FOR SALE: $1,535,000 ALKI AVENUE REDEVELOPMENT OPPORTUNITY 2309 53RD AVE SW, SEATTLE, WA 98116 // ALKI BEACH NEIGHBORHOOD DOWNTOWN SEATTLE BALLARD MAGNOLIA QUEEN ANNE SUBJECT PROPERTY Scott Clements David Butler 1218 Third Avenue www.orioncp.com P// 206.445.7664 P// 206.445.7665 Suite 2200 P// 206.734.4100
[email protected] [email protected] Seattle, WA 98101 Established in 2010 TABLE OF CONTENTS // INVESTMENT SUMMARY PAGE// 3 // SITE OVERVIEW PAGE// 4 // PORTFOLIO OVERVIEW PAGE// 13 // MARKET OVERVIEW PAGE// 16 // DEMOGRAPHICS PAGE// 17 2 // 2309 53RD AVE SW THE OFFERING Orion Commercial Partners is excited to offer for sale the Bungalow’s located at 2309 53rd Ave SW, Seattle WA. This rare redevelopment opportunity is located right on Alki Ave SW and has a preliminary site plan for 5 new townhomes ranging from 1,550 Square feet to 1,700 square feet. This site has unobstructed views of Puget Sound, the Olympic Mountains, Elliott Bay, Seattle and most importantly is right across the street from Alki Beach. Zoned LR2 (M), this 6,817 Square Foot lot can also be purchased as part of a 6 property portfolio of neighboring properties (details in Portfolio section). Priced at just over $225/square foot this opportunity will not last long! INVESTMENT 2309 53RD AVE SW, Address SEATTLE, WA 98116 SUMMARY Offering Price $1,535,000 Proposed # of 5 Townhome Units Price/Unit $307,000 SF Range of New 1,500 SF - 1,700 SF Townhome Units Price/SF Building $381.00 Total Land Area 6,817 SF Price Per Square $225.17 Foot Land Zoning LR2 (M) Year Built 1951 Portfolio Price 21,081,000 3 // 2309 53RD AVE SW SITE 53RD AVE SW OVERVIEW 2309 53RD AVE SW ALKI AVE SW // 10,170 VPD LR2 (M) ZONING Areas characterized by multifamily housing types in existing small-scale multifamily housing types, which are similar in character to single family zones.