QUEEN ANNE TRIPLEX PHINNEY RIDGE

BALLARD

MAGNOLIA FREMONT

QUEEN ANNE

SOUTH LAKE UNION

ELLIOTT BAY

SEATTLE CBD OFFERING

Paragon Real Estate Advisors is pleased to offer for exclusive sale the Queen Anne Triplex, located just minutes away from the Downtown CBD and South Lake Union neighborhoods. This location is in one of the most sought after rental markets of the Greater Seattle area due to Upper Queen Anne’s prominent history, central location, and renowned status. The Queen Anne Triplex offers a rare opportunity to purchase a low maintenance value add property with rental upside in a distinguished Seattle neighborhood. The property has had partial remodels to two of the three, two-bedroom units. These updates include an upgraded kitchen in unit 3 and an upgraded bathroom in unit 2. With little investment needed, investors are able to fully update all the units and realize greater returns with increased rents in addition to charging back for utilities, storage and parking.

NAME Queen Anne Triplex

ADDRESS 1943 10th Ave W, Seattle WA 98119

TOTAL UNITS 3

BUILT 1968

SQUARE FEET 3,150 Total Net Rentable

PRICE $1,395,000

PRICE PER UNIT $465,000

PRICE PER FOOT $442.86

CURRENT GRM/CAP 20.4/3.4%

MARKET GRM/CAP 14.6/5.2%

LOT INFORMATION 5,400 Square Feet Zoned LR1

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

„„ A+ location

„„ Large 2 Bd/1 Bth units averaging 1,050 square feet

„„ Basement unit features a den

„„ Fireplaces in all units

„„ New roof

„„ 4 on-site parking spaces

„„ New double pane vinyl windows

„„ Washer and dryer hook-ups in basement unit

„„ 2 tenant storage units

„„ 1 large storage room

„„ New hot water heaters

„„ Unit #3 has updated kitchen

„„ Unit #2 has updated bathroom

„„ Building has rear access from alley

„„ Walking Distance to Interbay or Queen Anne Ave N

„„ Less than 3 miles from the Seattle CBD

QUEEN ANNE TRIPLEX LOCATION HIGHLIGHTS

Located in the highly desirable and dynamic Queen Anne neighborhood, the subject is at the epicenter of Seattle’s food, culture and urban recreation scene. Queen Anne is known for its many trendy restaurants, bars, high-end boutique retailers and neighborhood parks. As the South Lake Union area continues to rapidly grow, the demand for Queen Anne property has drastically increased over the past few years. Companies such as Amazon, Facebook, Google, Expedia, Microsoft and Zulily continue to expand and hire POPULATION more employees to the Seattle area, making Queen Anne a top location for investors. This pedestrian-friendly location is situated between the employment centers of 24,567 Downtown Seattle and South Lake Union, and offers residents the ability to take advantage of the many walkable amenities in the area. The subject location has a “Very Walkable” designation offering immediate convenience to neighborhood services and everything needed for your daily errands. The subject property is just minutes away from the popular 64-acre Seattle Center, featuring world renowned attractions such as the Space Needle, Paul Allen’s Museum of Pop Culture, Chihuly Garden and Glass, Key Arena, Opera House & Pacific Northwest Ballet and the Pacific Science Center. MEDIAN INCOME „„ Located just north of the Seattle Central Business District $79,053

„„ Easy access to transit options via Metro Transit and the South Lake Union Streetcar

„„ Walk to restaurants, cafés, and shopping

„„ Easy access to the University of Washington

„„ Close to Greenlake - Seattle’s most popular park WALK SCORE 80 https://factfinder.census.gov/faces/nav/jsf/pages/community_facts.xhtml?src=bkmk POPULATION, EDUCATION AND INCOME

King County contains estimated 872,411 households. This number is TOP KING COUNTY FULLTIME forecast to increase to more than 912,000 by the year 2021. The county EMPLOYERS EMPLOYEES IN WA currently has 18 cities with populations greater than 20,000. The Boeing Co 81,919 Seattle is one of the most educated cities in the United States. Over 57 Microsoft Corp. 43,031 percent of Seattle’s adult residents have a Bachelor’s degree or higher, University of Washington 30,200 nearly twice the national average. An educated city means an educated Amazon.com Inc 24,700 workforce—a solid backbone for the innovative, knowledge-based 13,400 industries that drive Seattle’s economy. King County also boasts high Starbucks Corp educational attainment, with 47 percent of residents over 25 having Swedish Health Services 11,239 received a Bachelor’s degree or higher. City of Seattle 10,758 Roughly 28 percent of King County residents are in professional business/ Costco Wholesale Corp 10,080 managerial positions. As a result, median household income in King Nordstrom 9,264 County is well above the U.S. average. Cost of living is generally higher than Group Health Cooperative 8,982 the U.S. average, but it is in line with other metropolitan areas with similar income levels. WHY CHOOSE SEATTLE - KING COUNTY?

A HIGHLY-SKILLED WORKFORCE The region’s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor’s degree or higher.

Top-tier talent is one of the key reasons out-of-state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County.

ESTABLISHED INDUSTRY CLUSTERS The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and medium- sized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle- King County region is known.

CUTTING-EDGE RESEARCH Top-ranked research institutions, including the world-renowned University of Washington, contribute to a high-caliber talent pipeline and encourage record levels of research & development spending from the private, non-profit and public sectors. The region has always fostered the next generation of business, from early-stage startups to high-growth companies with long-term success.

*Data Sources: Washington State Employment Security Department, 2015; Washington State Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic Impacts 2016 Update; US International Trade Administration, 2014. MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT MAJOR EMPLOYERS - SOUTH LAKE UNION BUILDING PHOTOS UNIT PHOTOS UNIT PHOTOS UNIT PHOTOS Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET

Units 3 Price $1,395,000 Scheduled Gross Income $68,460 $95,700 Year Built 1968 Per Unit $465,000 Less Vacancy 3.0% $2,054 3.0% $2,871 Rentable Area 3,150 Per Sq. Ft. $442.86 Gross Operating Income $66,406 $92,829 Down Pmt $418,500 Current GRM 20.38 Less Expenses $19,051 $19,972 Loan Amount $976,500 Current CAP 3.39% Net Operating Income $47,355 $72,857 Interest Rate 5.00% Market GRM 14.58 Annual Debt Service ($5,242/mo) $62,905 $62,905 Amortization 30 years Market CAP 5.22% Cash Flow Before Tax -3.72% ($15,550) 2.38% $9,952 Principal Reduction $14,407 $14,407 Total Return Before Tax -0.27% ($1,143) 5.82% $24,359

UNIT CURRENT MARKET UNITS TYPE SIZE RENT RENT 1 2 Bd/1 Bth 1,050 $1,895 $2,495 ANNUALIZED OPERATING EXPENSES CURRENT MARKET 1 2 Bd/1 Bth 1,050, $1,895 $2,495 Real Estate Taxes $9,208 $10,129 1 2 Bd/1 Bth 1,050 $1,895 $2,495 Insurance $1,107 $1,107 3 Total/Avg 1,050 $1.80 $2.38 Utilities $3,475 $3,475 Maintenance & Repairs $4,897 $4,897 Legal/Prof Fees $364 $364

MONTHLY INCOME CURRENT MARKET Total Expenses $19,051 $19,972 Gross Potential Rent $5,685 $7,485 Utility Bill Back $0 $270 CURRENT MARKET Common Laundry $20 $20 Expense/Unit $6,350 Expense/Unit $6,657 OPERATIONS OPERATIONS Parking Income $0 $200 Expense/Foot $6.05 Expense/Foot $6.34 Gross Potential Income $5,705 $7,975 Percent of EGI 27.83% Percent of EGI 20.87% SALES COMPARABLES

Queen Anne Triplex 1943 10th Ave W Seattle, WA 98119 Year Built 1968 Units 3 Sales Price $1,395,000 Price/Unit $465,000 3 Price/Foot $442.86 Current GRM/CAP 20.4/3.4% Market GRM/CAP 14.6/5.2% 5 1 Year Built 1960 2 Year Built 1950 Units 3 Units 3 Sales Price $1,570,000 Sales Price $1,450,000 Price/Unit $523,333 Price/Unit $483,333 Price/Foot $441.01 Price/Foot $372.75 GRM/CAP 16.9/4.9% GRM/CAP 24.7/3.0% 1 Sales Date 9.18.2018 Sales Date 6.18.2018 Queen Anne Triplex Mid Century Triplex 4 2557 13th Ave W 1414 10th Ave W Seattle, WA 98119 Seattle, WA 98119

3 Year Built 1967 4 Year Built 1965 Units 3 Units 3 Sales Price $1,500,000 Sales Price $1,600,000 QUEEN ANNE Price/Unit $500,000 Price/Unit $533,333 TRIPLEX Price/Foot $381.68 Price/Foot $430.11 GRM/CAP 18.8/4.4% GRM/CAP Unknown Sales Date 8.4.2017 Sales Date 6.30.2017 East Slope Triplex Magnolia Triplex 3441 - 3445 23rd Ave W 2308 Wheeler St 2 Seattle, WA 98199 Seattle, WA 98199

6 Year Built 1931 Units 3 Sales Price $1,405,000 Price/Unit $468,333 Price/Foot $388.12 GRM/CAP 19.6/3.4% Sales Date 6.1.2017 West Slope Manor 3006 14th Ave W Seattle, WA 98117 RENT COMPARABLES

Queen Anne Triplex 1943 10th Ave W 4 Seattle, WA 98119 2 Bd/1 Bth 1,050 $1,895 $1.80

1968 - 3 Units

1 Queen Anne Duplex 2238 Gilman Dr W 2 3 Seattle, WA 98119 2 Bd/1 Bth 990 - 1,330 $2,095 - $2,395 $1.80 - $2.12

1904 - 2 Units 1

2 Gilman Apartments 2557 14th Ave W Seattle, WA 98119 3 Bd/2 Bth 1,120 $2,850 $2.54 6 1988/1995 - 25 Units QUEEN ANNE TRIPLEX

3 Queen Anne 6 Unit 2566 14th Ave W Seattle, WA 98119 2 Bd/1 Bth 1,100 $2,095 $1.90 5 1962/1982 - 6 Units

4 Queen Anne Condos 3003 14th Ave W Seattle, WA 98119 2 Bd/2 Bth 1,103 $2,950 $2.67

1988/2000 - 10 Units

5 Queen Anne Triplex 1414 10th Ave W Seattle, WA 98119 2 Bd/1 Bth 1,050 $2,440 $2.29

1950 - 3 Units 600 University St, Suite 2018 Seattle Washington 98101

206 623-8880 / [email protected] 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.