THE FRELINGFORD CORNER HOPE GOSPEL HALL - ADAPTIVE REUSE/REDEVELOPMENT OFFERING MEMORANDUM 4000 Whitman Avenue N, Seattle WA The Frelington Corner Adaptive Reuse/Redevelopment Contents Executive Summary .................................. 04 The Offering ............................................ 06 Location Overview .................................. 08 The Property ............................................ 19 Adaptive Reuse/Redevelopment ............ 25 Rent & Sale Comparables ....................... 27 Exclusive listing broker Edward Krigsman 8,352 35 EXISTING SQUARE AVG TIMES/DAY FREMONT FOOTAGE BRIDGE IS RAISED 27 15,162 MILES IN REDEVELOPMENT BURKE-GILMAN TRAIL SQUARE FOOTAGE The Frelingford Corner Adaptive Reuse/Redevelopment Executive Summary “Cycling the Burke-Gilman Trail is an excellent The view from…where old Wallingford meets way to savor sea-bound, lake-dappled Seattle and its luscious parks. As cyclists roll through the city, newfangled Fremont is pure “only in Seattle” they whiff the evergreen trees, fish-tainted salty magic: Bikers and runners on the Burke-Gilman air or whatever is sizzling in the neighborhood café’s skillet.” Trail are framed by a backdrop of downtown high- Elee Thalheimer, Lonely Planet, April 21, 2015 rises that seem to float on the steel gray water of Lake Union, punctuated by the exclamation mark of the Space Needle. Jenny Cunningham, Seattle Magazine, February 2013 EXECUTIVE SUMMARY 6 The Offering Address 4000 Whitman Avenue N Neighborhood Wallingford You are invited to consider, for adaptive reuse or redevelopment, a Price $2,500,000 prime 5040 SF corner-lot property in Seattle’s conveniently located and services-rich Wallingford neighborhood, adjacent to the Existing Building SF (KCAR) 8,352 SF booming Fremont technology hub, two miles from the University of Washington, and less than three miles from South Lake Union, Potential Interior Redevelopment SF 13,462 SF the home base of Amazon, the city’s biggest private employer. Additional Potential Basement Garage SF 1,520 SF Apart from its proximity to major workplaces the location also offers a unique combination of arterial access, via both Interstate Price Per Total Max Revelopment SF $162 5 and State Route 99, to the Greater Seattle area, and a rich urban environment, with all amenities within strolling distance (Walk King County Tax ID 1931300185 Score 90, Walker’s Paradise). Maximum Potential Redevelopment SF 15,162 SF The ideally located site holds an 8352 SF notable existing Lot Size 5,040 structure, the Hope Gospel Hall Church, built in 1907-08 as the Fremont Swedish Mission Church. Its Swedish-born Pioneer Potential Rooftop Deck SF 4000+ SF architect, John Alfred Creutzer (1874-1929), also designed what is 115’ x 38’ now the First Covenant Church in Capitol Hill and the well-known Existing Building Floorplate FT Medical-Dental Building in downtown Seattle. Existing Building Height FT (Grandfathered) 46’ FT Opportunities abound for redeveloping the site; just bring your Potential Elevated Main Floor Terrace SF 300 SF imagination and your architect. The site’s RSL zoning, coupled with its existing non-confirming use allowing for a church, welfare or Lot Size 5,040 religious service, indicates a variety of future functions, including Zoning RSL (M) the possibility of changing to a new non-conforming use. 2020 Property Taxes $8,695 The existing building’s grandfathered height of 46 ft may, with application to the city, permit a redeveloped interior area of 13462 SF, including possibly a 4000+ SF rooftop deck for panoramic Lake Union views, and a 300 SF main-level elevated outdoor terrace, for an effective FAR of 2.72. The addition of a 1520 SF underground garage would bring the total redeveloped area to 15162 SF. Using the current zoning, convert the existing non-conforming use into a conforming use as a residential structure. Such uses might include a substantially scaled single-family home (elevations provided), four spacious townhomes with ADUs, or perhaps four congregate dwellings with as many as 32 affordable, or even 40 market-rate, rental apartments. Varied Adaptive Redevelopment Vibrant Panoramic Alternatively, the existing structure, with its many appealing Reuse Options Potential Views architectural features and venerable history, could be creatively repurposed for social services within the existing non-conforming use, perhaps as an elegant events venue or welcoming civic or rebuilding or developing Potential total square from new rooftop deck(s) community event space with new non-conforming use. The seller for sale or rental income footage of new buildings in all redevelopment makes no representations as to verified future uses. Instead, property is 15,162 SF options the buyer is encouraged to directly investigate and verify their preferred specific future use for the site through the City of Seattle. 7 EXECUTIVE SUMMARY GREENLAKE Vibrant and Connected Once a sleepy railroad suburb of Seattle, defined mainly by its proximity to University of Washington, characterful Wallingford has enjoyed almost uninterrupted stability and prosperity for a hundred years. This classic Seattle WALLINGFORD neighborhood occupies an advantageous position on the north shore of Lake Union, with magnificent southerly views across the lake to the downtown skyline. Flanked by the U DISTRICT city’s two major north-south arteries, I-5 and SR 99/Aurora Avenue, Wallingford feels more central than most parts FREMONT of the city. Aurora Avenue, mere blocks from the subject property, offers RapidRide public transportation in both directions. Conveniently placed as it is for highway access, LAKE Wallingford also boasts a privileged connection to another WASHINGTON active thoroughfare – the paved, multi-use Burke-Gilman Trail. Enjoyed each day by thousands of bicycle commuters and outdoor enthusiasts, the Trail hugs the Lake Union shoreline at Wallingford’s southern edge and provides a scenic route to UW, Children’s Hospital and other Northeast LAKE Seattle destinations. UNION QUEEN ANNE Abutting Wallingford on its indistinct western border, close to the subject property, Fremont has rapidly morphed from industrial warehouse district to seat of the counterculture MADISON to thriving technology hub. The data visualization company PARK Tableau (which contributes software to the Burke-Gilman CAPITOL Trail bicycle counters) has built its main campus in Fremont, HILL and both Google and Adobe have a significant Fremont presence. The three companies are together responsible for over 4000 fulltime employees, who in turn bring to the area a rising demand for restaurants, bars, cafes, services – SOUTH and, of course, places to live. LAKE UNION SEATTLE 22 min 18 min 4 min ELLIOT BAY MINUTES TO MINUTES TO UW ON MINUTE WALK TO AMAZON HQ BY BIKE BURKE-GILMAN TRAIL BY BIKE TABLEAU SOFTWARE The Frelingford Corner Adaptive Reuse/Redevelopment Location LOCATION 9 Investing In Seattle A nationally ranked Top Five investment market, Seattle boasts a strong and resilient economy. Economic growth fuels a thriving market in which the demand for rental units and new homes is expected to continue increasing. As they do in Manhattan and in the peninsular Bay Area, geographic and topographic barriers limit Seattle’s land supply and concentrate demand in thriving urban villages and neighboring suburbs. Over the last decade the Puget Sound region has outperformed the nation in employment, population, and personal income growth and enjoyed a commensurately low employment rate. A distinctly diverse, skilled, and educated workforce attracts high- profile corporations, both established and burgeoning, and the city has long been home to top-ranked research institutions. The local demographic includes educated high-income singles and dynamic two-career couples earning mid-to-upper-scale salaries. Aging Baby Boomers, the most affluent demographic category, make up over 40 percent of Seattle’s homeowning population. LOCATION 10 Transit Times to Major Seattle BROADVIEW Employment Nodes NORTHGATE NORTH BEACH 23 MINUTES GREENWOOD WEDGWOOD REDMOND 87,500 EMPLOYEES 8 MINUTES GREENLAKE BALLARD UNIVERSITY DISTRICT 60,000 2 MINUTES FREMONT EMPLOYEES 20,000 U DISTRICTCTCT EMPLOYEES FREMFFREMONT LAKE WASHINGTON 8 MINUTES MAGNOLIA SLU LLAKE QQUEENENNA ANNANNENENE 60,000UNIONUNUNNION MADISON 14 MINUTES EXPEDIA EMPLOYEES PARK 4,500 CAPITOL HILL LAKE EMPLOYEES WASHINGTON SOUTH LAKE UNION BELLEVUE 20 MINUTES 145,000 SEATTLEATTLEATATTATTTTTLETTLLLEE EMPLOYEES 12 MINUTES ELLIOT BAY SEATTLE CBD 113,400 PUGET EMPLOYEES SOUND LOCATION 11 Residential Real Estate - Median Price Per SF Wall-Fre-Gre Flourishing Frelingford $600 Affectionately named “Frelingford” (a portmanteau of $550 Fremont and Wallingford), the bustling Stone Way corridor that includes the subject property has seen a spate of new construction and development in the last few years, driven $500 by growing demand and fueled by progressive upzoning in and around the Fremont Urban Village. $450 Long-term residents of the area already know what it means to be the beneficiaries of visionary urban planning. Two $400 iconic 1970s public projects centered on the Wallingford/ Fremont neighborhood became models of urban reclamation, widely imitated throughout the country: Gas $350 Works Park and, of course, the Burke-Gilman Trail. Creative leadership and community collaboration transformed a $300 1-2015 1-2016 1-2017 1-2018 1-2019 1-2020 toxic industrial waste site, formerly a synthetic-gas plant, Wall-Fre-Gre*: Residential into one of Seattle’s most recognizable