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5000 15Th Ave NE Seattle, WA Offering Memorandum

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5000 15Th Ave NE Seattle, WA Offering Memorandum 5000 15th Ave NE Seattle, WA Offering Memorandum Subject Property Downtown Interstate 5 U-DISTRICT U-District Subject Property |2 01 PROPERTY INFORMATION TABLE OF Executive Summary Pg. 05 Property Highlights Pg. 06 CONTENTS Amenities Map Pg. 07 02 MARKET INFORMATION Seattle Market Overview Pg. 9 Submarket Overview Pg. 10 Neighborhood Highlights Pg. 11-12 Nearby Construction Pg. 13 04 PHOTO GALLERY Gallery 1 Pg. 15 Gallery 2 Pg. 16 |3 01 PROPERTY INFORMATION Executive Summary Property Highlights Amenities Map |4 Property OverviewSZD EXECUTIVE Address: 5000 15th Ave NE Seattle WA 98105 Tax Parcel #: 8823900945 Total Lot Size: Approx. 4,320 SF (per KCR) SUMMARY Zoning: LR3 (M) (Urban Village Overlay) # of Buildings: 1 Total Building Size: Approx. 3,360 (per KCR) The Opportunity Construction Class: Wood Frame Year Built: 1927 Cannon Commercial is pleased to present the opportunity to Sprinklers: No acquire 5000 15th Ave NE located in University District . The $SF/Land: $370.37 lot is approx. 4,320 SF (per KCR) and zoned LR3 (M). A 3,360 $/SF/Bldg: $476.19 SF rooming house sits on the corner lot. The location provides easy access to jobs, schools, transportation and many attractive amenities. Given the close proximity to the University of Washington an investor may choose to operate the investment as a rooming house or develop into micro units, apartments or townhomes. The Offering Process The property is being offered for$1,600,000 . The Seller plans to review offers as they are submitted. |5 PROPERTY HIGHLIGHTS • Development potential of 14 (+/-) apt. units or 27 (+/-) micro units • LR3 (M) zoning in Urban Village Overlay - no parking Subject Property requirements • 3 story, 7 bedroom rooming house perched on prime corner • Located near UW and future Link Light Rail Station • Central location - 10 minutes to downtown Seattle • Quick access to freeway Walk Score Transit Score Bike Score Subject Property 96 76 96 |6 AMENITIES MAP |7 03 MARKET INFORMATION Seattle Market Overview Submarket Overview Neighborhood Highlights Nearby Construction |8 Seattle Market Overview Economic forces have influenced urban land development and Seattle’s industrial market is one of the most active in the public policy in the region during the past two decades. country, thanks to a bustling economy and one of the The Puget Sound Region’s increasingly global economy has made largest ports on the west coast. Current vacancies remain lower the state a center for growth and investment, which has led to a than last cycle and rent growth is well above the historical substantial increase in jobs and housing throughout the region. average. Employment growth has outpaced the national average since 2010 and will likely remain this way in the near term. Most development in the area has been focused on multifamily and development projects which explains why so many industrial The largest supersector in the Seattle area remains trade, buildings have been demolished. Most major transactions have transportation, and utilities, and it has grown exponentially this involved developers buying assets with plans to redevelop them cycle. With companies like Microsoft and Amazon, the tech into high-end mixed use and office buildings. industry has also made a significant impact in the area. Amazon currently employes 45,000 people in the metro area and continues to expand rapidly with the potential to add thousands more jobs over the next several years |9 SUBMARKET OVERVIEW The University District is an eclectic mix of urban shopping, historic homes, cafes, pubs, restaurants and entertainment. 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 vibrant Seattle neighborhood is five minutes from South Lake Union – Amazon Campus, ten minutes from the downtown Seattle and 15 minutes from downtown Bellevue. Rapid growth over the recent years have continued to transform the area into a bustling urban center. Located in the University District is The University of Washington, known as a world-renowned research and educational institution. The 47K University currently has a large and internationally diverse student population that totals approximately 43,000 students and employs over 3,800 faculty members. The strength of the University and private research institutions and businesses located in the area provide a stable tenant base. Within walking distance from the University is the future U-district light rail station. It is located on Brooklyn Ave NE between NE 45th and NE 43rd St, serves University Way NE (“The Ave”) retail and businesses, nearby residents and the West side of the University’s campus. This location offers the investor the opportunity to tap into the strong student and staff population as well as employees working in Downtown |20|10 or South Lake Union around the Amazon Campus. NEIGHBORHOOD HIGHLIGHTS within 3 miles of subject property 243k 107k 6.81% Total Population Median Household 2020-2025 Income Expected Population Growth 14k 6.35% 123k Business 2020-2025 Daytime Establishments Expected Employees Household Growth *Demographics data courtesy of Costar Group Inc. |11 Subject Property TRANSIT RIDERS’ PARADISE U District station is located under the east side of Brooklyn Avenue Northeast between Northeast 43rd and 45th streets, at the heart of the University District urban village. It is near the area’s main commercial corridor, The Ave, which runs a block east on University Way Northeast. To the west of the station is UW Tower, a high-rise offi- ce building used by the University of Washington (UW). The University District is served by local bus service from King County Metro, and regional service from Sound Transit Express and Communi- ty Transit. Buses stop along NE 45th Street and University Way, each one block from the planned station entrances. FACTS: Length: 4.3 miles; 3 stations Service: Every 6 minutes during peak hours Projected travel times: - Northgate to University of Washington - 7 minutes - Northgate to U-District Station - 5 minutes - Northgate to Westlake - 14 minutes - U-District to Westlake - 8 minutes Projected ridership: 41,000 - 49,000 daily riders by 2022 |12 MAJOR NEARBY DEVELOPMENT 1200 NE 45th 237 Units 4525 9th Ave NE 359 Units 1300 NE 45th St 4732 Brooklyn Ave NE 5033 Brooklyn Ave NE 342 Units 186 Units 40 Units 5002 12th Ave NE 49 Units 1415 NE 43rd St 4515 Brooklyn Ave NE 224 Units 202 Units 5229 University Way NE 64 units 4731 15th Ave NE 4726 15th Ave NE 171 Units 127 Units Subject Property |13 04 PHOTO GALLERY Gallery 1 Gallery 2 |14 PHOTO GALLERY Gallery 1 North View South View East View West View |15 PHOTO GALLERY Gallery 2 15th Ave NE & NE 50th Frontage Aerial View Panoramic View |16 Exclusive Representation Cannon Commercial Real Estate is the exclusive listing Brokerage for this Offering.Chris Giles and Gloria Touch is exclusively representing the Seller in the sale of5000 15th Ave NE Property Tours All property tours will be conducted exclusively by Listing Brokers and by appointment only. To learn more about this property and to schedule private tour, please contact Listing Brokers directly. Cannon Commercial has been retained as the exclusive listing brokerage for5000 15th Ave NE. Legal documents and reports summarized in this Offering Memorandum are not intended to be comprehensive statements of the terms or contents of such documents and reports. While the Seller and Cannon Commercial believe the information to be accurate, potential buyers should conduct an independent investigation and reach conclusions without reliance on materials contained herein. The material contained in this Offering Memorandum is confidential, under the terms and conditions of a Confidentiality Agreement, which has been executed by the recipient as Reviewer, and furnished solely for the purpose of considering the purchase of the property described herein and is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of the Seller. Exclusive Listing Brokers Chris Giles Gloria Touch Direct: 206.436.2344 Direct: 206.971.0625 Mobile: 206.353.5609 Mobile: 206.931.2267 [email protected] [email protected].
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