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Harlow Klimple Crown Hill SEATTLE CBD BALLARD 17 TH AVE NW 18 TH AVE NW NW 80TH ST 16 TH AVE NW MARY AVE NW NW 83RD ST 15TH AVE NW HARLOW KLIMPLE CROWN HILL NE 80TH ST HARLOW KLIMPLE CROWN HILL MULTIFAMILY DEVELOPMENT SITE KIDDER.COM OFFERING MEMORANDUM | 8323-8327 15TH AVE NW & 8322-8326 16TH AVE NW | CROWNHILLOFFERING.COM 01 TABLE OF INVESTMENT SUMMARY 02 CONTENTS PROPERTY DESCRIPTION 03 MASSING STUDIES 04 MARKET SURVEY EXCLUSIVELY LISTED BY DAVE SPEERS KEN HIRATA JEFF LOFTUS 05 Senior Vice President, Partner Senior Vice President, Partner Senior Vice President, Partner MARKET OVERVIEW 206.296.9626 206.296.9625 206.248.7326 [email protected] [email protected] [email protected] KIDDER.COM The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. 01 INVESTMENT SUMMARY THE OFFERING PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 3 CROWN HILL DISTRICT NW 85TH ST MARY AVE NW HARLOW KLIMPLE CROWN HILL 15TH AVE NW INVESTMENT SUMMARY Kidder Mathews is pleased to PROPERTY OVERVIEW present an outstanding multifamily List Price $11,500,000 development site in the close- 8323-8327 15th Ave NW, Seattle, WA 98117 in Crown Hill district of Seattle. Address of Seattle that has recently 8322-8326 16th Ave NW, Seattle, WA 98117 The Harlow Klimple Crown Hill experienced a significant amount 758870-0240, 758870-0214, 758870-0241, property benefits from a recent of new development including new Parcel No. 758870-0215 up-zone by the City of Seattle and apartment, office and retail projects. an excellent location on 15th NW, The property is in close proximity Land Size 34,232 SF a primary arterial connecting North to Metro Rapid Ride Transit access 3,260 SF 1-story restaurant building and a 1,440 SF Improvements Seattle to Seattle’s CBD. points, and a variety of grocery, drug 1-story building used as office/retail/converted SFR store, restaurant and other retail and All public utilities are available including water, sewer, service opportunities in the Crown Utilities electricity, gas, and telephone THE OFFERING Hill Greenwood neighborhoods. Zoning East Side under NC3-75, West Side under LR2 The subject property, located The property is zoned, on the 15th adjacent to the northwest corner NW side, NC3-75 and, on the 16th Max Height Limit 75' (Newly Adopted) of 15th NW and NW 85th Street, NW side, LR2. is centrally located in the rapidly developing northwest region The offering price is $11,500,000. CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 4 INVESTMENT HIGHLIGHTS PUGET SOUND NW 85TH ST 17TH AVE NW ADJACET 5,408 SF SITE ALSO AVAILABLE HARLOW KLIMPLE CROWN HILL CENTRALLY LOCATED in North Seattle's rapidly developing West side of the multifamily corridors 16TH AVE NW 34,232 SF total site size is adequate for a 100+ unit apartment project PROPERTY FRONTS on 15th NW adjacent tp Rapid Ride Metro Transit access points CLOSE PROXIMITY to a variety of 15TH AVE NW retail services including grocery and restaurants CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 5 02 PROPERTY DESCRIPTION PROPERTY LOCALITY ACCESS DEMOGRAPHICS ACCESS TO EMPLOYMENT HUBS CROWN HILL APARTMENT MARKET SUMMARY LOCAL CROWN HILL, GREENWOOD AND BALLARD AMENITIES ZONING CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 6 PROPERTY DESCRIPTION The subject property’s immediate neighborhood is primarily residential to the west of the subject, where the single-family neighborhoods on smaller lots were developed initially in the 1940’s and ‘50’s. These neighborhoods are The Harlow Klimple Crown Hill generally well maintained and have property is located on one of in recent years seen a considerable North Seattle’s primary arterials, amount for younger families moving 15th N.W. which generally runs into the area. from the Crown Hill area into the north Interbay area where it To the North of the subject there are transitions into Elliott Avenue in similar small retail and restaurant the Lower Queen Anne area of establishments and recently new central Seattle. apartment projects displacing some of these older developments. Immediately east of the subject is a Safeway grocery store with gas PROPERTY LOCALITY pumps, a Walgreens and a former 15th N.W. is a major retail, office Value Village store that is now being and multifamily corridor that re-tenanted with a yet unidentified has experienced considerable retailer. gentrification in the past 5 years and a significant number of new Immediately south of the subject apartment, and to a lesser extent is a new multifamily project retail and office, projects have been nearing completion consisting of developed along the arterial. 5 congregate residences with 78 CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 7 HARLOW KLIMPLE CROWN HILL The two southerly parcels (-0214 & -0215) are improved with single family homes built around 1924 and 1953 respectively. The two northerly parcels (-0240 & -0241) have 3 retail buildings built around 1936 and a sleeping rooms and 1,004 s.f. of 758870-0241 758870-0240 partially paved lot supporting the retail space on the ground floor. retail tenants. There is an older restaurant at the 16TH AVE NW south end of the block. ACCESS The Harlow Klimple Crown Hill The neighborhood is well property consists of 4 parcels connected to employment centers located mid-block between NW via a number of main arterials that 83rd and NW 85th streets in the link to nearby freeways or provide Crown Hill neighborhood of North direct access to Seattle’s CBD. Seattle. The parcels, totaling 34,232 Holman Road and NW 85th Street square feet, are summarized below: provide access to SR-99 and I-5 to 758870-0215 758870-0214 the east. 15th Avenue NW runs 15TH AVE NW south through Ballard and Interbay 15th NW Parcels and continues into the Queen Anne District and Seattle’s CBD. 758870-0214 - 8,467 s.f. - zoned and a significant number of new NC3P-75 (M1) apartment, and to a lesser extent retail and office, which projects have 758870-0240 - 8,165 s.f. - zoned been developed along the arterial. NC3P-75 (M1) 16th NW Parcels DEMOGRAPHICS 758870-0215 - 8,800 s.f. - zoned The principal area included in this LR2 (M1) profile includes NW 100th Street to the north, 1st Avenue NW to the 758870-0241 - 8,800 s.f. - zoned east, NW 65th to the south and LR2 (M1) Puget Sound to the west. CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 8 WOODWAY AREA DEMOGRAPHICS MOUNTLAKE TERRACE TOTAL POPULATION KENMORE 2019 34,694 2024 36,688 TOTAL HOUSEHOLDS PUGET SOUND 2019 14,901 SHORELINE 2024 15,649 NORTHGATE AVERAGE PEOPLE PER HH 2019 2.33 WEDGWOOD MEDIAN AGE 5 MILES 3 MILES 1 MILE 2019 41.90 BALLARD HARLOW KLIMPLE CROWN HILL PERCENT OWNER-OCCUPIED 2019 68.6% FREMONT MEDIAN HH INCOME QUEEN ANNE 2019 $108,821 CAPITOL KING COUNTY MEDIAN HH INCOME HILL 2019 $84,072 ELLIOT BAY KING COUNTY MEDIAN HH INCOME 2019 $84,072 CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 9 ACCESS TO EMPLOYMENT HUBS BOTHELL - 11 MILES 25,000+ Employees HARLOW KRIMPLE CROWN HILL PUGET SOUND KIRKLAND - 13 MILES 37,000+ Employees FREMONT - 4 MILES 20,000+ Employees U-DISTRICT - 4 MILES 28,000+ Employees SLU - 6 MILES 45,000+ Employees BELLEVUE - 12 MILES 150,000+ Employees SEATTLE CBD - 8 MILES 268,000+ Employees LAKE WASHINGTON CROWNHILLOFFERING.COM OFFERING MEMORANDUM KIDDER MATHEWS 10 RECENTLY COMPLETED/UNDER CONSTRUCTION/PROPOSED PROJECTS IN SUBMARKET Name Units Address Year Status Lillehammer 93 7016 15th Ave NW 2017 Opened The subject’s competitive market is Parla 131 9176 Hollman Road NW 2017 Opened generally bounded by NW 100th CROWN HILL APARTMENT MARKET Street to the north, 8th Avenue NW Unnamed 4 1312 NW 68th ST 2019 Under Construction to the east, NW 65th Street to the The competitive apartment market south and 24th NW to the west for the Crown Hill submarket, Unnamed 7 1802 NW 85th ST 2019 Under Construction including the neighboring Loyal As of Q3 of 2019 the vacancy rate Heights neighborhood to the south in the subject submarket is 4.3%.
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