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8515 35Th Ave Ne, Seattle, Wa 98115

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FOR SALE INDIVIDUALLY OR AS AN ASSEMBLAGE 2-PARCEL WEDGWOOD DEVELOPMENT SITES 3246 NE 85TH ST & 8515 35TH AVE NE, SEATTLE, WA 98115 Lake Washington DOWNTOWN SEATTLE SUBJECT SITES NE 85th St WEDGWOOD APARTMENTS 3246 NE 85th St. - $1,885,600 35th Ave NE - 20,000+ VPD WEDGWOOD ALEHOUSE 8515 35th Ave NE - $2,159,400 COMBINED: $4,045,000 DAN FOSTER MATTHEW HINRICHS 1218 Third Avenue www.orioncp.com P // 206.445.7662 P // 206.445.7663 Suite 2200 P// 206.734.4100 [email protected] [email protected] Seattle, WA 98101 Established in 2010 KENMORE MATTHEWS BEACH PARK SUBJECT SITES FOR SALE INDIVIDUALLY OR AS AN ASSEMBLAGE TABLE OF 35th Ave NE// VPD: 20,911 CONTENTS NE 85th St. // VPD: 3,346 // INVESTMENT SUMMARY PAGE// 3 // SITE OVERVIEW PAGE// 4 // FINANCIAL ANALYSIS PAGE// 13 // DEVELOPMENT FEASIBILITY PAGE// 15 // MARKET OVERVIEW PAGE// 22 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, age, and numbers are approximate. Parties must verify the information and bears 2 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES all risk for any inaccuracies. THE OFFERING ORION Commercial Partners is pleased to offer for sale two properties at 3246 NE 85th St. and 8515 35th Ave NE, Seattle, WA. The properties may be purchased individually or collectively, and both offer the opportunity to retain current tenants long-term or vacate them to coincide with City of Seattle development entitlement timelines if the buyer wishes to develop the property and enjoy the interim income. The parcels are under two different ownerships who have a long- standing and solid relationship, and who subsequently are choosing to sell their properties in an assemblage, and are also open to selling the properties separately. The combined parcels have been studied for vertical development. Our findings are that the INVESTMENT site can accommodate 32 traditional apartment units and approximately 1,400 SF of retail space in either an L-shaped or 2-tower configuration (See Johnston Architects massing plans on pages 17-20) yielding +/-41,500 SF of floor area. This gives the buyer or any future buyer the opportunity to build sizable high-value housing in one of the most stable and vaunted SUMMARY neighborhoods within the thriving Seattle technology-based economies, with access to top-paying IT, R&D, biotech, and other growing industries that are amassing highly credentialed employees due to Seattle’s livability and affordability, relative to other top technology-driven markets. 3246 NE 85TH ST & 8515 35TH AVE NE, Addresses SEATTLE, WA 98115 WEDGWOOD APARTMENTS: 3246 NE 85TH ST. - $1,885,600 Offering Price For sale WEDGWOOD ALEHOUSE: individually or as 8515 35TH AVE NE - $2,159,400 an assemblage. COMBINED: $4,045,000 Total Land Area 10,934 SF Price Per Square $370.00 Foot Land Zoning NC2P-55 (M) Parcels 536320-0136 // 536320-0142 3 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW CURRENT STRUCTURES Wedgwood Apartments: 3246 NE 85th St. (Parcel: 536320-0136) is a 2,800 SF low-rise apartment building. was built in 1968. This property features four well-maintained units, with an average unit size of 700 SF on an approximately 5,097 SF lot. The current ownership has deliberately trailed market rents to ensure easy, long-term tenancies. There have been no vacant days on the project since 2003 and tenants are currently on leases of 1-year or shorter. Current rents total approximately $81,600/annum gross with project expenses for T-12 at $18,175. As sold separately, this property would be prime for updates and capturing market rents to boost NOI. Wedgwood Alehouse: 8515 35th Ave NE (Parcel: 536320-0142) is a 4,000 SF Retail Storefront building that was built in 1964 on an approximately 5,837 SF lot. The tenant has an interest in potentially becoming a tenant on the ground floor of this vertical development and is partly related in business to the property Seller. Wedgwood Alehouse is a longtime popular local food, drink, and entertainment venue. The current lease expires on December 31st, 2023. The current rent is $4,000/month gross escalating to $4,500/month on Jan. 1st, 2023. These rents are dramatically underneath market rents. Sold separately, this property would be prime as an owner-user sale or re-tenanting to capture market rents. Together, the buildings total 6,800 SF and the total site area is 10,934 SF with an interim projected NOI of approximately $90,000/annum. 4 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES INTERIM CASH FLOW PRIOR TO PROJECT DEVELOPMENT WEDGEWOOD ALEHOUSE WEDGEWOOD APARTMENTS Building SF 4,000 2,800 Annual Market Rate $13.23 $29.14 Annual Base Rent $52,936 $81,600 Annual Op. Expenses Per SF $5.00 $6.49 SITE Annual Op. Expense $20,000 $18,175 Vacancy Factor 5.00% 3.00% OVERVIEW Offset $3,647 $2,993 Net Operating Income $29,289 $60,432 Total Net Operating Income $89,721 WEDGEWOOD APARTMENTS 2020 OPERATING EXPENSES Utilities $2,700 Payroll $- Repair & Maintenance $300 Administrative & Other $- Advertising/Marketing $- Landscaping / Contract Services $- Turnover/Redecorating + Comm. Expen. $- Insurance $1,200 Sewer Capacity Charge $- Property Taxes $9,895 Management Fee $4,080 Total $18,175 Ratio (vs. Gross Rent) 22.27% 5 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES AVERAGE COMMUTE TIMES UW: 6 MINUTES DOWNTOWN SEATTLE 20 MINUTES WA-520: 11 MINUTES SITE I-5: 12 MINUTES OVERVIEW NEW LIGHT RAIL (FALL 2021): 6 MINUTES STRATEGIC LOCATION Wedgwood is an upscale residential neighborhood in northeast Seattle, Washington with an approachable neighborhood featuring an array of amenities, services, dining, entertainment, and charming streetscapes. The property is located about two miles north of the University of Washington (UW) with more than 46,000 enrolled students. For these reasons, Wedgwood Neighborhood houses much of the UW faculty and graduate student population. The site is approximately 6 miles northeast of Downtown Seattle and accessible to all of the region’s mass transit options (including UW light rail station) and the other regional major employment centers, cultural and recreational assets. CITY OF SEATTLE ZONING CODE DESCRIPTION NC2P-55 (M) ZONING - NEIGHBORHOOD COMMERCIAL 2 A moderately-sized pedestrian-oriented shopping area that provides a full range of retail sales and services to the surrounding neighborhood, such as medium-sized grocery stores, drug stores, coffee shops, customer service offices, or medical/dental facilities. Building types are single-purpose commercial structures, multi-story mixed-use, and residential structures. Nonresidential uses typically occupy the street front. 25,000 square feet is the maximum size for some commercial uses. The highest and best use is believed to be mixed-use apartment development featuring a concrete podium with retail, apartment lobby, and garage parking, over 5 floors of the high-end wood-frame apartment. Concept plans to follow. 6 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW PARCEL PHOTOS SUBJECT SITES Parcel: 5363200136 NE 85th St 3246 85th3246 St 35th Ave NE Parcel: 536320-0142 Parcel: MOUNT BAKER SUBJECT SITES 35th Ave NE - 20,000+ VPD NE 86th St 35th AVE NE NE 85th St 7 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW WEDGWOOD APARTMENTS // PARCEL: 536320-0136 Parcel: 536320-0136 3246 NE 85TH ST $1,885,600 • BUILDING TYPE: FOURPLEX • UNITS: 4 • AVG UNIT SIZE: 700 SF • BUILT: 1968 RENO 1986 • LAND AREA: 5,100 SF • BUILDING SIZE: 2,800 SF • STORIES: 2 • PARKING: 4 SURFACE SPACES 8 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW WEDGWOOD APARTMENTS // INTERIOR PHOTOS 9 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW WEDGWOOD APARTMENTS // EXTERIOR PHOTOS 10 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW WEDGWOOD ALEHOUSE // PARCEL: 536320-0142 Parcel: 536320-0142 Parcel: 8515 35TH AVE NE $2,159,400 • BUILDING TYPE: RETAIL • TENANT: WEDGWOOD ALE HOUSE & CAFE • BUILT: 1964 RENO 1980 • LAND AREA: 5,838 SF • BUILDING SIZE: 4,000 SF • STORIES: 1 11 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES SITE OVERVIEW WEDGWOOD ALEHOUSE // INTERIOR PHOTOS 12 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES LAND SALE COMPARABLES MAP 1 FINANCIAL SUBJECT SITES ANALYSIS 2 3 4 5 6 13 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES FINANCIAL ANALYSIS LAND SALE COMPARABLES SIZE PRICE/SF ADDRESS SALE DATE PRICE ZONING (GROSS LAND SF) (GROSS LAND SF) 3246 NE 85th St & 8515 35th Ave NE, Seattle, On Market 10,934 $4,045,000 $370.00 NC2P-55 (M) WA 98115 8613 Roosevelt Way NE, 1 On Market 3,572 $1,199,900 $335.93 NC2P-40 Seattle, WA 98115 6860 East Green Lake 2 6/5/2017 9,123 $3,100,000 $339.80 NC3P-40 Way N, Seattle, WA 98115 5255 University Way NE, 3 12/29/2017 3,720 $1,500,000 $403.00 NC3P-65 Seattle, WA 98115 1316 NE 65th St, Seattle, 4 9/20/2017 3,060 $998,400 $326.00 NC2P-75 (M2) WA 98115 4259 Roosevelt Way NE, 5 1/21/2020 4,500 $1,450,000 $322.22 SM-U 75-240 (M1) Seattle, WA 98115 4205 Roosevelt Way NE, 6 12/23/2019 5,000 $1,940,000 $388.00 MR (MR1) Seattle, WA 98105 AVERAGE $352.49 14 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES WEDGWOOD APARTMENTS WEDGWOOD DEVELOPMENT ALEHOUSE FEASIBILITY PROJECT DATA Address 3246 NE 85th St & 8515 35th Ave NE, Seattle, WA 98115 Site Area 10,935 SF Project Type Mixed Use Occupancy S-2, M, R-2 Construction Type Type 1A and VA // Sprinklers: NFPA 13 Zoning NC2P-55(M) Overlays: None ECAS Salmon Watershed Design Review Full FAR Max 3.75 Height Limits 55’ 50% of residential unit count Parking none req’d for commercial (all spaces are <1,500 sf) Setbacks Front: none // Rear: None // Sides: None No.
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  • Lake Washington Geographic Response Plan

    Lake Washington Geographic Response Plan

    Northwest Area Committee August 2014 ____________________________________________________________ Lake Washington Geographic Response Plan (LKWA GRP) Lake Washington GRP August 2014 Lake Washington Geographic Response Plan (LK-WA GRP) August 2014 Lake Washington GRP August 2014 Spill Response Contact Sheet Required Notifications for Oil Spills & Hazardous Substance Releases Federal Notification - National Response Center (800) 424-8802* State Notification - Washington Emergency Management Division (800) 258-5990* - Other Contact Numbers - U.S. Environmental Protection Agency Washington State Region 10 - Spill Response (206) 553-1263* Dept of Ecology - Washington Ops Office (360) 753-9437 - Headquarters (Lacey) (360) 407-6000 - RCRA/CERCLA Hotline (800) 424-9346 - NW Regional Office (Bellevue) (425) 649-7000 - Public Affairs (206) 553-1203 - Bellingham (360) 715-5200 - SW Regional Office (Lacey) (360) 407-6300 Dept of Fish and Wildlife (360) 902-2200 U.S. Coast Guard - Emergency HPA Assistance (360) 902-2537* Sector Puget Sound - Marine Office (La Conner, WA) (360) 466-4245 - Emergency (206) 217-6001* Dept of Health (Drinking Water) (800) 521-0323 - Watchstander (206) 217-6002* - After normal business hours (877) 481-4901 - Incident Management Division (206) 217-6214 Dept Archaeology & Historic Preservation (360) 586-3065 - Port & Waterways Safety (206) 217-6042 Dept of Transportation (360) 705-7000 13th Coast Guard District (800) 982-8813 Washington Parks & Recreation (360) 902-8613 National Strike Force Coordination Center (252) 331-6000 Washington State Patrol - District 2 (425) 401-7788 - Pacific Strike Team (415) 883-3311 Tribal Contacts National Oceanic Atmospheric Administration Muckleshoot Indian Tribe (360) 586-3080 Scientific Support Coordinator (206) 526-6829 Samish Indian Nation (360) 293-6404 Weather (206) 526-6087 Snoqualmie Tribe (425) 888-6551 Squaxin Island Tribe (360) 432-3809 Suquamish Tribe (360) 394-8459 Other Federal Agencies Tulalip Tribes (360) 651-4000 U.S.