Offering Memorandum
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Offering Memorandum U DISTRICT ROOMING HOUSE 5214 17th Ave NE Seattle, WA Exclusively offered by Paragon Real Estate Advisors 600 University Street | Suite 2018 | Seattle, WA 98101 1 P 206.623.8880 | E [email protected] | ParagonREA.com Offering Summary Paragon Real Estate Advisors is proud to exclusively list the U-District Rooming House. Located just north of Greek Row on tree-lined 17th Ave. NE, the property offers an investor an excellent opportunity to reposition the building in one of the most sought-after and growing rental neighborhoods in Seattle. The property has been utilized as a women’s shelter with offices located on site for the past 25 years (+/-) and will be delivered vacant on closing. Prior to the current ownership establishing the use as a ‘special residence – halfway house’ the property was permitted and operated as a boarding house. Christopher Day, a well-known architect and expert in the field, was told by a Seattle Department of Construction and Inspections Land Use Planning Supervisor that the use could continue as a congregate dwelling/ residence. Listing brokers and Sellers make no representations or warranties, expressed or implied, as to property or future uses of the property. Name U District Rooming House Address 5214 17th Ave NE, Seattle WA 98105 U DISTRICT Built 1910 ROOMING HOUSE Square Feet 6,590 Total Finished (Per King County Records) Price $1,695,000 Price Per Foot $257 Terms Cash Out Lot Size 5,400 Square Feet Zoning SF 5000 (non-urban village) 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Investment Highlights First time on market in 25+ years Located just north of UW Greek system Well-suited rooming house for UW rental market Walkscore of 89 Potential to reconfigure layouts for congregate dwelling Off-street parking in alley Fenced, private backyard 600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Map SEATTLE CBD PUGET SOUND CAPITOL HILL SOUTH LAKE UNION FREMONT UNIVERSITY OF WASHINGTON WALLINGFORD UNIVERSITY DISTRICT U DISTRICT ROOMING HOUSE 600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Location Highlights 3 blocks to University of Washington’s Seattle campus with a population of 46,000 students 12 minute walk to future UW Light Rail Station (opens 2021) Recent U-District upzone (March 2017) encourages nearby office and residential development 6 blocks to retail amenities on “The Ave” (University Way) Quick access to Eastside and downtown CBD employers via 520 and I-5 Current Walkscore of 89, “Very Walkable” 600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com University District The University District is ten minutes from the Seattle Central Business District and five minutes North of the Fred Hutchinson Cancer Research Center and the expanding Amazon Campus located in the bustling employment center that is the South Lake Union neighborhood. The University of Washington is a world renowned research and educational institution that currently has a large and internationally diverse student population that totals approximately 46,000 students, and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses that have chosen to locate in the area provide a stable tenant base. The University District also features many coffee shops, great restaurants and grocery stores, unique shops including the famous University Book Store, and service businesses that line University Way NE, which is commonly known as the “Ave”. In addition, this location provides tenants with many recreational amenities including Lake Union, the Burke Gilman Trail system, Green Lake Park, and Gas Works Park. This location offers the investor the opportunity to tap into the student and staff population as well as employees working in Downtown or South Lake Union around the Amazon Campus. 600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com University Link Light Rail and Future Light Rail Expansion The University Link Light Rail station is located next to Husky Stadium and the platforms are big enough to handle game day crowds. Modern elevators and escalators connect the platforms to the nearby campus, UW Medical Center and surrounding neighborhoods. A new pedestrian bridge allows walkers and bikers to avoid traffic by connecting the station to upper campus and the Burke-Gilman Trail. By 2021, the University District is slated to gain a second link light rail station located on Brooklyn Ave NE between NE 45th and NE 43rd streets. It will serve the surrounding residential community, the “Ave” business district, other employment sites, the UW Tower and the north University of Washington campus. Its official name is now U District Station. Riders will board trains underground. The station will have two entrances along Brooklyn Ave NE with elevators, escalators and stairs. U DISTRICT The station will have about 100 bike parking spaces. The ROOMING HOUSE site is designed to accommodate future development above the station. When it opens in 2021, projected transit times suggest a 5 minute commute to Northgate and 8 minutes to Westlake Station in Downtown Seattle. 600 University Street | Suite 2018 | Seattle, WA 98101 7 P 206.623.8880 | E [email protected] | ParagonREA.com Employment Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston. > Adobe > Nordstrom > Alaska Airlines > Paccar > Amazon > RealNetworks > Apple > REI > AT&T Wireless > Russell Investments > Boeing > SpaceX > Costco > Starbucks > Expedia, Inc. > Symetra Financial > Expeditors International > Tableau Software > F5 Networks > T-Mobile > Facebook > Twitter > Fred Hutchinson > Uber > Gates Foundation > University of Washington > Getty Images > Virginia Mason > Google > Weyerhaeuser > Microsoft > Zillow > Nintendo > Zulilly 600 University Street | Suite 2018 | Seattle, WA 98101 8 P 206.623.8880 | E [email protected] | ParagonREA.com Improvements 6,590 finished square feet (per King Co Records) 1910 construction 3 story-wood frame construction plus basement Central hot water All floors sprinkled Updated electric panels in basement Large kitchen on first floor Newer roof 600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos 600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos 600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos 600 University Street | Suite 2018 | Seattle, WA 98101 12 P 206.623.8880 | E [email protected] | ParagonREA.com Building Photos 600 University Street | Suite 2018 | Seattle, WA 98101 13 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans BASEMENT 600 University Street | Suite 2018 | Seattle, WA 98101 14 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans FIRST FLOOR 600 University Street | Suite 2018 | Seattle, WA 98101 15 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans SECOND FLOOR 600 University Street | Suite 2018 | Seattle, WA 98101 16 P 206.623.8880 | E [email protected] | ParagonREA.com Floorplans THIRD FLOOR 600 University Street | Suite 2018 | Seattle, WA 98101 17 P 206.623.8880 | E [email protected] | ParagonREA.com Sale Comparables U DISTRICT ROOMING HOUSE 1. RAVENNA 5 UNIT 5214 17th Ave NE, Seattle WA 5609 20th Ave NE, Seattle WA Total Sq.Ft. 6,590 Rooms/Bath 7/3 Sales Price $1,695,000 Total Sq.Ft. 3,662 Price/Foot $257 Sales Price $1,015,000 Total Rent TBD Price/Foot $277 Total Rent $3,995 Sales Date 11.2.2016 2. 19 UNIT 3. U DISTRICT 7 UNIT 5033 Brooklyn Ave NE, Seattle WA 1818 NE 50th St, Seattle WA Rooms/Bath 19/14 Rooms/Bath 7/3 Total Sq.Ft. 7,346 Total Sq.Ft. 3,010 Sales Price $1,900,000 Sales Price $1,000,000 Price/Foot $259 Price/Foot $332 Total Rent $10,800 Total Rent Unknown Sales Date 19.30.2016 Sales Date 4.28.2016 4. 11 BEDROOM BOARDING HOUSE 5030 17th Ave NE, Seattle WA Rooms/Bath 11/3 Total Sq.Ft. 3,650 Sales Price $1,230,000 Price/Foot $337 Total Rent $6,845 Sales Date 4.13.2016 600 University Street | Suite 2018 | Seattle, WA 98101 18 P 206.623.8880 | E [email protected] | ParagonREA.com Sales Comparables Map U District Rooming House 5214 17th Ave NE Seattle, WA 1. Ravenna 5 Unit 5609 20th Ave NE Seattle, WA 1 2. 19 Unit 5033 Brooklyn Ave NE Seattle, WA 3. U District 7 Unit 1818 NE 50th St U DISTRICT Seattle, WA ROOMING HOUSE 4. 11 Bedroom Boarding House 5030 17th Ave NE Seattle, WA 4 2 3 600 University Street | Suite 2018 | Seattle, WA 98101 19 P 206.623.8880 | E [email protected] | ParagonREA.com Rent Comparables Rooms/ Avg Room Avg Rent/ Rent/ Property Units Age Size Room Sq.Ft. Notes 1. The Kelsey Property has 36 kitchens, $40 - $45 utility bill back on 4233 9th Ave NE 155 1986 150 $860 $5.73 average, renovated pods and common areas Seattle, WA 2.