FOR SALE: $9,800,000 ELLIOTT AVE W DEVELOPMENT SITE 901 & 921 ELLIOTT AVE W, , WA 98119

SEATTLE CBD

ELLIOTT BAY

ELLIOTT BAY TRAIL COMMUTE TO SEATTLE CBD VIA ELLIOTT AVE W APPROX. 7 MINUTES (2.4 MILES)

W MERCER PL COMMUTE TO SEATTLE CENTER VIA W MERCER PLACE APPROX. 3 MINUTES (1 MILE) SUBJECT SITE: 901 & 921 ELLIOTT AVE W

KINNEAR PARK

ELLIOTT AVE W // VPD 55,000+

DAN FOSTER 1218 Third Avenue www.orioncp.com P // 206.445.7662 Suite 2200 P// 206.734.4100 [email protected] Seattle, WA 98101 Established in 2010 LAKE STADIUM SURROUNDINGS

CAPITOL HILL SEATTLE CBD

7 MINUTES

ELLIOTT BAY SEATTLE CENTER SOUTH LAKE 3 MINUTES UNION 6 MINUTES

LOWER QUEEN TABLE OF ANNE

SUBJECT SITE CONTENTS ELLIOTT AVE W QUEEN ANNE

INTERBAY

PROPOSED SMITH COVE STATION

PAGE

// INVESTMENT SUMMARY...... 3

// SITE OVERVIEW...... 4 - ZONING INFORMATION...... 6

// MARKET OVERVIEW...... 7 - LIGHT RAIL EXPANSION...... 10

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage, age, and numbers are approximate. Parties must verify the information and bears 2 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE all risk for any inaccuracies. THE OFFERING

ORION Commercial Partners is pleased to offer for sale the land and buildings at 901 & 921 Elliott Ave W, in Seattle, Washington’s Interbay neighborhood. Located on the highly trafficked Elliott Avenue West corridor which connects Ballard, Queen Anne, and Magnolia to Seattle’s CBD and zoned industrial commercial (IC) the subject site offers an excellent range of development opportunities.

Seattle’s population boom can be attributed to the fact that several of the world’s leading technology employers including Amazon, Apple, Facebook, and Google are here along with INVESTMENT Expedia’s 40-acre headquarters and F5 Networks located in close proximity to the subject site. With views of Elliott Bay, easy access to Seattle’s Central Business District, and situated amidst enormous job growth, even with its robust bus system, Sound Transit is also expanding its service to accommodate the influx of employees and residents to the area. Sound Transit’s new Smith SUMMARY Cove Link Light Rail station will be within walking distance from the subject site and will further provide reliable service/connection to downtown Seattle (see pages 9-12).

901 & 921 ELLIOTT AVE W, Address SEATTLE, WA 98119

Offering Price $9,800,000

901: 16,988 SF Land Area 921: 27,878 SF TOTAL: 44,866 SF

Price Per Square $218.43 Foot Land

901: 19,275 SF // BUILT: 1924 Building Area 921: 10,800 SF // BUILT: 1927 TOTAL: 30,075 SF

Price Per Square $325.85 Foot Building

IC-65 (M) - NEW ZONING Zoning (see page 6 for zoning information)

Parcel 387990-2235 // 766620-1980

3 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE KINNEAR PARK • 14 Acre park with landmark status • Off leash park, tennis courts, kids play area SUBJECT SITE

W MERCER PL SITE OVERVIEW ELLIOTT AVE W

CURRENT STRUCTURES There are four structures at 901 & 921 Elliott Ave W (parcels: 387990-2235 // 766620-1980), which combine for 30,075 SF of commercial use buildings. The site is mostly level and consists of a 44,866 SF rectangular lot. Currently vacant, former uses include a leather care business, a production/staging company, and warehouse/storage. The site is connected to Guardian Security Company 24/7 and is equipped with cameras and motion detectors.

IC65 (M) - INDUSTRIAL COMMERCIAL (IC) 65 (M) LAND USE

The intent of the Industrial Commercial zone is to promote the development of businesses that incorporate a mix of industrial and commercial activities, including light manufacturing and research and development, while accommodating a wide range of other employment activities (ie: office, brewery, restaurant, etc). Buyer to verify all uses. (see page 6).

STRATEGIC LOCATION Once known for its railroad and manufacturing roots, Seattle’s highly trafficked Elliott Corridor runs along the waterfront and connects the Interbay neighborhood to downtown Seattle. Positioned right on Elliott Ave W, the subject site offers excellent access to any future development as well as exceptional visibility to the 55,000+ daily commuters that the Elliott Corridor now brings. Sound Transit Ballard expansion - International District to Ballard Line - will further provide reliable service/connection to downtown Seattle, the , Sea-Tac Airport, and many more destinations around the region (see pages 10-12).

4 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE SITE OVERVIEW SITE PHOTOS

921 ELLIOTT AVE W 10,800 SF BUILDING 27, 878 SF LAND PARCEL: 766620-1980

921 ELLIOTT AVE W

901 & 920 ELLIOTT AVE W: 44,866 SF LAND

901 ELLIOTT AVE W 19,275 SF BUILDING 16,988 SF LAND PARCEL: 387990-2235

901 ELLIOTT AVE W

5 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE SITE OVERVIEW ZONING INFORMATION INDUSTRIAL COMMERCIAL (IC) 65 (M) LAND USE

NE 145TH ST

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Seattle’s Industrial Commercial zone allowing for a broad use of industrial and office uses. Previously limited T

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Haller City of to a height of 45 feet, the city of Seattle has up-zoned the Interbay neighborhood now permitting a height Lake NE 125TH ST E

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of 65 feet allowing for taller, more dense buildings. As the downtown Seattle CBD core continues to expand R N G E Seattle NE NORTHGATE WY

outwards -in response to the economic growth of the past decade- neighboring submarkets are absorbing NW 105TH ST Generalized 5

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M L much of the demand and influx of population. As a result, land values are rising rapidly, rendering older N

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buildings obsolete and developers acquiring sites that support future development. This is evidenced by the N

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W adjacent Expedia campus as well as the approximate 60 other completed, under construction, or planned for N

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E future development projects within a one-mile radius of the subject site. Y H

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C 2 K IC — 65’ M N N PL D K 1 A

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R N T S 36 O T T S H F T O S N Master Planned Community N T S N S G E O T SUBJECT SITE C N P I M I

Office 1 space for each 2,000 SF W A F

L C I I Y L F C IC A A W P S

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V B Q R Restaurants 1 space for each 250 SF I H V A F T E ALOHA ST E

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S A 1 T E JOHN ST 1 O R 9 1 space for each 8 fixed seats, B DENNY WY 6 2 T t N H Y D A A

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A 2 N B N 1 T O E UNION ST g Entertainment* or 1 space for each 100 SF of W S IS Y NE AD PI M E ST N IO UN E CHERRY ST S B n T Y S O N IO R W R E Office P R A N

public assembly J M T S A

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S JACKSON ST h Industrial P Food Processing 1 space for each 2,000 SF Elliott Bay S DEARBORN ST

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L FAR within IC’65 (M) Zone 2.75 E T K Note: This map is a view of generalized zoning only. A C W A S I C O N

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D G S For precise zoning information, please call or visit the Office 1 per 2,000 SF M J R B W R IA R

A S N W W W W M Y Seattle Municipal Tower, Seattle Department of Construction

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and Inspections SDCI at 700 5th Ave Suite 2000, 206-684-8850. S A

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C T MAXIMUM SF ALLOWED N S Industrial 1 per 4,000 SF GA S I W CH S GRAHAM ST SW MORGAN I I ST S M A F IR T S P A Y O V L R S SF V T A W N Y W S W A

S WY SW Y RK V S A S P A W TYPE SF V D A H E N T M K

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Entertainment* g K I

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G R E Prepared by:

J N Entertainment* 75,000 M R T A O

W N 10,000 SF max building R

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N Y V Seattle Department of Construction and S E S u V Inspections Geographic Information Systems I E W Seattle Information Technology SW 106TH ST D R

S Medical Services 75,000 capacity W No warranties of any sort, including

accuracy, fitness, or merchantabilty P accompany this product.

Copyright, City of Seattle All rights reserved

6 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE MARKET OVERVIEW ABOUT SEATTLE by the recession, Seattle has retained a comparatively SMITH COVE CRUISE TERMINAL AT PIER 91 SMITH COVE CRUISE TERMINAL PIER 91 strong economy, and remains a hotbed for start- The Smith Cove Cruise Terminal at Pier 91 is located up businesses, especially in green building and at the north end of Seattle’s waterfront, just 2 clean technologies: it was ranked as America’s No. 1 miles from the subject property, 10 minutes from “smarter city” based on its government policies and the famous Space Needle and the city’s retail core. green economy. It serves Carnival Cruise Line, Celebrity Cruises, Holland America Line, Princess Cruises, and Royal Very large companies dominate the business landscape Caribbean International. in the “Emerald City”. Five companies on the 2020 Fortune 500 list of the United States’ largest companies, Terminal 91 Uplands Development Project with a based on total revenue, are headquartered in Seattle: project cost of $49 million and a completion date of Q4 2024 plans are to improve the long-term financial Seattle, Washington is a coastal seaport city in King Internet retailer Amazon.com (#2), department store stability of the Port by creating the infrastructure to County. Seattle is the largest city in both the State Nordstrom (#205), online travel shopping company support new jobs, generate new revenue, and advance of Washington and the Pacific Northwest region Expedia Group (#263), freight forwarder Expeditors maritime innovation. The purpose of this project is to of North America. The Seattle metropolitan area of International of Washington (#389) and Weyerhaeuser, generate new economic impact by creating flexible, around 3.98 million inhabitants is the 15th largest the forest products company (#457). Other Fortune light industrial spaces that accommodate a range metropolitan area in the United States. As of 2020, 500 companies popularly associated with Seattle are of users and tenants with a focus on maritime and it has been ranked second for large cities with the based in nearby cities. Warehouse club industrial users. highest growth. Seattle is one of the most beautifully chain Costco (#14), the largest retail company in located cities in the United States thanks to its Washington, is based in Issaquah. Microsoft (#21) is views of Puget Sound and Lake Washington. It’s only located in Redmond. Finally, Bellevue is home to truck ECONOMIC IMPACT about 100 miles (160 km) south of the Canada–United manufacturer Paccar (#118). Other major companies States border. OF SEATTLE’S in the area include Nintendo of America in Redmond, CRUISE TERMINALS the T-Mobile US in Bellevue, and Providence Health Seattle is the region’s commercial and transportation & Services — the state’s largest health care system Two downtown cruise terminals, convenient air hub and the center of manufacturing, trade, and and fifth-largest employer — in Renton. The city has travel, and light rail connections make Seattle the finance. The , which also operates a reputation for heavy coffee consumption; coffee preferred choice for , Pacific Northwest, Seattle–Tacoma International Airport, is a major and West Coast cruises. The cruise industry gateway for trade with and cruises to Alaska and companies founded or based in Seattle include supports the regional economy by: is the 8th largest port in the United States in terms Starbucks (#114), Seattle’s Best Coffee, and Tully’s. of container capacity. Seattle’s importantly diversified There are also many successful independent artisanal • Generating $893.6 million for the local industries include aircraft, lumber and forest products, espresso roasters and cafés. economy every season fishing, high technology, food processing, boat • Providing 5,500+ local jobs every season The “Emerald City” is extremely multicultural and is building, machinery, fabricated metals, chemicals, influenced by the Pacific Rim in art and architecture. • Bringing $4.2 million per vessel call, with 216 pharmaceuticals, and apparel. vessel calls in 2018 The area is popular amongst outdoor enthusiasts • Contributing $14.5 million in state and local Greater Seattle is officially the fastest-growing major and boasts fantastic hiking, kayaking, cycling, and tax revenues per year metro in the nation. The region is growing 2.3 times rock climbing. The city offers a dynamic, urban city faster than the national average, a Greater Seattle surrounded by unmatched natural beauty, just waiting • Hosting 11 homeport vessels Partners analysis shows. Though it was also affected to be explored.

7 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE MARKET OVERVIEW DEMOGRAPHICS: 1, 3 & 5 MILE RADIUS

RADIUS 1 MILE 3 MILES 5 MILES

POPULATION:

2026 Projection 28,414 275,087 531,542

2021 Estimate 26,446 254,353 497,334 5 MILES 2010 Census 19,053 172,382 375,054 SUBJECT SITE Growth 2021 - 2026 7.44% 8.15% 6.88% 3 MILES Growth 2010 - 2021 38.80% 47.55% 32.60% 1 MILE HOUSEHOLDS:

2026 Projection 16,060 147,856 257,625

2021 Estimate 15,087 137,267 241,798

2010 Census 11,799 96,901 187,716

Growth 2021 - 2026 6.45% 7.71% 6.55%

Growth 2010 - 2021 27.87% 41.66% 28.81%

Owner Occupied 4,955 41,199 92,915

Renter Occupied 10,132 96,068 148,883

AVG HOUSEHOLD INCOME $145,951 $139,265 $139,560

MEDIAN HOUSEHOLD INCOME $109,351 $109,606 $109,830

Income: <$25,000 1,154 16,028 29,594

Income: $25,000 - $50,000 1,892 16,142 27,668

Income: $50,000 - $75,000 1,819 16,789 29,474

Income: $75,000 - $100,000 2,087 13,919 24,009 SUBJECT SITE Income: $100,000 - $125,000 1,580 14,978 25,821

Income: $125,000 - $150,000 1,282 11,432 19,494

Income: $150,000 - $200,000 1,257 15,525 27,965

Income: $200,000+ 4,015 32,454 57,772

$200,000+ 524 5,523 16,308

8 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE MARKET OVERVIEW ABOUT INTERBAY NEIGHBORHOOD

Interbay has traditionally been home to Seattle’s close-in industrial market with several Class-A office buildings on the southern end, along the EXPEDIA’S NEW HEADQUARTERS water, and warehouses and smaller retail shops SMITH COVE CRUISE • Brand new $900m campus TERMINAL PIER 91 • Stretches over 40 acres along Elliott Ave to the north. In 2012, Interbay • More than 600,000 sf and the ability began experiencing significant changes with many to eventually house more than 8,000 employees. new apartment units delivered along 15th and • Transition into the new campus has just begun with full occupancy to take place Dravus. In 2015, Expedia announced its acquisition upon completion of the campus’ second of the Former Amgen Campus and fueled the phase. demand in this submarket.

This area, which has been recently up-zoned, will further boost demand and development potential. We are seeing a robust development pipeline within a 1-mile radius of the subject property, including HELIX PEDESTRIAN BRIDGE BUS/SHUTTLE approximately 60 total projects either recently TERMINAL completed, under construction, or planned for future development totaling 6.6m SF.

SUBJECT SITE

5 MINUTE WALK TO PEDESTRIAN BRIDGE

ELLIOTT AVE W // VPD 55,000+

9 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE SITE OVERVIEW LIGHT RAIL EXPANSION // PROJECT UNDERWAY WHAT’S HAPPENING TO TRANSIT AND LIGHT RAIL COMING TO ELLIOTT AVE W? Many projects are in the works to improve mobility and South Lake Union neighborhoods (see Figure 2). across Lake Washington into East King County, and through and access within North Downtown The plan builds on existing community planning south of Sea-Tac International Airport to Federal Way. (NODO) neighborhoods (see Figure 1). Over the efforts and identifies and prioritizes transportation The Sound Transit 3 Link light rail expansion (2035*) next 20 years, many transformational projects improvements for all modes. will be funded and implemented by a variety of will expand the existing Link light rail system to partners and agencies in North Downtown. The The future completion of Sound Transit 2 Link light connect the Seattle neighborhoods of Ballard and North Downtown Mobility Action Plan (NODO MAP) rail expansion (2024*) will expand the existing light West Seattle. These two projects will further provide created to support access and livability in North rail system to serve three major travel corridors; the subject site with even more reliable service/ Downtown, which includes the Uptown, Belltown, extending from North Seattle into Snohomish County, connection to more destinations around the region.

2020 2021 2022 2023 2024 2025-2029 2030 2031 2032-2034 2035 • Arena Construction • Renovated Arena • East Link open • St • West Seattle Link • Link infill station • West Seattle to • Aurora Ave open Complete open open Ballard Link open restoration & surface • Northgate Link open • Lynnwood Link open • Tacoma Link open • Tacoma, Everett & street reconnection • Federal Way Link open Issaquah Link open • Battery St • East Link ext. to Restoration Redmond open *Time lines are approximate and may have changed due to the pandemic.

FIGURE 1 FIGURE 2

SUBJECT SITE SUBJECT SITE

10 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE MARKET OVERVIEW LIGHT RAIL EXPANSION N 45TH S T FREMONT

FUTW URE INTERBAY LIGHN T RAI L STATION

VE (2035) MAGNOLIA A

W DR AVUS ST 8TH W W W N N N

NW 65TH S T E E E V V V A A A SUBJECT SITE TH ND TH 8 2 5 2 1 3 W

E S T L

INTERBAY N A K E VE A A W MC GRAW ST V LAKE E

N UNION ANN E EEN U Q

FUTURE SMITH COVE LIGHT RAI L STATION (2035) QUEEN ANNE

MERCER S T

SUBJECT SITE SOUTH LAKE CAPITOL UNION HILL

DENNY WAY

TRANSIT KEY

3R D DOWNTOWN A Bus Route D V E SEATTLE Bus Route #19 ELLIOTT BAY Bus Route #24

Bus Route #32

 

11 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE MARKET OVERVIEW LIGHT RAIL EXPANSION

BALLARD MAGNOLIA SMITH COVE CRUISE PROPOSED TERMINAL PIER 91 SMITH COVE STATION

HELIX PEDESTRIAN BRIDGE

5 MINUTE WALK ELLIOTT BAY WATERFRONT PARKS KINNEAR PARK • Three continuous parks forming a 25-Acre BUS/SHUTTLE TERMINAL • 14 Acre park with landmark Greenspace status • 3-Mile pedestrian and bike trail along Elliott Bay • Sold to the city for $1 by • 20 outdoor art installations from Seattle Art George Kinnear Museum • Off leash park, tennis • Two pedestrian bridges connecting the parks to 10 MINUTE WALK courts, kids play area Elliott Ave TO SMITH COVE • Public fishing pier, tackle shop, and Rose Garden STATION

SUBJECT SITE

ELLIOTT AVE W

12 // 901 & 921 ELLIOTT AVE W DEVELOPMENT SITE ORION Commercial Partners maximizes real estate value through comprehensive project acquisition/disposition, property/ asset management, and leasing services. We are a progressive real estate services and investment firm constantly seeking a perfect alignment of interests between us as the service provider and our clients. ORION delivers a UNIFIED TEAM APPROACH to fulfill our client’s objectives. Creativity, accountability and focused attention are the hallmarks of our business.

DAN FOSTER INVESTMENT P // 206.445.7662 CONTACTS: [email protected] The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or www.orioncp.com 1218 Third Avenue guarantee, expressed or implied, as to its accuracy. Prospective buyer or tenant should conduct an independent investigation P// 206.734.4100 Suite 2200 and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Established in 2010 Seattle, WA 98101