READER_SPREADS_PROOF

VALUATION Brokerage / Management / Investments / Consulting COMPA R A BLE S pilotNW.com FINANCIALSPROPERTY & LOCATIONMARKETING STR ATEGY COMPANY OVERVIEW

524 | Fifth AvenueVWA LeUstA|T ISOENATT LE COMPA R A BLES FINANCIALS PROPE R T Y & LOC AT ION M A R K E T ING S T R AT EG Y COMPA N Y OV ERV IE W215 | Boston Street | SE ATT LE

contents VV AA LL UU AATT II OO NN CC OO MM PP AA RR AA BB LL EE SSPRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not FF II NN AA NN CC II AA LL SS verified it and cannot make any guarantee, warranty or representation PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN about it. It is your responsibility to independently confirm its accuracy and MM AA RR KK EE TT II NN GG SS TT RR AATT EE GG YY completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future CC OO MM PP AA NN YY OO VV EE RR VV II EE WW performance of the property. The value of any proposed transaction to youCasey Zejdlik Jason Kono depends on tax and other factors which should be evaluated by your tax,P: 206.566.6599 P: 206.566.6595 financial and legal advisors. You and your advisors should conduct a careful,C: 206.280.1871 C: 206.920.0187 independent investigation of the property to determine to your [email protected] [email protected] the suitability of the property for your needs.pilotNW.com

February 27, 2018 Dear Mr. Cahill, Thank you for the opportunity to present this proposal for 215BOSTON & 5AW Apartments. Pilot Ventures has considerable experience in the valuation and sales of multifamily real estate VA LUAT ION in the Seattle market, especially the Queen Anne neighborhood. The valuation presented in this COMPA R A BLES proposal is based on a market analysis of comparable properties in core Seattle neighborhoods. FINANCIALS Between January 1, 2018 and end-of-year, Pilot Ventures is projecting $150,000,000 in multifamily PROPE R T Y & LOC AT ION real estate sales within the greater Seattle area. It would be great if you joined us! M A R K E T ING S T R AT EG Y A brokerage commission in the amount 1.75 percent of the gross sale price is proposed for COMPA N Y OV ERV IE W 215BOSTON & 5AW Apartments; said commission will be allocated one percent to the listing firm and three quarter percent to the selling firm based on our success in marketing and selling similar properties. The information included in this document has been obtained from sources On behalf of Pilot Ventures, we look forward to working with you and your investment goals. we believe to be reliable. While we do not doubt its accuracy, we have notPRESENTED BY verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy andCasey Zejdlik Jason Kono completeness. Any projections, opinions, assumptions, or estimates used Casey Zejdlik Jason KonoP: 206.566.6599 P: 206.566.6595 are for example only and may not accurately represent the current or futureC: 206.280.1871 C: 206.920.0187 performance of the property. The value of any proposed transaction to you PILOT VENTURES PILOT [email protected] [email protected] depends on tax and other factors which should be evaluated by your tax, Principal Principal financial and legal advisors. You and your advisors should conduct a careful,pilotNW.com independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 215BOSTON & 5AW | 3

welcome VA LUAT ION COMPA R A BLESPRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not FINANCIALS verified it and cannot make any guarantee, warranty or representation PROPE R T Y & LOC AT ION about it. It is your responsibility to independently confirm its accuracy and M A R K E T ING S T R AT EG Y completeness. Any projections, opinions, assumptions, or estimates used are for example only and may not accurately represent the current or future COMPA N Y OV ERV IE W performance of the property. The value of any proposed transaction to youCasey Zejdlik Jason Kono depends on tax and other factors which should be evaluated by your tax,P: 206.566.6599 P: 206.566.6595 financial and legal advisors. You and your advisors should conduct a careful,C: 206.280.1871 C: 206.920.0187 independent investigation of the property to determine to your [email protected] [email protected] the suitability of the property for your needs. pilotNW.com 215BOSTON & 5AW | 54 | 215BOSTON & 5AW

Brokerage VVAA LL UU AATT II OO NN CC OO MM PPAA RR AA BB LL EE SS Whether you’re buying or selling, our experienced team of brokers will ensure you receive the best possible FF II NN AA NN CC II AA LL SS representation. PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN MM AA RR KK EE TT II NN GG SS TT RR AATT EE GG YYPRESENTED BY The information included in this document has been obtained from sources Built upon trust and experience, Pilot Ventures was Management M A RCKOEMT IPNAGNCYOOMVMEURNVIICEAWT ION S we believe to be reliable. While we do not doubt its accuracy, we have not founded by principals Casey Zejdlik and Jason Kono.Casey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representation Managing property can be an overwhelming experience—P: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy and Specializing in multifamily investments and property in working with Pilot Ventures, we help streamline processesC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates used management services, our focus on long-term client and systems to maximize your cash flow and [email protected] [email protected] are for example only and may not accurately represent the current or future success is at the core of everything we do. performance of the property. The value of any proposed transaction to you Investments depends on tax and other factors which should be evaluated by your tax, At Pilot Ventures, our experienced team of industry financial and legal advisors. You and your advisors should conduct a careful, professionals offer more than 50 years of creative Our firm’s financial expertise and professional management independent investigation of the property to determine to your satisfaction investment expertise. We engage with every client allows individuals, families, partnerships and trusts to invest the suitability of the property for your needs. in a goal-oriented manner to enhance their portfolio in income producing properties without worrying about the and maximize results. day-to-day operations. We provide a full-service approach to every stage of your multifamily real estate investment. Together, we don’t just build equity— we build relationships. Consulting Investing smartly is the easiest way to achieve long-term goals—collaborate with industry professionals who apply systematic market research and financial analysis to produce feasible solutions for all types of real estate projects.pilotNW.com 215BOSTON & 5AW | 5

PRINCIPALS Since beginning his real estate career in 2005, Casey Zejdlik has completed over Jason Kono has been in multifamily brokerage for the past 12 years. During that time, VVAA LL UU AATT II OO NN $275 million in apartment and commercial transactions. He has also purchased and he has been on two teams that have collectively closed over $400 million in transactions. CC OO MM PPAA RR AA BB LL EE SS repositioned multiple properties in partnerships and has guided numerous clients Shortly after entering the brokerage business, he witnessed the impact that real estate through repositioning their properties to increase returns and prepare for a future sale. investing had in the accumulation of wealth for his clients. Jason realized he not only FF II NN AA NN CC II AA LL SS wanted to invest in real estate himself, but also wanted to manage apartments as an PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN Casey’s vast knowledge of investment properties stems from his analytical approach, opportunity to more intimately understand the business. As a result, Jason has been an MM AA RR KK EE TT II NN GG SS TT RR AATT EE GG YY market research, and extensive transactional experience. His clients appreciate his investing in and then managing multifamily properties for nearly a decade. What started attention to detail and drive to provide impeccable service. out as small investment in one building and subsequent management of that property, COMPA N Y OV ERV IE W has now turned into the asset management of a portfolio approaching $150 million Prior to his career in real estate, Casey spent six years as a Nuclear Engineer in the in value and over 525 units. This management portfolio consists of partnerships that Navy. He holds a B.S. in Nuclear Engineering Technology and is the recipient of two Jason has invested in, as well as properties he manages for select clients. Many of these Navy Achievement Medals. properties have undergone significant renovation and which have led to substantial increases in income and subsequent value. Residing in Queen Anne with his wife and two children, Casey enjoys exploring new restaurants, spending time outdoors and getting together with friends and family. Jason attributes much of his success in the industry to the invaluable experience he has gained through this combination of brokerage, management and investment ofCASEY ZEJDLIK The information included in this document has been obtained from sources JASON KONO apartment buildings. He attended the University of Colorado and has completed the University of Washington’s Commercial Real Estate Program. In addition, he is workingOFFICE 2P06R.5E66S.6E5N99TED BY “Our net worth has increased 300% to 400w%e bseilniecvee tCoabseeryelbiaebglea.nWhheilelpwinegdounsoint d2o0ub0t6itws aitchcuoraucryr,ewaelheasvteanteot OFFICE 206.566.6595 towards the coveted CCIM designation and is currently enrolled in coursework. investments. We highly recommend the sevrevriifcieedsiot afnPdilocatnVneonttmuarkeesa—nytgougaertahnetere,,wweararraentnyoowr rereprteirseedntaatniodn CELL 206.920.0187 CELL 206.280.1871 about it. It is your responsibility to independently confirm its accuracy and EMAIL [email protected] Jason enjoys traveling, boating and attending Seahawks games with his wife and son. JafisnaonnciaKlloy nseocure at age 55.” completeness. Any projections, opinions, assumptions, or estimates used He also enjoys cycling and golfing in the summer, and skiing in the winter.EMAIL [email protected] P: 206.566.6599 P: 206.566.6595 are for example only and may not accurately represent the current or future 215BOSTON & 5AW | 7 C: 206.280.1871 [email protected] C: 206.920.0187 performance of the pro—peSrctoy.tTahnedvaTlueeroefsaanWy porordpoesne,dftivraentsimacetiocnlietontysou [email protected] depends on tax and other factors which should be evaluated by your tax, pilotNW.com financial and legal advisors. You and your advisors should conduct a careful,6 |215BOSTON & 5AW independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

RECENT TR ANSAC TIONSPROPERTY ADDRESS Name Price Units Status Closing 2383 Harbor Ave SW Harbor 7 $ 4,273,450 7 Closed 8/17/2016 RECENT TR ANSAC TIONS 10560 Stone Ave N Stone 6 $ 975,000 6 Closed 6/24/2016Flake Properties Mercer Island Land $ 3,650,000 3 Lots Pending TBD 547 Index Pl NE Renton Fourplex $ 506,000 4 Closed 6/23/2016 526 W Mercer Pl Bayview Heights $ 3,350,000 12 Closed 1/18/2016Fay Road, Carnation Carnation Land $ 3,800,000 192 acres Pending TBD 2405 NW 65th St Anchors West $ 5,980,000 16 Closed 1/22/2016 1010 N 2nd St Renton 5 Unit $ 540,000 5 Closed 1/15/201626022 SE 36th St. Sammamish Land $ 5,000,000 5 acres Pending TBD 2383 Harbor Ave SW Harbor 7 $ 2,762,500 7 Closed 12/28/2015 9031 + 9035 12th Ave NW Rocket Dog Land $ 1,250,000 1 Closed 9/30/2015601 E Pike St Cove $ 32,660,000 60 Pending 5/11/2018 524 5th Ave W Whitely Manor $ 5,027,000 15 Closed 6/30/2015 215 + 219 Boston St Boston Crest $ 5,050,000 24 Closed 6/4/201510295 NE 189thSt. Glen Grove $ 6,650,000 24 Pending 5/10/2018 2515 Thorndyke Ave W Vista Lane $ 2,215,000 12 Closed 4/15/2015 735 Boylston Ave E Boylston & Belmont Land $ 1,050,000 1 Closed 12/16/201417503 96th Pl SW Vashon 5 $ 675,000 5 Under Contract 4/4/2018 5236 California Ave SW Seaview Park $ 1,600,000 10 Closed 9/19/2014 301 East Roy St Velo $ 12,500,000 49 Closed 9/16/20143000 E. Spruce St. Leschi Apartments $ 1,550,000 6 Pending 4/13/2018 6015 NE 64th St Sandpoint Five $ 1,105,000 5 Closed 9/10/2014 VVAA LL UU AATT II OO NN 1520 NW 87th St Development Site $ 600,000 1 Closed 8/15/2014 CC OO MM PPAA RR AA BB LL EE SS3200 E. Union St. Union 32 $ 3,450,000 12 Pending 4/12/2018 9515 Interlake Ave N Licton Springs $ 4,510,000 27 Closed 8/4/2014 200 5th Ave S Ascona $ 6,750,000 57 Closed 6/18/2014 FF II NN AA NN CC II AA LL SS2727 NE 125thSt. Riviera $ 5,150,000 24 Pending 3/29/2018 1928 43rd Ave E Villa Marina $ 4,025,000 14 Closed 5/19/2014 PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN 2005 13th Ave W Queen Anne 9 $ 2,040,000 9 Closed 3/4/2014 MM AA RR KK EE TT II NN GG SS TT RR AATT EE GG YY1810 15th Ave Murray Hill $ 4,475,000 15 Pending 3/28/2018 8261 5th Ave NE Maple Leaf 6 Unit $ 1,095,000 6 Closed 1/31/2014 1226 Taylor Ave N Taylor Eight $ 1,525,000 8 Closed 1/31/2014 COMPA N Y OV ERV IE W5405 Leary Ave NW Caffé Fiore Mixed Use $ 7,200,000 6 Closed 2/26/2018 9504 Edmonds Way Westwood Place $ 6,300,000 48 Closed 1/24/2014 2501 14thAve W Raleigh House $ 4,225,000 30 Closed 1/6/201411611 100th Ave NE Juanita Townhomes $ 2,810,000 8 Closed 2/12/2018 420 Queen Anne Ave N 420 Building $ 8,500,000 24 Closed 1/6/2014200 5th Ave S Ascona $ 11,250,000 57 Closed 10/11/2017 TOTALS $ 249,182,100 905 Units 215BOSTON & 5AW | 99512 Interlake Ave N Carolyn Court $ 4,575,000 21 Closed 8/18/20173628 24th Pl W Marinwood $ 12,520,000 31 Closed 8/18/20173539 27th Pl W The Maggie $ 14,565,000 50 Closed 8/16/20171129 9th Ave W Queen Anne Townhouse $ 962,000 2 Closed 7/31/2017554 Index Pl NE Renton Fourplex $ 650,650 4 Closed 7/25/20172515 Thorndyke Ave W The Edge $ 4,350,000 13 Closed 7/17/2017PRESENTE60D16 BY14thAveNW Park View The information included in this document has been obtained from sources 9515 Interlake Ave N Licton Springs $ 3,065,w00e0believe to be reliab8le. While we do not dColuosbetdits accuracy, we have6/n15o/t2017 $ 7,615,v0e0r0ified it and cannot2m7 ake any guaranteeC, wloaserdranty or representati1o0n/26/2016Casey Zejd9l0i5k0GreenwoodAveN Jason KMoenlroose $ 3,015a,0b0o0ut it. It is your resp20onsibility to indepenCdleonsetldy confirm its accurac1y0/a2n4d/2016P: 206.566.6610549149thAveNW P: 206.5B6al6lar.d65595 completeness. Any projections, opinions, assumptions, or estimates usedC: 206.280.21548371s1tAveW C: [email protected] [email protected] $ 1,525a,0r0e0for example only a5nd may not accurateCllyosreedpresent the current o1r0f/u1t8u/2r0e16 $ 785,0p00erformance of the pr1operty. The value of aClnoysepdroposed transaction1t0o/6y/o20u16 904 N 5th St Renton Fourplex $ 3,850d,0e0p0ends on tax and o2t6her factors which shColuolsdedbe evaluated by your9/t1a4x/,2016 financial and legal advisors. You and your advisors should conduct a careful, pilotNW.com $ 600,5i0n0dependent investiga4tion of the property tColodseetdermine to your satisf8a/c24ti/o2n0168 |215BOSTON & 5AW the suitability of the property for your needs.

PRESENTED BY The information included in this document has been obtained from sources VA LUAT ION we believe to be reliable. While we do not doubt its accuracy, we have not COMPA R A BLES verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and FINANCIALS completeness. Any projections, opinions, assumptions, or estimates used PROPE R T Y & LOC AT ION are for example only and may not accurately represent the current or future M A R K E T ING S T R AT EG Y performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, COMPA N Y OV ERV IE W financial and legal advisors. You and your advisors should conduct a careful,Casey Zejdlik Jason Kono independent investigation of the property to determine to your satisfactionP: 206.566.6599 P: 206.566.6595 the suitability of the property for your needs.C: 206.280.1871 C: [email protected] [email protected] pilotNW.com10 | 215BOSTON & 5AW

MARKETING TIMELINE Build WEEKS Weeks 1 and 2 are the preparation stage of the marketing process. VVAA LL UU AATT II OO NN During this time, the marketing team is working with vendors to collect CC OO MM PPAA RR AA BB LL EE SS 1-2: professional photos and any other tangible marketing items, building the layout of the offering memorandum, and building email and mailer FF II NN AA NN CC II AA LL SS campaign templates. Brokers are strategizing target investors, fine tuning PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN the numbers on sales and rent comparables, and building a potential M A R K E T ING S T R AT EG Y buyer list for the target marketing stage. At this time, we will also discuss the strategy of an offer review date with the building owner. COMPA N Y OV ERV IE W TargetPRESENTED BY The information included in this document has been obtained from sources WEEKS Weeks 2 and 3 are the targeting phase of the marketing process. we believe to be reliable. While we do not doubt its accuracy, we have not Brokers make targeted initial calls to select investors. The offeringCasey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representation 2-3: memorandum is now complete and is sent to select investors only.P: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy and The RCM campaign is set up and prepared for launch. Email campaignC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates used templates are created and ready for launch. Social media [email protected] [email protected] are for example only and may not accurately represent the current or future are created, and teaser graphics posted if necessary. All due diligence performance of the property. The value of any proposed transaction to you items have been compiled and a brokers open schedule has been depends on tax and other factors which should be evaluated by your tax, confirmed and set. financial and legal advisors. You and your advisors should conduct a careful,pilotNW.com independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 215BOSTON & 5AW | 11

CAPITOL HILL Launch1920’s classic in the heart of Capitol Hill WEEKS At the beginning of Week 3, all marketing is launched. The RCM email campaign is sent out to the RCM pool of investors, Constant Contact email blasts are released. 3-5 Social media graphics are posted on all company social media—including Facebook, Instagram and Linkedin. The listing is added to Pilot’s website, and is posted and featured on CBA and NWMLS. Brokers are making phone calls to all active buyers VVAA LL UU AATT II OO NN and 1031 exchange buyers. CC OO MM PPAA RR AA BB LL EE SS Property tours are scheduled with buyers and brokers. FF II NN AA NN CC II AA LL SS PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NNDID YOU KNOW… Update MURRAY HILL APARTMENTS M A R K E T ING S T R AT EG YMURRAApaYrtHmIeLntLsOnce a Listing is assigned, Offering Memorandum COMPA N Y OV ERV IE W215BOSTON & 5AW | 13it takes approximatelytwo to three weeks to The information included in this document has been obtained from sources 1810 15TH Ave | SE ATT LEcollaborate, bPuRilEdSaEnNdTED BYroll out a successful WEEK Weeks 5 throuwgehbeclileovseitnogbearreeliafbolec.uWsheidle wheeadovinlyotodnouubptidtsaatcincugraacny,ywienhtaevreensottedmarketing strCaatseegyy.Zejdlik buyers accordinavebgrolifyuiet–dit.kitIetaienspdyoicnuagrnnrteohstpemomnaskieebnialingtyyatggoueiandrda,enhpteeanep,dwpenaytrlaryancnodtnyfeoirxrmcreiitptesredascecwnutiratahtcioyfnarendquent 5Jason Kono updates and acctoimviptlye.teBnreossk.eArnsy parroejecctoionnds,uocptiinniognsa,dadssiutimopntaiolntso, ourresstiifmnaeteesduesedd, P: 206.566.6599 C: 206.280.1871 P:T2H06R.5O66U.6G59H5 meetings, and acraellfsorweixtahmmpleuoltnilpylaenidnmtearyensotteadccburuayteelyrsre.pArenseonftftehrerceurvrieenwtodrfauteuries [email protected] CLOSINGC: 206.920.0187 held if applicabpleer.foOrmncaencaenofothffeeprroispemrtya.dTheeavnaldueaocfcaenpytperdop,oasleldmtraarnksaecttiinongtcooylolauteral pilotNW.com [email protected] is changed to redeflpeecntdsthoinst.aOxanncdeoathterrafancstaorcstwiohnichisshcolousldebde,eevmaluaaitlebdlbaysytosuarntadx,social12 | 215BOSTON & 5AW financial and legal advisors. You and your advisors should conduct a careful, media graphicsinadreepepnodesntteidnvteostiagaletirotnaolfltpheopteronpteiratlybtoudyeeterrsmainnedtotoyoburusialdtisrfaacptiponort for the next transatchteiosunit.ability of the property for your needs.

DATABASE MARKETING APTO is the #1 software for commercial real estate. As a platform built VVAA LL UU AATT II OO NN by SalesForce, it is a self-created database of owners, properties and more. CC OO MM PPAA RR AA BB LL EE SS Costar is an extensive internet database that gives brokers and property Pulling from external resources such as LoopNet.com and other company managers real-time access to information on active and inactive listings. websites, we ensure that our database stays accurate and up to date year- FF II NN AA NN CC II AA LL SS Its database pulls from sites such as Loopnet.com and Apartments.com round. We have compiled an extensive list of contacts and properties that PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN in order to provide accurate sales and leasing comparables. At Pilot Ventures, allow us to be one step ahead of our competition when it comes to finding M A R K E T ING S T R AT EG Y we use Costar for all types of market research, including but not limited to: buyers for listed properties, or finding properties for buyers who are owners of properties, sales and leasing comparables, properties for sale or actively looking to purchase. COMPA N Y OV ERV IE W available within certain geographical parameters, and more. 215BOSTON & 5AW | 15PRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have notCasey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representationP: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy andC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates [email protected] [email protected] are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you pilotNW.com depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful,14 | 215BOSTON & 5AW independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

ONLINE ADVERTISING The Northwest Multiple Listing Service is similar to CBA, but is used VVAA LL UU AATT II OO NN mostly by residential brokers throughout the Northwest. In order to ensure CC OO MM PPAA RR AA BB LL EE SS The Commercial Brokers Association is the easiest way for brokers to the highest amount of visibility, we often put our commercial listings locate multifamily properties for sale. When posted on CBA, a property is on the NWMLS in addition to CBA. While it may not be a commercial/ FF II NN AA NN CC II AA LL SS available for brokers to find using multiple search functions. For example, multifamily broker or buyer’s first stop to find listings, it is important that PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN a broker could search for buildings based on size, number of units, price, listed properties be readily available if searched on the NWMLS. M A R K E T ING S T R AT EG Y or geographical area. CBA also offers a “featured properties” section, where you can pay a small fee to ensure that your listing is featured on 215BOSTON & 5AW | 17COMPA N Y OV ERV IE W the CBA homepage.PRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have notCasey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representationP: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy andC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates [email protected] [email protected] are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you pilotNW.com depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful,16 | 215BOSTON & 5AW independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

EMAIL MARKETING Constant Contact is an email software used to send quick email blasts VVAA LL UU AATT II OO NN to our APTO and broker database lists. We use this for things such as CC OO MM PPAA RR AA BB LL EE SS Real Capital Markets is an extensive international database of buyers. scheduling tour times, new listing alerts, and any other quick notification Managed on an exclusive per-listing basis, this software allows us to send we’d like to send to our database of owners, clients, and more. This FF II NN AA NN CC II AA LL SS information on a specific listing to the RCM database of buyers. Buyers who software is extremely easy to design with, can be quickly customized, PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN are interested in the initial email blast are asked to fill out a confidentiality and there is no limit to how many emails can be sent. M A R K E T ING S T R AT EG Y agreement, and then are allowed to enter a virtual “deal room” where documents such as rent rolls, cash flow statements, and the offering 215BOSTON & 5AW | 19COMPA N Y OV ERV IE W memorandum are kept for easy access. The metrics of this software are extremely impressive, and we consider this one of our most effective marketing tools.PRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have notCasey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representationP: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy andC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates [email protected] [email protected] are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you pilotNW.com depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful,18 | 215BOSTON & 5AW independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

SOCIAL MEDIA MARKETING Instagram, the most visual of all social media platforms, is an up-and-coming VVAA LL UU AATT II OO NN platform for use in real estate and advertising. With the option for paid posts, CC OO MM PPAA RR AA BB LL EE SS LinkedIn, is a social networking site with over 300 million members from Instagram offers users a sounding board to find more information about our 200 countries, representing 170 industries—including Real Estate. Used company’s culture, the services we offer and listings we bring to market. FF II NN AA NN CC II AA LL SS amongst the business community, LinkedIn allows registered members to PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN establish and document diverse networks of people. Our company’s profile, 215BOSTON & 5AW | 21 M A R K E T ING S T R AT EG Y in addition to each personnel’s profile, actively increases our professional network in Seattle and around the globe. COMPA N Y OV ERV IE WPRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have notCasey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representationP: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy andC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates [email protected] [email protected] are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you pilotNW.com depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful,20 | 215BOSTON & 5AW independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

MARKETING S TR ATEGY Pilot Ventures takes a unique approach when it comes to marketing your property. ASKING PRICE IN RELATION PERCENTAGE OF PROSPECTIVE package. This comprehensive package contains all the details of VVAA LL UU AATT II OO NN TO FAIR MARKET VALUE BUYERS WHO WILL LOOK AT your property and is distributed to all interested and qualified CC OO MM PPAA RR AA BB LL EE SS We utilize a combination of well-known yet effective tactics, our industry connections and knowledge THE PROPERTY brokers and/or buyers. Customized marketing materials may include and also unique “out of the box” ideas that will be sure to maximize the sale price of your property. +10% professionally designed postcards, mailed letters and a 2-4 page FF II NN AA NN CC II AA LL SS 2% “Executive Summary” package that will be distributed to all interested PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN For the past twelve years, Jason and Casey have demonstrated that they can seek out the limited +5% parties in-person and via email. M A R K E T ING S T R AT EG Y investor population in this industry and increase the seller’s net proceeds when formulating a 30% controlled promotional marketing effort. Fair In addition to this, your property will be featured on Pilot Ventures’COMPA N Y OV ERV IE W Market 60% website and also all social media pages. We will utilize custom Quality and Quantity Strategically Delivering Value marketing tactics on a property-by-property basis; this could range of Exposure Accurate Information 80% in anything from a press release, to advertising in local magazines or -5% 92% listing services, to event marketing and more. The quality and quantity of the exposure a property The deliverability and use of quality information -10% receives in the market will have a direct impact on an strengthens the negotiating position of the Seller in a Promotion to External Brokers owner’s ability to maximize the sale price of a property. competitive market. We’ve found that accurate property Pilot Ventures heightens the property’s exposure by information is essential and minimizes the concerns a Having been in the field for many years, our experienced real estate utilizing the skills and connections of every member on our buyer could have with the property, therefore reducing the brokers have an extensive network of contacts in the brokerage team. We are able to access more highly qualified buyers buyer’s perception of risk. It is our goal to provide answers community and will actively market your property to these external directly through both well-known and unique marketing in as close to real-time as possible; time can negatively brokers via telephone, mailings, and email. We have noticed that our alternatives. As a team, we have of the most advanced and Theiimnfoprmacattiomnointcilvudaetdioinnthinisadofcausmte-nptahcaesdbemenaorbktaeintpedlafrcoem. sources closing ratio is extremely high when working with brokers we have successfully completed transactions with in the past. PREcoSmEpNleTteEDlistBs oYf qualified buyers in the industry which can we believe to be reliable. While we do not doubt its accuracy, we have not Direct Contact with Local Owners be rapidly accessed according to property type, size and Creation of Customizedverifieditandcannotmakeanyguarantee,warrantyorrepresentation From experience, we know that many apartment owners prefer CasienyveZstemjdelnitkcharacteristicJsa. Tshoins dKaotanboase is refined weekly about it. It is your responsibility to independently confirm its accuracy and to have their properties located in the same general area. At Pilot P: 2a0n6d.5r6em6.a6i5ns99cutting edgeP. D: 2et0a6il.e5d6a6n.6d5p9r5ecise marketing Ventures, our work in the multifamily market has allowed us to C: 2p0l6an.2s8in0c.1lu8d7in1g the generaCt:io2n0o6f.9a2n0a.p0p1r8o7priate level of Marketing Materialscompleteness.Anyprojections,opinions,assumptions,orestimatesused [email protected] [email protected] 215BOSTON & 5AW | 23 areIfnoroexradmeprletoonmly aonsdtmeaffyencottiavcecluyramtelayrrkepertesyeontutrhepcruorrpeentrotry,futthureeteam pilotNW.com performance of the property. The value of any proposed transaction to you22 | 215BOSTON & 5AW depaentdPsiolonttaVxeanndtuortheesr fbaectgoirnsswhbicyhcshreoualtdinbegeavacluoamtedpbleytyeoumr taaxr,keting financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

develop an extensive database consisting of thousands of MARKETING S TR ATEGY to renegotiate and as a result, reduce the seller’s ultimate net take the property “off the market”. We make it a habit VVAA LL UU AATT II OO NN Puget Sound Area property owners. In order to determine proceeds. The key to our ability to effectively represent sellers to establish short timeframes for the buyer’s removal CC OO MM PPAA RR AA BB LL EE SS whether they are interested in acquiring additional is our strong transactional experience that we have developed of due diligence and financing options whenever properties, we will directly contact all of the people in the over the past 12 years and nearly $400 million in transactions. possible. We actively monitor the financing process FF II NN AA NN CC II AA LL SS area that own properties similar to yours. We will also including underwriting, applications, commitments, and PP RR OO PP EE RR TT YY && LL OO CC AATT II OO NN be reaching out to the top owners that have closed on A Professional and Informed obtaining the lenders final approval and funding. Our M A R K E T ING S T R AT EG Y properties in the past 24 months of a similar size range Transactional Experience long term relationships with lenders allow for an ease regardless of the location; we’ve found that active buyers of communication throughout this process. Whenever COMPA N Y OV ERV IE W will often times broaden their portfolio parameters for the Pricing the property at an optimal level is imperative. possible, we push to obtain non-refundable or pass- right property. Our experience has shown that pricing a property “too through deposits upon removal of all contingencies to high” for the marketplace can be just as “expensive” as guarantee the performance of the buyer. We strive to Internet Advertising pricing the property “too low.” Over pricing reduces the proactively manage each aspect of the transaction process number of qualified buyers actively pursuing the property to insure that if issues arise, they are quickly resolved and Your property will be listed on the Northwest Multiple and encourages low-ball offers once an extended marketing are not used as the basis for unreasonable negotiations. Listing Service website and the Commercial Brokers time period has been reached. Qualifying buyers early in Association website. The NWMLS and CBA databases are the marketing process leads to more successful closings. 215BOSTON & 5AW | 25 the leading resources used by brokers when looking for Our qualification of a buyer includes determining the source local multifamily properties. This will in-turn be picked up of the buyer’s down payment, ability to qualify for financing by various aggregate websites including Loopnet, Costar and general reputation and business style. Our history of and Redfin to name a few. working with some of the most active buyers as well as Twheeboinetflhioerevmeratottoiobpne ribneclrilaoubdkleeed.rWisnhitinhleiswthdeoedcoucmnooemtndtmohuaubsntbiiettseynachocbautrvaaeicnyep,dwrfoerovhmeavnseontuoorctebse a PREMSEaNrTkEeDtiBnYg and Negotiations vericfireidtiitcaanldfacacntnoortwmahkeenanryegvuiaerwanitnege, wcoarmrapnteytoinr rgeporeffseenrtsa.tiTonhe writing aboouft ist.tIrtoisnyoguarnredspeonffseibciltitiyvteo icnodnepternadcetnstlypcroontfeircmtsitstahcecuirnacteyraendsts of CaseThyeZperojdcelisks of marketing,JnaesgoontiaKtiongn,oand closing the sale comaplllepteanerstsi.eAsnytoprtohjeectitornasn, ospaincitoinosn, aassnudmpptiroonvs,idoreesstaimtaimteseulsinede with P: 20o6f .a5n6in6v.6es5t9m9ent propertyPi:n2vo0l6ve.5s6a6s.o6p5h9is5ticated series of arerfoeraesxoamnaplbeloenldyeanaddmlinaey snoftoarcceuaracthelysrteeppresoefnttthhee csuarrleenst oprrfoutcueress. C: 20st6e.p2s8w0h.1ic8h7p1rovide a conCtin: u2o0u6s.9o2pp0o.0rt1u8n7ity for a buyer [email protected] [email protected] performance of the property. The value of any proposed transaction to you pilotNW.com depWenedspounstahxtaondoobthtearinfacctaorsshwhdiechpsohsoiutlsd bweheevanlueavteedrbpyoyosusribtalxe, to24 | 215BOSTON & 5AW financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

PRESENTED BY The information included in this document has been obtained from sources VA LUAT ION we believe to be reliable. While we do not doubt its accuracy, we have not COMPA R A BLES verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and FINANCIALS completeness. Any projections, opinions, assumptions, or estimates used PROPE R T Y & LOC AT ION are for example only and may not accurately represent the current or future M A R K E T ING S T R AT EG Y performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, COMPA N Y OV ERV IE W financial and legal advisors. You and your advisors should conduct a careful,Casey Zejdlik Jason Kono independent investigation of the property to determine to your satisfactionP: 206.566.6599 P: 206.566.6595 the suitability of the property for your needs.C: 206.280.1871 C: [email protected] [email protected] pilotNW.com26 | 215BOSTON & 5AW

PRESENTED BY The information included in this document has been obtained from sources VVAA LL UU AATT II OO NN we believe to be reliable. While we do not doubt its accuracy, we have not CC OO MM PPAA RR AA BB LL EE SS verified it and cannot make any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and FF II NN AA NN CC II AA LL SS completeness. Any projections, opinions, assumptions, or estimates used PROPE R T Y & LOC AT ION are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you M A R K E T ING S T R AT EG Y depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, COMPA N Y OV ERV IE W independent investigation of the property to determine to your satisfactionCasey Zejdlik Jason Kono the suitability of the property for your needs.P: 206.566.6599 P: 206.566.6595C: 206.280.1871 C: [email protected] [email protected] 215BOSTON & 5AW | 27

Seattle is a bustling metropolis, ranked REGIONAL INFORMATION Employment and population growth rates are strong HIGHEST 4th VVAA LL UU AATT II OO NN “4th fastest growing city in America” by Forbes. and stable, supported by the variety of commerce and RANKED CC OO MM PPAA RR AA BB LL EE SS The city’s population, currently at 687,000, is an ongoing demand for skilled workers. Fastest estimated to grow to over 800,000 (18%) by SOFTWARE ENGINEER PAY growing FF II NN AA NN CC II AA LL SS 2035, according to Seattle’s Housing Affordability Seattle was ranked the second-best city for STEM workers IN THE U.S. city in U.S. PROPE R T Y & LOC AT ION and Livability Agenda. by NerdWallet. The University of Washington, a highly ranked school with a variety of nationally recognized 3.8 million people SINCE 2010, M A R K E T ING S T R AT EG Y Seattle’s unparalleled beauty and access to the programs, prepares top-tier students for roles at SEATTLE HAS GROWN outdoors have helped attract some of the best companies, such as Amazon, the Fred Hutchinson Cancer IN SEATTLE’S METROPOLITAN AREA COMPA N Y OV ERV IE W companies in the country. To the east and west, the Research Center, Facebook, and the Allen Institute. 1000BY MORE THAN city is bordered by Lake Washington and the Puget LARGEST , Sound. Out further, snowcapped mountain ranges Our “Emerald City” has grown more than 17% since can be seen in every direction. It’s no stretch 2010 and is buzzing with new infrastructure, jobs and IN THE PACIFIC NORTHWEST PEOPLE to appreciate how the lush, green foliage and residents. Major employers driving growth and fueling shimmering waters led a few to refer to Seattle as the economy include: PER WEEK “The Emerald City.” • Alaska Airlines • Juno Therapeutics 215BOSTON & 5AW | 29 Home to a diverse and robust community, Seattle is the cultural and business center of the Pacific • Amazon • Microsoftseattle NPorRtEhSwEeNstT. TEhDeBthYriving tech sector has pushed • BThoeeinifnorgmation included in this document ha•s beeNnoobrtdaisnetdrforomm sources • Cwoebsetlicevoetobereliable.Whilewedonotdou•btitsSaaccfueraccoy,wIneshauvreanontce up the wages, software engineers averaging • Evexripfieedditiaand cannot make any guarantee, wa•rraSnttyaorrbrepurceskenstationWA $1C3a2s,0e0y0Z/eyjedalirk, as well as thJaescoonstKofnroent. about it. It is your responsibility to independently confirm its accuracy and P: 206.566.6599 P: 206.566.6595 C: 206.280.1871 C: 206.920.0187 • Fcoamcpelebteoneossk.Anyprojections,opinions,assu•mptSiowns,eodreissthimaHteesuasletdh Services [email protected] [email protected] • FareefdoreHxaumtpclehoinnlysaonndmaynotaccurately•reprUesennitvtheercusrirteyntorffuWturaeshington pilotNW.com CpearnforcmearncRe eofstheeaprrocphertCy.eTnhetvealrue of any•proWpoeseydetrranhsaacetiounsteo yrou • Gdfienopaeonncgdiaslleoanndtalxegaanldaodtvhiseorrfsa.cYtooursawnhdicyhousrhaoduvldisboersesvhaoluualdtecdobnyduyoctuar tcaaxr,eful, 28 | 215BOSTON & 5AW independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

SUBMARKET INFORMATION 215 | BOSTON STREET VVAA LL UU AATT II OO NN CC OO MM PPAA RR AA BB LL EE SSPRESENTED BY The information included in this document has been obtained from sources seattle Located in Upper Queen Anne, 215|BostonStreet offers modern luxury we believe to be reliable. While we do not doubt its accuracy, we have not to its residents. Tucked away in a quiet, residential area of Seattle, life at FF II NN AA NN CC II AA LL SS verified it and cannot make any guarantee, warranty or representation 215|BostonStreet puts you within walking distance of various parks, shops, PROPE R T Y & LOC AT ION about it. It is your responsibility to independently confirm its accuracy and cafés, and year-round recreation on the shore of Lake Union. completeness. Any projections, opinions, assumptions, or estimates used M A R K E T ING S T R AT EG Y are for example only and may not accurately represent the current or future Just a few blocks from home, you’ll find a tree-lined shopping district performance of the property. The value of any proposed transaction to you featuring neighborhood favorites including Paragon, Cupcake Royale, COMPA N Y OV ERV IE W depends on tax and other factors which should be evaluated by your tax, Storyville Coffee, Hilltop Ale House, Zeek’s Pizza and Sushi Samurai. ClearCasey Zejdlik Jason Kono financial and legal advisors. You and your advisors should conduct a careful, your mind and strengthen your body at Yogalife or Inspire Fitness. PickupP: 206.566.6599 P: 206.566.6595 independent investigation of the property to determine to your satisfaction groceries and necessities at Safeway, Trader Joe’s or Bartell Drugs.C: 206.280.1871 C: 206.920.0187 the suitability of the property for your [email protected] [email protected] 215|BostonStreet is conveniently lined with public transportation stops to get you to Belltown, Downtown, Green Lake, and beyond. pilotNW.com The one-bedroom apartments have been freshly remodeled—these bright30 | 215BOSTON & 5AW homes feature all-new appliances and finishes built for flexible living. Enjoy modern stainless steel kitchen appliances, solid surface countertops, tile backsplash, LED and under-cabinet lighting, european-style refrigerators with bottom-load freezers, hardwoods, convenient in-unit laundry, off-street parking and a lovely community garden courtyard. 215BOSTON & 5AW | 31

Upper Queen Anne | Seattle, WA | 98109 At A Glance Price $ 8,400,000 Units 24Transportation Price Per Unit $ 350,000 VVAA LL UU AATT II OO NN Rentable SF 13,200 SF CC OO MM PPAA RR AA BB LL EE SS87 QUEEN ANNE Price Per SF $ 636 Current Cap Rate 4.50 % FF II NN AA NN CC II AA LL SSPRESENTED BY The information included in this document has been obtained from sources Market Cap Rate 4.80 % PROPE R T Y & LOC AT ION we believe to be reliable. While we do not doubt its accuracy, we have not Current GRM 15.66 verified it and cannot make any guarantee, warranty or representation Market GRM 14.93 M A R K E T ING S T R AT EG Y about it. It is your responsibility to independently confirm its accuracy and Year Built 1958 completeness. Any projections, opinions, assumptions, or estimates used Parcel Number 080900-2840 COMPA N Y OV ERV IE W are for example only and may not accurately represent the current or future Land SF 13,400 SF6Ca6sey Zejdlik Jason Kono performance of the property. The value of any proposed transaction to you $403,504 Zoning LR2 P: 206.566.6595 depends on tax and other factors which should be evaluated by your tax, Construction Type Wood FrameP: 206.566.6599 C: 206.920.0187 financial and legal advisors. You and your advisors should conduct a careful, PRO FORMA NOI Plumbing Full Replumb in 2017C: 206.280.1871 [email protected] independent investigation of the property to determine to your satisfaction Parking 11 Surface / 5 Covered the suitability of the property for your needs. Hot Water Individual Hot Water Heaters in [email protected] Heating Electric Roof New PVC Membrane in 2017 pilotNW.com 215BOSTON & 5AW | 3332 | 215BOSTON & 5AW

SUBMARKET INFORMATION 524 | FIFTH AVENUE WEST VVAA LL UU AATT II OO NN CC OO MM PPAA RR AA BB LL EE SSPRESENTED BY The information included in this document has been obtained from sources seattle Located in Lower Queen Anne, 524|Fifth Avenue West offers spacious we believe to be reliable. While we do not doubt its accuracy, we have not units with a view! Just a few blocks from Seattle’s spectacular waterfront FF II NN AA NN CC II AA LL SS verified it and cannot make any guarantee, warranty or representation and the Elliott Bay Trail, 524|FifthAvenueWest is nestled within a charming PROPE R T Y & LOC AT ION about it. It is your responsibility to independently confirm its accuracy and residential neighborhood on a quiet cul de sac street. completeness. Any projections, opinions, assumptions, or estimates used M A R K E T ING S T R AT EG Y are for example only and may not accurately represent the current or future Conveniently located within a mile’s walk to dining, shopping, parks, performance of the property. The value of any proposed transaction to you entertainment and more—with views of the Space Needle and Puget Sound COMPA N Y OV ERV IE W depends on tax and other factors which should be evaluated by your tax, around every corner. Abundant public transportation options throughoutCasey Zejdlik Jason Kono financial and legal advisors. You and your advisors should conduct a careful, the neighborhood make it easy to get anywhere else you need to go.P: 206.566.6599 P: 206.566.6595 independent investigation of the property to determine to your satisfactionC: 206.280.1871 C: 206.920.0187 the suitability of the property for your needs. The apartments at 524|FifthAvenueWest have been tastefully [email protected] [email protected] from their original late mid-century design, optimized for minimalist style and comfort. Choose from a variety of floorplans including: traditional pilotNW.com one-bedroom options; two-bedroom, one-bath options; and larger two-bedroom, one-and-a-half bath options.34 | 215BOSTON & 5AW These bright homes feature large windows that maximize natural light, stainless steel kitchen sinks, oil-rubbed bronze or chrome fixtures, spacious floorplans, vinyl teak plank flooring, carpeted bedrooms, LED lighting and convenient off-street parking. 215BOSTON & 5AW | 35

Lower Queen Anne | Seattle, WA | 98109 At A Glance Price $ 7,700,000 Units 17 QUEEN ANNE Price Per Unit $ 452,941 VVAA LL UU AATT II OO NN Rentable SF 15,148 SF CC OO MM PPAA RR AA BB LL EE SSTransportation Price Per SF $ 508 Current Cap Rate 3.87 % FF II NN AA NN CC II AA LL SS85 The information included in this document has been obtained from sources Market Cap Rate 4.23 % PROPE R T Y & LOC AT ION we believe to be reliable. While we do not doubt its accuracy, we have not Current GRM 17.16PRESENTED BY verified it and cannot make any guarantee, warranty or representation Market GRM 16.80 M A R K E T ING S T R AT EG Y about it. It is your responsibility to independently confirm its accuracy and Year Built 1966 completeness. Any projections, opinions, assumptions, or estimates used Parcel Number 199020-0165 COMPA N Y OV ERV IE W are for example only and may not accurately represent the current or future Land SF 9,600 SF6Ca1sey Zejdlik Jason Kono performance of the property. The value of any proposed transaction to you $325,738 Zoning MR P: 206.566.6595 depends on tax and other factors which should be evaluated by your tax, Construction Type Wood FrameP: 206.566.6599 C: 206.920.0187 financial and legal advisors. You and your advisors should conduct a careful, PRO FORMA NOI Plumbing Partially UpdatedC: 206.280.1871 [email protected] independent investigation of the property to determine to your satisfaction Parking 8 Surface / 7 Covered the suitability of the property for your needs. Hot Water Common Gas [email protected] Heating Electric Wall Roof New PVC Membrane in 2016 pilotNW.com 215BOSTON & 5AW | 3736 | 215BOSTON & 5AW

KEEP VA LUAT ION CALM COMPA R A BLES AND FINANCIALS PROPE R T Y & LOC AT ION G R E E N ,Theinformationincludedinthisdocumenthasbeenobtainedfromsources M A R K E T ING S T R AT EG YPRESENTED BY we believe to be reliable. While we do not doubt its accuracy, we have not COMPA N Y OV ERV IE WCasey Zejdlik T L Everifieditandcannotmakeanyguarantee,warrantyorrepresentationP: 206.566.6599 S E A TJasonKono about it. It is your responsibility to independently confirm its accuracy andC: 206.280.1871 completeness. Any projections, opinions, assumptions, or estimates [email protected] P: 206.566.6595 are for example only and may not accurately represent the current or future C: 206.920.0187pilotNW.com performance of the property. The value of any proposed transaction to you [email protected] depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Lower Queen Anne | Seattle, WA | 98109 UNIT Type Approx. SF Current Rent Current SF Mkt. Rent Mkt. SF $ 1,875 $ 3.41 $ 1,900 $ 3.45 100 1 Bd / 1 Bth 550 $ 1,785 $ 3.25 $ 1,900 $ 3.45 $ 1,805 $ 3.28 $ 1,900 $ 3.45 101 1 Bd / 1 Bth 550 $ 1,745 $ 3.17 $ 1,900 $ 3.45 $ 1,815 $ 3.30 $ 1,900 $ 3.45 102 1 Bd / 1 Bth 550 $ 1,745 $ 3.17 $ 1,900 $ 3.45 $ 1,800 $ 3.27 $ 1,900 $ 3.45 103 1 Bd / 1 Bth 550 $ 1,695 $ 3.08 $ 1,900 $ 3.45 $ 1,805 $ 3.28 $ 1,950 $ 3.55 104 1 Bd / 1 Bth 550 $ 1,900 $ 3.45 $ 1,950 VVAA LL UU AATT II OO NN $ 3.55 $ 1,880 $ 3.42 $ 1,950 CC OO MM PPAA RR AA BB LL EE SS$ 3.55 105 1 Bd / 1 Bth 550 $ 1,845 $ 3.35 $ 1,950 $ 3.55 $ 1,880 $ 3.42 $ 1,950 FINANCIALS $ 3.55 106 1 Bd / 1 Bth 550 $ 1,880 $ 3.42 $ 1,950 $ 3.55 $ 1,725 $ 3.14 $ 1,950 PROPE R T Y & LOC AT ION $ 3.55 107 1 Bd / 1 Bth 550 $ 1,905 $ 3.46 $ 1,950 $ 3.55 $ 1,950 $ 3.55 $ 2,000 M A R K E T ING S T R AT EG Y $ 3.64 200 1 Bd / 1 Bth 550 $ 1,995 $ 3.63 $ 2,000 $ 3.64 $ 1,930 $ 3.51 $ 2,000 COMPA N Y OV ERV IE W $ 3.64 201 1 Bd / 1 Bth 550 $ 1,995 $ 3.63 $ 2,000 $ 3.64 $ 1,855 $ 3.37 $ 2,000 $ 3.64 202 1 Bd / 1 Bth 550 $ 1,905 $ 3.46 $ 2,000 $ 3.64 $ 1,995 $ 3.63 $ 2,000 $ 3.64 203 1 Bd / 1 Bth 550 $ 1,995 $ 3.63 $ 2,000 $ 3.64 204 1 Bd / 1 Bth 550 $ 44,705 $3.39 SF $ 46,800 $ 3.55 SF 205 1 Bd / 1 Bth 550 Rent Roll 206 1 Bd / 1 Bth 550 • Washer & dryer in all units 207 1 Bd / 1 Bth 550 • Stunning upgrades throughout 300 1 Bd / 1 Bth 550 the property 301 1 Bd / 1 Bth 550 • Tuck under parking has been The information included in this document has been obtained from sources seismically upgraded 302 1 Bd / 1 Bth 550 we believe to be reliable. While we do not doubt its accuracy, we have notPRESENTED BY verified it and cannot make any guarantee, warranty or representation • New roof in 2017 303 1 Bd / 1 Bth 550 about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used • New plumbing & sewer line 304 1 Bd / 1 Bth 550 are for example only and may not accurately represent the current or futureCasey Zejdlik Jason Kono performance of the property. The value of any proposed transaction to you 305 1 Bd / 1 Bth 550P: 206.566.6599 P: 206.566.6595 depends on tax and other factors which should be evaluated by your tax,C: 206.280.1871 C: 206.920.0187 financial and legal advisors. You and your advisors should conduct a careful, 306 1 Bd / 1 Bth [email protected] [email protected] independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 307 1 Bd / 1 Bth 550 24 UNITS 13,200 NRSFpilotNW.com *Unit square footages are estimated and based off the Owner’s Rent Roll. 215BOSTON & 5AW | 39

Gross Potential Rent CURRENT PRO FORMA Upper Queen Anne | Seattle, WA | 98119 $ 536,460 $ 562,560 Vacancy $ (16,094) 3.00% $ (16,877) 3.00% NET RENTAL INCOME $ 520,367 $ 545,683 UNIT Type Approx. SF Current Rent Current SF Mkt. Rent Mkt. SF OTHER INCOME $ 1,825 $ 2.12 $ 1,875 $ 2.18 100 1 Bd / 1 Bth 862 $ 2,565 $ 2.82 $ 2,565 $ 2.82 $ 2,695 $ 2.62 $ 2,695 $ 2.62 101 2 Bd / 1.5 Bth 910 $ 1,775 $ 2.16 $ 1,825 $ 2.22 $ 1,725 $ 2.40 $ 1,875 $ 2.61 Utility Billback $ 14,343 $ 17,280 102 2 Bd / 1 Bth 1,027 $ 2,195 $ 2.41 $ 2,300 $ 2.53 $ 1,260 $ 2,495 $ 2.43 $ 2,595 $ 2.53 Parking Income $ 1,260 $ 600 103 1 Bd / 1 Bth 822 $ 1,800 $ 2.19 $ 1,825 $ 2.22 $ 19,140 $ 1,800 $ 2.21 $ 1,875 $ 2.30 Miscellaneous Income $ 600 $ 564,823 104 1 Bd / 1 Bth 719 $ 2,195 $ 2.41 $ 2,300 VVAA LL UU AATT II OO NN $ 2.52 $ 2,595 $ 2.53 $ 2,595 CC OO MM PPAA RR AA BB LL EE SS$ 2.53 Total Other Income $ 16,203 201 2 Bd / 1 Bth 910 $ 1,850 $ 2.25 $ 1,865 $ 2.27 $ 1,875 $ 2.30 $ 1,875 FINANCIALS $ 2.30 EFFECTIVE GROSS INCOME $ 536,570 202 2 Bd / 1.5 Bth 1,027 $ 2,395 $ 2.59 $ 2,395 PROPE R T Y & LOC AT ION $ 2.59 EXPENSES $ 2,995 $ 2.92 $ 3,050 M A R K E T ING S T R AT EG Y $ 2.98 203 1 Bd / 1 Bth 822 $ 2,195 $ 2.45 $ 2,195 $ 2.45 $ 2,425 $ 2.98 $ 2,500 COMPA N Y OV ERV IE W $ 3.07 204 1 Bd / 1 Bth 814 $ 37,400 $ 2.46 SF $ 38,205 $ 2.51 Property Taxes $ 45,588 $ 63,850 301 2 Bd / 1 Bth 911 Insurance $ 5,437 $ 5,500 302 2 Bd / 1.5 Bth 1,027 Utilities $ 26,776Financial Analysis $ 26,776 303 1 Bd / 1 Bth 823 Maintenance/Repairs $ 13,703 $ 16,800 304 1 Bd / 1 Bth 816 $ 1,200 401 2 Bd / 1 Bth 923• Existing Debt of approximately Advertising $ 1,365 $ 14,400 402 2 Bd / 1.5 Bth 1,025 $4,780,000 must be assumed Resident Manager $ 29,213 $ 22,593 403 1 Bd / 1 Bth 895• Current Rate is 3.39%, fixed for Professional Management $ 21,936 $ 2,400 Rent Roll 404 1 Bd / 1 Bth 815 $ 4,645 The information included in this document has been obtained from sources5 years with a 20 year balloon, Administrative / Misc $ 10,226 we believe to be$re7li,a8b0l0e. While we do not doubt its accuracy, we have not • 6 Units fully renovated 17 UNITS 15,148 NRSForiginated January 2017 $ 158,889 verified it and ca$n1n6o1t,m31a9ke any guarantee, warranty or representation with new cabinets, quartz about it. It is your responsibility to independently confirm its accuracy and counters, flooring & more PRESENTED BY Landscaping completeness. A$ny4p0r3o,j5e0ct4ions, opinions, assumptions, or estimates used are for example$o(n2ly60a,n4d41m)ay not accurately represent the current or future • 11 units updated with• 1.00% Assumption Fee Total Expenses performance of the property. The value of any proposed transaction to you new paint & flooring *Unit square footages are estimated and based off the Owner’s Rent Roll. 3.d2e4p%ends on tax$an1d43ot,0h6er3factors which s3h.o9u5l%d be evaluated by your tax, Casey Zejdlik NET OPERAJTaINsGoInNCKOoMnEo $ 377,680 financial and legal advisors. You and your advisors should conduct a careful, • Potential to add garages independent inv$es1ti0g3a,t3io9n3of the property to determine to your satisfaction P: 206.566.6599 LPoa:n2P0a6ym.5e6n6ts.6595 $ (260,441) 6.t0h0e%suitability of$th2e4p6r,4op5e6rty for your nee6d.8s.1% C: 206.280.1871 C: 206.920.0187 [email protected] Pre-jTaasxoCnas@h Fploilwotnw.co$m117,239 pilotNW.com Principal Reduction $ 99,952 $ 217,19140 | 215BOSTON & 5AW TOTAL PRE-TAX RETURN 215BOSTON & 5AW | 41

Gross Potential Rent CURRENT PRO FORMA $ 448,788 $ 458,460 Vacancy $ (13,464) 3.00% $ (13,754) 3.00% NET RENTAL INCOME $ 435,324 $ 444,706 OTHER INCOME $ 12,888 Utility Billback $ 14,280 $ 13,200 Parking Income $ 12,624 $ 1,200 $ 28,680 Miscellaneous Income $ 1,368 $ 473,386 VA LUAT ION COMPA R A BLES Total Other Income $ 26,880 $ 57,845 EFFECTIVE GROSS INCOME $ 462,204 FINANCIALS $ 5,950 PROPE R T Y & LOC AT ION EXPENSES $ 51,417 M A R K E T ING S T R AT EG Y Property Taxes $ 20,718 COMPA N Y OV ERV IE W Insurance $ 5,950 $ 18,700 Utilities $ 20,718 $ 2,125 Maintenance/Repairs $ 26,751 $ 10,200 Advertising $ 5,361 $ 18,935Financial Analysis Resident Manager $ 19,356 $ 5,100 Professional Management $ 18,289 The information included in this document has been obtained from sources we believe to be$re4li,a2b5l0e. While we do not doubt its accuracy, we have not Administrative/Misc $ 6,972 verified it and ca$n3n,o8t2m5ake any guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and• Existing Debt of approximately Reserves $ 4,250 completeness. A$ny1p4r7o,6je4c8tions, opinions, assumptions, or estimates used are for example$o3nl2y5a,n7d38may not accurately represent the current or future $4,450,000 must be assumPedRESENTED BY performance of$th(e24p8ro,1p4e9rt)y. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, Landscaping $ 5,301 1.f5in3a%ncial and leg$a7l7a,d5v8is9ors. You and you2r.a3d9v%isors should conduct a careful, independent inv$es9ti0g,a6t5io2n of the property to determine to your satisfaction• Co5ruyirgeriaenrnasttweRdiatthJuealiys22300.y61e47a%r,bfiaxlelodCPo:afno2s,r0e6y.5Z6e6jd.6li5k99 TJoatasloEnxpeKnosenso $ 164,365 4.t2h2e%suitability of$th1e6p8r,2op4e1rty for your nee5d.1s.8% OPERAPTI:N2G0IN6C.5O6M6E.6595 $ 297,839 NET C: 206.280.1871 LCoa:n2P0a6ym.9e2n0ts.0187 $ (248,149)• 1.00% Assumption Fee [email protected] Pre-jTaasxoCnas@h Fploilwotnw.co$m49,690 pilotNW.com Principal Reduction $ 87,416 $ 137,10642 | 215BOSTON & 5AW TOTAL PRE-TAX RETURN

PROPERTY ADDRESS Building Name Units Price Sale Date Price/Unit Price/NRSF Cap Rate GIM 1 2635 Franklin Ave E Mersoleil Franklin 9 $ 3,925,000 9/18/2017 $ 436,111 $ 553 4.50% 18.4 2 4238 Evanston Ave N Evanston Apartments 11 $ 4,170,000 6/27/2017 $ 379,091 $ 530 4.70% 16.2 3 2529 Yale Ave E Laurey Ann 6 $ 2,600,000 6/14/2017 $ 433,333 $ 668 3.60% 19.8 VVAA LL UU AATT II OO NN COMPA R A BLES 4 11 W Mercer St Uptown 11 34 $ 14,165,000 5/11/2017 $ 416,618 $ 625 4.50% 16.8 FINANCIALS 5 215 W Boston St Boston 6 6 $ 2,100,000 2/24/2017 $ 350,000 $ 438 4.10% 17.5 PROPE R T Y & LOC AT ION M A R K E T ING S T R AT EG Y CLICK PROPERTIES TO VIEW LOCATIONS  AVERAGES $ 403,031 $ 563 4.30% 17.7 See also Sales Comparables Map (page44) COMPA N Y OV ERV IE W Sales Comparables MERSOLEIL EVANSTON LAUREY ANN FRANKLIN APARTMENTS Year Built: Year Built: Year Built: 1969 1962/2009 1959/2016PRESENTED BY The information included in this document has been obtained from sources 12 3 we believe to be reliable. While we do not doubt its accuracy, we have notCasey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representation UPTOWN 11 BOSTON 6P: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy andC: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates used Year Built: Year Built:[email protected] [email protected] are for example only and may not accurately represent the current or future 2016 1910 performance of the property. The value of any proposed transaction to you depends on tax and other factors which should be evaluated by your tax, 45 financial and legal advisors. You and your advisors should conduct a careful,pilotNW.com independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 215BOSTON & 5AW | 43

2 PROPERTY ADDRESS Building Name Unit Type Unit SF Rent Rent / SF 1 18 Galer St 18 Galer 1 Bed / 1 Bath 741 $ 2,100 $ 2.83 2 11 W Mercer St Uptown 11 1 Bed / 1 Bath 688 $ 2,145 $ 3.12MERSOLEIL FRANKLIN 3 315 1st Ave N Astro Apartments 1 Bed / 1 Bath 697 $ 2,300 $ 3.30 VVAA LL UU AATT II OO NN2635 Franklin Ave E COMPA R A BLES 3 1 4 229 Queen Anne Ave N LaVie 1 Bed / 1 Bath 724 $ 1,900 $ 2.62 FINANCIALS PROPE R T Y & LOC AT IONEVANSTON APARTMENTS 4 The information included in this document has been obtained from sources CLICK PROPERTIES TO VIEW LOCATIONS  M A R K E T ING S T R AT EG Y4238 Evanston Ave N we believe to be reliable. While we do not doubt its accuracy, we have not See also Sales Comparables Map (page46) verified it and cannot make any guarantee, warranty or representation AVERAGES 713 $ 2,111 $ 2.97 COMPA N Y OV ERV IE W about it. It is your responsibility to independently confirm its accuracy andLAUREY ANN QUEEN ANNE completeness. Any projections, opinions, assumptions, or estimates used 18 GALER UPTOWN 112529 Yale Ave E are for example only and may not accurately represent the current or future - 2009 renovation - 2016 construction 5 performance of the property. The value of any proposed transaction to you - Corner unitUPTOWN 11 depends on tax and other factors which should be evaluated by your tax, - No view11 W Mercer St financial and legal advisors. You and your advisors should conduct a careful, Rent Comparables independent investigation of the property to determine to your satisfaction LAVIE the suitability of the property for your needs. 1 2 - 2004 construction 4 - Good layout BOSTON 6 PRESENTED BY ASTRO 215 W Boston St APARTMENTS 215BOSTON & 5AW | 45 Casey Zejdlik Jason Kono44 | 215BOSTON & 5AW P: 206.566.6599 P: 206.566.6595 - Fireplace C: 206.280.1871 C: 206.920.0187 - Balcony [email protected] [email protected] - A/C 3 pilotNW.com

PROPERTY ADDRESS Building Name Units Price Sale Date Price/Unit Price/NRSF Cap Rate GIM 1 4040 7th Ave NE Lakeview 27 $ 10,900,000 12/1/2017 $ 403,704 $ 547 5.10% 13.3 2 411 10th Ave Raleigh Ridge 16 $ 6,325,000 7/17/2017 $ 395,313 $ 459 4.90% 15.718 GALER 3 2529 Yale Ave E Laurey Ann 6 $ 2,600,000 6/14/2017 $ 433,333 $ 668 3.60% 19.8 VVAA LL UU AATT II OO NN18 Galer St COMPA R A BLES 4 215 W Boston St Boston 6 6 $ 2,100,000 2/24/2017 $ 350,000 $ 438 4.10% 17.5FINANCIALS PROPE R T Y & LOC AT IONUPTOWN 11 1 CLICK PROPERTIES TO VIEW LOCATIONS  AVERAGES $ 395,587 $ 528 4.4% 16.6M A R K E T ING S T R AT EG Y11 W Mercer St See also Sales Comparables Map (page48) COMPA N Y OV ERV IE WASTRO APARTMENTS QUEEN ANNE LAKEVIEW RALEIGH RIDGE315 1st Ave N Year Built: 423 Year Built: 1996LAVIE 1987229 Queen Anne Ave N RALEIGH RIDGE Sales Comparables Year Built: 1910 1 2 PRESENTED BY The information included in this document has been obtained from sources LAUREY ANN we believe to be reliable. While we do not doubt its accuracy, we have not Casey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representation Year Built: P: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy and 1969 C: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates used [email protected] [email protected] are for example only and may not accurately represent the current or future 3 4 performance of the property. The value of any proposed transaction to you pilotNW.com depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful,46 | 215BOSTON & 5AW independent investigation of the property to determine to your satisfaction 215BOSTON & 5AW | 47 the suitability of the property for your needs.

PROPERTY ADDRESS Building Name Unit Type Unit SF Rent Rent / SF 1 526 W Mercer Pl Hamilton Hall 2 Bed / 2 Bath 1 2 411 W Republican St Puget Vista 2 Bed / 1.5 Bath 1,045 $ 2,495 $ 2.39 2 3 525 1st Ave W 525 First West 2 Bed / 1 Bath 1 4 312 2nd Ave W Harrison Square 2 Bed / 2 Bath 3 948 $ 2,905 $ 3.06 4 LAKEVIEW 900 $ 2,300 $ 2.56 VVAA LL UU AATT II OO NN 4040 7th Ave NE 5 COMPA R A BLES 978 $ 2,675 $ 2.74 RALEIGH RIDGE Rent Comparables FINANCIALS 411 10th Ave 3 CLICK PROPERTIES TO VIEW LOCATIONS  PROPE R T Y & LOC AT ION LAUREY ANN 6 See also Sales Comparables Map (page50) M A R K E T ING S T R AT EG Y 2529 Yale Ave E 4 AVERAGES 968 $ 2,594 $ 2.69 BOSTON 6 COMPA N Y OV ERV IE W 215 W Boston St QUEEN HAMILTON HALL PUGET VISTA ANNE - Renovated 201748 | 215BOSTON & 5AW - Balcony - Renovated 2016 - Views - Views The information included in this document has been obtained from sources 12 we believe to be reliable. While we do not doubt its accuracy, we have not PRESENTED BY verified it and cannot make any guarantee, warranty or representation 525 FIRST WEST HARRISON SQUARE about it. It is your responsibility to independently confirm its accuracy and Casey Zejdlik Jason Kono completeness. Any projections, opinions, assumptions, or estimates used 7 - 3-4 Year-old - Renovated P: 206.566.6599 P: 206.566.6595 C: 206.280.1871 C: 206.920.0187 2are for example only and may not accurately represent the current or future Renovation - Gym [email protected] [email protected] performance of the property. The value of any proposed transaction to you 83 - Some Views depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, 4 independent investigation of the property to determine to your satisfaction pilotNW.com the suitability of the property for your needs. 215BOSTON & 5AW | 49

HAMILTON HALL VA LUAT ION526 W Mercer Pl COMPA R A BLESPUGET VISTA FINANCIALS411 W Republican St PROPE R T Y & LOC AT ION M A R K E T ING S T R AT EG Y 525 FIRST WEST QUEEN 525 1st Ave W ANNE COMPA N Y OV ERV IE W HARRISON SQUARE 312 2nd Ave W 12 3 450 | 215BOSTON & 5AW PRESENTED BY The information included in this document has been obtained from sources we believe to be reliable. While we do not doubt its accuracy, we have not Casey Zejdlik Jason Kono verified it and cannot make any guarantee, warranty or representation P: 206.566.6599 P: 206.566.6595 about it. It is your responsibility to independently confirm its accuracy and C: 206.280.1871 C: 206.920.0187 completeness. Any projections, opinions, assumptions, or estimates used [email protected] [email protected] are for example only and may not accurately represent the current or future performance of the property. The value of any proposed transaction to you pilotNW.com depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Our Valuation is based on recent property sales We tend to rely heavily on the “price per pound” strategy when VA LUAT ION working with turn-key or near turn-key product. In this instance, COMPA R A BLESwith comparable locations, updated or new finishes and our limiting factor on 215 Boston was price/net square footwith a similar unit mix. As with many transactions, it can be and on 5AW we hit a ceiling on PPU. With the existing favorable FINANCIALSchallenging to find exact comparables, yet we feel confident financing in place and an acceptable Loan to Value, we are PROPE R T Y & LOC AT IONthat the recent sales in Seattle provide a good sense of confident that we can achieve a favorable sales price in the band M A R K E T ING S T R AT EG Ypricing in the current marketplace for these properties. we’ve presented today. COMPA N Y OV ERV IE WTraditional metrics used for multifamily sales are price Note: There are a few items that could impact value dependingper unit (PPU), cap rate, gross income multiplier and price on the time of launch. The most notable change would be a riseper net rentable square foot. Differences in property in interest rates again, compared to a buyer’s desired hurdlecondition, average unit size, unit mix, and location can rate even though the existing debt is favorable. Additionally,provide immense variations. We strive to evaluate enough any vacant units during the marketing process should be leaseddata to support a range of values that although sometimes at market rate whenever possible.aggressive, are well perceived in the marketplace. 215BOSTON & 5AW | 51

RECOMMENDED PRICING RANGE $ 8,250,000 - $ 8,400,000 Price / Unit $ 343,750 - $ 350,000 Price / Net Rentable SF $ 625 - $ 636 Current Cap Rate 4.58% - 4.50% Market Cap Rate 4.89% - 4.80% Current Gross Rent Multiplier 15.38 - 15.66 Market Gross Rent Multiplier 14.67 - 14.93 Valuation RECOMMENDED PRICING RANGE $ 7,550,000 - $ 7,700,000 Price / Unit $ 444,118 - $ 452,941 We recommend pricing based on a combined Price / Net Rentable SF $ 498 - $ 508 valuation of highest and best use—versus Current Cap Rate 3.94% - 3.87% the existing asset. Market Cap Rate 4.31% - 4.23%52 | 215BOSTON & 5AW Current Gross Rent Multiplier 16.82 - 17.16 Market Gross Rent Multiplier 16.47 - 16.80