A M A R A A PA RT M E N T S

LOCATION: 124 N 103rd Street, Seattle, WA

TOTAL UNITS: 53 (47 Residential + 6 Commercial, Live/Work)

BUILT: 1990

SQUARE FEET: 39,500 Net Rentable

PRICE: $10,995,000

COST PER UNIT: $207,453

COST PER FOOT: $278.35 Net Rentable (745 Avg SqFt)

AVG RENT/SQFT: $1.47

CURRENT GRM/CAP: 15.50/3.75% (3.5% Vacancy)

MARKET GRM/CAP: 12.41/5.01% (5% Vacancy)

EXPENSE PER UNIT: $5,142/Year

TERMS: Cash Out

HIGHLIGHTS: • First time on the market

• 7 different floor plans including Live/Work units

• Washer and dryer hook-ups in each unit

• Underground gated garage parking for 55

• Roof-top deck as well as private balconies or patios

LOCATION

Greenwood is a vibrant, eclectic, family-friendly neighborhood which is quietly becoming one of the most sought after neighborhoods in the city. Over the past year Greenwood’s business district has seen a surge in new establishments that draw in young professionals as well as those setting roots to establish family life. Of late many Greenwood apartment operators are noticing an increase in young professionals working in downtown Seattle applying to rent apartments. People are moving out of expensive downtown Seattle housing in search of quality housing with less congestion at affordable prices.

The property’s location provides an easy fifteen minute commute to Seattle’s CBD via Highway 99, I-5 or Greenwood Avenue North. Ballard and Fremont are less than a ten minute commute via Third Avenue Northwest. North Seattle Community College and Northgate Mall are also within a ten minute commute of the Amara. Carkeek Park, a 216-acre park offering extraordinary views of the Puget Sound and Olympic Mountains, picnic areas, hiking trails and access to the beach is located within five blocks of the Amara affording residents a quiet respite from the hustle of city life. Additionally, Green Lake, Woodland Park Zoo, Golden Gardens and Shilshole Bay Marina also popular destination points are all within a short distance of the subject property. Tenants have access to nearby bus stops with service to all of these destinations.

The neighborhood has benefited from the recent development of several mixed-use apartment buildings. Additionally, the newly completed city funded Greenwood Avenue North Transit & Sidewalk Project make this an even more pedestrian friendly neighborhood.

THE OPPORTUNITY

Available for the first time the Amara offers multiple upside opportunities to a new owner.

• An investor could continue to manage the building, increase rents to market levels upon turnover, institute a utility bill back and charge for parking.

• A higher level of rental income could be achieved with minimal cosmetic improvements and adding a washer and dryer to each unit.

• An even higher level of rental income could be achieved by renovating the kitchens and bathrooms as well as adding a washer and dryer to each unit.

The Amara has never before been offered to the market and provides an investor the rare opportunity to purchase an exceptionally high quality investment property in a great location that will only continue to appreciate as the area continues to thrive.

Greenwood is a thriving location in north-central Seattle that is being discovered by millennials who are flocking to the area for high quality apartment homes as well as the vibrant commercial, restaurant and nightlife scene. Greenwood is becoming the new Ballard.

A E R I A L M A P

The Amara Apartments

Magnolia

Greenwood Avenue North

Greenwood

Carkeek Park

Ballard

Green Lake

Queen Anne

Fremont

CBD

IMPROVEMENTS

Built in 1990 the Amara has been owned and managed by the original builder which is evidenced by its exceptional condition. The Amara is a well-built four-story wood-framed building with an attractive low-maintenance stucco exterior. The property consists of 47 residential apartment units and 6 commercial live/work units as well as 55 spaces of underground gated garage parking. The Amara also offers two additional outside parking spaces for the commercial units.

The unit mix is extremely well-tailored to the local market consisting of 4 studio units of approximately 456 square feet, 29 one-bedroom units averaging approximately 681 square feet and 14 two-bedroom units averaging approximately 860 square feet. There are seven spacious floor plans each featuring high ceilings, abundant closet space and large kitchens with a separate dining area. Units offer large and plentiful windows which maximize the amount of natural light and contribute to the open feel. Each unit has a washer and dryer hook-up with tenant paid electric baseboard heat.

The Amara offers residents a roof-top deck for their enjoyment and thirty-four of the units have either a deck or patio, one unit has both a deck and a patio. This is a controlled access building with an intercom system, an elevator and a welcoming entry lobby with wide hallways. A laundry room is located on each floor for ease of use. There is also additional storage available for residents at a nominal additional charge. The owner does not charge any additional fees for water and sewer and each unit has one garage parking space at no additional charge.

A D D I T I O N A L P H O T O S

A D D I T I O N A L P H O T O S

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.

OPERAT ING INFORMAT ION

One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101T 206.623.8880 F 206.623.7435 www.ParagonREA.com

Units 53 (47 Res + 6 Com)

Year Built 1990

Rentable Area 39,500

Down Payment $4,850,000 48%

Loan Amount $5,700,000 52%

Interest Rate 3.10% Variable

Amortization 30 Years

Lot Size 20,640 Sq. Ft.

AMARA APARTMENTS124 N 103RD STSEATTLE, WA

Price $10,995,000

Per Unit $207,453

Per Sq. Ft. $278.35

Current GRM 15.50

Current CAP 3.75%

Market GRM 12.41

Market CAP 5.01%

Monthly Scheduled Rent

Utility Bill Back

Laundry

Parking

Miscellaneous/Storage

Total Monthly Income

MONTHLY SCHEDULED INCOME

CURRENT RENT

$886

$1,031

$1,259

$1,140

$1.47

SIZE

456

681

860

984

745

TYPE

Studio

1 BD/1 Bth

2 BD/1 Bth

Com Live/Work

Averages

# OF UNITS

4

29

14

6

53

MONTHLY INCOME

$3,544

$29,899

$17,626

$6,840

$57,909

$0

$500

$120

$600

$59,129

MONTHLY INCOME

$3,980

$35,525

$21,700

$6,840

$68,045

$2,700

$0

$2,350

$750

$73,845

MARKET RENT

$995

$1,225

$1,550

$1,140

$1.72

47 Units

47 Unit at $50/mo

Real Estate Taxes

Insurance

Utilities

Professional Management

On-Site Management

Maint/Turnover/Grounds

Elevator/Fire Alarm

Administration

Capital Reserves

Total Expenses

ANNUALIZED OPERATING EXPENSES MARKET

$80,000

$12,576

$55,111

$33,673

$31,800

$52,850

$7,500

$5,300

$11,925

$290,735

Expenses per Unit $5,142

Expenses Per Foot $6.90

Percent of Gross 38.41%

Expenses per Unit $5,486

Expenses Per Foot $7.36

Percent of Gross 32.81%

CURRENT OPERATIONS

MARKET OPERATIONS

CURRENT

$68,072

$12,576

$55,111

$27,389

$31,800

$52,850

$7,500

$5,300

$11,925

$272,523

Scheduled Gross Income

Less Vacancy

Gross Operating Income

Less Expenses

Net Operating Income

Annual Debt Service

Cash Flow Before Tax

Principal Reduction

Total Return before Tax

ANNUALIZED OPERATING DATA CURRENT

$709,548

$24,834

$684,714

$272,523

$412,191

$292,079

$120,112

$117,033

$237,144

MARKET

$886,140

$44,307

$841,833

$290,735

$551,098

$292,079

$259,019

$117,033

$376,052

3.50%

$24,339.93/mo

2.48%

4.89%

5.00%

5.34%

7.75%

Proforma

55 Garage Spaces

Proforma

2015 AV: $7.15 M

2014 Actual

Proforma

4% of Collections

$50/Unit/Month

$700/Unit/Year

Estimated

Proforma

Proforma

APARTMENTS | INVESTMENT | BROKERAGE

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.

RENT AND SALE COMPARABLES

# OF UNITS

53

YEAR

1990

PRICE

$10,995,000

PRICE PER UNIT

$207,453

PRICE PER SQFT

$278.35

GRM

15.5

CAP

3.8%

CLOSING DATE

TBD

One Union Square | 600 University Street | Suite 2018 | Seattle, WA 98101T 206.623.8880 F 206.623.7435 www.ParagonREA.com

# OF UNITS

53

YEAR BUILT

1990

STUDIO RENTSF & RENT/SF

$886456/$1.94

1 BD/1BTH RENTSF & RENT/SF

$1,031681/$1.51

2 BD/2BTH RENTSF & RENT/SFSUBJECT PROPERTY

Amara Apartments124 N 103rd StSeattle, WA

SALE COMPARABLES

Amara Apartments124 N 103rd StSeattle, WA

The Max8520 Evanston Ave NSeattle, WA

107 on Greenwood10770 Greenwood Ave NSeattle, WA

Carkeek Park Place431 NW 100th PlSeattle, WA

Lux at Meridian10306 Meridian Ave NSeattle, WA

32

56

80

145

1998

2013

1999

1970

$1,100468/$2.35

$1,250423/$2.96

$1,350613/$2.20

$1,475601/$2.45

$1,400699/$2.00

$1,338565/$2.37

$1,723933/$1.85

$2,0001,081/$1.85

$1,650861/$1.92

COMPARABLE PROPERTIES

Duo8026 15th Ave NWSeattle, WA

1800 Eastlake1800 Eastlake Ave ESeattle, WA

107 on Greenwood10770 Greenwood Ave NSeattle, WA

Francis3636 Francis Ave NSeattle, WA

Maple Leaf Villa9400 Roosevelt Way NESeattle, WA

25

30

56

22

23

2014

1999

2013

1987

1993

$6,000,000

$11,000,000

$11,770,000

$5,700,000

$5,100,000

$240,000

$314,286

$210,178

$259,090

$221,739

$420.61

$455.51

$382.84

$375.64

$277.28

13.2

15.5

12.5

14.2

13.8

4.4%

4.4%

5.0%

4.9%

4.0%

6.2.2015

3.31.2015

9.16.2014

4.1.2014

Sale Pending

COMPARABLE PROPERTIES

APARTMENTS | INVESTMENT | BROKERAGE

2 BD/1BTH RENTSF & RENT/SF

$1,259860/$1.46

$1,763885/$1.99