5600 Roosevelt Way NE Seattle, WA

Roosevelt Way 5600 NE Seattle, WA FOR SALE UNIVERSITY DISTRICT OWNER/USER OR DEVELOPMENT SITE

Billy Poll, CCIM Dean Altaras, CCIM NAI Puget Sound Properties NAI Puget Sound Properties +1 425 586 5604 +1 425 586 5613 [email protected] [email protected] The property offers an opportunity in what many consider to be one of the last remaining affordable areas in Seattle.

The information contained herein has been given to us by the owner of the property or other sources we deem reliable, we have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 2019/FLYERS/5600 Roosevelt Way NE Property Overview

Roosevelt Way NE 5600 Seattle, WA University District Development Site NAI Puget Sound Properties is pleased to present an opportunity to purchase a prime commercial owner/ user or development site in Seattle’s University District. This 6,677 SF property has excellent visibility on Roosevelt Way NE and is in close proximity to the new Light Link Rail University District Station and the new Roosevelt Station. The property is located in the heart of North Seattle and the U District, and offers an opportunity in what many consider to be one of the last remaining affordable areas in Seattle.

• Located at the NE corner of Roosevelt Way NE and NE 56th Street • Outstanding transit-oriented site between 94 the new Link Light Rail U District Station and the Roosevelt Station Walk Score

• Lot Size: 6,677 SF

• Parcel Number: 3589500335

• Building Size: 4,264 SF • Current Zoning: NC2-40 97 • Numerous retail amenities within walking Bike Score distance

• Excellent access to I-5 and Downtown Seattle

• List Price: $2,150,000 72 Transit Score

Bellevue | Seattle | Tacoma nai-psp.com 3 5600 Roosevelt Way NE

Bellevue | Seattle | Tacoma nai-psp.com 5 Ravenna Park

University Village

University of Washington

Gas Works Park

The U District is a district of neighborhoods so named because the main campus of the University of Washington (UW) is located here. The area is bounded on the west by Interstate 5; on the east by 25th Avenue NE; on the south by the Lake Washington Ship Canal; and on the north by NE Ravenna Boulevard. It also includes, east of these boundaries, a small district on the north shore of Union Bay, bounded on the north by NE 45th Street and on the east by 35th Avenue NE. This extension consists mainly of the “east campus” and extensive parking lots of the University. Its main commercial street, University Way NE, is known throughout the city as “The Ave”. The U District is a sub-neighborhood near the border of Ravenna that expands further to the east and south and Greenlake to the west. There is a series of these small neighborhoods along both sides of I-5 moving north from the Seattle CBD.

In general, all of these neighborhoods provide housing for the employment center of the Seattle CBD and elsewhere in the region, as well as housing for University of Washington students. The University is also the largest employer in the larger neighborhood. It is located on the west shore of Lake Washington, along the north side of the Ship Canal, less than one mile east of the property. Surrounding the University is dense residential development in the form of multi-family housing and older single-family houses converted to

Bellevue | Seattle | Tacoma nai-psp.com 7 individual multiple units or room rentals. In addition Summary to Roosevelt Way NE, two other north/south The property is well between two light rail stations commercial corridors, University Avenue and 25th under construction. The neighborhood had been Avenue NE, provide additional retail and service fully developed for some time now with sporadic support for the area. redevelopment over the years until the pace picked up significantly in 2009. The new projects have Adjacent to the east side of the campus is been successful and demand for housing has University Village, an open-air life style shopping increased land value to the point where the blocks center totaling about 440,000 SF which offers close to the commercial center and the Link station restaurants, locally owned boutiques, grocery are seeing very strong development pressure. The anchors and signature national retailers. To the range of services and entertainment available for north, there is a major retail node at NE 105th residents and proximity to employment centers Street, including Northgate, a regional mall in the neighborhood are excellent. Overall, the anchored by multiple national retailers. neighborhood is considered an attractive and desirable place to live, becoming even more so as Access the current redevelopments add better quality units In general, the U District and North Seattle in and additional retail services. general enjoy excellent access with two main, north/south corridors, SR-99 and I-5. SR-99 was Considering the worsening of regional traffic, formerly the main west coast highway, prior to the and the anticipated growth of employment in the construction of the interstate in the 1960’s. This downtown area, close-in markets are expected highway is more regionally orientated, and provides to out-perform the region, especially those areas access from Tacoma in the south to Everett in the around light rail stations. The University, Greenlake, north. Access to I-5 is available at NE 45th, 50th, and North Seattle housing markets are seeing 65th, and 75th Streets. Neighborhood access is increasing demand for somewhat more affordable also very good by surface streets that are generous housing as rates in neighborhoods adjacent to the by typical close-in neighborhood standards. CBD have seen skyrocketing rents influenced by Amazon and other tech job growth. The neighborhood is well served by Metro King County bus service with Roosevelt Way NE, 12th Avenue NE, and NE 65th Street part of numerous routes. This will be augmented in less than two years by Link light rail. See Transit Overview (page 13) section for more details.

Safeway

PCC Market Future Top Pot Light Rail Doughnuts Station

Whole Foods

Ravenna Park

Seattle Public Library

Dick’s Drive In University Village Safeway

AMC

Future Ivar’s Light Rail Station

University NE Way “The Ave” University NE Way “The Ave”

UW Medical Husky Westward Center Agua Stadium Verde Link Light Rail Station

Bellevue | Seattle | Tacoma nai-psp.com 9 The U District is an attractive and desirable place to live with a range of services and entertainment and excellent proximity to employment centers.

5600 Roosevelt Way NE

Bellevue | Seattle | Tacoma nai-psp.com 11 The Northgate Link Extension is scheduled to open in 2021 Northgate providing an 8 min ride from U District to Westlake station. Future Link Extensions

Current Link Route

Roosevelt

U District

University of Washington

120th 130th Overlake Transit Center

Bellevue Overlake Village Transit Center Capitol Hill Hospital Westlake Rainier Mercer University Street Island East Main Pioneer Square International District Stadium South Bellevue SODO Mount Baker The East Link Expansion is Beacon Hill schedule to open in 2023 providing Columbia City a 24 min trip from Westlake Station & downtown Bellevue.

Othello

6 Min Rainier Beach

7 Min

9 Min

Tukwila International Blvd

10 Min

SeaTac Airport

12 Min

Angle Lake 4 Min

The property is located near the new Link light rail station now under construction between NE 43rd It is anticipated the Street and NE 45th Street on Brooklyn Avenue E completion of the Link will and the Roosevelt light rail station. Recently the area make the location much more has seen strong development of mid-rise apartment projects due not only to the generally desirable attractive to UW students and location but looking forward to the opening of the Seattle CBD workers. U District light rail station and the Roosevelt light rail station. Both of the stations are scheduled to open reliable light rail taking a burden off the current bus in 2021. system.

It is anticipated that the U District and all of North The travel times from University District to other Seattle will benefit from completion of Link. It will neighborhoods around the Puget Sound are make the location much more attractive to UW remarkably shorter on the Link Rail as illustrated students and Seattle CBD workers with the more in the map on the previous page.

Bellevue | Seattle | Tacoma nai-psp.com 13 Custom Map

May 20, 2019

The U District provides housing for the employment center Demographics of the Seattle CBD as well as University of Washington 1 Mile Radius students.

3 Mile Radius

5 Mile Radius

Bellevue | Seattle | Tacoma nai-psp.com 15 Exclusively marketed by:

Billy Poll, CCIM +1 425 586 5604 [email protected]

Dean Altaras, CCIM +1 425 586 5613 [email protected]