Originally built in 1910-1912 and renovated in 2017-2018, the property is comprised of 56 units, including 8 micro units, in a 3-story earthquake-retrofitted building with a common area office amenity and community courtyard with grill and fire pit. Recent renovations include landscaping, entry system, parking lot, exterior siding, plumbing, electrical, fire life & safety, upgraded interiors. Unit finishes include 9-10 foot ceilings, LED lighting, vinyl plank flooring, stainless steel appliances, hard surface counters, new cabinets, modern fixtures, and a bartop in most kitchens.
Situated in the Central District on the border of the Capitol Hill neighborhood, only 2 miles from Downtown Seattle, and adjacent to major thoroughfares and public transportation routes, the property provides easy access to all that Seattle has to offer. Property located in an affluent area with average HH incomes of $112,997 in a 1-mile radius and $119,280 in a 5-mile radius. The Seattle-Tacoma-Bellevue metro provides a strong employment base for tenants with over 2.1M jobs as of December 2018, representing a 3.3% increase year-over-year.
The Property is located in Seattle, the largest city in Washington State. Seattle is located at the center of the Puget Sound region along the north-south Interstate Highway 5 corridor that serves as the major traffic thoroughfare for the state, and the Seattle-Tacoma-Bellevue metropolitan area is characterized by the following:
Approximately 3.9 million residents, representing over 52% of the total Washington population (2017 estimate), 1.7% annual population growth since 2010 and 1.8% annual population growth rate from 2017 through 2022. $72,811 median household income for 2017, which was 29.8% higher than the United States median household income of $56,114. Seattle’s economy, which historically was largely dependent on the Boeing Company, has since developed a highly educated workforce and as of March 2017, 1.65 million or nearly 45% of all jobs in Washington State were found in the Seattle Metropolitan Area. Jobs in the Seattle market now include aerospace, information and communications technology (ICT), military, logistics and international trade, tourism, manufacturing, recreational and commercial fishing, and shipping. The Seattle MSA is also home to eight Fortune 500 companies: Microsoft, Weyerhaeuser, Nordstrom, Costco Wholesale, Amazon.com, Paccar, Starbucks, and Expeditors International of Washington.
In addition to large corporations, universities, hospitals, and public sector employment, including military stationed at Joint Base Lewis–McChord, the area has an abundance of smaller businesses that make up 75% of total local employment. The unemployment rate within the Seattle MSA was 3.8% as of December 2018 (not seasonally adjusted), which compared favorably to the state of Washington (4.3%) and the national average (3.9%).
Total Private Placements: 8
Total Assets Purchased: NA
Full Cycle Multifamily Offerings: 0
Years In Business 15
The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities, (ii) offers can be made only by the confidential Private Placement Memorandum (the “PPM”) which is available upon request, (iii) do not and cannot replace the PPM and is qualified in its entirety by the PPM, and (iv) may not be relied upon in making an investment decision related to any investment offering by the issuing company, or any affiliate, or partner there of the issuer. All potential investors must read the PPM and no person may invest without acknowledging receipt and complete review of the PPM. With respect to the “targeted” goals and performance levels outlined herein, these do not constitute a promise of performance, nor is there any assurance that the investment objectives of any program will be attained. These “targeted” factors are based upon reasonable assumptions more fully outlined in the Offering Documents/ PPM. Consult the PPM for investment conditions, risk factors, minimum requirements, fees and expenses and other pertinent information with respect to any investment. These investment opportunities have not been registered under the Securities Act of 1933 and are being offered pursuant to an exemption therefrom and from applicable state securities laws. Past performance and statements regarding current occupancy and earnings are no guarantee of future results. All information is subject to change. You should always consult a tax professional prior to investing. Investment offerings and investment decisions may only be made on the basis of a confidential private placement memorandum issued by the issuer, or one of its partner/issuers. The issuer does not warrant the accuracy or completeness of the information contained herein. Some offerings are subject to a “cooling off” period and are not available to all investors.Thank you for your cooperation.
Securities offered through Emerson Equity LLC Member: FINRA/SIPC. Only available in states where Emerson Equity LLC is registered. Emerson Equity LLC, and the issuer are not affiliated.