FOR MORE INFORMATION:

CURRAN HAGSTROMPRINCIPAL | BROKER

206.505.9426curran@westlakeassociates.com

COLLIN HAGSTROMPRINCIPAL | BROKER

206.505.9436collin@westlakeassociates.com

NOAH IRVINGBROKER

206.505.9409noah@westlakeassociates.com

NINTH STREETFLATS815 S 9TH STREETTACOMA, WA 98405

Built in 2008, the 9th Street Flats is a condo-quality investment property located

in the historic and gentrifying Hilltop neighborhood just west of Downtown Tacoma

and the Tacoma waterfront. A few blocks north is Wright Park and it’s 27 acres

of pathways, fields, and playgrounds. The Hilltop Tacoma Link Extension is set to

open in 2022 and is located on MLK Way just four blocks from the front steps of

the 9th Street Flats.

With a perfect mix of 1 and 2 bedroom units, as well as two top floor penthouses

with vaulted ceilings and views of Commencement Bay to the north and Mt. Rainier

to the south, the 9th Street Flats is a unique opportunity to acquire a turn-key asset

in one of the hottest sub-markets in the Puget Sound Region.

An in place 5% cap rate combined with sub-4% interest rates offers investors

attractive leverage and dependable cash flow out of the gate, with the ability to

increase NOI by bringing rents to market rates as they turnover. An intriguing

value-add play exists for investors as the current owners have architectural plans

in place to reconfigure several of the larger floor plans to add 8 additional units and

bring the total unit count to 24. These plans are available upon request.

The 9th Street Flats are perfectly positioned to capitalize on the historically high

demand for updated, spacious units close to the Downtown Tacoma core and it’s

growing employment base.

ADDRESS

815 S 9TH STREET | TACOMA, WA 98405

WESTLAKE ASSOCIATES, INC. IS PLEASED TO

PRESENT THE NINTH STREET FLATS, LOCATED IN

TACOMA, FOR SALE.

16 UNITS

$ $

CAP

$209,375Per Unit

$3,350,000Price

5.05%CURRENT

2

OFFERING SUMMARY

Commencement Bay

Wright Park

SALE PRICESALE PRICE $3,350,$3,350,000000

LLOCAOCATION INFORMATION INFORMATIONTION

Building Name Ninth Street Flats

Street Address 815 S 9th Street

City, State, Zip Tacoma, WA 98405

County/Township Pierce

Market Tacoma

BUILDING INFORMABUILDING INFORMATIONTION

Building Size 17,300 SF

Net Rentable SF

Number Of Floors 5

Year Built 2008

Exterior Walls Wood

Roof Flat

Elevator 1

PROPERTPROPERTY DETY DETAILSAILS

Property Type Multifamily

Property Subtype High-Rise

Zoning RCX

Lot Size 6,500 SF

APN# 200817-0-050

PPARKARKING & TRANSPORTING & TRANSPORTAATIONTION

Parking Type Garage

Number Of Spaces 16

UTILITIES & AMENITIESUTILITIES & AMENITIES

Central HVAC Wall Electric

Laundry Description 16 Units with W/D

Exterior Description HB/Vinyl

4

PROPER TY DETAILS

14,099 SF

5

Number of Units 16

Year Constructed 2008

Total Building SF 17,300 SF

Net Rentable SF 14,099 SF

Lot Size 6,500 SF

Zoning RCX

Exterior HB/Vinyl

SSale Pale Pricerice $3,350,$3,350,000000

Price per Unit $209,375

Price per NRSF $237.61

Price per Land SF $515.38

Current Cap 5.05%

Current GRM 12.71

Market Cap 5.62%

Market GRM 11.94

$2,254,000

$1,096,000

3.7%

32.7%

30

5 Years

$10,374

Loan Amount

Down Payment

Rate

% Down

Amortization

Term

Monthly Payment

Annual Payment $124,497

PROPERTY OVERVIEW

PRICE ANALYSIS

FINANCING

# OF UNITS UNIT TYPE AVG SIZE CURRENT PSF PRO FORMA PSF

6 1 BD | 1 BA 655 $1,132 $1.73 $1,208 $1.84

8 2 BD | 2 BA 918 $1,444 $1.57 $1,534 $1.67

2 2 BD | 2 BA Penthouse 1,412 $1,811 $1.28 $1,925 $1.36Total | AVG $21,961 $1.60 $23,375 $1.70

CURRENT PRO FORMA

Scheduled Rent Income $263,592 $280,500

+ Parking $7,872 $10,560

+ Utility Billback $13,920 $13,920

+ Storage $720 $900

+ Miscellaneous $7,315 $8,640

Scheduled Gross Income $293,4$293,41919 $314,520$314,520

- Vacancy & Credit Losses (5.00%) $13,177 $14,025

Gross Income $280,182 $300,495

CURRENT PER UNIT PRO FORMA PER UNIT

Real Estate Taxes (2019) $37,822 $2,363 $37,822 $2,363

Property Insurance (2018) $5,112 $319 $5,112 $319

Utility Expense (2018) $17,400 $1,087 $17,400 $1,087

Professional Management (6%) $16,811 $1,050 $18,030 $1,126

Residential Management $7,680 $480 $7,680 $480

Elevator Repair & Maintenance (2018) $5,087 $317 $5,087 $317

Landscaping And Common Area Cleaning $1,200 $75 $1,200 $75

Repairs & Maintenance $16,000 $1,000 $16,000 $1,000

Capital Reserves $4,000 $250 $4,000 $250

Total Operating Expenses $111,$111,112112 $6,$6,944944 $112,331$112,331 $7,$7,002020

Net Operating Income $169,$169,007700 $1$10,5660,566 $188,$188,164164 $11,7$11,76060

($124,497) ($7,781) ($124,497) ($7,781)

$44,573 $2,785 $63,667 $3,979

Less Annual Debt Service

Cash Before Taxes

Percent Cash Before Taxes 4.07% 5.81%

INCOME

EXPENSES

FINANCIAL OFFERING

The statements, figures & computations herein, while not guaranteed, are secured from sources we believe reliable. Investors should verify all numbers, computations, and assumptions before committing to an investment.

AERIAL PHOTOS

6

7

Ninth Street Flats

LOCATION MAPS

1 BEDROOM UNIT

8

2 BEDROOM UNIT

9

11

12

CURRENT UNIT CONFIGURATION

13

UNIT PLANS | A-H

14

UNIT RECONFIGURATION PLAN

Sound Transit is working on a project for the Tacoma Hilltop Link extension of light rail connecting commuters with station areas where people live, work, shop and access transit.

Set to open in 2022, this project more than doubles the length of Tacoma Link, starting with a relocated Theater District station, and adding six new stations. These connect to popular destinations such as the Stadium District, Wright Park and major medical facilities before reaching the new Hilltop neighborhood terminus.

Hilltop Tacoma Project Map & Summary

15

SOUND TRANSIT - T ACOMA HILLTOP

WESTLAKE ASSOCIATES, INC.

TACOMACLEAR VIEWS OF MOUNT RAINIER and the glistening water of the Puget Sound offer a dramatic backdrop for Washington’s third largest city. Tacoma is one of the West’s most ecologically diverse areas with an abundance of sea life at its shores and frequent bald eagle sightings in its skies.

The city is a destination spot for tourism, residents, and more and more a choice location for growing businesses. By offering tax and other incentives to businesses that expand or move here, Tacoma continues to look for ways to capitalize on its status as a gateway to the Pacific Rim. With the port a day closer to Asian countries than California’s ports, trade continues to be an important facet of business in the new Tacoma.

Tacoma is a city that bursts with culture and history. The Historic Union Station is a monument to the city’s railroad heritage. Capped by its gleaming copper dome, it now serves as a federal court house. Next door is the Washington State History Museum with mirror

image arches that honor the history of the old station. Furthermore, the Tacoma Dome is the largest wood-domed arena and hosts an array of sporting events, tradeshows, and big-named concerts.

The second-largest urban park in the nation sits in the city of Tacoma. Point Defiance Park is only one of nearly 100 parks in Tacoma. The park spans more than 700 acres with gardens, beaches, forests, “Never Never Land” theme park for kids and a world-class zoo and aquarium.

With its freshwater lakes and miles of Puget Sound waterways, the area provides year-round activities for outdoor enthusiasts, including fishing, sailing, scuba diving, beach combing, camping and sea kayaking.

Tacoma remains a destination spot with the amenities of a big city and the charm of a small town. An ever-changing city, full of potential and excitement, Tacoma is poised to embrace the future.

Tacoma’s rapidly expanding list of employers provides a boon to demand for attractive rental units like 9th Street Flats.

MUSEUM OF GLASS

34 MILES DOWNTOWN

SEATTLE

The Museum of Glass which opened in July 2002 is a contemporary museum featuring the works of international artists working primarily in the medium of glass. The dramatic Chihuly Bridge of Glass linking Pacific Avenue showcases Tacoma’s native son and world renowned artist, Dale Chihuly.

25 MILES SEA-TAC

AIRPORT

16

TACOMA

Curran C. HagstromPrincipal | Broker

1200 Westlake Ave N, Suite 310Seattle, WA 98109T 206.505.9426curran@westlakeassociates.com

Collin S. HagstromPrincipal | Broker

1200 Westlake Ave N, Suite 310Seattle, WA 98109T 206.505.94236collin@westlakeassociates.com

Shortly after joining the company, Curran and Collin formed Westlake’s first ‘brother team’, where they focus on representing buyers and sell-ers of core Seattle multi-family properties. With their straightforward approach and commitment to maximizing client returns, the Hagstroms quickly became top producers in the Seattle multi-family market. In 2018, they earned the award as Westlake’s Top Listing Broker for the fourth consecutive year.

To better serve clients, the Hagstroms offer professional property man-agement, where an individualized plan is devised for each property to streamline operations and maximize client returns.

With a comprehensive marketing strategy and an emphasis on efficient communication, Curran and Collin are a dynamic team with a track record of helping clients achieve their long-term investment goals.

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HAGSTROM TEAM

18

Since 1975 Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound region.Our commitment to assist our clients in creating and preserving theirreal estate investment wealth has led to the successful closing ofbillions of dollars in investment property and a long history of repeat business and client referrals.

Our firm has thirty real estate professionals with expertise in themulti-family sales market. With a majority of our partners owning and operating their own investment property, we offer clients a unique perspective from both an agent and owner point of view. Our specialization in representing Puget Sound apartment owners resultsin our clients the most effective representation in theindustry, where maximizing client returns is our highest priority.

Through effective teamwork, communication, and an unparalleled knowledge of the Puget Sound apartment market, our agentscontinue to lead the industry in successful closings and clientsatisfaction.

MEMBERMEMBER: C: Commerommercial Bcial Brrokokers Association (ers Association (CBACBA))

MEMBERMEMBER: N: Northorthwest Mwest Multiple Lultiple Listing Sisting Serervices (Nvices (NWWMLS)MLS)

MEMBERMEMBER: Loop N: Loop Net Net National Lational Listing Sisting Serervicesvices

MEMBERMEMBER: C: Costar Costar Commerommercial Rcial Real Eeal Estate Dstate Data and Nata and National Lational Listing Sisting Serervicevice

MEMBERMEMBER: C: Commerommercial Icial Innvestmenvestment Rt Real Eeal Estate Istate Institute (nstitute (CREI)CREI)

MEMBERMEMBER: W: Washington Sashington State Rtate Realtors Association (WSMAealtors Association (WSMA))

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