Hive Apartments — Investor Dashboard

Hive Apartments

10014 24th St E, Edgewood, WA 98371 · 176 Units + 9,666 SF Retail

Investor Dashboard · hiveedgewood.com

Investment Calculator

Your Investment Amount ($)

Vacancy Rate

6.5%

Rent Growth (Annual %)

3.0%

Hold Period (years after stabilization)

Exit Cap Rate

5.50%

Expense Growth (Annual %)

2.0%

Adjust any slider to instantly see how it affects your returns.

YOUR TOTAL PROCEEDS
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PROFIT ON INVESTMENT

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MOIC (Multiple on Capital)

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OWNERSHIP %

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ANNUAL CASH FLOW

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MONTHLY CASH FLOW

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CASH-ON-CASH YIELD

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EXIT EQUITY VALUE (Your Share)

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CUMULATIVE DISTRIBUTIONS

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Scenario Comparison at Your Investment Level

Proceeds Breakdown

Year-by-Year Cumulative Returns

Sensitivity Table — Total Proceeds by Cap Rate & Vacancy

Development Cost

$40M

Loan Amount

$30M

Required Equity

$10M

NOI

$3.45M

Unit Mix

Capital Stack

Project Snapshot

Address	10014 24th St E, Edgewood, WA 98371
Total Apartment Units	176 (incl. 1 manager unit)
Commercial Space	9,666 SF neighborhood retail
Parking Spaces	175 paid residential
Storage Units / Bike Lockers	120 / 120
Timeline	2 yrs construction + 1 yr stabilization + 2 yr hold
Interest Rate	6.0%
Amortization	40 years
LTV	75%
DSCR	1.74x

Gross Potential Revenue

$4.75M

Vacancy Loss

($309K)

Effective Gross Revenue

$4.44M

Operating Expenses

$992K

Revenue Breakdown (Annual)

Operating Expenses Breakdown

Revenue Detail

Source	Units	Rate	Annual ($)
Studios	31	$1,550/mo	$576,600
1 Bedroom	64	$1,850/mo	$1,420,800
2 Bedroom	64	$2,250/mo	$1,728,000
3 Bedroom	16	$2,700/mo	$518,400
Manager Unit	1	$1,350/mo	$16,200
Commercial	9,666 SF	$24/SF/yr	$231,984
Parking	175	$75/mo	$157,500
Storage	120	$50/mo	$72,000
Bike Lockers	120	$20/mo	$28,800
Gross Potential			$4,750,284

Cash Flow Waterfall

Cap Rate Exit Scenarios (5% Ownership = $500K Investment)

Conservative (6.0% Cap)

$1.52M

3.04x MOIC · $1.02M profit

Base Case (5.5% Cap)

$1.78M

3.57x MOIC · $1.28M profit

Strong Market (5.0% Cap)

$2.10M

4.19x MOIC · $1.60M profit

Cap Rate Scenario Comparison

Comparable Sale $/Unit Scenarios

Price/Unit Comparable Exit Scenarios (5% Ownership)

Comparable	$/Unit	Gross Value	Net Equity	Investor Proceeds	MOIC
207 Meridian Ave E Verified	$423,611	$74.6M	$44.6M	$2.37M	4.75x
Surprise Lake Village Verified	$313,609	$55.2M	$25.2M	$1.41M	2.81x
Trellis (Federal Way) Verified	$291,892	$51.4M	$21.4M	$1.22M	2.43x
Copper Creek (Milton) Verified	$269,061	$47.4M	$17.4M	$1.01M	2.03x
Pointe East (Fife) Verified	$256,048	$45.1M	$15.1M	$900K	1.80x
Average Verified Comps	$310,844	$54.7M	$24.7M	$1.38M	2.76x

Median Home Sale Price

$800K

+13.4% YoY growth

Pierce Co. Median Cap Rate

6.0%

Multifamily active listings

Avg Days on Market

Edgewood residential

Rent Comps vs. Underwriting

Sale Comps — Price per Unit

Apartment Rent Comparables

Property	Type	Asking Rent	vs. Underwriting
The Edge Apartments	1 BR	$1,695	Below UW ($1,850)
The Edge Apartments	2 BR	$1,850	Below UW ($2,250)
The Arbors	1 BR	$1,629	Below UW ($1,850)
The Arbors	2 BR	$1,797	Below UW ($2,250)
The Arbors	3 BR	$2,452	Below UW ($2,700)
Simon\'s Mill	Studio	$1,785	Above UW ($1,550)
Simon\'s Mill	2 BR	$2,065	Below UW ($2,250)
207 East	1 BR	$1,826	Near UW ($1,850)
207 East	2 BR	$2,248	Near UW ($2,250)
207 East	3 BR	$2,729	Near UW ($2,700)

Data Sources & Transparency

Complete attribution of all assumptions and market data used in this investment model.

Rent Assumptions

Edgewood Market Rents: Derived from active listings on apartments.com, filtered for Edgewood, WA 98371

Comp Properties: The Edge, The Arbors, Simon\'s Mill, 207 East from apartments.com (accessed 2024)

Vacancy Rate (6.5%): Pierce County regional average per CoStar multifamily market report

Market Data (Pierce County / Edgewood)

Residential Market: Redfin Edgewood Market Report

Multifamily Cap Rates & $/SF: Crexi — Pierce County multifamily investment data

Retail Rent (Commercial): LoopNet — Edgewood retail asking rates

Sale Comparables

Property	Details	Source
207 Meridian Ave E	288 units, $122M, 12/2021	Simon Anderson / CBRE
Copper Creek, Milton	181 units, $48.7M, 12/2023	Kidder Mathews
Trellis, Federal Way	111 units, $32.4M, 09/2023	Lee & Associates
Surprise Lake Village	338 units, $106M, 09/2021	REBusiness
Pointe East, Fife	124 units, $31.75M, 09/2022	Commercial brokerage records

Underwriting Assumptions & Risks

Interest Rate Each 0.5% change in financing rate impacts annual debt service by ~$75K

Rent Growth Base case assumes 3% annually; key driver of distributions and exit value

Cap Rate Exit value varies significantly (5.0%–6.0% cap = ~$11M range)

Execution Construction schedule & budget assumptions impact stabilization timing

Market WA multifamily subject to interest rates, supply, economic conditions

Disclaimer: This dashboard presents a comprehensive investment model based on current market data and reasonable assumptions. All investors should conduct independent due diligence. This model is illustrative and does not constitute investment advice. Past performance of comparable properties does not guarantee future results.