VINCENT APARTMENTS NON-ENDORSEMENT AND DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. 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VINCENT APARTMENTS OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM VINCENT APARTMENTS TABLE OF CONTENTS PROPERTY ANALYSIS SECTION 01 01 Executive Summary • Investment Overview • Market Overview Financial Summary • Comparable Properties • Demographics FINANCIAL ANALYSIS MARKET COMPARABLES SECTION 02 SECTION 03 02 Pricing Detail • Operating Statement • Notes 03 Sales Comparables Summary • Sales Comparables Map • Sales Compara- Rent Roll Summary • Rent Roll Detail bles Rent Comparables Summary • Rent Comparables Map • Rent Comparables PRESENTED BY VINCENT APARTMENTS 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 the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap (Y0110646) PROPERTY ANALYSIS VINCENT APARTMENTS // PROPERTY ANALYSIS PROPERTY // VINCENT APARTMENTS 7 OFFERING HIGHLIGHTS VINCENT APARTMENTS // PROPERTY ANALYSIS PROPERTY // VINCENT APARTMENTS VINCENT APARTMENTS ADDRESS 3407-3411 92nd St S, Lakewood, WA 98499 OFFERING PRICE CAP RATE $1,650,000 5.27% VITAL DATA Price $1,650,000 Cap Rate 5.27% Price/SF $133.82 Net Rentable Square Feet 12,330 8 9 VINCENT APARTMENTS // PROPERTY ANALYSIS PROPERTY DETAILS VINCENT APARTMENTS // PROPERTY ANALYSIS PROPERTY // VINCENT APARTMENTS VINCENT APARTMENTS 3407-3411 92nd St S, Property Address Lakewood, WA, 98499 Number of Units 18 Year Built 1978 Lot Size 0.81 Acres /12,330 sf 10 11 VINCENT APARTMENTS // PROPERTY ANALYSIS VINCENT APARTMENTS // PROPERTY ANALYSIS 12 13 VINCENT APARTMENTS // PROPERTY ANALYSIS LOCATION OVERVIEW VINCENT APARTMENTS // PROPERTY ANALYSIS PROPERTY // VINCENT APARTMENTS Vincent Apartments is located just southwest of Tacoma, Washington in Lakewood, which is the second largest city in Pierce County. Lake- wood was incorporated as a town in 1996 and is now home to an estimated population of over 60,000 people. Lakewood stands between I-5 and the Puget Sound basin. Tacoma is nine miles from Lakewood and features numerous dining options at the local shopping center, Tacoma Mall, which includes over 150 total stores and restaurants. There are numerous attractions in Tacoma, such as the Museum of Glass, Point Defiance Zoo & Aquarium, and Chambers Bay Golf Course, which hosted the U.S. Open in 2015. Tacoma is in the top ten market for multifamily investment nationwide according to the federal mortgage lender, Freddie Mac. The demand for apartments give landlords the ability to raise their rents, and data shows that vacancy rates are at an all-time low. The Vincent Apartments is located adjacent to one of the only true “International Districts” in Pierce County, informally known as “Korea Town”. The neighborhood features an array of Chinese, Japanese, Vietnamese and Korean establishments. These include restaurants, busi- nesses and grocery stores, many of which are within walking distance of the Vincent Apartments. According to “seattlepowersearch.com” Lakewood’s Korea Town, features over 200 business along South Tacoma Way between approximately 84th and 96th Streets. Since the late 1980’s this area has developed into the economic, cultural and social home to the largest Korean American community in the Pacific North- west (newamericamedia.org). The Boo-Han Market, located one block from the Vincent Apartments, has been an anchor of Lakewood’s Korea Town since its owner Jae Han emigrated from Korea to the US in 1973. With departments for produce, meat, dairy, and seafood, the Boo-Han market has seen continued success though supplying authentic Korean and Asian goods to the local community. Han has purchased 20 acres surrounding the store and plans to expand the market to keep up with the growing community. Vincent Apartments is near several notable lakes including Lake Steilacoom which is 3.5 miles away. Lake Steilacoom is a recreational lake, open year-round to the public. Visitors can find prime rainbow trout fishing as well as swimming and boating on the 320-acre lake. Joint Base Lewis-McChord is located 9.5 miles from Vincent Apartments and is the second largest employer in Washington State. According to The News Tribune JBLM employed 57,120 people in 2016. The base was recently described as, the engine that drives our economy” by Denny Heck, congressman for Washington’s 10th District. Pacific Lutheran University, a well-established private university in Parkland is a quick 3.5 miles from Vincent Apartments. Pacific Lutheran University was ranked 16th in Regional Universities West and ranked 15th in a national ranking of best master programs. There are approxi- mately 3,100 students enrolled and 220 full-time professors on campus. Additionally, Clover Park Technical College is one mile from Vincent Apartments and has a student body of 3,720, offering programs in health sciences, business, and technology. There is also a local mall, South Tacoma Village Shopping Center, located half a mile from Vincent Apartments. The shopping center services various day-to-day errands including Lakewood Pharmacy. Vincent Apartments is ten minutes from the Lakewood Towne Center which offers 47 retail stores and restaurants, which include AMC Lakewood Theater, Barnes & Noble, Target, CVS Pharmacy, Old Navy, Red Robin, and Subway. Kaiser Permanente South Tacoma Medical Center is a five-minute drive from Vincent Apartments and provides well-paying jobs ranging from $35,000 to $110,000. Located just over a block southwest from the Vincent Apartments is a bus stop for Route 3. This route provides service all the way from the Lakewood Towne Center to the Commerce St Transfer Area in Downtown Tacoma. Connecting routes also provide fast service to the Lake- wood Station, which is just 2 miles south. At the Lakewood Station, commuters have access to the entire Puget Sound Region through other bus routes and the Sounder Train. The Sounder train currently gives service all the way to Downtown Seattle, stopping in 7 other major cities 14 along the way. LOCATION HIGHLIGHTS ► 0.5 miles from South Tacoma Village Shopping Center ► Located in the heart of Lakewood’s “Korea Town” ► 9 miles from Joint Base Lewis McChord ► 4-blocks from Pierce Transit ► 3.5 miles from Pacific Lutheran University NEARBY SOUTH TACOMA PACIFIC LUTHERAN PIERCE TRANSIT VILLAGE SHOPPING CENTER UNIVERSITY, 15TH IN WITHIN WALKING DISTANCE NATIONAL RANKING OF MASTER PROGRAMS ANALYSIS PROPERTY // VINCENT APARTMENTS 15 INVESTMENT OVERVIEW INVESTMENT VINCENT APARTMENTS // PROPERTY ANALYSIS PROPERTY