WALLINGFORD MIXED/USE BUILDING CBD

CAPITOL HILL QUEEN ANNE

LAKE UNION

WALLINGFORD

WALLINGFORD MIXED/USE BUILDING BELLEVUE

WALLINGFORD MIXED/USE BUILDING GREENLAKE

WALLINGFORD MIXED/USE BUILDING NORTHGATE

WALLINGFORD MIXED/USE BUILDING

GREENWOOD

BALLARD

FREMONT UNIVERSITY WALLINGFORD DISTRICT

MAGNOLIA

INTERBAY QUEEN ANNE

CAPITOL HILL

SEATTLE CBD CENTRAL DISTRICT

WEST SEATTLE OFFERING

Paragon Real Estate Advisors is proud to exclusively offer for sale the Wallingford Mixed/Use Building, a 5-unit apartment community with one ground floor retail space blocks from the heart of Wallingford. This location is best known for its high level of walkability offering tenants great access to parks, recreation, neighborhood cafes, pubs, restaurants, boutique shopping, a high-quality grocery store, and many other services without losing its quaint residential feel. Nearby Interstate 5 and Highway 99 conveniently connects commuters to the employment centers of Downtown Seattle, University of and the Amazon headquarters in South which is only 4 miles away. The Wallingford area has also established itself as a hub for fast-growing technology companies including Tableau, Google, and Adobe. The Wallingford Mixed/Use Building offers an investor the opportunity to own a turnkey/very well-maintained day one income producing asset in an unbeatable location with a strong rental history.

NAME Wallingford Mixed/Use Building

ADDRESS 2511 N 50th Street, Seattle, WA 98103

TOTAL UNITS 5-Residential Units + 1 Ground Floor Retail Space

BUILT Built 1909/Renovated 2013-2018

SQUARE FEET 3,850 Total Net Rentable

PRICE $1,750,000

ZONING NC1-40 (M)

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

„ Should not be street appraised „ Units are Highly Energy Efficient with LED Lighting and Insulation

„ Charming Units with Efficient Layouts „ $291,667 per unit

„ Current 4.63% CAP/Market 5.50% CAP „ Upside in raising below market Commercial Tenant Rent

„ 80 Walk Score/79 Bike Score „ Two Story Wood Frame Building

„ Turnkey Residential Updates „ Ground Floor Studio could be used as a personal office

„ Future Potential for Owner User „ Corner Lot

„ Very well-maintained building PROPERTY FEATURES

„ 4-1Bd/1Bth Units and 1 Studio

„ 1 Ground Floor Retail Space

„ Tastefully unique and higher quality unit finishes than typical apartments

„ Each unit has “Craftsman” feel and features

„ Top floor unit spans the entire length of building

„ All units have been updated with newer counters, new bathroom shower/tub surrounds, bathroom sink vanities, newer cabinets, refinished Fir Hardwoods or newer LVT hardwoods

„ Individual hot water tanks

„ Double Pane Vinyl Windows

„ Two Units have Washer/Dryer

„ On-Site Common Laundry (for 3 units)

„ Dishwashers

„ Abundant Natural Light

„ Mix of Real Fir and LVT Hardwoods

„ Electric Baseboard heating and Gas Fireplace Inserts

„ Individually Metered for Electricity

„ Lutron Dimmers throughout LOCATION HIGHLIGHTS

„ Very Desirable Wallingford Location

„ Limited Apartment Competition in the area

„ Close to popular Green Lake Park and Zoo

„ Close to Several bus lines with immediate access to UW, SLU and Downtown Seattle

„ 1-Mile to University of Washington

„ 4-Miles to Downtown Seattle CBD (300k+ Jobs)

„ Close walk to Stone Way/N 45th Street Entertainment districts

„ Walking distance to Quality Food Center (QFC)

„ Easy access to Downtown CBD/South Lake Union via Interstate 5 and Highway 99

„ 1.5 miles north of Iconic ! WALLINGFORD NEIGHBORHOOD AMENITIES

Restaurants & Bars

1. Musashi’s 2. Ezell’s Famous Chicken 3. Kamonegi 4. Art of the Table 5. Mighty-O Donuts Greenlake 6. Zoka Coffee Roaster & Tea Company WALLINGFORD MIXED/USE BUILDING 7. Kabul Afghan Cuisine 8. Djan’s Dining Thai Restaurant 9. A Muddy Cup Cafe’ & Roastery 10. Yoroshiku 11. Kozue 12. Grand Central Bakery - Wallingford 5 13. Seattle Meowtropolitan 1 6 Shops & Services 3 2 5 1. Trader Joe’s 2 1 2. Petco 1 11 4 9 3. QFC 8 3 4. CVS 13 12 7 5 2 5. Hawaii General Store & HGS Travel 10 3 Schools & Parks 4 1. 2. Woodland Park 3. Woodland Park Rose Garden 4 4. Gas Works Park 5. WALLINGFORD

Family-friendly Wallingford is a bustling residential neighborhood on the north shore of Lake Union. GREEN LAKE The neighborhood has a nice mix of down-home, been- WOODLAND PARK here-forever places (Dick’s Burgers, for example) and trendy places, like Molly Moon ice cream and Tilth. The busiest area is along 45th Street, which is always bustling with activity as people visit the ever-changing lineup of restaurants, bars, and shops. WALLINGFORD

Built on a former industrial site along the lake, Gas BURKE-GILMAN TRAIL Works Park features panoramic city views and a hill 45TH STREET popular for flying kites.The Burke-Gilman cycling and walking trail runs past the park and provides a panoramic extension into Lake Union. To the north lies GAS WORKS PARK Lower Woodland Park, which features athletic fields, a skate park, tennis courts, and connections to the Woodland Park Zoo and Green Lake.

POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 15,807 $108,096 55% $1,783 SEATTLE EMPLOYER MAP SEATTLE’S BOOMING TECH MARKET

SEATTLE

LOCAL TECH COMPANIES IN SEATTLE

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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 UNIT #1 & #2 PHOTOS UNIT #3 PHOTOS UNIT #4 PHOTOS

UNIT #5 PHOTOS COMMON AREA PHOTOS

UNIT BREAKDOWN

CURRENT MARKET MARKET UNIT TYPE APPROXIMATE UNIT SIZE CURRENT RENT RENT/SQ.FT. RENT RENT/SQ.FT. 1 1 Bd/1 Bth 675 Sq.Ft. $1,765 $2.72 $1,895 $2.92 2 1 Bd/1 Bth 650 Sq.Ft. $2,151 $3.19 $2,151 $3.19 3 Studio 450 Sq.Ft. $1,495 $3.32 $1,495 $3.32 4 Studio 400 Sq.Ft. $1,495 $3.74 $1,595 $3.99 5 Studio 300 Sq.Ft. $1,195 $3.98 $1,295 $4.32 6 Comm 840 Sq.Ft. $1,268 $1.51 $2,500 $2.98 Totals/Avg 552 Sq.Ft. $9,369 $2.43 $10,931 $2.81 Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $123,768 $141,312 Units 6 Price $1,750,000 Less Vacancy 2.00% $2,475 2.00% $2,826 Year Built 1909 Per Unit $291,667 Gross Operating Income $121,293 $138,486 Rentable Area 3,850 Per Sq. Ft. $45