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Dukes on Alki DUKES ON ALKI MIXED-USE BUILDING INVESTMENT FOR SALE 2516 ALKI AVE SW, SEATTLE, WA KIDDER.COM 01 INVESTMENT SUMMARY TABLE OF Investment Highlights CONTENTS 02 LOCATION OVERVIEW West Seattle Employment Map Location Aerial Demographics EXCLUSIVELY LISTED BY 03 TENANT PROFILE JASON MILLER BOB CONRAD, CCIM Vice President Senior Vice President 206.296.9649 425.922.2647 [email protected] [email protected] KIDDER.COM The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. 01 INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS DUKES ON ALKI OFFERING MEMORANDUM KIDDER MATHEWS 3 $4,450,000 PRICE INVESTMENT HIGHLIGHTS 6,500 SF building with two 5.4 % CAP RATE tenants DUKES RESTAURANT NNN LEASE RESTAURANT 5,100 SF (Dukes) 10 YEARS remaining on lease APARTMENT 1,400 SF (expires Jan 2031) APARTMENT PRO-FORMA LEASE 6,500 SF BUILDING WITH TWO TENANTS $240,732 Total Year 1 NOI $198,732 current NOI 1 YEAR lease ZONED NC 1-40 2% annual base rent $42,000 pro-forma NOI 10 YR ICONIC LOCATION on Alki Beach TWO 10-year options to renew PARKING on-site, one stall RESTUARANT LEASE APARTMENTDUKES BUILDING ON ALKI OFFERING MEMORANDUM KIDDER MATHEWS 4 02 LOCATION OVERVIEW DUKES ON ALKI OFFERING MEMORANDUM KIDDER MATHEWS 5 T-MOBILE NORTH SEATTLE PARK BEACON HILL CBD WEST SEATTLE BRIDGE CENTURYLINK FIELD HARBOR ISLAND ELLIOTT PUGET PARK BAY WEST SEATTLE GOLF COURSE HIAWATHA PLAYFIELD HAMILTON WEST VIEWPOINT PARK SEATTLE ALKI AVE SW COLLEGE STREET RAVINE SCHMITZ PRESERVE PARK DUKES ALKI AVE SW ON ALKI ALKI BEACH ALKI PLAYGROUND & WHALE TAIL PARK ALKI AVE SW BAR-S PLAYGROUND DUKES ON ALKI OFFERING MEMORANDUM KIDDER MATHEWS 6 LOCATION OVERVIEW bungalows nestled between newer condominiums and apartment buildings along Alki Avenue. Alki Point in West Seattle is considered to be the founding point of Seattle, before downtown was moved to its current location. Each year, the summer regional, month-long WEST SEATTLE Seafair celebration commences with a reenactment at Alki Beach that West Seattle is a vibrant commemorates the landing of the neighborhood located just five original explorers in 1851. miles southwest of Downtown Seattle, to the west of the Today, Alki is home to iconic eateries Duwamish River. The area is made including Spuds, which has been The Admiral District successfully up of several neighborhoods, serving fish and chips on Alki since combines a beautiful residential large parks, and beachfront with 1935, the upscale Salty’s waterfront area with ultra-hip businesses and views of the Seattle skyline and the seafood restaurant, Pegasus Pizza, unique culture. Patrons enjoy eclectic Olympic and Cascade Mountains. In Cactus, and Phoenicia. shops, boutique eateries, and the addition to appealing to downtown historic Admiral Theatre. Popular destinations include Metropolitan professionals, West Seattle attracts ADMIRAL DISTRICT residents that work in the south end Market, PCC Community Markets, at employers such as Alaska Airlines, The Admiral District lies on the Hiawatha Park, The Swinery, Prost!, Boeing, and Starbucks. northern bluff of the West Seattle and Luciano’s. peninsula (accurately titled the Duwamish Peninsula, after the local The park includes fire pits, picnic ALKI Indian tribe), less than two miles tables, and a bathhouse with an The Alki Ave Development Site are south of the Site. It is rich in views art studio.Throughout the summer located in the most sough-after and lovely old homes and maintains there is also beach volleyball, and neighborhood of West Seattle a lively restaurant trade. The Admiral regional volleyball tournaments across the street from Alki Beach District hosts their own events like are held there. The beach is also Park. Alki is known for its popular clean-up days, outdoor concerts, a venue for concerts and features beach vibe with arts-and-crafts community forums, and art walks. local artists. DUKES ON ALKI OFFERING MEMORANDUM KIDDER MATHEWS 7 affordable lease rates and its superior regional transportation SOUTH LAKE UNION options. Companies such as Blue Directly north of Downtown is THE JUNCTION Nile, HTC, Hulu, Intel, Payscale, and Seattle’s newest neighborhood, Rover.com are located in Pioneer South Lake Union. This Further south on the West Seattle Square. neighborhood has continued to peninsula is The Junction and the attract new jobs, residents, retailers, cross streets of California Avenue and visitors over the last several years. SW and SW Alaska Street. This SEATTLE CBD This includes life sciences research intersection and surrounding area Just 15 minutes from the Site, space, apartments, condominiums, is host to a myriad of restaurants, Seattle’s Central Business District retail establishments, and office cafes, and unique shops. A variety (CBD) is the Pacific Northwest’s developments. of events take place around The largest employment center which Junction, from monthly art walks accounts for nearly 300,000 jobs. South Lake Union is home to nearly to open-mic nights, beer and wine Major employers comprising 50,000 employees, and continues tastings, and seasonal events. West the CBD job market include to grow. The most significant Seattle’s year-round Sunday farmer’s Amazon, Bank of America, Blue employers are Amazon, which is market is held in The Junction, Nile, CenturyLink, Chase, Cobalt, currently expanding to over 13 featuring produce and offerings Dendreon, DocuSign, EA Sports, million square feet, the several from over 35 Washington State Facebook, Getty Images, Kaiser life sciences organizations such as farmers and local food processors. Permanente, HTC, Hulu, King Fred Hutchinson, a top ten cancer County, Microsoft, Nordstrom, research center in the nation, Onvia, Port of Seattle, Russell Seattle Biomedical Research, NBBJ, EMPLOYMENT Investments, Safeco Insurance, PATH, and Skanska. Other notable Starbucks, Swedish Medical Center, employers are REI’s flagship store, Tully’s Coffee, Twitter, University of PIONEER SQUARE Kaiser Permanente (formerly Group Washington, Virginia Mason, Vulcan, Health), and Whole Foods. Pioneer Square is the closest Washington State, Wells Fargo, and employment center to West Zillow. Seattle once residents cross the AMAZON West Seattle Bridge. The Pioneer In addition, companies such as Founded by Jeff Bezos in 1994, Square neighborhood is one of the Alibaba, Apple, HBO, Dropbox, Amazon is the global leader in largest concentrations of historic and Payscale have opened up e-commerce and cloud computing buildings in the nation. These offices in and around the Seattle with their world headquarters in buildings are being repurposed as CBD. Expedia is currently underway Seattle. Amazon’s cloud computing office space, with large companies with improvements on their future services are among the largest in the such as Weyerhaeuser and Avalara Seattle waterfront headquarters world, serving everyone from small moving into this up-and-coming which is slated to open in 2019. companies to large corporations employment hub. Several start-up Expedia’s new campus will bring and government agencies. In 2015, companies choose to lease space an estimated 4,500 jobs to the city Amazon surpassed Walmart as the in Pioneer Square due to the more once open. most valuable retailer in the U.S. DUKES ON ALKI OFFERING MEMORANDUM KIDDER MATHEWS 8 Amazon's Growth BOEING by market capitalization. Amazon Amazon’s rapid expansion and Boeing continues to produce the 737 out of their is the largest internet company hiring spree has aided the region’s Renton Factory, 15 miles south of the Site. The 737 is still in the world and the fourth most resurgence. In the
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