RogeneA P A R T M E N T S

13 units

9043 35th Ave SW • Seattle, Washington

For More Information Please Contact

Ethan Szmania206.774.5419 ethan@tfgre.com

Aaron Locke206.774.5436 aaron@tfgre.com

2621 Eastlake Ave E

Seattle, WA 98102

www.tfgre.com

03Investment Overview

05 Submarket Information

08 Financial Summary

10 Sales Comparables

12 Photo Gallery

14 Regional Information

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Investment OverviewThe Foundation Group is pleased to exclusively offer for sale the Rogene Apartments, a fully renovated 13 unit building in West Seattle. The property provides an oppor-tunity to buy a stabilized asset with the potential to add a unit while also accumulating value for future development. The property is situated on 13,216 feet of NC2P-40 zoning that will soon be upzoned to NC2P-55.

The Rogene Apartments is a unique mid-century marblec-rete building with a fresh color scheme. The building dates to late the 1950’s but has had a modern facelift. The two studio units were converted to 1-bedroom apartments, all units were updated with luxury carpet, window replace-ment, quartz countertops, new cabinets, stainless steel appliances, tile backsplash, all new bathrooms and vinyl hardwood flooring. The estimated 325SqFt of underuti-lized storage makes for an opportunity to convert to a studio unit.

This low maintenance asset is located in the quiet neigh-borhood of Fauntleroy with convenient access to the Puget Sound and the growing Westwood shopping center. The property is directly on the C-bus line which gives resi-dents direct access to downtown Seattle transportation.

A neighborhood oasis within a booming city with all amenities a few blocks away.

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Price $3,100,000

Units 13

Price Per Unit $238,462

Rentable Sq.Ft. 7,800

Price Per Sq.Ft. $397

Current Cap Rate 5.05%

Market Cap Rate 5.37%

Year Built 1959

Renovated 2017/18

Parking 10 Spaces

Land SF 13,216

UpZone NC2P-55

Construction Type Wood Frame, Marblecrete

Quick Facts

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Fauntleroy Area DescriptionWest Seattle is known as its own unique/hip community separate from the rest of the city. This neighborhood has been able to maintain a small town feel compared to the city north of downtown. The heart of West Seattle is known as “The Junction”, which is the intersection of SW Alaska St and California Ave SW. At the Junction you will find a lively busi-ness district with many boutique shops, cafes, restaurants, bars and major brand stores.

West Seattle gives a slice of serenity just minutes away from the big city feel. Alki Beach Park gives the locals and visitors a getaway type feel with a street of retail along the beach. On the average sunny day you can find several beach vol-leyball games going on and bonfires by night. Lincoln Park gives the locals a little bit of everything: 4.6 miles of walking paths, 3.9 miles of bike trails, sheltered picnic areas, play-fields and a heated saltwater pool & bathhouse. West Se-attle has sprawling green spaces and parks, which make up 1/3 of Seattle’s urban forest.

In 2016, voters took a bold step by passing Sound Transit 3. The $53.8 billion plan will expand the existing light rail system as well as connect Ballard to West Seattle. LINCOLN PARK

ALKI BEACH

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TRANSPORTATION SCORES

75 50 51

Fauntleroy Area Stats

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RETAIL1 QFC

2 Safeway

3 Rite Aid Pharmacy

4 McLendon Hardware

5 Target

HEALTHCARE1 Franciscan Medical Clinic

2 Spine and Wellness Clinic

3 ATI Physical Therapy

4 Animal Clinic

RECREATION1 Southwest Athletic Com-

plex

2 Lincoln Park

3 Fauntleroy Park

4 Roxhill Park

5 E.C. Hughes Playground

SCHOOLS1 Roxhill Elemntary

2 Explorer West Middle

School

3 Denny International Mid-

dle School

4 Chief Sealth International

High School

5 YMCA Preschool

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Unit Type Approx Sq Ft

Current Rent

Current / Sq Ft

Market Rent

Market / Sqft

2 Bed 1 Bath 682 $1,525 $2.24 $1,525 $2.24

1 Bed 1 Bath 516 $1,295 $2.51 $1,295 $2.51

1 Bed 1 Bath 620 $1,325 $2.14 $1,395 $2.25

1 Bed 1 Bath 620 $1,365 $2.20 $1,425 $2.30

1 Bed 1 Bath 620 $1,395 $2.25 $1,425 $2.30

1 Bed 1 Bath 620 $1,395 $2.25 $1,395 $2.25

1 Bed 1 Bath 620 $1,365 $2.20 $1,425 $2.30

1 Bed 1 Bath 620 $1,365 $2.20 $1,425 $2.30

1 Bed 1 Bath 620 $1,145 $1.85 $1,425 $2.30

1 Bed 1 Bath 620 $1,395 $2.25 $1,395 $2.25

1 Bed 1 Bath 620 $1,325 $2.14 $1,395 $2.25

1 Bed 1 Bath 516 $1,295 $2.51 $1,295 $2.51

2 Bed 1 Bath 682 $1,495 $2.19 $1,525 $2.24

Studio** 275 $800 $2.91

Average

Total $17,685 $19,145

Property Notes & Assumptions• Market rent includes addition of studio unit

• Based off of a loan amount of $1,775,000 (57% LTV)

• 5 Year Fixed Rate at 4.15%

• Rent Roll as of March 1st, 2019

• Utility Reimbursement Fees are $60 per unit

• Asking rent for parking is $25 per space

Scheduled Income

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**Studio unit is Pro-forma

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Current Market

Gross Potential Rent $212,220 $229,740

Vacancy $6,366 3% $6,892 3%

Effective Gross Rent $205,853 $222,847

O T H E R I N C O M E

Utility Income $9,360 $9,360

Laundry Income $1,872 $1,872

Parking $1,500 $2,400

Total $12,732 $13,632

Effective Gross Income $218,585 $236,479

E X P E N S E S

Property Taxes (Pro-forma) $15,303 $21,832

Insurance (Pro-forma) $3,000 $3,000

Utilities (Pro-forma) $14,300 $14,300

Maintenance & Repairs (Pro-forma) $6,500 $6,500

Landscaping (Pro-forma) $1,500 $1,500

Resident Manager (Pro-forma) $7,020 $7,020

Professional Management (Pro-forma) $11,248 $12,169

Reserves $3,250 $3,250

Total Expenses $62,120 $4,778 $69,570 $5,352

Net Operating Income $156,464.96 $166,909.43

Loan Payments $103,540 $103,540

Pre Tax Cash Flow $52,924.96 3.99% $63,369.43 4.77%

Principle Reduction $30,401 $30,401

Total Pre Tax Return $83,326.25 6.27% $93,770.73 7.06%

Financials

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Building Name Address Sales Date# of

UnitsYear Built

Sales Price GRM CAPPrice/SqFt

Price/Unit

Monterey4022 Caligornia Ave

SW8/17/201 16 1954 $3,805,000 14.1 4.60% $445 $237,812.50

Hampton Court

5417 Fauntleroy Way SW

11/5/2018 6 1990 $1,857,000 16.0 4.03% $386 $309,500.00

Ellinwood 2318 California Ave SW 5/31/2018 13 1936 $3,100,000 - - $422 $238,461.54

Dawson 13 4217 SW Dawson 6/22/2018 13 1926 $2,740,000 - - $351 $210,769.23

Averages 15.1 4.32% $401 $249,136

Monterey

Sales Comparables

Hampton Court Ellinwood Dawson 13

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Sales Comparables

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1Monterey

Ellinwood

Dawson 13

Hampton Court 2

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Seattle / Puget Sound RegionSeattle is the largest city in the state of Washington with an estimated population of 684,500 as

of 2015. The Seattle metropolitan area, also known as The Puget Sound, is comprised of King,

Pierce and Snohomish County; as an MSA it’s the 15th largest metropolitan in the United States

with a population of approximately 3.7 million people.

Seattle has a thriving local economy and is home to eight Fortune 500 companies includ-

ing Costco, Microsoft, Amazon, Paccar, Starbucks, Nordstrom, Expeditors International and

Weyerhaeuser. In addition Seattle is home to other notable tech companies such as Expedia,

Zillow, Tableau and Zulily, and is quickly establishing itself as a national tech hub as companies

from Silicon Valley ranging from Google to Facebook, open Seattle offices in an attempt to draw

on the talented pool of tech workers living in and moving to Seatte.

In 2016, Zillow ranked Seattle as the second hottest housing market in the nation for apprecia-

tion. Similarly in June of 2016, Redfin also ranked Seattle as the second hottest housing market

behind Denver, where the average days on market of a listing is eight and median sales price

growth year over year is 7.5%. Much of this growth comes from the hot job market in Seattle,

ranked as the fourth best in the nation. A statistical analysis by Careerbuilder found that in 2015

Seattle added 78,082 jobs. Recently Conway Pederson forecasts they expect the Puget Sound

region to add 47,900 jobs in 2016.

Currently, the year to date in-migration to the Puget Sound, based on driver’s license data for

January through May, shows 49,656 people have moved into the area. On an annual basis, the

12-month moving average of monthly in migration is approximately 10,000 people. Annually

that puts more than 120,000 people moving into the Puget Sound region; though this does not

account for people moving out of the region, the bottom line is the area has and will continue to

grow at a rapid pace making the rental market as strong as its ever been.

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The information included in this document has been obtained from

sources we believe to be reliable. While we do not doubt its accuracy,

we have not verified it and cannot make any guarantee, warranty or

representation about it. It is your responsibility to independently confirm

its accuracy and completeness. Any projections, opinions, assumptions, or

estimates used are for example only and may not accurately represent the

current or future performance of the property. The value of any proposed

transaction to you depends on tax and other factors which should be

evaluated by your tax, financial and legal advisors. You and your advisors

should conduct a careful, independent investigation of the property to

determine to your satisfaction the suitability of the property for your

needs.

For More Information Please Contact

Ethan Szmania206.774.5419 ethan@tfgre.com

Aaron Locke206.774.5436 aaron@tfgre.com

2621 Eastlake Ave E

Seattle, WA 98102

www.tfgre.com

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