BRITTANY HOUSEA P A R T M E N T S

Paragon Real Estate Advisors has been retained as the exclusive agent to list The Brittany House Apartments, a 26-unit apartment building located in the quiet tight-knit Magnolia neighborhood near Downtown Seattle. Brittany House is the definition of a pride-of-ownership building and is available to purchase for the first time in over 20 years. This is an extremely rare opportunity for an investor to acquire a well-maintained asset in a very desirable Seattle neighborhood with repositioning upside.

Please contact listing brokers to arrange a tour of the property or for additional due diligence materials.

Financing: It is proposed that the Buyer pay all cash or obtain new financing.

NAME Brittany House Apartments

ADDRESS 3721 27th Pl W, Seattle WA 98199

TOTAL UNITS 26

BUILT 1977

NET RENTABLE SQ.FT. 23,870 Square Feet (Per Condo Documents)

PRICE $8,500,000

PRICE PER UNIT $326,923

PRICE PER SQ.FT. $356

MARKET GRM/CAP 12.3/5.5%

EXPENSE/UNIT $7,546/Year (Market)

LOT SIZE 20,300 Square Feet - LR3 Zoning

PARCEL NUMBER 111650-0005

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.

Brittany House

Q Fireplaces

Q Vinyl windows

Q Territorial views

Q First time on the market in 20+ years

Q Immediate rental upside

Q Excellent reposition opportunity

Q Large two-bedroom units

Q Washers/dryers and dishwashers in each unit

Q Spacious open floor plans with walk-in closets

Q Oversized private balconies

Q Covered on-site parking

Q Additional storage space for tenants

P R O P E R T Y H I G H L I G H T S

Brittany House

MAGNOLIA MANOR PARK

MAGNOLIA VILLAGE

FISHERMAN’S TERMINAL

LAWTON PARK

INTERBAY GOLF COURSE

A M E N I T I E S M A P

MEDIAN HOUSEHOLD INCOME

$113,600

COMMUTE TIME TO DOWNTOWN

15 Minutes

Located on a peninsula West of Queen Anne Hill, South of the Ballard Locks

and minutes from downtown, Magnolia is the second largest neighborhood in

Seattle by area. Accessible by three bridges, Magnolia has natural boundaries

that give residents the feeling of living on an island. Due to its location on a

peninsula, Magnolia has a secluded feel yet offers all the amenities that come

with being located minutes from a bustling city atmosphere.

Q Located just minutes from Downtown Seattle and South Lake Union

Q Near future Expedia Corporate Headquarters on Elliot Avenue West

Q Quiet residential neighborhood of Magnolia

Q Walking distance to several beautiful parks including Discovery Park, Magnolia Manor Park and Lawton Park

Q Minutes to upscale Metropolitan Market and Whole Foods

Q Steps from local bike trails, dog parks, and public transportation

Q Close to bus line with access to University of Washington and Downtown

Q Five minutes to Magnolia Village’s retail amenities

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

S E A T T L E M A P

INTERBAY

SOUTH LAKE UNION

SEATTLE CBD

BELLTOWN

CAPITOL HILL

QUEEN ANNE

MAGNOLIA

BRITTANY HOUSEA P A R T M E N T S

BALLARD

ELLIOTT BAY MARINA

NEW CORPORATE HEADQUARTERS

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

E X T E R I O R 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

Second Floor

Fourth FloorThird Floor

First Floor

Unit 101Unit 1

02

Parking

Storage

Unit 201Unit 2

02

Unit 207

Unit 208

Unit 204

Unit 206

Unit 203

Unit 205

Unit 301Unit 3

02

Unit 307

Unit 308

Unit 304

Unit 306

Unit 303

Unit 305

Unit 401Unit 4

02

Unit 407

Unit 408

Unit 404

Unit 406

Unit 403

Unit 405

F L O O R P L A N S

MONTHLY INCOME CURRENT MARKET

Gross Potential Rent $44,605 $53,170

Parking- 20 Stalls $0 $1,000

Utility Income $841 $2,340

Pet Fee $0 $390

Misc $10 $260

Storage $0 $500

Gross Potential Income $45,456 $57,660

ANNUALIZED OPERATING DATA CURRENT MARKET

Scheduled Gross Income $545,474 $691,920

Less Vacancy 2.0% $10,909 4.0% $27,677

Gross Operating Income $534,565 $664,243

Less Expenses $193,346 $196,194

Net Operating Income $341,219 $468,049

Annual Debt Service ($22,801/mo) $273,610 $273,610

Cash Flow Before Tax 1.69% $67,608 4.86% $194,439

Principal Reduction $72,595 $72,595

Total Return Before Tax 3.51% $140,204 6.68% $267,034

Income and Expenses

ANNUALIZED OPERATING EXPENSES CURRENT MARKET

RE Taxes 2018 $73,558 $73,558

Insurance Proforma $9,100 $9,100

Utilities 2017 $35,102 $35,102

Professional Mgmt 4.00% $21,383 $26,570

On-Site Mgmt $40/unit $12,480 $12,480

Maint/Repairs 2017 $23,052 $23,052

Elevator 2017 $4,640 $4,640

Landscaping 2017 $5,939 $3,600

Misc/Admin/Legal 2017 $942 $942

Reserves Proforma $7,150 $7,150

Total Expenses $193,346 $196,194

UNITS

UNIT

TYPE

SIZE

CURRENT

RENT

MARKET

RENT

14 2 Bd/1.5 Bth 883 - 936 $1,510 - $1,860 $2,045

6 2 Bd/1.75 Bth 928 $1,510 - $1,810 $2,045

6 2 Bd/2 Bth 937 $1,660 - $1,860 $2,045

26 Total/Avg 918 $1.87 $2.23

Units 26

Year Built 1977

Rentable Area 23,870 Sq.Ft.

Down Pmt $4,000,000

Loan Amount $4,500,000

Interest Rate 4.50%

Amortization 30 years

Price $8,500,000

Per Unit $326,923

Per Sq. Ft. $356.10

Current GRM 15.58

Current CAP 4.01%

Market GRM 12.28

Market CAP 5.51%

Expense/Unit $7,436

Expense/Foot $8.10

Percent of EGI 36.17%

Expense/Unit $7,546

Expense/Foot $8.22

Percent of EGI 29.54%

CURRENT

OPERATIONS

MARKET

OPERATIONS

Unit Breakdown

UNITS

TYPE

APPROXIMATE

SIZE

CURRENT

RENT

CURRENT

RENT/SQ.FT.

MARKET

RENT

MARKET

RENT/SQ.FT.

101 2 Bd/1.5 Bth 883 Sq.Ft. $1,760 $1.99 $2,045 $2.32

102 2 Bd/1.5 Bth 883 Sq.Ft. $1,860 $2.11 $2,045 $2.32

201 2 Bd/1.5 Bth 883 Sq.Ft. $1,760 $1.99 $2,045 $2.32

202 2 Bd/1.5 Bth 883 Sq.Ft. $1,560 $1.77 $2,045 $2.32

203 2 Bd/2 Bth 937 Sq.Ft. $1,760 $1.88 $2,045 $2.18

204 2 Bd/2 Bth 937 Sq.Ft. $1,860 $1.99 $2,045 $2.18

205 2 Bd/1.5 Bth 936 Sq.Ft. $1,510 $1.61 $2,045 $2.18

206 2 Bd/1.5 Bth 936 Sq.Ft. $1,660 $1.77 $2,045 $2.18

207 2 Bd/1.75 Bth 928 Sq.Ft. $1,510 $1.63 $2,045 $2.20

208 2 Bd/1.75 Bth 928 Sq.Ft. $1,800 $1.94 $2,045 $2.20

301 2 Bd/1.5 Bth 883 Sq.Ft. $1,560 $1.77 $2,045 $2.32

302 2 Bd/1.5 Bth 883 Sq.Ft. $1,860 $2.11 $2,045 $2.32

303 2 Bd/2 Bth 937 Sq.Ft. $1,660 $1.77 $2,045 $2.18

304 2 Bd/2 Bth 937 Sq.Ft. $1,710 $1.82 $2,045 $2.18

305 2 Bd/1.5 Bth 936 Sq.Ft. $1,810 $1.93 $2,045 $2.18

306 2 Bd/1.5 Bth 936 Sq.Ft. $1,740 $1.86 $2,045 $2.18

307 2 Bd/1.75 Bth 928 Sq.Ft. $1,560 $1.68 $2,045 $2.20

308 2 Bd/1.75 Bth 928 Sq.Ft. $1,810 $1.95 $2,045 $2.20

401 2 Bd/1.5 Bth 883 Sq.Ft. $1,610 $1.82 $2,045 $2.32

402 2 Bd/1.5 Bth 883 Sq.Ft. $1,860 $2.11 $2,045 $2.32

403 2 Bd/2 Bth 937 Sq.Ft. $1,660 $1.77 $2,045 $2.18

404 2 Bd/2 Bth 937 Sq.Ft. $1,860 $1.99 $2,045 $2.18

405 2 Bd/1.5 Bth 936 Sq.Ft. $1,860 $1.99 $2,045 $2.18

406 2 Bd/1.5 Bth 936 Sq.Ft. $1,760 $1.88 $2,045 $2.18

407 2 Bd/1.75 Bth 928 Sq.Ft. $1,585 $1.71 $2,045 $2.20

408 2 Bd/1.75 Bth 928 Sq.Ft. $1,660 $1.79 $2,045 $2.20

Average 918 Sq.Ft. $1,716 $1.87 $2,045 $2.23

Magnolia Crest 2727 W Manor Pl & 3520 28th Ave W Seattle, WA 98199

1 Year Built 1968 Units 57 Sales Price $15,750,000 Price/Unit $276,315 Price/Foot $312 GRM/CAP 12.3/2.8% Sales Date 6.18.2018

Magnolia Pointe Apts 3630 22nd Ave W Seattle, WA 98199

2 Year Built 1990 Units 21 Sales Price $4,800,000 Price/Unit $228,571 Price/Foot $372 GRM/CAP 15.5/3.8% Sales Date 1.29.2018

Marinwood 3628 24th Pl W Seattle, WA 98199

3 Year Built 1980 Units 31 Sales Price $12,520,000 Price/Unit $403,871 Price/Foot $373 GRM/CAP 16.6/3.8% Sales Date 8.18.2017

The Cavanaugh Apts 3539 27th Pl W Seattle, WA 98199

4 Year Built 1969 Units 50 Sales Price $14,565,000 Price/Unit $291,300 Price/Foot $323 GRM/CAP 16.0/3.9% Sales Date 8.16.2017

Brittany House 3721 27th Pl W Seattle, WA 98199Year Built 1977 Units 26 Sales Price $8,500,000 Price/Unit $326,923 Price/Foot $356 Current GRM/CAP 15.6/4.0% Market GRM/CAP 12.3/5.5%

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BRITTANY HOUSEA P A R T M E N T S

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

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Brittany House - Current 3721 27th Pl W Seattle, WA 98199

1977 - 26 Units

2 Bd/1.5 Bth2 Bd/1.75 Bth2 Bd/2 Bth

883 - 936928937

$1,510 - $1,860$1,510 - $1,810$1,660 - $1,860

$1.71 - $1.99$1.63 - $1.95$1.77 - $1.99

Brittany House - Market 3721 27th Pl W Seattle, WA 98199

1977 - 26 Units

2 Bd/1.5 Bth2 Bd/1.75 Bth2 Bd/2 Bth

883 - 936928937

$2,045$2,045$2,045

$2.18 - $2.32$2.20$2.18

Overlook at Magnolia 3520 27th Pl W Seattle, WA 98199

1968 - 337 Units

2 Bd/2 Bth 1,065 - 1,195 $2,000 - $2,390 $1.88 - $2.00

Magnolia Crest 2727 W Manor Pl Seattle, WA 98199

1969 - 57 Units

2 Bd/2 Bth 1,100 $2,125 $1.93

Cavanaugh Apts 3539 27th Pl W Seattle, WA 98199

1969 - 50 Units

2 Bd/2 Bth 1,036 - 1,060 $2,250 - $2,500 $2.17 - $2.36

Casa Ladaro 3535 27th Pl W Seattle, WA 98199

1968 - 18 Units

2 Bd/2 Bth 1,150 $1,995 - $2,195 $1.73 - $1.91

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BRITTANY HOUSEA P A R T M E N T S

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

The Brittany House offering is being conducted by Paragon Real

Estate Advisors. Questions and inquiries should be addressed to

the Paragon representatives listed herein. Paragon will be able to

assist investors with on-site tours and due diligence materials.

Offers should detail the following:

Purchase price

Closing date

Source of capital

Earnest money deposit amount

Schedule of due diligence

Description of assumptions for offer

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.

T O U R S A N D O F F E R S

600 University St, Suite 2018

Seattle Washington 98101

206.623.8880 / info@ParagonREA.com

www.ParagonREA.com