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
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
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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. of Stories 5 Stories and Roof Amenity
15 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES DEVELOPMENT FEASIBILITY CITY OF SEATTLE ZONING CODE DESCRIPTION
PEDESTRIAN NEIGHBORHOOD COMMERCIAL 2 // NC2P-55 (M) DESIGNATED ZONES (P) The P designation is a suffix applied to NC zones Moderately-sized pedestrian-oriented shopping areas that provide a range of goods and services to the along pedestrian-oriented commercial streets. surrounding neighborhoods. Compatible uses include housing and offices. Characterized by an attractive Areas are characterized by intense pedestrian pedestrian environment, medium businesses and lot sizes, and moderate transit service. activity, uninterrupted commercial frontage, many businesses per block, and excellent transit Medium-sized grocery stores, drug stores, restaurants, coffee shops, customer service Typical Land Uses: service. Access for pedestrians, bicyclists, and offices, medical/dental facilities, and apartments. transit is favored over the automobile.
Single purpose commercial structures, multi-story mixed-use and residential structures. Building Types Non-residential uses typically occupy the street frontage.
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with limited curb cuts may be allowed. Copyright, City of Seattle All rights reserved
16 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES MASSING VIEWS
DEVELOPMENT FEASIBILITY OPTION #1 // MASSING VIEW
L-SHAPE SITE
• NO. OF UNITS: 32 • TOTAL FLOOR AREA: 41,728 SF • FAR ALLOWABLE: 10,935 SF SITE X 3.75 = 41,006 SF • FAR PROVIDED: 40,336 SF OPT 1 - FULL SITE• NO. OF PARKING SPACES: 16 OPT 2A - L-SHAPE SITE OPT 2B - L-SHAPE 2-TOWER • BICYCLE STORAGE: 21 • COMMERCIAL AREA: 1,493 SF Johnston Massing Views Architects RENDERING NOT TO SCALE
17 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES PLANS
DEVELOPMENT FEASIBILITY OPT 1 - Levels 2-5 PLANS OPTION #1 // FLOORPLANS LEVEL 1 LEVELS 2-5
35th Ave NE Ave 35th
MASSING VIEWS
NE 85th Street
OPT 1 - Levels 2-5 OPT 1 - Level 1 Johnston OPT 1 - FULL SITE OPT 2A - L-SHAPE SITE OPT 2B - L-SHAPE 2-TOWER Floor Plans Architects 18 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES Johnston Architects Massing Views
OPT 1 - Level 1
Johnston Architects Floor Plans MASSING VIEWS
DEVELOPMENT FEASIBILITY OPTION #2 // MASSING VIEW
L-SHAPE 2-TOWER
• NO. OF UNITS: 32 • TOTAL FLOOR AREA: 41,493 SF • FAR ALLOWABLE: 10,935 SF SITE X 3.75 = 41,006 SF • FAR PROVIDED: 40,044 SF OPT 1 - FULL SITE OPT 2A - L-SHAPE• NO. SITE OF PARKING SPACES: 16 OPT 2B - L-SHAPE 2-TOWER • BICYCLE STORAGE: 21 • COMMERCIAL AREA: 1,411 SF Johnston Massing Views Architects RENDERING NOT TO SCALE
19 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES PLANS
DEVELOPMENT FEASIBILITY OPT 1 - Levels 2-5 PLANS OPTION #2 // FLOORPLANS LEVEL 1 LEVELS 2-5
NE Ave 35th MASSING VIEWS
NE 85th Street
OPT 1 - Levels 2-5 OPT 1 - Level 1
Johnston Floor Plans OPT 1 - FULL SITE OPT 2A - L-SHAPE SITE OPT 2B - L-SHAPE 2-TOWER
Architects 20 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES Johnston Architects Massing Views
OPT 1 - Level 1
Johnston Architects Floor Plans DEVELOPMENT FEASIBILITY VIEWS FROM TOP FLOOR OF POTENTIAL APARTMENT PROJECT
21 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES ABOUT WEDGWOOD
Wedgwood is a middle-class residential walkers, joggers, runners, cyclists, and pretty neighborhood of northeast Seattle, much anyone else on feet or wheels. Washington with working-class residents and a modest commercial strip. Wedgwood Nearby, Matthews Beach Park is Seattle’s is located about two miles north, and slightly largest freshwater bathing beach, and east, of the University of Washington; it is Magnuson Park is situated along with Lake about six miles northeast of Downtown. Washington and boasts more than 350 acres Wedgwood is bordered on the north by Lake of recreation parks, a boat launch, and a City, on the east by View Ridge, on the south swimming dog park. Sand Point Country Club by Bryant and Ravenna, and on the west by is five minutes away and is the largest private MARKET country club in Seattle with an 18-hole golf Maple Leaf. course with clubhouse amenities. With a population of 12,346, there are as many OVERVIEW as 486,383 within a 5-mile radius. Families and There are a few public transportation options young professionals live in Wedgwood and with access to Interstate-5 in 10 minutes, residents tend to be liberal with an average making it easy to travel south to Downtown household income of $159,467. Over 64% of Seattle or north to Everett. The Northgate the population have a Bachelor’s Degree or Light Link Rail Extension is scheduled to higher, and the public schools in Wedgwood open in October 2021, with travel time to are highly rated. Husky Stadium in just 7 minutes.
Wedgwood is in King County and is one of COMMUTE TIMES: the best places to live in Washington. Living in Wedgwood offers residents a dense DOWNTOWN SEATTLE: • 7.3 miles / 20-40 minutes by car / suburban feel and most residents own their 40 minutes by transit homes. With a Walk score of 78, most errands BELLEVUE: can be accomplished on foot. In Wedgwood, • 10.1 miles / 25-50 minutes by car / there are a lot of bars, restaurants, and coffee 60 minutes by transit shops. It is a Biker’s dream with a score of 92, REDMOND: and the nearby Burke-Gilman trail - a pathway • 18.2 miles / 30-50 minutes by car / that stretches almost 19 miles from end to 50-60 minutes by transit end, its flat and paved surface is inviting to
22 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES ABOUT SEATTLE
Seattle, Washington is a coastal seaport city in King County. With an estimated 725,000 residents as of 2018, Seattle is the largest city in both the State of Washington and the Pacific Northwest region of North America. As of 2018, it has been ranked in the top 4 for growth. The Seattle metropolitan area of around 3.6 million inhabitants is the 15th largest metropolitan area in the United States. The city is situated on a narrow isthmus between Puget Sound and Lake Washington, about 100 miles (160 km) south of the Canada–United States border.
Seattle is the region’s commercial and transportation hub and the center of manufacturing, trade, and finance. The Port of Seattle, which also operates Seattle–Tacoma International Airport, is a major gateway for trade with Asia and cruises to Alaska, and is the 8th largest port in the United States in terms of container capacity. Seattle’s importantly diversified industries include aircraft, lumber and forest products, fishing, high technology, food processing, boat building, machinery, fabricated metals, chemicals, pharmaceuticals, and apparel.
The city’s gross metropolitan product was $356 billion in 2018, making it the 4th largest metropolitan economy in the United States. Though it was also affected by the recession, Seattle has retained a comparatively strong economy, and remains a hotbed for start-up businesses, especially in green building and clean technologies: it was ranked as America’s No. 1 “smarter city” based on its government policies and green economy.
Very large companies dominate the business landscape in the “Emerald City”. Four companies on the 2018 Fortune 500 list of the United States’ largest companies, based on total revenue, are headquartered in Seattle: Internet retailer Amazon.com (#8), coffee chain Starbucks (#132), department store Nordstrom (#88), and freight forwarder Expeditors International of Washington (#408). Other Fortune 500 companies popularly associated with Seattle are based in nearby Puget Sound cities. Boeing (#27), has large aircraft manufacturing plants in Everett and Renton, which makes it the largest private employer in the Seattle metropolitan area. Warehouse club chain Costco (#15), the largest retail company in Washington, is based in Issaquah. Microsoft (#30) is located in Redmond. Weyerhaeuser, the forest products company (#394), is based in Federal Way. Finally, Bellevue is home to truck manufacturer Paccar (#155). Other major companies in the area include Nintendo of America in Redmond, the T-Mobile US in Bellevue, Expedia Inc. in Bellevue and Providence Health & Services — the state’s largest health care system and fifth largest employer — in Renton. The city has a reputation for heavy coffee consumption; coffee companies founded or based in Seattle include Starbucks, Seattle’s Best Coffee, and Tully’s. There are also many successful independent artisanal espresso roasters and cafés.
The “Emerald City” is extremely multicultural and is influenced by the Pacific Rim in art and architecture. The city offers residents a pace of life that can be either relaxed or fast paced and entrepreneurial.
23 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES MARKET OVERVIEW DEMOGRAPHICS: 1, 3 & 5 MILE RADIUS
RADIUS 1 MILE 3 MILES 5 MILES
POPULATION:
2010 Population 21,513 161,279 399,241
2020 Population 22,760 186,040 486,383 5 MILES 2025 Population Projection 23,964 198,126 522,028 SUBJECT SITES Annual Growth 2010-2020 0.6% 1.5% 2.2% 3 MILES Annual Growth 2020-2025 1.1% 1.3% 1.5% 1 MILE Median Age 40 34.1 36.6
BACHELOR'S DEGREE OR HIGHER 64% 59% 60%
2020 Households 9,474 77,260 214,833
2025 Household Projection 9,940 81,985 229,855
Annual Growth 2010-2020 0.1% 0.9% 1.6%
Annual Growth 2020-2025 1.0% 1.2% 1.4%
Owner Occupied 7,093 39,057 115,196
Renter Occupied 2,847 42,928 114,659
Total Specified Consumer Spending ($) $353.8M $2.4B $6.8B
2020 HOUSEHOLDS BY HOUSEHOLD INC:
AVG HOUSEHOLD INCOME $99,774 $106,116 $112,727
MEDIAN HOUSEHOLD INCOME $81,048 $86,419 $91,426
$25,000 - 50,000 949 8,934 20,301
$50,000 - 75,000 1,202 9,240 22,291
$75,000 - 100,000 1,021 7,910 19,353
$100,000 - 125,000 749 7,408 17,800
$125,000 - 150,000 488 4,914 12,611
$150,000 - 200,000 747 6,208 16,277
Matthews Beach Park $200,000+ 524 5,523 16,308
24 // 2-PARCEL WEDGWOOD DEVELOPMENT SITES ORION Commercial Partners maximizes real estate value through comprehensive project acquisition/disposition, property/ asset management, and leasing services. We are a progressive real estate services and investment firm constantly seeking a perfect alignment of interests between us as the service provider and our clients. ORION delivers a UNIFIED TEAM APPROACH to fulfill our client’s objectives. Creativity, accountability and focused attention are the hallmarks of our business.
DAN FOSTER MATTHEW HINRICHS 1218 Third Avenue www.orioncp.com INVESTMENT P // 206.445.7662 P // 206.445.7663 Suite 2200 P// 206.734.4100 CONTACTS: [email protected] [email protected] Seattle, WA 98101 Established in 2010
The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective buyer or tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses.