ALKI WATERFRONT INVESTMENT & REDEVELOPMENT SITE OFFERING MEMORANDUM
3843 & 3845 Beach Dr SW, Seattle, WA Alki Waterfront Investment & Redevelopment Site Contents
Executive Summary ...... 04
Location Overview ...... 08
Investment ...... 20
Redevelopment ...... 28
Exclusive listing broker Edward Krigsman 100 253 FEET COMBINED FISH SPECIES IDENTIFIED WATERFRONT IN THE SALISH SEA
136 49 ACRES IN MINUTES TO DOWNTOWN ALKI BEACH PARK SEATTLE VIA WATER TAXI Alki Waterfront Investment & Redevelopment Site Executive Summary “Alki is to Seattle what Venice Beach [Alki] is a pretty word, convenient, not borrowed is to Los Angeles…” or stolen from any other town or city, and is in Seattle Times, August 20, 2009 its meaning expressive even unto prophecy. The interpretation of the word Alki being “by-and-by, in a little while, or hereafter,” we must approve its application to a growing and hopeful place.
Olympia Columbian, June 4, 1853 EXECUTIVE SUMMARY 6
The Offering Address 3843 & 3845 Beach Drive SW List Price - 3843 & 3845 Beach Dr SW $2,800,000 You are invited to consider, for investment or redevelopment, 3843 Beach Dr SW $1,550,000 a prime Seattle coastal waterfront property comprising two city lots with a rare combined shoreline of 100 ft. Located less than 3845 Beach Dr SW $1,250,000 a mile from Seattle’s scenic and historic Alki Point, and less than Price Per Waterfront FT $28,000 two miles from bustling West Seattle Junction, the property offers proximity to both rugged outdoor activities and polished urban Neighborhood Beach Drive/Alki Beach amenities, as well as access to Seattle by road and foot ferry. This Parcel Numbers 1524039018 & 1524039078 access will dramatically improve over the longer term with the Lot Dimensions - 3843 Beach Dr SW 16,054 SF (~4,812 SF dry land) delivery to West Seattle of voter-approved light-rail infrastructure, currently in the planning phase. Lot Dimensions - 3845 Beach Dr SW 9,504 SF (~3,488 SF dry land)
The coveted coastal site holds two existing structures on the Year Built 1906, 1956 properties, each containing a vintage duplex rental unit at the Number of Current Buildings 2 water’s edge. Feasibility studies are included that demonstrate each of the following development paths: Average Existing Unit Size 1,125 SF Current Rentable Building SF 4340 SF • Rebuild the existing duplexes as two new single-family homes of up to 4,000 SF each, occupying the original site footprint. Cap Rate (Market) 3.1% Gross Rent Multiplier (Market) 21 • Demolish and replace the two existing duplexes with two new single-family homes of up to 5,000 SF, with each new home Potential New Waterfront Townhomes 5 including an attached accessory dwelling unit (ADU). Potential New Waterfront Single Family 3 Homes • Capitalize on the site’s existing LR3 zoning (with a FAR limit Potential Redeveloped Waterfront Single of 1.2 for single-family houses, 1.3 for apartments, and 1.6 2 for green buildings and 30 ft building height) to develop and Family Homes construct either three new luxury single-family waterfront iÃÀwÛiiÜÕÝÕÀÞÜ>ÌiÀvÀÌÌÜ ÕÃið
The option also remains to preserve and lease each waterfront duplex as is for an investment portfolio, or to renovate the units and raise rents.
In a real estate market with a diminishing supply of oceanfront Varied Investment Redevelopment Panoramic Puget and view properties, the pie-slice-shaped lots offer superior Options Potential Sound Views water-frontage in proportion to their land area, producing view panoramas from every level. The simultaneous availability of two maintaining, rebuilding, Potential total square encompassing Survey >`>ViÌ>`>ÃÃiLi`Ì>Ý«>ÀViÃiÃÕÀiÃyiÝLi`iÛi«iÌ developing, or holding for footage of new buildings Islands, Olympic >`iÝÌ«>Ã]ÜÌ Ã}wV>Ì«ÌiÌ>LiiwÌvÀÌ iÃ>ÛÛÞ the future is 8,194 SF Mountains, Vashon Island investor or for the homeowner searching for prime land to construct one or more luxurious waterfront homes. HILL CAPITOL 7 DISTRICT INDUSTRIAL SEATTLE
ISLAND
HARBOR WATER TAXI WATER QUEEN ANNE NORTH ADMIRAL NORTH WEST SEATTLE MAGNOLIA
ELLIOTT BAY ALKI BY BIKE 4 min TO ALKI POINT 6 min JUNCTION BY CAR TO WEST SEATTLE TO WEST SEATTLE TO SEATAC TO SEATAC 25 min AIRPORT BY CAR AIRPORT EXECUTIVE SUMMARY Connected Yet Serene the best of all worlds, delightful Beach Drive offers coastal town, major stores laid-back vibe of a sheltered Seattle Junction and services in the neighboring West Airport and and easy access to SeaTac corridor, retail to medical centers and cultural activities in Seattle. A the properties from stroll 15-minute waterfront leisurely i>`ÃÞÕÌ>}wViÌƂ i>V ]>«>Þ}ÀÕ`vÀ> ages. Gather shells and driftwood on the sandy beach, sea anemones and marine worms admire in the limpid tide game of beach volleyball, or a boisterous pools, organize hang out and people-watch at dozens of lively beachside and cafes. Every day is a vacation at Alki. restaurants access to downtown (and carefree) For sustainable, car-free the foot ferry Taxi, Seattle Water Seattle, choose the West Ferry Dock in Alki and Pier that plies between Seacrest Bike 15 minutes to Seacrest 50 on the Seattle Waterfront. or drive 9 minutes; you can also walk 10 minutes to the Shuttle that takes commuters and Taxi Seattle Water Taxi the ferry terminal. The Water tourists to and from Elliot Bay to Seattle in a breathtakingly whisks you across scenic 15-minute journeyway to travel a – a romantic concert or dinner date. The long-term investor or developer should consider the Seattle Junction of the ST3 planned arrival (2030) in West Link Seattle and Ballard light rail line, part of the West Extensions. Sustainable rapid transit close to Beach Drive ÜÀi`À>ÜÌ i>Ài>½ÃLÌÞ>«ÌÌ iLiiwÌvÌ i or developer. landlord Alki Waterfront Investment & Redevelopment Site Location Overview LOCATION OVERVIEW 9
Investing In Seattle
A nationally ranked Top Five investment market, Seattle boasts a strong and resilient economy. Economic growth fuels a thriving market in which the demand for rental units and new homes is expected to continue increasing. As they do in Manhattan and in the peninsular Bay Area, geographic and topographic barriers limit Seattle’s land supply and concentrate demand in thriving urban villages and neighboring suburbs.
Over the last decade the Puget Sound region has outperformed the nation in employment, population, and personal income growth and enjoyed a commensurately low employment rate. A distinctly diverse, skilled, and educated workforce attracts high- «ÀwiVÀ«À>ÌÃ]LÌ iÃÌ>LÃ i`>`LÕÀ}i}] and the city has long been home to top-ranked research institutions.
The local demographic includes educated high-income singles and dynamic two-career couples earning mid-to-upper-scale salaries. Aging Baby Boomers, the ÃÌ>vyÕiÌ`i}À>« VV>Ìi}ÀÞ]>iÕ«ÛiÀ{ä percent of Seattle’s homeowning population. LOCATION OVERVIEW 10
GREEN LAKE
35 MINUTES U-DISTRICT 60,000
NORTHGATE FREMONT EMPLOYEES LAURELHURST
20,000 U DISTRICTD STTRICT CT 30 MINUTES EMPLOYEES
WEDGWOOD MAGNOLIA EASTLAKE
LAKE UNIUNIONON 40 MINUTES EXPEDIA QUQQUEENU ANNE 4,500 SLU EMPLOYEES 60,000CAPITOLCAPITOLAP TOL ELLIOT BAY HILLHILL EMPLOYEESSOUTHSOUTHOUTHTH LAKLLAKEAKEEUN UUNIONNNIONION MADRONA 30 MINUTES
28 MINUTES SEATTLE
452,000 LESCHI
EMPLOYEES LAKE WATER TAXI WASHINGTON 15 MINUTES PUGET SOUND
NORTH ADMIRAL MT BAKER
HARBOR Transit Times to ISLAND ALKI Major Seattle
WEST SEATTLE INDUSTRIAL Employment Nodes DISTRICT LOCATION OVERVIEW 11
Seattle’s Original Beach Community
The oldest neighborhood in Seattle (established when Ì iwÀÃÌ7 ÌiÃiÌÌiÀÃ>`i`>ÌƂ*Ì£nx£Ì be welcomed by the Duwamish Chief Sealth) and the westernmost, Alki is bordered on the north and west by Puget Sound, on the east by North Admiral, and on the south by West Seattle (Alaska) Junction. The subject property is tucked into the coveted Beach Drive enclave, less than a mile from the attractions of Alki, yet serenely removed from Alki’s seasonal congestion. The housing stock includes a mix of single-family houses with condos, apartment buildings and townhouses, in a coastal village setting peppered with petite pocket parks and family- owned restaurants.
Residents of all ages love Alki for its extraordinary natural beauty and plentiful outdoor recreational opportunities. No path in all of Seattle is as beloved as the 3.7-mile y>Ì]«>Ûi`]ÕÌÕÃiƂ/À>]`i>vÀÀiÀL>`}] skateboarding, walking, running, and biking. The long ÃÛiÀvÃ>`ÞLi>V Ì iwÀÃÌL>Ì }Li>V Ì i7iÃÌ Coast), with picture-postcard views of the Seattle skyline, offers kayak and paddleboard rentals, beach volleyball VÕÀÌÃ]V>ÃÕ>i>ÌiÀiÃÃiÀÛ}wà >`V «Ã]Ì>VÃ] LÕÀ}iÀÃ>`Ì iÀLi>V Þv>Ài]>`wÀi«ÌÃvÀLwÀià long summer evenings with epic sunsets.
Nature lovers appreciate Alki for the sightings of Salish Sea fauna including orcas and gray whales, and occasionally `« Ã>` Õ«L>VÜ >iÃÆƂ >ÃLii> iÀÌwi` Wildlife Habitat since 2009. Emma Schmitz Memorial Outlook, a mile south of Alki Point, provides a scenic sea wall for observation on the “Whale Trail.” LOCATION OVERVIEW 12
The Log House Museum’s relics and artifacts from the pioneer era teach about early settler history. In another nearby log structure, the landmarked 1904 Alki Homestead, critically acclaimed chef Mike Easton serves gourmet handmade pasta in a charming rustic setting. The refurbished Alki Bath House (remnant of a sprawling 1911 waterfront pavilion) offers community programming, event space, and facility rental. For several decades early in the last century Duwamish Head was the site of a Coney Island-style boardwalk amusement park called Luna Park. In the summer Alki Beach still retains something of its carnival spirit, while most of the year remains tranquil. ÝVi«ÌvÀÜÀ]ÀiÃ`iÌÃw`Ì iÞÀ>ÀiÞii`Ìi>Ûi West Seattle, as most errands can be accomplished in Alki or in the neighboring West Seattle Junction.
Real estate data for Alki show a steady upward trend ÜÌ ÀyÕVÌÕ>Ìð iV>ÕÃivÌë«Õ>ÀÌÞ among a broad demographic swath (singles, well- heeled professional couples, and active retirees), Alki will undoubtedly continue to thrive and trend upward. Prized by both renters and buyers for its idyllic coastal lifestyle within easy reach of SeaTac Airport and key medical services in Seattle, Alki suffers from a shortage of waterfront properties. When they appear on the market such properties are quickly acquired – by both locals and those from other coastal areas including California, often as second, summertime homes. West-facing waterfront is altogether rare in Seattle and extremely desirable for its promise of spectacular orange sunsets and lengthened summer. This Beach Drive property, with 100 feet of west- v>V}Ü>ÌiÀvÀÌ]`iÛiÀÃ>} Ìwi`>`ÌÀ>µÕiÃV>«i – like being transported to one of the San Juan Islands, but only half an hour from the airport, with no ferries to catch. LOCATION OVERVIEW 13
Neighborhood Amenities
Restaurants, Cafes & Bars 1. La Rustica 7. Duke’s Seafood & Chowder 10 2. Cactus Alki Beach 8. Admiral Pub 3. Phoenicia 9. West Seattle Brewing Company 12 ELLIOTT BAY 4. Alki Spud Fish & Chips 10. Alki Tavern 6 5. Top Pot Donuts 11. Il Nido 6. Bakery Nouveau 12. Marination Ma Kai NORTH ADMIRAL
4 Fitness 8 3 1. Precision Fitness 2. Barre3 1 7 4 3. LA Fitness 4 9 2 5 4. Anytime Fitness 2 5 11 5. ÕÌ>Ì-Õ`"ÕÌwÌÌiÀÃ 3 ALKI 6. Alki Kayak Tours 2 Parks
1. Andover Place 1 2. Alki Beach Park 1 3. Emma Schmitz Preserve Park WEST SEATTLE 4. Me-Kwa-Mooks Park
4 1 2 FAUNTLEROY WAY SW Grocery / Shopping 6 3 3 5 1. West Seattle Farmer’s Market 2. Trader Joe’s 6 WEST SEATTLE GOLF COURSE 3. Metropolitan Market 4. Safeway 5. PCC Community Market 6. Whole Foods Market
3 miles 2.9 miles 1.9 miles 0.7 miles View Interactive Map LINCOLN PARK MARINATION MA KAI FARMERS MARKET ALKI BEACH PARK 3843 BEACH DRIVE SW, SEATTLE, WA 3 LOCATION OVERVIEW 14
The “Venice Beach”of Seattle
BEACH DRIVE TREASURE La Rustica Italian Waterfront Bistro
A three-minute stroll from the property, the intimate Beach Drive restaurant La Rustica has enchanted locals and visitors since 1996 with its Roman-villa interiors, breathtaking views of the Sound, and authentic Italian food and wine inspired by the bounty of land and sea. Giulio Pellegrini, the founder, who emigrated in 1965 from his native Patrica, just south of Rome, still reigns as the bistro’s gracious «>ÌÀ>ÀV °ÃÜvi>i>>}wViÌL>iÀÕÃÌÞViiLÀ>Ìi`vÀ her tiramisu and chocolate torte) planted the restaurant’s lush patio garden. The next generation of Pellegrinis continues to contribute to Seattle’s restaurant landscape with La Romanza Bistro in West Seattle Junction, started and owned by talented daughter Aimee Pellegrino.
0.1 miles from property at 4100 Beach Drive SW LOCATION OVERVIEW 13
Demographics
All demographic markers indicate that Beach Drive/Alki is >>vyÕiÌi} LÀ `ÜÌ > } Þi`ÕV>Ìi`««Õ>Ì commanding substantial earning power. 26.4% of Beach Drive/ Alki residents hold an advanced degree (versus 14.6% for Seattle- Tacoma). 23.3% of Beach Drive/Alki households boast an income of over $200K (compared with 11.7% for Seattle-Tacoma). 19.6% of Beach Drive/Alki housing units carry a value of over $1M (as opposed to 8.7% for Seattle-Tacoma). 3843 Beach Drive SW
RADIUS → 1 MILE 3 MILE 5 MILE
Population E
IV
2024 Projection 10,398 65,881 239,480 DR
2019 Estimate 9,907 61,581 219,451 H
ACA
2010 Census 16,462 106,462 216,368 E
BE 3845 Beach Households by Marital Status Drive SW
Married 1,877 10,068 28,804 Married No Children 1,139 5,566 19,121 Married with Children 738 4,102 9,682
2010 Households by Size
1-Person Households 1,827 9,663 39,050 2-Person Households 1,764 9,008 26,006 3-Person Households 626 3,363 8,361
TOTAL 4,217 22,034 73,417 LOCATION OVERVIEW 16
→ RADIUS 1 MILE 3 MILE 5 MILE 2020 Household Income
2019 Avg Household Size 2.10 2.10 1.80 25.0%
2020 Households by Income
$100,000 - $125,000 694 3,149 11,597 20.0% $125,000 - $150,000 401 2,214 7,885 $150,000 - $200,000 836 3,936 10,510 $200,000+ 756 3,896 15,339 15.0% 2019 Housing Value
$1,000,000+ 467 1,731 4,558
10.0%
2020 Housing Value
5.0% Above 1MIL
500K-1MIL 0.0% 75K-100K 100K-125K 125K-150K .. 150K-200K Above 200K 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
Radius Seattle-Tacoma Radius Seattle-Tacoma
RADIUS SEATTLE-TACOMA INDEX
Median Household Income $123,879 $82,613 150
Median Home Value $778,638 $432,385 180 LOCATION OVERVIEW 17
SEATTLE- RADIUS TACOMA INDEX 2019 Highest Education Level
2020 Occupied Units
Owner Occupied 6,683 1,358,432 101 Owner Occupied Rate 58.9% 58.3% 101 Renter Occupied 4,111 840,778 101 Renter Occupied Rate 36.3% 36.1% 101 No Diploma
HS Diploma 2020 Housing Values
Value 400K-500K 550 207,119 54 Some College
400K-500K Rate 8.2% 15.2% 54 Bachelors Degree Value 200K-1MIL 4,583 419,763 222 Advanced Degree 200K-1MIL Rate 68.6% 30.9% 222 Value Above 1MIL 1,313 119,410 223 Above 1MIL Rate 19.6% 8.8% 223
2020 Household Vehicles
2 Vehicles
1 Vehicle
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
Radius Seattle-Tacoma LOCATION OVERVIEW 18
2020 Population Distribution 2020 Household Age
Age 75-79
3.5% 2.4% 6.8% 13.5% Age 70-74
Age 65-69 14.9%
Age 60-64 18.4%
Age 55-59
Age 50-54
20.1% Age 45-49 20.4%
Age 40-44 Age 15-24 Age 55-64
Age 35-39 Age 25-34 Age 65-54
Age 30-34 Age 35-44 Age 75-84
Age 45-54 Age 85+ Age 25-29
0% 1% 2% 3% 4% 5% 6% 7% 8% 9%
Radius Seattle-Tacoma 12 miles to Downtown Seattle
Lincoln Park
Mi-Kwa Mooks Park 3843 & 3845 Beach Dr SW Alki Waterfront Investment & Redevelopment Site Investment INVESTMENT 21
Operating Statement CURRENT MARKET Gross Scheduled Income (GSI) $82,200 $133,800 The existing duplex 3843 Beach Drive (transported to the site, legend has it, by barge) consists of two 1400 SF 3BR 1 BA units (#A Vacancy Factor $822 $6,690 E ®]i>V ÜÌ `iVîÀ«>Ì]wÀi«>Vi>`>Õ`ÀÞ°ƂviVi` private yard with attractive landscaping comes with the lower unit Vacancy Rate 1.0% 5.0% (#B). The upper unit (#A) holds 2 decks with views to the Sound. The building includes an attached garage, providing room for 1 car and Adjusted Gross Income $83,022 $127,110 kayak storage. Operating Expenses $39,335 $39,335 The duplex at 3845 Beach Drive has a 1200 SF 2 BR upper unit (#A) with laundry and a large deck and a 500 SF studio lower unit (#B) Operating Expenses/GSI 48% 29% with laundry and a covered patio. A carport provides parking for 2 cars. Net Operating Income $46,344 $90,432
/ iÌÜLÕ`}ÃiÞ>Ã >Ài`ÕÌ`ÀwÀi«ÌvÀviÃÌÛi Cap Rate 1.7% 3.1% gatherings or solitary contemplation on starry summer nights, with the sound of the waves rhythmically lapping below – a little piece of Gross Rent Multiplier 34 19 paradise for the privileged resident. Rent Per Rentable SF/Month $1.52 $2.48 INVESTMENT 22
ƂiÝÃÌ}i>ÃiÃ>ÀiÌ ÌÌ °ÀÌ iÛiÃÌÀÃii}ÃÌi>`ÞV>Ã yÜ ÜÌ ÕÌÃ}wV>Ì>``Ì>V>Ã ÕÌ>Þ]Ì iiÝÃÌ}ÕÌv>ÞLÕ`}ÃvviÀ the opportunity to capitalize on rising rents in the Seattle market in the City’s most coveted locale. Currently leased for a total annual income of $82,000, the four units would potentially fetch a total of $133,800 at market rents.
EXPENSES VACANCY & MARKET ASKING RENT PER UNIT
MONTHLY ANNUAL
Water & Sewer $113 $1,361
Garbage $136 $1,637
Electricity $361 $4,328
2020 Property Taxes $2,401 $28,810
Insurance $114 $1,369
Other $152 $1,830
TOTAL EXPENSES $3,125 $39,335
RENT ROLL
GROSS REVENUE (CURRENT) GROSS REVENUE (MARKET)
TYPE SF MONTHLY ANNUAL MONTHLY ANNUAL
3843 UPPER 3/2 1,400 $1,850 $22,200 $3,350 $40,200
3843 WATERFRONT 3/1 1,400 $2,200 $26,400 $3,350 $40,200
3845 UPPER 2/1 1,200 $1,900 $22,800 $2,850 $34,200
3845 WATERFRONT Studio/1 500 $900 $10,800 $1,600 $19,200
TOTAL 4,500 $6,850 $82,200 $11,150 $133,800 INVESTMENT 23
RENT TRENDS TOTAL UNITS BY BEDROOM
CURRENT PRIOR RATE OF CHANGE
Vacancy Rate 5.7% 5.9% - 0.2%
Market Rent/Unit $1,779 $1,842 - 3.4%
Market Sale Price/Unit $397K $374K + 6.3%
Market Cap Rate 4.2% 4.3% - 0.1%
MARKET ASKING RENT PER UNIT BY BEDROOM MARKET ASKING RENT PER UNIT BY BEDROOM INVESTMENT 24
Floorplans 3843 BEACH DRIVE SW
WATERFRONT RESIDENCE UPPER RESIDENCE
Download Floorplan 3843 BEACH DRIVE SW, SEATTLE, WA INVESTMENT 25
Floorplans 3845 BEACH DRIVE SW
WATERFRONT RESIDENCE UPPER RESIDENCE
Download Floorplan 3845 BEACH DRIVE SW, SEATTLE, WA INVESTMENT 26
The Properties
E IVV DDR H AC BE
3843 BEACH DRIVE SW 3845 BEACH DRIVE SW INVESTMENT 27
Multi-Family Waterfront Comparables
1 2 3
5
6 NORTH ADMIRAL
3306 Beach Drive SW 10025 51st Ave SW 3811 Beach Drive SW HARBOR Seattle, WA 98166 Seattle, WA 98166 Seattle, WA 98166 ALKI 1 Year Built ...... 1991 Year Built ...... 1927 Year Built ...... 1921 4 Sale Date ...... 03/06/18 List Date ...... 05/21/20 Sale Date ...... 05/31/18 3 Sale Price ...... $3,780,000 List Price ...... $1,998,000 Sale Price ...... $1,888,000 Building SF ...... 7,005 Building SF ...... 3,890 Building SF ...... 3,610 Lot SF ...... 4,400 Lot SF ...... 34,250 Lot SF ...... 18,476 WEST SEATTLE Price / Building SF ...... $540 Price / Building SF ...... $514 Price / Building SF ...... $523 3843 & 3845 Waterfront FT ...... N/A Waterfront FT ...... 75 Waterfront FT ...... 50 Beach Drive SW WEST SEATTLE GOLF COURSE
4 5 6
FAUNTLEROY WAY
3318 Beach Drive SW 2136 Alki Ave SW 2148 Halleck Ave SW Seattle, WA 98166 Seattle, WA 98166 Seattle, WA 98166 DELRIDGE Year Built ...... 1974 Year Built ...... 1917 Year Built ...... 1962 Sale Date ...... 12/07/18 Sale Date ...... 01/11/18 Sale Date ...... 04/01/20 Sale Price ...... $1,467,500 Sale Price ...... $1,398,747 Sale Price ...... $1,287,000 LINCOLN Building SF ...... 2,280 Building SF ...... 2,180 Building SF ...... 2,360 PARK ROXHILL Lot SF ...... 4,000 Lot SF ...... 3,520 Lot SF ...... 4,026 Price / Building SF ...... $644 Price / Building SF ...... $498 Price / Building SF ...... $545 Waterfront FT ...... 50 Waterfront FT ...... N/A Waterfront FT ...... N/A
FAUNTLEROY 2 Alki Waterfront Investment & Redevelopment Site Redevelopment REDEVELOPMENT 29
Four Potential Redevelopment Programs
Spec developers and custom homebuilders alike will discover the ÃÌi½ÃÕÌ«i`iÛi«iÌÃVi>ÀÃÌLi>««i>}>`yiÝLi° Take advantage of the site’s LR3 zoning and the opportunity to convert the existing building FAR of 0.4 to the maximum FAR of 1.2 Land Use Code Review for houses and 1.3 for apartments. Feasibility studies are available for four such options: renovating the existing duplexes into larger waterfront homes; demolishing the existing properties and building Address 3843 & 3845 Beach Drive SW two waterfront single-family homes, each with an attached accessory 16,054 SF & 9,504 SF (~4,812 SF & Lot Area dwelling unit (for potential use as a mother-in-law unit or guest 3,488 SF dry land) house for aging family members); building three new waterfront Lot Dimensions 229’ x 100’ Ã}iv>Þ iÃÆ>`LÕ`}wÛiiÜÜ>ÌiÀvÀÌÌÜ ÕÃið >V vÌ iÃiÃVi>ÀÃV>ÀÀiÃ`ÃÌVÌLiiwÌÃvÀÌ i}iÀÌiÀ Existing Structure Area 4,340 SF combined investor in the robust Seattle real estate market. MHA Zone None Adjacent Zones Residential & Multifamily One dwelling per 1300 SF; for Density apartments one dwelling per 800 SF 1.2; apartment FAR 1.3; green FAR building FAR 1.6 30 ft, with exceptions for green Allowable Height roofs and penthouses, including for residential lifts 1 space per dwelling, set back from Parking Requirements OWHM No use permitted over water except SEPA Requirements boat moorage 40% steep slope; 15 ft buffer ECA required from top and toe of slope unless permitted REDEVELOPMENT 30
Redevelopment Options
OPTION A OPTION B OPTION C OPTION D
LOTS 22 3 5
AVG LOT SIZE 50 50 33 20
AVG WATERFRONT FT/LOT 50 50 33 20
CONSTRUCTION Renovation New New New
TYPE Detached SF Detached SF Detached SF Townhomes
AVG SF/UNIT 3,258 3,926 2,074 1,524
MAIN HOMES 22 30
ADUS 02 3 5
TOTAL UNITS 2 4 6 5
GARAGE PARKING 44 3 3
OFF-STREET PARKING 00 2 2
TOTAL PARKING 4 4 5 5
UNITS SF DETAIL
UNIT 1 3,978 4,766 2,068 1,489
UNIT 2 2,537 3,428 2,081 1,435
UNIT 3 2,074 1,420
UNIT 4 1,619
UNIT 5 1,656
TOTAL BUILDING SF 6,515 8,194 6,223 7,619 REDEVELOPMENT 31
Option A - Two Replacement Single-Family Homes
Redevelopment Summary
Dwelling Units 2 Parking Stalls 4 Total SF 6,515 Avg SF/Unit 3,258
Unit 1 SF 3,978 Unit 2 SF 2,537
Option A takes advantage of the 30 ft height limit to build higher on the footprints of the existing structures, constructing two detached luxury waterfront single-family dwelling units for a total of 6,515 SF (average SF/unit 3,258).
*Utilizing existing footprint for new construction would require director’s discretionary approval with ecological study support.
**Estimated 25% Approval Success REDEVELOPMENT 32
Option A - Two Replacement Single-Family Homes
FRONT VIEW 3D VIEW
SOUTH VIEW NORTH VIEW REDEVELOPMENT 33
Option B - Two Single-Family Homes + ADUs
Redevelopment Summary
Dwelling Units 2 Parking Stalls 4 TOTAL SF 8,194
UNIT 1 Single-Family Home SF 3,926 ADU 840 TOTAL SF 4,766
UNIT 2 Single-Family Home SF 2,878 ADU 550 TOTAL SF 3,428
Option B details the construction of two luxury waterfront single-family homes, each with an attached accessory dwelling unit, for a total of four dwelling units and four parking stalls. Total SF in this option is 8,194 – two main residences of 3,926 SF and 2878 SF and two ADUs of 840 SF and 550 SF. LEVEL 1 REDEVELOPMENT 34
Option B - Two Single-Family Homes + ADUs
LEVEL 2 LEVEL 3 REDEVELOPMENT 35
Option C - Three New Single-Family Homes
Redevelopment Summary
Dwelling Units 3 Parking Stalls 3 Total SF 6,223 Avg SF/Unit 2,074
Unit 1 SF 2,068 Unit 2 SF 2,081 Unit 3 SF 2,074
Option C outlines the construction of three detached luxury waterfront single-family residences with parking and potential for residential elevator penthouses and roof deck amenities, with a total of 6,223 SF (average SF/residence 2,074).
LEVEL 1 REDEVELOPMENT 36
Option C - Three New Single-Family Homes
LEVEL 2 LEVEL 3 REDEVELOPMENT 37
Option C - Three New Single-Family Homes
FRONT VIEW 3D VIEW
SOUTH VIEW MIDDLE VIEW NORTH VIEW REDEVELOPMENT 38
Option D - Five New Townhouses
Redevelopment Summary
Dwelling Units 5 Parking Stalls 5 Total SF 7,649 Avg SF/Unit 1,524
Unit 1 SF 1,489 Unit 2 SF 1,435 Unit 3 SF 1,420 Unit 4 SF 1,619 Unit 5 SF 1,656
"«Ì wÛiÕÝÕÀÞÜ>ÌiÀvÀÌÌÜ ÕÃi residences are proposed, with total 7,649 SF >ÛiÀ>}i-ÉÕÌ£]xÓ{®>}ÜÌ «>À}vÀwÛi vehicles.
LEVEL 1 REDEVELOPMENT 39
Option D - Five New Townhouses
LEVEL 2 LEVEL 3 REDEVELOPMENT 40
Option D - Five New Townhouses
FRONT VIEW 3D VIEW
SOUTH VIEW NORTH VIEW REDEVELOPMENT 41
Townhouse Comparables
1 2 3
2 EASTLAKE
MAGNOLIA LAKE 1619 Harbor Ave SW #600 111 E Hamlim Street 1226 Alki Ave SW #4100 UNION Seattle, WA 98166 Seattle, WA 98166 Seattle, WA 98166 QUEEN ANNE Year Built ...... 1992 Year Built ...... 2018 Year Built ...... 2008 Sale Date ...... 03/06/20 Sale Date ...... 05/02/19 Sale Date ...... 10/31/19 CAPITOL Sale Price ...... $1,575,000 Sale Price ...... $1,550,000 Sale Price ...... $1,500,000 HILL Building SF ...... 2,014 Building SF ...... 1,684 Building SF ...... 1,830 Lot SF ...... 5,638 Lot SF ...... 1,389 Lot SF ...... 9,370 DOWNTOWN Price / Building SF ...... $728 Price / Building SF ...... $920 Price / Building SF ...... $820 Waterfront FT ...... N/A Waterfront FT ...... N/A Waterfront FT ...... N/A
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3 1 3006 Alki Ave 2950 Alki Ave SW 2950 Alki Ave SW Seattle, WA 98166 Seattle, WA 98166 Seattle, WA 98166 NORTH ADMIRAL
Year Built ...... 2015 Year Built ...... 2019 Year Built ...... 2019 HARBOR ISLAND Sale Date ...... 08/17/18 Sale Date ...... 07/22/19 List Date ...... 06/11/20 6 Sale Price ...... $1,245,000 Sale Price ...... $1,130,000 List Price ...... $1,159,000 4 5 Building SF ...... 2,030 Building SF ...... 2,180 Building SF ...... 2,360 ALKI Lot SF ...... 1,699 Lot SF ...... 1,548 Lot SF ...... 1,548 WEST SEATTLE Price / Building SF ...... $613 Price / Building SF ...... $716 Price / Building SF ...... $694 Waterfront FT ...... N/A Waterfront FT ...... N/A Waterfront FT ...... N/A 3843 & 3845 INDUSTRIAL Beach Drive SW DISTRICT WEST SEATTLE GOLF COURSE REDEVELOPMENT 42
Waterfront Comparables
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NORTH ADMIRAL
9829 51st Ave SW 3001 Alki Ave SW 3095 Alki Ave SW HARBOR Seattle, WA 98166 Seattle, WA 98166 Seattle, WA 98166 3 ISLAND 2 ALKI Year Built ...... 2008 Year Built ...... 2001 Year Built ...... 2006 5 List Date ...... 09/16/19 Sale Date ...... 12/29/17 Sale Date ...... 01/21/20 List Price ...... $3,995,000 Sale Price ...... $3,050,000 Sale Price ...... $2,850,000 Building SF ...... 3,304 Building SF ...... 3,230 Building SF ...... 3,670 Lot SF ...... 11,581 Lot SF ...... 19,629 Lot SF ...... 8,323 WEST SEATTLE Price / Building SF ...... $1,209 Price / Building SF ...... $944 Price / Building SF ...... $777 3843 & 3845 Waterfront FT ...... 50 Waterfront FT ...... 80 Waterfront FT ...... 34 Beach Drive SW Price / Waterfront FT ...... $73 K Price / Waterfront FT ...... $80K Price / Waterfront FT ...... $83 K WEST SEATTLE GOLF COURSE
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FAUNTLEROY WAY
5411 Beach Drive SW 3095 Alki Ave SW 5421 Beach Drive SW Seattle, WA 98166 Seattle, WA 98166 Seattle, WA 98166 DELRIDGE Year Built ...... 2003 Year Built ...... 2006 Year Built ...... 1989 Sale Date ...... 06/06/17 Sale Date ...... 07/15/16 Sale Date ...... 05/08/18 Sale Price ...... $2,835,000 Sale Price ...... $2,500,000 Sale Price ...... $1,805,358 LINCOLN ROXHILL Building SF ...... 4,200 Building SF ...... 3,670 Building SF ...... 2,530 PARK Lot SF ...... 21,503 Lot SF ...... 8,323 Lot SF ...... 22,979 Price / Building SF ...... $675 Price / Building SF ...... $681 Price / Building SF ...... $714 Waterfront FT ...... 40 Waterfront FT ...... 34 Waterfront FT ...... 40 Price / Waterfront FT ...... $70 K Price / Waterfront FT ...... $74 K Price / Waterfront FT ...... $45 K
FAUNTLEROY 1 ekreg.com
Edward Krigsman 206.387.6789 [email protected]
/ Ã"vviÀ} iÀ>`Õ >ÃLii«Ài«>Ài`Ì«ÀÛ`iÃÕ>ÀÞ]ÕÛiÀwi`vÀ>ÌÌ«ÀëiVÌÛi«ÕÀV >ÃiÀÃ]>`ÌiÃÌ>Là Þ>«Ài>ÀÞiÛivÌiÀiÃÌÌ iÃÕLiVÌ«À«iÀÌÞ°/ i information contained herein is not a substitute for the Buyer’s thorough due diligence investigation. Windermere Real Estate Company makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Windermere Real Estate Company has not made any investigation, and makes Ü>ÀÀ>ÌÞÀÀi«ÀiÃiÌ>Ì]ÜÌ ÀiëiVÌÌÌ iViÀiÝ«iÃiÃvÀÌ iÃÕLiVÌ«À«iÀÌÞ]Ì ivÕÌÕÀi«ÀiVÌi`w>V>«iÀvÀ>VivÌ i«À«iÀÌÞ]Ì iÃâi>`õÕ>ÀivÌ>}ivÌ i«À«iÀÌÞ >`«ÀÛiiÌÃ]Ì i«ÀiÃiViÀ>LÃiVivVÌ>>Ì}ÃÕLÃÌ>ViÃ]Ì iV«>ViÜÌ -Ì>Ìi>`i`iÀ>Ài}Õ>ÌÃ]Ì i« ÞÃV>V`ÌvÌ i«ÀÛiiÌÃÌ iÀi]ÀÌ iw>V> condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. References to square footage or age are approximate. Buyer must ÛiÀvÞ>vÀ>Ì>`Li>ÀÃ>ÀÃvÀ>VVÕÀ>Við ÕÞiÀ>` ÕÞiÀ½ÃÌ>Ý]w>V>]i}>]>`VÃÌÀÕVÌ>`ÛÃÀÃà Õ`V`ÕVÌ>V>ÀivÕ]`i«i`iÌÛiÃÌ}>Ì>Þ«À«iÀÌÞÌ`iÌiÀi to Buyer’s satisfaction with the suitability of the property for Buyer’s needs. Windermere Real Estate Company excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from
µÕÀiÃ>`ÌÕÀÃ>ÀiÌLi`ÀiVÌi`ÌÌ i ÝVÕÃÛi ÃÌ}Ƃ}iÌð*i>Ãi`ÌVÌ>VÌÌ i*À«iÀÌÞ]*À«iÀÌÞ >>}iÀ]"ÜiÀÀ/i>Ìð"vviÀÃà Õ`Li`iÛiÀi`ÌÌ ivwVivÌ i ÝVÕÃÛi Listing Agents, Windermere Real Estate Co. Edward Krigsman. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and «iÀ>Ì}Ã>À«À«iÀÌiÃ]v>>ÀÌÞÜÌ Ì i>ÀiÌ>`>ÞÌ iÀvÀ>ÌÜ V ÃiÞÌv>ÛÀ>LÞÀiyiVÌÌ ivviÀÀÃ>LÌÞÌVÃiÌ Ã«À«Ãi`ÌÀ>Ã>VÌ>ÌiÞ>iÀ°
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