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. Drawing on extensive market knowledge, research expertise and negotiating experience to institutions, private parties and master planned community & resort developers. successfully guide his clients through the transaction process.

Scott began his career with East West Partners where he served as a sales consultant and marketing Prior to joining Land Advisors Organization, Wes was a partner and co-founder of the Cameron Land director for master planned community sales. He then became a founding partner in The Lakemont Group, a regional land brokerage team. Wes is a member of the Urban Land Institute and is actively Company, an East West Partners Company. Scott later co-founded Coldwell Banker Bain New Homes and involved with the Master Builders Association of King and Snohomish Counties. was an executive with Bennett Homes before launching the Cameron Real Estate Group in 2003, which transitioned into the Cameron Land Group in partnership with Wes Falkenborg. Wes earned his Bachelor Degree from Washington State University, where he was also a member of the baseball team and two-year captain. A longtime Washington resident, Wes now resides with his family in Scott is a licensed Washington real estate broker and earned his Bachelor Degree in Business Issaquah, Washington. Administration from the University of Notre Dame. Scott is a member of the Master Builders Association of King and Snohomish Counties and an active supporter of several community non-profits.

Who is Windermere Real Estate? Morgan Swanson [email protected] Broker 425. 526.7558 Ian Porter [email protected] Morgan Swanson provides a range of professional sales and marketing services to landowners, Broker 206.673.3423 developers, homebuilders, lenders and investors for new single family residential and multifamily land opportunities, with a primary focus in the urban redevelopment market. Ian is a third generation real estate broker originally from Spokane, Washington. With 12 years of

experience in appraisal, he brings in top-notch evaluations and expert market knowledge. Ian is Morgan graduated on the Dean’s List from the University of Washington and completed the Foster techie, entrepreneur, industry leader and a Seattle neighborhood expert. He is a prideful School of Business Sales Program. While at the UW was a Varsity Soccer player and president of music-lover and will always have Maná playing on his speakers. the Washington Student-Athlete Advisory Committee (WSAAC). Morgan draws upon sales experi- ence and client relationships in her previous time working with Gallo Wine Company.

Salmon Creek | Page 19 Company Highlights SALMON CREEK

Land Advisors Organization Company Overview How We Are Different Our Services

Who We Are Organizational Culture Land Advisors Capital The Land Advisors Organization is the nation’s largest brokerage While most brokerage houses are a disparate collection of generalist Land Advisors Capital is a capital advisory firm launched in 2008, with offices in Phoenix, Arizona and Irvine, company focused exclusively on land. Founded in 1987, the company Agents who ultimately are competitors of one another, our offices California, specializing in establishing strategic has long employed the philosophy of having deeply experienced land are staffed with individuals who specialize in a specific geographic or relationships between real estate investors, developers brokers as team members, acquiring the most comprehensive data, functional areas and are economically-incented to collaborate with and capital providers throughout the Sun Belt region of the United States. Our and utilizing cutting-edge technology to display and interpret this their colleagues. The result is the best possible team on each project executives, whose collective experience spans several real estate cycles, possess the expertise to assist in optimizing your capital structure in the residential, retail, ever-changing collection of information. with a unified focus on the goals of their clients. office and industrial categories.

Our experience in every market stage allows us to share a unique Experience perspective in regards to identifying opportunities—in all kinds of Land is an unusual product, and requires unique skills to properly Land Advisors Resort Solutions Land Advisors Resort Solutions is a division of Land Advisors Organization offering economic conditions. And, with our collaborative network of national understand and manage complex and lengthy transactions. specialty brokerage services for resort, golf, hospitality and recreational offices, we are able to broaden the array of opportunities available to Rather than selling houses, leasing office space or listing buildings, community developers. Our client portfolio includes offerings that contain custom our clients. our Agents are specialists in land brokerage, making them ideally home sites, luxury residential, shared ownership, club assets, golf course qualified to fulfill our clients land-related needs. and destination properties. As We are committed to maintaining the highest standards of specialists in the resort industry, the performance for our clients and in developing and maintaining long- Brand Identity Land Advisors Resort Solutions team includes seasoned professionals who have term relationships. This business model has been clearly embraced, With over 25 years in land brokerage, a proven track record in been involved with some of the most successful resort and master-planned communities across North America. We leverage our experience with offering as the top homebuilders, financial institutions and lenders, master executing complex transactions across the country, deep innovative, urgency-based sales programs combined with a unique understanding planned community developers, and investors have chosen the Land relationships with the top developers and homebuilders, and a visible of club operations and membership sales to deliver the industry’s most highly- Advisors Organization to help them achieve their land-related and active presence in national real estate organizations such as ULI, regarded resort brokerage services. financial and strategic objectives. ICSC, NAIOP and others, the Land Advisors Organization has become the most recognized and respected brand in land brokerage. Integral Property Tax Services We provide comprehensive, individualized service to each of our In an effort to assist developers, builders and clients, designing a thorough marketing strategy and efficiently Network of Offices large landowners in minimizing their executing the detailed steps necessary for a successful transaction. Our experience has clearly shown us that our clients care about the property tax burden, Integral Property Tax Service (IPTS) offers comprehensive property This relationship-based business model ensures accurate, complete, quality of an opportunity, not simply where it is located. Whether a tax solutions with industry-leading consulting and objective counsel for our clients. client is interested in opportunities on a national scale, or just within services and unrivaled technology that can be tailored to suit each of their their local market, our nationwide network of collaborative offices client’s specific needs. Through unparalleled expertise and proven methodologies Our Network can accommodate both. Further, many prospective clients are in understanding the complexities of real and personal property tax management, IPTS has developed keen insight into the systematic problems Measured and systematic growth has been the hallmark of our national in their scope, and prefer a partner to be regional or national landowners face that often result in excessive tax liabilities. expansion. Recognizing markets poised for growth and identifying in their operations as well. highly experienced professionals has allowed us to create a Specialized areas of expertise involve all real estate asset classes including office, collaborative network of regional offices, continually broadening the Established Client Base industrial, retail, hospitality, residential land and raw land. IPTS also offers a range of services relating to personal property tax reduction such as: appeals services, opportunities available to our clients. Land transactions are typically complex, with many ‘moving parts.’ pre-acquisition analysis, incentive, exemption, abatement analysis, Having an established buyer with a proven track record can be the implementation, and valuation analysis of intangibles, proposed construction difference in closing a transaction and wasting both time and and obsolescence. IPTS leverages the Land Advisors Organizations’ proprietary opportunity. Further, a proven buyer at a minimum, can make a mapping technology; robust infrastructure and deep market insight to assist landowners in having their properties’ assessed valuations reflect current market difficult transaction move much more smoothly. With our database conditions. of both land records and Preferred Buyers, we are able to quickly and efficiently market properties to the most stable and qualified candidates.

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