607 & 609 Williams Ave S

• Originally built as Condominiums in desirable and centrally located Renton Community
• Partial Value add opportunity to finish interior renovations and increase NOI
• Diversified unit mix of one and two bedroom apartment homes
• Cash flowing asset offered at 5.4% with future increased rental upside

Property Description

Williams Court (page 1) Address 607and 609 Williams Ave S Renton WA 98055 30 Unit Partial Value Add Opportunity Executive Summary (page 2) Offering Summary Year Built 1979 No of Units 30 Price $6,100,000 Price/Unit $203,333 Price/SF $262.64 Cap Rate 5.4% MKT Cap Rate 6.8% GRM 11 MKT GRM 9.44 Property Highlights Originally built as Condominiums in desirable and centrally located Renton Community Partial Value add opportunity to finish interior renovations and increase NOI Diversified unit mix of one and two bedroom apartment homes Cash flowing asset offered at 5.4% with future increased rental upside Property Overview (page 3) Located in the heart of Renton in King County Washington, Williams Court is a 30 unit apartment building originally built as condominiums in 1979. The property is comprised of spacious 14 One bedroom One bath units and 16 Two bedroom One bath Units with large walk in closets and new metal screens on all decks. Select units on the top floor have wood burning fireplaces and two units on the ground floor have in suite washer/dryers. There are two laundry rooms located on opposite sides on the second floor and assigned secured storage on the ground floor with ample parking. Williams court offers an investor the opportunity to purchase a partial value add asset that will capitalize on further market growth. Proven Value add opportunity has been achieved through interior improvements, Williams Court has been able to achieve rent increases of $400 for the fully renovated units. By continuing the interior renovation schedule of the 15 remaining units, investors will increase value by an estimated 30%. In combination with historically low vacancy and the potential for long term cash flow makes this a premier investment opportunity. Williams Court presents one of the top opportunities in the Puget Sound. Property Overview Construction Type Wood Frame Roof Torch Down. New Mansard metal roof and Poly vinyl torch down with additional venting in 2020 Windows 64 New double pane windows and 28 Sliding patio doors in 2017 Heating Electric Baseboard Water heaters Electric water heaters in all units Plumbing Copper Washer/Dryer 2 onsite laundry rooms 2 in suite laundry units Flooring Vinyl and Carpet flooring Unit Mix 14 One bedroom one bath 600SF 16 Two bedroom one bath 800SF Fireplace Wood- Burning in select upper units Parking 34 stall secured covered garage and xxx uncovered Storage 30 assigned storage units Rentable SF 23,226 SF Lot Size 26,682 SF Zoning R-14 Location Overview (page 4) Situated in the vibrant city of Renton approximately 11 miles form Seattle, eight miles from Bellevue and six miles from the Seattle-Tacoma International airport. Boeing’s Renton plant and nearby job centers, including manufacturing, transportation, government and health care are among the prominent industries that comprise Renton’s diverse economic base. Renton straddles the southeast shore of Lake Washington, at the mouth of the Cedar River. As of the 2020 census, the population of Renton was 106,785, up from 90,927 at the 2010 census. The city is currently the 6th most populous municipality in greater Seattle and the 8th most populous city in Washington. Renton Washington is the center of opportunity where families and businesses thrive. With over 2,000 software companies within a 30-mile radius, over 2,800 acres of parks and playgrounds, and a school district that boasts four Blue Ribbon Schools of Excellence. Renton continues to position itself as a stand out city in both King County and the state of Washington. There is palpable growth in the region, and the business and community environments are strong. Williams Court is well positioned to capitalize on the strength of local employers and continued rent growth throughout the region. Location Highlights Blocks to Renton Transit Station Minutes from Shopping and Freeways One mile from Boeing’s 737 factory Strong Employment Base Walker’s Paradise (90) Good Transit (59)