VIEWAT GREENWOOD BALLARD PHINNEY RIDGE

CROWN HILL

GREENWOOD

VIEWAT GREENWOOD

BITTER LAKE OFFERING

Paragon Real Estate Advisors is pleased to offer for sale the View at Greenwood. This mixed-use apartment building was finished in 2013 and lies in ’s Greenwood neighborhood. While being situated in a quiet neighborhood outside of the city’s core, the building still remains only a 15-minute commute into Seattle’s bustling downtown. The unit mix is comprised of 11 one-bedroom / one-bath units ranging from 600 to 660 square feet, 2 two bedroom / two-bath units at 860 square feet, and two luxurious townhouse penthouses which are 1,272 and 1,460 square feet. This turnkey investment is perfect for an investor who is looking to secure a solid building in an excellent location and receive an above average cash on cash return.

NAME View at Greenwood

ADDRESS 310 N 103rd St, Seattle, WA 98133

TOTAL UNITS 15 + 2 Commercial

BUILT 2012

SQUARE FEET 13,673 Total Net Rentable

PRICE $5,695,000

PRICE PER UNIT $335,000

PRICE PER FOOT $416.51

AVG. RENT/SQFT $2.05

CURRENT GRM/CAP 16.2/4.0%

MARKET GRM/CAP 14.2/4.8%

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. PROPERTY HIGHLIGHTS

„ Spacious units „ Two townhouse style penthouse units with Puget sound views and private roof-top decks „ High quality commercial build-out „ Building recently constructed in 2012 „ Two parking garages with 18 secured spaces „ Situated on corner lot „ All units have in-unit laundry and many provide views of the Seattle skyline, the Olympic Mountains, and Puget Sound. LOCATION HIGHLIGHTS

Greenwood is a diverse neighborhood that straddles the northern edges of Ballard and , extending north to the edge of Seattle, its boundary with Shoreline. Like so many parts of Seattle, Greenwood started out as its own city, but later saw the advantages of annexing to Seattle.

The neighborhood is down-to-earth, an even mix of single-family homes, apartment WALK SCORE buildings from various eras and townhomes. Since 1993 the neighborhood has hosted the “Greenwood Classic Car Show” on the last Saturday in June. Another event is the 87 “Greenwood Seafair Parade”, held on the fourth Wednesday in July. Both events draw tens of thousands of visitors to the neighborhood annually

„ Located in the growing and dynamic Greenwood/ Crown Hill neighborhood

„ Walk Score of 87! Very walkable location with convenient access to most anything. TRANSIT SCORE „ Close to popular neighborhoods: Ballard, Green Lake, Phinney Ridge, Fremont & more 55

„ 15-minute drive to downtown Seattle CBD

„ Easy access to I-5, Aurora Ave (99), and 15th Ave NW

„ Convenient access to public transportation with multiple bus stops 1 block away

„ Close to many popular parks and outdoor recreation destinations (Green Lake, BIKE SCORE Woodland Park, Carkeek Park, Golden Gardens Park)

„ Safeway, Fred Meyer and Grocery Outlet all within walking distance 72 AMENITIES MAP FOOD & DRINK

1. La Cabana 2. Wingstop 3. Manna Deli & Teriyaki 4. Thai Thai Kitchen 5. Starbucks VIEWAT GREENWOOD 6. The Woodlands Pizza 5 7. Uber Tavern 8. Duck Island Ale House 9. Taqueria Tequila 10. Flying Bike Co. Brewery 4 11. The Cookie Counter 1 1 SERVICES 2 5 3 1. Seattle Public Library 2. Bartell Drugs 4 6 3 3. Fred Meyer 2 4 7 10 4. The Home Depot 3 6 5. Lowe’s 6 2 5 9 6. Grocery Outlet 1 7 7. Petco 8 11 8. Safeway 8 SHOPPING

1. Carkeek Park 2. Golden Gardens Park 3. North Seattle College 4. Licton Springs Park 5. Bishop Blanchet High School 6. Sandel Playground MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT MAJOR EMPLOYERS - SOUTH BUILDING PHOTOS BUILDING PHOTOS UNIT PHOTOS UNIT PHOTOS FLOOR PLANS - COMMERCIAL SPACE

COMMERCIAL AND GARAGE LOWER LEVEL COMMERCIAL AND GARAGE UPPER LEVEL FLOOR PLANS - RESIDENTIAL

FIRST FLOOR SECOND FLOOR

THIRD FLOOR FOURTH FLOOR Unit Breakdown VIEWAT GREENWOOD

APPROXIMATE CURRENT CURRENT MARKET MARKET UNIT TYPE UNIT SIZE RENT RENT/SQ.FT. RENT RENT/SQ.FT. 201 2 Bd / 2 Bth 860 $1,895 $2.20 $1,950 $2.27 202 1 Bd / 1 Bth 740 $1,570 $2.12 $1,625 $2.20 203 1 Bd / 1 Bth 665 $1,550 $2.33 $1,600 $2.41 204 1 Bd / 1 Bth 660 $1,550 $2.35 $1,600 $2.42 205 1 Bd / 1 Bth 600 $1,550 $2.58 $1,600 $2.67 301 2 Bd / 2 Bth 860 $1,900 $2.21 $1,950 $2.27 302 1 Bd / 1 Bth 740 $1,445 $1.95 $1,625 $2.20 303 1 Bd / 1 Bth 665 $1,550 $2.33 $1,600 $2.41 304 1 Bd / 1 Bth 660 $1,550 $2.35 $1,600 $2.42 305 1 Bd / 1 Bth 600 $1,550 $2.58 $1,600 $2.67 401 2 Bd / 2 Bth 1,460 $2,450 $1.68 $2,750 $1.88 402 1 Bd / 1 Bth 740 $1,550 $2.09 $1,625 $2.20 403 1 Bd / 1 Bth 665 $1,550 $2.33 $1,600 $2.41 404 1 Bd / 1 Bth 660 $1,500 $2.27 $1,600 $2.42 405 2 Bd / 2 Bth 1,272 $2,300 $1.81 $2,500 $1.97 Commercial A + B 1,826 $2,458 $16.15 NNN $2,532* $16.64 NNN Total 13,673 $28,098 $29,357

Commercial lease: Expires November 30th, 2023 with 3% Annual Increases, the next increase goes into effect on September 1 st, 2020. One 5-year option at Fair Market Value.

* Effective September 1st, 2020 ANNUALIZED OPERATING DATA CURRENT MARKET Income and Expenses Scheduled Gross Income $352,584 $400,908 Less Vacancy 5.00% $17,629 5.00% $20,045 Units 15 + 2 Price $5,695,000 Gross Operating Income $334,955 $380,863 Year Built 2012 Per Unit $335,000 Less Expenses $106,836 $108,673 Rentable Area 13,673 Per Sq. Ft. $416.51 Net Operating Income $228,119 $272,190 Down Pmt $2,054,986 Current GRM 16.15 Annual Debt Service ($15,842/mo) $190,099 $190,099 Loan Amount $3,640,014 Current CAP 4.01% Cash Flow Before Tax 1.85% $38,020 3.99% $82,091 Interest Rate 3.25% Market GRM 14.21 Principal Reduction $72,878 $72,878 Amortization 30 years Market CAP 4.78% Total Return Before Tax 5.40% $110,897 7.54% $154,969

UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET 11 1 Bd/1 Bth 600 - 740 $1,445 - $1,600 $1,600 - $1,625 RE Taxes 2020 Actual $48,755 $48,755 1 2 Bd/2 Bth 860 $1,895 $1,950 Insurance Pro Forma $6,000 $6,000 1 2 Bd/2 Bth 860 $1,900 $1,950 Utilities 2019 Annualized $20,973 $20,973 1 2 Bd/2 Bth 1,272 $2,300 $2,500 Professional Mgmt Pro Forma $13,398 $15,235 1 2 Bd/2 Bth 1,460 $2,450 $2,750 Maint/Repairs 2019 Annualized $8,687 $8,687 A/B Com 1,826 $2,458 $2,532 Landscaping 2019 Annualized $4,773 $4,773 15 Total/Avg 804 $2.05 $2.15 Admin/Legal Pro Forma $750 $750 Reserves Pro Forma $3,500 $3,500 MONTHLY INCOME CURRENT MARKET Total Expenses $106,836 $108,673 Gross Potential Rent $28,098 $29,357 Utility Bill Back $80 $1,020 CURRENT MARKET Commercial NNN $1,182 $1,182 Expense/Unit $6,285 Expense/Unit $6,393 OPERATIONS OPERATIONS Parking $0 $1,350 Expense/Foot $7.81 Expense/Foot $7.95 Storage $0 $350 Percent of EGI 30.30% Percent of EGI 27.11% Late Fees/Miscellaneous $22 $150 Gross Potential Income $29,382 $33,409 SALES COMPARABLES

View at Greenwood 310 N 103rd St Seattle, WA 98133 VIEWAT GREENWOOD Year Built 2012 Units 15 + 2 Commercial 4 Sales Price $5,695,000 3 Price/Unit $335,000 Price/Foot $416.51 Current GRM/CAP 16.2/4.0% 1 Market GRM/CAP 14.2/4.8%

1 Year Built 1963 2 Year Built 2013 Units 17 Units 27 + 2 Com. 2 Sales Price $5,450,000 Sales Price $9,925,000 Price/Unit $320,588 Price/Unit $342,241 Price/Foot $431.38 Price/Foot $533.32 GRM/CAP 13.8/4.9% GRM/CAP 15.1/5.0% Sales Date 03.15.2019 Sales Date 01.17.2019 Sunset Villa Wally 6736 24th Ave NW 4111 Stone Way N Seattle, WA 98117 Seattle, WA 98103

3 Year Built 1998 4 Year Built 1971 Units 14 + 1 Com. Units 17 Sales Price $4,900,000 Sales Price $5,850,000 Price/Unit $326,667 Price/Unit $344,118 Price/Foot $397.05 Price/Foot $398.77 GRM/CAP 17.1/3.6% GRM/CAP 13.3/5.1% Sales Date 08.24.2018 Sales Date 06.15.2018 Ashley Manor Terra 8221 5th Ave NE 730 N 85th St Seattle, WA 98115 Seattle, WA 98103

5 Year Built 2016 Units 38 Sales Price $12,537,500 5 Price/Unit $329,934 Price/Foot $607.23 GRM/CAP Unk./4.3% Sales Date 04.18.2018 4400 Alaska 4400 SW Alaska St Seattle, WA 98116 RENT COMPARABLES

View at Greenwood 1 Bd / 1 Bth 600 - 740 $1,445 - $1,570 $2.41 - $2.12 301 N 103rd St 2 Bd / 2 Bth 860 $1,895 $2.20 Seattle, WA 98133 2 Bd / 2 Bth 860 $1,900 $2.21 2 Bd / 2 Bth 1,272 $2,300 $1.81 2012 - 15 Units 2 Bd / 2 Bth 1,460 $2,450 $1.68

1 11 Unit Apartment 351 NW 80th St Seattle, WA 98117 1 Bd/1 Bth 800 $1,675 $2.09

1951 - 11 Units

2 9 Unit Apartment 9227 Woodlawn Ave Seattle, WA 98103 1 Bd/1 Bth 550 $1,575 $2.86

1987 - 9 Units 6 3 56 Unit Aprtment 8745 Greenwood Ave 1 Bd/1 Bth 568 $1,800 $3.17 Seattle, WA 98103 VIEWAT GREENWOOD 1989 - 56 Units 2 4 11 Unit Apartment 8732 Phinney Ave N 3 4 Seattle, WA 98103 1 Bd/1 Bth 550 $1,695 $3.08 5 7

1977 - 11 Units

5 Triplex 1 1165 N 90th St Seattle, WA 98103 2 Bd/1 Bth 950 $2,100 $2.21

1968 - 3 Units

6 Northlink Apartments 11244 Greenwood Ave N Seattle, WA 98133 2 Bd/2 Bth 815 $2,300 $2.82

1968 - 30 Units

7 8 Units Apartment 8409 5th Ave NE Seattle, WA 98115 2 Bd/2 Bth 911 $2,049 $2.25

1975 - 8 Units 600 University St, Suite 2018 Michael Urquhart Brian Platt Saint Newton Seattle 98101 [email protected] [email protected] [email protected] 206 623-8880 / [email protected] 206 812-9123 206 812-9130 206 623-8586 www.ParagonREA.com

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.