MARKET STREET DEVELOPMENT SITE

1009 MARKET ST, KIRKLAND, WA 98033 CONTACT INFORMATION:

PETER HIATT MATHEW QUACKENBUSH PRINCIPAL | DESIGNATED BROKER BROKER 206.505.9408 206.505.9417 [email protected] [email protected] OFFERING SUMMARY

OPPORTUNITY TO PURCHASE A DEVELOPMENT SITE IN A PREMIERE KIRKLAND LOCATION.

Located on Market Street in Kirkland this development site is hard to beat, right in the middle of one the most rapidly growing economic regions in the country. The property has been approved for a variance to build up to Market Street, as well as reductions to the setbacks on 3rd Street from 20 feet to 7.5 feet and 10th Avenue from 20 feet to 15 feet. The MSC1 zoning is ideal for a variety of uses. There are preliminary architectural designs for 4,192 square feet of Dental Clinic space and 24 parking stalls. Townhomes, office, and other residential are all possibilities, with the potential for 180 degree views of Kirkland, Lake , and Downtown . Walk to downtown Kirkland, or drive with commute times of 25 minutes or less to both Seattle and Bellevue CBD.

ADDRESSADDRESS 1009 Market St, Kirkland, WA 98033

PROPERTPROPERTYY HIGHLIGHTS Price: $2,000,000 Price Per NRSF: $246.30 PRIME MARKMARKETET STREET LLOCAOCATIONTION Lot Size: 0.19 Acres 8,8,120 SQFT Z120 ZONEDONED MSCMSC--11

APPROAPPROVED VVED VARIANCEARIANCE TTO AO AVVOID SETBAOID SETBACKSCKS AND MAXIMIZE BUILDBUILDABLEABLE AREA

VERY WVERY WALKABLE TALKABLE TOO AND AROUND DODOWWNTNTOOWWN KN KIRKIRKLLANDAND

QUICK CQUICK COMMUTEOMMUTE TTO SEAO SEATTTLETLE AND BELLEVUE DODOWWNTNTOOWWNN PROPERTY DETAILS

SALE PRICE $2,000,000 PROPERTPROPERTY DETY DETAILSAILS

LLOCAOCATIONTION INFORMAINFORMATIONTION Property Type Land Property Subtype Office Building Name Market Street Permitted Development Site Zoning MSC 1 Street Address 1009 Market St Lot Size 8,120 SF City, State, Zip Kirkland, WA 98033 APN# 388580-2055 County/Township King

LLANDAND

Number Of Lots 1 Best Use Development LOCATION MAPS AERIAL MAPS

1009 Market St CONCEPTUAL DEVELOPMENT WITH SETBACK VARIANCE Potential development option for Owner/User: Top floor clinic space with two levels of parking beneath to meet city requirement. Could be altered to make second floor fo office, potential for more net rentable square footage. MARKET STREET CORRIDOR (MSC) - 1 ZONING GUIDE

Source: https://www.codepublishing.com/WA/Kirkland/html/pdfs/51-10.pdf OFFICE BUILDING COMPARABLE SALES

SUBJESUBJECTCT PROPERTPROPERTYY PRICEPRICE BUILDING SF Market Street Permitted Development Site 1009 Market St Kirkland, $2,000,000 5,000-10,000 WA 98033

SALE CSALE COMPSOMPS PRICEPRICE CAPCAP SALE DSALE DAATETE 1 16701 Cleveland St Redmond, WA $6,000,000 10,600 $566 - 12/20/2019 98052

2 1414 Market St Kirkland, WA $3,500,000 7,546 $464 - 12/20/2019 98033

3 11521 NE 128th st Kirkland, WA $22,800,000 36,350 $627 5.5% 11/18/2019 98034

4 15600 Redmond Way Redmond, WA $9,100,000 26,037 $348 5.75% 08/19/2019 98052

5 8244 122nd Ave NE Kirkland, WA $6,500,000 12,525 $519 - 01/14/2019 98033

PRICEPRICE AAVVGG CAPCAP Totals/Averages $9,580,000 $505 5.63% KIRKLAND

KIRKLAND

FOUNDED NORTH OF BELLEVUE more The city’s beautiful waterfront includes than a century ago by Peter Kirk, Kirkland nine parks, a public marina and is the Eastside’s oldest city. Today, boat launch, as well as a large dock 12TH LARGEST suburban life centers on waterfront and for tour boats. In addition, the city recreation in Kirkland, the 12th largest offers four community sports parks, CITY IN 5 MILES city in Washington. six neighborhood parks, two public DOWNTOWN swimming pools, and a senior center. WASHINGTON Located on the shore of Lake Washington Even the city’s streets are sports- BELLEVUE and a stone’s throw from Seattle, friendly, with bicycle and walking lanes Kirkland offers the conveniences of included as part of road improvement a big city with the personal feel of a projects. small town. Kirkland prides itself on its strong sense of community, features Kirkland’s residential community unique neighborhoods and places a offers a wide variety of housing, strong emphasis on maintaining a highly much of it on exclusive waterfronts desirable quality of life for its residents. or on hillsides within view of Lake Washington and the Seattle skyline. Kirkland is at once charming and modern. From luxury condominiums to acre- Both residential neighborhoods and the sized, single-family lots in the Bridle city’s Downtown Shopping District are Trails development, Kirkland has a just a stroll from the lake. The result variety of affordable family-oriented is a picturesque community with four neighborhoods, where the spirit of miles of lakefront, of which nearly one community thrives. The city places mile is open to the public. In December, strong values on amenities such decorated Christmas Ships festooned as safety, service, recreation, and JUANITA BAY PARK with colored lights dock at Kirkland for education. an evening of good cheer and caroling.

CARILLON POINT WESTLAKE ASSOCIATES, INC. LARGEST TENANTS IN KING CO.

Office Space Leased Office and Industrial Revenue Statewide Employees in King County Space Occupied in the

1. 5.48 million 12.19 million $135.99 40,000 square feet square feet billion employees

2. 4.54 million 14.7 million $85.32 44,442 square feet square feet billion employees

3. 1.23 million 1.23 million $26.06 2,000 square feet square feet billion employees

4. 834,299 889,033 $37.2 6,800 square feet square feet billion employees

5. 828,609 828,609 $27.64 1,000 square feet square feet billion employees PUGET SOUND EMPLOYER MAP

SEATTLE AREA EMPLOYERS

1. Adobe 10. Expedia, Inc. 19. Holland America 28. Insurance 37. Valve 2. 11. 20. 29. Saltchuck Resources 38. Virginia Mason 3. 12. F5 Networks 21. 30. 39. 4. Bartells Drugs HQ 13. Facebook 22. 31. Swedish Health Services 40. Zillow 5. 14. Fred Hutch 23. PATH 32. Symetra Financial 41. Zulily 6. Children’s Hospital 15. Gates Foundation 24. Pemco Insurance 33. Tableau Software 7. City of Seattle 16. Getty Images 25. Plum Creek Timber Co. 34. T-Mobile 8. 17. Google 26. RealNetworks 35. Uber 9. Cutter & Buck 18. Group Health 27. REI 36. University of Washington

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4 2 BROKER BIO & CONTACT

MATHEW QUACKENBUSH PETER HIATT Broker Principal | Designated Broker

1200 Westlake Ave N, Suite 310 1200 Westlake Ave N, Suite 310 Seattle, WA 98109 Seattle, WA 98109 (T) 206.505.9417 (T) 206.505.9408 [email protected] [email protected]

PROFESSIONAL BACKGROUND PROFESSIONAL BACKGROUND Mathew began his career as a research assistant at Westlake Associates, Inc. in the Peter is Westlake Associates’ designated broker. He has taken a well-rounded summer of 2015. Upon earning his Bachelor’s Degree from University of the Pacific, approach to his education and career, earning degrees in architecture, engineering and Mathew returned to Seattle where he joined the Westlake team as a Broker in the fall building construction management and then working in many different aspects of of 2016. Mathew specializes in assisting his clients with the acquisition and sale of commercial real estate. With his experience in sales, leasing, development and commercial investment properties throughout King and Snohomish counties. His construction, and commercial property ownership, Peter understands the attention to detail and committed work ethic make him an asset to anyone he works development process as well as the ownership and asset management portion of the with. As a Seattle native, Mathew has an extensive knowledge of in-city and territory business. neighborhood markets. Education Education B.S.Engineering Purdue University 1972 University of the Pacific, BA 2016 Masters of Architecture University of Washington 1981 B.S, Building Construction Management - University of Washington 1981 ABOUT WESTLAKE

Since 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sound Region.

Our unsurpassed commitment to creating and preserving our clients' real estate investment wealth has resulted in thousands of successful transactions and a long history of repeat business and client referrals. The professionals at Westlake Associates collaboratively work with clients to develop customized, creative solutions designed to maximize investment returns.

We've built a strong foundation of experience in Investment Property Sales, Commercial Leasing, Property Management, and comprehensive real estate services over our 40 year history. We operate as a team and leverage each other's resources and experience to provide the highest level of client services.

MEMBER: Commercial Brokers Association (CBA) MEMBER: Northwest Multiple Listing Services (NWMLS) MEMBER: Loop Net National Listing Services MEMBER: Costar Commercial Real Estate Data and National Listing Service MEMBER: Commercial Investment Real Estate Institute (CREI) MEMBER: Washington State Realtors Association (WSMA)