1425 & 1435 22nd Avenue ~ $1,500,000

• 1425 22nd Avenue Triplex: $3,630 rent, total 5 BR / 3 Kit / 3 Bath.

• 1435 22nd Avenue 4-Plex w/ MIL: $6,000 rent, 9 BR / 5 Kit / 5 Bath.

• Two Parcels @ 120' x 127' = 15,240 sq. ft. in Single Family 5000 Zone.

• Apparent potential subdivide 3rd Lot in back, study available.

#1425 has all new cosmetics 2005, tile & pergo floors, etc. #1435 fun mix of old ‘n new, some spa-cious, some ecletic, some views. Estimate with $20K & 6 months you can plat new 5700+ sqft Lot in back. Actual $96300/m, market $10,430/m, turn key 5.6 cap cash flow. Triplex and fourplex permits posted to listing. old doorway from 1435A to 1435C could be unblocked and/ or tiny remodel for better floor plan if someday restore single 2 BR / 2 Bath Apt. Both prop-erties managed by Owner ten+ years, please consider the value of dependable, existing tenancies in your five year plan. Building Systems, february partial site visit: No unusual defects reported by Owner. All 8 units newer electric wall heaters. (Old gas meters removed). 1425 has 3 elec meters. 1435 has 6 elec meters. Mostly breaker boxes but some fuse boxes. Most baths have GFI’s. Plumbing is mix of old and new.

1425 has single layer comp roof with good life remaining. 1425 had cosmetic renovation all units 2005 incl all double windows, also City inspections for triplex permit 2012. 1435 has older comp roof. Both buildings the exterior siding, porches & trim have some areas needing upkeep. Some units & interior areas require upkeep but overall clean, well kept condition with many newer finishes.

While homebuilders enjoy profits from construction loans and professionals to speed the permit & design process, a Seattle landlord may find long term rates & returns, stroll the neighborhood to see architectural styles, possibly net equity increase of a quarter+ million dollars upon subdivi-sion 2016, plus the option of then building a new home venture. Nestled between Madrona & Capital Hill, please walk to theatre, shops & cafes and imagine the future of this Union District Urban Village.

(206) 227-2222 • mattt@windermere.commatthew townsend • commercial associate 1986

1425 22nd Avenue Style Est Sq Ft March 2015 1425-1 Bsmt 1-BR 530 sf $900Good clean spaces w/ newer finishes, oak cabinetry, pergo floors & colorful tile accents. 1425-2 Main 2-BR 740 sf $1,250May be wanting tlc, 2005 finish materials can soar w/ 9 ft ceilings & western exit. 1425-3 Top 2-BR 740 sf $1,300Updated and sparkling, stylish top floor apartment home. Subtotals 2,010 sf $3,450Util co-pays per leases = 100% of WSG / 2014 actual: $180Parking, laundry, fee’s & other income: all zero 1425 March 2015: $3,630

1435 22nd Avenue Style Est Sq Ft March 2015 1435-B Bsmt East 2-BR 930 sf $1,300Older finishes, softwoods painted darkly, lower level living enlightened by large windows in over-sized bedrooms. Laundry Room - 8 Units - Bsmt West 120 sf 1435-A Main East 1-BR 400 sf $800i am small & Cute! Renovation Feb ‘15. 1435-C Main West 1-BR 600 sf $900Feels like a house with kitchen overlooking woodsy backyard & covered back porch(Future Idea #AC – 2 br/ 2 bath – 1,000 sf) 1435-D 2nd Floor 3-BR 1,050 sf $1,500Wood atticed french doors in 11+ x 23 Master (or Liv Rm if 2 bedroom use) oriented east. 1435-E Top Floor 2-BR 740 sf $1,100Some sloped ceilings for atmospheric “cozy custom” - all rooms unique and attractive. Subtotals 3,840 sf $5,600Util co-pays per leases = 100% of WSG / 2014 actual: $330Laundry 8 Units $70. Parking, fee’s & other income: all zero. $70 (net living sq ft) / #1435 March 2015 (5,730 sf) $6,000

Total Both Buildings 5,850 sf $9,630

1425 & 1435 22nd Avenue

1425 & 1435 22nd Avenue

1425 & 1435 22nd Avenue

matthew townsend • commercial associate 1986 • (206) 227-2222 • mattt@windermere.com

Financing Option A. 25% Down - 4.625% - 30 Year Fixed - Seeking Apt Bldg cap rate returns, yet lock in the security of 30 year fixed rate FNMA Triplex/ Fourplex loans: 1,500,000 Initial Investment Tax 2014 12,605 375,000 Down Payment @ 25% Insurance 2014 3,153 1,125,000 Loan @ 75% LTV Water 2014 6,194 9,630 March 2015 Elec 2014 #1435 119 -2,610 Expenses / M.** Vacancy est 4% GSI 4,622 -5,784 Loan @ 4.625% & 30 Yr Upkeep est 4% GSI 4,622 1,236 CASH FLOW

Yearly 31,315

1,484 Pay Down Loan / m. ** Monthly 2,610

2,720 Total Profit/ month at first. The % of each payment to principal will rise. 2,720 x 12 = 32,640 net pre-tax profit 1st year divide by $375,00 down is: 8.7 ROI - Return On Investment

Financing Option B. 28% Down - 3.875% - 5 Year Commercial ARM (30 yr am) - Seeking lower interest cost & more monthly debt reduction with a 2015 Commercial Loan: 1,500,000 Initial Investment 450,000 Down Payment @ 28% 1,080,000 Loan @ 72% LTV 9,630 March 2015 -2,610 Expenses / M.** -5,078 Loan @ 3.875% 1,942 CASH FLOW 1,618 Pay Down Loan / m. 3,560 Total Profit/ month at first. The % of each payment to principal will rise. 3,560 x 12 = 42,720 net pre-tax profit 1st year divide by $420,000 down is: 10.2 ROI - Return on Investment

2013 / 1425 2014 / 1425 2013 / 1435 2014 / 1435INCOME / GAI 41,024 42,965 60,244 64,197Auto 557 202 557 202Insurance 1,252 1,252 1,901 1,901Legal 155 58 155 58Repairs 327 347 393 410Supplies 138 231 1,098 1,031Tax 3,824 4,242 6,574 8,363Utilities 2,503 2,237 4,741 4,076Other 725 322 681 322 Expenses -9,481 -8,891 -16,100 -16,363Net Profit 31,543 34,074 44,144 47,834% of GAI 77% 79% 73% 75%Util’s #1425 is WSG only. #1435 Util detail: 2014 Water $3957; 2014 6th elec meter $119.2013 Sch E as filed, 2014 Sch E as drafted: Seller signed copies available for loan officers.

13.0 GRM ~ 115,560 GSI ~ 5.6 Cap Rate

Untitled

1435 22nd Ave - Fourplex Permits:

1984198619891992

1425 22nd Ave - Triplex Permit:

2012

Page 1

OCLU;

:;;

,1

CERT. REQUIRED?

OCCY GROUP & CHAR; H"-APT S

TYPE OF CONSTRUCTION;

ASSEM8LY OCCUPANT LOAD;

SPRINKLER SYSTEM LOCATION;

NUMBER OF STORIES. BASEMENTS;

\j-N

USE PER LAND USE CODE: F,H\F:TMENT S

DEMOLITION LICENSE; /-Jr.1

RECEIPT NUMBER RECEIPT AMOUNT

DATE CONSTRUCTION

COMPONENT

cJ

N

N

PERMIT sr~EC!AlIST: LAND USE TECHNICIAN: BlOG COOl: PLANS EXAMJENGR:

/,.J_' DATE MASTER USE COMPONENT

AC­TION FEE

ZIP:

DATE STREET USE COMPONENT

AC­TION FEE

LIC. NO: ;'02f;N

LAND USE EXPIRATION DATE

OTHER

INVES fIG,HION ~:EVISl(]NOVERTIME

ExpJ,.na

tion

: Ordilllnct !0!94! ofTbe City U~~~;E~~I;I§!~~@~i~~1~5S~~~conw:yanct tax to dcliver this certiraateto the . required where the property is improved only ~.~'2!!!'~~~ 1e..1Sill: fOf mure than one dWOjlJjn. lIoil, or where the (See complc:le IC:Xl of Ordinance 101941 on the rcverse heRO!,)

Address of property bein~ transferred: -.:.-.l.....!.-.!,._...o.~__~/J:....;...-~_';:...;;-_:_______________ Legal description of property: Lot ~Block I J /./, ........ Add.ilion

DEPARTMENT or CONSTRVcnON " LAND VSE

Amoun! nf 3tH l'ropt),cd a,s~"menls fm 10<.:;!1 iml'r()\'cmcnu against the pr0p.c:rw as ShQw\\8n ara\iMHRtiBN\l~~m rolilhere/o, in rectlHh of the CII\ Engineer: Amounts shown to 5 S ... h f llong

• preliminary assessment roll which IS In teo WI

~.~.~~.

C U l'(eSOlU11Q11 ..... YW~~· "'W ...~ 10 yet IIWiAgrized

I 'J ,: 0 LID authoriled..b~l.-fi0l. fiHtY'wilh City Treilsurer '~·~'-'ft..A.--,"-"..;..::;...::::L=-/.~._-+-_..._ Dale~"7_7--:;..O~4b--::,_--;--_

[Q"N?proposed LID assessment of record

By flH TRI:AsrR.10A,---------------....

Amnu", of am exist.nr as'e"mrn!\ for :ocailnlprmcrnenl> 3gainslthc: property. as shown on an~' asse~~em~nI rollihercfor In Inc rCfnrd'l 0.1 'h~' CJt~ t f!,.'... -.Uft'r

____,.__._. __.. ___ •__.... .____._..J...._.L."'_"-"'--'-'''--________________________

ern I K! \..,1'1<1 I< G" ~ ..r::;'

:..:....:......_,,>..'-..:1.____...._.__•_____ Dateij,(%'l::C / '

I" .__..____..._.._..........

S!!!n~d _.____._..____....:..._.____________.._____________ (iranlor'.• RnJI I.".>lQI,' Dr,,4..,)

,II ______~'"w.____~__• __.:

(OI'Y RI.crl\,[D!hl' ,._.____

_________________(GralllOr. ifnOl r~f1r..s..,tI,·d /..

d ,.-o! fHQlt' b,ol.. ...rJ

__________, 19.._._____

_______________________________________

CERTifICATE OF LAND USE AND

LOCAL ASSESSMENTS

tml8ll8Uon: Ordinance 101941 ofThe City of Seattle rIlquirts Ihe granlor of real JlIOIIC!I;Y. in lransactiOllS subjeellO !he 1lib -eyllllCC 1M ~,J;;liver lilis certificate to tbe granlee prior to rcc:ording th(, ins!rumunt ofconveyance. Th.is certiOcale is JtOl tcquired where \be propa;tY is ~ovc:d ooly wilh a single·famBy dwelling and accessory structures and is not repn:scnled as a legal silO for more than one dwcllinlunil. 01 ) ~ Ihe grantce has waived such requirement by a separate wrillen inslrUmcnL .¥' ~ 7'-- 7 J .pQ (t,

lI.JII£ or AppUcant: La. leI;"! Y 6' .6 n let e~l,- Phone-~ ?~ - I JJt, e&+.. C; (/ /

JddressofpropcrlybeinglIansferred: 1""1--_1'.'>,- a.;~ ~!ltk. c.-&)

Ioga! description of prllJl"lti: Lol J" . Block I!) ~ h f,; I-( 1/; I) . Addidaa

DEPARTMENT OF CONSTRUCTION.& LAND USE. .

~istingzoning(lusi!jcation 51= 5f2Qo CSl6,,,.E! fktlL."1 ':2a:o) ~illed us',.,~propcrty as established in DCLU fCI.'Onis, 'f any: (see note 011 r/lverse side)

~ \AtilT A"PA--e:r1 . .

q~ENGINEERING CEPARTMENT' . . A.mount of proposed assessments for local improvemenls against tho property as shown onptclimlnaty assessmentrolls in l'!OCOIdI orih.City Engineer. if any: . o Resolution introduced bul no UD yet authorized.

u o un authorized bllt not filed with City TreasUll.'t.

% Nopropo.;ed UD assessment ofrC("!)rd.

CITY ENGINEER: By I~~ntU1-· Date:---'-"'.L.!t~:1(.....!,.,~~J'.:....9__.....­u" , \i- CITY TREASURER . Amount of any existing assessmenls for locnl improvements againslthe property. as shown on any assessment roll in the records of lite City . Treasurer.

I -&ZJI(/E ­n u (

CITY TREASURER:

GRANTOR/GRANTEE (GMNm'IR.u~~)

Signed

or,____ (Grtmlor, ifnot represented bya realat"~) . COPY RECElVBDlhis _________________ d">'of ___________

Department orC'lDlltructlun & L,md Use R'lOln 400 M,micipnIRuilding. 600 4th Avenue

lfaIl--1IIliIIIiIII or_pcrmiI, if 111)': Pmmil. ,SbG'Ic;t:5 n.1uuCcl4:*~M'~Piuhd ...0..----::.:..;,;..__

, n.t:ri,pdao AIo1]?~ S)(I§mNG, A'PAmmSNT HC>v&'L!"l!~ADDo' ~t;, ",,'!IPlIUG ONUS [NoW Pc.AiUtP AS: Av",8tm"Nt~.. NPlj.jCJ(~,E. IN AS'!IA '

DI&c: _'IUsO,,--_7,L.-;;';'·2,L;2.0;;::'!'' '--__IIIUCTOR Of/'DCLU:

~ SipId -----_________________ (~,~~/~\i,i;,) ar - ______________~____ (G'41IlM,i/MI~'~~'~~;t/~)'

Qym ____________~

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