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 1997, 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 Bellevue Ave to Melrose Ave located midway between Pine St and E Olive Way.

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SIGNIFICANT RENOVATION POTENTIAL

In-place rents average $2,051 per unit whereas comparable floorplans in renovated condition average $2,677 per unit.The 1997 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

Meaningful Operational Upside–Capturable at No Cost T-12 Expenses were 54.2% of Gross Revenue, or $13,029 per unit, there is a simple two-step process to normalize expenses to a defensible $9,750 per unit. See detailed analysis on the following page. Programmatic Renovation Unlocks $500+/mo Upside in Rents Classic condition units average $2,051 per unit whereas renovated comps average $2,677. The units already feature washers & dryers, limiting renovations cost to cosmetic enhancements. First Time Ever on the Market Developed in 1997, and held by the same family for 29 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.

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 Featuring 3 rooftop decks, gated parking garage with 55 stalls, fitness center, and a remodeled leasing office. All units have decks, patios or Juliet balconies, and washers & dryers.

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