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Alki Waterfront Investment & Redevelopment Site Offering Memorandum

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Alki Waterfront Investment & Redevelopment Site Offering Memorandum 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. MAGNOLIA 7 EXECUTIVE SUMMARY QUEEN ANNE ELLIOTT BAY CAPITOL HILL Serene Yet Connected SEATTLE Beach Drive offers the best of all worlds, the delightful laid-back vibe of a sheltered coastal town, major stores and services in the neighboring West Seattle Junction retail corridor, and easy access to SeaTac Airport and to medical centers and cultural activities in Seattle. A leisurely 15-minute waterfront stroll from the properties i>`ÃÞÕÌ>}wViÌƂ i>V ]>«>Þ}ÀÕ`vÀ> ages. Gather shells and driftwood on the sandy beach, admire sea anemones and marine worms in the limpid tide pools, organize a boisterous game of beach volleyball, or hang out and people-watch at dozens of lively beachside restaurants and cafes. Every day is a vacation at Alki. For sustainable, car-free (and carefree) access to downtown WATER TAXI Seattle, choose the West Seattle Water Taxi, the foot ferry that plies between Seacrest Ferry Dock in Alki and Pier 50 on the Seattle Waterfront. Bike 15 minutes to Seacrest or drive 9 minutes; you can also walk 10 minutes to the Seattle Water Taxi Shuttle that takes commuters and tourists to and from the ferry terminal. The Water Taxi NORTH ADMIRAL whisks you across Elliot Bay to Seattle in a breathtakingly scenic 15-minute journey – a romantic way to travel to a concert or dinner date. HARBOR ISLAND The long-term investor or developer should consider the planned arrival (2030) in West Seattle Junction of the ST3 ALKI light rail line, part of the West Seattle and Ballard Link Extensions. Sustainable rapid transit close to Beach Drive ÜÀi`À>ÜÌ i>Ài>½ÃLÌÞ>«ÌÌ iLiiwÌvÌ i landlord or developer. WEST SEATTLE INDUSTRIAL DISTRICT 25 min 6 min 4 min TO SEATAC TO WEST SEATTLE TO ALKI POINT AIRPORT BY CAR JUNCTION BY CAR BY BIKE 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>Là 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 LAKELAKLAKEEUN UNIONUNNIONION 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.
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