Bradbury Apartments Queen Anne

THE BRADBURY APARTMENTS QUEEN ANNE

SOUTH LAKE UNION

DOWNTOWN BUSINESS DISTRICT

BELLTOWN

THE BRADBURY APARTMENTS

PIONEER SQUARE OFFERING

Paragon Real Estate Advisors is proud to present you with the exclusively listed Bradbury Apartments located at 718 Cherry Street in the First Hill/ Downtown neighborhood of Seattle. This 30 unit community (29 units plus one commercial space) provides an excellent opportunity to own an apartment in Seattle’s core market. The Bradbury is located one block east of downtown and has a 97 Walk Score and 100 Transit Score. This neighborhood is going through significant redevelopment with luxury apartments, senior assisted living facilities, expansion of major medical centers including Swedish Hospital and medical Center, and Harborview Hospital as well as the development of many highrise office developments within walking distance of the subject property including the recently finished F5 Networks Tower. This is a unique opportunity to own an apartment building in this area where apartments rarely change hands.

NAME The Bradbury Apartments

ADDRESS 718 Cherry St, Seattle WA 98104

TOTAL UNITS 30 (29 + 1 Commercial)

BUILT 1902

SQUARE FEET 13,720 Total Net Rentable

PRICE $7,649,000

PRICE PER UNIT $254,967

PRICE PER FOOT $557.51

CURRENT GRM/CAP 14.3/4.8%

MARKET GRM/CAP 13.3/5.1%

LOT INFORMATION 7,200 Square Feet Zoned Highrise

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

Adjacent to Downtown Seattle and First Hill

97 Walkscore and 100 Transit Score

Area of high-paying medical and corporate jobs

Seattle skyline views

Formal entry with era appropriate style

Vintage apartments with fir floors, claw foot tubs and bay windows

Updated plumbing, electrical and heating systems

Highrise Zoning (M) – located in the Capitol Hill/ First Hill Urban Center

THE BRADBURY APARTMENTS LOCATION HIGHLIGHTS

Bradbury is located one block from downtown Seattle

Transit Paradise: Metro Bus Service, Lightrail, First Hill Street Car

Walking distance to all necessities including restaurants, parks, grocery stores, shopping and entertainment amenities WALK SCORE

Direct access to Interstate 5 97

300,000+ jobs in the immediate area

First Hill is home to all the major medical centers in Seattle including Swedish, Harborview, Virginia Mason and Providence Medical Centers as well as the many health and wellness support businesses.

Located within walking distance to Seattle Central College and Seattle University TRANSIT SCORE

Short distance to Seattle Mariner’s T-Mobile Park, Seattle Seahawks and Seattle 100 Sounders Century Link Field

BIKE SCORE 71 FIRST HILL

Rising behind the downtown retail core, First Hill is a diverse jumble of high-rise apartments, historic mansions and hospitals. First Hill is one of the few neighborhoods in Seattle to have fairly easily discernible border lines, with Yesler to the south separating First Hill from the International district, 12th Avenue on the east acting as the borderline to the Central district, and East Pike Street as the northern boundary with Capitol Hill. Interstate 5 divides downtown from First Hill on the west side. Knowns for the high concentration of churches and hospital buildings this area is also home to many of the well-known private schools in the area. Seattle Academy of Arts and Sciences and the Northwest School are both highly regarded middle and high schools, while O’dea is a catholic high school for boys. In higher education, the Jesuit school Seattle University has been located in the neighborhood since 1898. The neighborhood is no longer the mecca for well-to-do business people that it once was; however, it is having a resurgence as a residential area. In recent years the trendy restaurants of Capitol Hill have been spilling south of Pike and into First Hill, adding to the allure of the neighborhood. B e lm

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2 8th Ave 99 7 3 15 9. Dick’s Drive-In 1. Quality Food Center (QFC) t 4 S 2 10. Primo Pizza Parlor nd ion St 5 Un ty 2. Stockbox First Hill Grocery i 5 A s v ver 2 9e ni 8 U 6 11. 8oz Burger & Co 7th Ave E Cherry St 3. Han’s Deli & Grocery A la 10Madison St s k 7Seneca St 3 12. Skillet diner a n 4. Plaza Select Foods W a 5 y t h 13. Pie Bar V Boren Ave A 1 4 i 1 4 5. Trader Joe’s ad s t v S th t g e A rin 3 A v p v 3 e S e 14. Lark 166th Ave 2 2 St 1 1 15. Mad Pizza ia b James St ACTIVITIES lum 2 Marion St Co 5 1 16. Bebas & Amigos 3 1. Frye Art Museum 1 s t A v 4 PARKS e 2. Pike Place Market Yesler Way E Yesler Way

B 1. Seattle University Park 3. Seattle Public Library o re n A 2 B v 2. Freeway Park 4. Convention Center n e d 5 S A v e 3. Cal Anderson Park 5. Seattle Aquarium E x S Jackson St t S THE 4. City Hall Park 6. Century Link Field BRADBURY 5th Ave S Ave 5th 5. Kobe Terrace 7. T-Mobile Park 8 APARTMENTS 12th Ave S Ave 12th R a 6. First Hill Park 8. King Street Station in ie

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0 0.25 0.5 KM MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT MAJOR EMPLOYERS - SOUTH LAKE UNION SEATTLE ECONOMY

Washington was recently ranked as the #1 economy in the United THE FUTURE OF INDUSTRY IS IN SEATTLE States. It is leading innovation potential, economic activity, and economic health. Seattle’s diversified industry is made up of older industrial and new technology companies. Seattle’s growth is driven by cloud services, AI, bio tech, aerospace engineering, green technology, e-commerce, and financial service enterprises. Large companies continue to dominate the business landscape. Seattle is home to 16 headquartered companies that are on Fortune 500’s list TECHNOLOGY CONSUMER GOODS as the largest companies in the United States. Seattle employs more Seattle is home to many than 165,300 people in national leaders in

Company Employees Revenue the technology sector consumer goods such with an average wage of as Starbucks, Costco, Amazon.com 647,500 $232,887,000 $130,000. Nordstrom, REI and Costco Wholesale 194,000 $141,576,000 Weyerhaeuser. Microsoft 131,000 $110,360,000 Starbucks 291,000 $24,719,500 Paccar 28,000 $23,495,700 Nordstrom 74,000 $15,860,000 Expedia Group 24,500 $11,223,000 Alaska Air Group 23,376 $8,264,000 LIFE SCIENCES AEROSPACE Expeditors Int’l of Washington 17,400 $8,138,400 With over 1,700 research, Home to Boeing, the Weyerhaeuser 9,300 $7,476,000 medical device, biggest airline producer Fortive 24,000 $7,203,200 distribution and drug in the world, Washington Puget Sound Energy 3,140 $3,346,500 companies are located state produces 90% of all TrueBlue 6,700 $2,499,200 here, and this area commercial aircrafts in employs more than the United States. Itron 7,350 $2,376,100 36,000 people. F5 Networks 4,409 $2,161,400 Esterline Technologies 12,609 $2,034,800 WHY INVEST IN SEATTLE?

57% of the Seattle population has a Seattle offers high rents with an Seattle is home to many large bachelors degree or higher. occupancy rate of 95% companies in technology, life sciences, consumer goods and aerospace.

Seattle is expected to add an additional Central business district provides Seattle has 59+ cranes hovering 40,000 to 50,000 jobs in 2019. more than 410,000 jobs. over the skyline, the highest number in any US city. The top 25 construction projects are Growing population of 3.87 million in High median income of $79,565. estimated to cost $23 Billion. the Seattle Metro area. BUILDING PHOTOS UNIT PHOTOS AERIAL VIEW

THE BRADBURY APARTMENTS AERIAL VIEW

THE BRADBURY APARTMENTS DEVELOPMENTS AROUND BRADBURY

707 TERRY ST 606 TERRY ST 800 COLUMBIA ST

715 8TH AVE

615 8TH AVE

THE BRADBURY APARTMENTS DEVELOPMENTS AROUND BRADBURY

615 8TH AVE 715 8TH AVE 800 COLUMBIA ST 707 TERRY ST 606 TERRY ST

• Across the St from • Behind the Bradbury • 287 Residential units • 486 Units • Assisted Living Bradbury • 77 Residential units • 16 Stalls • 204 Residential • Senior Living Condominium Units • 187,000 GSF AERIAL VIEW

THE BRADBURY APARTMENTS FLOOR PLANS - RESIDENTIAL

1BD UNIT CORNER STUDIO UNIT

CORNER 1BD UNIT STUDIO UNIT FLOOR PLANS - COMMERCIAL SPACES

BATH KITCHEN/WORK AREA OFFICE

METERS/STORAGE

OFFICE OFFICE OFFICE

BATH ENTRY Rent Roll B

THE BRADBURY APARTMENTS

APPROXIMATE CURRENT MARKET APPROXIMATE CURRENT MARKET UNIT TYPE UNIT SIZE RENT RENT UNIT TYPE UNIT SIZE RENT RENT 101 1 Bd/1 Bth 586 Sq.Ft. $1,499 $1,575 206 Studio 317 Sq.Ft. $1,225 $1,325 102 Studio 327 Sq.Ft. $1,160 $1,325 207 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575 103 1 Bd/1 Bth 497 Sq.Ft. $1,500 $1,575 208 Studio 317 Sq.Ft. $1,048 $1,325 104 Studio 317 Sq.Ft. $1,150 $1,325 209 Studio 327 Sq.Ft. $1,276 $1,325 105 1 Bd/1 Bth 497 Sq.Ft. $1,349 $1,575 211 Studio 378 Sq.Ft. $1,400 $1,325 106 Studio 317 Sq.Ft. $1,125 $1,325 301 1 Bd/1 Bth 586 Sq.Ft. $1,499 $1,575 107 1 Bd/1 Bth 497 Sq.Ft. $1,425 $1,575 302 Studio 367 Sq.Ft. $1,249 $1,325 108 Studio 317 Sq.Ft. $1,135 $1,325 303 1 Bd/1 Bth 497 Sq.Ft. $1,369 $1,575 109 Studio 378 Sq.Ft. $1,400 $1,325 304 Studio 317 Sq.Ft. $1,219 $1,325 111 Studio 367 Sq.Ft. $1,258 $1,325 305 1 Bd/1 Bth 497 Sq.Ft. $1,550 $1,575 201 1 Bd/1 Bth 586 Sq.Ft. $1,650 $1,575 306 Studio 317 Sq.Ft. $1,150 $1,325 202 Studio 327 Sq.Ft. $1,250 $1,325 307 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575 203 1 Bd/1 Bth 497 Sq.Ft. $1,525 $1,575 308 Studio 317 Sq.Ft. $1,199 $1,325 204 Studio 317 Sq.Ft. $1,170 $1,325 309 1 Bd/1 Bth 765 Sq.Ft. $1,499 $1,575 205 1 Bd/1 Bth 497 Sq.Ft. $1,449 $1,575 Commercial 1,400 Sq.Ft. $1,700 $1,700 Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $534,635 $576,703 Units 30 Price $7,649,000 Less Vacancy 3.0% $16,039 3.0% $17,301 Year Built 1902 Per Unit $254,967 Gross Operating Income $518,596 $559,402 Rentable Area 13,720 Per Sq. Ft. $557.51 Less Expenses $154,337 $172,854 Down Pmt $3,059,600 Current GRM 14.31 Net Operating Income $364,259 $386,549 Loan Amount $4,589,400 Current CAP 4.76% Annual Debt Service ($20,608/mo) $247,301 $247,301 Interest Rate 3.50% Market GRM 13.26 Cash Flow Before Tax 3.82% $116,958 4.55% $139,247 Amortization 30 years Market CAP 5.05% Principal Reduction $88,076 $88,076 Total Return Before Tax 6.70% $205,034 7.43% $227,324

UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET 16 Studio 317 - 378 $1,048 - $1,400 $1,325 RE Taxes T-12/Proforma $43,266 $57,368 13 1 Bd 497 - 765 $1,349 - $1,525 $1,575 Insurance T-12/Proforma $12,358 $9,000 1 Comm 1,400 $1,700 $1,700 Utilities T-12 $30,004 $30,004 Avg 473 $2.94 $3.16 Professional Mgmt 3% $15,558 $16,782 On-Site Mgmt T-12/Proforma $16,200 $16,200 Maint/Repairs/Turnover T-12/Proforma $12,709 $27,000 Administration T-12/Proforma $11,695 $4,500

MONTHLY INCOME CURRENT MARKET Marketing T-12/Proforma $3,547 $3,000 Gross Potential Rent $40,326 $43,375 Capital Reserves Proforma $9,000 $9,000 Utility Bill Back $1,794 $2,250 Total Expenses $154,337 $172,854 Laundry Income $541 $541 Other Income $1,892 $1,892 CURRENT MARKET Gross Potential Income $44,553 $48,059 Expense/Unit $6,266 Expense/Unit $5,869 OPERATIONS OPERATIONS Expense/Foot $13.70 Expense/Foot $12.83 Percent of EGI 35.16% Percent of EGI 29.46% SALES COMPARABLES

The Bradbury Apartments 718 Cherry St Seattle, WA 98104 Year Built 1902 Units 30 Sales Price $7,649,000 2 Price/Unit $254,967 Price/Foot $577.51 5 Current GRM/CAP 14.3/4.8% Market GRM/CAP 13.3/5.1% 1

1 Year Built 1926 2 Year Built 1930 Units 29 Units 20 4 6 Sales Price $9,350,000 Sales Price $6,850,000 Price/Unit $322,414 Price/Unit $342,500 Price/Foot $483.83 Price/Foot $607.43 GRM/CAP 16.6/3.7% GRM/CAP 15.8/3.9% Sales Date 8.30.2019 Sales Date 7.9.2019 3 Mulholland LaVanch Apartments 507 Harvard Ave E 956 10th Ave E Seattle, WA 98102 Seattle, WA 98 B 3 Year Built 1964 4 Year Built 1962 Units 14 Units 28 Sales Price $3,925,000 Sales Price $9,375,000 THE Price/Unit $280,357 Price/Unit $334,821 Price/Foot $574.50 Price/Foot $533.28 BRADBURY GRM/CAP Unknown GRM/CAP 14.0/4.8% APARTMENTS Sales Date 11.30.2018 Sales Date 11.28.2018 14 Unit Apartment MelMar Apartments 1613 Summit Ave 219 Harvard Ave E Seattle, WA 98122 Seattle, WA 98102

5 Year Built 1955 6 Year Built 1925 Units 21 Units 32 Sales Price $5,450,000 Sales Price $9,250,000 Price/Unit $259,524 Price/Unit $289,063 Price/Foot $576.72 Price/Foot $551.68 GRM/CAP 15.8/4.2% GRM/CAP 15.2/4.4% Sales Date 10.12.2018 Sales Date Pending Adamson Apartments Swansonia 900 E Prospect St 1017 E Harrison St Seattle, WA 98102 Seattle, WA 98102 RENT COMPARABLES

The Bradbury - Current 718 Cherry St Studio 317 - 378 $1,048 - $1,400 $3.31 - $3.70 Seattle, WA 98104 1 Bd/1 Bth 497 - 765 $1,349 - $1,525 $1.99 - $2.71 1902 - 30 Units B The Bradbury - Market 718 Cherry St Studio 317 - 378 $1,325 $3.51 - $4.18 Seattle, WA 98104 THE 1 Bd/1 Bth 497 - 765 $1,575 $2.06 - $3.17 3 BRADBURY 1902 - 30 Units 4 APARTMENTS 1 Metroline Flats 915 E Spruce St Studio 400 $1,730 $4.33 Seattle, WA 98104 1 Bd/1 Bth 479 - 540 $1,830 - $1,945 $3.60 - $3.82 2

2019 - 72 Units

2 Reverb 1023 E Alder St 1 Studio 400 $1,725 $4.31 Seattle, WA 98122 1 Bd/1 Bth 527 $1,628 - $2,040 $3.09 - $3.87

2016 - 30 Units

3 M Street 910 8th Ave Studio 475 $1,685 - $1,775 $3.55 - $3.74 Seattle, WA 98104 1 Bd/1 Bth 659 - 820 $2,180 - $2,305 $2.81 - $3.31

2007 - 220 Units

4 Zindorff Apartments 714 7th Ave Studio 310 $1,250 $4.03 Seattle, WA 98104 1 Bd/1 Bth 328 $1,350 $4.12

1911 - 75 Units 600 University St, Suite 2018 Seattle Washington 98101

206 623-8880 / [email protected] www.ParagonREA.com