The Cloverdale 530 South Cloverdale Street | , WA 98108

$2,575,000 701 NE Northlake Ave N | Seattle, WA 98105 P 206-274-8000 | www.portagebayadvisors.com Will Gibson o: 206-274-8108 c: 206-491-4292 will@ portagebayadvisors.com

Portage Bay Advisors World Headquarters 701 Northlake Ave N Seattle, WA 98105

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 The Cloverdale, a 15 unit multifamily property located on South Cloverdale Street in the up-and-coming South Park neighborhood of Seattle, .

The Cloverdale is a two-story building on a 12,000sf lot zoned Lr3 ( in an urban village) with a marblecrete & cedar façade. Built in 1962, The Cloverdale is comprised comprised of 15 units around a central courtyard. The building offers a good mix of units; 13x 1bd/1ba units & 2x 2bd/1ba units, and features new vinyl double-paned windows and new sliding patio doors, updated vinyl plank flooring, wood cabinets throughout, and laminate countertops in the kitchens & bathrooms. Common coin-operated laundry facilities are located on-site and there are individual tenant storage lockers & 14 off-street parking spots located behind the building.

Centrally located in in the South Park neighborhood, The Cloverdale is surrounded by either planned or ongoing redevelopment in one of the most rapidly changing, up-and-coming submarkets in all of the Seattle metro area. This offering offers investors the opportunity to acquire a true value-add acquisition due to rents that are significantly below market, with future re-development potential. Property Overview Building Name The Cloverdale Address 530 S. Cloverdale Street | Seattle, WA 98108 Total Units 15 Year Built 1962 Square Feet 10,348 net rentable / 10,956 gross square feet Price $2,575,000 Price Per Unit $171,667 Price Per Foot Net $248.84 / Gross $235.03 GRM 13.69 CAP 4.32% Expense Per Unit $4,614 Terms All cash to the seller Lot Size 12,000 square feet Zoning Lr3 (urban village) Land Price per Foot $214.58 investment overview______

True value-add opportunity in an up-and-coming Seattle neighborhood. New vinyl double-paned windows Hard surface vinyl flooring throughout Low maintenance marblecrete & cedar façade All units have private balconies 14 off-street parking spaces 12,000sf lot zoned Lr3 (in the South Park Urban Village) Coin-operated laundry facilities on-site High Visibility location Most tenancy agreements MTM

The Cloverdale offers investors an opportunity to acquire a true value-add reposition opportunity in one of the fastest up-and-coming submarkets in all of Seattle.

Centrally located in in the South Park neighborhood and benefitting from easy access to Sodo, the Seattle CBD, and South to the north via WA 509 located just to the west and Hwy 99 located just to the east, and offers quick access to via route 60 and route 132 metro busses which connect to downtown Seattle, Burien Transfer Center, and Capitol Hill.

The Cloverdale is located just blocks from the neighborhood retail and service district, and down the street from the South Park Community Center and South Park Public Library. Just minutes from the Duwamish River and Boeing Field, the neighborhood is part of the newly planned South Park Residential Urban Village and is currently undergoing massive transformation due to much redevelopment currently underway in the immediate vicinity.

South Park is an up-and-coming residential neighborhood Located within the City of Seattle, the South Park neighborhood has become a trendy urban Seattle neighborhood that is sought after by renters. rent roll______

Monthly Income Subject Property Profile

Unit Unit Type Square Footage Current Rent Current Rent/SF OFFERING SUMMARY

1 1bd/1ba 665sf $1,000 $1.50/sf

2 1bd/1ba 665sf $1,000 $1.50/sf

3 2bd/1ba 850sf $1,200 $1.41/sf

4 1bd/1ba 665sf $1,000 $1.50/sf

5 1bd/1ba 665sf $1,000 $1.50/sf

6 1bd/1ba 665sf $1,000 $1.50/sf

7 1bd/1ba 665sf $1,000 $1.50/sf

8 1bd/1ba 665sf $1,000 $1.50/sf

9 1bd/1ba 665sf $1,000 $1.50/sf

10 2bd/1ba 850sf $1,200 $1.41/sf

11 1bd/1ba 665sf $900 $1.35/sf

12 1bd/1ba 665sf $1,000 $1.50/sf

13 1bd/1ba 665sf $1,000 $1.50/sf

14 1bd/1ba 665sf $1,000 $1.50/sf

15 1bd/1ba 665sf $1,000 $1.50/sf

Totals $15,300

690sf avg $1,020avg $1.48/sf avg operating summary______Building Overview Annualized Operating Expenses Current Price $2,575,000 Units 15 Real Estate Taxes (2019 actual) $14,922 Subject Property Profile Price Per Unit $171,667 Year Built 1962 Insurance (pf $350 per unit) $4,450

Price/Net SF $248.84 Net Rentable SF 10,348 Utilities (2018 actual) $21,983 Price/Gross SF $235.03 Gross SF 10,956 Maintenance & Repairs (pf $900 per unit) $13,500 Current GRM 13.69 Down Payment $1,055,000 Professional Management (pf 5%) $9,405 Current CAP 4.32% Loan Amount $1,520,000 Landscaping (pf $100/mo) $1,200 Interest Rate 4.0% Reserves (pf $250 per unit) $3,750 Amortization 30 Years Total Expenses $69,210 Rent Income Annualized Operating Data Current Units Type Approximate Size Current Rent Rent per sf Monthly Income Gross Scheduled Income $188,100

13 1bd/1ba 665sf $900-$1,000 $1.35-$1.50/sf $12,900 Vacancy (4%) ($7,524) 2 2bd/1ba 850sf $1,200 $1.41/sf $2,400 Gross Operating Income $180,576 Less Expenses ($69,210)

15 690 sf avg. $1.48/sf avg $15,300 Net Operating Income $111,366

Annual Debt Service ($87,081) Cash Flow Before Tax $24,285 Total Monthly Income Current Principal Reduction $26,768 Rent Income $15,300 Total Return Before Tax $51,003 Utility Income $0 Current Operations Parking Income $0 Expenses per Unit $4,614 Laundry Income $225 Expenses per Foot # $6.69 Pet/ Other Income $150 Percentage of Gross 36.79% Total Income $15,675 sales comparables ______

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 530 S. Cloverdale Street 1962 15 $171,667 $248.84 13.69 4.32% $2,575,000 Seattle, WA 98108

Cloverdale

Sales Comparable 1 1201 S Cloverdale Street 1957 20 $160,000 $289.72 13.65 4.45% $3,200,000 6/29/2018 Seattle WA 98108

South Crest Apartments

Sales Comparable 2 6700 Carleton Avenue S 1971 6 $154,167 $370.89 14.8 4.34% $975,000 6/25/2018 Seattle WA 98108

Georgetown 6

Sales Comparable 3 6631 Carleton Ave S 1991 8 $281,250 $405.41 12.9 5.32% $2,250,000 4/30/2019 Seattle WA 98108

Carleton building photography______

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OFFERING SUMMARY building photography______

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OFFERING SUMMARY building photography______

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OFFERING SUMMARY 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