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1201 Pine St BOOKER BUILDING SEATTLE CBD BELLTOWN BOOKER BUILDING CAPITOL HILL OFFERING Paragon Real Estate Advisors is pleased to announce the exclusive listing of the Booker Building located in the historic Pike – Pine Corridor. The property is located only two blocks away from the new Washington State Convention Center addition slated to finish in the Spring of 2022. The commercial spaces prosper from the property’s central location with easy walking distance to the Convention Center, Central Business District, and heart of Capitol Hill. With a “Walk Score” of 99 and a “Transit Score” of 100 the Booker Building experiences high traffic from customers both on foot and via superior transit from outlying areas. This 9,358 square foot building is comprised of six unique retail tenants well- known throughout Seattle. The tenants include Ristorante Machiavelli, Li’l Woodies burgers, Raven Cuts hair salon, The Baltic Room night club & bar, Qin Xi’an Noodles and Meaty Johnson’s barbecue. All the tenants are on long-term leases providing an owner with significant cash-flow and future development upside. The property is on a 7,473 square foot lot with NC3P-95 (M) zoning. The site offers an irreplaceable location for future development within the heart of Capitol Hill and only two blocks away from the downtown Seattle business corridor. NAME Booker Building ADDRESS 1201 Pine St, Seattle, WA 98101 PRICE To Be Determined by the Market TOTAL RETAIL SPACES 6 BUILT 1912/1995 SQUARE FEET 9,358 Net Rentable* LOT SIZE 7,473 Square Feet ZONING NC3P-95 (M) *The square feet is taken from the property management company This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies. INVESTMENT HIGHLIGHTS 50 Yard Line Pike/Pine Corridor Location Covered land play for future development potential Six blocks from the Capitol Hill Light Rail Station 2 blocks from the $1.6 Billion convention center expansion 2020 Assessed Value: $5,978,400 Two blocks from the Downtown Central Business District 7,473 Square Foot NC3P-95 (M) Zoned Lot Short and Long Term Appreciation Upside 9,358 Square Foot Building High trade area Well known, sought after retail tenants Walk Score of 99 – A Walker’s paradise making daily errands enjoyable from foot A+ “Trophy” Real Estate Transit Score of 100 Adjoins the famous Melrose Market and is a block down from the first Starbucks Reserve in the country Two blocks away from the future I-5 lid contributing to the locations already dynamic atmosphere LOCATION HIGHLIGHTS Connectivity to Seattle CBD, Denny Triangle, Capitol Hill, First Nearby Hospitals---Virginia Mason Hospital/Seattle Medical Hill, I-5 interchanges, Pike Place Market, Belltown, Seattle Center, First Hill Medical Swedish Hospital, Seattle Children’s Waterfront, South Lake Union, Pike/Pine Corridor, and the Odessa Brown Clinic, Harborview Medical Center and Swedish Stadium District. Cherry Hill Campus Walk to Seattle University, Seattle Central, and Cal Anderson Cal Anderson Park – 7-acre park with water features, large lawn Park area, footpaths, a play area, an athletic field and oversized chess boards. Sound Link Light Rail---Less than a 10-minute walk to the Capitol Hill Light Rail Station with service to places like Downtown Nearby Grocery – Quality Food Center (QFC), Safeway, Trader Seattle, Century Link Field, Pioneer Square, Northgate and the Joe’s and Whole Foods all within walking distance! Seattle Tacoma Airport. Located on several Sound Transit’s bus routes, offering frequent service to Downtown, Pike Place Market and South Lake Union. NEIGHBORHOOD AMENITIES Restaurants & Bars 1. Starbucks Reserve Roastery 2. Mamnoon 3. Terra Plata 4. Taylor Shellfish Oyster Bar 5. Sitka and Spruce 6. Salt & Straw 7. Chop Suey 8. Stateside 9. Kaladi Brothers Coffee 10. The Belmont Lounge 11. Rumba 12. Foreign National 13. Trove 14. Ayutthaya Thai Shops & Services 6 5 3 1. Walgreens 2 13 1 2. Pike Grocery 3 8 6 3. Whole Food Market 4 12 5 4. QFC 5 5. Rite Aid BOOKER BUILDING 1 14 6. Banana Republic 2 1 4 7 7. Urban Outfitters 7 11 9 8 8. Bartell Drugs 9 10 3 9. Amazon Go 6 2 10. Pike Place Market 10 4 Parks/Schools/Services 27. Cal Anderson Park 28. Virginia Mason Hospital 29. Kaiser Permanente Capitol Hill Campus 30. Seattle University 31. Seattle Central College 32. Capitol Hill Light Rail Station CAPITOL HILL Capitol Hill is a residential neighborhood with a funky, fast- paced, and vibrant personality. During the day, markets, boutiques, and salons are a big draw. Nightlife is hopping with clubs, bars, and music venues, and you’ll often find coffee shops that moonlight as cocktail lounges VOLUNTEER PARK HARVARD-BELMONT LANDMARK This desirable location contains some of Seattle’s wealthiest neighborhoods, including “Millionaire’s Row” along 14th Avenue E, a charming collection of single family residences on tree-lined streets, and the Harvard-Belmont Landmark District. To the north is Capitol Hill’s largest and most popular public park. The 48 acre Volunteer Park is home to Seattle’s Asian Art museum, tennis courts, a conservatory, and a variety of city-wide events. CAPITOL HILL The demand for Capitol Hill apartments continues to rise as nearby Amazon continues to exand in the area. This location is also home to longstanding health care providers including Swedish Medical Center, Group Health and Virginia Medical Center. Nearby Seattle University and Seattle Central College provide a consistent base to the apartment demand in the area. POPULATION MEDIAN HOUSEHOLD RENTER-OCCUPIED MEDIAN RENT INCOME HOUSING 31,818 $101,345 80% $1,572 WASHINGTON STATE CONVENTION CENTER EXPANSION 2O22 SCHEDULED OPENING 2 BLOCKS FROM THE PROPERTY The current Washington State Convention Center’s (WSCC) capacity has been met with an overwhelming demand creating a pressing need for an expansion of the center. The WSCC Addition will be a transformative project that provides a host of economic benefits, including as much as $260 million annually in visitor spending, as many as 3,900 direct and indirect jobs, and some 6,000 jobs during construction. QUICK FACTS: • 434,O8O SQ. FT. OF EVENT SPACE • 2O5,7OO SQ. FT. OF HEAVY-LOAD EXHIBIT SPACE WITH DIRECT DRIVE-IN ACCESS • 7O,OOO SQ. FT. OF COLUMN-FREE SPACE FOR PLENARY SESSIONS OF UP TO 8,OOO PEOPLE • TWO SEPARATE BALLROOMS TOTALING 44,628 SQ. FT. • 7O MEETING ROOMS TOTALING 93,692 SQ. FT. OF FLEXIBLE MEETING SPACE • THREE LOADING DOCKS WITH 23 COVERED BAYS • TWO 2O,OOO-LB. FREIGHT ELEVATORS SEATTLE EMPLOYER MAP SEATTLE’S BOOMING TECH MARKET SEATTLE LOCAL TECH COMPANIES IN SEATTLE PACIFIC OCEAN T E C H M I G R A T I O N F R O M S A N F R AN C IS CO B AY AR EA SAN FRANCISCO KING COUNTY INFORMATION KING COUNTY 2.3 million SINCE 2O1O, ON AVERAGE, KING COUNTY HAS ADDED 31,8OO PEOPLE PER YEAR, OR POPULATION GROWTH HAS BEEN GREATER THAN 13,OOO HOUSEHOLDS AT 2.45 PERSONS PER HOUSING PRODUCTION CONSISTENTLY SINCE 2O11. HOUSEHOLD. POPULATION KING COUNTY MEDIAN NATIONAL MEDIAN $95,009 $63,179 HOUSEHOLD INCOME HOUSEHOLD INCOME KING COUNTY by 78% NATIONAL INCREASE by 3% INCREASE SINCE 2OOO ($41,852) SINCE 2OOO ($1,780) HOUSEHOLD INCOME KING COUNTY NATIONAL BACHELOR’S OR 53.2% BACHELOR’S OR 32.6% HIGHER DEGREE RATE HIGHER DEGREE RATE KING COUNTY NUMBER 10 EDUCATION OF UNIVERSITIES KING COUNTY RENTAL NATIONAL RENTAL 36% HOUSING RATE 43% HOUSING RATE KING COUNTY MEDIAN $1,494 NATIONAL MEDIAN $1,023 MONTHLY RENT MONTHLY RENT REAL ESTATE BUILDING PHOTOS BUILDING PHOTOS Commercial Space Breakdown ANNUAL BEGINNING OUTSIDE BASE NNN / SF. FT. RENEW. TENANT DATE EXP. DATE EXP. DATE SQ. FT. RENT CHARGES RATE OPT. EXTENS. LENGTH RENT INCREASES *Meaty Johnson’s 06.09.2015 06.30.2020 06.30.2030 1,113 $2,252 $644.16 $24.28 2 5 Years - 95% of Fair Market Rent Qin Xi’an Noodles 03.16.2011 03.31.2021 03.31.2026 1,248 $2,589 $644.36 $24.89 1 5 Years - Fair Market Rent The Baltic Room 02.01.1995 09.30.2020 09.30.2030 3,238 $6,739 $1,289.22 $24.97 2 5 Years - Fair Market Rent Li'l Woody's 10.01.2015 09.30.2025 09.30.2035 1,187 $2,391 $445.80 $24.17 2 5 Years - Good Faith Negotiation 10/1/2021 - 9/30/2022 - $2,464.32 10/1/2022 - 9/30/2023 - $2,538.25 10/1/2023 - 9/30/2024 - $2,614.40 10/1/2024 - 9/30/2025 - $2,692.83 Raven Cuts 07.09.2010 06.30.2020 06.30.2030 1,072 $2,514 $421.82 $28.14 2 5 Years - Good Faith Negotiation Machiavelli 09.01.1996 05.31.2022 05.31.2032 1,500 $3,112 $743.43 $24.90 2 5 Years - Fair Market Rent 3% Annual Increase on June 1st Totals 9,358 $19,596 $4,189 $25.13 *Tenant has vacated and a new lease is in the works. **Square Footage is taken from rent roll provided by property management company Qin Xi’an Noodles: Upcoming renewal has not been discussed Baltic Room: Extension has not been discussed or executed Li’l Woody’s: Lease has demo clause with six month notice following the expiration of the original lease term (09.20.2025) Raven Cuts: Extension has not been discussed or executed Income and Expenses ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income $288,828 $387,303 Units 6 Less Vacancy 5.00% $14,441 5.00% $19,365 Year Built 1912/1995 Gross Operating Income $274,386 $367,938 Rentable Area 9,358 Less Expenses $73,248 $76,991 Lot Size 7,473 Net Operating Income $201,138 $290,947 Zoning NC3P-95 (M) CURRENT MARKET COMMERCIAL TENANTS SIZE RENT RENT ANNUALIZED OPERATING EXPENSES CURRENT MARKET 1203 - Qin Xian Noodles 1,248 $2,589 $3,640 Real Estate Taxes 2020 Actual $49,461 $49,461 1207 - The Baltic Room 3,238 $6,739 $9,444 Insurance 2020 Actual $6,000 $6,000 1213 - Raven Cuts 1,072 $2,514 $3,127 Utilities 2020 Actual $4,312 $4,312 1215 - Ristorante Machiavelli 1,500 $3,112 $4,375 Property Mngmnt Pro Forma (4% GOI) $10,975 $14,718 1201 - Meaty Johnsons * 1,113 $2,252 $3,246 Reserves Pro Forma $2,500 $2,500 1211 - Li'L Woody's LLC 1,187 $2,391 $3,462 2020 Assessed Value: $5,978,400 4 Total/Avg 9,358 $25.13 $35.00 Total Expenses $73,248 $76,991 * This tenant just vacated and a new tenant is leasing the space.
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