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

Dexter 181713 Dexter Avenue North | Seattle, WA 98109

$9,500,000

Will Gibsono: 206-774-5420c: 206-491-4292will@portagebayadvisors.com

Portage Bay AdvisorsWorld Headquarters701 Northlake Ave NSeattle, WA 98105

admin@portagebayadvisors.com

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 OverviewBuilding Name Dexter 18

Address 1713 Dexter Avenue North | Seattle, WA 98109

Total Units 18

Year Built 1979

Square Feet 15,395 Net Rentable* / 21,003 Gross

Price $9,500,000

Price Per Unit $527,778

Price Per Foot Net $617.08 / Gross $452.32

Current GRM/CAP 15.00 / 4.90%

Expense Per Unit $7,556.28

Terms All cash to seller

Lot Size 10,821 sf

Zoning NC3-40

Portage Bay Advisors is pleased to exclusively offer for sale Dexter 18, an 18 unit multifamily property on Dexter Avenue in the Westlake neighborhood of Seattle, Washington.

Dexter 18 is a seven story, 18 unit building that was in 1979, but has just been totally renovated and updated both inside and out. Upgrades includes a new HardiePlankenvelope; new double paned vinyl windows throughout; new common areas; and massively renovated apartments featuring high end finishes including quartz countertops, hard surface vinyl plank flooring, and a full compliment of new stainless steel appliances. The building offers a good mix of units: one large ground floor studio; fifteen large 1bd/1ba units; two 2bd/1ba unit; & one 2bd/2.5bath townhouse penthouse unit.

There is a wood-burning fireplace in every unit, and most units have balconies with great, east facing views spanning Lake Union from Gasworks Park to Downtown Seattle. There are laundry facilities located on-site on every floor of the building, along with generous storage available for rent to tenants.

Dexter 18 provides investors an opportunity to acquire a newly renovated, turn key property located in one of the most sought after sub-markets in Seattle.

investment overview_______________

Turn-key asset at a core Seattle location

Building recently totally renovated

New HardiePlank envelope, windows, deck railings & high end interior finishes

Two penthouse units with private decks & sweeping views

Rooftop deck with panoramic view of Gasworks Park, Lake Union, and the Seattle Skyline

Secure entry

Most units have balconies & wood burning fireplaces

18 off-street parking spaces

Laundry facilities on every floor

tenant storage lockers located on-site

Dog friendly building featuring dog wash station for tenants & enclosed off-leash dog walk

Dexter 18 is located at 1713 Dexter Avenue, in the Westlake neighborhood of Seattle, Washington. A vibrant and upscale neighborhood located in the center of the Seattle metropolitan area along the west shore of Lake Union, the Westlake neighborhood offers its residents both a wide variety of restaurants and retail right in the neighborhood along with easy access to the neighborhood retail centers in many surrounding neighborhoods including South Lake Union and the Seattle CBD just to the South, Queen Anne (upper & lower) just to the west, and Fremont & Ballard just across the Fremont Bridge to the north & northwest, respectively. Dexter 18 is also located in close proximity to some of the region’s best employers including Amazon World Headquarters, Tableau Software, Facebook, The Bill & Melinda Gates Foundation, The University of Washington as well as many others.

Westlake also boasts many parks, walking trails, greenspace, and easy access to Lake Union along with dynamic, sweeping views that span from Gasworks Park to Downtown Seattle. Metro Transit runs along Dexter Avenue directly in front of the property, as well as along Highway 99 just to the west. Westlake is an urban neighborhood which has undergone massive redevelopment over the last several years and is comprised of primarily commercial & retail space as well as high end apartments & condominiums.

Subject Property Profile

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Rent Income

Units Type Approximate Size Current Rent Rent per sf Monthly Income

1 Studio* 763SF* $1,850* $2.43/SF* $1,850*

14 1bd/1ba 763SF $2,150-$2,495 $2.83-$3.28/SF $33,095

2 2bd/1ba 850-1,350SF $2,950-$3,475 $2.57-$3.47/SF $6,425

1 2bd/1ba TH 1,750SF $4,375 $2.50/SF $4,375

18 856 SF avg. $2.97/SF avg $45,745

Annualized Operating Expenses Current

Real Estate Taxes (2018) $50,064

Insurance (pf $350 per unit) $5,850

Utilities (2016 actual x 115%) $19,088

Maintenance & Repairs (pf $900 per unit) $16,200

On-site Management (pf $40 per unit rent credit) $8,640

Professional Management (pf 5%) $31,671

Reserves (pf $250 per unit) $4.500

Total Expenses $136,013

Annualized Operating Data Current

Gross Scheduled Income $633,420

Vacancy (5%) ($31,671)

Gross Operating Income $601,749

Less Expenses ($136,013)

Net Operating Income $465,736

Annual Debt Service ($377,759)

Cash Flow Before Tax $87,977

Principal Reduction $91,760

Total Return Before Tax $179,737

Total Monthly Income CurrentRent Income $45,745

Utility Income ($100 per unit) $1,800

Parking Income ($125 per open spot; $150 per covered spot) $2,600

Storage Income $2,100

Laundry/Other Income $540

Total Income $52,785

operating summary_______________Building

Overview

Units 18* Price $9,500,000

Year Built 1979 Price Per Unit $527,778

Net Rentable SF 15,395* Price/Net SF $617.08

Gross SF 21,003 Price/Gross SF $452.32

Down Payment $3,500,000 Current GRM 15.00

Loan Amount $6,000,000 Current CAP 4.90%

Interest Rate 4.80%

Amortization 30 Years

Current Operations

Expenses per Unit $7,556.28

Expenses per Foot $8.83

Percentage of Gross 21.47%

*18th unit is a 763sf studio amidst being permitted.

Subject Property Profile

OFFERING SUMMARY

Monthly Income

Unit Unit Type Square Footage Current Rent Current Rent/SF

001 Studio 760sf $1,850 $2.43/sf

101 2bd/2ba 1,350sf $3,475 $2.86sf

102 1bd/1ba 760sf $2,150 $2.83/sf

103 1bd/1ba 760sf $2,175 $2.57/sf

201 1bd/1ba 760sf $2,375 $3.13/sf

202 1bd/1ba 760sf $2,350 $3.09/sf

203 1bd/1ba 760sf $2,350 $3.09/sf

204 1bd/1ba 760sf $2,375 $3.13/sf

301 1bd/1ba 760sf $2,425 $3.19/sf

302 1bd/1ba 760sf $2,375 $3.13/sf

303 1bd/1ba 760sf $2,375 $3.13/sf

304 1bd/1ba 760sf $2,425 $3.19/sf

401 1bd/1ba 760sf $2,475 $3.24/sf

402 1bd/1ba 760sf $2,425 $3.19/sf

403 1bd/1ba 760sf $2,425 $3.19/sf

404 2bd/1ba 900sf $2,950 $3.28/sf

501 1bd/1ba 760sf $2,550 $3.36/sf

502 2bd/2.5ba TH 1,750sf $4,375 $2.50/sf

rent roll_______________

OFFE2207RING SUMMARY

Year Built UnitsPrice

Per UnitPrice

Per SFGRM CAP Selling Price Sale Date

Subject Property1713 Dexter Avenue NorthSeattle, WA 98109

Dexter 18

1979 18* $527,778 $617.08 15.00 4.90% $9,500,000 TBD

Sales Comparable 12727 Eastlake Avenue EastSeattle, WA 98102

Remi

1996 34+6 $443,750 $573.28 $17,750,000 4/11/2018

Sales Comparable 23617 Woodland Park AvenueSeattle, WA 98103

Audrey Apartments

1906 16 $265,625 $634.61 16.0 4.5% $4,250,000 1/11/2018

Sales Comparable 32635 Franklin Ave EastSeattle, WA 98102

Mersoleil Franklin

1962 9 $436,111 $552.82 16.9 4.3% $3,925,000 9/18/2017

sales comparables page 1____________

Sales Comparable 3Sales Comparable 2Subject Property Sales Comparable 1

OFFE2207RING SUMMARY

Subject Property

Year Built UnitsPrice

Per UnitPrice

Per SFGRM CAP Selling Price Sale Date

Subject Property1713 Dexter Avenue NorthSeattle, WA 98109

Dexter 18

1979 18* $527,778 $617.08 15.00 4.90% $9,500,000 TBD

Sales Comparable 41304 East Harrison StreetSeattle, WA 98102

Harriet Manor

1960 9 $406,667 $587.95 17.2 4.4% $3,660,000 1/12/2018

Sales Comparable 51215 Queen Anne Avenue N Seattle WA 98109

La Fonda

1958 14 $436,111 $509.00 18.8 3.22% $4,000,000 6/1/2018

Sales Comparable 6 3306 Beach Drive SW Seattle WA 98116

Beach House

1962 7 $540,000 $539.62 15.9 4.25% $3,780,000 3/6/2018

sales comparables page 2____________

Sales Comparable 6Sales Comparable 5Sales Comparable 4

Subject Property Profile

OFFERING SUMMARY

building photography_______________

Subject Property Profile

building photography_______________

Subject Property Profile

building photography_______________

for more informationplease contact

Will Gibsono: 206-274-8000d: 206-274-8108c: 206-491-4292will@portagebayadvisors.com

World Headquarters701 NE Northlake Ave NSeattle, WA 98105www.portagebayadvisors.com