Mt. Baker Transit Oriented Development Site 3109 & 3111 Rainier Ave S, Seattle, Wa 98144 Offering Memorandum
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MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE 3109 & 3111 RAINIER AVE S, SEATTLE, WA 98144 OFFERING MEMORANDUM SEATTLE CBD (2.5 MILES) MT. BAKER LIGHT RAIL STATION 3109 RAINIER AVE S 3111 RAINIER MARTIN LUTHER KING JR WAY FRANKLIN AVE S PEDESTRIAN BRIDGE HIGH SCHOOL RAINIER AVE S JON BOCKMAN TAYLOR NUCCITELLI 1218 Third Avenue VINCE VONADA P// 206.456.2560 P// 206.787.9049 Suite 2200 P// 206.718.0047 [email protected] [email protected] Seattle, WA 98101 [email protected] TABLE OF CONTENTS TABLE OF CONTENTS // INVESTMENT SUMMARY PAGE// 3 // SITE OVERVIEW PAGE// 4 // DEVELOPMENT PLANS PAGE// 7 // MARKET OVERVIEW PAGE// 11 // DEMOGRAPHICS PAGE// 13 2 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE THE OFFERING ORION Commercial Partners is excited to offer for sale the Mt. Baker Transit Oriented Development Site, located at 3109 & 3111 Rainier Ave S in Seattle, WA. With the property’s close proximity to the Sound Transit Station and Interstate 90 makes it an ideal location. Located in the heart of Rainier Valley’s gentrification, a short distance to Downtown Seattle, high traffic counts, and flexible zoning makes this site a perfect redevelopment opportunity. 3109 & 3111 RAINIER AVE S, Address INVESTMENT SEATTLE, WA 98144 $1,799,000 3109 Rainier Ave S SUMMARY Offering Price $3,638,332 $1,839,332 3111 Rainier Ave S Price Per Square Foot (Land) $187.00 1,134 SF 3109 Rainier Ave S Building(s) Size 3,354 SF 2,220 SF 3111 Rainier Ave S 9,612 SF 3109 Rainier Ave S Total Land Area 19,448 SF 9,836 SF 3111 Rainier Ave S 505830-0125 3109 Rainier Ave S Parcel Numbers 505830-0135 3111 Rainier Ave S Zoning SM-NR-85 Year Built// 1978// 1984 3109 Rainier Ave S Remodeled 1961// 1980 3111 Rainier Ave S 3 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE Tenants are unaware of sale, please do not disturb. 9,836 SF 9,612 SF SITE 3111 Parcel 3109 Parcel OVERVIEW URBAN VILLAGE SM-NR-85 ZONING A zone that provides for a wide range of uses, to encourage the development of the area into a mixed-use neighborhood. STRATEGIC LOCATION Just 175 feet from Sound Transit Mt. Baker Light Rail Station, the subject property is in the heart of Mt. Baker Town Center, with numerous city improvements planned. This location is very walkable, most errands can be accomplished on foot with a Walking Score® of 88 but also has an excellent Transit Score® of 70. STRONG DEMOGRAPHICS Located within the Seattle City limits, there are over 22,359 people living within a 1-mile radius of the subject property and over 140,456 people within a 3-mile radius. The 2017 average household income within a mile radius of the property is over $80,000. 4 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE Tenants are unaware of sale, please do not disturb. HIGHLIGHTS & FEATURES SITE SUBJECT OVERVIEW PROPERTIES Excellent visibility and access from High weekday traffic counts MLK Way or Rainier Ave S Perfect redevelopment To Downtown Seattle: 10 minute drive or opportunity 16 minutes via light rail 175 Feet from Sound Transit To Sea-Tac International Airport: 20 Mt. Baker Light Rail Station minute drive or 25 minutes via light rail 5 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE SITE OVERVIEW PROPERTY PHOTOS SOUND SUBJECT MARTIN LUTHER KING JR WAY PROPERTIES T R A N S IT L IG H T R A IL SUBJECT PROPERTIES PEDESTRIAN BRIDGE RAINIER AVE S FRANKLIN HIGH SCHOOL 6 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE Mount Baker Town Center - Design Guidelines NORTH RAINIER HUB VILLAGE & North Rainier Hub UrbanMOUNT Village and BAKER Mount Baker CENTER Town Center DEVELOPMENT PLANS SUBJECT PROPERTIES AREA WHERE GUIDELINES APPLY URBAN VILLAGE BOUNDARY (Mount Baker Station Area Overlay and Town Center) Area where guidelines apply Urban Village Boundary (Mount Baker Station Area Overlay and Town Center) 7 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE Note: Design Review does not apply to all zones. See Citywide Guidelines for details. Additionally, zoning areas on this map are for general reference only. 4 Introduction FOR SALE DEVELOPMENTMount Baker PLANS Transit Oriented Development Site PRELIMINARY 2015 CAPACITY STUDY FOR DEVELOPMENT3111 Rainier Ave POTENTIAL S, Seattle, WA 98144 We have evaluated the potential number of residential units, commercial space area, and parking counts for both individual buildings on separate properties as well as one larger building on your combined properties. ASSUMPTIONS, SITE CONSTRAINTS, & OPPORTUNITIES The following factors were considered when estimating the development potential of your properties: • Building Height and Number of Stories: Although the allowable building height per the Seattle Land Use Code is 85 feet, the most likely building construction type for residential buildings will limit the height to 70 feet. This would translate to 5 stories of wood-framed residential units over a ground floor with concrete construction consisting of commercial and service space. • Floor Area Ratio (FAR): The maximum allowable floor area ratio for this zone is 6.0. However, site configuration, setback requirements, and building construction type make it unlikely that the building will reach this maximum FAR. • Setback Requirement: A horizontal setback of 2 feet is required for every additional 1 foot in height above 45 feet along Rainier Avenue South. We assume this translates to a 10-foot setback at the top 2 floors. Sample of potential development for subject property • Residential Units: We have assumed an average unit size SCHEME COMMERCIAL PARKING GROSS APPROX. NET # OF NET of 675-725 sf. With a smaller average size more units could AREA (SF) COUNT SQ. FT., EFFICIENCY, SQ. FT., RESID. SF PER be possible, while conversely a larger average size would RESID. RESID. RESID. UNITS RESID. translate to fewer units. LEVELS LEVELS LEVELS UNIT • Commercial Space: We have assumed that commercial space FEATURES:3109 ONLY 4,500 15 41,012 85% 34,860 48 726 would be located on the ground floor facing Rainier Avenue South and South MLK Way, with an average depth of 30 feet Price $1,390,000 ($141s/f) from property line. 3111 ONLY 3,000 16 35,920 85% 30,532 44 690 9,836s/f land size in Urban Village zoned SM-85 • Parking: While there are no parking requirements per the Land SUBTOTAL 7,500 31 76,932 85% 65,392 92 710 Use Code. Our experience with past projects suggests that250 feet from Sound Transit Mt Baker Light Rail Station market demand will require 1 level of below-grade parking. 3109 & 3111 Initial Massing Study shows9,100 44 apartment37 units80,504 @ 690 s/f each,90% with 72,453 105 690 3,000COMBINED s/f of commercial space and 16 parking stalls PRELIMINARY BUILDING CALCULATIONS 2015 local rents for new apartments $2.38s/f, low 2.9% vacancy rate -per Dupree & The table summarizes estimated capacities of areas of different Scott,uses S. King Co. Disclaimers: These calculations are preliminary and conceptual. They are based on and residential unit counts. We have provided numbers for each of the limited site information as no survey was provided. Floor plan layouts, beyond the scope two individual properties as a stand-alone development in addition In heart of Mt. Baker Town Center,of this with study, numerouswill determine developmentCity improvements potential with planned more accuracy. Owner program to numbers for a development on the two combined properties. High A Walkscore of 84, most errandsrequirements, can be utility accomplished requirements, ontransportation foot requirements, and Design Review development on the combined properties will have more potential Tenants for are unaware of sale, pleaserequirements do not all coulddisturb potentially affect the development capacity of these properties. parking, commercial area, and residential unit count than two stand- alone buildings due to efficiencies with building lobbies, vertical CORE COMMERCIAL PROPERTIES, INC. circulation, parking entries, and other infrastructure. 10 East Allison Street Seattle, WA 98102 For Additional Information corecommercialproperties .com Please Contact: Vince Vonada 206-718-0047 [email protected] The information herein comes from sources deemed reliable but has not been independently verified by CORE Commercial Properties, Inc.. No warranty or representation, expressed or implied is made as to the accuracy of the information herein, and it is submitted subject to errors, omissions, change of price, rental, or other conditions, withdrawal without notice, and to any special listing conditions, imposed by our principals. MT. BAKER CENTER CONCEPT - Design Guidelines Center Town Baker Mount AREA IMPROVEMENT PLANS Hanford Steps Introduction Introduction 3109 & 3111 RAINIER AVE S, SEATTLE WA 98144 Source: Seattle Department of Construction & Inspection 8 9 // MT. BAKER TRANSIT ORIENTED DEVELOPMENT SITE In 2015, we worked with neighbors and built on past Center to take root and flourish. The concept below plans to come up with a concept to reconfigure the is a result of early efforts. In addition to prioritizing intersection of Rainier Ave S and Martin Luther walking and biking, we want to maintain transit King, Jr. Way. We want to work with the community and freight reliability and create more predictable to transform the Mt. Baker station area into a safer conditions for people driving. Over the next few years and comfortable place for people to walk, bike, and we’ll do further traffic analysis, design the project make transit connections; and for the Mt. Baker Town and work on securing funding. AREA ACCESSIBILITY PLANS NEAR TERM PROJECTS: PHASE 1 1 Shorten existing crossing distances and increase signal waiting area by adding sidewalk area 2 Increase sidewalk width and perform repairs 3 Increase crosswalk width from 10’ to 20’ 4 Increase sidewalk width from 8’ to 12’ 5 Change north lane of Mt. Baker Blvd. to walk/bike only SUBJECT 6 Prohibit right turn heading north onto PROPERTIES MLK, JR.