University Way Apartments - 4750 University Way NE, Seattle

UNIVERSITY WAY APARTMENTS OFFERING MEMORANDUM

4750 University Way, Seattle

University Way Apartments

Contents

Executive Summary................................... 04 Location .................................................... 06 The Property ............................................ 14 Investment ................................................ 21 Comparables ............................................ 30

Exclusive listing broker Edward Krigsman

8

6

MINUTES BY LIGHT RAIL FROM U DISTRICT STATION TO DOWNTOWN SEATTLE

MILLION SF NET NEW SPACE PROJECTED FOR UW MAIN CAMPUS BY 2028

2173

2480

NEW HOUSING UNITS ADDED IN U DISTRICT 2015-21

NEW HOUSING UNITS PERMITTED/UNDER CONSTRUCTION IN U DISTRICT 2021

University Way Apartments

Executive Summary

EXECUTIVE SUMMARY

The Offering You are invited to consider, for investment or redevelopment, a prime mixed-use property with unique cultural value, in the vibrant, rapidly expanding University District neighborhood, one of Seattle’s six Urban Districts, a couple of blocks from both the University of Washington and the new University District light rail station, 2.5 miles from downtown Seattle, and under 3 miles from the Fremont tech hub. The 12,000 SF mid-century building, University Way Apartments, comprises 18 vintage open 1BR/1BA apartments overlooking a central courtyard, as well as a 3,500 SF ground-floor commercial/ boutique retail space, currently demised as two units. Over the years the retail space has housed a series of characterful businesses: the Academy of Classical Ballet, operated by Irene Larson, formerly of the New City Ballet; a school of metaphysics; a used bookstore; and vintage boutique Valley of the Roses.

The most notable tenant was legendary fighter, teacher and philosopher Bruce Lee, who leased the space in 1963-64 for his martial arts school, Jun Fan Gung Fu Institute.

University Way Apartments presents multiple lucrative investment scenarios. For dependable cash flow, take advantage of both felicitous proximity to major employers and Seattle’s rapidly rebounding apartment market (ranked by Fall 2021 Multifamily Investment Review as the third most active in the nation) to modernize the apartments and lease them to workers seeking an easy commute and urban lifestyle.. Considering that the 4.75 FAR for this N3P-65 (M1) zone yields nearly 19,570 FAR SF, approximately 7 stories and up to approximately 35 units, it may be possible to retain the existing structure of approximately 45 ft, adding perhaps one or two stories – assuming the appropriate structural upgrades and approvals under land use code. Holding the property as part of a diversified investment portfolio would also deliver long-term upside in a rapidly appreciating submarket. The seller makes no warranties whatsoever regarding the feasibility of any redevelopment options and is selling the building as is, where is.

5

Property

University Way Apartments

Address

4750 University Way, Seattle

Offering Price

$6,280,000

Price/Unit

$312,000

Price/Net SF

595

Cap Rate (Pro Forma)

4.24%

GRM (Pro Forma)

15

Submarket

University District

Gross square feet

12,182

Net rentable square feet

10,513

Year built

1958

Number of apartment units

18

Unit type

Open-1BR/1BA

Average apartment unit size

391 SF

Number of retail units

2

Retail/commercial square feet

3341

Parking spaces

1

Zoning

N3P-65 (M1)

Tax ID

8816400350

Allowed uses

Retail, office, residential, hostel, hotel

Lot size

4120 SF

Overlays

Urban Center, Station Overlay District

Frequent transit

Yes

# of existing apartment units

Year Built

Total lot SF

18

1958

4120

University Way Apartments

Location

LOCATION

Investing In Seattle A nationally ranked Top Five investment market, Seattle boasts a strong and resilient economy. Economic growth fuels a thriving market in which the demand for rental units and new homes is expected to continue increasing.

As they do in Manhattan and in the peninsular Bay Area, geographic and topographic barriers limit Seattle’s land supply and concentrate demand in thriving urban villages and neighboring suburbs.

Over the last decade the Puget Sound region has outperformed the nation in employment, population, and personal income growth and enjoyed a commensurately low unemployment rate. A distinctly diverse, skilled, and educated workforce attracts high-profile corporations, both established and burgeoning, and the area has long been home to top-ranked research institutions. Historically high activity in the tech, tourism and shipping sectors ensures that the greater Seattle area will remain attractive for both new and veteran investors, whether the goal is immediate cash flow or long-term appreciation.

7

Downtown Seattle South Lake Union

Wallingford

The M Seattle U District Station

Safeway University Way Apartments

University of Washington

LOCATION

9

The Submarket - Seattle’s University District Centrally located and densely urban, the University District draws its vibrant energy from the University of Washington, Puget Sound’s chief brain trust and engine of economic growth. A magnet for talent in the Pacific Northwest and well beyond, UW enrolled 48,000 students in 2020 and employed nearly 31,000 faculty and staff (including UW Medicine employees). The 2018 UW Campus Master Plan projects 20% growth in campus population by 2028 and aims to add 6 million SF net new space on main campus. Developers’ interest in the area is matched by community and philanthropic investment, as witnessed by the hugely successful capital campaign that raised over $50 million for the 2019-20 renovation of Parrington Hall, the distinguished 1902 building that is the home of the Evans School of Public Policy and Governance. A similarly large-scale fundraising initiative had made possible the construction of the magnificent law school building, William H. Gates Hall, in 2002-03.

The M Seattle, at 4700 Brooklyn Ave NE, a block from the subject Expansion of the UW campus will mean continued growth in

property and steps from the U District station, offers a completed

demand for apartments in the University District. After a brief

example of high-rise development – a 24-story tower with 227

decline during the pandemic, this established pedestrian retail

apartments, 5,623 SF street-level retail space, and parking for 22

enclave has been revitalized by the October 2021 opening of the

vehicles. Just north of the M, the new mixed-use, mid-rise Safeway

University District station of the Northgate Link light rail. Recent

building at 4732 Brooklyn Ave NE contains 180 apartments on 7 floors,

upzoning by the City of Seattle in the blocks surrounding the U

as well as a 34,507 SF grocery store and 184 parking stalls. “Multifamily

District station has raised allowed building height to 240 or 320 ft,

mania,” as the Puget Sound Business Journal recently dubbed this flurry

except on University Way, which remains capped at 65 ft, in order to

of construction, is alive and well in the University District. “The University

preserve the unique small businesses that line the Ave. The Urbanist

District is one of Seattle’s most dynamic and rapidly growing markets

reported in July 2021 that, given the number of permitted and

and has attracted significant institutional investment in recent years,”

planned development projects in the area, “roughly 22 towers could

observes Matt Kemper, a VP at Colliers International, which brokered

make up the U District skyline” and “over 40 mid-rises and low-rises

the $17 million sale of a 3-building, 96-bed property on 9th Ave NE in

could be added to their orbit.”

December 2021.

LOCATION

10

LOCATION

11

Neighborhood Amenities

3

1.

2.

3.

1

Cedars Indian Restaurant Din Tai Fung Portage Bay Cafe

4.

5.

6.

Starbucks Thai Tom Xian Noodles

4.

5.

6.

Trader Joe’s University District Farmers Market Whole Foods Market

4.

5.

Ravenna Park University Playground

LA

K

E

Restaurants, Cafes & Bars

G

RE

EN

Groceries 1.

2.

3.

6 1 6

99

4 4 5 1

5 4

3 3

Parks

2

2

5 1 4

1.

2.

3.

2

4

Fitness 1.

2.

3.

4.

2 3 University of Washington

2

Cowen Park Gas Works Park Green Lake Park

3

University Way Apartments

1

PCC Community Market QFC Safeway

Agua Verde Paddle Club Burke Gilman Trail UW Intramural Activities (IMA) YMCA

Arts and Entertainmnt 1.

2.

3.

4.

520

0.3 mile

0.2 mile

0.06 mile

0.1 mile

150 ft

TRADER JOE’S

TARGET

SAFEWAY

YMCA

UNIVERSITY HEIGHTS COMMUNITY CENTER

Burke Museum Henry Art Gallery Neptune Theatre Grand Illusion Cinema

View Interactive Map UNIVERSITY WAY APARTMENTS

LOCATION

12

Transit Times by Car to Major Seattle Employment Nodes NORTHGATE

KIRKLAND

GREENWOOD

WEDGWOOD

BALLARD

N

E RE

KE

LA

U DISTRICT

FREMONT

18 MINUTES 6 MINUTES

University Way Apartments

99

2 MINUTES

MAGNOLIA

REDMOND

RAVENNA

G

TABLEAU 1,200

EMPLOYEES

7 MINUTES

FACEBOOK LAKE 7,000 UNION EMPLOYEES

16 MINUTES

EXPEDIA 4,500

EMPLOYEES

SEATTLE AMAZON 50,000

10 MINUTES 6 MINUTES

PUGET SOUND

520 CAPITOL HILL

MICROSOFT 50,000

MADISON PARK

EMPLOYEES

GOOGLE 5,000

EMPLOYEES

CENTRAL DISTRICT

LAKE WASHINGTON

DOWNTOWN BELLEVUE

EMPLOYEES ELLIOT BAY

16 MINUTES MERCER ISLAND WEST SEATTLE

13

EXECUTIVE SUMMARY

TRAIN TRAIN-TRAM

Seamlessly Connected

EVERETT

MUKILTEO

The subject property enjoys a central location, within easy reach of employers and amenities in the Greater Seattle area. Blocks from Interstate 5, a major commuting route, the property is also 2 blocks from the new University District station of the Northgate Link light rail, with rapid transit north to Roosevelt, Northgate and soon Shoreline and Lynnwood, and south/east to UW, the International District, sports arenas, Westlake/downtown Seattle, Capitol Hill, Mt Baker, Columbia City, Tukwila and Sea-Tac Airport. The East Link Extension, currently in the construction phase and projected to open in 2023, will connect downtown Seattle to Mercer Island, Bellevue and Redmond and significantly reconfigure Puget Sound’s commuting routes. As a major hub in this redrawn map, the University District will offer sustainable car(e)free access to Eastside tech employers as well as to shopping, dining and recreation all over Seattle.

MARINER

TRAIN-TRAM LYNNWOOD

BOTHELL

bus-alt EDMONDS

bus-alt University Way Apartments

NORTHGATE

TRAIN-TRAM BALLARD

TRAIN-TRAM

REDMOND

TRAIN-TRAM

BELLEVUE

SEATTLE WEST SEATTLE

TRAIN-TRAM

TRAIN-TRAM ISSAQUAH

bus-alt

KEY:

TRAIN-TRAM

Link Light Rail

bus-alt

Bus Rapid Transit

TRAIN

Sounder Rail

RENTON TUKWILA

KENT

TACOMA

14.8 miles

TO SEATAC INTERNATIONAL AIRPORT

2.4 miles TO DOWNTOWN SEATTLE

0.3 miles

FEDERAL WAY

AUBURN

TRAIN-TRAM

TO UNIVERSITY DISTRICT LIGHT RAIL STATION

SUMNER

TRAIN LAKEWOOD

PUYALLUP

University Way Apartments

The Property

PROPERTY DETAILS

15

The Asset Sited on the lively pedestrian street since 1919 affectionately known as “The Ave,” in the bustling business district that neighbors the University of Washington, the 1958 building presents a striking stone and corrugated metal façade. Its architect, Spokane-born Samuel G. Morrison (1915-92), also designed numerous commercial buildings and cultural institutions in Seattle, including what is now Seattle Children’s Theatre at the Seattle Center. Configured in an L shape with a central courtyard, the 18 spacious apartments on 3 floors offer open 1BR/1BA layouts with built-in storage, efficient kitchens, huge picture windows and retro charm. To make immediate renovation easier, only 5 apartments are currently tenant-occupied and, of these, 4 are on month-to-month leases, with the fifth lease ending in Fall 2022. At about 400 SF each, the apartments are sized approximately 20% larger than units of their type in new construction. They boast unusual privacy, each with a direct door onto, or overlooking, a garden courtyard. An office, an electrical room and a laundry room completes each of the three residential floors, respectively. The street-level retail floor, once the home of Bruce Lee’s martial arts studio, offers two expansive spaces with 9 ft 3 in high ceilings, one of which is occupied by highly rated vintage boutique, Valley of the Roses; the other space is unleased. The property also offers alley access, including access to residents, and one parking space.

PROPERTY HIGHLIGHTS Prime University District Core zone Walk Score 99, Walkers’ Paradise 2 blocks to UW 2 blocks to U District station

N3P-65 (M1) ZONING

ONE MILE FROM UNIVERSITY VILLAGE

Allows mixed-use (retail, hotel, office, residential) construction with a floor-area ratio (FAR) of 4.5 (for a total of 19,570 potential FAR SF), up to 65 ft in height, in large business districts with good transit and intense pedestrian activity; no parking required

Seattle’s world-class shopping and dining destination with 120 stores and 500,000 SF of luxury retail and award-winning restaurants

Listed architect Retro charm

CONSISTENT RENTER BASE

Delivered largely vacant for development

80.72% of housing units in the area surrounding the subject property radius are renter-occupied in the third quarter of 2021. Local retail businesses naturally cater to and benefit from this desirable target demographic

Expansive retail spaces

UNIVERSITY WAY APARTMENTS

CLOSE TO PARKS AND GREEN SPACES Renters and their canine friends can enjoy Olmsted-designed Cowen Park half a mile away, along with the forested ravines of adjacent Ravenna Park, bike or run on the scenic Burke Gilman Trail a mile to the east, or jog 1.3 miles to recreational mecca Green Lake. A robust public-private alliance among the University District Partnership, the City of Seattle and SDOT has initiated the Green Streets program, which is redesigning NE 42nd and NE 43rd Streets and Brooklyn Avenue NE with pedestrian-friendly landscaping and lighting, along with raised intersections and wide sidewalks, to expand urban green space and accommodate an influx of commuters

THE PROPERTY

16

Floor Plates: Rental Apartment Levels

N

2450 SF / LEVEL 7350 SF TOTAL

Download Floorplans 4750 UNIVERSITY WAY, SEATTLE

THE PROPERTY

17

Floor Plates: Commercial (Retail) Level

N

3475 SF

Download Floorplans 4750 UNIVERSITY WAY, SEATTLE

THE PROPERTY

Exterior

18

Unit Interiors

THE PROPERTY

19

Floorplans: Stacks 01, 02, 03

101, 201, 301 / 435 SF

N

102, 202, 302 / 367 SF

103, 203, 303 / 367 SF

Download Floorplans 4750 UNIVERSITY WAY, SEATTLE

THE PROPERTY

20

Floorplans: Stacks 04, 05, 06

104, 204, 304 / 405 SF

N

105, 205, 305 / 405 SF

106, 206, 306 / 367 SF

Download Floorplans 4750 UNIVERSITY WAY, SEATTLE

University Way Apartments

Investment

INVESTMENT

22

The Investment Realize the lucrative potential of the property through the path that best suits your investment profile and goals: In the first investment/redevelopment scenario, the 18 existing apartments would be maintained in their current configuration but modernized and streamlined to create sleek contemporary spaces. The stacking units with few variations will likely be straightforward to renovate and few tenant relocations will be required. Capture accelerated depreciation benefit through cost segregation on current or future renovations.

Downtown Bellevue SR 520 Bridge UW Campus

The 4.75 FAR for this zone yields a total of 19,570 FAR SF, approximately 7-stories and up to 35 units. It may be possible to retain the existing structure of approximately 45 ft, adding perhaps one or two stories, assuming the appropriate structural upgrades.

In either of these scenarios the street-level commercial space could be reimagined for any retail use, even as a cultural institution raising awareness of the positive contributions of Asian Americans and immigrants to North America and the world. The second-floor central courtyard could be landscaped as a traditional or contemporary Asian garden, with bamboo privacy screens creating a tranquil space for meditation.

Buyers considering redevelopment are urged to investigate with the City of Seattle the feasibility of their desired development outcome. The seller makes no warranties whatsoever regarding the feasibility of any redevelopment options and is selling the building as is, where is.

University Way Apartments The “Ave”

University District Farmer’s Market

INVESTMENT

23

Financials Analyses of market rents for renovated apartments and commercial space in this submarket suggest gross annual potential rent for the property to be approximately $420,000 and an estimated annual net operating income approximately $310,000 (including an annual professional management fee of $20,000). Pro Form rents provided assume renovation to current standards and consumers’ tastes at the discretion of the buyer.

PROPERTY OVERVIEW Offering Price

$6,280,000

Cap Rate (Pro-Forma)

4.24%

Site Square Footage

4,120

Building Square Footage

12,182

Rentable Square Footage

10,513

Efficiency

86%

INVESTMENT

24

Rent Roll COMMERCIAL RENT ROLL GROSS REVENUE No. Units SF(CURRENT)ANNUAL MONTHLY RENT

GROSS REVENUE PRO-FORMA RENT(PRO FORMA)

Commercial Unit A

N/A

1,300

Vacant

$3,250

Commercial Unit B

N/A

2,175

Vacant

$4,984

2 Units

3,475

$0

$8,234

No. Units

SF

ANNUAL MONTHLY RENT

PRO-FORMA RENT

101

Open 1 Bed/1 Bath

435

Vacant

$1,350

102

Open 1 Bed/1 Bath

367

$600.00

$1,250

103

Open 1 Bed/1 Bath

367

$675.00

$1,250

104

Open 1 Bed/1 Bath

405

Vacant

$1,250

105

Open 1 Bed/1 Bath

405

$800.00

$1,250

106

Open 1 Bed/1 Bath

367

Vacant

$1,350

201

Open 1 Bed/1 Bath

435

Vacant

$1,450

202

Open 1 Bed/1 Bath

367

Vacant

$1,400

203

Open 1 Bed/1 Bath

367

Vacant

$1,400

204

Open 1 Bed/1 Bath

405

$500.00

$1,400

205

Open 1 Bed/1 Bath

405

$700.00

$1,400

206

Open 1 Bed/1 Bath

367

Vacant

$1,450

301

Open 1 Bed/1 Bath

435

Vacant

$1,00

302

Open 1 Bed/1 Bath

367

Vacant

$1,450

303

Open 1 Bed/1 Bath

367

Vacant

$1,450

304

Open 1 Bed/1 Bath

405

Vacant

$1,450

305

Open 1 Bed/1 Bath

405

Vacant

$1,450

306

Open 1 Bed/1 Bath

367

Vacant

$1,500

$3,275

$25,000

Total/Average

RESIDENTIAL RENT ROLL

Total/Average

18 Units

INVESTMENT

Income + Expenses

25

EFFECTIVE GROSS INCOME ACTUAL

Residential GPR

PRO FORMA

RENT/SF

ANNUAL INCOME

RENT/SF

ANNUAL INCOME

$0.47

$39,300

$3.55

$300,000

Vacancy (5%)

($1,965)

($15,000)

$0

$98,808

Commercial GPR Vacancy (10%)

$0

($9,881)

Parking Income (1 Stall)

$150

$0

$1,800

Pet Rent

$30

$0

$2,592

Storage Income (10)

$50

$0

$2,500

Other Income

$250

$0

$4,500

Utility Payback

80%

$0

$11,400

$37,335

$396,360

Totals

OPERATING EXPENSES ACTUAL PER UNIT

Property Management

5%

TOTAL

PRO FORMA PER UNIT

TOTAL

($103)

($1,867)

($1,101)

($19,818)

($78)

($1,400)

($1,400)

($25,200)

Admin & Contracted Repairs & Maintenance

($56)

($1,400)

($1,000)

($18,000)

Utilities (WSG + Electric)

($767)

($13,800)

($767)

($13,800)

Insurance

($556)

($10,000)

($556)

($10,000)

($70)

($1,253)

($67)

($1,253)

Real Estate Taxes

($2,350)

($42,301)

($2,350)

($42,301)

Totals

($3,980)

($72,021)

($7,241)

$130,372

LID Fee

NET OPERATING INCOME ACTUAL PER UNIT

Total Income

TOTAL

PRO FORMA PER UNIT

TOTAL

$1,867

$37,335

$19,818

$396,360

Total Expenses

($3,582)

($71,621)

($6,519)

($130,372)

Net Operating Income

($1,715)

($34,286)

$13,299

$265,988

INVESTMENT

26

Stabilized 10 Year Pro Forma YEAR

NOI

2022

$265,987

$48,401

3.80%

$7,092,993

$6,649,681

$6,258,523

$5,910,828

2023

$279,667

$62,081

4.00%

$7,457,783

$6,991,671

$6,580,397

$ 6,214,819

2024

$294,042

$76,456

4.20%

$7,841,116

$7,351,047

$6,918,632

$6,543,264

2025

$309,147

$91,561

4.42%

$8,243,930

$7,728,684

$7,274,056

$6,869,942

2026

$325,020

$107,434

4.64%

$8,667,207

$8,125,506

$7,647,535

$7,222,672

2027

$341,699

$124,113

4.88%

$9,111,980

$8,542,481

$8,039,982

$7,593,317

2028

$359,225

$141,639

5.13%

$9,579,334

$8,980,626

$8,452,354

$7,982,778

2029

$377,640

$160,054

5.39%

$10,070,409

$9,441,008

$8,885,655

$8,392,007

2030

$396,990

$179,404

5.67%

$10,586,400

$9,924,750

$9,340,941

$8,822,000

2031

$417,321

$199,735

5.96%

$11,128,565

$10,433,030

$9,819,322

$9,273,804

$1,190,878

4.81%

Total/Average

CASH FLOW

YIELD ON COST

3.75%

4.00%

4.25%

$9,888,086

4.50%

LOCATION

Apartment Market Metrics (University District)

27

LOCATION

Apartment Market Metrics (University District)

28

LOCATION

29

Demographics About 55% of the population of the area within 1 mile of the subject property is aged 25-40 years, as distinct from 28% in King County.

The average household income for the area is $71K, in contrast to the $135K average for King County. 31% of the subject population hold an advanced degree, versus 21% for King County. Unlike King County, where only 42% of housing units are renter occupied, in the subject area 81% of housing units are renter occupied. And 32% of the area’s population take public transportation to work, as opposed to 15% of King County’s population as a whole.

(Source: Neustar Demographic Snapshot Report)

2021 Q3 Household Age

2021 Q3 Education

Age 15-24 Age 25-34 Age 35-44 Age 45-54 Age 55-64 Age 65-74 Age 75-84 Age 85+

No High School Diploma High School Diploma Some College Bachelors Degree Advanced Degree

University Way Apartments

Comparables

COMPARABLES

31

Sale Comparables 1

2

3 2

The Campus Apts 4210 Brooklyn Ave N

5246 Brooklyn Ave NE 5246 Brooklyn Ave NE

Lisa Carol Apts 4405 Corliss Ave NE

Year Built.............................. 1923 Sale Date................................ N/A Sale Price...................$9,500,000 Building SF........................24,680 Building Units...........................39 Lot SF................................... 8,240 Type.......................... Apartments Rent / SF............................... $423 Zoning ...........SM-U-75-240 (M1)

Year Built.............................. 2015 Sale Date................................ N/A Sale Price...................$5,680,000 Building SF.......................... 7,538 Building Units...........................12 Lot SF................................... 8,218 Type.......................... Apartments Rent / SF............................... $795 Zoning ............................... LR-2M

Year Built.............................. 1926 Sale Date......................... 6/17/21 Sale Price...................$8,489,500 Building SF........................17,010 Building Units...........................19 Lot SF................................... 6,970 Type.......................... Apartments Rent / SF............................... $675 Zoning ............................... LR-2M

4

5

5 1 3

66

Windsor Arms Apts 532 Belmont Ave E

Rivendell Apts - UD-Square 4719 15th Ave NE

Village Green Apts 5115 24th Ave NE

Year Built.............................. 1925 Sale Date......................... 4/30/21 Sale Price...................$4,900,000 Building SF........................15,810 Building Units...........................20 Lot SF................................... 6,250 Type.......................... Apartments Rent / SF............................... $472 Zoning ............................. MR (M)

Year Built.............................. 1999 Sale Date.......................12/23/21 Sale Price.................$10,000,000 Building SF........................34,962 Building Units...........................24 Lot SF.................................13,000 Type.......................... Apartments Rent / SF............................... $495 Zoning ............................... LR-3M

Year Built.............................. 1969 Sale Date.......................10/29/21 Sale Price...................$7,067,000 Building SF........................14,386 Building Units...........................18 Lot SF.................................21,713 Type.......................... Apartments Rent / SF............................... $491 Zoning ............................... LR-3M

6

4

University Way Apartments

COMPARABLES

32

Rent Comparables 1

2

3

DXU 4230 11th Ave NE

Sora 4239 8th Ave NE #408

The Parsonage 4132 Brooklyn Ave NE

Year Built.............................. 2021 SF............................................ 300 Type....................................Studio Monthly Rent....................$1,625 Rent / SF.............................. $5 42

Year Built.............................. 2020 SF............................................ 292 Type....................................Studio Monthly Rent....................$1,415 Rent / SF.............................. $4 85

Year Built.............................. 2019 SF............................................ 290 Type..................................... 1-bed Monthly Rent....................$1,375 Rent / SF.............................. $4 74 University Way Apartments

4

5

2

6

1

4 6 7th Avenue Place 4229 7th Ave Pl #105

Levere Apartments 4105 Brooklyn Ave NE

CountryYard 8 Apartments 4039 8th Ave NE

Year Built.............................. 2019 SF............................................ 237 Type....................................Studio Monthly Rent....................$1,250 Rent / SF.............................. $5 27

Year Built.............................. 1940 SF............................................ 325 Type....................................Studio Monthly Rent....................$1,175 Rent / SF.............................. $3 62

Year Built.............................. 2016 SF............................................ 250 Type....................................Studio Monthly Rent....................$1,150 Rent / SF.............................. $4 60

5

3

COMPARABLES

33

Retail Leasing Comparables 1

Historic Build

2

3

4501 University Wy NE Ste 1020

4540 University Wy NE

Retail

College Center Building

NRSF.................................... 1,150 Annual Lease / SF..................$45 Annual NNN / SF..................... $8 Annual Rent + NNN ............. $53 Built ......................................1900

NRSF.................................... 2,040 Annual Lease / SF..................$25 Annual NNN / SF..................... $8 Annual Rent + NNN ............. $33 Built ......................................1910

NRSF.................................... 1,446 Annual Lease / SF..................$20 Annual NNN / SF..................... $8 Annual Rent + NNN ............. $28 Built ......................................1910

4556 University Wy NE Ste 208

6 5

4

5

6

4 3 2 1

Lothlorien Building

Prexy Building

4737 Roosevelt Wy NE

5000 University Wy NE #F

NRSF.................................... 2,297 Annual Lease / SF..................$34 Annual NNN / SF............... $8 14 Annual Rent + NNN ........$42 14 Built ......................................1980

NRSF.................................... 2,400 Annual Lease / SF..................$25 Annual NNN / SF...................$10 Annual Rent + NNN ............. $35 Built ..................................... 2021

NRSF.................................... 1,900 Annual Lease / SF..................$34 Annual NNN / SF............... $8 36 Annual Rent + NNN ........ $42 36 Built ......................................2021

4730 University Wy NE #108

The Hub

University Way Apartments

About Edward Krigsman – Seasoned real estate professional with 20+ years of experience – Educated at Brown University and Art Institute of Chicago – Veteran real estate investor with a portfolio of nearly 50 residential units, currently developing 32-unit apartment building in Fremont – Dedicated to clients – Passionate about mentoring other brokers and investors

“Thoughtful, caring, thorough, reassuring and oh-so-knowledgeable” (Zillow Review)

Tune in to Power of Place Stories of the Pacific Northwest, a podcast hosted by Edward – illuminating Puget Sound landscapes and cityscapes through conversations with the inspiring people who shape, protect and celebrate them. Episode 25 foregrounded Seattle’s extraordinary collection of midcentury apartment buildings in a dialogue with Tom Heuer, president of the Capitol Hill Historical Society, and artist Lana Blinderman, whose photographs record this rich heritage.

Headphones Listen Here

ekreg.com Edward Krigsman 206.387.6789 edwardk@ekreg.com

This Offering Memorandum 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 the Buyer’s thorough due diligence investigation. Windermere Real Estate Company makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Windermere Real Estate Company 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, 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. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation any property to determine to Buyer’s satisfaction with the suitability of the property for Buyer’s needs. Windermere Real Estate Company excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from Inquiries and tours are to be directed to the Exclusive Listing Agents. Please do not contact the Property, Property Manager, Owner or Tenants. Offers should be delivered to the office of the Exclusive Listing Agents, Windermere Real Estate Co. Edward Krigsman. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offerors ability to close this proposed transaction in a timely manner.

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