PHINNEY AVENUE FOURPLEX4202 PHINNEY AVENUE N , SEATTLE, WA 98103 CONTACT INFORMATION:

BILL LEYRERBILL LEYRERPRINCIPAL | BROKER

206.505.9429bill@westlakeassociates.com

TRATRAVIS KANNIERVIS KANNIERPRINCIPAL | BROKER

206.505.9428travisk@westlakeassociates.com

$1,700,000($517.03 PSF)

2.56%CAP

27.27GRM

$425,000PER UNIT

4UNITS

3,288Net Rentable SF

WESTLAKE ASSOCIATES IS PLEASED TO PRESENT THEPHINNEY AVENUE FOURPLEX FOR SALE.

4202 Phinney Avenue N , Seattle, WA 98103

ADDRESSADDRESS

PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS

WWONDERFUL FREMONT LONDERFUL FREMONT LOCAOCATIONTION

PERFEPERFECT OCT OWWNERNER-USER-USER

OLD WOLD WORLD CHARMORLD CHARM

RENTRENTAL UPSIDEAL UPSIDE

NEW FURNANEW FURNACECE

JUST PJUST PAINTEDAINTED

UPDUPDAATED ELETED ELECTRICAL AND PLCTRICAL AND PLUMBINGUMBING

ZZONING ALLONING ALLOOWS FOR TWS FOR TOOWWNHOME DEVELNHOME DEVELOPOPMENTMENT

SHORTSHORT DISTDISTANCEANCE TTOO DODOWWNTNTOOWWNN FREMONTFREMONT,, WWOODLOODLANDAND PPARKARK ZZOOOO,, GASGASWWORKS PORKS PARKS AND GREEN LARKS AND GREEN LAKAKEE

OFFERING SUMMARY

PRICEPRICE $1,7$1,700,00,000000

LLOCAOCATION INFORMATION INFORMATIONTION

Building Name Phinney Avenue Fourplex

Street Address 4202 Phinney Avenue N

City, State, Zip Seattle, WA 98103

County/Township King

Market Seattle

Submarket Fremont

BUILDING INFORMABUILDING INFORMATIONTION

Building Size 3,288 SF

Year Built 1910

PROPERTPROPERTY DETY DETAILSAILS

Property Type Multifamily

Property Subtype Mid-Rise

Zoning LR1

Lot Size 6,000 SF

APN# 812970-1010

Submarket Fremont

PROPERTY DETAILS

Number of Units 4

Year Constructed 1910

Rentable SF 3,288 SF

Lot Size 6,000 SF

Zoning LR1

Sale Price $1,700,000

Price per Unit $425,000

Price per NRSF $517.03

Price per Land SF $283.33

Current Cap 2.56%

Current GRM 27.27

Pro Forma Cap 4.47%

Pro Forma GRM 18.41

Loan Amount $1,080,000

Down Payment $620,000

Rate 4.500%

% Down 36.5%

Amortization 30

Term 5 Years

Monthly Payment $5,472

Annual Payment $65,666

PROPERTY OVERVIEW

PRICE ANALYSIS

FINANCING

# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF

4 1 br / 1 ba 822 $1,245 $1.51 $1,800 $2.19Total | AVG $4,980 $1.51 $7,200 $2.19

CURRENT PROFORMA

+ Scheduled Rental Income $59,760 $86,400

+ Other Income $0 $3,360

+ Garage Income $1,080 $1,080

+ Laundry Income $1,500 $1,500

Scheduled Gross Income $62,340$62,340 $92,340$92,340

- Vacancy & Cr Losses (2.00%) $1,246 $1,846

Gross Income $61,093 $90,493

CURRENT PER UNIT PROFORMA PER UNIT

Real Estate Taxes $9,733 $2,433 $9,733 $2,433

Insurance $2,300 $575 $2,300 $575

Utilities: W | G | S | E $3,360 $840 $300 $75

Maintenance & Repairs $2,200 $550 $2,200 $550

Total Operating Expenses $17,593 $4,398$4,398 $14,533 $3,$3,633633

Net Operating Income $43,500 $1$10,0,875875 $75,960 $18,$18,990990

Less Annual Debt Service ($65,666) ($16,416) ($65,666) ($16,416)

Cash Before Taxes -$22,165 -$5,541 $10,294 $2,573

Plus Principal Reduction $17,422.43 $4,355.61 $17,422.43 $4,355.61

Total Return Before Taxes -$4,743.37 -$1,185.84 $27,716.63 $6,929.16

INCOME

EXPENSES

FINANCIAL OFFERING

The statements, figures & computations herein, while notguaranteed, are secured from sources we believe reliable. Investorsshould verify all numbers, computations, and assumptions beforecommitting to an investment.

INVESTINVESTMENT OMENT OVERVIEWVERVIEW CURRENTCURRENT PRO FORMAPRO FORMA

Price $1,700,000 $1,700,000Price per Unit $425,000 $425,000CAP Rate 2.56% 4.47%GRM 27.27 18.30Cash-on-Cash Return (yr 1) -3.58% 1.66%Total Return (yr 1) -$4,743 $27,716Debt Coverage Ratio 0.66 1.16

OPERAOPERATING DTING DAATTAA CURRENTCURRENT PRO FORMAPRO FORMA

Gross Scheduled Income $59,760 $86,400Other Income $2,580 $5,940Total Scheduled Income $62,340 $92,340Vacancy Cost $1,246 $1,846Gross Income $61,093 $90,493Operating Expenses $17,593 $14,533Net Operating Income $43,500 $75,960Pre-Tax Cash Flow -$22,165 $10,294

FINANCING DFINANCING DAATTAA CURRENTCURRENT PRO FORMAPRO FORMA

Down Payment $620,000 $620,000Loan Amount $1,080,000 $1,080,000Debt Service $65,666 $65,666Debt Service Monthly $5,472 $5,472Principal Reduction (yr 1) $17,422 $17,422

FINANCIAL SUMMARY

TThe statemenhe statements, figurts, figures & computations heres & computations herein, while not guaranein, while not guaranteed, arteed, are secure secured fred fromomsoursources we believe rces we believe reliable. Ieliable. Innvestors should verify all numbers, computations, andvestors should verify all numbers, computations, andassumptions beforassumptions before committing to an ine committing to an investmenvestment.t.

UNITSBEDROOM/

BATHSIZE RENT PSF MARKET

RENTMARKET

RENT PSF

1 1 x 1 822 $1,230 $1.50 $1,800 $2.19

2 1 x 1 822 $1,425 $1.73 $1,800 $2.19

3 1 x 1 822 $1,230 $1.50 $1,800 $2.19

4 1 x 1 822 $1,095 $1.33 $1,800 $2.19

44 3,2883,288 $4,$4,980980 $1.5$1.511 $7,200$7,200 $2.$2.1919

AAveragesverages 822822 $1,2$1,24545 $1.5$1.511 $1,$1,800800 $2.$2.1919

RENT ROLL

Phinney Avenue Fourplex

LOCATION MAPS

INTERIOR PHOTOS

INTERIOR PHOTOS

WESTLAKE ASSOCIATES, INC.

FREMONTORIGINALLY A SEPARATE CITY and annexed to Seattle in 1891, Fremont is a neighborhood in Seattle named after the city in Nebraska of the same name. The neighborhood’s main thoroughfares are Fremont and Aurora Avenues North (north and southbound) and North 46th, 45th, 36th, and 34th Streets (east and westbound). The Aurora Bridge carries Aurora Avenue (State Route 99) over the Ship Canal to the top of Queen Anne Hill, and the Fremont Bridge carries Fremont Avenue over the canal to the hill’s base.

Located on the northern edge of the Lake Washington Ship Canal, Fremont is a neighborhood with a long history as a family-oriented,

residential but working class area filled with idiosyncratic individuals. It’s the self-proclaimed “Center of the Universe” and features a bohemian, offbeat lifestyle.

The neighborhood is often characterized by its quirky public art: the Troll under the Aurora Bridge who clasps a Volkswagen Bug; a seven-ton statue of Lenin that is perpetually for sale; a rocket built into the side of a building; and dinosaur topiaries that once graced the roof of Pacific Science Center.

The Fremont Sunday Market is a highlight for locals and visitors, with goodies such as wood oven-baked pizzas, fresh fruits or crepes. On

sunny days, grab the makings for a picnic at PCC Natural Market, and enjoy it while watching kayakers glide down the Ship Canal.

While Fremont has historically been a working-class neighborhood, industry over time has shifted from sawmills and manufacturing to high-tech businesses. The neighborhood is home to campuses for Adobe Systems, Impinj, Google and many small tech companies. But Fremont’s manufacturing sector is still in operation, which can be seen from the Burke Gilman Trail. The combination of manufacturing and tech has created a diverse community with a great mix of old and new architecture.

FREMONT

SEATTLE AREA EMPLOYERS

1. Adobe2. Alaska Airlines 3. Amazon4. Bartells Drugs HQ5. Big Fish Games6. Children’s Hospital7. City of Seattle 8. Costco9. Cutter & Buck

10. Expedia, Inc.11. Expeditors International 12. F5 Networks13. Facebook14. Fred Hutch 15. Gates Foundation 16. Getty Images17. Google 18. Group Health

19. Holland America 20. Microsoft 21. Nordstrom 22. Paccar23. PATH 24. Pemco Insurance25. Plum Creek Timber Co.26. RealNetworks27. REI

28. Safeco Insurance29. Saltchuck Resources 30. Starbucks31. Swedish Health Services32. Symetra Financial 33. Tableau Software34. T-Mobile35. Uber 36. University of Washington

37. Valve38. Virginia Mason39. Weyerhaeuser 40. Zillow 41. Zulily

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PUGET SOUND EMPLOYER MAP

Since 1975 Westlake Associates, Inc. has been the premier provider ofcommercial real estate brokerage services in the Puget Sound region. Ourcommitment to assist our clients in creating and preserving their realestate investment wealth has led to the successful closing of billions ofdollars in investment property and a long history of repeat business andclient referrals.

Our firm has over twenty full-time real estate professionals with expertisein the multi-family sales market. With a majority of our partners owningand operating their own investment property, we offer clients a uniqueperspective from both an agent and owner point of view. Ourspecialization in representing Puget Sound apartment owners results inour clients receiving the most effective representation in the industry,where maximizing client returns is our highest priority.

Through effective teamwork, communication, and an unparalleledknowledge of the Puget Sound apartment market, our agents continue tolead the industry in successful closings and client satisfaction.

MEMBERMEMBER: C: Commerommercial Bcial Brrokokers Association (ers Association (CBACBA))

MEMBERMEMBER: N: Northorthwest Mwest Multiple Lultiple Listing Sisting Serervices (Nvices (NWWMLS)MLS)

MEMBERMEMBER: Loop N: Loop Net Net National Lational Listing Sisting Serervicesvices

MEMBERMEMBER: C: Costar Costar Commerommercial Rcial Real Eeal Estate Dstate Data and Nata and National Lational Listing Sisting Serervicevice

MEMBERMEMBER: C: Commerommercial Icial Innvestmenvestment Rt Real Eeal Estate Istate Institute (nstitute (CREI)CREI)

MEMBERMEMBER: W: Washington Sashington State Rtate Realtors Association (WSMAealtors Association (WSMA))

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