Salmon Bay Urban Mixed Use
7755 | 7757 15th Ave NW Seattle, WA 98117
FOR SALE: $2,995,950 44 Available Units
For more information, visit http://www.vanwyckandporter.com
7755 | 7757 15th Ave NW, Seattle, WA 98117
PRODUCT DESCRIPTION Welcome to Salmon Bay Urban Mixed Use! The subject consists of two permit-pending new construction buildings with ground floor commercial space, 36 SEDUs and 6 studios. These efficiency dwelling units range from 293 SF to 373 SF. Building features include stylish common areas, pro- tected mailing room, bicycle parking, floor to ceiling windows, and a an oversized rooftop deck. Great location in the heart of Ballard, close to shops, cafes, parks, schools and restaurants with easy access to the city CBD. Don't miss this opportunity to invest in Seattle's booming rental market.
For more information, visit http://www.vanwyckandporter.com
7755 | 7757 15th Ave NW, Seattle, WA 98117
INVESTMENT HIGHLIGHTS Two parcels zoned NC2-40 with a total of 6,662 SF The subject’s location in the Ballard neighborhood is positive as The subject is accessible from major arterials with good access to the neighborhood is well served by community resources and is freeways serving the Seattle CBD. located close to employment opportunities and public transit. The subject has functional design which meets the expectation of The subject unit mix is appropriately for its market area and its tenants in the submarket. As a SEDU project, the property has a smaller intended tenant base. prospective tenant pool (i.e., single tenants), but will appeal to tenants The subject will have a great competitive position relative to seeking affordable housing to live and work in the city. competing properties.
For more information, visit http://www.vanwyckandporter.com
77097755 | 77117757 15th Ave NW, Seattle, WA 98117
RENTAL STABILITY
With robust job growth in the Puget Sound region, demand for apartments has been increasing over the past five years. According to the most recent quarterly vacancy survey from Apartment Insights for projects over 50 units, Vacancy for market rate properties in the broader North King County market was reported to be 6.0%. The two-year average for the market is 4.8%.
For more information, visit http://www.vanwyckandporter.com
77097755 | 77117757 15th Ave NW, Seattle, WA 98117 REGIONAL DESCRIPTION The Central Puget Sound Region is home to an estimated 4,000,000 residents; more than half of Washington state’s total population. King County is the most populous county and home to Seattle, with a population of more than 700,000 persons. Pierce County ranks second and also has the second largest city in the region, Tacoma, with more than 200,000 residents. Region- wide population growth between 2001 and 2010 was 1.3%, higher than the national average of 1.1%. The Great Recession slowed growth briefly, but robust job creation in Seattle has driven the region to high rates of growth this decade. This is especially true in urban Seattle and Bellevue. Suburban areas of all four counties have also received substantial residential development and population growth.
NEIGHBORHOOD DESCRIPTION Salmon Bay Urban Mixed Use is located in Ballard, a vibrant and popular neighborhood in the city of Seattle. The neighborhood has been a recent hub of growth featuring some of the Seattle’s hippest restaurants, bars, and shops. Despite being one of Seattle’s fastest developing neighborhoods, Ballard still manages to maintain its charm and character. Old Ballard, with its cobblestone streets, chic restaurants and adorable storefronts, is a favorite visiting spot for visitors and locals. On Sunday’s visitors flock to the year-round farmers market for fresh flowers, produce and home grown delights. The sandy beaches of Golden Gardens are perfect for picnics, walks and volleyball and for viewing sunsets over the Puget Sound. The Shilshole Marina is home to Ray’s Boathouse, a summertime favorite with its expansive patio and stunning views. In addition, Ballard has a strong maritime history. It is the home of Seattle’s commercial fishing fleet. There are a range of dry dock and marine industrial uses located along the Lake Washington Ship Canal, as well as beautiful marinas. The neighborhood provides easy downtown access, and is in close proximity to I-5 and 520, making it an ideal location for both locals and commuters.
For more information, visit http://www.vanwyckandporter.com
7755 | 7757 15th Ave NW, Seattle, WA 98117
77557709 | 77577711 15th Ave NW, Seattle, WA 98117
7755 | 7757 15th Ave NW, Seattle, WA 98117
SITE AND IMPROVEMENT DESCRIPTIONS
Site Description
Size: 6,662 SF (0.15 ac) according to the County Assessor's Office
Usable Sites: 6,662 SF (0.15 ac) based on observed conditions during the site visit
Topography: Level
Parcel Shape: Rectangular
Excess/Surplus Land: None
Frontage: 15th Ave NW
Corner Parcel: No
Surrounding uses include single family residential, multi-family and Adjacent Properties: retail/offices uses
Utilities: All utilities are available to the site.
Street Improvements: A center turn Lane, Sidewalks, curbs, gutters, and street lights
Accessibility/Exposure: Access to the subject site is good. Exposure of the subject is good.
7755 | 7757 15th Ave NW, Seattle, WA 98117
IMPROVEMENT DESCRIPTION Property Name: Salmon Bay Urban Mixed Use Property Type: Multi-family Unit Mix Proposed Unit Mix Unit Type Unit Count Average Size Sedu 36 10,548 SF Studio 6 2,238 SF Unit Totals 42 12,788 SF
Non-Residential Area Hallwats & Penetrations 5,354 SF Retail Space 1,848 SF Total Non-Rentable Area 7,202 SF Gross Building Area 19,988 SF Building Size Source: Architectural plans and data provided by the developer Density: 275 units/acre (42 units/0.15 acres) Year Built: 2019 Age/Life Analysis: Actual Age: Proposed Effective Age: Proposed Economic Life: 55 Years Remaining Life: 55 Years Number of Buildings: 2 Number of Stories: 4 floors of residential over ground floor commerical space Quality: Good Conditon: Good (Proposed) Overall Appeal: Good Construction: Wood frame over concrete podium Foundation: Reinforced concrete Exterior Walls: Cementitious fiberboard Roofing: Torchdown Windows: Double pane vinyl frame
7755 | 7757 15th Ave NW, Seattle, WA 98117
IMPROVEMENT DESCRIPTION CONTINUED...
Interior Walls: Painted drywall
Ceiling: Painted drywall
Sprinklers: Yes
Heating: Ductless electric forced-air heaters.
Air Conditioning: None, which is standard for this market
Hot Water: Common gas-fired boiler
Appliances: Oven, refrigerator/freezer, dishwasher and disposal
Laundry: In-Unit Laundry
Elevator: 1-car, 6-stop
Unit Amenities: The subject's unit amenities include dishwasher, In-unit laundry and decks (some units)
Recreational Amenities: The subject's recreational amenities include a rooftop deck with bicycle storage
Parking Type: 8 Tuck-Under, Unsecured spaces
Parking Ratio: 0.2 spaces/unit
RENT COMPARABLE MAP 7755 | 7757 15th Ave NW, Seattle, WA 98117
RENT COMP MAP
77097755 | 77117757 15th Ave NW, Seattle, WA 98117
RENT COMP SUMMARY Name Unit Count Year Built Vacancy Subject 42 Proposed Units Vacant: N/A - Proposed 7709-7711 15th Ave NW Rate: N/A Seattle, WA Belay 104 2013 Units Vacant: 4 1 6559 15th Ave NW Rate: 4% Seattle, WA Parla 131 2017 Unit Vacant: 5 2 9176 Holman Rd NW Rate: 4% Seattle, WA Ballard 57 48 2017 Unit Vacant: 2 3 1731 NW 57th Rate: 4% Seattle, WA 2418 Ballard 42 2015 Unit Vacant: 4 4 2418 NW 58th Rate: 10% Seattle, WA Footprint Phinney 40 2014 Unit Vacant: 2 5 8727 Phinney Ave N Rate: 5% Seattle, WA Studio 85th 32 2014 Unit Vacant: 2 6 358 NW 85th Rate: 6% Seattle, WA Total (Excluding Subject): 397 Weighted Avg. Vacancy (Excl. Subject): 4.80%
7755 | 7757 15th Ave NW, Seattle, WA 98117 RENT ANALYSIS BY UNIT TYPE: SEDU
Name Size Year Built This Type Unit Size Unadj. Comparable Range
Subject 7709-7711 15th 42 Proposed 36 293 SF Ave NW Seattle, WA Low High Avg Belay 6559 15th Ave 1 104 2013 3 357 SF $1,380 $1,380 $1,380 NW Seattle, WA Parla 9176 Holman Rd 2 131 2017 2 417 SF $1,495 $1,495 $1,495 NW Seattle, WA Ballard 57 3 1731 NW 57th 48 2017 38 250 SF $1,295 $1,295 $1,295 Seattle, WA 2418 Ballard 4 2418 NW 58th 42 2015 42 196 SF $950 $1,050 $1,000 Seattle, WA Footprint Phin-
ney 8727 Phinney 5 40 2014 40 180 SF $925 $925 $925 Ave N Seattle, WA Studio 85th 6 358 NW 85th 32 2014 32 225 SF $925 $975 $950 Seattle, WA
7755 | 7757 15th Ave NW, Seattle, WA 98117 RENT ANALYSIS BY UNIT: STUDIO
Name Size Year Built This Type Unit Size Unadj. Comparable Range
Subject 7709-7711 15th 42 Proposed 6 373 SF Ave NW Seattle, WA Low High Avg Belay 6559 15th Ave 1 104 2013 72 395 SF $1,315 $1,315 $1,315 NW Seattle, WA Parla 9176 Holman Rd 2 131 2017 2 417 SF $1,495 $1,495 $1,495 NW Seattle, WA Ballard 57 3 1731 NW 57th 48 2017 38 250 SF $1,295 $1,295 $1,295 Seattle, WA 2418 Ballard 4 2418 NW 58th 42 2015 42 196 SF $950 $1,050 $1,000 Seattle, WA Footprint Phin-
ney 8727 Phinney 5 40 2014 40 180 SF $925 $925 $925 Ave N Seattle, WA Studio 85th 6 358 NW 85th 32 2014 32 225 SF $925 $975 $950 Seattle, WA
7755 | 7757 15th Ave NW, Seattle, WA 98117
CONCLUSION OF MARKET RENT
Pro Forma Rents Unit Concluded Unit Type Count Size Min Max Average Avg./SF Market Rent Market/SF
SEDU $36 293 SF $1,400 $1,400 $1,400 $4.78 $1,325 $4.52
Studio $6 373 SF $1,500 $1,500 $1,500 $4.02 $1,450 $3.89
Total $42 Average: $1,414 $4.65 $1,343 $4.41
PROPOSED RENT SUMMARY
Unit Proposed Proposed Proposed Avg. Unit Type Count Rent Min Rent Max Average Rent/SF Size
SEDU $36 $1,400 $1,400 $1,400 $4.78 $1,325
Studio $6 $1,500 $1,500 $1,500 $4.02 $1,450
Total $42 Average: $1,414 $4.65 $1,343
7755 | 7757 15th Ave NW, Seattle, WA 98117
LEASE COMP MAP
77097755 | 77117757 15th Ave NW, Seattle, WA 98117
LEASE COMPS Year Built Tenant Lease Term Expense Expense Adjusted Comp Property NRA Space Type Start Size (SF) (Months) Structure Adj. Rent/SF 7709 15th Subj Ave NW 2019 Retail 19-Nov 9244 60 $25.97 NNN $0.00 $25.97 14,874 7711 15th Subj. Ave NW 2019 Retail 19-Nov 924 60 $25.97 NNN $0.00 $25.97 14,874 Mixed Use
Fed Crown 1 Hill Center 2005 Listing Available 855-1,972 60 $30.00 NNN $0.00 $30.00 8757 Holman Rd, Seattle, WA 4,500 In-line Retail Parla 2 Apartments 2017 Listing Available 900-1,800 60 $26.00 NNN $0.00 $26.00 9176 Holman Rd NW, Seattle, WA 2,890 Mixed Use Parla 3 Apartments 2017 Edward Jones 17-Jan 1,004 60 $30.00 NNN $0.00 $30.00 9176 Holman Rd NW, Seattle, WA 2,890 Mixed Use Lellani at 4 124th 1990 N/Available 18-Oct 1,000 60 $22.00 NNN $7.50 $29.70 124 N. 103rd St, Seattle, WA 39,500 Mixed Use Janus 5 Greenwood 2014 BECU 17-Jun 3,232 60 $32.00 NNN $0.00 $32.00 101 NW 85th St Seattle, WA 139,196 Mixed Use
7755 | 7757 15th Ave NW, Seattle, WA 98117
CONTACT INFORMATION: Ian Porter Dustin Van Wyck |206-637-3423| |206-637-3424| [email protected] [email protected]
Copyright © 2019 Windermere Real Estate/Capitol Hill Inc., All rights reserved. This information has been obtained form sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.