EXISTING BUILDING | 9 UNITS

BROADWAY E

E JOHN ST

CAPITOL HILL LIGHT RAIL STATION

DEVELOPMENT POTENTIAL | 52–86 UNITS

228 11TH AVE E APARTMENTS

DEVELOPCAPITOLHILL.COM OFFERING MEMORANDUM | 228 11TH AVE E, , WA BOTHELL

SHORELINE

EXCLUSIVE REPRESENTATION

KIDDER MATHEWS is the exclusive Listing Brokerage for this Offering. Jerrid PUGET LAKE Anderson, Dylan Simon, and Brandon Lawler are exclusively representing the SOUND CITY KIRKLAND Seller in the sale of 228 11th Ave E Apartments ("Exclusive Listing Brokers").

NORTHGATE PROPERTY OFFERING

228 11TH AVE E is a 9-unit apartment building with potential for redevelopment GREENWOOD located in the Capitol Hill neighborhood of Seattle, WA. This offering provides buyers the opportunity to purchase the property free and clear of existing debt.

BALLARD This offering is priced at $4,200,000.

UNIVERSITY OFFER REQUIREMENTS DISTRICT FREMONT ALL OFFERS must be submitted to Jerrid Anderson and Dylan Simon, and must

MAGNOLIA include the following terms and information:

QUEEN • Purchase Price ANNE 228 11TH AVE E • Earnest money deposit, including non-refundable portion and timing of BELLEVUE deposits • Timing for due diligence inspection and post-diligence closing period ELLIOTT BAY LAKE • Source of funds for acquisition SEATTLE

PROPERTY TOURS

ALL PROPERTY TOURS will be conducted exclusively by Jerrid Anderson, Dylan MT BAKER MERCER Simon, and Brandon Lawler by appointment only. Please do not contact any on- ISLAND site personnel, property management, or residents for any reason whatsoever. To learn more about this opportunity and to schedule a tour, please contact the WEST COLUMBIA SEATTLE CITY Listing Brokers directly.

GEORGETOWN

RAINIER VALLEY

WHITE CENTER

RENTON

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 2 TABLE OF 01 CONTENTS EXECUTIVE SUMMARY 02 DEVELOPMENT POTENTIAL EXCLUSIVE LISTING BROKERS 03 JERRID ANDERSON DYLAN SIMON BRANDON LAWLER EXISTING BUILDING Executive Vice President Executive Vice President Associate 206.499.8191 206.414.8575 206.484.8114 [email protected] [email protected] [email protected] 04 LOCATION OVERVIEW DEBT FINANCE FINANCIAL ANALYSIS

ALEX MUNDY TYLER BLAIKIE 206.747.4725 206.972.4400 [email protected] [email protected] DEVELOPCAPITOLHILL.COM

This is a confidential Offering Memorandum and is provided solely for your limited use and benefit in evaluating this investment opportunity. Neither the Owner or Kidder Mathews, nor any of their respective directors, officers, affiliates or representatives make any representation, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating this investment opportunity and any offer you make to purchase the Property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivery and approved by the Owner and any conditions to the Owner’s obligations have been satisfied or waived. By receipt of this Offering Memorandum, you agree that this Offering Memorandum and its contents are confidential, that you will hold and treat them in the strictest confidence, that you will not disclose this Offering Memorandum to any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) with the prior written authorization of Kidder Mathews and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property and you will not use the Offering Memorandum or any of the content in any fashion or manner detrimental to the interest of Owner or Kidder Mathews. By receipt of this Offering Memorandum, you have been advised that Kidder Mathews is acting as a broker exclusively on behalf of Seller in connection with the marketing and sale of the Property. By receipt of this Offering Memorandum, you acknowledge receipt of the pamphlet entitled “The Law of Real Estate Agency” and/or any such required materials required by the State of Washington. 01

EXECUTIVE SUMMARY

Existing building on site with development potential located next to light rail station in the heart of Capitol Hill

OFFERING DETAILS

DEVELOPMENT POTENTIAL — PAGE 5 Pricing $4,200,000 228 11th Ave E falls within highly sought-after MR (M1) zoning (Multifamily Residential), which offers a multitude of development options without the Financing Debt Offered free and clear commercial requirements of NC zoning. Conventional or SEDU massing options yield 52–86 new units on this site and the savvy developer benefits from the cash flow of the existing 9-unit building throughout entitlements. PROPERTY SUMMARY Address 228 11th Ave E, Seattle, WA 98102 EXISTING INCOME — PAGE 11 No. of Units 9 Comparable apartment buildings in Capitol Hill demonstrate that in-place rental rates at the 228 11th Ave E Apartments are currently below market. NRSF 5,885 SF Not only can investors achieve immediate upside by raising rents to market, but a full renovation strategy would generate a 39% increase in annual rent. Year Built 1963 Parcel No. 600350-1510 LOCATION & ACCESSIBILITY — PAGE 20 Land Area 7,680 SF / 0.18 Acres Capitol Hill remains one of Seattle’s most in-demand neighborhoods, offering residents every lifestyle amenity they could ask for and unmatched Zoning MR (M1) regional connectivity. Just two blocks from Broadway — the retail heart of Capitol Hill — and the Link light rail station, 228 11th Ave E Apartments is the nexus of the live-work-play trifecta.

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 4 02

DEVELOPMENT Site of existing 9-unit building can accommodate up to 86 new units for developers seeking a high-demand POTENTIAL Capitol Hill location

SITE DETAILS

Address 228 11th Ave E, Seattle, WA 98102

Parcel No. 600350-1510

Land Area 7,680 SF / 0.18 Acres

Frontage 11th Ave E E THOMAS ST

228 11TH AVE E SUMMARY OF DEVELOPMENT STANDARDS

Zoning MR (M1)

12TH AVEE 11TH AVEE Urban Village Urban Center

Parking No required parking

Height Limit 80 FT Floor Area Ratio 5.5 max (FAR) Limit Residential development such as Permitted Uses townhouses, rowhouses, and apartments Mandatory Housing E JOHN ST $32.47/SF fee Affordability (MHA)

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 5 PROJECT INFORMATION 1435 34th Avenue Seattle, WA 98122 STREET ADDRESS PROJECT DESCRIPTION www.neimantaber.com 228 11TH AVE E DEMOLITION OF EXISTING 7,680 SF APARTMENT AND CONSTRUCTION 206.760.5550 SEATTLE, WA 98102 OF NEW 34,123 SF, 52 UNIT APARTMENT WITH 12 VEHICLE PARKING SPACES. LEGAL DESCRIPTION LOT 5, BLOCK 53, JOHN H. NAGLE'S SECOND ADDITION, VOL 5, PAGE 67 NET LOT AREA 7,680 SF TAX PARCEL NUMBER 600350-1510 ZONING MR (M)

OVERLAYS NONE

FEASIBILITY STUDY

FAR FEASIBILITYBOMA STUDY #1 | SMALL EFFICIENCY DWELLING UNITS 228 11TH AVE E FLOOR AREA RATIO OVERVIEW AREAS SEATTLE, WA 98102 LEVEL PARKING UTILITY STAIR/ELEV STORAGE CIRCULATION AMENITY RETAIL RESIDENTIAL TOTAL BALCONY ROOF DECK 3D VIEW LOT SIZE 7680 SF LEVEL 1 0 SF 587 SF 396 SF 947 SF 340 SF 0 SF 0 SF 0 SF 2270 SF 0 SF 0 SF 3 Designer's Stamp PROJECT INFORMATION FAR ALLOWABLE 4.5 LEVEL 2 0 SF 1138 SF 394 SF 0 SF 868 SF 0 SF 0 SF 2272 SF 4672 SF 0 SF 0 SF 1435 34th Avenue PROPOSED FAR 34288 / 7680 SF LEVEL 3 0 SF 0 SF 394 SF 0 SF 482 SF 0 SF 0 SF 3765 SF 4641 SF 0 SF 900 SF Seattle, WA 98122 7236 FAR TOTAL 4.46 LEVEL 4 0 SF 0 SF 394 SF 0 SF 482 SF 0 SF 0 SF 3765 SF 4641 SF 0 SF 0 SF REGISTERED STREET ADDRESS PROJECT DESCRIPTION LEVEL 5 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF www.neimantaber.com ARCHITECT 228 11TH AVE E DEMOLITION OF EXISTING 7,680 SF APARTMENT AND CONSTRUCTION 206.760.5550 LEVEL 11 FLOOR AREA RATIO BY FLOOR LEVEL 6 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF SEATTLE, WA 98102 OF NEW 34,123 SF, 52 UNIT APARTMENT WITH 12 VEHICLE PARKING 440' - 0" SPACES. LEVEL AREA FAR LEVEL 7 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF DAVID NEIMAN LEGAL DESCRIPTION LEVEL 8 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF LEVEL 10 10'-0" STATE OF WASHINGTON LOT 5, BLOCK 53, JOHN H. NAGLE'S SECOND ADDITION, VOL 5, PAGE 67 NET LOT AREA CHARGEABLE AREA LEVEL 9 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF 430' - 0" 7,680 SF LEVEL 10 0 SF 0 SF 398 SF 0 SF 287 SF 0 SF 0 SF 0 SF 685 SF 0 SF 801 SF LEVEL 2 4488 SF 0.58 10'-0" TAX PARCEL NUMBER 0 SF 1725 SF 3951 SF 947 SF 4679 SF 0 SF 0 SF 26752 SF 38054 SF 0 SF 1701 SF LEVEL 9 LEVEL 3 4455 SF 0.58 420' - 0" 600350-1510 ZONING No. Date Revision MR (M) LEVEL 4 4455 SF 0.58 10'-0" LEVEL 5 4054 SF 0.53 LEVEL 8 OVERLAYS 410' - 0" LEVEL 6 4054 SF 0.53 UNITS

NONE 10'-0" LEVEL 7 4054 SF 0.53 LEVEL SRO CONGREGATE SEDU STUDIO OPEN 1 BR 1 BR 2 BR 3 BR TOWNHOUSE LIVE WORK TOTAL LEVEL 7 LEVEL 8 4054 SF 0.53 400' - 0"

LEVEL 9 4054 SF 0.53 10'-0" LEVEL 200700000007 LEVEL 6 LEVEL 10 618 SF 0.08

LEVEL 30012000000012 390' - 0" 100'-0" 34288 SF 4.46

LEVEL 40012000000012 10'-0"

80'-0" MAX HEIGHT LEVEL 5 LEVEL 50011000000011 380' - 0" EXEMPT AREA LEVEL 60011000000011 LEVEL 1 2162 SF 0.28 LEVEL 70011000000011 LEVEL 4 10'-0" 370' - 0" 2162 SF 0.28 LEVEL 80011000000011 AVERAGE GRADE: 351.6 + 354.9 + 350.7 + 347.4 = 351.13 LEVEL 90011000000011 LEVEL 3 10'-0" 0086000000086 FEASIBILITY STUDY 360' - 0" LEVEL 2 10'-0" UNIT MIX RENTABLE EFFICIENCY 11TH AVE E 350' - 0" PERCENT BY PERCENT BY AVERAGE NON UNIT COUNT COUNT AREA UNIT SIZE RESIDENTIAL COMMERCIAL RENTABLE PERCENT RENTABLE TOTAL LEVEL 1 10'-0" 340' - 0" SEDU 86 100% 100% 311 SF 26752 SF 0 SF 26752 SF 70% 11301 SF 38054 SF FAR BOMA 86 100% 100% SECTION 2 228 11TH AVE E Code Official's Approval Stamp 1" = 20'-0" FLOOR AREA RATIO OVERVIEW AREAS SEATTLE, WA 98102 LEVEL PARKING UTILITY STAIR/ELEV STORAGE CIRCULATION AMENITY RETAIL RESIDENTIAL TOTAL BALCONY ROOF DECK 3D VIEW LOT SIZE 7680 SF LEVEL 1 0 SF 587 SF 396 SF 947 SF 340 SF 0 SF 0 SF 0 SF 2270 SF 0 SF 0 SF 3 Designer's Stamp FAR ALLOWABLE 4.5 LEVEL 2 0 SF 1138 SF 394 SF 0 SF 868 SF 0 SF 0 SF 2272 SF 4672 SF 0 SF 0 SF DESIGN SHOWN IS NOT PERMITTED. FEASIBILITY STUDY REPRESENTATIVE ONLY OF MASSING POTENTIAL. 128'-0" PROPOSED FAR 34288 / 7680 SF LEVEL 3 0 SF 0 SF 394 SF 0 SF 482 SF 0 SF 0 SF 3765 SF 4641 SF 0 SF 900 SF 7236 FAR TOTAL 4.46 LEVEL 4 0 SF 0 SF 394 SF 0 SF 482 SF 0 SF 0 SF 3765 SF 4641 SF 0 SF 0 SF REGISTERED PARKING 351.6' LEVEL 5 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF ARCHITECT RENT COMPARABLES — MARKET AVERAGE 3 3 3 3 3 3 3 LEVEL 11 4 5 5 5 5 5 5 LEVEL 6 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF UNIT MIX 9 0 1 2 3 4 5 FLOOR AREA RATIO BY FLOOR COMMERCIAL VEHICLE PARKING REQUIRED RESIDENTIAL VEHICLE PARKING REQUIRED VEHICLE PARKING PROVIDED 3 440' - 0" 4 LEVEL 7 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF 8 DAVID NEIMAN LEVEL AREA FAR SPACE AREA EXEMPT NONEXEMPT RATIO REQUIRED UNITS RATIO REQUIRED TYPE COUNT LEVEL 8 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF LEVEL 10 10'-0" STATE OF WASHINGTON NO COMMERCIAL VEHICLE PARKING REQUIRED 86 NOT REQD 0 NO VEHICLE PARKING PROVIDED CHARGEABLE AREA LEVEL 9 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF Unit Type Count Avg Unit SF 430' - 0" Total NRSF Avg Rent / Unit Avg Unit SF Avg Rent / SF LEVEL 10 0 SF 0 SF 398 SF 0 SF 287 SF 0 SF 0 SF 0 SF 685 SF 0 SF 801 SF NO RESIDENTIAL VEHICLE PARKING REQUIRED LEVEL 2 4488 SF 0.58 10'-0" 0 SF 1725 SF 3951 SF 947 SF 4679 SF 0 SF 0 SF 26752 SF 38054 SF 0 SF 1701 SF LEVEL 9 354.0' LEVEL 3 4455 SF 0.58 420' - 0" 347.4' SEDU 86 311 26,752 No. Date Revision $1,476 301 $4.98 LEVEL 4 4455 SF 0.58 Sheet Title LEVEL 8 10'-0" LEVEL 5 4054 SF 0.53 60'-0" 3 410' - 0" 4 LEVEL 6 4054 SF 0.53 7 COVER UNITS

Vehicle Parking — 10'-0" LEVEL 7 4054 SF 0.53 LEVEL SRO CONGREGATE SEDU STUDIO OPEN 1 BR 1 BRCOMMERCIAL 2 BR BICYCLE 3 BR PARKING TOWNHOUSE REQUIRED LIVE WORK TOTAL RESIDENTIAL BICYCLE PARKING REQUIRED BICYCLE PARKING PROVIDED LEVEL 7 LEVEL 8 4054 SF 0.53 SHORT TERM LONG TERM SHORT TERM LONG TERM TYPE COUNT 400' - 0" 11TH AVE E

LEVEL 9 4054 SF 0.53 SPACE AREA RATIO REQUIRED RATIO REQUIRED UNITS RATIO REQUIRED RATIO REQUIRED WALL MOUNTED BIKE RACK 82 10'-0" LEVEL 200700000007 Bicycle Parking 82 LEVEL 6 LEVEL 10 618 SF 0.08 86 1 / 20 UNITS 4.3 1 / UNIT* 77

LEVEL 3001200000001NO COMMERCIAL BICYCLE PARKING REQUIRED 2 390' - 0" 100'-0" 34288 SF 4.46 Date FEBRUARY 12, 2020 LEVEL 40012000000012* PER SMC 23.54.015 TABLE D FOOTNOTE 3, AFTER THE FIRST 50 SPACES 10'-0"

80'-0" MAX HEIGHT LEVEL 5 LEVEL 50011000000011FOR BICYCLES ARE PROVIDED, ADDITIONAL SPACES ARE REQUIRED AT 380' - 0" 350.7' Sheet Number EXEMPT AREA LEVEL 60011000000011THREE-QUARTERS THE RATIO SHOWN 10'-0" SITE PLAN LEVEL 1 2162 SF 0.28 LEVEL 70011000000011 LEVEL 4 1 370' - 0" 1" = 20'-0" 2162 SF 0.28 LEVEL 80011000000011 FS100 AVERAGE GRADE: 351.6 + 354.9 + 350.7 + 347.4 = 351.13 LEVEL 90011000000011 10'-0" FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:44 PM LEVEL 3 0086000000086 360' - 0"

LEVEL 2 10'-0" UNIT MIX RENTABLE EFFICIENCY 11TH AVE E 350' - 0" PERCENT BY PERCENT BY AVERAGE NON UNIT COUNT COUNT AREA UNIT SIZE RESIDENTIAL COMMERCIAL RENTABLE PERCENT RENTABLE TOTAL LEVEL 1 10'-0" 340' - 0" SEDU 86 100% 100% 311 SF 26752 SF 0 SF 26752 SF 70% 11301 SF 38054 SF 86 100% 100% CLICK HERE TO ACCESS THE FULL FEASIBILITY STUDY IN THE DOCUMENT LIBRARY SECTION 2 Code Official's Approval Stamp 1" = 20'-0"

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 6

128'-0"

PARKING 351.6'

3 3 3 3 3 3 3 4 5 5 5 5 5 5 9 0 1 2 3 4 5

COMMERCIAL VEHICLE PARKING REQUIRED RESIDENTIAL VEHICLE PARKING REQUIRED VEHICLE PARKING PROVIDED 3 4 8 SPACE AREA EXEMPT NONEXEMPT RATIO REQUIRED UNITS RATIO REQUIRED TYPE COUNT NO COMMERCIAL VEHICLE PARKING REQUIRED 86 NOT REQD 0 NO VEHICLE PARKING PROVIDED NO RESIDENTIAL VEHICLE PARKING REQUIRED 347.4' 354.0' Sheet Title 60'-0" 3 4 7 COVER

COMMERCIAL BICYCLE PARKING REQUIRED RESIDENTIAL BICYCLE PARKING REQUIRED BICYCLE PARKING PROVIDED SHORT TERM LONG TERM SHORT TERM LONG TERM TYPE COUNT 11TH AVE E SPACE AREA RATIO REQUIRED RATIO REQUIRED UNITS RATIO REQUIRED RATIO REQUIRED WALL MOUNTED BIKE RACK 82 NO COMMERCIAL BICYCLE PARKING REQUIRED 86 1 / 20 UNITS 4.3 1 / UNIT* 77 Date * PER SMC 23.54.015 TABLE D FOOTNOTE 3, AFTER THE FIRST 50 SPACES FEBRUARY 12, 2020 FOR BICYCLES ARE PROVIDED, ADDITIONAL SPACES ARE REQUIRED AT 350.7' Sheet Number THREE-QUARTERS THE RATIO SHOWN SITE PLAN 1 1" = 20'-0" FS100 FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:44 PM FEASIBILITY STUDY #1 | SMALL EFFICIENCY DWELLING UNITS

1435 34th Avenue 1435 34th Avenue 1435 34th Avenue Seattle, WA 98122 Seattle, WA 98122 Seattle, WA 98122 Level 1 (Below Grade) Level 2 Levels 3 & 4 www.neimantaber.com www.neimantaber.com www.neimantaber.com 206.760.5550 206.760.5550 206.760.5550 7'-0" 106'-0" 15'-0" 7'-0" 106'-0" 15'-0"

27'-9" 5'-6" 45'-0" 27'-9" 29'-0" 56'-10" 42'-2" 45'-0" 27'-9" 5'-0" 5'-0" 7'-3" 7'-3" 5'-0" 5'-0" 7'-3" 7'-3" 11'-6" 17'-9" 9'-6" 18'-1" 10'-0" 12'-6" 10'-0" 10'-0" SEDU SEDU SEDU LOBBY STAIR ELEV STAIR 331 SF 11'-6" 11'-6"

STAIR ELEV STAIR 331 SF 11'-6" 355 SF 8'-9"6'-0" BIKES STAIR ELEV STAIR 11'-6" 386 SF 8'-9"6'-0" 156 SF 83 SF 155 SF 101 SF 155 SF 83 SF 158 SF 155 SF 83 SF 155 SF CORRIDOR CORRIDOR SEDU CORRIDOR SEDU SEDU 482 SF SEDU 13'-6"

482 SF 11'-3" 340 SF 13'-6" 287 SF 11'-3" 309 SF 309 SF 287 SF 45'-6" 50'-0" CHARGEABLE AREA 45'-6" 50'-0" CHARGEABLE AREA 40'-0" EXEMPT AREA 4455 SF SEDU 4488 SF SEDU

SEDU 2162 SF SEDU 11'-3"

SEDU SEDU SEDU 13'-6"

STORAGE BIKES MECH ELEC 11'-3" 310 SF 25'-3" 288 SF

TRASH ELEC 13'-6"

310 SF 25'-3" 288 SF

25'-3"291 6'-0" SF 8'-9" 555 SF 278 SF 309 SF 285 SF 284 SF 284 SF 822 SF 317 SF SEDU SEDU SEDU 286 SF SEDU SEDU 11'-6" 386 SF 11'-6" 360 SF 386 SF 360 SF 11'-6" 11'-6" FEASIBILITY STUDY

12'-6" FEASIBILITY STUDY 10'-0" 12'-6" FEASIBILITY STUDY 7'-3" TRASH ACCESS VAULT ACCESS 7'-3" 10'-0" 5'-0" 5'-0" 7'-3" 7'-3" 10'-0" 5'-0" 5'-0"

27'-9" 5'-6" 45'-3" 27'-6" 27'-9" 5'-6" 45'-3" 27'-6" 1435 34th Avenue Seattle, WA 98122 1435 34th Avenue www.neimantaber.com Seattle, WA 98122 228 11TH AVE E www.neimantaber.com 228 11TH AVE E 206.760.5550 Levels 5–9 228 11TH AVE E SEATTLE, WA 98102 Level 10 (Roof) SEATTLE,206.760.5550 WA 98102 SEATTLE, WA 98102

7'-0" 27'-9" 5'-6" 45'-6" 27'-3" 15'-0" Designer's Stamp Designer's Stamp Designer's Stamp 45'-6" 18'-0" 9'-6" 18'-0" 27'-3" 7236 18'-0" 9'-6" 18'-0" CIRCULATION 7236 PARKING 7236 REGISTERED REGISTERED REGISTERED

7'-3" 7'-3" ARCHITECT ARCHITECT 10'-0" ARCHITECT 12'-6" 12'-6"

SEDU STAIR ELEV STAIR DAVID NEIMAN

STAIR ELEV STAIR 8'-9"6'-6" 355 SF 158 SF 83 SF 158 SF DAVID NEIMAN DAVID NEIMAN 8'-9"6'-0" CHARGEABLE AREA STATE OF WASHINGTON 156 SF 83 SF 156 SF RESIDENTIAL ROOF DECK STATE OF WASHINGTON SEDU 15'-3" ROOF DECK CORRIDOR STATE OF WASHINGTON 618 SF CORRIDOR 283 SF 801 SF SEDU 444 SF 287 SF 309 SF SEDU No. Date Revision No. Date Revision No. Date Revision 45'-6" 256 SF 35'-0" CHARGEABLE AREA LEVELS 3 & 4 -STORAGE RENTABLE AREA UTILITY LEVELS 3 & 4 - FLOOR AREA RATIO LEVEL 1 - RENTABLE AREA LEVEL 2 - RENTABLE AREALEVEL 1 - FLOOR AREA RATIO 4054 SF 1 LEVEL 2 - FLOOR AREA RATIO 2 1 SEDU 1 2 1/16" = 1'-0" 2 1/16" = 1'-0" 1/16" = 1'-0" SEDU SEDU SEDU SEDU 23'-6" 11'-6" 1/16" = 1'-0" 1/16" = 1'-0" 1/16" = 1'-0" 310 SF 25'-3" SEDU 285 SF 284 SF 284 SF 287 SF 351 SF SEDU VERTICAL

11'-6" 11'-3" 11'-3" 11'-6" RENTABLE AREA LEGEND FLOOR AREA RATIO LEGEND RENTABLE AREA LEGEND 386 SF RENTABLE AREA LEGEND FLOOR AREA RATIO LEGEND CIRCULATIONFLOOR AREA RATIO LEGEND FEASIBILITY STUDY 12'-6" 12'-6" FEASIBILITY STUDY 10'-0" 7'-3" 7'-3" AMENITY CHARGEABLE AREA AMENITY AMENITY CHARGEABLE AREA CHARGEABLE AREA 11'-6" 11'-3" 11'-3" 11'-6" CIRCULATION EXEMPT AREA CIRCULATION CIRCULATION EXEMPT AREA EXEMPT AREA 27'-9" 5'-6" 45'-6" 27'-3" PARKING PARKING PARKING 228 11TH AVE E RESIDENTIAL SEATTLE, WA 98102 RESIDENTIAL RESIDENTIAL 228 11TH AVE E SEATTLE, WA 98102 RETAIL RETAIL RETAIL Designer's Stamp

UNITS AREAS (SF) ROOF DECK Designer's Stamp BOMA ROOF DECK ROOF DECK 7236 REGISTERED Code Official's Approval Stamp Code Official's Approval Stamp STORAGE Code Official's Approval Stamp STORAGE ARCHITECT 7236 STORAGE REGISTERED UTILITY DAVID NEIMAN ARCHITECT Level SEDU Residential StorageUTILITY Roof Deck Total (Interior) UTILITY STATE OF WASHINGTON VERTICAL CIRCULATION DAVID NEIMAN VERTICAL CIRCULATION LevelVERTICAL CIRCULATION 1 — — 947 — 2,270 STATE OF WASHINGTON No. Date Revision LEVELS 5, 6, 7, 8 & 9 - RENTABLE AREA LEVELS 5, 6, 7, 8 & 9 - FLOOR AREA RATIO 1 2 1/16" = 1'-0" 1/16" = 1'-0" Level 2 7 2,272 — — 4,672 No. Date Revision

LEVEL 10 - RENTABLE AREA LEVEL 10 - FLOOR AREA RATIO 1 2 LevelRENTABLE 3 AREA LEGEND 12 3,765 1/16"— = 1'-0" FLOOR AREA900 RATIO LEGEND 4,641 1/16" = 1'-0"

Sheet Title Sheet Title Sheet Title LevelAMENITY 4 12 3,765 RENTABLE— AREA LEGEND CHARGEABLE— AREA 4,641 FLOOR AREA RATIO LEGEND LEVELS 3-4 PLAN LEVEL 1 PLAN LEVEL 2 PLAN CIRCULATION EXEMPT AREA Level 5 11 3,390 AMENITY— — 4,229 CHARGEABLE AREA PARKING

CIRCULATION EXEMPT AREA Date FEBRUARY 12, 2020 Date Date FEBRUARY 12, 2020 LevelRESIDENTIAL 6 11 3,390 — — 4,229 FEBRUARY 12, 2020 Sheet Number Sheet Number Sheet Number PARKING LevelRETAIL 7 11 3,390 — — 4,229 FS102 FS104 RESIDENTIAL FS101 ROOF DECK FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:46 PM FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:45 PM FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:45 PM RETAIL Code Official's Approval Stamp LevelSTORAGE 8 11 3,390 — — 4,229

UTILITY ROOF DECK

Level 9 11 3,390 — — 4,229 Code Official's Approval Stamp VERTICAL CIRCULATION STORAGE

Level 10 — — UTILITY— 801 685

VERTICAL CIRCULATION

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 7

Sheet Title LEVELS 5-9 PLAN

Sheet Title Date FEBRUARY 12, 2020 Sheet Number LEVEL 10 PLAN FS105 FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:46 PM Date FEBRUARY 12, 2020 Sheet Number FS110 FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:46:46 PM 1435 34th Avenue PROJECT INFORMATION Seattle, WA 98122 www.neimantaber.com STREET ADDRESS PROJECT DESCRIPTION 206.760.5550 228 11TH AVE E DEMOLITION OF EXISTING 7,680 SF APARTMENT AND CONSTRUCTION SEATTLE, WA 98102 OF NEW 34,123 SF, 52 UNIT APARTMENT WITH 12 VEHICLE PARKING SPACES. LEGAL DESCRIPTION LOT 5, BLOCK 53, JOHN H. NAGLE'S SECOND ADDITION, VOL 5, PAGE 67 NET LOT AREA 7,680 SF TAX PARCEL NUMBER 600350-1510 ZONING MR (M)

OVERLAYS NONE

FEASIBILITY STUDY

FAR FEASIBILITYBOMA STUDY #2 | CONVENTIONAL UNITS 228 11TH AVE E FLOOR AREA RATIO OVERVIEW AREAS SEATTLE, WA 98102 3D VIEW OUTDOOR 3 LEVEL PARKING UTILITY STAIR/ELEV STORAGE CIRCULATION AMENITY RETAIL RESIDENTIAL TOTAL BALCONY AMENITY LOT SIZE 7680 SF Designer's Stamp LEVEL 1 5762 SF 735 SF 358 SF 147 SF 0 SF 0 SF 0 SF 0 SF 7001 SF 0 SF 0 SF FAR ALLOWABLE 4.5 1435 34th Avenue PROPOSED FAR 34123 / 7680 SF LEVEL 2 0 SF 862 SF 367 SF 502 SF 1157 SF 0 SF 0 SF 1432 SF 4321 SF 0 SF 0 SF PROJECT INFORMATION Seattle, WA 98122 7236 FAR TOTAL 4.44 LEVEL 3 0 SF 0 SF 367 SF 0 SF 346 SF 0 SF 0 SF 4049 SF 4763 SF 0 SF 900 SF REGISTERED LEVEL 4 0 SF 0 SF 367 SF 0 SF 346 SF 0 SF 0 SF 4049 SF 4763 SF 0 SF 0 SF www.neimantaber.com ARCHITECT STREET ADDRESS PROJECT DESCRIPTION LEVEL 5 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF 206.760.5550 FLOOR AREA RATIO BY FLOOR LEVEL 11 228 11TH AVE E DEMOLITION OF EXISTING 7,680 SF APARTMENT AND CONSTRUCTION LEVEL 6 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF 440' - 6" LEVEL AREA FAR DAVID NEIMAN SEATTLE, WA 98102 OF NEW 34,123 SF, 52 UNIT APARTMENT WITH 12 VEHICLE PARKING LEVEL 7 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF SPACES. LEVEL 10 10'-0" STATE OF WASHINGTON LEVEL 8 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF LEGAL DESCRIPTION CHARGEABLE AREA 430' - 6" LOT 5, BLOCK 53, JOHN H. NAGLE'S SECOND ADDITION, VOL 5, PAGE 67 NET LOT AREA LEVEL 9 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF

LEVEL 2 4143 SF 0.54 10'-0" 7,680 SF LEVEL 10 0 SF 0 SF 372 SF 0 SF 255 SF 0 SF 0 SF 0 SF 627 SF 0 SF 969 SF LEVEL 9 LEVEL 3 4583 SF 0.60 TAX PARCEL NUMBER 5762 SF 1597 SF 3684 SF 649 SF 3997 SF 0 SF 0 SF 26968 SF 42657 SF 0 SF 1869 SF 420' - 6" No. Date Revision 600350-1510 ZONING LEVEL 4 4583 SF 0.60 10'-0" MR (M) LEVEL 5 4048 SF 0.53 LEVEL 8 410' - 6" LEVEL 6 4048 SF 0.53 UNITS

OVERLAYS 10'-0" LEVEL 7 4048 SF 0.53 LEVEL SRO CONGREGATE SEDU STUDIO OPEN 1 BR 1 BR 2 BR 3 BR TOWNHOUSE LIVE WORK TOTAL LEVEL 7 NONE LEVEL 8 4048 SF 0.53 400' - 6" LEVEL 9 4048 SF 0.53 LEVEL 200000300003 LEVEL 6 10'-0" LEVEL 10 575 SF 0.07 LEVEL 300003310007

390' - 6" 100'-0" 34123 SF 4.44 LEVEL 400003310007 LEVEL 5 10'-0" LEVEL 500103210007 80'-0" MAX HEIGHT 380' - 6" EXEMPT AREA LEVEL 600103210007 LEVEL 1 6643 SF 0.86 LEVEL 700103210007 LEVEL 4 10'-0" 6643 SF 0.86 LEVEL 800103210007 370' - 6" AVERAGE GRADE: 351.6 + 354.9 + 350.7 + 347.4 = 351.13 LEVEL 900103210007 LEVEL 3 10'-0" 00502119700052 FEASIBILITY STUDY 360' - 6" 10'-0" UNIT MIX RENTABLE EFFICIENCY LEVEL 2 11TH AVE E 350' - 6" PERCENT BY PERCENT BY AVERAGE NON

UNIT COUNT COUNT AREA UNIT SIZE RESIDENTIAL COMMERCIAL RENTABLE PERCENT RENTABLE TOTAL LEVEL 1 10'-0" 340' - 6" 1 BR 19 37% 34% 485 SF 26968 SF 0 SF 26968 SF 63% 15689 SF 42657 SF FAR BOMA 2 BR 7 13% 19% 715 SF OPEN 1 BR 21 40% 41% 532 SF SECTION 2 228 11TH AVE E Code Official's Approval Stamp SEDU 5 10% 6% 315 SF 1" = 20'-0" FLOOR AREA RATIO OVERVIEW AREAS SEATTLE, WA 98102 52 100%3D VIEW 100% OUTDOOR 3 LEVEL PARKING UTILITY STAIR/ELEV STORAGE CIRCULATION AMENITY RETAIL RESIDENTIAL TOTAL BALCONY AMENITY LOT SIZE 7680 SF Designer's Stamp FAR ALLOWABLE 4.5 LEVEL 1 5762 SF 735 SF 358 SF 147 SF 0 SF 0 SF 0 SF 0 SF 7001 SF 0 SF 0 SF DESIGN SHOWN IS NOT PERMITTED. FEASIBILITY STUDY REPRESENTATIVE ONLY OF MASSING POTENTIAL. 128'-0" PROPOSED FAR 34123 / 7680 SF LEVEL 2 0 SF 862 SF 367 SF 502 SF 1157 SF 0 SF 0 SF 1432 SF 4321 SF 0 SF 0 SF 7236 351.6' FAR TOTAL 4.44 LEVEL 3 0 SF 0 SF 367 SF 0 SF 346 SF 0 SF 0 SF 4049 SF 4763 SF 0 SF 900 SF PARKING REGISTERED 3 3 3 3 3 3 3 LEVEL 4 0 SF 0 SF 367 SF 0 SF 346 SF 0 SF 0 SF 4049 SF 4763 SF 0 SF 0 SF ARCHITECT4 5 5 5 5 5 5 9 0 1 2 3 RENT COMPARABLES4 5 — MARKET AVERAGE

3 LEVEL 5 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF 4 UNIT MIX LEVEL 11 8 FLOOR AREA RATIO BY FLOOR COMMERCIAL VEHICLE PARKING REQUIRED RESIDENTIAL VEHICLE PARKING REQUIRED VEHICLE PARKING PROVIDED LEVEL 6 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF 440' - 6" LEVEL AREA FAR DAVID NEIMAN LEVEL 7 0 SF 0 SF 370 SF 0 SF 379 SFSPACE 0 SF AREA 0 SF EXEMPT 3487 SF NONEXEMPT 4237 SF RATIO 0 SF REQUIRED 0 SF UNITS RATIO REQUIRED TYPE COUNT LEVEL 10 10'-0" STATE OF WASHINGTON LEVEL 8 0 SF 0 SF 370 SF 0 SF 379 SFNO COMMERCIAL 0 SF VEHICLE 0 SF PARKING REQUIRED 3487 SF 4237 SF 0 SF 0 SF 52 NOT REQD 0 CHARGEABLE AREA Unit Type ADA (9' x 18') 1 Count Avg Unit SF 430' - 6" Total NRSF Avg Rent / Unit Avg Unit SF Avg Rent / SF LEVEL 9 0 SF 0 SF 370 SF 0 SF 379 SF 0 SF 0 SF 3487 SF 4237 SF 0 SF 0 SF NO RESIDENTIAL VEHICLE PARKING REQUIRED 347.4' 354.9'

LEVEL 2 4143 SF 0.54 10'-0" LEVEL 10 0 SF 0 SF 372 SF 0 SF 255 SF 0 SF 0 SF 0 SF 627 SF 0 SF 969 SF MEDIUM (8' x 16') 8 LEVEL 9 LEVEL 3 4583 SF 0.60 5762 SF 1597 SF 3684 SF 649 SF 3997 SF 0 SF 0 SF 26968 SF 42657 SF 0 SF 1869 SF SEDU SMALL (7'-6" x 15') 3 5 315 420' - 6" 1,575 No. Date Revision $1,476 301 $4.98 LEVEL 4 4583 SF 0.60 60'-0" Sheet Title 12

10'-0" 3 4 LEVEL 5 4048 SF 0.53 LEVEL 8 7 Open One Bedroom 21 532 410' - 6" 11,172 $2,307 543 $4.25 COVER LEVEL 6 4048 SF 0.53 UNITS 11TH AVE E LEVEL 7 4048 SF 0.53 LEVEL SRO CONGREGATE SEDU STUDIO OPEN 1 BR 1 BRCOMMERCIAL 2 BR BICYCLE 3 BR PARKING TOWNHOUSE REQUIRED LIVE WORK TOTAL RESIDENTIAL BICYCLE PARKING REQUIRED BICYCLE PARKING PROVIDED LEVEL 7 10'-0" LEVEL 8 4048 SF 0.53 SHORT TERM LONG TERM OneSHORT TERM Bedroom LONG TERM 19TYPE COUNT 485 400' - 6" 9,215 $2,515 644 $3.95 LEVEL 9 4048 SF 0.53 SPACE AREA RATIO REQUIRED RATIO REQUIRED UNITS RATIO REQUIRED RATIO REQUIRED WALL MOUNTED BIKE RACK 62 LEVEL 200000300003 LEVEL 6 10'-0" LEVEL 10 575 SF 0.07 LEVEL 300003310007NO COMMERCIAL BICYCLE PARKING REQUIRED 52 1 / 20 UNITSTwo 2.6 Bedroom1 / UNIT* 51.5 7 715 5,005 $3,426 891 $3.85

390' - 6" 100'-0" 34123 SF 4.44 LEVEL 400003310007 Date FEBRUARY 12, 2020 * PER SMC 23.54.015 TABLE D FOOTNOTE 3, AFTER THE FIRST 50 SPACES 10'-0" EXISTING GRADE @ 350.7 LEVEL 5 LEVEL 500103210007FOR BICYCLES ARE PROVIDED, ADDITIONAL80'-0" MAX HEIGHT SPACES ARE REQUIRED AT Sheet Number Total / Average 52 519 380' - 6" 26,968 EXEMPT AREA LEVEL 600103210007THREE-QUARTERS THE RATIO SHOWN

LEVEL 1 6643 SF 0.86 10'-0" LEVEL 700103210007 LEVEL 4 SITE PLAN 6643 SF 0.86 Vehicle Parking 12 370' - 6" 1 LEVEL 800103210007 1" = 20'-0" FS100 AVERAGE GRADE: 351.6 + 354.9 + 350.7 + 347.4 = 351.13 LEVEL 900103210007 10'-0" FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:22 PM LEVEL 3 00502119700052 Bicycle Parking 62 360' - 6" 10'-0" UNIT MIX RENTABLE EFFICIENCY LEVEL 2 11TH AVE E 350' - 6" PERCENT BY PERCENT BY AVERAGE NON

UNIT COUNT COUNT AREA UNIT SIZE RESIDENTIAL COMMERCIAL RENTABLE PERCENT RENTABLE TOTAL LEVEL 1 10'-0" 340' - 6" 1 BR 19 37% 34% 485 SF 26968 SF 0 SF 26968 SF 63% 15689 SF 42657 SF 2 BR 7 13% 19% 715 SF CLICK HERE TO ACCESS THE FULL FEASIBILITY STUDY IN THE DOCUMENT LIBRARY OPEN 1 BR 21 40% 41% 532 SF SECTION 2 Code Official's Approval Stamp SEDU 5 10% 6% 315 SF 1" = 20'-0" 52 100% 100%

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 8 128'-0" PARKING 351.6' 3 3 3 3 3 3 3 4 5 5 5 5 5 5 9 0 1 2 3 4 5

3 4 8 COMMERCIAL VEHICLE PARKING REQUIRED RESIDENTIAL VEHICLE PARKING REQUIRED VEHICLE PARKING PROVIDED SPACE AREA EXEMPT NONEXEMPT RATIO REQUIRED UNITS RATIO REQUIRED TYPE COUNT NO COMMERCIAL VEHICLE PARKING REQUIRED 52 NOT REQD 0 ADA (9' x 18') 1 NO RESIDENTIAL VEHICLE PARKING REQUIRED 347.4' 354.9' MEDIUM (8' x 16') 8 SMALL (7'-6" x 15') 3

60'-0" Sheet Title 12 3 4 7 COVER

COMMERCIAL BICYCLE PARKING REQUIRED RESIDENTIAL BICYCLE PARKING REQUIRED BICYCLE PARKING PROVIDED 11TH AVE E SHORT TERM LONG TERM SHORT TERM LONG TERM TYPE COUNT SPACE AREA RATIO REQUIRED RATIO REQUIRED UNITS RATIO REQUIRED RATIO REQUIRED WALL MOUNTED BIKE RACK 62 NO COMMERCIAL BICYCLE PARKING REQUIRED 52 1 / 20 UNITS 2.6 1 / UNIT* 51.5 Date * PER SMC 23.54.015 TABLE D FOOTNOTE 3, AFTER THE FIRST 50 SPACES EXISTING GRADE @ 350.7 FEBRUARY 12, 2020 FOR BICYCLES ARE PROVIDED, ADDITIONAL SPACES ARE REQUIRED AT Sheet Number THREE-QUARTERS THE RATIO SHOWN SITE PLAN 1 1" = 20'-0" FS100 FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:22 PM FEASIBILITY STUDY #2 | CONVENTIONAL UNITS

1435 34th Avenue 1435 34th Avenue Seattle, WA 98122 1435 34th Avenue Level 1 (Below Grade) Level 2 Levels 3 & 4 Seattle, WA 98122 www.neimantaber.com Seattle, WA 98122 www.neimantaber.com 206.760.5550 www.neimantaber.com 206.760.5550 206.760.5550 7'-0" 106'-0" 15'-0" 7'-0" 121'-0" 7'-0" 106'-0" 15'-0"

25'-3" 11'-9" 42'-8 5/8" 41'-3 3/8" 38'-0" 16'-0" 9'-6" 16'-0" 26'-6" 38'-0" 41'-6" 26'-6" 7'-0" 5'-0" 7'-0" 7'-0"

7'-0" MECH 10'-0" 437 SF SSS AISLE ADA LOBBY STAIR ELEV STAIR 1 BR ELEC BIKES STAIR ELEV STAIR 763 SF 142 SF 83 SF 142 SF 529 SF OPEN 1 BR STAIR ELEV STAIR 17'-9" 298 SF 147 SF 139 SF 81 SF 138 SF 22'-0" 558 SF 142 SF 83 SF 142 SF 1 BR CORRIDOR 529 SF 22'-0" 393 SF CORRIDOR 346 SF M VAULT ACCESS CHARGEABLE AREA 39'-3" ELEC 39'-3" OPEN 1 BR 4143 SF 11'-9" PARKING 9'-0" 50'-0" 182 SF 46'-0" 60'-0" TRASH M 24'-0" 1 BR 1 BR 488 SF 26'-3" 5762 SF EXEMPT AREA 53'-0" 680 SF CHARGEABLE AREA 454 SF 449 SF 6643 SF 1 BR 1 BR 554 SF 548 SF 2 BR 4583 SF M 9'-9"

753 SF 28'-0"

BIKES 19'-0" OPEN 1 BR TRASH ROOM ACCESS 502 SF 15'-4" 15'-4" 15'-4" 619 SF MM MMM FEASIBILITY STUDY RAMP UP 13'-9" RAMP DOWN FEASIBILITY STUDY FEASIBILITY STUDY 13'-9" 9'-0" 7'-0" 7'-0" 5'-0" 37'-7 1/2" 21'-1 1/2" 20'-9" 26'-6" 1435 34th Avenue 32'-0" 5'-7 1/2" 21'-1 1/2" 20'-9" 26'-6" Seattle, WA 98122 www.neimantaber.com 206.760.5550 1435 34th Avenue 228 11TH AVE E 228 11TH AVE E Levels 5–9 Seattle,228 WA11TH 98122 AVE E SEATTLE, WA 98102 Level 10 (Roof) www.neimantaber.comSEATTLE, WA 98102 SEATTLE, WA 98102 206.760.5550 7'-0" 106'-0" 15'-0" Designer's Stamp Designer's Stamp Designer's Stamp 32'-0" 5'-5 1/4" 42'-6 3/4" 5'-6" 20'-6" 7236 7236 REGISTERED 7236 REGISTERED ARCHITECT REGISTERED STAIR ELEV STAIR CIRCULATION PARKINGARCHITECT ARCHITECT 7'-0" 7'-0" 144 SF 83 SF 144 SF

10'-0" CHARGEABLE AREA 11'-6" DAVID NEIMAN

16'-0" ROOF DECK CORRIDOR DAVID NEIMAN 575 SF STATE OF WASHINGTON DAVID NEIMAN OPEN 1 BR STAIR ELEV STAIR 969 SF 255 SF STATE OF WASHINGTON STATE OF WASHINGTON 489 SF 144 SF 83 SF 144 SF 8'-9"6'-0" SEDU RESIDENTIAL ROOF DECK 315 SF

CORRIDOR 15'-6" 379 SF No. Date Revision No. Date Revision No. Date Revision LEVEL 2 - RENTABLE AREA CHARGEABLE AREA LEVEL 2 - FLOOR AREA RATIO 1 2 LEVEL 1 - RENTABLE AREA OPEN 1 BR 1/16" = 1'-0" LEVEL 1 - FLOOR AREA RATIO 4048 SF LEVELS 3 & 4 - RENTABLE AREA1/16" = 1'-0" LEVELS 3 & 4 - FLOOR AREA RATIO

1 46'-0" 2 1 2 1/16" = 1'-0" 488 SF 1/16" = 1'-0" 1/16" = 1'-0" 1/16" = 1'-0" 2 BR 41'-6" STORAGE UTILITY 1 BR 1 BR 21'-6" 700 SF 454 SF 449 SF 26'-0" RENTABLE AREA LEGEND FLOOR AREA RATIO LEGEND RENTABLE AREA LEGEND OPEN 1 BR FLOOR AREA RATIO LEGEND RENTABLE AREA LEGEND FLOOR AREA RATIO LEGEND FEASIBILITY STUDY 15'-4" 15'-4" 15'-4" VERTICAL 593 SF AMENITY CIRCULATIONCHARGEABLE AREA FEASIBILITY STUDY AMENITY 13'-9" CHARGEABLE AREA AMENITY CHARGEABLE AREA 7'-0" 7'-0" 7'-0" CIRCULATION EXEMPT AREA CIRCULATION 5'-7 1/2" 21'-1 1/2" 20'-9" EXEMPT AREA CIRCULATION EXEMPT AREA

32'-0" 47'-6" 26'-6" PARKING PARKING PARKING 228 11TH AVE E RESIDENTIAL SEATTLE, WA 98102 RESIDENTIAL RESIDENTIAL 228 11TH AVE E SEATTLE, WA 98102 RETAIL RETAIL RETAIL Designer's Stamp UNITS AREAS (SF) BOMA ROOF DECK Designer's Stamp ROOF DECK ROOF DECK Code Official's Approval Stamp 7236 REGISTERED STORAGE Code Official's Approval7236 Stamp Code Official's Approval Stamp STORAGE STORAGE REGISTERED ARCHITECT ARCHITECT Level SEDU Open 1 BR 1 BR UTILITY 2 BR Residential Parking Storage Outdoor Amenity Total (Interior) UTILITY UTILITY DAVID NEIMAN DAVID NEIMAN STATE OF WASHINGTON VERTICAL CIRCULATION STATE OF WASHINGTON LevelVERTICAL 1 CIRCULATION — — — — — 5,762 147VERTICAL CIRCULATION — 7,001

Level 2 — — 3 — 1,432 — 502 — No. Date Revision 4,321 No. Date Revision LEVELS 5, 6, 7, 8 & 9 - RENTABLE AREA LEVELS 5, 6, 7, 8 & 9 - FLOOR AREA RATIO 1 2 1/16" = 1'-0" LEVEL 10 - RENTABLE AREA 1/16" = 1'-0" LEVEL 10 - FLOOR AREA RATIO 1 2 Level 3 — 3 3 1/16" = 1'-0" 1 4,049 — — 1/16" =900 1'-0" 4,763

RENTABLE AREA LEGEND FLOOR AREA RATIO LEGEND Sheet Title RENTABLE AREA LEGEND FLOOR AREA RATIO LEGENDSheet Title Sheet Title Level 4 — 3 3 1 4,049 — — — 4,763 LEVEL 2 PLAN AMENITY CHARGEABLE AREA LEVEL 1 PLAN LEVELS 3-4 PLAN AMENITY CHARGEABLE AREA

LevelCIRCULATION 5 1 3 2 1 EXEMPT AREA 3,487 — — — 4,237 CIRCULATION EXEMPT AREA

PARKING Date FEBRUARY 12, 2020 Date Date FEBRUARY 12, 2020 Level 6 1 3 2 PARKING 1 3,487 — — — 4,237FEBRUARY 12, 2020 Sheet Number Sheet Number Sheet Number RESIDENTIAL Level 7 1 3 2 RESIDENTIAL 1 3,487 — — — 4,237 FS102 RETAIL FS101 FS104 FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:24 PM FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:23 PM RETAIL FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:24 PM LevelROOF 8 DECK 1 3 2 1 3,487 — — — 4,237 ROOF DECK Code Official's Approval Stamp STORAGE Code Official's Approval Stamp Level 9 1 3 2 STORAGE 1 3,487 — — — UTILITY 4,237

LevelVERTICAL 10 CIRCULATION — — — UTILITY — — — — 969 627

VERTICAL CIRCULATION

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 9

Sheet Title LEVELS 5-9 PLAN Sheet Title LEVEL 10 PLAN

Date FEBRUARY 12, 2020 Sheet Number

FS105 Date FEBRUARY 12, 2020 Sheet Number FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:24 PM FS110 FULL SIZE SHEET: 22" X 34" (ANSI D) TITLEBLOCK: 202002 DATE PLOTTED: 2/12/2020 3:55:25 PM LAND SALE COMPARABLES

Address Neighborhood Land SF Zoning Units Sale Date Price $/LSF $/Unit Entitled

01 1717 BELMONT AVE E Capitol Hill 10,024 MR 90 7/12/2019 $5,900,000 $589 $65,556 Yes

02 1714-1718 12TH AVE Capitol Hill 7,910 NC3-40 - 7/12/2019 $5,894,000 $745 - No

03 123 BELLEVUE AVE E Capitol Hill 15,679 MR 150 6/25/2019 $6,897,510 $440 $45,983 No

04 323 BELLEVUE AVE E Capitol Hill 7,200 MR 43 12/3/2018 $3,725,000 $517 $86,628 Yes

05 420 BOYLSTON AVE E Capitol Hill 5,927 MR 58 8/21/2018 $2,350,000 $396 $40,517 No

06 1300 E PIKE ST Capitol Hill 9,148 NC3P-65 45 7/30/2018 $4,580,000 $501 $101,778 Yes

Comparable Averages $531 $68,092

LAKE UNION Washington Park Arboretum QUEEN 01 ANNE

CAPITOL HILL

05 SOUTH 04 E 23RD AVE

LAKE E BROADWAY 228 11TH AVE E UNION E THOMAS ST E JOHN ST 03 02

E MADISON ST

E PINE ST 06 CENTRAL ENTITLED CENTRAL DISTRICT BUSINESS UNENTITLED DISTRICT

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 10 03

EXISTING ABUNDANT NATURAL LIGHT BUILDING

PROPERTY OVERVIEW SPACIOUS LIVING AREAS Address 228 11th Ave E, Seattle, WA 98102

County King

No. of Units 9 TAX INFORMATION Year Built 1963 Parcels 1 NRSF 5,885 SF Parcel No. 600350-1510 No. of Buildings 1 Land Area 7,680 SF Stories 3 + basement Zoning MR (M1) Laundry Common; W/D in Penthouse 2019 Property Tax $20,224 Parking 9 stalls (4 covered) EXTRA LARGE CLOSETS

RESIDENTIAL UNIT SUMMARY IN-PLACE MARKET RENOVATION

Type Units Avg SF Total SF Rent/Unit Rent/SF Annual Rent Rent/Unit Rent/SF Annual Rent Rent/Unit Rent/SF Annual Rent

1 BR 8 580 4,640 $1,499 $2.58 $143,880 $1,700 $2.93 $163,200 $2,000 $3.45 $192,000

2 BR 1 1,245 1,245 $2,290 $1.84 $27,480 $2,700 $2.17 $32,400 $3,800 $3.05 $45,600

Total/Avg 9 654 5,885 $1,587 $2.43 $171,360 $1,811 $2.77 $195,600 $2,200 $3.36 $237,600

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 11 PROPERTY DETAILS

CONSTRUCTION MATERIALS

Window Materials Single-pane windows

Framing Material Wood PRIVATE 60 SF BALCONIES Roof Condition Replaced in 2013 Foundation Concrete

BUILDING SYSTEMS

Heating Electric baseboard Water Heater Electric water heater tanks in every unit Fire Protection Wired alarm system; alarms in hallways and each bedroom

INTERIOR FINISHES

One-Bedroom Units Two-Bedroom Unit Cabinets Original wood, painted Original wood, re-stained ONSITE LAUNDRY Countertop Original Formica Granite Flooring Laminate, carpet Laminate, carpet Appliances Varied brands, white Varied brands, white

SECURE STORAGE UNITS WITH SPACE FOR BIKES UTILITIES

Provider Billing Arrangement Electricity Seattle City Light Resident pays directly Gas* Puget Sound Energy Resident pays directly Water/Sewer/Trash Seattle Public Utilities Billed back (100%) ONSITE DISHWASHER Cable/Internet Comcast Resident pays directly PARKING IN EACH UNIT

*GAS FIREPLACE ONLY IN TWO-BEDROOM UNIT

SECURE FIRE ALARM SYSTEM BUILDING WITH WIRED ALARM ENTRY IN EACH UNIT

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 12 CASH FLOW

INCOME

Current Rent Roll — 2019 Expenses Market Operations Notes & Assumptions — Market Operations Gross Potential Rent 171,360 2.43/SF/Mo 195,600 2.77/SF/Mo Utility Fees 8,520 947/U/Mo 8,033 893/U/Mo Current collections Laundry 1,500 167/U/Mo 1,500 167/U/Mo 2019 collections Parking 6,300 58/Stall/Mo 12,000 111/Stall/Mo $100/stall/mo & $125/covered stall per comparable properties Misc 0 0/U 1,350 150/U Market Non-Rental Income 16,320 1,813/U 22,883 2,543/U Potential Residential Income 187,680 2.66/SF/Mo 218,483 3.09/SF/Mo Vacancy & Credit Loss (7,507) 4.0% (8,739) 4.0% Market Effective Gross Income 180,173 20,019/U 209,743 23,305/U

EXPENSES

Taxes 20,224 2,247/U 28,220 3,136/U 2020 taxes Insurance 2,700 300/U 2,700 300/U Market estimate Utilities 9,450 1,050/U 9,450 1,050/U Based on historical operations Non-Controllable Expenses 32,374 18% EGI 40,370 19% EGI Repairs & Maintenance 4,423 491/U 4,500 500/U Market Grounds 2,112 235/U 900 100/U Market Management 12,000 7% EGI 10,487 5% EGI Market Payroll 0 0/U 6,750 750/U Market Marketing/Admin 229 25/U 2,700 300/U Market Controllable Expenses 18,764 10% EGI 25,337 12% EGI Total Expenses 51,138 28% EGI 65,707 31% EGI Total Expenses Per Unit 5,682/U 7,301/U Total Expenses Per SF 9/SF 11/SF Net Operating Income 129,035 14,337/U 144,036 16,004/U Reserves 2,250 250/U 2,250 250/U Market Adjusted Net Operating Income 126,785 14,087/U 141,786 15,754/U

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 13 DEBT OVERVIEW | ACQUISITION FINANCING

LOAN STRUCTURE

Short-term permanent financing with prepayment flexibility can be arranged to Structure support the owner during the entitlement period.

The property's existing cashflow can support a loan of up to $1.75M or more Proceeds with sufficient residual cashflow to contribute toward design and entitlements of redevelopment.

12-24 months is generally available. Full term interest-only is available for Interest-Only conservative loans.

Stepdown prepayment structures with short terms, as well as no-prepay loans are Prepayment Penalty available.

Nonrecourse available, though recourse lending options through local banks and Personal Recourse credit unions will provide additional flexibility.

Fixed rate financing is currently priced in the low 3% range. Variable-rate debt is Rates currently in the high 3% range, but the Fed is widely expected to lower short-term rates in March.

LOAN CONSTRAINTS

Minimum DSC 1.20-1.25 for permanent financing, typically underwritten at the note rate. FOR MORE KIDDER MATHEWS INFORMATION,

100+ multifamily lenders including Fannie Mae & Freddie Mac, national and Lending Partners CONTACT: regional banks, life companies, CMBS, and debt funds. ALEX MUNDY Detailed quotes can be tailored to specific needs and strategies. Recommended Kidder Mathews Process timing once under contract is 60 days for lender selection, application, and Mortgage Broker closing. 206.747.4725 [email protected]

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 14 RENT COMPARABLES | ONE BEDROOM

$2,500 $4.00

$3.50 $2,000 Renovated Rent $3.00 $2,000

Market Rent $1,700 $1,500 $2.50 $2.00

$1,000 $1.50

$1.00 $500 $0.50

$0 $0.00 228Town 11th House Ave E 117 12th Ave E The Annaron Ashton Apartments 1300 E Denny Way 427 Summit Ave E 220 16th Ave E

Ren t $/SF

Property Address Unit Finishes Year Built Unit SF In-Place Rent $/SF

228 11TH AVE E 228 11th Ave E Classic 1963 580 $1,499 $2.58

117 12TH AVE E 117 12th Ave E Classic 1965 500 $1,500 $3.00

THE ANNARON 1727 14th Ave Classic 584 $1,695 $2.90 Classic

ASHTON APARTMENTS 1002 E Denny Way Classic 504 $1,545 $3.07

1300 E DENNY WAY 1300 E Denny Way Classic 1957 455 $1,550 $3.41

427 SUMMIT AVE E 427 Summit Ave E Renovated 1965 600 $1,850 $3.08

Renovated 220 16TH AVE E 220 16th Ave E Renovated 1927 710 $1,975 $2.78

Comparable Averages 1954 559 $1,686 $3.04

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 15 RENT COMPARABLES | TWO BEDROOM

$4,000 $4.00

$3,500 $3.50 Renovated Rent $3,800 $3,000 $3.00

Market Rent $2,500 $2,700 $2.50

$2,000 $2.00

$1,500 $1.50

$1,000 $1.00

$500 $0.50

$0 $0.00 228 11th Ave E 500 E Roy St Lakeview Place Heather Court Blaine Apartments 1819 E Denny Way Lauren Renee

Ren t $/SF

Property Address Unit Finishes Year Built Unit SF In-Place Rent $/SF

228 11TH AVE E 228 11th Ave E Classic 1963 1,245 $2,290 $1.84

500 E ROY ST 500 E Roy St Classic 1910 900 $2,400 $2.67 Classic LAKEVIEW PLACE 1004 Belmont Ave E Classic 1966 951 $2,395 $2.52

HEATHER COURT 122 12th Ave E Classic 1952 800 $2,150 $2.69

BLAINE APARTMENTS 502 E Bellevue Ave Renovated 1909 778 $2,795 $3.59

1819 E DENNY WAY 1819 E Denny Way Renovated 1996 1,100 $3,200 $2.91 Renovated

LAUREN RENEE 312 E Olive Pl Renovated 1914 744 $2,400 $3.23

Comparable Averages 1940 879 $2,557 $2.93

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 16 Volunteer RENT COMPARABLES MAP Park

LAKEVIEW PLACE BROADWAY E BROADWAY

E ALOHA ST

500 E ROY ST

E ROY ST

E MERCER ST E MERCER ST BLAINE APARTMENTS

E REPUBLICAN ST 15TH AVE E 15TH AVE 23RD AVE E 23RD AVE 427 SUMMIT AVE E

228 11TH AVE E E THOMAS ST 220 16TH AVE E

117 12TH AVE E HEATHER COURT

ASHTON APARTMENTS 1300 E DENNY WAY 1819 E DENNY WAY

LAUREN RENEE THE ANNARON

E PINE ST 12TH AVE

E PIKE ST E MADISON ST

CLASSIC

RENOVATED BROADWAY

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 17 APARTMENT SALE COMPARABLES

Residential Avg Unit Property Neighborhood Built Units SF Size (SF) Sale Date Price $/Unit $/SF Cap

01 629 12TH AVE E 629 12th Ave E Capitol Hill 1922 9 5,350 594 OTM $2,895,000 $321,667 $541 4.9% Seattle, WA

02 SUMMIT TERRACE 406 Summit Ave E Capitol Hill 1924 10 4,700 470 12/6/2019 $3,300,000 $330,000 $702 3.7% Seattle, WA

03 FOX HILL PLAZA 1729 18th Ave Capitol Hill 1981 8 7,228 904 3/28/2019 $3,200,000 $400,000 $443 3.8% Seattle, WA

04 PRICE MANOR 1210 E John St Capitol Hill 1958 11 6,900 627 1/16/2019 $3,050,000 $277,273 $442 3.7% Seattle, WA

05 418 12TH AVE E 418 12th Ave E Capitol Hill 1968 8 6,144 768 1/14/2019 $3,810,000 $476,250 $620 4.5% Seattle, WA

06 HARRIET MANOR 1304 E Harrison St Capitol Hill 1960 9 6,224 692 1/12/2018 $3,659,000 $406,556 $588 4.4% Seattle, WA

Comparable Averages 1952 9 676 $368,624 $556 4.2%

228 11TH AVE E 228 11th Ave E Capitol Hill 1963 9 5,885 654 - $4,200,000 $466,667 $714 - Seattle, WA

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 18 APARTMENT SALE COMPARABLES MAP

E ALOHA ST BROADWAY E BROADWAY 01 E ROY ST E ROY ST

E MERCER ST

E REPUBLICAN ST 05

02 06 15TH AVE E 15TH AVE

228 11TH AVE E

04 E THOMAS ST

E JOHN ST

E DENNY WAY

E OLIVE WAY

Cal 03 Anderson Park

E OLIVE ST E MADISON ST BROADWAY

E PINE ST

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 19 04

LOCATION OVERVIEW

CAPITOL HILL — OFF BROADWAY Situated just two blocks east of Broadway — the commercial pulse of Capitol Hill — and a two-minute walk from the light rail station, 228 11th Ave E Apartments is perfectly located in this high-demand neighborhood. A quick bike ride transports professionals to tech employers in South Lake Union, and the Link light rail travels Downtown and to the University of Washington in just four minutes. For those driving to Eastside employers such as Microsoft, back routes cut I-5 congestion out of the commute. However, with planned light rail expansions, cars will be nearly obsolete.

Capitol Hill also fulfills the “play” requirement of the live-work-play trifecta. As soon as the sun starts shining in Seattle, the neighborhood congregates on the grassy fields of , or in line at Molly Moon’s Ice Cream. Social gatherings at local bars and restaurants along Broadway create vivacity from morning to night.

58,930 $98,749

POPULATION (1 MILE) AVG HOUSEHOLD INCOME (1 MILE)

72.3% 36

RENTER-OCCUPIED UNITS (1 MILE) MEDIAN AGE (1 MILE)

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 20 CAPITOL HILL'S HUB SHORELINE NORTH (2024) OF CONNECTIVITY

As Seattle continues to grow, no amenity is more valuable to residents than connectivity, and no location has better connectivity to employment and social hubs throughout the region than 228 11th Ave E. NORTHGATE (2021)

2 MINUTE WALK to closest bus stop with routes REDMOND connecting to Downtown, Queen Anne, 15th Ave BALLARD (2024) (2035) E, and the University District

U DISTRICT (2021) 3 MINUTE WALK to Capitol Hill light rail station, actively serving routes to the University of Washington and Seattle-Tacoma International REDMOND TECH (2023) Airport, with numerous regional expansions beginning operations in 2021 BELLEVUE (2023) 3 MINUTE WALK to closest bus stop with routes connecting to North Capitol Hill, Downtown, First Hill, and South Seattle

4 MINUTE RIDE on light rail to Downtown Seattle

4 MINUTE RIDE on light rail to University of Washington

26 MINUTE RIDE on future light rail expansion to Downtown Bellevue ALASKA 228 11TH AVE E JUNCTION 36 MINUTE RIDE on future light rail expansion to (2030) Redmond Technology station, servicing Microsoft

40 MINUTE RIDE on light rail to Seattle-Tacoma International Airport

CAPITOL HILL LIGHT RAIL STATION

BUS STOP BUS ROUTE

LIGHT RAIL STOP LIGHT RAIL LINE

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 21 NEIGHBORHOOD AMENITIES WALKING DISTANCES FROM 228 11TH AVE E

2 MIN TO CAL ANDERSON PARK

4 MIN TO HONOR COFFEE & TEA

5 MIN TO QFC GROCERY

6 MIN TO SEATTLE CENTRAL COLLEGE BROADWAY E 7 MIN TO ZOOM+CARE

228 11TH AVE E 7 MIN TO ORANGETHEORY FITNESS

TO THE CAPITOL HILL FARMER'S MARKET E JOHN ST 8 MIN

CAPITOL HILL LIGHT RAIL STATION 12 MIN TO SEATTLE UNIVERSITY

TO WHOLE FOODS MARKET CAL ANDERSON 16 MIN PARK

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 22 ACCESS TO EMPLOYMENT CENTERS KIRKLAND

60,000 REDMOND UNIVERSITY Employees DISTRICT 2 minutes 20,500 FREMONT Employees

9 minutes 60,000 97,000 Employees Employees

7 minutes 18 minutes

228 11TH AVE E BELLEVUE SLU 159,000 4,500 Employees Employees DOWNTOWN SEATTLE 14 minutes 16 minutes

253,500 Employees

9 minutes

TOP PUGET SOUND AREA COMPANIES

228 11TH AVE E  OFFERING MEMORANDUM  KIDDER MATHEWS 23 EXCLUSIVELY REPRESENTED BY

JERRID ANDERSON Executive Vice President 206.499.8191 [email protected]

DYLAN SIMON Executive Vice President 206.414.8575 [email protected]

BRANDON LAWLER Associate 206.484.8114 [email protected]

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