OFFERING MEMORANDUM DEVELOPMENT OPPORTUNITY

6609 Martin Luther King Jr. Way S., , WA 98118 Othello Residential Urban Village South Seattle Opportunity Zone

$3,500,000

Roger Lorenze Andy Bethel For more information, please contact: 206.406.1547 206.683.7529 [email protected] [email protected] OFFERING

The MLK/Holly Development Site consists of 4 adjacent parcels, located in the Othello Residential Urban Village, for a combined lot size of 21,959 square feet. The property has been recently up-zoned to NC2-55(M) and is located in one of Seattle’s sought-after Urban Villages and Opportunity Zones. Set directly on Martin Luther King Jr. Way S., the site is steps away from the Seattle Link , and less than a mile from the bustling . A 5th adjacent parcel is currently owned by , and they have expressed interest in selling the property. This would bring the total buildable lot size to 25,447 square feet.

ADDRESS 6609 MLK Jr. Way S. Seattle, WA 98118

Price $3,500,000 ($159/SF Lot)

Parcel Numbers 333300-1115 333300-1126 333300-1140 333300-1150

Total Site Size 21,959 square feet

Zoning NC2-55 (M)

206.406.1547 [email protected] For more information, please contact: Roger Lorenze 2 Andy Bethel 206.683.7529 [email protected] NEIGHBORHOOD & TRANSIT HIGHLIGHTS

TRANSIT ROUTE 6 minutes

TRANSIT & LIGHT RAIL Walking Distance Light Rail & Othello Station 6 mins 0.3 miles Light Rail & 24 mins 1.2 miles

7 minutes NEARBY POINTS OF INTEREST

COLLEGES Driving Distance Seattle University 12 mins 4.9 miles 9 minutes Golden Gate University 12 mins 6.3 miles South Seattle Community College 16 mins 7.3 miles Neighborhood Summary COMMUTER RAIL Driving Distance South Seattle, in particular along Martin Luther King Jr. Way South, King Street (Seattle) Station 11 mins 5.1 miles has been going through a tremendous amount of development Tukwila Station 15 mins 7.6 miles SUBJECT PROPERTY and growth. This resurgence dates back to the opening of the light 10 minutes rail line in 2009. The Central Link Line runs from Seattle-Tacoma SHOPPING CENTERS Walking Distance International Airport to with another line taking King Plaza 5 mins 0.2 miles you to University of and eventually further north. This rail Strip Center at 6044 MLK Jr. Way S. 6 mins 0.3 miles line running along MLK Jr. Way S. has brought a new wave of transit- Empire Shopping Center 7 mins 0.3 miles driven residents to South Seattle. The South Othello Street and South PARKS & RECREATION Driving Distance Myrtle Street stations are 1/3 of a mile from the subject property with Pritchard Island Beach 6 mins 2.0 miles a future line planned even closer. These rail stations have three bus Kubota Gardens 5 mins 2.2 miles routes with stops adjacent to the station operated by King County. & Playfield 6 mins 2.3 miles 12 minutes The convenience of getting all over the Seattle area via public transit Seward Park 10 mins 2.7 miles has continued to build this progressive community’s unique diversity Seward Park Environmental/ 10 mins 2.7 miles which is made up of long-term residents and new arrivals from around Audubon the globe. AIRPORT Driving Distance Walking Score (Very walkable) Seattle-Tacoma International (SeaTac) 19 mins 7.9 miles 88 Kenmore Air Harbor 34 mins 19.6 miles

2110 Western Ave., Seattle, WA 98121 This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility www.EwingandClark.com 3 to independently confirm its accuracy and completeness. DEVELOPMENT NOTES

ADDRESS LOT SIZE What is an Opportunity Zone?

The federal Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. The Opportunity Zone program was included in that act, which was designed to provide tax incentives to investors who fund businesses in underserved communities. Investors are able to defer paying taxes on capital gains that are invested in Qualified Opportunity Funds that in turn are invested in distressed communities designated as Opportunity Zones by the governor of each state. Up to 25% of the low-income census tracts in each state can be designated as Opportunity Zones.

Urban Villages

Urban Villages are self-sufficient neighborhood hubs designed to provide housing and employment near public transportation. They are a city’s solution to accommodating future growth and creating more sustainable neighborhoods. By providing housing, employment, services and transportation within neighborhoods, we can make neighborhoods more walkable and local residents don’t have to travel as far to meet their basic needs. You might recognize some of Seattle’s urban villages on streets with lots of medium density housing, shops and restaurants, grocery stores, major bus stops and pedestrian open spaces such as parks and activity areas.

206.406.1547 [email protected] For more information, please contact: Roger Lorenze 4 Andy Bethel 206.683.7529 [email protected] DEMOGRAPHICS

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POPULATION 1 Mile 3 Miles 5 Miles 33 2019 Total Population 31,703 111,925 332,712 2024 Population 33,848 120,754 356,629 Population Growth 2019-2024 6.77% 7.89% 7.19% 32

Average Age 38.00 38.80 38.70 THOUSANDS

HOUSEHOLDS 31 2019 Total Households 10,000 38,604 129,400 HH Growth 2019-2024 6.05% 7.38% 7.09% 30 Median Household Income $60,490 $73,264 $75,035 Average Household Size 2.90 2.70 2.40

2019 Avg HH Vehicles 2.00 2.00 2.00 29 HOUSING

Median Home Value $405,040 $461,605 $469,693 28 Median Year Built 1965 1964 1967

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26 2000 Census 2010 Census 2019 Estimate 2024 Projection POPULATION (within 1 mile)

2110 Western Ave., Seattle, WA 98121 This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility www.EwingandClark.com 5 to independently confirm its accuracy and completeness. ADDITIONAL PHOTOS

206.406.1547 [email protected] For more information, please contact: Roger Lorenze 6 Andy Bethel 206.683.7529 [email protected] AERIAL MAP

BRIGHTON PLAYFIELD

Chief Sealth Trail

6609 MLK Jr. Way

BOEING FIELD

2110 Western Ave., Seattle, WA 98121 This information has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility www.EwingandClark.com 7 to independently confirm its accuracy and completeness. For more information about this property, please contact agents Andy Bethel or Roger Lorenze.

6609 Martin Luther King Jr. Way S., Seattle, WA 98118

Roger Lorenze Andy Bethel For more information, please contact: 206.406.1547 206.683.7529 [email protected] [email protected]