4450 GREEN LAKE WAY N
KIDDER.COM OFFERING MEMORANDUM | SEATTLE, WA CONTACT
JASON ROSAUER 206.296.9608 [email protected]
ROB ANDERSON, JD 206.296.9644 [email protected]
KRISTYN KRUEGER 206.398.2270 TABLE OF [email protected] CONTENTS
01 INVESTMENT SUMMARY KIDDER.COM The Offering Offering Process The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only Investment Highlights by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only 02 a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence PROPERTY OVERVIEW investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income Existing Structure or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the Site Overview property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal Property Details regulations, the physical condition of the improvements thereon, or the Property Financials 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, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these 03 matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential LOCATION OVERVIEW buyers must take appropriate measures to verify all of the information set forth herein. Nearby Amenities This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or Nearby Employer Base implied, as to the accuracy of the information. References to square Demographics footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. Public Transportation 01 INVESTMENT SUMMARY
THE OFFERING
OFFERING PROCESS
INVESTMENT HIGHLIGHTS
SEATTLE OPPORTUNITY OFFERING MEMORANDUM KIDDER MATHEWS 5 INVESTMENT SUMMARY
Located between Wallingford, and several of the areas strongest Green Lake, and Fremont, the employment bases, this offering Green Lake Way Offering presents presents a unique opportunity for numerous value-add or ground up an immediate value-add play or a development opportunities. long term land hold with existing income from the current operation.
The property currently includes a THE OFFERING 12,740 SF hotel building situated Currently operated as a 24-room on 4,838 SF of NC zoned land on hotel located just off Aurora Ave Green Lake Way Ave N. Historically with direct access into Wallingford operated as a 24 room hotel, the and Fremont, the Green Lake Way property includes three levels of Offering has excellent visibility and hotel rooms over structured parking connectivity to several of Seattle’s on a triangular shaped lot featuring hottest submarkets. Surrounded by panoramic views of Lake Union and countless high-end restaurants and Downtown Seattle to the south and bars, a booming residential market, east.
6 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY OFFERING MEMORANDUM KIDDER MATHEWS 7 its food and beverage scene like Theo’s Chocolate, Fremont Brewing, and Hale’s Ale, as well as its unique The Green Lake Way Offering is cultural appeal and endless list of DOWNTOWN well situated on the northern edge things to do and see, including the SEATTLE of Fremont, near several major famous Fremont Troll, the Lenin LAKE technology employers, including Statue, the Burke-Gilman Trail, UNION Adobe Systems, Tableau/Salesforce, Green Lake, and Woodland Park Impinj, the Allen Institute for Zoo. Brain Science, Google, as well as numerous smaller tech companies. This offering is uniquely positioned OFFERING PROCESS In addition to technology, Fremont for an investor to continue operating is also home to several large the current hotel with immediate The Green Lake Way Offering is being apparel retailers, including Cutter cash flow, repurpose the building offered for sale for $2,950,000. The & Buck’s, Brooks Sports, and Evo. to a boutique hospitality use, or ownership will review and respond to Beyond its growing employment redevelop the site entirely within a offers as submitted while reservicing WALLINGFORD base, Fremont is also considered broad zone allowing for numerous the right to call for offers at a later as a must-see destination due to potential end uses. date.
4450 GREEN LAKE WAY N
FREMONT
GREEN LAKE WAY N
8 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 9 INVESTMENT HIGHLIGHTS
CENTRAL LOCATION SURROUNDED BY SHOPS AND RESTAURANTS daily commuters right by the Green The Green Lake Way Offering is Lake Way Offering, the property located only minutes away from offers excellent visibility to any Seattle’s burgeoning Stone Way potential end use. Restaurant Row, with dozens of OPPORTUNITY ZONE restaurants and bars providing DENSELY POPULATED a variety of options. Further, The Green Lake Way Offering has NEIGHBORHOOD WITH Downtown Fremont, a several a strong financial history within its EXCELLENT DEMOGRAPHICS minute walk south, entails a high- current hotel use with gross revenue With approximately 1,400 residential end boutique shopping experience generally between $25,000 and units planned or under construction as well as a 7-days a week nightlife. $35,000 per month. A prospective within a 1 mile radius of the offering, buyer can immediately generate a as well as an additional 1,450 units significant amount of income based STRONG NEARBY EMPLOYMENT recently completed within the last on the current structure or undergo BASE 5 years, the surrounding area is cosmetic improvements to the Several large technology tenants quickly densifying bringing with property and generate additional have made Fremont their home it a well-educated, and well-paid value within a short time frame. base within the Puget Sound, residents. Over 30,000 people including Adobe Systems, Tableau live within a mile of the property and that growth is anticipated to EXCELLENT ACCESSIBILITY & – recently acquired by Salesforce, PUBLIC TRANSIT OPTIONS and Impinj. Further, Google has had continue at well above 6% per year. a significant presence in Fremont Fremont is known colloquially since 2005. Aside from technology, as the Center of the Universe. PANORAMIC VIEWS OF Washington state’s largest brewery, Locally, this name holds truth as the DOWNTOWN SEATTLE, MOUNT Fremont Brewing, is also located neighborhood is well positioned RAINIER, AND LAKE UNION minutes from the site, as is Brooks with the University of Washington The top two floors of the property Sports and Evo. several minutes to the east, Lake include rooms facing east with Union several minutes to the south, expansive views of Lake Union, and downtown approximately a few HIGH VISIBILITY OFF HEAVILY Mount Rainier, the Downtown miles beyond Lake Union. Within TRAFFICKED ARTERIAL Seattle skyline, and the Cascade this central location, several bus Aurora Avenue is often considered Mountain range. Well-situated at stops right at the offering provide Seattle’s second major north- the top of the Fremont Hill, these access within minutes to everywhere south freeway connecting much views are unobstructed and provide throughout the city in a matter of of the Northern Puget Sound with a beautiful view of the surrounding minutes. downtown Seattle. With over 47,000 area.
10 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 11 02 PROPERTY OVERVIEW
EXISTING STRUCTURE
SITE OVERVIEW
PROPERTY DETAILS
PROPERTY FINANCIALS
SEATTLE OPPORTUNITY OFFERING MEMORANDUM KIDDER MATHEWS 13 PROPERTY DETAILS
4450 Green Lake Way Property Address Ave N
Gross Building SF 12,740
Stories 3
Room Count 24 + Office/Front Desk
First Level: 11 Rooms
Room Layout Second Level: 7 Rooms
Third Level: 6 Rooms
8 Stalls Onsite
Parking 6 Stalls via Parking Easement PROPERTY Construction Type Masonry / Wood Frame Year Built 1905
Heating Forced Air
OVERVIEW Building Height 42’
desk room on the first floor with SITE DETAILS 11 additional rooms on that level. Total Land SF 4,838 SF EXISTING STRUCTURE Several exterior stairwells at the SITE OVERVIEW north and south ends of the building Zone NC3-55 (M) The Green Lake Way Offering provide access to the second and The Green Lake Way Offering is currently has a three-story hotel situated on a triangular lot consisting third floor with another 7 rooms Residential Urban Village Wallingford built on a triangular lot with external (2nd floor) and 6 rooms (top floor). of 4,838 SF within an NC3-55’ zone access to all 24 rooms. The majority Each room has a full bathroom and within the Wallingford Residential Lot Shape Triangular of rooms have incredible views to small kitchen set as well as a TV and Urban Village. The site is bounded the east and south, showcasing dining area. by Green Lake Way N to the west, N Property Boundaries Western Boundary: Lake Union, the Downtown Seattle Allen Pl to the south, and Winslow Green Lake Way Ave N skyline, as well as the University The existing structure presents an Pl N to the east. A cross walk from Southern Boundary: District and Cascade Mountain exciting opportunity to continue the site connects the property to N Allen Pl Range to the east and Mount Rainier operating within the hospitality use a prominent bus stop at 45th and to the south. Located off the Green or convert the property to some sort Aurora Ave providing numerous Eastern Boundary: Lake Way exit from Aurora Avenue, of residential use within the current public transit options on several Winslow Pl N the property has an office/front framework of the building. bus lines.
14 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 15 PROPERTY FINANCIALS
The Green Lake Way Offering has historically operated as a 24-room hotel, known as the Wallingford Inn. The current ownership has been operating the hotel, which creates an opportunity for a prospective buyer to continue those operations or renovate the structure. Current room rates range between $73 and $104 per night. There is currently an onsite manager who has been with the operation for the past 9 years who occupies 3 rooms in the property presenting the potential for a new owner to take over with the same in place management or change the management structure and boost potential gross revenue by renting out those additional rooms.
HISTORICAL GROSS REVENUE FOR THE OPERATING HOTEL
2015 $423,084
2016 $389,379
2017 $415,899
2018 $400,809
2019 * $396,635
* Projected Revenue
16 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N PORT4450 SUSAN GREEN MARKETPLACE LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 17 03 LOCATION OVERVIEW
NEIGHBORHOOD AMENITIES
TOP NEARBY EMPLOYERS
DEMOGRAPHICS
PUBLIC TRANSPORTATION
SEATTLE OPPORTUNITY OFFERING MEMORANDUM KIDDER MATHEWS 19 DOWNTOWN SEATTLE QUEEN ANNE LAKE UNION LOCATION
FREMONT OVERVIEW
HIGHLIGHTS WALLINGFORD 4450 GREEN LAKE WAY N ONE of the nation’s best food and beverage scenes
HIGH END and boutique shopping experiences
NUMEROUS nearby attractions
EXCELLENT transportation scores
N PHINNEY WAY
86 79 62 WALK SCORE BIKE SCORE TRANSIT SCORE GREEN LAKE WAY N
N ALLEN PL N 45TH ST
20 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 21 NEIGHBORHOOD AMENITIES
EAT + DRINK
La Isla The Market Arms Freya Cafe Milstead & Co JOANN Fabrics and Crafts 8oz Burger & Co. Firehouse Coffee Fremont Brewing Co. Ballard Market Pestle Rock Sloop Tavern Starbucks Safeway BALLARD 15TH AVENW The Matador KISS Cafe Manolin New Seasons GREEN LAKE La Carta De Oaxaca Lockspot Cafe The Whale Wins PCC Market
NW 65TH ST Ballard Coffee Works Red Mill Totem House Joule K's Deli & Grocery Full Tilt Ice Cream Peddler Brewing Company Art of the Table Marketime Foods The Noble Fir Senor Moose Kamonegi Safeway Bauhaus Ballard Pagliacci Pizza Dick's Drive-In 56th Street Market Kangaroo & Kiwi Pub Shelter Lounge Portage Bay Cafe - Roosevelt Bastille Cafe & Bar Tacos Guaymas Chipotle RECREATION NW MARKET ST King’s Hardware Rosita's Mexican Grill MOD Pizza Orangetheory Fitness 4450 GREEN LAKE WAY N Percy’s & Co. Seattle Latona Pub Pagliacci Ascent Cycles Stoneburner Mighty-O Donuts U:Don Gymboree Play & Music Scooter’s Burgers Bizzarro Green House Habitude Salon & Spa Venture Coffee Tilth Samurai Noodle Pilates Studio in Ballard NW LEARY WAY Cafe Besalu Tutta Bella Neapolitan Little Thai Restaurant The Fitness Lab Kimchi House Rock Creek Seafood & Spirits Memos Mexican Inspire - Ballard SALMON BAY Staple & Fancy Uneeda Burger LA Fitness WALLINGFORD Walrus & Carpenter Pecado Bueno Fremont GROCERY + SHOPPING Seattle Sun Tan U DISTRICT FREMONT Ocho Paseo Fremont All The Best Pet Care Majestic Bay Theaters Hood Famous Bakeshop Fremont Bowl QFC Fitness 19 San Fermo Lighthouse Roasters Buffalo Exchange Tractor Tavern Sawyer Le Coin Cameratechs Add-A-Ball Asadero Ballard The George & Dragon Pub Classic Consignment Fremont Troll Barnacle Outlander Brewery & Pub Horseshoe Gas Works Park MAGNOLIA Arashi Ramen Brouwer's Cafe Fair Trade Winds Wallingford Playfield Moshi Moshi Sushi Nectar Lounge Prism Greenlake Community Center Shelter Lounge Norm's Eatery & Ale House Gold Dogs Christie Park Portage Bay The Barrel Thief Trader Joe’s AMC Seattle 10 Theater
22 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 23 TOP NEARBY EMPLOYERS
TABLEAU SALESFORCE
ADOBE
FREMONT BRIDGE QUEEN ANNE LAKE N 35TH ST UNION
NICKERSON ST
FAIRVIEW AVE N
FRED HUTCHINSON GOOGLE GOOGLE N 36TH ST SEATTLE CENTER CLOUD MONORAIL | KEY ARENA SPACE NEEDLE AMAZON MERCER ST HEADQUARTERS TABLEAU SALESFORCE BILL & MELINDA GATES FOUNDATION
SOUTH LAKE CAPITOL UNION HILL
N
DENNY WAY
24 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 25 SEATTLE DEMOGRAPHICS
POPULATION NORTHGATE 3 MILES 0.5 Mile 1 Mile 3 Mile GREENWOOD AVE N AVE GREENWOOD 24TH AVE NW 24TH AVE 15TH AVE NW 15TH AVE 8TH AVE NW 8TH AVE 3RD AVE NW 3RD AVE GREEN 2019 Total Population 11,071 33,656 291,052 LAKE
2024 Est. Population 11,913 35,945 315,610 NW 65TH ST NW 65TH ST Annual Population 1.48% 1.32% 1.63% GREENWOOD Growth Median Age (2019) 35.6 36.2 35.0 BALLARD
GREEN LAKE WAY N
GREEN HOUSEHOLD TANGLETOWN LAKE 0.5 Mile 1 Mile 3 Mile 1 MILE 2019 Total Households 5,888 16,605 140,820 BALLARD 2024 Est. Households 6,297 17,685 153,414 1/2 MILE UNIVERSITY
DISTRICT HH Growth 2019-2024 1.35% 1.27% 1.73% N 45TH ST Median Household 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N $89,452 103,679 96,782 WALLINGFORD Income LEARY WAY NW WALLINGFORD Average Household FREMONT 1.86 2.00 1.95 Size MAGNOLIA
BALLARD BRIDGE FREMONT
MAGNOLIA
LAKE DRIVE TIMES FROM 4450 GREEN LAKE WAY N TRANSIT KEY WESTLAKE AVE N UNION Location Distance Time Bus Route E QUEEN ANNE Green Lake 0.80 Miles 4 Minutes Bus Route #40 Ballard 2.50 Miles 8 Minutes Bus Route #44 University District 1.70 Miles 6 Minutes Bus Route #62 South Lake Union 2.60 Miles 6 Minutes QUEEN ANNE WESTLAKE AVE N SLU Bus Route D Downtown Seattle 3.80 Miles 8 Minutes LAKE DEXTER AVE N UNION PUGET SOUND Northgate 4.30 Miles 9 Minutes DOWNTOWN SEATTLE Seatac Airport 16.7 Miles 22 Minutes
26 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 27 EXCLUSIVELY REPRESENTED BY
JASON ROSAUER 206.296.9608 [email protected]
ROB ANDERSON, JD 206.296.9644 [email protected]
KRISTYN KRUEGER 206.398.2270 [email protected]
KIDDER.COM