OFFERING MEMORANDUM

1605 17TH AVENUE

Exclusively Represented by:

Tom Graff President, Commercial

tomgraff@ewingandclark.com 206.295.1445

Nathan Benedict Broker, Commercial

nbenedict@ewingandclark.com 206.695.4829

Jane Powers Luxury Home Specialist, President janepowers@ewingandclark.com

206.322.2840

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----------------------------------------------------TABLE OF CONTENTS 1 Executive Summary 2 Property Detail 3 Building and Site Detail • Floor Plan

4 Construction Detail • Interior • Mechanical

5 Location Overview • Neighborhood Amenities • Transit

6 Historical Overview • Preservation and Designation • Seattle Designation Standards

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This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Ewing & Clark Inc has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing package has been obtained from sources we believe to be reliable; however, Ewing & Clark Inc. has not verified, and will not verify, any of the information contained herein, nor has Ewing & Clark Inc conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.

Cameron Kent206.838.7737

ckent@ewingandclark.com

Executive Summary

Countless nearby amenities and a walk score of 96 provide the opportunity for a multitude of uses.

At the crest of Madison Street, 1605 17th is located at the intersection of Seattle‘s most dynamic and thriving neighborhoods (Pike-Pine, 15th Ave Corridor, and Madison Valley) and the rapidly developing Central District making its location truly the center of the heart of Seattle.

At the crest of Madison Street

Significant new development within five block radius

Strong street level presence on a high volume traffic corridor

Comprehensive renovation includes modern MEP & fire/life/safety systems, elevator, exterior & interior improvements, and structural seismic inprovements

1605 17th Avenue is a 4-story, 8,394 square foot, renovated historical building located on Capitol Hill in Seattle. The building’s classic colonnaded exterior has been a recognizable landmark since it was built in 1906 as the primary residence for Caroline Kline Galland.

A major renovation in 2003 included all mechanical systems and the installation of an elevator servicing all floors including the basement. This offering presents an investor or user with an exclusive and unique opportunity to acquire and/or occupy an extraordinary property at the crest of Madison Avenue within Seattle’s Capitol Hill Submarket.

INVESTMENT HIGHLIGHTS

The property is being marketed for sale at $3,600,000. Offers may be submitted at any time while a call for offers deadline may be announced

OFFERING PROCESS

INVESTMENT HIGHLIGHTS

P R O P E R T Y S U M M A R Y

Cameron Kent206.838.7737

ckent@ewingandclark.com

Property DescriptionThis offering consists of an architecturally significant, historic 4-story Georgian Revival Building within Seattle’s most unique neighborhood.

Built in 1906 for one of Seattle’s wealthiest residents, 1605 17th underwent a comprehensive renovation in 2003 that modernized the building in a manner that maintained the property’s historical characteristics. Construction included the addition of a commercial grade kitchen; a commercial grade laundry facility; new MEP and fire protection / life safety systems (including sprinklers) throughout; structural and seismic improvements; installation of an elevator; a new roof; generator; 3 fire rated doors; and interior tenant improvements throughout.

Other amenities include 24/7 secured proximity card-key access, upgraded HVAC systems on the third floor, upgraded heat only on basement, first and second floors, Comcast business class and fiber telco connectivity, bicycle and on-site storage, fully gated grounds with secure front & rear gates.

Property Address: 1605 17th, Seattle, WA 98122

Tax Parcel King County: #723460-0500

Building Size Gross SF: 8,394*

Land Size: 11,950 SF*

Zone: NC3-65

Locality: Capitol Hill

*according to the King County Assessor

Building & Site Details

Floor SF (Approx.) Rooms Bathrooms

1 1,999 5 2-half2 1,999 7 BR 1-full; 1-3/43 1,999 7 BR 2-3/4; 1-half

Basement 2,398 8 2-halfTotal Gross 8,395

SITE AREA & DIMENSIONSThe lot has an overall site area of 11,950 square feet, or 0.27 acres, with approximately 94 feet of frontage on Madison St. and approximately 74 feet of frontage on 17th Ave.

TOPOGRAPHY The site is generally level and at grade with the fronting streets and adjacent properties.

UTILITIES All normal public utilities are available to the subject site, including sanitary sewer, fire water, domestic water, storm drainage, electricity, and natural gas. Telecommunications that serve the building include Comcast Business Class and fiber connectivity.

OWNERS NAMEFull Life Care, a WA Nonprofit Corporation

LEGAL DESCRIPTION

Lots 8 and 9, Block 11, Renton’s Addition to the City of Seattle, according to the plat thereof recorded in volume 3 of plats, page 118, in King County, Washington;

Together with that portion of Lot 10 in Block 11 of said plat described as follows: Beginning at the most Northerly corner of said Lot 10; Thence along the Northeasterly line thereof South 31°57’50” East 47.01 feet to the true point of beginning; Thence continuing South 31°57’50” East 11.43 feet; Thence South 79°35’31” West 4.20 feet; Thence North 10°24’29” West 10.63 feet to the true point of beginning; Together with that portion of Lot 10 described as follows: Beginning at the most Easterly corner of Lot 10; Thence along the Northeasterly line thereof North 31°57’50” West 12.00 feet; Thence South 10°24’29” East 12.90 feet; Thence North 55°02’10” East 4.74 feet to the point of beginning; (Also known as Parcel A of City of Seattle Lot Boundary Adjustment

Number 9504524, recorded under recording number 9604030368.

Floor Plans

Floor Plans Cont.

Construction DetailFoundationFull basement with foundation walls of regional basalt.

WindowsWindows are double-hung glass, set in wood frames; chiefly large one-over-one double-hung sash, with cornice headings distinguishing the first-floor openings. Dormer windows on all elevations with the central of the three dormers on the facade highlighted with a broken pediment and urn finial. The eaves terminate in boxed cornices which project above a molded frieze.

BalconiesThe first-floor porch wraps around the three principal elevations with an intricate wrought- iron railing. On the side elevations (north and south) are large Ionic porticoes with second floor balconies enclosed by wrought-iron railings. There is also a small iron-balustrade balcony centered on the second-floor facade. The main entrance is sheltered by a one-story gabled Doric portico, with a fan light window above the main door.

FireplacesTwo on the main floor: living room & reception area.

One on second floor in large bedroom.

Roof The roof was replaced in approximately 2003. The roof is an asphalt-shingled intersecting hipped roof.

SeismicSeismic retrofit completed in 2003, the building underwent a seismic upgrade.

CirculationProvided by a hydraulic elevator and 3 stairwells.

The elevator, new in 2003, serves all floors including the basement.

Interior Detail

Interior finishes Interior finishes consist of wood floors on the main floor and carpet upstairs. Walls and exposed ceilings are painted with some wood paneling on the main floor. Fixtures include ceiling mounted lights and a mix of fluorescent lights in the upper rooms.

Ceilings The 1st floor ceiling height is approx 10.0 feet and basement height is 7.8 feet. Ceilings height is approximately 8.8 feet throughout the second and third floors.

Stairwells There are 3 stairwells. The main central stairwell connects the main floor with both the second floor and the basement, and has paneling, balustrades, floor-to-ceiling fluted Ionic columns, and a curved seat below the window on the landing. A secondary stairwell is an enclosed exterior stairwell located next to the elevator. The third stairwell is an interior stairwell. Both the second and third stairwells provide access to all floors of the building including the basement.

Security The building utilizes a security system that monitors all exterior and staircase doors as well as the exterior gates.

In 2003, the building underwent an extensive remodel that included new finishes throughout, installation of a commercial kitchen on the main floor, a laundry in the basement, the addition of an elevator, and 3rd stairwell.

Mechanical DetailHeating and Cooling The HVAC system is only on the third floor of the building with a new unit installed in 2015. The basement, first floor and 2nd floor utilizes only hot water heat from a boiler (installed in 2003) in the basement powered by natural gas. Specifications: Buderus serial number: 803D4400000017 max pressure 150.

Fire Protection / Life Safety The entire building, including the mechanical equipment room in the basement, is served by a fire sprinkler system completed in 2003 and installed in compliance with NFPA 14 (UBC Standard 9-1). All new floors, walls, ceilings, elevator shaft and primary steel (concealed and exposed) were completed with one hour fire resistive construction.

The property is equipped with a fire alarm system, which utilizes sprinklers and smoke detectors, in the common areas and office suites. A manual dry stand-pipe system serves the stairwell vestibules and each floor of the building. Fire hoses are located in each lobby—two per floor. Fire extinguishers are located throughout the building. The fire service connection is a four inch line.

Plumbing SystemDomestic water service is provided to the property via a service main and meter with backflow protection. The water service feed is 1.5 inches. A galvanized steel vertical riser runs from the 1st floor to the 4th floor, with water distribution provided via copper piping. Sanitary waste and vent lines are cast iron or PVC. Hot water service is provided by Eemax tankless water heaters. The sewer line was replaced in 2013 with a partial new 6 inch pipe and liner.

Electrical System The electrical service was upgraded in the building 2003/4 renovation. Three phase 400 amp 250 volt and 200 amp 200 volt. The building has two electrical switchboards to the main electrical room which in the basement.

Emergency GeneratorThe building is served by an emergency generator in the basement using natural gas. Specifications: Kohler model number: 20RESA

Location OverviewAt the crest of Madison Street, 1605 17th is located at the intersection of several of Seattle’s most dynamic and thriving neighborhoods (Pike-Pine,

15th Ave Corridor, and Madison Valley) and the rapidly developing Central District making its location one of a kind.

Countless nearby amenities including Trader Joe’s, Central Co-Op, numerous restaurants, several foundations and religious institutions, give it a walk score of 96, and provide the opportunity for a multitude of uses. The world’s greenest building, The Bullitt Center, which was completed in 2013 is a mere two blocks away. This offering represents a unique opportunity for a buyer to obtain an urban property located in the heart of the

fastest growing metropolitan region in the country.

Prominent corner location at the crest of Madison

Access to the public amenities of the world famous Pike/Pine Corridor

Immediate access to public transportation adjacent to property

Four blocks from Seattle’s first designated Arts District

Nearby to Seattle University and Seattle Academy of the Arts

LOCATION HIGHLIGHTSDEMOGRAPHICS

Neighborhood Amenities

TransitCurrently served by Route 12, a stop for the planned Madison Street

BRT will be located directly adjacent to the property at 17th and Madison.

The Seattle Transit Master Plan (2012) identifies Madison Street between Colman Dock Ferry Terminal in downtown Seattle and 23rd

Avenue E as a future high-capacity transit bus rapid transit (BRT) corridor. The 2.4 mile corridor will run from 1st Avenue, between

Madison and Spring Street, to Martin Luther King Jr. Way in Madison Valley.

The Light Rail Captol Hill station on Broadway and East John Street will open on March 19, 2016 and the First Hill Streetcar opened in February

2016.

Madison Corridor Bus Rapid Transit MapMadison Street BRT will use new state-of-the-art electric trolley buses (ETBs) that produce zero emissions and are extremely quiet. The project budget is $98-120M. The Levy to Move Seattle (approved by Seattle voters in November 2015) will provide $15M. Over the next year, as SDOT advances design to 30%, they will be seeking regional and federal funding partners to deliver the project.

Historic Overview

The Gaffney House was built in 1903 for Caroline Rosenberg Kline Galland, a noted Jewish philanthropist, and has historically been called the Kline Galland house. It is one of south Capitol Hill's most significant homes, both architecturally and historically. It is located in an area where most of the homes similar in scale and design have been demolished, leaving it as one of the only reminder of the neighborhood's former character.

The original owner, Caroline Kline Galland, was one of Seattle's wealthiest citizens at the turn of the century primarily due to property she owned in the central business district. Mrs. Galland is remembered today for her generosity in the service to others. During her lifetime Caroline Galland provided thousands of dollars in food, clothing, medical care, horses and wagons, and financial gifts to the poor. In 1907, she left an estate of $1,500,000. Using the CPI Index, this equals $39,000,000 in 2014. Using the relative share of GDP, which measures relative wealth at the time, this would equal $761,000,000 in 2014. The principal recipient was the Caroline Kline Galland Home for the Aged and Feeble Poor which was established in accordance with the terms of her will for persons of the Jewish faith and members of the Society of Universal Religion. Today operates as the Caroline Kline Galland House. Existing charitable organizations of other creeds also recieved bequests.

Caroline Rosenberg was born in Bavaria, Germany in 1841, and was first married to Louis Kline, head of a pioneer clothing firm in Seattle, who died in 1892. Mrs. Kline then married Bonham Galland, a retired merchant of San Francisco, the following year.

In 1903, she commissioned architect Max Umbrecht to design her Seattle home, where she resided until her death on February 14, 1907.

Max Umbrecht (1872-1955) was born in Syracuse, New York. His immigrant grandfather was a bridge builder and his father a building contractor. Umbrecht learned architectural design through the apprentice system with the firm of Merritt and Randall in New York City. His work was characterized by a preference for formal detail and balance, and a use of large openings for maximum lighting. Umbrecht came to Seattle around 1900, concentrating his practice on private residences, including the one previously used by Antioch College West at 1729 - 17th Avenue, and the John W. Clise House, at Marymoor Park in Redmond . He returned to Syracuse in 1922 and was active in architecture until his death.

Preservation & Designation OverviewThe Gaffney House is currently listed on the National Register of Historic Places as the Caroline Kline Galland House (Ref. # 80004002). It was listed on

Jan.8, 1980. It is also listed in the Survey of Historic Locations by the Washington State Dept. of Archaeology & History (Ref. # 48008).It is likely that when it is reviewed by the Seattle Landmarks Preservation Board, it may receive landmark status.

Designation ProcessNomination for City of Seattle landmark status may be submitted by any person or group to the City Historic Preservation Officer. The nomination will be considered by the Seattle Landmarks Preservation Board at a public meeting. A second public meeting will be scheduled within 30 to 60 days.

Controls and Incentives AgreementsIf the Board designates a property, a Controls and Incentives Agreement for the landmark is negotiated by the Board staff with the property owner. Controls define those features of the landmark to be preserved and outline the Certificate of Approval process for changes to those features. Incentives may include, but are not limited to, zoning variances, building code exceptions, and financial incentives.

Seattle Designation Standards

Façade Easements

Historic Rehabilitation Tax Credit

In Seattle, a building, object, or structure may be eligible to be listed as a historic landmark if it is more than 25 years old and it fits one or more of these categories: 1. Location of or associated with an historic event 2. Associated with a person important in history 3. Associated with a significant aspect of the cultural, political, or economic heritage 4. Embodies the distinctive visible characteristics of an architectural style, period, or a method of construction 5. Is an outstanding work of a designer or builder 6. Is an easily identifiable visual feature due to spatial location, or contrasts of siting, age, or scale

Special Tax Valuation for Historic Properties

Zoning Code Relief

Building Code Relief

Possible transfer of development rights / development potential

Floor Area Exemption

INCENTIVES FOR NATIONAL REGISTER PROPERTIES

INCENTIVES FOR SEATTLE HISTORIC PROPERTIES