 $2.45

4 Open 1 BD | 1 BA 610 $1,070 $1.75 $1,450 $2.38

5 COMMERCIAL 400 $1,200 $3.00 $1,500 $3.75

6 COMMERCIAL 1,100 $2,133 $1.94 $2,750 $2.50

7 COMMERCIAL 1,400 $2,500 $1.79 $3,500 $2.50

BASEMENT 800

TOTAL / AVG 7 6,520 SF $10,638 $1.63 $13,885 $2.13

WESTLAKE ASSOCIATES | 6 Interior Photos

WESTLAKE ASSOCIATES | 7 Interior Photos

WESTLAKE ASSOCIATES | 8 Commercial Space Photos

WESTLAKE ASSOCIATES | 9 Site Demographics & Amenities

WHAT’S NEARBY POPULATION 1-MILE 3-MILE 5-MILE Ken’s Market Safeway Total Population 35,185 279,213 508,804 Trader Joe’s Growth 2020 - 2025 (est.) 7.37% 9.15% 8.06% B&E Meats & Seafood Bartell Drugs Median Age 36.8 36.4 36.5 HOUSEHOLDS & INCOME 1-MILE 3-MILE 5-MILE West Queen Anne Playfield 86 David Rodgers Park Total Households 17,373 147,472 244,806 Very Walkable Average HH Income $141,021 $127,969 $129,807 Targy’s Tavern Renter Occupied Housing 57.57% 67.83% 60.15% Macrina Bakery S & L Cafe © COSTAR REALTY INFORMATION, INC. 2021 Malena’s Taco Shop Tenth West Via Tribunali Evviva Woodfired Pizza Sazon d’ la baja How to Cook a Wolf Grappa Orrapin Thai Cuisine 60 Homegrown Good Transit Starbucks El Mexcalito Bounty Kitchen Eden Hill Provisions Moonrise Bakery Queen Anne Coffee co. HeartBeet Organic Cafe Sully’s Tomorrowlands Top Pot Doughnuts Molly Moon’s Ice Cream 2 MILES Caffe Fiore Downtown Seattle WESTLAKE ASSOCIATES | 10 Queen Anne

QUEEN ANNE HILL is an affluent neighborhood north side has homeowners and a very clean, well northwest of downtown Seattle. The neighborhood developed neighborhood. sits on the highest hill in the city, with a maximum elevation of 456 FT. It can be identified while Equally accessible is Lower Queen Anne; home driving on I-5 by the historical school house that to vibrant night life, numerous neighborhood sits on top of the hill. Once Queen Anne High restaurants and the 64-acre Seattle Center, site School, it has been converted into very charming of the 1962 Seattle World’s fair. Today the Seattle and classy upscale apartments, townhouses, and Center is home to the Pacific Northwest Ballet, condos. the Pacific Science Center, the Seattle Opera, the Seattle Children’s Theatre, the Space Needle, Queen Anne Hill has long been considered Paul Allen’s MoPOP Museum and the Chihuly Seattle’s premier residential neighborhood due to Garden and Glass. its close proximity to Seattle’s CBD, easy access to public transportation and the ability to maintain Queen Anne residents enjoy many magnificent a family-friendly neighborhood with strong views from anywhere on the hill. One of the most community ties. attractive views of the city, the Space Needle and Mount Rainier can be observed from Kerry Park, The hill is dotted with a variety of house sizes that located on Highland Drive. From the park, viewers date back before WWII. There are bungalows see the Key Arena, former home of the Seattle with a variety of landscaping adorning the lots. Sonics and current home to the Seattle Storm, There are also larger mansions and burgundy and the Seattle Center in the foreground, with the brick chalets clustered throughout Queen Anne. majestic Mt. Rainier engulfing the boundaries of Queen Anne Avenue is the main road on the downtown Seattle. hill and is known for the very steep climb at the base of the south end. The south side of Queen Anne houses many apartment renters, while the

WESTLAKE ASSOCIATES | 11 About Westlake

Since 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sounds Region.

Our unsurpassed commitment to creating and preserving our clients’ real estate investment wealth has resulted in thousands of successful transactions and a long history of repeat business and client referrals.

The professionals at Westlake Associates collaboratively work with clients to develop customized, creative solutions designed to maximize investment returns.

EXCLUSIVELY LISTED BY: We’ve built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, TYLER SMITH and comprehensive real estate services over our 40 year history. PRINCIPAL | BROKER We operate as a team and leverage each other’s resources and P: 206.505.9425 experience to provide the highest level of client services. [email protected]

PROUD MEMBERS OF: STEVE FISCHER Commercial Brokers Association (CBA) PRINCIPAL | BROKER Northwest Multiple Listing Services (NWMLS) P: 206.505.9435 LoopNet National Listing Services [email protected] CoStar Commercial Real Estate Data & National Listing Commercial Investment Real Estate (CREI) JOE KINKOPF Washington State Realtors Association (WSMA) BROKER P: 206.505.9403 [email protected] 1200 Westlake Avenue N, Suite 310 DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no representa- tions or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, and Seattle, Washington 98109 numbers are approximate. Parties must verify the information and bear all risk for any inaccuracies. ©2021 WESTLAKE ASSOCIATES, INC.