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
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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.
BELLEVUE
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5
SOUTH LAKE UNION
CENTRAL BUSINESS DISTRICT
HQ OPENING 2019
WESTLAKE ASSOCIATES | 18 Puget Sound Summary
Set in the beautiful Pacific Northwest, the greater Seattle area is a national area. The Port of Seattle, which also operates the Seattle-Tacoma International center for manufacturing, technology, services, international trade and tourism. Airport, is a major gateway to Asia and cruises to Alaska. The Port of Seattle ranks as the 6th business seaport in the US, playing a key role in bringing MAJOR EMPLOYERS international trade, transportation and travel to the Pacific Northwest.
Today some of the world’s most recognizable Fortune 500 companies call RECREATION Seattle home: Microsoft, Starbucks, Amazon, Nordstrom, Costco and REI. Other major companies in the area include Boeing, T-Mobile. Expedia, F5 The region is known for its quality of life, arts, and outdoor lifestyle which Networks and Nintendo of America. helps attract an educated workforce. Numerous camping, hiking, winter sports, and recreational activities are located a short drive from the city. According to the Puget Sound Business Journal, technology companies are Seattle’s main attractions include Pike Place Market, the Space Needle, and leading the way in employment growth in the Seattle MSA. As the home of Seattle Center, home of the 1962 World’s Fair. Seattle is home to a number Microsoft and Amazon, Seattle accounts for over 20% of the nation’s software of professional sports teams including the 2013 Super Bowl champions, the publishing employment. Microsoft is one of the top employers in the sate with Seattle Seahawks, the Seattle Mariners, and the Seattle Sounders FC soccer over 42,000 employees. Their World Headquarters, located in Redmond is team. over 10 million square feet. PUGET SOUND The Puget Sound has become a international leader in innovative industries with organizations such as the Fred Hutchinson Cancer Research Center, LARGEST EMPLOYERS the University of Washington Medical Center and the Bill and Melinda Gates foundation. Healthcare employment is projected to continue to grow dramatically and Seattle has the 5th largest biotechnology Research and Development alliance between the University of Washington and the Fred Hutchinson Cancer Research Center.
The Puget Sound is one of the capitals of the aerospace industry anchored JOINT BASE by Boeing, the world’s largest aerospace company, second-largest maker of LEWIS-MCCHORD large commercial jets, and second largest global defense contractor. Boeing is one of the largest employers in the Puget Sound, employing approximately 80,000 in Washington.
Employment is expanding through the greater Seattle area. The Puget Sound region is projected to generate 1.2 million new jobs by 2040.
INTERNATIONAL TRADE
Seattle has remained one of the most resilient cities due to its diverse industries, making it more attractive for new companies to relocate and expand in the
WESTLAKE ASSOCIATES | 19 About Westlake
Since 1975, Westlake Associates, Inc. has been the premier provider of commercial real estate brokerage services in the Puget Sounds Region.
Our unsurpassed commitment to creating and preserving our clients’ real estate investment wealth has resulted in thousands of successful transactions and a long history of repeat business and client referrals.
The professionals at Westlake Associates collaboratively work with clients to develop customized, creative solutions designed to mazimize investment returns.
We’ve built a strong foundation of experience in Investment EXCLUSIVELY LISTED BY: Property Sales, Commercial Leasing, Property Management, MIKE MARINELLA and comprehensive real estate services over our 40 year history. We operate as a team and leverage each other’s resources and PRINCIPAL | MANAGING BROKER experience to provide the highest level of client services. Ofc: 206.505.9431 Cell: 206.949.5178 PROUD MEMBERS OF: [email protected] Commercial Brokers Association (CBA) Northwest Multiple Listing Services (NWMLS) LoopNet National Listing Services CoStar Commercial Real Estate Data & National Listing Commercial Investment Real Estate (CREI) Washington State Realtors Association (WSMA)
DISCLAIMER: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to 1200 Westlake Avenue N, Suite 310 the accuracy of the information. References to square footage, age, and numbers are Seattle, Washington 98109 approximate. Parties must verify the information and bear all risk for any inaccuracies. ©2020 WESTLAKE ASSOCIATES, INC.