EVERGREEN POINTEBremerton, WA

Corey Crain I 425-442-7931 I multifamilyspecialist@gmail.com I KW Commercial Realty Bellevue

O�ered At: $4,500,000

Multifamily Offering

This is a rare �nd!! Permit ready for 109 units, 2 buildings with a combined 4200 sqft of ground �oor retail component. Joint Venture Partnership or purchase. Estimated completion value of $34,000,000. Passing of the Foot Ferry Service, makes an easy commute From Bremerton to Seattle. Amazing Mountain and Water View. Tremendous demand for new apartments in the area! Zoned POMX-Pedestrian Oriented Mixed Use. The Evergreen Pointe development is fully entitled, it has received Site Plan Approval from the City of Bremerton and it’s Shoreline Substantial Development Permit from the State of Washington, Department of Ecology.

Architectural Permit Applications have been submitted. Turn key project ready to develop!!

ATTENTION INVESTORS, DEVELOPERS, AND BUILDERS!!!

For additional information contact:Corey Crain - Multifamily SpecialistKW Commercial Realty BellevuePhone: 425-422-7931multifamilyspecialist@gmail.com

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

EVERGREEN POINTE - TERM SHEET

* Pricing is subject to change. ** Square feet listed is an approximate

Gross Income Rents: 81,062 NRA @ 2.10/sq ft PB Units have premium .05

Commercial Space: 4,038 @ $15/ Sq ft

Parking: 109 Spaces @ $78 / space

Storage: 3,406 Sq ft @ $1.56/ sq ft Misc.#: Total Gross Income:

Vacancy/Bad Debt:

Effective Gross Income:

Expenses*:NOI:Cap Rate / Value: 5.60%

Loan to Cost: 80% $20,000,000Debt Service: 3.565%, 30 Year, DCR 1.60 $1,086,434

Net Income: $842,912

# Forfeited deposits, cleaning fees, NSF, Pet Deposits, Vending

*$3,915 / Unit - Sources: O’Connor Consulting

There is a property tax abatement for 12 years from issuance of C of O’s.

Breakdown of Projected ExpensesPayroll: $1,300/Unit $141,700Marketing/Advertising: $200/Unit $21,800Property Management: $508/Unit (3% of EGI) $55,372Admin: $150/Unit $16,350

Operating: Utilities (Net): $206/Unit $22,454 Electricity: $125/Unit $13,625 Water/Sewer: $550/Unit $59,950 Garbage: $150/Unit $16,350 $89,925*Repairs/Turnover $450/Unit $49,050Insurance: $334/Unit (.45/ Sq ft of NRA) $36,457Taxes: $91/Unit** $9,919Landscaping: $100/Unit $10,900Elevator: $75/Unit $8,175Replacement Reserves: $250/Unit/Yr $27,250 Total: $399,520***75% Is billed back to Tenants

**There is a property tax abatement for 12 years from issuance of C of O’s

*** Income calculation will use $3,915/Unit - Sources: O’Conner Consulting 2016 Market

Study

$2,131,556$62,993

$102,024$63,760$56,160

$2,416,494

($60,412)

$2,356,081

($426,735)$1,929,346

$34,452,607

PROPERTY INFORMATION:

Evergreen PointeProjected Proforma

12 - Studio ApartmentsTotal Unit Sq Ft: 6,306

54 - 1 Bedroom ApartmentsTotal Unit Sq Ft:

43 - 2 Bedroom ApartmentsTotal Unit Sq Ft:

Street Level RetailTotal Sq Ft:

Available StorageTotal Sq Ft:

Garage Parking 109 Spaces

34,181

40,735

4,078

3,406

For additional information contact:Corey Crain - Multifamily SpecialistKW Commercial Realty BellevuePhone: 425-422-7931multifamilyspecialist@gmail.com

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

EVERGREEN POINTE

Hard Costs

Gross Residential Area 146,257 Sq Ft @ $141.32 Sq Ft $20,670,720

Tenant Improvements 4,078 @ $25.00 Sq Ft $100,950

Total Hard Costs: $20,771,670

Soft Costs

A&E Construction Admin Other Consultants (Landscape, Surveyor, Envelope, etc.) City Fees (Bldg Permits, W/S, Mechanical, Storm) Title, Closing Interim Interest at 3.49% for 18 Mos. On $18M Loan Marketing Project and Construction Management Taxes & Insurance Legal & Accounting Miscellaneous F.F+E

Total:

Land Cost ($21,101 Per Unit)

Total Project Cost:

Projected Project Costs

$223,141$48,000$137,000$536,000$27,000$510,000$200,000$500,000$50,000$150,000$100,000

$2,531,141

$2,300,000

$25,602,811

For additional information contact:Corey Crain - Multifamily SpecialistKW Commercial Realty BellevuePhone: 425-422-7931multifamilyspecialist@gmail.com

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

EVERGREEN POINTE

Evergreen Rotary Park

Evergreen Pointe Project Aerial View

For additional information contact:Corey Crain - Multifamily SpecialistKW Commercial Realty BellevuePhone: 425-422-7931multifamilyspecialist@gmail.com

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

EVERGREEN POINTE

Since there has been very little new apartment construction to speak of in the City or the County since 1994, there is tremendous pent-up demand for new apartments throughout the area. The recent study by O’Con-nor Consulting Group concluded that there is a signi�cant multi-family imbalance between supply and demand, based on just structural demand for new housing. Structural demand is de�ned as new housing needed based on new job formation and net inmigration.

There are over 40,000 jobs within a 15 minute drive to Evergreen Pointe. There is a stable work force of over 20,000 in a one mile radius of the site, with an average income of over $65,000/yr. with over 2,000 earning over $100,000/yr. This means that there are many potential renters close by who can a�ord the most expen-sive units in the building. This bodes well for timely absorption. The demand for a superbly designed podi-um-style building at this highly visible location should be great. Evergreen Pointe is projecting rents at $2.10/s.f. This rent structure is close to being the most a�ordable of any new or in lease-up project in the 4 county area (The Greater Seattle Area) The above referenced market study projects absorption at 16-18/months, which means a 6 month lease up.

Source: US Census, OCG, The Puget Sound Economic Forecaster

YearTotal

EmploymentNewJobs

TotalPopulation

NewPersons

TotalHouseholds

AverageHH Size

NewHouseholds

MarginalTenure Demand

2014201520162017

84,30886,05987,96889,810

6591,7511,9091,842

260,656263,819266,340268,772

2,6563,1632,5212,432

104,262105,528106,536107,509

2,5002,5002,5002,500

1,0621,2651,008973

50.0%45.0%40.0%40.0%

531569403389

Household Growth ForecastKitsap County 2014-2017

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Bremerton TowersBremerton Towers Ph IIBremerton Towers Ph IIISpyglass Hill606 ApartmentsEvergreen PointHarborside CommonsPortside21-UnitEastside Mortgage Property

510-614 Washington Avenue510-614 Washington Avenue510-614 Washington Avenue654 Hignland Ave602 Burwell St.1217 Sheldon BlvdSecond Ave & Burwell Street2nd St and Washington2090 Wheaton Way1231 Campbell Way

BremertonBremertonBremertonBremertonBremertonBremertonBremertonBremertonBremertonBremerton

14014015880711092373602116

AptsAptsAptsAptsAptsAptsAptsAptsAptsFor Sale

ProposedProposedProposedProposedProposedProposedOn-HoldOn-HoldProposedProposed

201720172017Late ‘15Late ‘15Late ’15Post ‘17Post’1720162016

30%30%30%95%95%100%5%5%50%0%

42424776671091218110

NO. PROPERTY SITE LOCATION CITY UNITS TYPE STATUS DATE PROB COUNTNO. OF COMPLETION MODIFIED

PROPOSED APARTMENT SUPPLY IN KITSAP COUNTY

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

THE CITY OF BREMERTON

Bremerton, Washington, is the largest major urban center in Kitsap County, with an estimated 37,259 residents in 2010

The beautifully situated and planned waterfront community features direct ferry service for a 55-minute car ferryCommute to downtown Seattle, and a foot ferry to nearby Port Orchard. A new passenger-only ferry was passed in November 2016, cutting the trip to Seattle down to 30 minutes. Olympic College is within walking distance, a publicTwo-year Community College, with many 4 year degree options and educates more than 13,000 students a year.

Also, an inviting tourist destination, Bremerton features such Attractions as the USS Turner Joy, the Naval Museum, aNewly constructed marina with 300+ slips, parks, shops, galleries, and restaurants. The soon to be completed Bridge toBridge Urban Trail will be one of the most scenic walks in America, which will boost tourism. Evergreen Pointe is in theCenter of this urban trail. The Bremerton Naval Shipyard, the major employer, is adjacent to downtown. Bremerton Is home to a large naval community of both active-duty and retired personnel.

The central business district is the historic core of the City of Bremerton. It has served as a site of the most concentratedArea of jobs in Kitsap County for decades. In the early 2000’s, the City of Bremerton initiated an aggressive, award-winningDowntown Revitalization Plan, now called the Harborside Districtt, with the participation of internationally-renownedUrbanest Peter Calthorpe, ex-Congressman Norm Dicks, Kitsap County, Kitsap County Consolidated Housing Authority,Kitsap Transit, the Port of Bremerton, and other community partners.The newly created developments are centered around the Harborside District, and include a regional waterfrontconference center, with hotels, parking, restaurants, retail and living space, expanded marina facilities, a series of waterfrontntcondominiums on Washington Avenue and the doubling in size of Evergreen Park. An integral addition in the District willbe the Harborside Commons (pictured below), featuring a public plaza, a supermarket and retail with market rate housingabove it. With two dozen public and private projects and an expected total investment of $800 million, Bremerton is poised

Your Go To GuyFor Multifamily Investments

Information contained herein is deemed reliable, but is not guaranteed. KW Commercial Realty Bellevue makes no representations or warranties, expressed or implied, as to the accuracy of the information contained. All figures to be verified by Purchaser to their own satisfaction.

THE REGION

The Seattle Metropolitan Statistical Area (MSA) generally refers to the Seattle-Tacoma-Bellevue-Bremerton-Everett locale.These combined areas have the largest concentration of population north of San Francisco and west of Chicago. Metro

Seattle’s Strategic location and thriving economy have made

average of 36” of rainfall per year.

strict land use planning, topographical constraints on supply, and employment growth that consistently ranks above thenational average. Favorable “renter” demographics, positive job numbers and population projections position the GreaterSeattle Area as a strategic market for multifamily investment gains.Kitsap County, on the Kitsap Peninsula, is surrounded by water on 3 sides with 236 miles of shoreline, the most of any countyin America. Kitsap County is also known as the West Sound, and has a population of 267,000. Within this metro area is theCity of Bremerton, which is the largest city in Kitsap County.