701 NE Northlake Ave N | Seattle, WA 98105P 206-274-8000 | www.portagebayadvisors.com

Diane318 Boylston Avenue East | Seattle, WA 98102

$2,800,000

Will Gibsono: 206-274-8108c: 206-491-4292will@portagebayadvisors.com

Portage Bay AdvisorsWorld Headquarters701 Northlake Ave NSeattle, WA 98105

The information included in this document has been obtained by sources we believe to be reliable. While we do not doubt itsaccuracy, we have not verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility toindependently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are forexample only and may not accurately represent the current or future performance of the property. The value of any proposedtransaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You andyour advisors should conduct a careful, independent investigation of the property to determine to you satisfaction the suitabilityof the property for your needs.

offering summary _____________

Property Overview

Building Name Diane

Address 318 Boylston Avenue East | Seattle, WA 98102

Total Units 8

Price $2,800,000

Price Per Unit $350,000

Price Per Foot Net $545.81 / Gross $514.52

Current GRM / CAP 16.79 /4.12%

Terms All cash to seller

Year Built 1958

Square Feet 5,130 net rentable / 5,442 gross square feet

Lot Size 4,438 sf

Zoning MR (M)

Portage Bay Advisors is pleased to exclusively offer for sale for the first time in over twenty years Diane, on Boylston Avenue East in the Capitol Hill neighborhood of Seattle, Washington.

Diane is an 8-unit, two-story brick façade building that was built in 1958, but has been updated since the building was built with new windows, and updated plumbing throughout. The units have also been kept in very nice condition, while still maintaining the building’s mid-century charm and style points. The building features beautiful, original oak floors in all ofthe units, along with very charming mid-century kitchens and bathrooms that have dishwashers and disposers. Every unit has its own individual private entry from the common area courtyard, which is located behind secure entry off the street. There is also separate, dedicated tenant storage located on-site, along coin-operated laundry facilities in a secure laundry room.

The building offers a good mix of units: two 2bd/1ba units & six 1bd/1ba units, along with three separate and secure garage units.

Diane offers investors the rare opportunity to acquire a well-maintained building with modern physical systems at a supreme Capitol Hill location.

investment overview____________Supreme Capitol Hill location

Walk score of 98, or walker’s paradise

Located just four blocks from the Capitol Hill Light Rail station

Updated plumbing throughout

All units have original oak floors

Updated double pane vinyl windows

Coin-operated laundry facilities located on-site

3 secure garage units

Well maintained property with historically stable occupancy & low vacancy

Lot zoned MR (M)

Diane is located at 318 Boylston Avenue East, west of Broadway & north of John Street, in the heart of Capitol Hill neighborhood of Seattle, WA just four blocks from the Capitol Hill light rail station, and boasts a walk score of 98 (walker’s paradise).

Capitol Hill is a vibrant and active neighborhood which teems with activity at all hours of the day and night. Centrally located and just to the east of the downtown Seattle CBD, Capitol Hill is a core, urban submarket of Seattle, WA. During the day, markets, boutiques, restaurants, coffee shops and salons are abuzz with activity. In the evening, the neighborhood is alive with nightlife featuring bars, nightclubs, theatres and music venues along with coffee shops that moonlight as cocktail lounges.

Housing options on Capitol Hill offer a wide range of diversity, from modest small efficiency dwelling units (SEDU) to some of the City’s most beautiful and historic mansions. It is common to find a wide range of housing options and diversity represented in a single block of Capitol Hill.

Subject Property Profile

OFFERING SUMMARYMonthly Income

UnitUnit Type

Approximate Size

Current Rent

Current Rent/sf

1 2bd/1ba ~750sf $1,900 $2.53/sf

2 1bd/1ba ~605sf $1,500 $2.48/sf

3 1bd/1ba ~605sf $1,500 $2.48/sf

4 1bd/1ba ~605sf $1,500 $2.48/sf

5 2bd/1ba ~750sf $1,850 $2.47/sf

6 1bd/1ba ~605sf $1,365 $2.26/sf

7 1bd/1ba ~605sf $1,400 $2.31/sf

8 1bd/1ba ~605sf $1,500 $2.48/sf

rent roll______________________

Subject Property Profile

#

Rent Income

Units TypeApproximate

SizeCurrent

RentCurrent

Monthly Income

6 1bd/1ba ~605sf $1,365-$1,500 $8,675

2 2bd/1ba ~750sf $1,850-$1,900 $3,750

8 641 sf avg. $2.44/sf avg $12,515

Annualized Operating Expenses Current

Real Estate Taxes (2020 actual) $20,294

Insurance (pf $350 per unit) $2,800

Utilities (2019 annual) $8,400

Maintenance & Repairs (pf $950 per unit) $7,600

On-site management (pf $40/unit rent credit) $3,840

Reserves (pf $250 per unit) $2,000

Total Expenses $44,889

Annualized Operating Data Current

Gross Scheduled Income $166,800

Vacancy (4%) ($6,672)

Gross Operating Income $160,128

Less Expenses ($44,889)

Net Operating Income $115,239

Annual Debt Service ($86,861)

Cash Flow Before Tax $28,378

Principal Reduction $30,394

Total Return Before Tax $58,772

Total Monthly Income CurrentRent Income $12,515

Utility Income $660

Parking Income $525

Laundry Income $120

Other Income $80

Total Income $13,900

operating summary_____________

Building Overview

Units 8 Price $2,800,000

Year Built 1958 Price Per Unit 350,000

Net Rentable SF 5,130 Price/Net SF $545.81

Gross SF 5,442 Price/Gross SF $514.52

Down Payment $1,200,000 Current GRM 16.79

Loan Amount $1,600,000 Current CAP 4.12%

Interest Rate 3.56%

Amortization 30 Years

Current Operations

Expenses per Unit $5,611

Expenses per Foot $8.75

Percentage of Gross 26.91%

OFFE2207RING SUMMARY

Year Built UnitsPrice

Per UnitPrice

Per SFGRM CAP Selling Price Sale Date

Subject Property318 Boylston Avenue East Seattle, WA 98102

Diane

1958 8 $350,000 $545.81 16.79 4.12% $2,800,000

Sales Comparable 1406 Summit Avenue EastSeattle, WA 98102

Summit Terrace

1924 10 $330,000 $702.13 17.66 3.75% $3,300,000 12/9/2019

Sales Comparable 2825-829 13th AvenueSeattle, WA 98112

DeLaire

1908 9 $344,444 $567.87 18.8 3.47% $3,100,000 6/12/2019

Sales Comparable 3418 12th Avenue NESeattle, WA 98102

Capitol Hill 8

1968 8 $467,444 $620.12 16.5 4.38% $3,810,000 1/15/2019

Sales Comparable 3

Sales Comparable 2

Subject Property Sales Comparable 1

sales comparables ___________

OFFE2207RING SUMMARY

Year Built UnitsPrice

Per UnitPrice

Per SFGRM CAP Selling Price Sale Date

Subject Property318 Boylston Avenue East Seattle, WA 98102

Diane

1958 8 $350,000 $545.81 16.79 4.12% $2,800,000

Sales Comparable 41210 East John StreetSeattle, WA 98102

Price Manor

1958 11 $277,273 $451.85 17.2 3.67% $3,050,000 1/16/2019

Sales Comparable 52600 Eastlake Avenue EastSeattle, WA 98102

Roanoke Terrace

1968 16 $425,000 $444.44 22.7 3.67% $6,800,000 3/5/2019

Sales Comparable 62220 Minor Avenue EastSeattle, WA 98102

Elizabeth

1968 16 $428,125 $451.85 18.31 3.65% $6,850,000 8/26/2019

Sales Comparable 6

Sales Comparable 5

Subject Property Sales Comparable 4

sales comparables ___________

Subject Property Profile

building photography____________

Subject Property Profile

building photography____________

Subject Property Profile

building photography____________

for more informationplease contact

Will Gibsono: 206-274-8108 c: 206-491-4292will@portagebayadvisors.com

World Headquarters701 NE Northlake WaySeattle, WA 98105www.portagebayadvisors.com