Ravenna Court Development Site Ravenna Court Development Site

RAVENNA COURT DEVELOPMENT SITE RAVENNA COURT DEVELOPMENT SITE

EXCLUSIVELY LISTED BY

25TH AVE NE SPENCER CLARK First Vice President Investments Seattle Office

Cell 206.898.2089 Office 206.826.5709 [email protected] License WA 110024

N NE 55TH ST TABLE OF CONTENTS

EXECUTIVE SUMMARY| 04 MARKET COMPARABLES | 16

FEASIBILITY STUDY | 08 LOCATION OVERVIEW | 20 NE 55TH ST

25TH AVE NE

EXECUTIVE SUMMARY 4 SUMMARY OF TERMS

INTEREST OFFERED

Marcus & Millichap has been selected to exclusively market for sale the Ravenna Court Development Site in Seattle, WA.

PROPERTY TOURS

Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval. Contact 206.826.5709 to schedule.

OFFERING PROCEDURE

Please submit all offers to Spencer Clark.

EXECUTIVE SUMMARY 5 OFFERING HIGHLIGHTS

OFFERING PRICE $2,200,000

OVERVIEW CURRENT USE

Location University District Number of Units 6

Address 5510 25th Ave NE, Seattle, WA 98105 Description Apartment

Land Area 7,500 sq. ft. Construction Class Wood Frame

Tax ID # 919120-1425 Stories 1

Zoning NC2P - 55 (M) & LR2 (M) Building Net Sq. Ft. 3,540 sq. ft.

Existing Structure Apartment Building Year Built 1952

Price $2,200,000

Price per Land Sq. Ft. $293.33

Price per Buildable Unit $55,000

EXECUTIVE SUMMARY 6 SEATTLE CBD

UNIVERSITY DISTRICT

RAVENNA PARK N

EXECUTIVE SUMMARY 7 FEASIBILITY STUDY zoning constraints:

Address: 5510 25th Avenue NE Zones: LR2 (Low Rise 2)/NC2 P40. Note the split zone lot is governed by the underlying zoning for that portion of the lot. Adjacent zoning: north: SF 5000 south: NC2 P40 site east: LR2 west: SF 5000/NC2 P40 Parking required: 1.0/unit and 0.5 /SEDU unit Bicycle parking: 1:1 Pedestrian zone: Yes ECAs: None Mapped Design review: ADR Site Area: 7,500 sf

Max Building Height: NCP2-40: 40' (44' wi th 13' first floor) LR2: 30'

FAR: NCP2-40: 3.0 residential/ 3.25 mixed use LR2: 1.1-1.3 (green building incentives)

Open space: 5% of total residential area (including lobbies etc)

LR zoning limitations: max bldg width: 90' max façade length: 65% of lot depth building setbacks: front 7' average (5' min) rear 7' average (5' min) side 5' if bldg. is 40' or less in length, or 7' average (5' min)

NC2 zoning limitations: building setbacks: 15' triangle adjacent to SF zones, when abutting side or rear. 10' horizontal above 13' vertical when abutting side or rear of proposed Housing Affordability and Livability (HALA) residential lot. see page 3 for proposed HALA upzone paramenters 2

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 8 FEASIBILITY STUDY

site siteproject site project site

pedestrian P zones and parks map greenwater infrastructure infiltarion not required

site site

vicinity plan

57 critical areas map zoning map

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 9 FEASIBILITY STUDY

site site

parking flexibility map tree canopy map

site

8 urban centers/villages map

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 10 FEASIBILITY STUDY

view looking NE 10

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 11 FEASIBILITY STUDY

LR2

NC2

zoning model plan 11

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 12 FEASIBILITY STUDY

zoning envelope analysis:

LR2 NC2 P40

FAR: 1.1-1.3* 3.25 (mixed use) Height: 30'+5' 40' (44' with 13' first floor)

* green building (exceed energy code by 15%)+configuration of parking.

HALA and MHA upzoning

LR2 NC2 P55

FAR: 1.4-1.6* 3.75 (mixed use) Height: 40'+5' 55'

* green building (exceed energy code by 15%)

7,500 sf lot. Area of lot in each zone

modular model LR2 NC2

2,500 sf 5,000sf

Total FAR area allowed (NIC basement and commercial space) MHA MHA LR2 NC2

current: 3,250 sf 16,250 sf = 19,500 sf MHA: 4,000 sf 18,750 sf = 22,750 sf LR2 NC2

current: 30 EUs MHA: 39 EUs

average unit area is 450 sf

view looking NE

zoning envelope model 12

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 13 FEASIBILITY STUDY

amenity deck

typical 580 sf amenity 450 sf EDU commercial space space

residential lobby

modular east of this line

parking garge ramp to parking below

view looking NE entire building view looking NE ground floor

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 14 FEASIBILITY STUDY

retail 9 8 7 6 5

lobby

1 2 3 4 5 6 1 2 3 4

ramp

site built modular

typical modular typical floor plan box ground floor plan

June 2018 | Version 1 University Village Apartments 5510 25th Avenue NE Seattle Washington

FEASIBILITY STUDY 15 SALES COMPARABLES 5510 25TH AVE NE, SEATTLE, WA 98105

LAND PRICE PROPERTIES PRICE ZONING AREA / SQ FT

5510 25th Ave NE, Seattle, WA 98105 $2.2M 7,500 SF $293.33 NC2P-55(M)

31 7017 15th Ave NW, Seattle, WA 98117 $1.013M 4,379 SF $213.80 NC2P-55 (M)

2 4020 NE 55th St, Seattle, WA 98105 $7.625M 22,899 SF $332.98 NC2P-40 (M)

3 425 N 85th St, Seattle, WA 98103 $3.2M 12,197 SF $261.44 NC2-55 (M)

4 4312-4316 Fremont Ave N, Seattle, WA 98103 $4.59M 13,939 SF $330.69 NC2P-55 (M)

5 6538 & 6544 Latona Ave NE, Seattle, WA 98115 $2.3M 12,000 SF $191.67 LR3 (M)

AVERAGES 12,152 SF $270.65

1 5

4 MARKET COMPARABLES 16 SALES COMPARABLES

RAVENNA COURT 1 7017 15TH AVE NW 5510 25th Ave NE, Seattle, WA 98105 7017 15th Ave NW, Seattle, WA 98117

List Price $2,200,000 Sale Price $1,013,200

Sale Date TBD Sale Date 3/11/2020

Units 6 Units --

Price per Unit $366,667 Price per Unit --

Lot Size 7,500 SF Lot Size 4,379 SF

Land Price/Foot $293.33 Land Price/Foot $213.80

Zoning NC2P - 55 (M) & LR2 (M) Zoning NC2P-55 (M)

MARKET COMPARABLES 17 SALES COMPARABLES

2 EAST SEATTLE REDEVELOPMENT SITE 3 425 N 85TH ST 4020 NE 55th St, Seattle, WA 98105 425 N 85th St, Seattle, WA 98103

Sale Price $7,625,000 Sale Price $3,200,000

Sale Date 12/20/2019 Sale Date 12/30/2019

Units -- Units --

Price per Unit -- Price per Unit --

Lot Size 22,899 SF Lot Size 12,197 SF

Land Price/Foot $332.98 Land Price/Foot $261.44

Zoning NC2-40 (M) Zoning NC2-55 (M)

MARKET COMPARABLES 18 SALES COMPARABLES

4 FREMONT DEVELOPMENT SITE 5 6538 & 6544 LATONA AVE NE 4312-4316 Fremont Ave N, Seattle, WA 98103 6538 & 6544 Latona Ave NE, Seattle, WA 98115

Sale Price $4,585,000 Sale Price $2,300,000

Sale Date 08/06/2019 Sale Date 05/01/2020

Units -- Units --

Price per Unit -- Price per Unit --

Lot Size 13,939 SF Lot Size 12,000 SF

Land Price/Foot $330.69 Land Price/Foot $191.67

Zoning NC2P-55 (M) Zoning LR3 (M)

MARKET COMPARABLES 19 UNIVERSITY DISTRICT

Surrounding the University of Washington, the Attractions include the stellar collections at the Henry University District is an eclectic mix of urban shopping Art Gallery and the Burke Museum. Those looking areas, historic homes and architecture, and great for outdoor pursuits will feel right at home among the cafes, pubs, restaurants, and theaters. The “U District” students who can often be found kayaking on Lake has a youthful and relaxed feel with lots of dining and Union or Portage Bay, biking the Burke-Gilman trail or shopping to take advantage of. catching a football game at Husky Stadium, known for its unique tailgating parties. The University of Washington’s grounds include historic buildings, gardens, and open green spaces. “The Ave,” The University District’s youthful vibe combined with (University Way) is a popular gathering place, with lots its proximity to Lake Washington and Downtown Seattle of eateries and shopping. 17th Avenue N.E. is a tree- make it one of the more desirable neighborhoods in the lined lane known as Greek Row where passersby can Seattle area. admire the stately mansions that house UW’s fraternities and sororities. RAVENNA GREEN LAKE

WALLINGFORD

UNIVERSITY DISTRICT

LAURELHURST

U DISTRICT SEATTLE, WA

LAKE WASHINGTON

POPULATION 26,977

N NEIGHBORHOOD OVERVIEW 21 RAVENNA

UNIVERSITY DISTRICT

NEIGHBORHOOD OVERVIEW 22 MARKET OVERVIEW

FOOD | DRINK | GROCERY

1. ARAYA’S PLACE 14. GREAT STATE BURGER 28. PIATTI 2. BA BAR 15. HOKKAIDO RAMEN SANTOUKA 29. PORTAGE BAY CAFE 3. BEAN & BAGEL 16. JAK’S GRILL 30. QFC 4. BIG TIME BREWERY & ALEHOUSE 17. KU SUSHI AND IZAKAYA 31. QUEEN MARY TEA ROOM 5. BURGERMASTER 18. MAMMA MELINA 32. RACHEL’S GINGER BEER 6. CAFE ALLEGRO 19. MARLAI THAI CUISINE 33. RAVENNA BREWING CO 7. CAFE ON THE AVE. 20. MCDONALD’S 34. SAFEWAY 8. CAFE SOLSTICE 21. METROPOLITAN MARKET 35. SAFEWAY 9. COWEN PARK CAFÉ 22. MIOPOSTO PIZZERIA 36. TASTE OF INDIA 10. DUCHESS TAVERN 23. MOLLY MOON’S 37. THAI TOM 11. EL CAMION 24. MORSEL 38. THAIGER ROOM 12. EUREKA! 25. MR. WEST CAFE BAR 39. TRADER JOE’S 13. FRANK’S OYSTER HOUSE & CHAMPAGNE 26. PAPA JOHN’S PIZZA 40. YUMMY CAFE PARLOR 27. PERSEPOLIS GRILL 41. ZOKA COFFEE ROASTER & TEA CO HEALTH | FITNESS | ACTIVITIES

1. AGUA VERDE PADDLE CLUB 8. KUMON 15. TRACY’S HAIR STUDIO 2. CENTER ON HUMAN DEVELOPMENT AND 9. METROPOLITAN PILATES 16. U VILLAGE ENDODONTICS DISABILITY CLINIC 10. PAINT THE TOWN 17. UNIVERSITY OF WASHINGTON INTRAMURAL 3. CROSSFIT DELIVERANCE 11. ROOSEVELT CHIROPRACTIC AND MASSAGE ACTIVITIES (IMA) BUILDING 4. FROGLEGS COOKING SCHOOL THERAPY 18. UNIVERSITY OF WASHINGTON MEDICAL 5. HEALTHY WOMAN SEATTLE 12. SEA TOP NAILS CENTER 6. INSTITUTE FOR LEARNING AND BRAIN SCIENCES 13. SEATTLE CHILDREN’S HOSPITAL 19. UNIVERSITY OF WASHINGTON WATERFRONT ACTIVITIES CENTER 7. KATHY NAILS 14. STUDIO 45 20. WE YOGA CO SHOPPING | SERVICES | ENTERTAINMENT

1. AMAZON BOOKS 6. CRATE AND BARREL 11. RAVENNA GARDENS 2. AMC SEATTLE 10 7. CROSSROADS TRADING 12. RESTORATION HARDWARE 3. ANTHROPOLOGIE 8. J.CREW 13. SCOTCH & SODA 4. APPLE 9. MADEWELL 14. THE VARSITY THEATRE 5. ARITZIA 10. MARINE LAYER 15. WOOLLY MAMMOTH

NEIGHBORHOOD OVERVIEW 23 THE FUTURE OF THE UNIVERSITY DISTRICT

How the UW Plans to Grow

On Dec. 10, 2019, the Seattle City Council approved the Campus Master Plan (CMP) for the expansion of the University of Washington’s home base over the next 10 to 20 years which has been in progress since the new plan was conceived in 2016.

When the expansion is completed, it will include over 6 million square feet of new development and will be able to accommodate another 7,000+ students and employees, including the construction of at least 450 affordable housing units for students. The expansion will also allow for high rises, of up to 17-stories to be constructed around the medical center. Estimates show that the Universities campus will grow to about SOURCE: 2015 CAMPUS LANDSCAPE FRAMEWORK 80,000 people by the year 2028. EXECUTIVE SUMMARY PURPOSE AND CONTEXT GROWTH ALLOWANCE The 2019 Campus Master Plan (CMP) is the The general approach underlying this CMP is to primary regulatory vehicle for the University’s PROPOSED UW PLAN align the Seattle campus’ evolving needs for a 10- future development, defining both the square year conceptual plan within the long-term vision footage to be constructed and the geographic for the campus. Issues considered in the 10-year location of such development. The CMP applies planning horizon are anticipated enrollment growth, to the Seattle campus and the University’s increased teaching and research demands, future property located within the Major Institution transportation needs, economic growth, and the Overlay, or MIO, and is guided by the City- needs of the University community. University Agreement between the University of Washington and the City of Seattle. The University’s growth allowance in this CMP is 6.0 million net new gross square feet of development. This CMP identifies 86 potential development sites This CMP builds on the 2003 Campus Master NE 45th St Plan. The University has been a national leader to accommodate the anticipated growth. Each in campus planning, design, and construction, potential development site is defined in terms of successfully implementing a significant number maximum height and total maximum gross square feet. The 86 potential development sites contain

of capital projects anticipated in the 2003 Plan. NE 15th Ave Such growth means that the University has a maximum development potential of almost 12 approximately 211,000 net gross square feet of NE 41st St million net new gross square feet of development, development left out of the 3.0 million gross square of which only 6.0 million net new gross square feet feet approved in the 2003 Campus Master Plan. may be developed under the growth allowance. The potential development sites are spread throughout Work on this CMP began in 2015 so that by four campus sectors with general development early 2019, the CMP would be in place to limits as follows: accommodate the Seattle campus’ growth Montlake Blvd NE demands. The University of Washington NE Pacific St Central Campus University Bridge developed this long-term vision for the Seattle 900,000 net new gross square feet campus as well as a 10-year conceptual plan West Campus for campus growth that provides for the 3,000,000 net new gross square feet preservation of historic campus assets with intensive investment. South Campus 1,350,000 net new gross square feet Reflecting the participation of a campus-wide advisory committee and multiple stakeholders, East Campus Figure 2. Long-Term Vision. Graphics are for Illustrative Purposes Only this CMP is shaped by the strategic goals and the Figure 1. Existing Conditions Aerial Image, 2016. 750,000 net new gross square feet academic, research, and service missions of the University, all of which shall guide the physical Potential Building Total Seattle Campus Growth Allowance development of the campus during the life of the 6,000,000 net new gross square feet Existing Building 2019 CMP. Potential Open Space Executive Summary - February 2019 Compiled Plan 7 6 Executive Summary - February 2019 Compiled Plan

SOURCE: UNIVERSITY OF WASHINGTON 2019 SEATTLE CAMPUS MASTER PLAN

NEIGHBORHOOD OVERVIEW 25 LIGHT RAIL STATION

The new U-District station is located directly beside the UW Tower and the tunnels connecting it to the existing Link stations run directly below the UW campus. The project aims to deliver fast and reliable transportation for riders throughout Seattle, combating traffic delays faced by traditional bus transportation and expanding service to meet the needs of the growing Seattle area.

When the extension opens in 2021, rides from U-District Station to downtown Seattle will take eight minutes, and Northgate will be five minutes away. By 2022, the University district station will see over 40,000 daily riders, allowing easy access to North Seattle as well as job center’s in the Urban core of Downtown Seattle.

NORTHGATE LINK EXTENSION

PHASE CONSTRUCTION

OPEN 2021

LENGTH 4.3 MILES; 3 STATIONS

SERVICE EVERY 6 MINUTES DURING PEAK HOURS.

PROJECTED RIDERSHIP (BY 2022) 41,000 - 49,000 DAILY RIDERS

PROJECTED TRAVEL TIMES

U DISTRICT TO A MARINER’S GAME 15 MINUTES

U DISTRICT TO NORTHGATE STATION 7 MINUTES

U DISTRICT TO WESTLAKE 8 MINUTES (SOURCE: SOUND TRANSIT)

NEIGHBORHOOD OVERVIEW 26 LIGHT RAIL STATION

CONSTRUCTION PROGRESS PERSPECTIVE LOOKING NORTHEAST (SOURCE: SOUND TRANSIT) (SOURCE: SOUND TRANSIT)

NORTH ENTRY SECTION-PERSPECTIVE (SOURCE: SOUND TRANSIT) (SOURCE: SOUND TRANSIT)

Section-Perspective NEIGHBORHOOD OVERVIEW 27 North Entry NON-ENDORSEMENT & DISCLAIMER NOTICE

CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or- sub sidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involv- ing the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. EXCLUSIVELY LISTED BY

Cell 206.898.2089 SPENCER CLARK Office 206.826.5709 First Vice President Investments [email protected] Seattle Office License WA 110024