Dexter 18 1713 Dexter Avenue North | , WA 98109

$9,500,000 701 NE Northlake Ave N | Seattle, WA 98105 P 206-274-8000 | E [email protected] | www.portagebayadvisors.com Will Gibson o: 206-774-5420 c: 206-491-4292 will@ portagebayadvisors.com

Portage Bay Advisors World Headquarters 701 Northlake Ave N Seattle, WA 98105 admin@ portagebayadvisors.com

The information included in this document has been obtained by sources we believe to be reliable. While we do not doubt its accuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to you satisfaction the suitability of the property for your needs. offering summary ______

Portage Bay Advisors is pleased to exclusively offer for sale Dexter 18, an 18 unit multifamily property on Dexter Avenue in the Westlake neighborhood of Seattle, .

Dexter 18 is a seven story, 18 unit building that was in 1979, but has just been totally renovated and updated both inside and out. Upgrades includes a new HardiePlank envelope; new double paned vinyl windows throughout; new common areas; and massively renovated apartments featuring high end finishes including quartz countertops, hard surface vinyl plank flooring, and a full compliment of new stainless steel appliances. The building offers a good mix of units: one large ground floor studio; fifteen large 1bd/1ba units; two 2bd/1ba unit; & one 2bd/2.5bath townhouse penthouse unit.

There is a wood-burning fireplace in every unit, and most units have balconies with great, east facing views spanning from Gasworks Park to . There are laundry facilities located on-site on every floor of the building, along with generous storage available for rent to tenants.

Dexter 18 provides investors an opportunity to acquire a newly renovated, turn key property located in one of the most sought after sub-markets in Seattle.

Property Overview Building Name Dexter 18 Address 1713 Dexter Avenue North | Seattle, WA 98109 Total Units 18 Year Built 1979 Square Feet 15,395 Net Rentable* / 21,003 Gross Price $9,500,000 Price Per Unit $527,778 Price Per Foot Net $617.08 / Gross $452.32 Current GRM/CAP 15.00 / 4.90% Expense Per Unit $7,556.28 Terms All cash to seller Lot Size 10,821 sf Zoning NC3-40 investment overview______

Turn-key asset at a core Seattle location Building recently totally renovated New HardiePlank envelope, windows, deck railings & high end interior finishes Two penthouse units with private decks & sweeping views Rooftop deck with panoramic view of Gasworks Park, Lake Union, and the Seattle Skyline Secure entry Most units have balconies & wood burning fireplaces 18 off-street parking spaces Laundry facilities on every floor tenant storage lockers located on-site Dog friendly building featuring dog wash station for tenants & enclosed off-leash dog walk

Dexter 18 is located at 1713 Dexter Avenue, in the Westlake neighborhood of Seattle, Washington. A vibrant and upscale neighborhood located in the center of the Seattle metropolitan area along the west shore of Lake Union, the Westlake neighborhood offers its residents both a wide variety of restaurants and retail right in the neighborhood along with easy access to the neighborhood retail centers in many surrounding neighborhoods including South Lake Union and the Seattle CBD just to the South, Queen Anne (upper & lower) just to the west, and Fremont & Ballard just across the to the north & northwest, respectively. Dexter 18 is also located in close proximity to some of the region’s best employers including Amazon World Headquarters, Tableau Software, Facebook, The Bill & Melinda Gates Foundation, The as well as many others.

Westlake also boasts many parks, walking trails, greenspace, and easy access to Lake Union along with dynamic, sweeping views that span from Gasworks Park to Downtown Seattle. Metro Transit runs along Dexter Avenue directly in front of the property, as well as along Highway 99 just to the west. Westlake is an urban neighborhood which has undergone massive redevelopment over the last several years and is comprised of primarily commercial & retail space as well as high end apartments & condominiums. operating summary______Building Annualized Operating Expenses Current Overview Real Estate Taxes (2018) $50,064 Units 18*Subject Property Profile Price $9,500,000 Insurance (pf $350 per unit) $5,850 Year Built 1979 Price Per Unit $527,778 Utilities (2016 actual x 115%) $19,088 Net Rentable SF 15,395* Price/Net SF $617.08 Maintenance & Repairs (pf $900 per unit) $16,200 Gross SF 21,003 Price/Gross SF $452.32 On-site Management (pf $40 per unit rent credit) $8,640 Down Payment $3,500,000 Current GRM 15.00 Professional Management (pf 5%) $31,671 Loan Amount $6,000,000 Current CAP 4.90% Reserves (pf $250 per unit) $4.500 Interest Rate 4.80% *18th unit is a 763sf studio Amortization 30 Years amidst being permitted. Total Expenses $136,013 Annualized Operating Data Current Rent Income Gross Scheduled Income $633,420 Units Type Approximate Size Current Rent Rent per sf Monthly Income Vacancy (5%) ($31,671) 1 Studio* 763SF* $1,850* $2.43/SF* $1,850* 14 1bd/1ba 763SF $2,150-$2,495 $2.83-$3.28/SF $33,095 Gross Operating Income $601,749 2 2bd/1ba 850-1,350SF $2,950-$3,475 $2.57-$3.47/SF $6,425 Less Expenses ($136,013) 1 2bd/1ba TH 1,750SF $4,375 $2.50/SF $4,375 Net Operating Income $465,736

Annual Debt Service ($377,759) 18 856 SF avg. $2.97/SF avg $45,745 Cash Flow Before Tax $87,977 Total Monthly Income Current Principal Reduction $91,760 Rent Income $45,745 Total Return Before Tax $179,737 Utility Income ($100 per unit) $1,800 Current Operations Parking Income ($125 per open spot; $150 per covered spot) $2,600 Expenses per Unit $7,556.28 Storage Income $2,100 Expenses per Foot # $8.83 Laundry/Other Income $540 Percentage of Gross 21.47% Total Income $52,785 rent roll______

Subject Property Profile Monthly Income OFFERING SUMMARY Unit Unit Type Square Footage Current Rent Current Rent/SF

001 Studio 760sf $1,850 $2.43/sf

101 2bd/2ba 1,350sf $3,475 $2.86sf

102 1bd/1ba 760sf $2,150 $2.83/sf

103 1bd/1ba 760sf $2,175 $2.57/sf

201 1bd/1ba 760sf $2,375 $3.13/sf

202 1bd/1ba 760sf $2,350 $3.09/sf

203 1bd/1ba 760sf $2,350 $3.09/sf

204 1bd/1ba 760sf $2,375 $3.13/sf

301 1bd/1ba 760sf $2,425 $3.19/sf

302 1bd/1ba 760sf $2,375 $3.13/sf

303 1bd/1ba 760sf $2,375 $3.13/sf

304 1bd/1ba 760sf $2,425 $3.19/sf

401 1bd/1ba 760sf $2,475 $3.24/sf

402 1bd/1ba 760sf $2,425 $3.19/sf

403 1bd/1ba 760sf $2,425 $3.19/sf

404 2bd/1ba 900sf $2,950 $3.28/sf

501 1bd/1ba 760sf $2,550 $3.36/sf

502 2bd/2.5ba TH 1,750sf $4,375 $2.50/sf sales comparables page 1______

OFFE2207RING SUMMARY

Subject Property Sales Comparable 1 Sales Comparable 2 Sales Comparable 3

Price Price Year Built Units GRM CAP Selling Price Sale Date Per Unit Per SF Subject Property 1713 Dexter Avenue North 1979 18* $527,778 $617.08 15.00 4.90% $9,500,000 TBD Seattle, WA 98109

Dexter 18

Sales Comparable 1 2727 Eastlake Avenue East 1996 34+6 $443,750 $573.28 $17,750,000 4/11/2018 Seattle, WA 98102

Remi

Sales Comparable 2 3617 Woodland Park Avenue 1906 16 $265,625 $634.61 16.0 4.5% $4,250,000 1/11/2018 Seattle, WA 98103

Audrey Apartments

Sales Comparable 3 2635 Franklin Ave East 1962 9 $436,111 $552.82 16.9 4.3% $3,925,000 9/18/2017 Seattle, WA 98102

Mersoleil Franklin sales comparables page 2______

OFFE2207RING SUMMARY

Subject Property Sales Comparable 4 Sales Comparable 5 Sales Comparable 6

Price Price Year Built Units GRM CAP Selling Price Sale Date Per Unit Per SF Subject Property 1713 Dexter Avenue North 1979 18* $527,778 $617.08 15.00 4.90% $9,500,000 TBD Seattle, WA 98109

Dexter 18

Sales Comparable 4 1304 East Harrison Street 1960 9 $406,667 $587.95 17.2 4.4% $3,660,000 1/12/2018 Seattle, WA 98102

Harriet Manor

Sales Comparable 5 1215 Queen Anne Avenue N 1958 14 $436,111 $509.00 18.8 3.22% $4,000,000 6/1/2018 Seattle WA 98109

La Fonda

Sales Comparable 6 3306 Beach Drive SW 1962 7 $540,000 $539.62 15.9 4.25% $3,780,000 3/6/2018 Seattle WA 98116

Beach House building photography______

Subject Property Profile

OFFERING SUMMARY building photography______

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Subject Property Profile for more information please contact

Will Gibson o: 206-274-8000 d: 206-274-8108 c: 206-491-4292 [email protected]

World Headquarters 701 NE Northlake Ave N Seattle, WA 98105 www.portagebayadvisors.com