NORTH PARK APARTMENTS

926-934 N 104TH ST, , WA 98133 CONTACT INFORMATION:

STEVE FISCHER TYLER SMITH JOE KINKOPF PRINCIPAL | BROKER PRINCIPAL | BROKER BROKER 206.505.9435 206.505.9425 206.321.8344 [email protected] [email protected] [email protected] OFFERING SUMMARY

WESTLAKE ASSOCIATES IS PLEASED TO PRESENT THIS 22-UNIT OPPORTUNITY IN NORTH SEATTLE. THE EARLY CONSTRUCTION AND SMALL UNITS PROVIDES A GREAT DEAL FOR INVESTORS LOOKING FOR UNITS WITH A LOW PRICE PER UNIT.

Northgate is one of the largest neighborhoods in north Seattle. The area is comprised of a number of smaller communities, including Pinehurst, North College Park, and Maple Leaf. The main attraction to this area is the Northgate Mall, which is conveniently located off of Interstate-5, exit Northgate Way. The mall features major department stores, retail shops and restaurants. Beyond the shopping and eating convenience, a bus transit transfer station and commuter parking lot are adjacent to Interstate-5. has recently announced preliminary plans for a redevelopment of the 55-acre property. On the coattails of this announcement, the Simon Property Group announced their collaboration with NHL Seattle to integrate the NHL practice facilities and community center into the transit oriented mixed-use center. In addition to proximity to the mall, the neighborhood will enjoy the arrival of light rail in 2021. Price: $3,295,000 ADDRESSADDRESS Price Per Unit: $149,773 926-934 N 104th St, Seattle, WA 98133 Price Per NRSF: $316.83 PROPERTPROPERTYY HIGHLIGHTS Cap Rate: 5.92% Market Cap Rate: 6.11 % EXEXCELLENTCELLENT RENTRENTAL INCAL INCOMEOME PER NRSF GRM: 10.27 CCONVENIENTONVENIENT PROPROXIMITXIMITY TY TO LO LOCALOCAL TRANSIT Building Size: 10,400 SF ONE MILE AAWWAAYY FROM NORTHGANORTHGATETE MALL AND FUTURE LIGHT RAIL STSTAATIONTION Lot Size: 15,374 SF ONON-SITE L-SITE LAAUNDRY FUNDRY FAACILITIESCILITIES Year Built: 1929 CLCLOSE PROOSE PROXIMITXIMITY TY TOO NORTHGANORTHGATETE REDEVELREDEVELOPOPMENT PLMENT PLANAN Year Renovated: 2017 PROPERTY DETAILS

SALE PRICE $3,295,000 PROPERTY DETAILS

LOCATION INFORMATION Property Type Multifamily Property Subtype Low-Rise/Garden Building Name North Park Apartments Zoning LR2 Street Address 926-934 N 104th St Lot Size 15,374 SF City, State, Zip Seattle, WA 98133 APN# 614560-0485 County/Township King

BUILDING INFORMATION UTILITIES & AMENITIES

Building Size 10,400 SF Gas / Propane PSE Year Built 1929 Laundry Description Coin LOCATION MAPS

North Park Apartments North Park Apartments FINANCIAL OFFERING

PROPERTY OVERVIEW # OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF 10 Studio 350 $952 $2.72 $965 $2.76 Number of Units 22 6 1 x 1 500 $1,095 $2.19 $1,195 $2.39 Year Constructed 1929 6 2 x 1 650 $1,395 $2.15 $1,495 $2.30 Rentable SF 10,400 SF Total | AVG $24,460 $2.35 $25,790 $2.48 Lot Size 15,374 SF INCOME

Zoning LR2 CURRENT PRO FORMA Scheduled Rent Income $294,120 $309,480 + Other Income $3,816 $3,816 PRICE ANALYSIS + Utility Bill Back $18,600 $18,600 Sale Price $3,295,000 + Parking $2,400 $2,400 Price per Unit $149,773 + Laundry $1,776 $1,776

Price per NRSF $316.83 Scheduled Gross Income $320,712 $336,072 - Vacancy & Cr Losses (5.00%) $16,036 $16,804 Price per Land SF $214.32 Gross Income $304,676 $319,268 Current Cap 5.92% EXPENSES Current GRM 10.27 CURRENT PER UNIT PRO FORMA PER UNIT Pro Forma Cap 6.11% Real Estate Taxes (2018) $20,511 $932 $28,047 $1,274 Pro Forma GRM 9.8 Insurance $6,178 $280 $6,178 $280 Utilities W/S/G/E $39,734 $1,806 $39,734 $1,806 FINANCING Professional Management $15,234 $692 $15,963 $725 Loan Amount $2,306,500 On-Site / Payroll $4,800 $218 $4,800 $218 Down Payment $988,500 Maintenance $15,400 $700 $15,400 $700

Rate 4.5% Landscaping $2,400 $109 $2,400 $109 Reserves $5,500 $250 $5,500 $250 % Down 30.0% Total Operating Expenses $109,757 $4,988 $118,022 $5,364 Amortization 3