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For Sale: $2500000 FOR SALE: $2,500,000 HARBOR AVE SW REDEVELOPMENT OPPORTUNITY 2255 HARBOR AVE SW, SEATTLE WA 98126 // ALKI BEACH NEIGHBORHOOD 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 Untitled Map Legend Write a description for your map. TABLE OF CONTENTS // INVESTMENT SUMMARY PAGE// 3 // SITE OVERVIEW PAGE// 4 // MARKET OVERVIEW PAGE// 11 2 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY N N ➤ 200 ft THE OFFERING ORION Commercial Partners is excited to offer for sale the Westbay Professional Building located at 2255 Harbor Ave SW, Seattle WA. This rare redevelopment opportunity is located along Harbor Ave SW, zoned C1-55 (M) with 14,375 square feet of dirt and has a preliminary site plan for 46 apartment units ranging from 338 SF to 417 SF. The site has views of the Puget Sound, the Seattle city skyline, and has easy access to multiple nearby parks, bike paths, Alki Beach, Salty’s Restaurant, and the West Seattle Water Taxi. INVESTMENT Priced at just over $54k/unit, this opportunity will not last long! 2255 HARBOR AVE SW, Address SEATTLE, WA 98126 SUMMARY Offering Price $2,500,000 Proposed # of 46 (23 PARKING & 50 BIKE STALLS) Residential Units Avg. Price/Unit $54,347 Range of New 338 SF - 417 SF Residential Units Proposed Price/SF Proposed 32,250 $77.92 Building SF Building Total Land Area 14,375 SF Price Per Square $173.91 Foot Land Zoning C1-55(M) Parcel 927520-0270 Year Built 1967 3 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY SITE OVERVIEW CURRENT STRUCTURE: Westbay Professional Building is a 2-story office/retail building with ±125 ft frontage on Harbor Ave SW. 4,642 net rentable square feet built-out with 12 well-appointed suites with shared bathrooms, kitchenette, storage areas and drive thru espresso stand. C1-55 (M) ZONING Large supermarkets, building supplies and household goods, auto sales and repairs, and apartments (see page 10). STRATEGIC LOCATION This location is in one of Seattle’s most desired neighborhoods due to its incredible views, sandy beaches and quaint commercial core just to the west. There also convenient access to public transit including the Water Taxi dock to Downtown Seattle. STRONG DEMOGRAPHICS Alki is one of King County’s most diverse neighborhoods with a population just below 13,000. The median age is 43 years old. There are over 12,319 people living within a 1-mile radius of the subject property and over 135,431 people within a 3-mile radius. The 2020 average household income, over a 1-mile radius, is roughly $148,000. 4 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY SITE OVERVIEW PROPERTY PHOTOS 5 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY SECTION SITE OVERVIEW REDEVELOPMENT FLOOR PLANS: LEVEL 1 & 2 Property Line Property Line Property LEVEL 1 FLOOR PLANS LEVEL 2 FLOOR PLANS 8 FEASIBILITY ANALYSIS PACKAGE a 2505 3rd Avenue Suite 300C, Seattle WA 98121 t 206.367.1382 CARON ARCHITECTURE N LEVEL 1 N LEVEL 2 4 FEASIBILITY ANALYSIS PACKAGE a 2505 3rd Avenue Suite 300C, Seattle WA 98121 t 206.367.1382 CARON ARCHITECTURE a 2505 3rd Avenue Suite 300C, Seattle WA 98121 t 206.367.1382 CARON ARCHITECTURE 5 6 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY SECTION SITE OVERVIEW REDEVELOPMENT FLOOR PLANS: LEVEL 3/4 & 5 Property Line Property Line Property FLOOR PLANS FLOOR PLANS LEVELS 3 & 4 LEVEL 5 8 FEASIBILITY ANALYSIS PACKAGE a 2505 3rd Avenue Suite 300C, Seattle WA 98121 t 206.367.1382 CARON ARCHITECTURE N N LEVEL 3-4 LEVEL 5 6 FEASIBILITY ANALYSIS PACKAGE a 2505 3rd Avenue Suite 300C, Seattle WA 98121 t 206.367.1382 CARON ARCHITECTURE 7 a 2505 3rd Avenue Suite 300C, Seattle WA 98121 t 206.367.1382 CARON ARCHITECTURE 7 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY SITE OVERVIEW AERIAL MAP Elliott Bay Alki Beach DON ARMENI LUNA PARK BOAT RAMP SW ADMIRAL WAY HAMILTON VIEWPOINT PARK MARINATION ALKI TOURS WATER TAXI SALTY’S ON ALKI SUBJECT SITE HARBOR AVE SW 8 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY SITE OVERVIEW WEST SEATTLE AMENITIES MAP ALKI THE JUNCTION Alki Cafe Azuma Sushi Alki Kayak Tours D Bakery Nouveau A Alki Point The Beer Junction ELLIOTT BAY Lighthouse Chipotle Alki Spud Easy Street Records 1 Fish & Chips ALKI BEACH 4 SUBJECT SITE Seacrest Park Ampersand Cafe Elliott Bay Brewery Harbor Ave SW Blue Moon Burgers Great Harvest Bread Alki Ave SW Husky’s Ice Cream B Cactus Restaurant Ma’ono C Christo’s Duke’s Chowder House Mashiko Sushi Bar ADMIRAL El Chupacabra The Matador Restaurant Jack Block & Bar 2 La Rustica THE JUNCTION DISTRICT Park Pagliacci Pizza Marination99 Ma Kai Alki Beach Park QFC Pegasus Pizza Safeway B SW Admiral Way HARBOR Pepperdock Restaurant California Ave SW Ave California ISLAND Shadowland Eatery 5 INDUSTRIAL C Salty’s on Alki E Starbucks 1 DISTRICT Seacrest Ferry Dock A WEST Talarico’s Pizzaria Schmitz Sunfish & Lounge Park Top Pot Doughnuts F Trader Joe's Wheel Fun Rentals West Five Lounge West Seattle Brewing Co. & Restaurant ALKI G West Seattle Bowl H ADMIRAL DISTRICT W.S. Family YMCA 4th Ave S 4th Ave Airport Way I S Ave 1st 2 Admiral Theater DELRIDGE J 3 Admiral Bird Admiral Pub G Chelan Cafe Me-Kwa-Mooks THE Bartell Drugs Delridge Park Community Center JUNCTION Circa Restaurant SW Avalon Way Delridge Deli Mart DUWAMISH JackWATERWAY in the Box Home Depot West Marginal Way Luna Park Cafe H Ounces Taproom Puget Park McDonald’s SW Alaska St F 99 Skylark Cafe & Club Metropolitan Market Subway D E Mioposto Pizzaria Sound Physical Therapy 35th Ave SW Ave 35th Delridge Way Fauntleroy Way Fauntleroy West Seattle Mission Cantina Golf Course Uptown Espresso 3 DELRIDGE Mudbay Walgreens Prost! The Westy Safeway/Gas West Seattle 5 I Health Club Camp Long Westwood Village DELRIDGE Shopping Center J Youngstown Flats 4 WATER TAXI 9 // 2255 HARBOR AVE SW - REDEVELOPMENT OPPORTUNITY NC1 NC3 C1 Neighborhood Commercial 1 Neighborhood Commercial 3 Commercial 1 A small shopping area that provides primarily convenience retail sales and services to A larger pedestrian-oriented shopping district serving the surrounding neighborhood An auto-oriented, primarily retail/service commercial area that serves surrounding the surrounding residential neighborhood and a larger community, citywide or regional clientele; allowing comparison shopping neighborhoods as well as a citywide or regional clientele among a range of retail businesses Typical Land Uses Typical Land Uses Small grocery store, hair salon, coffee shop, and Typical Land Uses Large supermarkets, building supplies and household goods, auto sales and repairs, and apartments. apartments above. Supermarkets, restaurants, offices, hotels, clothing Building Types Building Types shops, business support services, and residences that A variety of commercial building types and site layouts including one-story commercial structures with extensive Small commercial structures, multi-story mixed-use are compatible with the area’s mixed-use character. surface parking, and multi-story office or residential buildings. SITE OVERVIEW C1-55(M) ZONING DESCRIPTION and residential structures. Non-residential uses Building Types Street-level Uses typically occupy the street front. ZONING: COMMERCIAL 1 Single purpose commercial structures office buildings, Same as NC1 zone. An auto-oriented, primarily retail/service commercial area that serves surrounding neighborhoods Street-level Uses multi-story mixed-use and residential structures. Non- Street-level Non-residential Design as well as a citywide or regional clientele Non-residential uses required at street-level on street-facing facades. Residential uses are limited to 20% of the residential uses typically occupy the street front. Same as NC1 zone for structures containing residential uses, or when Typical Land Uses Parking Location street-level, street-facing facade. Street-level Uses across a street from a residential zone. No requirements for non- Large supermarkets, building supplies and household No restrictions generally. When a development Same as NC2 zone. Illustration: Val Thomas goods, auto sales and repairs, and apartments. contains residential uses or is across a street from a Street-level Non-residential Design residential structures, or when not across from a residential zone. residential zone. At the rear or side of a building, within Transparency required for 60% of a street-facing facade. Nonresidential uses at street level must have an average Building Types a structure, or off-site within 800’. Parking between a Street-level Non-residential Design Street-level Residential Design A variety of commercial building types and site depth of 30’, and have a minimum height of 13’. building and a street is not allowed. Parking between Same as NC1 zone. Same as NC2 zone, except residential use limits explained for NC1 layouts including one-story commercial structures buildings along the street is limited to 60’. Within a Street-level Residential Design zones apply in some locations, such as Bitter Lake and Lake City with extensive surface parking, and multi-story office structure, street level parking must be separated from Street-level Residential Design or residential buildings. the facade by another permitted use. Must contain at least one visually prominent pedestrian entry for residential uses. Dwelling units must be at least 4’ Same as NC1 zone. Urban Villages and Northgate Overlay District. above, or 10’ back, from a sidewalk, unless conversion of a nonresidential space to a residential use is authorized. Street-level Uses Parking Access Maximum Size of Commercial Use Maximum Size of Commercial Use Non-residential uses required at street-level on street- No restrictions generally. When a development Maximum Size of Commercial Use No size limits for most uses; 25,000-40,000 square feet for ware- facing facades.
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