ELEVENTHSTREETAPARTMENTS501 11TH STREET SEPUYALLUP, WA 98372

FOR MORE INFORMATION:

TTYLER SMITHYLER SMITHPRINCIPAL BROKER

206.505.9425tylersmith@westlakeassociates.com

STEVE FISCHERSTEVE FISCHERPRINCIPAL BROKER

206.505.9435��������eassociates.com

Price: $1,450,000

Price Per Unit: $181,250

Price Per NRSF: $205.85

Cap Rate: 5.84%

Market Cap Rate: 6.11 %

GRM: 11.31

Building Size: 7,044

Lot Size: 1.17 Acres

Year Built: 1967

Year Renovated: 2017

THE OFFERING PROVIDES AN OPPORTUNITY TO ACQUIRE ASTABILIZED ASSET WHERE 7 OF THE 8 UNITS HAVE BEENUPDATED. ALL UNITS ARE LARGE 2 BEDROOM UNITS WITHWASHER AND DRYER IN SUITE. EACH UNIT HAS A SLIDING GLASSDOOR THAT OPENS IN TO A PARK LIKE GARDEN AREA.

The property is perfectly situated near downtown Puyallup c� ee,restaurants, employers and grocery with easy access to the growing southhill retail corridor. Puyallup remains one of the fastest growing areas in thestate with an estimated population of 40,000. Known for its strong schoolsand beautiful views of the cascades and Mount Rainier, it has become afavorite destination for young families in the Puget sound region.

501 11th Street SE | Puyallup, WA 98372ADDRESSADDRESS

PROPERTPROPERTY HIGHLIGHTSY HIGHLIGHTS2017 REMODELED BUILDING2017 REMODELED BUILDING

EXTERIOR AND INTERIOR UPGRADESEXTERIOR AND INTERIOR UPGRADES

ADDITIONAL UPSIDE IN RENTSADDITIONAL UPSIDE IN RENTS

UNIQUE GARDEN STUNIQUE GARDEN STYLE LYLE LAAYYOUT PROOUT PROVIDES A SINGLE FVIDES A SINGLE FAMILAMILY PROPERTY PROPERTY FEELY FEEL

FFANTANTASTIC MEEKASTIC MEEKER NEIGHBORHOOD LER NEIGHBORHOOD LOCAOCATIONTION

MASSIVE 50,MASSIVE 50,822 SF L822 SF LOOT - POT - POTENTIAL FOR FUTURE DEVELTENTIAL FOR FUTURE DEVELOPOPMENTMENT

SHORTSHORT WWALKALK TTOO DODOWWNN TTOOWWNN PUYPUYALLALLUPUP RESTRESTAAURANTS,URANTS, CCOFFEE,OFFEE, ANDANDGROCERYGROCERY

5.84% CAP RA5.84% CAP RATE WTE WITH ADDITIONAL UPSIDEITH ADDITIONAL UPSIDE

ALL 2 BEDROOM UNITS WALL 2 BEDROOM UNITS WITH LITH LAAUNDRYUNDRY

OFFERING SUMMARY

SALE PRICESALE PRICE $1,450,$1,450,000000

LLOCAOCATION INFORMATION INFORMATIONTION

Building Name Eleventh Street Apartments

Street Address 501 11th Street SE

City, State, Zip Puyallup, WA 98372

County/Township Pierce

Market Puyallup

Submarket Downtown Puyallup

BUILDING INFORMABUILDING INFORMATIONTION

Building Size 7,044 SF

Occupancy % 100.0

Number Of Floors 1

Year Built 1967

Last Renovated 2017

Framing Wood

Roof Flat

Siding Wood composite

PROPERTPROPERTY DETY DETAILSAILS

Property Type Multifamily

Property Subtype Low-Rise/Garden

Zoning RM-10

Lot Size 50,822 SF

APN# 6270200040

Submarket Downtown Puyallup

UTILITIES & AMENITIESUTILITIES & AMENITIES

Central HVAC Electric

Laundry Description Full Size In Unit

Plumbing Description Galvanized

PROPERTY DETAILS

LOCATION MAPS

Number of Units 8

Year Constructed 1967

Remodel 2017

Rentable SF 7,044

Lot Size 50,822 SF

Zoning RM-10

Exterior Wood

Heat Electric

Sale Price $1,450,000

Price per Unit $181,250

Price per NRSF $205.85

Price per Land SF $28.53

Current Cap 5.84%

Current GRM 11.31

Market Cap 6.11%

Market GRM 10.95

Loan Amount $1,087,500

Down Payment $362,500

Rate 4.0%

% Down 25.0%

Amortization 30

Term 5 years

Monthly Payment 62,303

Annual Payment 62,303

PROPERTY OVERVIEW

PRICE ANALYSIS

FINANCING

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

8 2 BD | 1 BA 880 $1,310 $1.49 $1,355 $1.54

Total | AVG $10,480 $1.49 $10,840 $1.54

CURRENT PRO FORMA

Scheduled Rent Income $125,760 $130,080

+ Other Income $200 $200

Scheduled Gross Income $128,$128,160160 $132,480$132,480

- Vacancy & Cr Losses $6,408 $6,624

Gross Income $121,752 $125,856

CURRENT PER UNIT PRO FORMA PER UNIT

Real Estate Taxes $9,191 $1,148 $9,191 $1,148

Insurance $2,953 $369 $2,953 $369

Utilities W/S/G/E $7,246 $905 $7,246 $905

Management $6,088 $761 $6,293 $786

Maintenance $6,000 $750 $6,000 $750

Grounds $2,400 $300 $2,400 $300

Miscellaneous $1,200 $150 $1,200 $150

Reserves $2,000 $250 $2,000 $250

Total Operating Expenses $37,078 $4,$4,634634 $37,283 $4,$4,660660

Net Operating Income $84,674 $1$10,5840,584 $88,573 $11,$11,007171

Less Annual Debt Service $62,303 $7,787 $62,303 $7,787

Cash Before Taxes $22,371 $2,796 $26,270 $3,283

Plus Principal Reduction $19,151.58 $2,393.95 $19,151.58 $2,393.95

Total Return Before Taxes $41,522.58 $5,190.32 $45,421.58 $5,677.70

INCOME

EXPENSES

FINANCIAL OFFERING

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

TThe statemenhe statemen����������es & 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.

UNITS BEDROOM/BATH SIZE RENT PSFLEASE

EXPIRATION

501 2 x 1 880 $1,345 $1.53 2/28/2018

502 2 x 1 880 $1,350 $1.53 7/31/2018

503 2 x 1 880 $1,345 $1.53 3/31/2018

504 2 x 1 880 $1,345 $1.53 4/30/2018

505 2 x 1 880 $1,200 $1.36 6/30/2018

506 2 x 1 880 $1,270 $1.44 1/31/2018

507 2 x 1 880 $1,355 $1.54 3/31/2018

508 2 x 1 880 $1,270 $1.44 1/31/2018

88 7,7,040040 $1$10,4800,480 $1.4$1.499

AAveragesverages 880880 $1,31$1,3100 $1.4$1.499

RENT ROLL

POPULPOPULAATIONTION 1 MILE1 MILE 3 MILES3 MILES 5 MILES5 MILES

Total population 8,172 65,661 150,185

Median age 35.0 36.0 36.1

Median age (male) 33.5 34.9 35.4

Median age (Female) 36.5 36.7 36.7

HOUSEHOLDS & INCHOUSEHOLDS & INCOMEOME 1 MILE1 MILE 3 MILES3 MILES 5 MILES5 MILES

Total households 3,343 25,903 58,953

# of persons per HH 2.4 2.5 2.5

Average HH income $62,080 $70,583 $72,182

Average house value $237,953 $325,840 $329,879

* Demographic data derived from 2010 US Census

DEMOGRAPHICS MAP

TTYLER SMITHYLER SMITH

PROFESSIONAL BACKGROUNDFor over 13 years, Tyler has specialized in the sale of middle market multi-family assets in thePuget Sound Region. Tyler’s extensive experience includes the sale of various types of asset sizeand ��������As an apartment owner himself, Tyler understands the importance ofevaluating each client’s needs individually and carefully. Since joining Westlake Associates, he hasconsistently been one of the ��’s top performers and quickly rose to Partner. Tyler’s consistent� ort and drive have earned him Westlake Associates Top Producer award.

Education

Tyler earned a degree in economics from the University of Washington. Tyler worked in ���e fora company headquartered in Irvine, CA before returning home to the P���Northwest. He joinedWestlake Associates in 2004 and currently resides with his wife and two boys in NortheastSeattle.

Principal Broker

1200 Westlake Ave N, Suite 130Seattle, WA 98109T 206.505.9425C 206.612.2475tylersmith@westlakeassociates.com

STEVE FISCHERSTEVE FISCHER

PROFESSIONAL BACKGROUNDA lifetime resident of the Seattle area, Steve graduated from the University of Washington with adegree in Economics. Beginning his real estate career as an analyst, his work ethic quicklytransitioned from analyst to full time apartment broker. Since the inception of his brokeragecareer, Steve has successfully closed over $100 million in sales totaling over 100 transactions. Toexpand his skill set, Steve also manages a portfolio of 130 apartment units in the Seattle area.

Steve excels at problem solving to complete his client’s investment goals. His diverse backgroundof brokerage and management provide a unique spectrum of knowledge. Drawing from thisknowledge allows him to guide his clients not only through the sales process, but to also navigatethe operational side of owning an apartment building. He truly is “A Wealth of Experience.”

A ��believer of investing in real estate as a module to gain wealth, Steve has been activelyinvesting in Seattle real estate since 2011. In 2012, he was unanimously voted a partner atWestlake Associates, Inc. Away from the ��e, Steve is a huge sports fan, enthusiast of theoutdoors, enjoys cooking, an avid soccer player and a die-hard husky.

Principal Broker

1200 Westlake Ave N, Suite 130Seattle, WA 98109T 206.505.9435C 426.830.2254��������eassociates.com

BROKER BIO & CONTACT

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.

O������������������eal estate professionals with expertisein the multi-family sales market. With a majority of our partners owningand operating their own investment property�������������perspective from both an agent and owner point of view. Ourspecialization in representing Puget Sound apartment owners results inour clients r���������������epresentation in the industry,where maximizing client returns is our highest priority.

Thr����������work, 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))

ABOUT WESTLAKE