Offering Memorandum
Total Page:16
File Type:pdf, Size:1020Kb
Offering Memorandum UNIVERSITY DISTRICT 5-UNIT 4761 22nd Ave NE Seattle, WA Exclusively offered by Paragon Real Estate Advisors 600 University Street | Suite 2018 | Seattle, WA 98101 1 P 206.623.8880 | E [email protected] | ParagonREA.com Offering Summary Name University District 5 Unit Address 4761 22nd Ave NE, Seattle WA 98105 Total Units 5 Built 1910 Square Feet 2,750 Total Net Rentable Price $1,300,000 Price Per Unit $260,000 Price Per Foot $473 Current GRM/CAP 17.7/3.7% (2% Vacancy) Market GRM/CAP 14.0/5.0% (4% Vacancy) Expense Per Unit $4,894/Year Terms Cash Out Lot Size 5,021 Square Feet Zoning LR3 U DISTRICT 5-UNIT 600 University Street | Suite 2018 | Seattle, WA 98101 2 P 206.623.8880 | E [email protected] | ParagonREA.com Investment Highlights Extremely well-maintained Copper plumbing LR3 Urban Village zoning Walking distance to University of Washington campus Double-pane vinyl windows Recreational lawn area Common laundry 600 University Street | Suite 2018 | Seattle, WA 98101 3 P 206.623.8880 | E [email protected] | ParagonREA.com Photos 600 University Street | Suite 2018 | Seattle, WA 98101 4 P 206.623.8880 | E [email protected] | ParagonREA.com Photos 600 University Street | Suite 2018 | Seattle, WA 98101 5 P 206.623.8880 | E [email protected] | ParagonREA.com Photos 600 University Street | Suite 2018 | Seattle, WA 98101 6 P 206.623.8880 | E [email protected] | ParagonREA.com Unit Photos 600 University Street | Suite 2018 | Seattle, WA 98101 7 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Map SEATTLE CBD CAPITOL HILL SOUTH LAKE UNION MADISON PARK MONTLAKE PORTAGE BAY EASTLAKE FREMONT LAURELHURST UNIVERSITY OF WASHINGTON UNIVERSITY UNIVERSITY DISTRICT DISTRICT 5 UNIT WALLINGFORD UNIVERSITY VILLAGE ROOOSEVELT 600 University Street | Suite 2018 | Seattle, WA 98101 8 P 206.623.8880 | E [email protected] | ParagonREA.com Neighborhood Amenities - University District Food/Drink Shopping/Services Parks/Schools 25 1 Kidd Valley 2 Papa John’s 3 Mamma Melina’s 4 Qdoba 14 29 20 5 The Ram 6 Elemental Pizza 12 7 Joey’s 8 Chipotle 9 Delfino’s Chicago Style Pizza 10 Cafe Racer 10 21 11 Morsel 12 Ravenna Alehouse 14 Top Pot Doughnuts 1 16 2 15 Earl’s on the Ave 3 UNIVERSITY 16 Sand Point Grill 17 4 DISTRICT 5 UNIT 17 Burke-Gilman Playground Park 11 24 22 18 Laurelhurst Park 5 6 19 University of Washington 9 20 Roosevelt High School 23 28 7 26 21 Ravenna Park 27 15 22 Apple 8 18 23 Trader Joe’s 19 24 QFC 25 Safeway 26 North Face 27 Neptune Theatre 29 28 Wells Fargo 29 UW Light Rail Station 600 University Street | Suite 2018 | Seattle, WA 98101 9 P 206.623.8880 | E [email protected] | ParagonREA.com University District The University District is a great location and is all the remaining services they need from haircut just minutes North of downtown Seattle. The salons, auto body repair shops, and dry cleaners. neighborhood is bound by I-5 to the West, beyond which is Wallingford and Fremont. To the With the neighborhoods central location, North you can find the Ravenna and Maple Leaf commuting to and from the area is easy with I-5 neighborhoods and to the South you can explore just to the West and the advanced transit system Montlake and Capitol Hill. Traveling East you have implemented over the past few years. The long the Laurelhurst area and Lake Washington. planned University Link Light Rail Station located at Husky stadium opened in March of 2016. The transit As the name describes it, the University District line runs from the University of Washington to is home to the University of Washington which is Angle Lake Station making 14 stops along the way a well renowned public university. The university including one at Sea-Tac Airport. In addition to the is ranked as the thirteenth best public school light rail, King County Metro has multiple transit in the world and second best public institution bus lines with easy connections making for easy in the country. The area thrives with excitement and hassle free transportation options. during the school year with more than 30,000 undergraduate students in attendance each year. During the football and basketball seasons alone, the campus draws in an additional 30,000+ dawg fans to the University District. On the eastern edge of the University District is University Village which is comprised of a wide variety of shops and restaurants. Many residents around the area find it easy to spend countless hours in the village exploring some of the shops including Lulu Lemon, North Face, Apple Store, Office Depot, and getting groceries at QFC. Many take a break from the window shopping at one of the many restaurants including Blue C Sushi, The Ram, Joey’s, Eureka, and Elemental. Just on the perimeter of University Village residents can find 600 University Street | Suite 2018 | Seattle, WA 98101 10 P 206.623.8880 | E [email protected] | ParagonREA.com University District Snapshot Population 31,729 Median household income $49,571 Owner Occupied 17% Renters 83% Walk Score 91 - Walkers Paradise Bike Score 85 - Very Bikable Transit Score 77 - Excellent Transit Median Studio Rent $1,628 Median 1 Bd/1 Bth Rent $1,993 Median 2Bd/1 Bth Rent $2,267 Downtown Seattle Commute Times Bus: 26 min via Bus 372/Light Rail Car: 10 min via I5 Bellevue Commute Times Bus: 45 min via Bus 372/556 Car: 19 min via 520 TOP JOB SECTORS: * Management: 15.5% Sales: 9.2% Business 7.7% Service: 6.3% Computer: 8.8% Healthcare: 5.1% Education 6.6% Legal 2.4% Engineering 3.3% Construction 2.1% Administrative: 8.7% Social Services: 1.7% * https://www.niche.com/places-to-live/n/university-district-seattle-wa 600 University Street | Suite 2018 | Seattle, WA 98101 11 P 206.623.8880 | E [email protected] | ParagonREA.com Seattle Central Business District Major Health Care: Harborview Medical Center, University of Washington Medical Center, Swedish Medical Center, Children’s Hospital, Virginia Mason Medical Center, Providence Medical Center and Group Health Seattle Icons: Space Needle, Pike Place Market, South Lake Union, Seahawks, Mariners Home to major universities such as University of Washington, Seattle University, Seattle Pacific University, Antioch University, City University, Seattle Art Institute, Cornish School of Arts Headquarters to Amazon, Starbucks, Fred Hutchinson Cancer Research Center, Paul Allen Institute, Holland America Cruise Line, REI, Real Networks, Big Fish, Expedia (2018), Zillow, Redfin, F-5 Networks, Nordstrom’s, Boeing, Expeditors International, Payscale, Zulily New Companies entering Seattle’s Market: Dropbox, Facebook, Tableau and Apple Seattle is the number ten top fastest growing big U.S. cities Amazon currently host’s 40,000 employees, and is projected to host an additional 31,000 more (total 71,000) by 2019 Projected to occupy over 9 million square feet of office space by 0192 600 University Street | Suite 2018 | Seattle, WA 98101 12 P 206.623.8880 | E [email protected] | ParagonREA.com University Link Light Rail and Future Light Rail Expansion The University Link Light Rail station is located next to Husky Stadium and the platforms are big enough to handle game day crowds. Modern elevators and escalators connect the platforms to the nearby campus, UW Medical Center and surrounding neighborhoods. A new pedestrian bridge allows walkers and bikers to avoid traffic by connecting the station to upper campus and the Burke-Gilman Trail. By 2021, the University District is slated to gain a second link light rail station located on Brooklyn Ave NE between NE 45th and NE 43rd streets. It will serve the surrounding residential community, the “Ave” business district, other employment sites, the UW Tower and the north University of Washington campus. Its official name is now U District Station. Riders will board trains underground. The station will have two entrances along Brooklyn Ave NE with elevators, escalators and stairs. The station will have about 100 bike parking spaces. The site is designed to accommodate future development above the station. When it opens in 2021, projected transit times suggest a 5 minute commute to Northgate and 8 minutes to Westlake Station in Downtown Seattle. 600 University Street | Suite 2018 | Seattle, WA 98101 13 P 206.623.8880 | E [email protected] | ParagonREA.com Employment Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world’s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston. > Adobe > Nordstrom > Alaska Airlines > Paccar > Amazon > RealNetworks > Apple > REI > AT&T Wireless > Russell Investments > Boeing > SpaceX > Costco > Starbucks > Expedia, Inc. > Symetra Financial > Expeditors International > Tableau Software > F5 Networks > T-Mobile > Facebook > Twitter > Fred Hutchinson > Uber > Gates Foundation > University of Washington > Getty Images > Virginia Mason > Google > Weyerhaeuser > Microsoft > Zillow > Nintendo > Zulilly 600 University Street | Suite 2018 | Seattle, WA 98101 14 P 206.623.8880 | E [email protected] | ParagonREA.com Major Employers - Central Business District 600 University Street | Suite 2018 | Seattle, WA 98101 15 P 206.623.8880 | E [email protected] | ParagonREA.com Major Employers - South Lake Union 600 University Street | Suite 2018 | Seattle, WA 98101 16 P 206.623.8880 | E [email protected] | ParagonREA.com Population, Education and Income King County contains estimated 872,411 households.