838 NE 69th St. Seattle, WA 98115

Highlights:

• Purchase Date: August 5, 2011
• Sale Date: March 26, 2015
• Leveraged deep expertise in land use codes to redevelop an underutilized parking lot purchased in 2011, into a 30-unit micro-apartment community
• Unique design and flexible living spaces drove rapid lease-up, achieving average rents of $4.87 per square foot and
• Established the property as a benchmark for innovative design and space planning

Financials:

• Purchase Price: $2,100,000
• Cap X Into Rehab: $976,066
• Cap X into Build Micros: $1,931,498
• Total Cost: $5,007,704
• Sale Price: $9,200,000
• Total Gross Profit: $4,192,296
• Total Net Operating Income: $479,260
• Performance Cap Rate at Sale: 9.57%