Salmon Creek
Total Page:16
File Type:pdf, Size:1020Kb
Salmon Creek Offering Memorandum Land Advisors Organization Washington Division 425.526.7555 Windermere Real Estate Capitol Hill www.landadvisors.com Residential Development Opportunity www.windermere.com 11055 14th Ave SW Seattle, WA 98146 Property Profile SALMON CREEK Property Description Property lines Permitted fee simple 10-unit townhome project ideal as a rental. Each unit is approx. 1,860 SF and features 4 bedrooms, one entire floor dedicated to the living room and kitchen, two-3/4 bathrooms and 2-car tandem garages. Convenient South Seattle location. Property Address Jurisdictions & Utilities 11055 14th Ave SW Jurisdiction: King County Seattle, WA 98146 City: Seattle Parcel Number Seller Information County: King 345100-0470 Blue Fern Development LLC Power: Puget Sound Energy Gas: Puget Sound Energy Listing Price $499,000 Water: Seattle Public Utilities Lynnwood Sewer: SW Suburban Sewer Bothell Woodinville Purchase type District Western WA overview Purchase & Sale Agreement Fire: North Highline Fire District Kirkland Schools: Highline School District Redmond Seller Terms • 21-day feasibility • 30-day closing Seattle Bellevue Sammamish • Close: Upon completion of the re-platting with King County Bremerton Mercer Island as fee simple townhomes Issaquah • Escrow & Title: First American Title (CeNedra Van Why) Subject Property Renton Vashon Salmon Creek | Page 2 Location Details - Travel Times SALMON CREEK AREA BUSINESSES & AMENITIES 2 14 8 10 PARKS 1. Lakewood Park 0.7 miles 14 min walk 1712 7 9 2. Westcrest Park 2.1 miles 6 minutes 5 3. Salmon Creek Ravine Park 1.9 miles 6 minutes FOOD & DRINK 4. Berry’s BBQ 0.4 miles 8 min walk 18 5. Big Al Brewing 0.9 miles 3 minutes 8 16 1 6. Pizza Gallery 1.2 miles 4 minutes 13 Subject Property 7. Proletariat Pizza 1.1 miles 4 minutes 15 4 8. Starbucks - Westwood 2.1 miles 7 minutes 9. Zippy’s Giant Burgers 1.1 miles 4 minutes GROCERY 10. QFC - Westwood 1.9 miles 5 minutes 3 11 6 11. Safeway 1.9 miles 5 minutes 12. Safeway 1.7 miles 5 minutes 13. Shorewood Grocery 1.0 miles 3 minutes AMENITIES 14. Fauntleroy Ferry 3.3 miles 9 minutes 15. Evergreen Aquatic Center 0.8 miles 15 min walk South Seattle area map 16. Rainier Golf & Country Club 3.4 miles 9 minutes 17. Roxbury Lanes 1.8 miles 5 minutes 18. White Center Library 0.3 miles 5 min walk Salmon Creek | Page 3 Location Details - Permitted Site Plan SALMON CREEK Salmon Creek | Page 4 Location Details - Elevation Plans SALMON CREEK North Elevation South Elevation Salmon Creek | Page 5 Location Details - 1st & 2nd Floor Plans SALMON CREEK Salmon Creek | Page 6 Location Details - 3rd Floor Plans SALMON CREEK Salmon Creek | Page 7 Location Details - Existing Conditions SALMON CREEK Salmon Creek | Page 8 Location Details - Utility Plan SALMON CREEK Salmon Creek | Page 9 Location Details - Drainage & Grading Plan SALMON CREEK Salmon Creek | Page 10 Location Details - Planting Plan SALMON CREEK Salmon Creek | Page 11 Location Details - Recreational Area Detail SALMON CREEK Salmon Creek | Page 12 Location Details - Tree Retention Plan SALMON CREEK Salmon Creek | Page 13 Rental Comparables SALMON CREEK 1 Allison Row 103 SW 119th St #2A, Burien 3 Monthly Rent: $1,600 Beds/Baths: 3/2.5 SqFt: 1,207 Stat Date: 10/16/14 2 Allison Row 103 SW 119th St #2A, Burien Monthly Rent: $1,800 Beds/Baths: 3/2.5 SqFt: 1,207 Stat Date: 4/27/16 3 Highland Park 9006 18th Ave SW #B, Seattle Monthly Rent: $1,995 Beds/Baths: 3/2 4 SqFt: 1,060 Stat Date: 9/7/16 Subject Property 4 White Center 11016 3rd Ave SW #2, Seattle Monthly Rent: $2,000 Beds/Baths: 3/2.5 2 1 SqFt: 2,220 Stat Date: 10/15/15 Salmon Creek | Page 14 Rental Pro Forma SALMON CREEK Salmon Creek | Page 15 Neighborhood Profile SALMON CREEK Zip Code 98146 (Seattle) HOUSEHOLD INCOME POPULATION GROWTH 2016 est. Median Household Income: 2016 est. Population Growth: 2021f Population Growth: $60,033 0.53% 1.26% 73,150 30,450 67,925 29,435 62,700 28,420 57,475 27,405 52,250 26,390 47,025 25,375 41,800 24,360 2000 2016 est. 2021f 2000 2010 2016 est. 2021f HOUSEHOLD GROWTH POPULATION BY AGE 2016 est. Household Growth: 2021f Household Growth: 2016 est. Median Age: 0.43% 1.30% 39 years 1 month 11,165 6,130 10,780 4,904 10,395 3,678 10,010 2,452 9,625 1,226 9,240 0 8,855 85 + 2000 2010 2016 est. 2021f Under 1515 to 2425 to 3435 to 4445 to 5455 to 6465 to 7475 to 84 CRIME RATE per 1,000 people 98146 Washington SCHOOLS score Total Crime Rate: Violent Crime Rate: Property Crime Rate: Mount View Elementary School 2/10 59.01 39.91 6.35 2.85 61.79 37.06 Cascade Middle School 2/10 ETHNICITY 9.7% Others 5.2% Two Plus 0.9% American Indian 1.1% Pacific Islander 14.0% Asian 5.4% Black 45.2% White 18.3% Hispanic Salmon Creek | Page 16 Puget Sound Overview SALMON CREEK COMMUNITY Seattle – Tacoma – Bellevue Area • There are approximately 1,478,562 households in the region HOUSEHOLD INCOME HOUSEHOLD GROWTH which is up 1.4% year-over-year. Forecasts show that house- 2016 est. Median Household Income: 2016 est. Household Growth: hold formation is expected to increase by an annual growth rate of 1.5% for 2016. Median household income in the area $70,918 1.5% increased 1.7% from the previous year to $70,918. Incomes 78,000 1,562,000 are forecast to increase 1.7% for the year in 2016. 72,000 1,491,000 66,000 1,420,000 • There are still a lot of unknowns with the Millennial Genera- 60,000 1,349,000 tion (also known as Generation Y) as they are not buying as 54,000 1,278,000 many homes as some of the older generations. 48,000 1,207,000 42,000 1,136,000 • Seattle continues to attract young professionals with 2000 2016 est. 2000 2010 2016 est. high-paying tech jobs but this demographic is opting more to rent versus buy at the current time. • Young professionals continue to flock to the Pacific Northwest relocating for tech jobs. This has been driving the demand and prices for condo sales and rentals close to Amazon headquarters and other POPULATION GROWTH POPULATION BY AGE large companies in the South Lake Union and downtown Seattle neighborhoods. 2016 est. Population Growth: 2016 Median Age: • Seattle’s neighborhoods, urban quality, diversity and hip quotient, also help the city in a significant 1.4% 37 years 9 months demographic wave identified by the Emerging Trends Report recently published from the Urban Land 3,828,000 795,000 Institute and PricewaterhouseCoopers. 3,654,000 636,000 3,480,000 477,000 • Public transportation continues to be 3,306,000 318,000 an expensive city undertaking with the 3,132,000 159,000 underground tunnel underway and several 2,958,000 0 new urban projects disrupting the 2,784,000 85 + 15 to 24 traffic flow known as the “Mercer mess” 2000 2010 2016 est. Under 15 25 to 3435 to 4445 to 5455 to 6465 to 7475 to 84 in downtown Seattle causing many traffic concerns, however, the end result will benefit the flow of traffic and urban appeal twofold. ETHNICITY • Strong consumer spending has been a byproduct of good economic growth and a growing local population. 3.8% Others 11.7% Asian 5.3% Two Plus 5.4% Black 1.0% American Indian 63.0% White 0.8% Pacific Islander 9.0% Hispanic Salmon Creek | Page 17 Sales Process SALMON CREEK The property is being marketed by Land Advisors Organization - WA Division and Windermere Real Estate Capitol Hill. Seller will respond to offers, at its sole discretion, following Close of Offers. Please contact us to submit offers. Email offers in PDF form to [email protected] or [email protected] or [email protected]. Property tours are available through the listing brokers. Please contact Scott, Wes or Ian to schedule an appointment. Scott Cameron (425) 445-0887 | [email protected] Wes Falkenborg (425) 761-6489 | [email protected] Ian Porter (206) 673-3423 | [email protected] Please do not hesitate to contact us should you need additional information on this opportunity. Sincerely, Scott Cameron Wes Falkenborg Ian Porter Land Advisors Organization Land Advisors Organization Windermere Real Estate WA Division WA Division Capitol Hill Salmon Creek | Page 18 Land Advisors Organization – WA Division & Windermere Real Estate Capitol Hill SALMON CREEK Who is Land Advisors Organization? Located in Bellevue, the Washington Division of Land Advisors Organization covers residential and Providing an expanded service offering that includes resort and hospitality experience, a capital mixed-use land activity throughout Washington State. We serve a client base inclusive of land advisory group, deep market insight and research, and cutting-edge technology, we measure our developers, homebuilders, investors, trusted advisors, mixed-use land sellers and developers, and success by the satisfaction of those we do business with—one transaction at a time. private estate owners. Our team of experienced, trusted advisors/brokers provides our clients with specialized land-focused market knowledge, marketing, and transaction management. Scott Cameron [email protected] Wes Falkenborg [email protected] Co-Founding Principal 425.445.0887 Co-Founding Principal 425.761.6489 As a Co-Founding Principal of Land Advisors Organization-Washington Division, Scott leverages his Wes provides a full range of professional sales and marketing services to landowners, developers, home- twenty five years of experience in the real estate industry as a trusted advisor and broker to a wide array builders, lenders, and investors for new single family residential and multifamily land opportunities in of valued clients including publicly traded and private homebuilders, developers, investors, financial Washington.