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COHEN PROPERTIES | AGM REAL ESTATE GROUP

EXCLUSIVE OFFERING MEMORANDUM

1 FREMONT

4401 Fremont Avenue North, Seattle, WA

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THE PROJECT

5-Story Mixed-Use Building containing 108 apartment units, 4,200 sqft of retail space and 41 below grade parking stalls

STRATEGY

Long-term hold & value creation

OFFERING OVERVIEW

Cohen Properties (CP) in partnership with AGM Real Estate is developing a new ground up building in the Fremont Neighborhood of Seattle WA. Cohen Properties has assembled 17,000 sqft and plans to construct a 5-story building with 108 apartments, 4,200 sqft of commercial space, 41 parking stalls and a roof deck with panoramic views of Lake Union. This development offers a unique opportunity to participate in a generational investment in one of Seattle's most desirable neighborhoods. This is the second of CP's developments in Fremont. The Fremont Village Apartments, a 93-unit project, located across the street was delivered in early 2024.

LOCATION

Fremont, Seattle, WA

ADDRESS

4401, 4015 & 4019 Fremont Ave N, 98103

TOTAL BUDGET

$40.7 Million

PROJECT VALUE AT STABLILIZATION

$46.4 Million

SPONSOR INVESTMENT

$1 Million

TRAUNCH 1 INVESTMENT

$4.75M

PREFERRED RETURN

6%

ANNUAL AVERAGE CASH FLOW (5-YR)

6.22%

IRR (5 YR)

15.29%

UNLEVERED YIELD ON COST

6.36%

LEVERED YIELD ON COST

5.96%

UNLEVERED YIELD ON COST

6.36%

TRAUNCH 2 OPPORTUNITY

$12M

PROFIT SHARE AFTER RETURN OF PREF & CAPITAL

70%

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LOCATION

The Fremont neighborhood, long known as Seattle’s eclectic hub for arts, music, and counterculture, has become a tech employment hub as well. Known as the “Silicon Canal,” Fremont is home to major employers, including Google, Salesforce/Tableau, Adobe, and others. Its rich cultural center includes retail shops, restaurants, bars, and public events venues. Fremont also offers excellent connectivity to South Lake Union, the CBD, Ballard, and the University of Washington. The Burke-Gilman Trail offers easy access for cyclists, seamlessly connecting to Seattle’s expanding bike lane network.

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DEMOGRAPHICS

POPULATION

There are 10,167 residents in Fremont, with a median age of 34. Of this, 49.22% are males and 50.78% are females. US-born citizens make up 82.71% of the resident pool in Fremont, while non-US-born citizens account for 9%. Additionally, 8.29% of the population is represented by non-citizens. A total of 7,467 people in Fremont currently live in the same house as they did last year.

Y-O-Y CHANGE

LOCATION

Fremont, Seattle, WA

ADDRESS

4401, 4015 & 4019 Fremont Ave N, 98103

TOTAL BUDGET

$40.7 Million

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The Project

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