OTHELLO STATION Development Site

Listed by Amnon Bruck (425) 533-1443 [email protected] OFFERING

The Othello Station property is primed for development in one of the fastest growing Othello Station cities in the country. This site is a stone’s throw from the Othello Station providing for quick transportation to Downtown , SeaTac Airport, the and more. The site is included in the IRS opportunity zone program, providing tax free benefits to the developer. The owner of the site has provided feasibility ranging up to 100 residential units with ground floor commercial and a spacious rooftop deck. Don’t miss out on this highly visible, transit- oriented site in a rapidly growing area. DEAL OVERVIEW

ADDRESS 4009 - 4015 S Willow St, Seattle WA 98118

333300-2950 (5,304 Sq.Ft.) PARCEL NUMBERS 333300-2952 (5,070 Sq.Ft.)

TOTAL LOT SIZE 10,374 Square Feet

ZONING NC3P-95 Urban Village

PRICE $1,850,000

PRICE PER SQ. FT. $178

DEVELOPMENT A 100-Unit and Mixed-Use Building POTENTIAL

EXISTING USE 2 Single-Family Residences, Rent generating LOCATION HIGHLIGHTS

▪ A flat, rectangular lot;

▪ Less than 0.2 miles to Othello Light Rail Station;

▪ Flexible high-density zoning (NC3P-95);

▪ Build up to 95 feet

▪ IRS Opportunity zone;

▪ Less than 20 minutes commute to via , Easy access to I-5;

▪ Nearby amenities including: Safeway, Starbucks, Chase Bank, Bank of America, UPS Store.

This South Seattle neighborhood is enjoying a resurgence in popularity. Its affordable houses and beautiful views are just a few of its draws.

For over 100 years this area has been a landing place for immigrant and refugee communities, and an “incubator” of small, family-owned businesses, including farms, restaurants, and specialty shops. Alongside long-term residents, new arrivals from around the globe have created a vibrant, progressive community that is unique in its diversity, and ready to take hold of its own strong economic future. OTHELLO

In 2009, opened a new light rail line running along Martin Luther King Jr. Way, including a station at Othello, bringing new development and a new wave of transit-driven community members, continuing a tradition of optimism for a bright, opportunity-filled future. The station is situated between the Rainier Beacah and Columbia City stations on the Central Link line, which runs from Seattle–Tacoma International Airport to Downtown Seattle and the University of Washington as part of the Link light rail system. The station consists of two at-grade side platforms between South Othello Street and South Myrtle Street in the median of Martin Luther King Jr. Way South. The station is approximately fifteen minutes from SeaTac/Airport station and 23 minutes from Westlake station in Downtown Seattle. In 2017, an average of 2,492 passengers boarded Link trains at Othello station on weekdays.

The station is served by three bus routes operated by that use bus stops adjacent to the station: Route 36, an electric trolleybus route, begins at the station and travels north through Beacon Hill and the International District to Downtown Seattle; Route 50 travels west from the station to Seward Park, Columbia City, SoDo and ; Route 106 provides local, frequent- stop service on Martin Luther King Jr. Way South as well as service to the International District, Renton and Skyway. NEIGHBORHOOD DEVELOPMENT ACTIVITY

Seven Story mixed use building containing 130 unit 1 DYNASTY with ground floor retail. Parking for 100 vehicles will be located below grade. OTHELLO STATION DEV. SITE An affordable 108-unit community with 1,2,and 3 MERCY bedroom floor plans, large community center, courtyard 1 2 OTHELLO PLAZA and commercial space available on the ground floor. 3 44 row houses and town homes, with 12 reserved for 2 BRIGHTON 3 market rate rental. 2-4 bedrooms, two car garages, some GREENHOUSE open space, and no retail. 9 A community center that opportunities for higher OTHELLO 4 education, jobs, childcare and health services, affordable SQUARE rental and ownership housing. OTHELLO A transit-oriented retail & residential project planned to 5 STATION include appr. 355 residential units, 8,000 Sqft of 5 11 NORTH commercial use, and 257 parking spaces. 6 THE STATION AT 351 market rate apartment units. OTHELLO PARK

4 6 7 OTHELLO PARK Quality affordable rental housing for lower income APARTMENTS residents. A modern take on micro-apartments. Larger than most, 8 CUBIX OTHELLO ultra-efficient layouts don’t sacrifice functionality for size. 7 92 Market rate units. 8 9 TOWNHOMES 9 new construction townhomes 10 10 TOWNHOMES 12 new construction townhomes

11 TOWNHOMES 11 new construction townhomes DEVELOPMENT POTENTIAL – Example DEVELOPMENT NOTES

ADDRESS 4009 - 4015 S Willow St, Seattle WA HEIGHT LIMIT - Structure height 95’ for NC3-95 - Where residential uses are located at street-level street facing facade at least one street facing LOT SIZE 5,304 + 5,070 = 10,374 Square Feet facade shall have a prominent pedestrian entry and floor of dwelling unit at street level shall be ZONE - NC3P-95 Neighborhood Commercial 3 Pedestrian at least 4’ above or 4’ below sidewalk or set back - Urban Village: Othello Residential Urban Village 10’ - Pedestrian Area P - Airport Height Overlay: Horizontal Surface FLOOR AREA RATIO - Extra floor area may be allowed in addition to the - Light Rail: OT max gross floor area allowed by the FAR limit - SE Seattle Reinvestment Area: Yes when there is an incentive zoning - Parking Flexibility Area: Yes - Base FAR 6.25 - Othello Station Overlay District - Allowed 6.25 x 10,374 Sqft = 64,837 Sqft - IRS Opportunity zone SET BACKS None Required

STREET LEVEL - Blank segments of the street facing facade between PARKING - Multi-Family within overlay district - no parking DEVELOPMENT 2’-8’ above the sidewalk may not exceed 20’ in width required STANDARDS - Transparency, 60% of facade between 2’-8’ above - Parking waiver for non-residential uses in all sidewalk shall be transparent commercial zones and in Pedestrian-designated - Non-residential use shall be an average of at least 30’ zones and minimum depth of 15’ from street level facade - No parking for first 1,500 square foot of each - Non-residential uses shall have a 13’ floor to floor business. height - Canopy 60% of street frontage at principal pedestrian BICYCLE PARKING - Multi-Family - 1 per 4 residential units or .75 per street small-efficiency units - 50 Units/4 = 13 bike parking spaces - Commercial Sale and Services 1 per 2,000 Sqft

A RECENTLY SOLD COMPARABLE PROPRERTY

THE MLK Apartment Site 7324 Martin Luther King Jr Way S, Seattle, WA 98118

Othello Station Sold 8/14/2020 MLS# 1563228 Distance from Othello Site: 0.3 mi

COMPARABLE: SUBJECT PROPERTY: MLK Apartment MLK Apartment Othello Station Price $2,675,000 $1,850,000

Lot Size (Sqft) 14,600 10,374

Zoning NC3-P95 (M) NC3P-95 (M)

Urban Village Yes Yes

Alley No Yes

Corner Lot No Yes

Allowed Built Sqft 91,250 (approx.) 64,837

Price Per Lot Sqft $183 $178

Price Per Buildable Sqft $29.31 (approx.) $28.53 COMPARABLE RENTALS

Project Studio 1-Bed / 1-Bath 2-Bed / 1-Bath

1 The Station At 408-551 Sqft 592 - 833 Sqft 759-1,041 Sqft 4 Othello Park $1,449-3,552 $1,742 – 4,069 $2,343-5,708 5 4219 S Othello St $3.55- $2.91-5.52/Sqft $2.26-5.51/Sqft B. 2010 | 351 Units 6.45/SqFt 3 2 Assembly118 463-970 Sqft 861-1,211 Sqft 4200 S Othello St $1,459-2,267 $2,320-2,833 B. 2016 | 359 Units $2.33-3.15/Sqft $2.40- 2.69/Sqft 3 Greenhouse 528-661 Sqft 811-866 Sqft Columbia City $1,655-2,175 3701 S Hudson St $3.13-3.59/Sqft B. 2012 | 127 Units 4 CityLine 690-771 Sqft Apartments $1,675-1,906 4740 32nd Ave S $2.43-2.47 / Sq. B. 2015 | 244 Units Ft 5 Angeline 539-708 Sqft 688-930 Sqft 1,100-1,233 Apartments $1,670-2,425 $1,850-2,970 Sqft 4801 Rainier Ave S $3.10-4.50/Sqft $2.43-3.82/Sqft $2,915-4,110 2 B. 2014 | 193 Units $2.55-3.63/Sqft 1