228 11Th Ave E Apartments
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EXISTING BUILDING | 9 UNITS BROADWAY E E JOHN ST CAPITOL HILL LIGHT RAIL STATION DEVELOPMENT POTENTIAL | 52–86 UNITS 228 11TH AVE E APARTMENTS DEVELOPCAPITOLHILL.COM OFFERING MEMORANDUM | 228 11TH AVE E, SEATTLE, WA BOTHELL SHORELINE EXCLUSIVE REPRESENTATION KIDDER MATHEWS is the exclusive Listing Brokerage for this Offering. Jerrid PUGET LAKE Anderson, Dylan Simon, and Brandon Lawler are exclusively representing the SOUND CITY KIRKLAND Seller in the sale of 228 11th Ave E Apartments ("Exclusive Listing Brokers"). NORTHGATE PROPERTY OFFERING 228 11TH AVE E is a 9-unit apartment building with potential for redevelopment GREENWOOD located in the Capitol Hill neighborhood of Seattle, WA. This offering provides buyers the opportunity to purchase the property free and clear of existing debt. BALLARD This offering is priced at $4,200,000. UNIVERSITY OFFER REQUIREMENTS DISTRICT FREMONT ALL OFFERS must be submitted to Jerrid Anderson and Dylan Simon, and must MAGNOLIA include the following terms and information: QUEEN • Purchase Price ANNE 228 11TH AVE E • Earnest money deposit, including non-refundable portion and timing of BELLEVUE deposits • Timing for due diligence inspection and post-diligence closing period ELLIOTT BAY LAKE • Source of funds for acquisition SEATTLE WASHINGTON PROPERTY TOURS ALL PROPERTY TOURS will be conducted exclusively by Jerrid Anderson, Dylan MT BAKER MERCER Simon, and Brandon Lawler by appointment only. Please do not contact any on- ISLAND site personnel, property management, or residents for any reason whatsoever. To learn more about this opportunity and to schedule a tour, please contact the WEST COLUMBIA SEATTLE CITY Listing Brokers directly. GEORGETOWN RAINIER VALLEY WHITE CENTER RENTON 228 11TH AVE E OFFERING MEMORANDUM KIDDER MATHEWS 2 TABLE OF 01 CONTENTS EXECUTIVE SUMMARY 02 DEVELOPMENT POTENTIAL EXCLUSIVE LISTING BROKERS 03 JERRID ANDERSON DYLAN SIMON BRANDON LAWLER EXISTING BUILDING Executive Vice President Executive Vice President Associate 206.499.8191 206.414.8575 206.484.8114 [email protected] [email protected] [email protected] 04 LOCATION OVERVIEW DEBT FINANCE FINANCIAL ANALYSIS ALEX MUNDY TYLER BLAIKIE 206.747.4725 206.972.4400 [email protected] [email protected] DEVELOPCAPITOLHILL.COM This is a confidential Offering Memorandum and is provided solely for your limited use and benefit in evaluating this investment opportunity. Neither the Owner or Kidder Mathews, nor any of their respective directors, officers, affiliates or representatives make any representation, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Offering Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating this investment opportunity and any offer you make to purchase the Property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Offering Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivery and approved by the Owner and any conditions to the Owner’s obligations have been satisfied or waived. By receipt of this Offering Memorandum, you agree that this Offering Memorandum and its contents are confidential, that you will hold and treat them in the strictest confidence, that you will not disclose this Offering Memorandum to any of its contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) with the prior written authorization of Kidder Mathews and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the Property and you will not use the Offering Memorandum or any of the content in any fashion or manner detrimental to the interest of Owner or Kidder Mathews. By receipt of this Offering Memorandum, you have been advised that Kidder Mathews is acting as a broker exclusively on behalf of Seller in connection with the marketing and sale of the Property. By receipt of this Offering Memorandum, you acknowledge receipt of the pamphlet entitled “The Law of Real Estate Agency” and/or any such required materials required by the State of Washington. 01 EXECUTIVE SUMMARY Existing building on site with development potential located next to light rail station in the heart of Capitol Hill OFFERING DETAILS DEVELOPMENT POTENTIAL — PAGE 5 Pricing $4,200,000 228 11th Ave E falls within highly sought-after MR (M1) zoning (Multifamily Residential), which offers a multitude of development options without the Financing Debt Offered free and clear commercial requirements of NC zoning. Conventional or SEDU massing options yield 52–86 new units on this site and the savvy developer benefits from the cash flow of the existing 9-unit building throughout entitlements. PROPERTY SUMMARY Address 228 11th Ave E, Seattle, WA 98102 EXISTING INCOME — PAGE 11 No. of Units 9 Comparable apartment buildings in Capitol Hill demonstrate that in-place rental rates at the 228 11th Ave E Apartments are currently below market. NRSF 5,885 SF Not only can investors achieve immediate upside by raising rents to market, but a full renovation strategy would generate a 39% increase in annual rent. Year Built 1963 Parcel No. 600350-1510 LOCATION & ACCESSIBILITY — PAGE 20 Land Area 7,680 SF / 0.18 Acres Capitol Hill remains one of Seattle’s most in-demand neighborhoods, offering residents every lifestyle amenity they could ask for and unmatched Zoning MR (M1) regional connectivity. Just two blocks from Broadway — the retail heart of Capitol Hill — and the Link light rail station, 228 11th Ave E Apartments is the nexus of the live-work-play trifecta. 228 11TH AVE E OFFERING MEMORANDUM KIDDER MATHEWS 4 02 DEVELOPMENT Site of existing 9-unit building can accommodate up to 86 new units for developers seeking a high-demand POTENTIAL Capitol Hill location SITE DETAILS Address 228 11th Ave E, Seattle, WA 98102 Parcel No. 600350-1510 Land Area 7,680 SF / 0.18 Acres Frontage 11th Ave E E THOMAS ST 228 11TH AVE E SUMMARY OF DEVELOPMENT STANDARDS Zoning MR (M1) 12TH AVE E 11TH AVE E Urban Village Urban Center Parking No required parking Height Limit 80 FT Floor Area Ratio 5.5 max (FAR) Limit Residential development such as Permitted Uses townhouses, rowhouses, and apartments Mandatory Housing E JOHN ST $32.47/SF fee Affordability (MHA) 228 11TH AVE E OFFERING MEMORANDUM KIDDER MATHEWS 5 PROJECT INFORMATION 1435 34th Avenue Seattle, WA 98122 STREET ADDRESS PROJECT DESCRIPTION www.neimantaber.com 228 11TH AVE E DEMOLITION OF EXISTING 7,680 SF APARTMENT AND CONSTRUCTION 206.760.5550 SEATTLE, WA 98102 OF NEW 34,123 SF, 52 UNIT APARTMENT WITH 12 VEHICLE PARKING SPACES. LEGAL DESCRIPTION LOT 5, BLOCK 53, JOHN H. NAGLE'S SECOND ADDITION, VOL 5, PAGE 67 NET LOT AREA 7,680 SF TAX PARCEL NUMBER 600350-1510 ZONING MR (M) OVERLAYS NONE FEASIBILITY STUDY FAR FEASIBILITYBOMA STUDY #1 | SMALL EFFICIENCY DWELLING UNITS 228 11TH AVE E FLOOR AREA RATIO OVERVIEW AREAS SEATTLE, WA 98102 LEVEL PARKING UTILITY STAIR/ELEV STORAGE CIRCULATION AMENITY RETAIL RESIDENTIAL TOTAL BALCONY ROOF DECK 3D VIEW LOT SIZE 7680 SF LEVEL 1 0 SF 587 SF 396 SF 947 SF 340 SF 0 SF 0 SF 0 SF 2270 SF 0 SF 0 SF 3 Designer's Stamp PROJECT INFORMATION FAR ALLOWABLE 4.5 LEVEL 2 0 SF 1138 SF 394 SF 0 SF 868 SF 0 SF 0 SF 2272 SF 4672 SF 0 SF 0 SF 1435 34th Avenue PROPOSED FAR 34288 / 7680 SF LEVEL 3 0 SF 0 SF 394 SF 0 SF 482 SF 0 SF 0 SF 3765 SF 4641 SF 0 SF 900 SF Seattle, WA 98122 7236 FAR TOTAL 4.46 LEVEL 4 0 SF 0 SF 394 SF 0 SF 482 SF 0 SF 0 SF 3765 SF 4641 SF 0 SF 0 SF REGISTERED STREET ADDRESS PROJECT DESCRIPTION LEVEL 5 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF www.neimantaber.com ARCHITECT 228 11TH AVE E DEMOLITION OF EXISTING 7,680 SF APARTMENT AND CONSTRUCTION 206.760.5550 LEVEL 11 FLOOR AREA RATIO BY FLOOR LEVEL 6 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF SEATTLE, WA 98102 OF NEW 34,123 SF, 52 UNIT APARTMENT WITH 12 VEHICLE PARKING 440' - 0" SPACES. LEVEL AREA FAR LEVEL 7 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF DAVID NEIMAN LEGAL DESCRIPTION LEVEL 8 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF LEVEL 10 10'-0" STATE OF WASHINGTON LOT 5, BLOCK 53, JOHN H. NAGLE'S SECOND ADDITION, VOL 5, PAGE 67 NET LOT AREA CHARGEABLE AREA LEVEL 9 0 SF 0 SF 395 SF 0 SF 444 SF 0 SF 0 SF 3390 SF 4229 SF 0 SF 0 SF 430' - 0" 7,680 SF LEVEL 10 0 SF 0 SF 398 SF 0 SF 287 SF 0 SF 0 SF 0 SF 685 SF 0 SF 801 SF LEVEL 2 4488 SF 0.58 10'-0" TAX PARCEL NUMBER 0 SF 1725 SF 3951 SF 947 SF 4679 SF 0 SF 0 SF 26752 SF 38054 SF 0 SF 1701 SF LEVEL 9 LEVEL 3 4455 SF 0.58 420' - 0" 600350-1510 ZONING No.