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Offering Memorandum Offering Memorandum EASTLAKE DEVELOPMENT SITE 3101 - 3107 Eastlake Ave E Seattle, WA Exclusively offered by Paragon Real Estate Advisors 600 University Street | Suite 2018 | Seattle, WA 98101 1 P 206.623.8880 | E [email protected] | ParagonREA.com Offering Summary EASTLAKE DEV SITE Name Eastlake Development Site Address 3101 - 3107 Eastlake Ave E, Seattle WA 98102 Price UNPRICED Parcel Numbers 195970-2740 / 6,820 Land Sq.Ft. 195970-2745 / 9,680 Land Sq.Ft. Total Lot Size 16,500 Sq.Ft. Zoned NC3P-40 Existing Improvements Commercial Mixed-Use Buildings Development Potential 75+ Units (Proposed HALA) Terms Cash Out 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Investment Highlights A+ Eastlake location - Close to everything 75 + unit development site primed for condos or apartments Views of downtown Seattle and Lake Union Corner lot Walking distance to restaurants, shops, cafés, pubs, service businesses and more 73% of households in this neighborhood are renters Walk Score of 77 - very walkable High visibility location with high daily traffic counts Plentiful neighborhood amenities include retail and restaurants Centrally located near the CBD, University of Washington, Seattle Pacific University, Seattle University, Amazon and Light Rail Neighborhood parks include Fairview Park, Roanoke Park, Rogers Playground and Roanoke Street Mini Park On a major bus line 600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Map SEATTLE CBD PUGET SOUND CAPITOL HILL MADISON PARK AMAZON CAMPUS SOUTH LAKE UNION EASTLAKE DEV SITE FREMONT UNIVERSITY OF WASHINGTON WALLINGFORD UNIVERSITY DISTRICT 600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Eastlake Eastlake is one of Seattle’s most iconic neighborhoods, boasting the famous flotilla of boat houses on the lake, surrounded by an eclectic mix of historical townhomes, modern condominiums and colorful apartment buildings. It is a neighborhood with a rich and distinctive history and feel. Starting as little more than a floating shantytown for migrant workers has transformed over time into a diverse and electric neighborhood. While once considered “floating shanties”, these residences are still small, but vary from modest to opulent. It’s perfectly positioned at the center of Seattle’s urban and cultural hub—UW, South Lake Union, Downtown and Capitol Hill, giving residents and visitors alike a unique and active springboard towards accessing work and play within the city. Its minutes away from Amazon’s 30,000+ employee campus in South Lake Union, and adjacent to many tech and biotech companies that make up a large part of the city’s employment infrastructure, such as Adaptive Biotechnologies and Immune Design Corporation. Local coffee shops, boutiques and other businesses also thrive alongside large chains. Eastlake is an attractive neighborhood and conveniently located to major thoroughfares and public transportation that make accessing the city at large easy. Many of the major bus routes connect to the U District and Downtown, opening up an enormous range of options for employment, education and entertainment for residents and visitors alike. 600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com Eastlake Snapshot Population 7,628 Male 53% Female 47% Median household income $81,808 Married 21% Single 79% Owner Occupied 27% Renters 73% Median 1 Bd/1 Bth Rent $1,664 Median 2Bd/1 Bth Rent $2,062 TOP JOB SECTORS: * Management: 12.7% Healthcare: 4.7% Educational: 9.9% Engineering 4.4% Administrative: 9.7% Science 3.7% Sales: 8.8% Legal : 3.4% Entertainment 8.6% Social Services: 3.0% Business 7.9% Personal Care 2.8% Food Service: 5.8% Transportation 2.0% Computer: 5.4% * https://statisticalatlas.com/neighborhood/Washington/Seattle/Eastlake/Occupations 600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com Seattle Central Business District Seattle is ranked 10th in the US as one of the fastest growing cities Major Health Care: Harborview Medical Center, University of Washington Medical Center, Swedish Medical Center, Children’s Hospital, Virginia Mason Medical Center, Providence Medical Center and Group Health Seattle Icons: Space Needle, Pike Place Market, South Lake Union, Seahawks, Mariners Home to major universities such as University of Washington, Seattle University, Seattle Pacific University, Antioch University, City University, Seattle Art Institute, Cornish School of Arts Headquarters to Amazon, Starbucks, Fred Hutchinson Cancer Research Center, Paul Allen Institute, Holland America Cruise Line, REI, Real Networks, Big Fish, Expedia (2018), Zillow, Redfin, F-5 Networks, Nordstrom’s, Boeing, Expeditors International, Payscale, DocuSign, Zulily New Companies entering Seattle’s Market: Tableau, Facebook, Dropbox, Apple and Google Amazon currently host’s 24,000 employees, and is projected to host an additional 47,000 more (total 71,000) by 2019 Amazon Projected to have over 10 million square feet of office space by 2019 600 University Street | Suite 2018 | Seattle, WA 98101 7 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Amenities Food/Drink Shopping/Services Parks/Schools 15 4 2 1 Eastlake Bar and Grill 6 2 Le Fournil Bakery 24 26 3 Sushi Kappo Tamura 1 EASTLAKE 4 Lake Union Sea Ray 7 3 DEV SITE 5 Gas Works Park 6 Seattle Marina 7 Fairview Park 5 8 Mammoth 9 Roanoke Park 9 25 10 Pomodoro Ristorante Italiano 11 Starbucks 8 14 12 Pagliacci Pizza 10 12 13 13 Seattle Prepatory School 11 14 Montlake Playfield 23 15 University of Washington 20 22 16 16 Serafina 17 Grand Central Bakery 18 Interlake Park 18 19 Volunteer Park 20 Patrick’s Fly Shop 21 Saint Mark’s Cathedral 17 22 Montlake Bicycle Shop 23 Monts Market 21 24 UW Medical Center 25 Montlake Boulevard Market 19 26 UW Light Rail Station 600 University Street | Suite 2018 | Seattle, WA 98101 8 P 206.623.8880 | E [email protected] | ParagonREA.com Sound Transit Link Light Rail In November 1996, voters in King, Pierce, and Snohomish Counties approved increases in sales taxes and vehicle excise taxes to pay for a $3.9 billion transit package that included $1.7 billion for a light rail system, including Central Link and Tacoma Link. Central Link is a light rail line running between the University of Washington, downtown Seattle, the SoDo district, Seattle’s Rainier Valley, Tukwila, the Seattle–Tacoma International Airport in SeaTac and Angle Lake. The initial 13.9-mile segment of the line was opened on July 18, 2009. The line has since been expanded twice and spans 20.35 miles as of September 26, 2016. Northgate Link extension will connect the University District to Northgate. Northgate Link will travel in two tunnels from University of Washington station, the northern terminus of the University Link Extension, through underground stations at U District and Roosevelt towards Northgate, emerging on the east side of Interstate 5 and continuing on an elevated guideway to Northgate station. The extension was approved in 2008 and began construction in 2012. This line is expected to open for service in 2021. The East Link Extension is a planned Sound Transit Link Light Rail line, spanning about 14 miles from Downtown Seattle eastward to the city of Redmond. Construction of East Link began in 2016, and the line is scheduled to open for service to Overlake in 2023.An extension to downtown Redmond will open in 2024. An estimated 50,000 passengers will use East Link every day by 2030.[2]an enormous range of options for employment, education and entertainment for residents and visitors alike. The Lynnwood Link extension is a planned Link light rail extension traveling north from Northgate to Lynnwood. The 8.5-mile light rail extension includes stations in Lynnwood, Mountlake Terrace, and Shoreline along Interstate 5. Lynnwood Link extension is scheduled to begin construction in 2018 and open for service in 2024. Ridership is expected to be 63,000 to 74,000 daily in 2035. 600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com Employment Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston. > Adobe > Nordstrom > Alaska Airlines > Paccar > Amazon > RealNetworks > Apple > REI > AT&T Wireless > Russell Investments > Boeing > SpaceX > Costco > Starbucks > Expedia, Inc. > Symetra Financial > Expeditors International > Tableau Software > F5 Networks > T-Mobile > Facebook > Twitter > Fred Hutchinson > Uber > Gates Foundation > University of Washington > Getty Images > Virginia Mason > Google > Weyerhaeuser > Microsoft > Zillow > Nintendo > Zulilly 600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com Map of Key Employers EASTLAKE DEV SITE ELLIOTT BAY 600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com Employment Outlook The Seattle metro area is currently characterized by positive job growth, with a 2.9% gain in employment, which represents an increase of 43,000 new jobs. Downtown Seattle ranks 12th among the 231 major employment markets in the U.S. for job density, and that ranking is expected to rise.
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