THE BRONS APARTMENTS & BOSTON FOURPLEX 2046 FRANKLIN AVENUE E | , WA 98102 261 E BOSTON STREET | SEATTLE, WA 98102

IAN BROWN PRINCIPAL | BROKER P: 206.999.5000 [email protected] Headline font

WESTLAKE ASSOCIATES | 2 Investment Offering WESTLAKE ASSOCIATES, INC. IS PLEASED TO PRESENT THE EXCLUSIVE LISTING OF THE BRONS APARTMENTS AND THE BOSTON FOURPLEX.

This rare opportunity consists of two buildings on separate contiguous tax parcels and is situated on the corner $4.8M of Boston and Franklin Avenue. These properties are located in the coveted Eastlake neighborhood just blocks LIST PRICE from South and Seattle’s technology hub. The properties have been fully renovated down to the original framing and only retain some of the original fir floors. This extensive renovation enhanced the character of the units and include many tasteful period upgrades. The units have high ceilings with wonderful lighting and most are situated on the corners of the buildings. The systems of both properties have been replaced with all 16 new electrical service and wiring, “pex” plumbing, and quick recovery hot water tanks. Both buildings also have TOTAL # OF UNITS newer roofs, windows and siding. The Brons Apartments has 12 units consisting of 4 one-bedroom units and 8 studios. The Boston Fourplex has 1 two-bedroom, 1 one-bedroom and 2 studios. Tenants from both properties enjoy a private green space/path surrounded my mature professional landscaping. All the interior units have been updated with new attractive kitchen cabinets, counters, fixtures and appliances, new bathroom fixtures, $300,000 kitchen and are fully furnished. The Brons includes an additional small office/storage area and common laundry PRICE PER UNIT area, while the Fourplex has individual laundry in each unit. The Brons and Boston Fourplex present investors with the rare opportunity to own 2 stabilized buildings units within walking distance of the city’s major employers and .

INVESTMENT HIGHLIGHTS PROPERTY HIGHLIGHTS Address 2046 Franklin Ave E & 261 E Boston St • Completely rebuilt in 2014 Parcel Numbers 290220-0045 & 290220-0043 • Immediate rental upside • Beautiful corner lot on 2 separate tax parcels Portfolio Price $4,800,000 • 1st time on the market Year Built 1910 // 1910 • Refinished fir floors Total Units 16 • Large units with great light Total Net Rentable SF 8,105 SF • Dynamic, fast growing Eastlake neighborhood Total Lot SF 6,600 SF • Close to South Lake Union, , Google, Gates Foundation, & University of Zoning LR2 (M) • Enjoy kayaking, paddle boarding, swimming in Lake Union, beach front just a few blocks away

WESTLAKE ASSOCIATES | 3 Property Details

PROPERTY DETAILS County King Market Eastlake Land Use Apartments Style Low-Rise Zoning LR2 (M)

BUILDING INFORMATION Name The Brons Name Boston Fourplex Address 2046 Franklin Avenue E Address 261 E Boston Street Price $3,400,000 Price $1,400,000 APN# 290220-0045 APN# 290220-0043 Year Built 1910 Year Built 1910 # of Units 12 # of Units 4 # of Floors 2 # of Floors 2 Lot Size 4,590 SF Lot Size 2,010 SF Net Rentable SF 5,343 SF Net Rentable SF 2,762 SF Construction Wood Frame Construction Wood Frame Heat Electric Baseboard Heat Electric Baseboard Roof Flat Roof Composition Laundry Common Laundry In-Unit Parking Street Parking Street

WESTLAKE ASSOCIATES | 4 Location

EASTLAKE PORTFOLIO EASTLAKE PORTFOLIO

E BOSTON ST INTERSTATE - 5 INTERSTATE FRANKLIN AVE E FRANKLIN AVE BOYLSTON AVE E AVE BOYLSTON

WESTLAKE ASSOCIATES | 5 Headline font

SEATTLE CBD CAPITOL HILL

SOUTH LAKE UNION

QUEEN ANNE

EASTLAKE

FREMONT

UNIVERSITY OF WASHINGTON

AURORA AVE N

WALLINGFORD

S

WESTLAKE ASSOCIATES | 6 Interior Photos

WESTLAKE ASSOCIATES | 7 Interior Photos

WESTLAKE ASSOCIATES | 8 Interior Photos

WESTLAKE ASSOCIATES | 9 # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF Financial Offering 4 STUDIO 390 SF $1,131 $2.90 $1,300 $3.33 THE BRONS | 2046 Franklin Avenue E 4 STUDIO* 450 SF $1,400 $3.11 $1,600 $3.50 4 1 BD | 1 BA 500 SF $1,420 $2.84 $1,650 $3.30 12 PRICE ANALYSIS 5,343 SF $15,825 $2.95 $18,200 $3.37

PRICE $3,400,000 INCOME Price per Unit $283,333 CURRENT PRO FORMA Price per NRSF $636 Scheduled Rent Income $189,000 $218,400 Price per Land SF $515 + Laundry $1,800 $1,800 Current Cap 3.4% + Parking & Other Income $600 $600 Current GRM 17.7 Scheduled Gross Income $191,400 $220,800 Market Cap 4.5% - Vacancy & Credit Losses ($9,615) 5.00% ($8,832) 4.00% Market GRM 15.4 Gross Income $182,685 $211,968

PROPOSED FINANCING EXPENSES CURRENT PRO FORMA Loan Amount $1,700,000 RE Taxes $29,006 $28,000 Down Payment $1,700,000 Insurance $2,500 $2,293 Rate 3.60% Management & Administration $9,600 $2,000 % Down 50% Gas $1,400 $1,400 Amortization 30 Electricity $600 $600 Term 10 years Utilities: W/S/G $14,038 $14,038 Monthly Payment $92,748 Repairs & Maintenance $6,360 $5,200 Annual Payment $7,729 Landscaping $704 $750 Reserves $3,600 $3,600 Total Expenses $67,808 $10.43 PSF $57,881 $8.90 PSF OPERATING DATA CURRENT PRO FORMA Net Operating Income $114,877 $154,087 Less Loan Payments ($92,748) ($92,748) Pre-Tax Cash Flow $22,129 $61,339

# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF Financial Offering 1 2 BD | 1 BA 1,010 $2,100 $2.07 $2,500 $2.47 BOSTON 4PLEX | 261 E Boston Street 1 1 BD | 1 BA 850 $1,600 $1.88 $2,000 $2.35 2 Studio 450 $1,250 $2.77 $1,400 $3.11 4 PRICE ANALYSIS 2,762 SF $6,200 $2.37 $7,300 $2.76 INCOME PRICE $1,400,000 CURRENT PRO FORMA Price per Unit $350,000 Scheduled Rent Income $74,400 $87,600 Price per NRSF $506.88 + Utility $2,700 $3,600 Price per Land SF $696.52 + Miscellaneous $600 $600 Current Cap 3.77% Scheduled Gross Income $77,700 $91,800 Current GRM 18.16 - Vacancy & Credit Losses ($2,331) 3.00% ($2,754) 3.00% Market Cap 5.01% Gross Income $75,369 $89,046 Market GRM 15.35 EXPENSES PROPOSED FINANCING CURRENT PRO FORMA RE Taxes $13,697 $13,697 Loan Amount $850,000 Insurance $1,300 $1,300 Down Payment $650,000 Utilities $4,560 $1,606 Rate 3.60% Repairs & Maintenance $1,800 $1,106 % Down 76% Reserves $1,200 $1,200 Amortization 30 Total Expenses $22,557 $8.17 PSF $18,909 $6.85 PSF Term 7 years Monthly Payment $4,306 OPERATING DATA Annual Payment $51,682 CURRENT PRO FORMA Net Operating Income $52,812 $70,127 Less Loan Payments ($51,682) (51,682) Pre-Tax Cash Flow $1,130 $18,455

Rent Roll

UNIT UNIT TYPE SF CURRENT RENT / SF MARKET RENT / SF THE BRONS | 2046 FRANKLIN AVENUE E

1 Studio 390 $1,200 $3.07 $1,300 $3.33

2 1 BD | 1 BA 500 $1,500 $3.00 $1,650 $3.30

3 Large Studio 450 $1,500 $3.33 $1,600 $3.55

4 1 BD | 1 BA 500 $1,300 $2.60 $1,650 $3.30

5 1 BD | 1 BA 500 $1,450 $2.90 $1,650 $3.30

6 Large Studio 450 $1,500 $3.33 $1,600 $3.55

7 1 BD | 1 BA 500 $1,450 $2.90 $1,650 $3.30

8 1 BD | 1 BA 500 $1,400 $2.80 $1,650 $3.30

9 Studio 390 $1,050 $2.69 $1,300 $3.33

10 Studio 390 $1,050 $2.69 $1,300 $3.33

11 Large Studio 450 $1,200 $2.66 $1,600 $3.55

12 Studio 390 $1,225 $3.14 $1,300 $3.33

TOTAL 5,343 SF $15,825 $2.93 $18,200 $3.37 BOSTON FOURPLEX | 261 E BOSTON STREET

1 1 BD | 1 BA 850 $1,600 $1.88 $2,000 $2.35

2 2 BD | 1 BA 1,010 $2,100 $2.07 $2,500 $2.47

3 Studio 450 $1,250 $2.77 $1,400 $3.11

4 Studio 450 $1,250 $2.77 $1,400 $3.11

TOTAL 2,762 SF $6,200 $2.37 $7,300 $2.76 Sales Comparables

7-UNIT FLORENTIA 1021 N 50th Street 4 Florentia Street Seattle, WA 98103 Seattle, WA 98109

SALE COMPARABLE SALE COMPARABLE SALE DATE 05/29/2020 SALE DATE 04/24/2020 SALE PRICE $2,750,000 SALE PRICE $3,947,500 PRICE / SF $498.73 PRICE / SF $475.60 PRICE / UNIT $392,857 PRICE / UNIT $394,750 CAP RATE 5.14% CAP RATE 4.25% GRM 15.5 GRM -

BUILDING INFO BUILDING INFO YEAR BUILT 1955 YEAR BUILT 1962 # OF UNITS 7 # OF UNITS 10 NRSF 5,514 SF NRSF 8,300 SF LOT SF 5,001 SF LOT SF 7,200 SF ZONING LR2 (M) ZONING LR1 (M)

WESTLAKE ASSOCIATES | 13 Sales Comparables

GREENWOOD MIDVALE 6714 Greenwood Avenue 8541 Midvale Avenue N Seattle, WA 98103 Seattle, WA 98103

SALE COMPARABLE SALE COMPARABLE SALE DATE 06/01/2020 SALE DATE 04/30/2020 SALE PRICE $2,400,000 SALE PRICE $5,725,000 PRICE / SF $477.14 PRICE / SF $476.77 PRICE / UNIT $400,000 PRICE / UNIT $286,250 CAP RATE 4.37% CAP RATE 4.94% GRM 16.50 GRM 16.39

BUILDING INFO BUILDING INFO YEAR BUILT 1960 YEAR BUILT 2018 # OF UNITS 6 # OF UNITS 20 NRSF 5,030 SF NRSF 12,008 SF LOT SF 5,001 SF LOT SF 5,227 SF ZONING NC2-55 (M) ZONING LR3

WESTLAKE ASSOCIATES | 14 Sales Comparables

GLADSTONE 2038 Yale Avenue E Seattle, WA 98102

SALE COMPARABLE SALE DATE 03/25/2020 SALE PRICE $3,596,400 PRICE / SF $551.68 PRICE / UNIT $599,400 CAP RATE 4.42% GRM 17.5

BUILDING INFO YEAR BUILT 1928 # OF UNITS 6 NRSF 6,519 SF LOT SF 6,599 SF ZONING LR3

WESTLAKE ASSOCIATES | 15 Sales Comparables Summary

SALE COMPS PRICE BLDG SF PRICE / SF PRICE / UNIT CAP GRM # OF UNITS CLOSE

7-UNIT $5,750,000 5,514 SF $498.73 $392,857 5.14% 15.5 7 05/29/2020 1021 N 50th St

FLORENTIA $3,947,500 8,300 SF $475.60 $394,750 4.25% - 10 04/24/2020 4 Florentia St

GREENWOOD $2,400,000 5,030 SF $477.14 $400,000 4.37% 16.50 6 06/01/2020 6714 Greenwood Ave

MIDVALE $5,725,000 12,008 SF $476.77 $286,250 4.94% 16.39 20 04/30/2020 8541 Midvale Ave N

GLADSTONE $3,596,400 6,519 SF $551.68 $599,400 4.42% 17.5 6 03/25/2020 2038 Yale Ave E

Total | Averages $4,283,780 7,474 SF $496 $414,651 4.62% 16.47

Subject Property 2046 Franklin Ave E $3,400,000 6,325 SF $537 $283,333 3.4% 17.7 12

Subject Property 261 E Boston St $1,400,000 2,762 SF $506 $350,000 3.77% 18.16 4

WESTLAKE ASSOCIATES | 16 Eastlake & Site Demographics

THIS AREA ONCE PLAYED a big role in moving cargo from Elliot Bay and Downtown across Lake Washington. Most of the residents POPULATION 1-MILE 3-MILE 5-MILE were people who worked in these important jobs. Located on the Total Population 25,936 314,418 513,519 eastern side of Lake Union, the first houseboats were more like “floating shanties” for migrant workers who helped built the Lake Washington Total Daytime Population 30,246 439,200 636,414 Ship Canal. Once the city’s population began to grow, nicer homes Median Age 37.0 35.4 37.2 were built for more wealthy dwellers. Today, the residences are still Renter Occupied Housing 60.2% 63.8% 55.9% small, but vary from modest to opulent. Almost 60% of the residences in Eastlake were built after 1980, most being apartment buildings HOUSEHOLDS & INCOME 1-MILE 3-MILE 5-MILE with retail space on the ground level. Eastlake is said to have the most Total Households 14,872 165,014 254,382 eclectic assortment of architecture in Seattle, with floating homes, urban condos, turn-of-the-century homes, modern townhomes and Average HH Income $157,904 $134,125 $140,701 old brick apartment buildings. There are a lot of ways to get out and enjoy Lake Union. There are boat launches for kayaks and canoes; many small parks dot the shore, including Fairview Park and Eastlake Bouledrome, which claims to have the best waterfront bocce ball in Seattle. You can grab a table on the deck at one of the restaurants along the lake like Eastlake Bar and Grill or Serafina and watch the boats and seaplanes as you dine. Eastlake is a particularly attractive location for people with ties to the University of Washington, which can be reached quickly by a number of bus routes. Eastlake is also home to Seattle’s highest concentration of houseboats, the likes of which were made famous in the 1993 film Sleepless in Seattle. The close proximity to the South Lake Union, Capitol Hill and University District neighborhoods make Eastlake a prime location to reside for city dwellers.

WESTLAKE ASSOCIATES | 17 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 mazimize investment returns.

EXCLUSIVELY LISTED BY: We’ve built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, IAN BROWN 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: 206.999.5000 experience to provide the highest level of client services. [email protected]

PROUD MEMBERS OF: Commercial Brokers Association (CBA) Northwest Multiple Listing Services (NWMLS) LoopNet National Listing Services CoStar Commercial Real Estate Data & National Listing Commercial Investment Real Estate (CREI) Washington State Realtors Association (WSMA)

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. ©2020 WESTLAKE ASSOCIATES, INC.