Capitol Steps

www.colliers.com

Sam Wayne

Senior Vice President sam.wayne@colliers.com +1 206 351 7656

1633 Bellevue Ave, Seattle, WA 98122

The Offering

Photos

Location

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Investment Overview

Colliers Capital Markets Group, as exclusive advisor, is pleased to present the opportunity to acquire Capitol Steps (the “Property”), a compelling value-add investment opportunity steps away from Downtown Seattle’s Central Business District and South Lake Union in the Capitol Hill submarket. Built in 1999, the wood-framed podium building features 62 units over retail with 55 below-grade parking stalls and 1,840sf of retail space. The property stretches from Belmont Ave to Melrose Ave located midway between Pine St and E Olive Way.

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SIGNIFICANT RENOVATION POTENTIAL

Renovate Units to capture per unit renovation premium over the in-place rents In-place rents average $1,843 per unit whereas comparable floorplans in renovated condition average per unit. The 1999 physical plant already feature washer & dryers in-unit, plus the majority of renovation dollars will go towards unit and common area upgrades proven to actually increase rents.

Program the rooftop patio on floor 3 with seating and landscaping. Re-open the resident lounge whichis currently used as storage Re-open the community gym whichis currently used as storage Upgrade machines in commonlaundry areas to accept credit card payment

Community Upgrade Ideas

$677,000 IN ANNUAL RENT UPSIDE ACROSS 87 CLASSIC UNITS

Caden Hughes

Associate caden.hughes@colliers.com +1 253 778 9270

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Property Location

Value-add Returns, a Core-plus Asset

Site & Setting

Costco Outparcel: Positioned near a major highway interchange and in the shadow of a newly built Costco Low-density identity: The townhome format, landscaped streetscape, and walkable setting give Parkside a distinct residential feel that reinforces the demand that has kept the Property fully occupied. Parking: Dedicated surface parking with guest parking provides a practical amenity for residents seeking the convenience of home-style living.

Site & Setting

First Time Ever on the On-Market Developed in 1999, and held by the same family for 27 years, the owners have handled large capital improvement projects totaling $750k in the past 5 years, but have left the unit interiors mostly in classic condition, providing significant upside. Meaningful Operational Upside–Capturable at No Cost T-12 Expenses were 57.3% of Gross Revenue, or $13,716 per unit, similarly sized assets operate at ~$10,000 per unit, see notes section of P&L for detailed explanation. Programmatic Renovation Unlocks $500+/mo Upside in Rents $500+/mo Upside in Rents.Classic condition units average $1,813 per unit whereas renovated comps average $2,359. The units already feature washers

50 Yard Line Location Walkable to 317,000 jobs in Seattle’s Central Business District and South Lake Union, plus the Pike/Pine Retail Corridor Desirable Physical Plant with Dramatic Skyline Views Built in 1999, featuring 3 rooftop decks, gated parking garage w/ 55 stalls, fitness center, remodeled leasing office. All units have decks, patios or juliete balconies.

Chris Hardman

Senior Vice President chris.hardman@colliers.com +1 415 259 8241

Dylan Luxenberg

Associate dylan.luxenberg@colliers.com +1 253 973 5094

Reed Gustavsen

Associate reed.gustavsen@colliers.com +1 206 219 2377