EVERETT 41ST DEVELOPMENT SITE
NE Corner of 41st Street & Colby Ave | Everett, WA
RICK GRAFF ANDREW GRAFF KYLE GRAFF 206.332.1493 206.332.1486 206.332.1494 [email protected] [email protected] [email protected] PROPERTY OVERVIEW
11,500,000
PROPERTY TYPE Land
SUBTYPE Multi-family
ZONING C1-R (General Commercial) 4.35 acres (189,483 SF) LOT SIZE 4.35 Acres (189,483 SF)
JURISDICTION City of Everett Prime development opportunity “Gateway to Everett’s Central Core”
Close proximity I-5 on ramps Located on the 41st Street corridor and Gateway to Everett’s Central Core, this 4.35 acre site provides one of Everett’s Excellent visibility and access premier multifamily development opportunities. It’s central location provides close proximity to Everett’s water front Paine Field now has daily commercial flights from Delta, United and and marina, Downtown, Interstate 5, Everett Memorial Alaska Airlines Stadium, Funko Field, employment hubs (Downtown Everett and Boeing) and many other amenities. The MU Near Sounder train and bus service from Everett Station Zoning provides flexible uses and allows up to a 5 to 7 story building. The site currently has 5 buildings with the potential Close proximity to major employers including: Boeing, Providence of 6 tenants with 3 occupied and would allow for income until Medical, State of Washington, Naval Station Everett, The Everett development took place. Incredible views of the Cascade Clinic, Funko Inc., Premara Blue Cross, Kaiser Permanente, Fortive, Mountains, Snohomish River Valley, Everett Memorial Stadium Frontier Financial and Fluke Corporation and Funko Field would be available from all floors. Unobstructed, picturesque views of Cascade Mountains, Snohomish River Valley and Funko Field
Zoned C-1R (General Commercial) and CRA (Commercial Residential Area) ZONING OVERVIEW
Zoning B - Business
Jurisdiction City of Everett
Permitted Uses Multi-Family, Retail, Office, Hotels, Motels, Schools, Place of Worship.
Structure Height Base Height Maximum= 5 Floors Incentive Height Maximum = 2 Additional Floors
Setbacks Front = 0’ Minimum Sides = 0’ Minimum Rear = 10’ – 0”
Parking Residential Requirements: 1 Parking Stall for Studio and 1-Bedroom Units 1.5 Parking Stalls for 2-Bedroom Units Commercial Requirements: 1 Parking Stall For Every 400 SF of Retail or Services 1 Parking Stall For Every 200 SF of Eating and/or Drinking Establishments DEVELOPMENT SITE
29052900302600 00411301002300 00411300900800 00411301000900 00411301000901
29052900302700
00582101001101 00582101001101 00582100901200
41st Street
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. G:\Shared drives\ADMIN TEAM\MARKETING\Marketing - InDesign\2021\Brokerage\Offering Memorandums\Everett 41st Development Site\Everett 41st Development Site OM PROPERTY INFORMATION
1621 41st Street 1703 41st Street 4031 Colby Ave 4019 Colby Ave
PROPERTY PROPERTY PROPERTY PROPERTY Retail/Drive-Thru Office/Medical Retail Standalone Retail Standalone TYPE TYPE TYPE TYPE
00582101001701 00411300900800 00411301000900 PARCELS PARCELS PARCEL 00582101001101 PARCELS 00411301002300 00582100901200 00411301000901
BUILDING BUILDING BUILDING BUILDING 5,142 SF 5,484 SF 2,952 SF 1,492 SF SIZE SIZE SIZE SIZE
LOT SIZE 39,204 SF LOT SIZE 22,651 SF LOT SIZE 18,295 SF LOT SIZE 10,890 SF
RICK GRAFF ANDREW GRAFF KYLE GRAFF 206.332.1493 206.332.1486 206.332.1494 [email protected] [email protected] [email protected] EVERETT OVERVIEW
Everett, Washington is a city located in Snohomish County. As the largest city in Snohomish County, Washington, Everett serves a diverse community of more than 110,000 residents. Located 25 miles north of Seattle, the city is nestled between Port Gardner Bay and the Snohomish River. North Everett’s quaint historic downtown is home to a vibrant arts, culture and music scene, delicious dining, pubs and breweries, Angel of the Winds Arena, and family- oriented festivals year-round. The downtown also hosts unique shopping experiences including toy maker Funko’s headquarters. Everett benefits from world-class education partners, serving students from pre-K to college. Everett School District students outperform the state on assessments in every subject and every grade. Everett Community College and Washington State University at Everett offer world-class higher education with a wide, growing range of programs that are relevant to our region, such as avionics, technology, healthcare, engineering and agriculture. The incredible education partners in the Everett area help support the major employers, such as Boeing, and the robust network of high-tech and manufacturing enterprises that call Everett home. Everett is easy to access to by car, train, bus and air. Paine Field at Everett began commercial air service in early 2019 with 24 daily flights to destinations along the west coast and beyond, connecting Everett to the world. The two-gate terminal, operated by Propeller Airports, offers service from Alaska and United airlines to many popular domestic destinations. MARKET OVERVIEW
Everett has become one of the most high-demand peripheral submarkets in the metro over the past decade due to its affordability. Everett has also been one of the most active submarkets for sales over the past decade as large investors have targeted suburban assets. All told, $2.6 billion has traded over the past ten years, of which $1.4 billion was in the past five years. Strong absorption and limited deliveries for several years have resulted in tight vacancies. Sales activity has been strong in Everett over the past decade, with notable price appreciation and cap rate compression. Due to a limited delivery schedule over the past decade, communities opening over the past several years have dealt with limited competition. The near-term outlook is being put to the test though, especially with a sizable pipeline in the works during a recession. Currently, 460 units are under construction in the submarket, equivalent to 2.5% of existing inventory. Hundreds of units are slated to deliver near the Port of Everett and east of I-5 in the near term. In Silver Lake, Wolff Company’s 4 Star, 200-unit Helm opened in early September and will set the stage for this new wave of development. Multifamily projects at the Port of Everett include SeaLevel Properties’ 266-unit Waterfront Place, slated to open by the end of 2021. It was reportedly 80% reserved in October 2018, well before it its groundbreaking date in late 2019. CustomThe propertyMap is part of a $580 million public private development that will bring more than 650,000 SF of office and retail space, 15 public gathering spots and more than 600 residential units to the city.
DEMOGRAPHICS
1 Mile 3 Mile 5 Mile
POPULATION 12,409 66,380 142,058
AVG. HH INCOME $76,973 $84,328 $90,517
TOTAL BUSINESSES 860 2,726 4,594
TOTAL EMPLOYEES 14,351 40,154 101,969
Source: ©2020 Esri.
April 02, 2021
©2021 Esri Page 1 of 1 LOCATION MAP
Everett Community College
Everett Marina
Everett High School Downtown Everett
Development Site
Boeing Cascade High School
Paine Field
Everett Mall
100% Camera: 29 km 47°59'51"N 122°02'38"W 78 m Bellingham | 1 Hr.
Development Site Paine Field | 10 min.
NEARBY Seattle | 32 min. Bellevue | 30 min. DRIVE TIMES
SeaTac Airport | 44 min.
RICK GRAFF ANDREW GRAFF KYLE GRAFF 206.332.1493 206.332.1486 206.332.1494 [email protected] [email protected] [email protected] EXCLUSIVELY MARKETED BY
Rick Graff Senior Vice President +1 206 332 1493 [email protected]
Andrew Graff Associate +1 206 332 1486 [email protected]
Kyle Graff Associate +1 206 332 1494 [email protected]