O S P R E YA P A R T M E N T S

SOUTH LAKE UNION

UNIVERSITY OF WASHINGTON

SEATTLE CBD

MAPLE LEAF

LAKE WASHINGTON

BALLARD

PUGET SOUND

GREENWOOD

NORTHGATE

O S P R E YA P A R T M E N T S

QUEEN ANNE

LAKE CITY

GREENLAKE

MT. RAINIER

NORTHGATE PEDESTRIAN BRIDGE

N O R T H G A T E U R B A N C E N T E R

NORTHGATE LIGHT RAIL STATION

FUTURE

PRACTICE

FACILITY

O S P R E YA P A R T M E N T S

M A P

MT. RAINIERSEATTLE CBD

GREEN LAKE PARK

WOODLAND PARK ZOO

O S P R E YA P A R T M E N T S

Paragon Real Estate Advisors is proud to exclusively offer for sale the 20-unit Osprey Apartments located in the booming Northgate neighborhood of Seattle, Washington. Northgate is home to the Northgate mall, the future Link Light Rail Station in 2021, and the major planned expansion of Northgate Mall with over a million square feet of retail and office space and the new development of a $68 Million, 275,000 sq. ft. NHL Practice Facility. This area is poised to become one of Seattle’s prized neighborhoods/Urban Centers with its central location, significantly improved transit plans, educational resources, and professional employment center. Northgate is a desirable area for investors who are looking to escape the more saturated core Seattle markets.

The Osprey Apartments offer investors a wide array of potential value-add opportunities such as immediately raising the well below market rents, increasing the number of apartments within the existing structure, renovating the eight remaining non updated units or reconfiguring existing floor plans to add additional bedrooms.

NAME Osprey Apartments

ADDRESS 2116 N 112th Street, Seattle, WA 98133

TOTAL UNITS 20

BUILT 1973

SQUARE FEET 20,400 Total Net Rentable (25,160 Gross)

PRICE $5,800,000

LOT SIZE 16,211 Square Feet

ZONING LR3 (Urban Center)

O F F E R I N G

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 all information and bears all risk for inaccuracies.

� First time on the market in over 30 years!

� Located in one of the fastest growing rental markets in Seattle

� Walking distance to Northgate Link Light Rail Station (2021)

� Average unit size of 1,020 square feet

� Potential to add (3) units in covered parking areas (Buyer to Verify)

� Potential to expand sauna and storage areas to other uses

� Large 3BD/2BTH penthouse unit w/private terrace and views

� All units feature large private decks/balconies

� Ample covered and open parking

� Upside in raising below market rents

� Large 16,211 square foot Lot zoned LR3

I N V E S T M E N T H I G H L I G H T S

O S P R E YA P A R T M E N T S

� 9 - 1BD/1BTH units, 4 - 2BD/1BTH units, 6 - 2BD/2BTH units and 1 - 3BD/2BTH unit with large private roof-top terrace and in unit laundry

� Secured entry

� Almost all units have large decks

� Territorial and mountain views

� Abundant natural light in most units

� Manicured landscaping

� Elevator

� New roof (2015)

� Parking completely striped/repaved (2018)

� Owner storage closet and 20 individual storage lockers

� Sauna/shower room on ground floor

� Common laundry rooms on 2nd/3rd/4th floors

� Copper plumbing

� Individual unit breaker panels

B U I L D I N G / P R O P E R T Y F E A T U R E S

L O C A T I O N H I G H L I G H T S

� Located in the Northgate Urban Center

� Walk to Northgate Mall

� Home to the new Northgate Light Rail Station (2021) linking UW and Downtown Seattle.

� Close to the New Northgate Pedestrian bridge linking West and East sides of I-5

� Recreational parks include Mineral Springs and Licton Springs Park

� Medical centers include Northwest Hospital and Kaiser Permanente as well as many independent medical and dental professionals

� Osprey is located just north of North Seattle College

� Within walking distance to entertainment, restaurants and business services

� Area stores and restaurants include Target, Best Buy, TJ Max, Saffron Grill, Starbucks Coffee, and Ram Restaurant and Brewery.

Northgate is one of the largest and most diverse neighborhoods in North Seattle. The North Seattle area is also comprised of a bunch of smaller communities, including Pinehurst, North College Park, Maple Leaf and Greenwood. The main attraction to this area is the Northgate Mall, which is conveniently located off Interstate-5, exit Northgate Way. The mall features major department stores, retail shops and restaurants. Aside from the shopping and eating convenience there is a bus transfer station, commuter parking lot and the soon to be finished Northgate Light Rail Station (2021). Although the mall is the neighborhoods largest pull, Northgate is also home to popular North Seattle Community College (NSCC) which has around 3,000 students.

Recently, Simon Property Group (owner of Northgate Mall) has solidified plans with the City of Seattle for a redevelopment of the 55-acre property. The Simon Property Group announced their collaboration with NHL Seattle to integrate the new NHL practice facilities. The redevelopment will transform the majority of Northgate Mall into a walkable transit-oriented neighborhood with new office, residential, retail and restaurant use, a state-of-the-art fitness facility, reconfigured parking, and new open spaces. The proposal also calls for four additional mixed-use office towers, with 768,000 square feet of space, a three-story indoor fitness center with rooftop pool, and an additional seven-story 200-room hotel connected to the light rail station. All of the construction would be centered around a park, which would act as a gathering point in the new redevelopment.

N O R T H G A T E / N O R T H S E A T T L E

M A J O R E M P L O Y E R S - C E N T R A L B U S I N E S S D I S T R I C T

M A J O R E M P L O Y E R S - S O U T H L A K E U N I O N

B U I L D I N G P H O T O S

B U I L D I N G P H O T O S

U N I T P H O T O S

U N I T P H O T O S

U N I T P H O T O S

F L O O R P L A N - 1 S T F L O O R

FIRST FLOOR

UNIT 101 1 BD/1 BTH

UNIT 102 2 BD/1.5 BTH

UNIT 103 2 BD/1 BTH

COVERED PARKING

COVERED PARKING

STOR

AG

E

SAUNAELV

MECHM

ETERS

EXPANSION POTENTIAL

EXPANSION POTENTIAL

F L O O R P L A N - 2 N D F L O O R

SECOND FLOOR

UNIT 202 2 BD/1.5 BTH

ELV

STORAGE CLOSETS

UNIT 201 2 BD/1.5 BTH

LAUNDRY

UNIT 203 1 BD/1 BTH

UNIT 205 2 BD/1 BTH

UNIT 204 1 BD/1 BTH

UNIT 206 1 BD/1 BTH

F L O O R P L A N - 3 R D F L O O R

THIRD FLOOR THIRD FLOOR

UNIT 302 2 BD/1.5 BTH

ELV

STORAGE CLOSETS

UNIT 301 2 BD/1.75 BTH

LAUNDRY

UNIT 303 1 BD/1 BTH

UNIT 305 2 BD/1 BTH

UNIT 304 1 BD/1 BTH

UNIT 306 1 BD/1 BTH

F L O O R P L A N - 4 T H F L O O R

FOURTH FLOOR

UNIT 402 2 BD/1.5 BTH

ELV

STORAGE

UNIT 401 3 BD/2 BTH

LAUNDRY

PRIVATE TERRACE

UNIT 405 2 BD/1 BTH

UNIT 404 1 BD/1 BTH

UNIT406 1 BD/1 BTH

Unit Breakdown

UNIT

TYPE

APPROXIMATE

UNIT SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

MARKET

RENT

MARKET

RENT/SQ.FT.

101 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

102 2 Bd/1.5 Bth 1,050 Sq.Ft. $1,300 $1.24 $1,795 $1.71

103 2 Bd/1 Bth 995 Sq.Ft. $1,330 $1.33 $1,650 $1.66

201 2 Bd/1.75 Bth 1,150 Sq.Ft. $1,600 $1.39 $1,850 $1.61

202 2 Bd/1.5 Bth 1,050 Sq.Ft. $1,600 $1.52 $1,795 $1.71

203 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

204 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

205 2 Bd/1 Bth 995 Sq.Ft. $1,375 $1.38 $1,650 $1.66

206 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

301 2 Bd/1.75 Bth 1,150 Sq.Ft. $1,550 $1.35 $1,850 $1.61

302 2 Bd/1.5 Bth 1,050 Sq.Ft. $1,500 $1.42 $1,795 $1.71

303 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

304 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

305 2 Bd/1 Bth 995 Sq.Ft. $1,350 $1.35 $1,650 $1.66

306 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.39 $1,450 $1.62

401 3 Bd/2 Bth (W/D Private Terrace) 1,850 Sq.Ft. $2,100 $1.14 $2,850 $1.54

402 2 Bd/1.5 Bth 1,050 Sq.Ft. $1,750 $1.67 $1,795 $1.71

403 2 Bd/1 Bth 995 Sq.Ft. $1,350 $1.42 $1,650 $1.71

404 1 Bd/1 Bth 895 Sq.Ft. $1,250 $1.47 $1,450 $1.62

405 1 Bd/1 Bth 895 Sq.Ft. $1,200 $1.34 $1,450 $1.62

Totals/Avg 1,020 Sq.Ft. $1,400 $1.37 $1,622 $1.64

O S P R E YA P A R T M E N T S

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $28,005 $32,750

Laundry $300 $300

Parking Income $60 $600

Utility Bill Back $1,985 $1,985

Gross Potential Income $30,350 $35,635

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $364,200 $427,620

Less Vacancy 3.00% $10,926 3.00% $12,829

Gross Operating Income $353,274 $414,791

Less Expenses $111,473 $127,608

Net Operating Income $241,801 $287,184

Annual Debt Service ($16,018/mo) $192,214 $192,214

Cash Flow Before Tax 2.14% $49,587 4.09% $94,970

Principal Reduction $64,541 $64,541

Total Return Before Tax 4.92% $114,128 6.88% $159,511

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

RE Taxes Current $48,061 $48,061

Insurance Cur./Proform. $6,507 $5,500

Utilities 2018/Proform. $24,255 $24,255

Property Mgmt Self-Managed $0 $16,592

On-Site Mgmt Cur./Proform. $9,000 $9,000

Maint/Repairs Proforma $10,800 $10,800

Landscaping Cur./Proform. $650 $1,200

Elevator $5,200 $5,200

Administration Cur./Proform. $2,000 $2,000

Reserves Cur./Proform. $5,000 $5,000

Total Expenses $111,473 $127,608

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

9 1Bd/1Bth 895 $1,200-$1,250 $1,450

4 2Bd/1Bth 995 $1,330-$1,375 $1,650

4 2Bd/1.5Bth 1,050 $1,300-$1,750 $1,795

2 2Bd/1.75Bth 1,150 $1,330-$1,600 $1,850

1 3Bd/2Bth 1,850 $2,100 $2,850

20 Total/Avg 1,020 $1.37 $1.64

Units 20

Year Built 1973

Rentable Area 20,400

Down Pmt $2,320,000

Loan Amount $3,480,000

Interest Rate 3.70%

Amortization 30 years

Price $5,800,000

Per Unit $290,000

Per Sq. Ft. $284.31

Current GRM 15.93

Current CAP 4.17%

Market GRM 13.56

Market CAP 4.95%

Expense/Unit $5,573

Expense/Foot $5.46

Percent of EGI 30.61%

Expense/Unit $6,380

Expense/Foot $6.26

Percent of EGI 29.84%

CURRENT

OPERATIONS

MARKET

OPERATIONS

Sunset Villa Apartments 6736 24th Ave NW Seattle, WA 98117

1 Year Built 1963 Units 17 Sales Price $5,450,000 Price/Unit $320,588 Price/Foot $431.38 GRM/CAP 13.8/4.9% Sales Date 03.15.2019

Brittany House 3721 27th Pl W Seattle, WA 98199

2 Year Built 1977 Units 26 Sales Price $8,500,000 Price/Unit $326,923 Price/Foot $356.10 GRM/CAP 15.6/4.0% Sales Date 02.01.2019

Harbor Vista 2119 23rd Ave W Seattle, WA 98199

3 Year Built 1972 Units 15 Sales Price $4,500,000 Price/Unit $300,000 Price/Foot $353.00 GRM/CAP Unknown Sales Date 10.19.2018

Deering Apartments 4321 SW Genesee St Seattle, WA 98116

4 Year Built 1969 Units 19 Sales Price $5,600,000 Price/Unit $294,737 Price/Foot $280.66 GRM/CAP Unknown Sales Date 08.20.2018

1

3

4

2

S A L E S C O M P A R A B L E S

Northgate 28 10014 5th Ave NE Seattle, WA 98125

5 Year Built 1967 Units 28 Sales Price $7,100,000 Price/Unit $253,571 Price/Foot $362.54 GRM/CAP Unknown Sales Date 05.15.2018

Terra Apartments 730 N 85th St Seattle, WA 98103

6 Year Built 1971 Units 17 Sales Price $5,850,000 Price/Unit $344,118 Price/Foot $398.77 GRM/CAP 13.3/5.1% Sales Date 06.15.2018

5

6

Osprey Apartments2116 N 112th St Seattle, WA 98133Year Built 1973 Units 20 Sales Price $5,800,000 Price/Unit $290,000 Price/Foot $284.31 Current GRM/CAP 15.9/4.2% Market GRM/CAP 13.6/5.0%

O S P R E YA P A R T M E N T S

2

Osprey Apartments2116 N 112th St Seattle, WA 98133

1973 - 20 Units

1 Bd/1 Bth2 Bd/1 Bth2 Bd/1.5 Bth2 Bd/1.75 Bth3 Bd/2 Bth

775-850950

1,0501,1501,850

$1,200 - $1,250 $1,330 - $1,375$1,300 - $1,750$1,330 - $1,600

$2,100

$1.47 - $1.55$1.40 - $1.45$1.24 - $1.67$1.16 - $1.39

$1.14

Citigate11355 3rd Ave NE Seattle, WA 98125

1987 - 108 Units

1 Bd/1 Bth2 Bd/1 Bth2 Bd/2 Bth

657810931

$1,488$1,800$1,850

$2.26$2.22$1.99

Keech Galleria 10500 Meridian Ave N Seattle, WA 98133

1969 - 208 Units

1 Bd/1 Bth2 Bd/1 Bth

7751,000

$1,562$1,869

$2.02$1.87

Luxe at Meridian 10306 Meridian Ave N Seattle, WA 98133

1970 - 145 Units

1 Bd/1 Bth2 Bd/2 Bth

561861 - 1,765

$1,463$1,875 - $2,760

$2.61$1.56 - $2.18

Meridian Place 10711 Meridian Ave N Seattle, WA 98133

1988 - 178 Units

1 Bd/1 Bth2 Bd/2 Bth

719952 - 1,046

$1,414$1,764

$1.97$1.69 - $1.85

3

R E N T C O M P A R A B L E S

4

1

1

3

4

2

O S P R E YA P A R T M E N T S

600 University St, Suite 2018

Seattle Washington 98101

206 623-8880 / info@ParagonREA.com

www.ParagonREA.com

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 all information and bears all risk for inaccuracies.

O S P R E YA P A R T M E N T S