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Beacon Hill Development Opportunity 2901 17Th Avenue S Seattle, Wa 98144

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Beacon Hill Development Opportunity 2901 17Th Avenue S Seattle, Wa 98144 BEACON HILL DEVELOPMENT OPPORTUNITY 2901 17TH AVENUE S SEATTLE, WA 98144 Transportation Oriented Development Site, Steps to Sound Transit Light Rail Station Corner Property with Alley Access Hilltop Location with Panoramic Views Close Proximity to Amenities, Library & Parks Family-Owned Property for over 60 Years MIKE MARINELLA PRINCIPAL | MANAGING BROKER Ofc.: 206.505.9431 Cell: 206.949.5178 [email protected] Investment Offering $2.5M LIST PRICE 8,400 TOTAL LOT SF NC2P-55(M) ZONING PROPERTY DETAILS Current Use Dragon Auto Service Address 2901 - 17th Avenue S, Seattle, WA 98144 17TH AVE S Submarket Beacon Hill Price $2,500,000 S FOREST ST Parcel Number 308600-3356 Zoning NC2P-55 (M) BEACON AVE S Property Type Land Existing Improvements Automobile Service Shop Development Potential Mixed-Use Multi-Family & Commercial Terms Cash Out or Developer Terms WESTLAKE ASSOCIATES | 2 Existing Lease The term of the Lease, including an option period, expires on 05/31/2023. WESTLAKE ASSOCIATES | 3 UNIVERSITY OF Headline font WASHINGTON QUEEN ANNE SOUTH LAKE UNION CAPITOL HILL SEATTLE CBD CENTRAL DISTRICT Beacon Ave S Airport Way S Way Airport Rainier Ave S PORT OF 1st Ave S 4th Ave S SEATTLE 2901 - 17TH AVE S MLK Jr Way S W. Seattle Bridge Spokane St Viaduct INDUSTRIAL JEFFERSON JEFFERSON DISCTRICT PARK PARK GOLF COURSE N WESTLAKE ASSOCIATES | 4 North Aerial CENTURYLINK FIELD DOWNTOWN SEATTLE T-MOBILE PARK INDUSTRIAL DISTRICT LIGHT RAIL STATION RED APPLE MARKET SEATTLE PUBLIC LIBRARY 17TH AVE S BEACON AVE S S FOREST ST N WESTLAKE ASSOCIATES | 5 South Aerial SEATAC INTL AIRPORT BOEING FIELD VETERAN’S HOSPITAL COLUMBIA CITY JEFFERSON PARK & GOLF COURSE 17TH AVE S BEACON AVE S S FOREST ST S WESTLAKE ASSOCIATES | 6 The subject property’s Hilltop location provides Projected Panoramic Views from Site the vistas below (from roof deck level) NORTH | NORTHWEST NORTH | NORTHEAST WEST SOUTH | SOUTHEAST WESTLAKE ASSOCIATES | 7 Beacon Hill BEACON HILL overlooks downtown There has also been an influx of new Seattle from the southeast and enjoys a businesses that attract both visitors and close-in location with superb transportation locals, such as Tippe and Drague Alehouse, options. Both I-5 and I-90 are immediately the Perihelion Brewery, the bar and burger accessible while the neighborhood is served hangout Oak, eateries such as Bar del Corso, by a Sound Transit Light Rail Station. Main Homer, and Musang, and coffee houses arterials such as MLK and Rainier Avenue Victrola, Fresh Flours and The Station. provide good alternative routes to the North or South. Three Metro bus routes with stops Large-scale renovations have occurred in in the immediate vicinity connect the subject two major community hubs that are also property connect to Downtown, Capitol Hill, historic landmark sites — Pacific Tower and El First Hill, West Seattle, Georgetown, Rainier Centro de la Raza. Pacific Tower, the former Beach, Skyway and Renton. Bicycle lanes home of Amazon, is now home to Pacific run the length of Beacon Avenue South. Medical, a FareStart café, several nonprofit organizations, the Community Health and Beacon Hill offers a rare combination of Innovation Center, and Seattle Central neighborhood ambiance and proximity College’s medical training programs. to Seattle employment, shopping, and entertainment. Downtown Seattle and the Beacon Hill boasts numerous gems that are SoDo, Stadium and International Districts attractive to residents. Jefferson Park, the are all within 2 miles. Seattle University beneficiary of major investment in 2012, is and Seattle College are 2 ½ and 3 miles the largest Olmsted-planned greenspace north respectively. Residents of Beacon in Seattle, and the park has become a prime Hill enjoy the best of both worlds, a distinct attraction. Other draws include the seven- neighborhood and great access to Downtown acre Beacon Food Forest, the nation’s largest and other thriving Seattle neighborhoods. neighborhood urban community farming project; and the music, dance and poetry Since the Light Rail arrived in 2009, new events sponsored by Beacon Arts. Adjoining residents have been moving to Beacon Jefferson Park is the Jefferson Park Golf Hill in droves. There has been a large Course, Seattle’s oldest municipal golf amount of Townhome construction, street facility, which includes 27 holes and a golf improvements, new parks, and bike paths. driving range. Currently a boom in transportation oriented multifamily development is occurring near the Light Rail Station. WESTLAKE ASSOCIATES | 8 Transportation BUS STOPS FOR ROUTES 36, 60 & 107 Three bus stops directly adjacent to subject with major routes – 36, 60, and BUS 107. The 36 runs from Downtown Seattle and North Beacon Hill, ending at STOPS the Othello Station. The 60 route runs North and South connecting Capitol Hill to Georgetown and ending in Westwood Village. The 107 runs North JUDKINS PARK and South from Rainier Beach to the Renton Transit Center. STATION (OPENING 2023) BEACON HILL STATION Travel Time to Westlake Station: 16 Minutes LIGHT RAIL Travel Time to Capitol Hill Station: 22 Minutes STATIONS BEACON HILL Travel Time to Stadium Station: 9 Minutes STATION Travel Time to University of Washington Station: 23 Minutes BUS STOP MOUNT BAKER FOR ROUTES COLUMBIA CITY STATION BEACON HILL STATION 36, 60 & 107 Travel Time to Westlake Station: 18 Minutes DEVELOPMENT Travel Time to SeaTac Station: 22 Minutes JUDKINS PARK STATION Opening: 2023 Location: The center roadway of I-90 at Rainier Ave S & 23rd Ave S Travel Time to Bellevue Transit Center: 10 Minutes Travel Time to University of Washington Station: 20 Minutes Amenities: Secure Bicycle Storage, Passenger Drop-Off/Pick-U FRESCO APARTMENTS COLUMBIA LINK LIGHT RAIL SCHEDULE CITY STATION WESTLAKE ASSOCIATES | 9 Neighborhood & Amenities FOOD & DRINKS 1. Perihelion Brewery 2 6 2. Carnitas Michoacan 3 3. Hiroshi’s 7 4. The Station 10 5. Fresh Flours 5 4 9 6. Golden Daisy BEACON HILL 0.25 STATION MILES 7. Musang 3 8. Homer 2 9. Tacos Chukis 5 10. Cafe Vizcaya 11. Oak 1 4 12. Bar del Corso 13. Victrola Coffee 1 14. Tippe & Drague Alehouse 2901 - 17TH AVE S SHOPPING & SERVICES 6 1. Seattle Public Library 2. Hilltop Red Apple Market 11 3. Beacon Hill Station Tunnel 4. Washington Federal Bank 5. Bank of America 6. Stevens Place Park 12 13 14 WESTLAKE ASSOCIATES | 10 Zoning NC2P-55 (M) Learn more about Zoning HERE NEIGHBORHOOD COMMERCIAL 55 A moderately-sized pedestrian-oriented shopping area that provides a full range of retail sales and services to the surrounding neighborhood. The P designation preserves and encourages an intensely pedestrian-oriented, retail shopping district where non-auto modes of transportation, both to and within the district, are strongly favored. SUBJECT Typical Land Uses PROPERTY Medium-sized grocery store, drug store, coffee shop, customer service office, or medical/dental facility; and apartments. Building Uses Single purpose commercial structures, multi-story mixed-use and residential structures. Non-residential uses typically occupy the store front. Height Limit 55 feet Floor Area Ratio (FAR) 4.25 WESTLAKE ASSOCIATES | 11 Massing Study MASSING STUDY PROVIDED BY ENCORE ARCHITECTS WESTLAKE ASSOCIATES | 12 Massing Study SD - GROSS FLOOR AREA SD-PARKING SCHEDULE FUNCTION AREA LEVEL STALLS IA LEVEL P1 15 LEVEL P1 PARKING 7,440 SF TOTAL PARKING 15 LEVEL P1 7,440 SF LEVEL 01 COMMERCIAL 3,944 SF SD - UNIT MIX PARKING 467 SF STUDIO OPEN ONE ONE BEDROOM + DEN TWO BEDROOM TOTALS RESIDENTIAL - COMMON 2,009 SF LEVEL 01 0 0 0 0 0 LEVEL 01 6,420 SF LEVEL 02 2 5 1 1 9 IA 13,860 SF VA LEVEL 03 2 5 1 1 9 LEVEL 02 PARKING 70 SF LEVEL 04 2 5 1 1 9 RESIDENTIAL 5,976 SF LEVEL 05 2 5 1 1 9 RESIDENTIAL - COMMON 1,124 SF TOTALS 8 20 4 4 36 LEVEL 02 7,170 SF LEVEL 03 PARKING 70 SF SD - UNIT AREAS RESIDENTIAL 5,976 SF PERCENTAGE OF TYPE COUNT AREA AVERAGE SIZE RESIDENTIAL - COMMON 1,124 SF UNITS STUDIO 8 4,128 SF 516 22% LEVEL 03 7,170 SF LEVEL 04 0 BD | 1 BA 20 13,376 SF 669 56% PARKING 70 SF 1 BD | 1 BA + 4 3,132 SF 783 11% RESIDENTIAL 5,976 SF DEN 2 BD | 1 BA 4 3,268 SF 817 11% RESIDENTIAL - COMMON 1,124 SF TOTALS 36 23,904 SF LEVEL 04 7,170 SF LEVEL 05 PARKING 70 SF RESIDENTIAL 5,976 SF SD - HEATED AREAS RESIDENTIAL - COMMON 1,124 SF HEATED AREA AREA PERCENT LEVEL 05 7,170 SF ROOF NO 8,827 SF 20% RESIDENTIAL - COMMON 550 SF YES 35,865 SF 80% ROOF 550 SF VA 29,230 SF MASSING STUDY PROVIDED BY ENCORE ARCHITECTS TOTALS 43,090 SF WESTLAKE ASSOCIATES | 13 Massing Study LEVEL P1 & 1 MASSING STUDY PROVIDED BY ENCORE ARCHITECTS WESTLAKE ASSOCIATES | 14 Massing Study LEVEL 2-5 & ROOF MASSING STUDY PROVIDED BY ENCORE ARCHITECTS WESTLAKE ASSOCIATES | 15 Massing Study SECTIONS MASSING STUDY PROVIDED BY ENCORE ARCHITECTS WESTLAKE ASSOCIATES | 16 Sales Comparables | Land CURRENT SALE BUILDABLE ACTUAL BUILDABLE PROPERTY DESCRIPTION FAR SOLD PRICE SALE DATE BLDG SF LOT SF LOT $/SF ZONING ZONING LOT SF $/SF LOT $/SF 4-Story, 66-Unit Apartment 2912 Beacon Ave Building + 12 NC2-55 (M) NC2-40 4.00 $4,000,000 9/9/2019 61,783 16,074 64,296 $249 $65 $62 South Parking Stalls & Commercial 8-Story, 80 Unit 1405 South Apartment NC2-75 NC2-65 4.75 $4,200,000 8/13/2019 59,364 12,800 60,800 $328 $71 $69 Bayview Street Building + 21 (M1) Parking Stalls Potential to fit ~36 Market Rate (664 SF) Units 2901 - 17th Ave NC2P-55 NC2P-55 on Site 4.25 $2,500,000 On Market 35,865 8,400 35,700 $298 $70 $70 South (M) (M) OR 40 Market Rate (598 SF) Units 1405 S BAYVIEW 2901 - 17TH AVE S 2912 BEACON AVE S WESTLAKE ASSOCIATES | 17 Seattle Amenities & Major Employers SOUTH LAKE UNION CENTRAL BUSINESS DISTRICT Allen Institute Group Health Seattle BioMed Avvo Expedia Hulu Russell Investments Weyerhaeuser Amazon Microsoft Seattle Cancer Care Alliance Cobalt Getty Images Intel Seattle Art Museum Wunderman Facebook NBBJ UW Medicine Cynergy Google Microsoft Ticor Title Company Zillow Fred Hutch PATH Dell Hines Nordstrom Twitter Zynga Google REI Deloitte Digital HTC Port of Seattle URS Corp.
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