4450 GREEN LAKE WAY N KIDDER.COM OFFERING MEMORANDUM | SEATTLE, WA CONTACT JASON ROSAUER 206.296.9608 [email protected] ROB ANDERSON, JD 206.296.9644 [email protected] KRISTYN KRUEGER 206.398.2270 TABLE OF [email protected] CONTENTS 01 INVESTMENT SUMMARY KIDDER.COM The Offering Offering Process The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only Investment Highlights by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only 02 a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence PROPERTY OVERVIEW investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income Existing Structure or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the Site Overview property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal Property Details regulations, the physical condition of the improvements thereon, or the Property Financials financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these 03 matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential LOCATION OVERVIEW buyers must take appropriate measures to verify all of the information set forth herein. Nearby Amenities This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or Nearby Employer Base implied, as to the accuracy of the information. References to square Demographics footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. Public Transportation 01 INVESTMENT SUMMARY THE OFFERING OFFERING PROCESS INVESTMENT HIGHLIGHTS SEATTLE OPPORTUNITY OFFERING MEMORANDUM KIDDER MATHEWS 5 INVESTMENT SUMMARY Located between Wallingford, and several of the areas strongest Green Lake, and Fremont, the employment bases, this offering Green Lake Way Offering presents presents a unique opportunity for numerous value-add or ground up an immediate value-add play or a development opportunities. long term land hold with existing income from the current operation. The property currently includes a THE OFFERING 12,740 SF hotel building situated Currently operated as a 24-room on 4,838 SF of NC zoned land on hotel located just off Aurora Ave Green Lake Way Ave N. Historically with direct access into Wallingford operated as a 24 room hotel, the and Fremont, the Green Lake Way property includes three levels of Offering has excellent visibility and hotel rooms over structured parking connectivity to several of Seattle’s on a triangular shaped lot featuring hottest submarkets. Surrounded by panoramic views of Lake Union and countless high-end restaurants and Downtown Seattle to the south and bars, a booming residential market, east. 6 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY OFFERING MEMORANDUM KIDDER MATHEWS 7 its food and beverage scene like Theo’s Chocolate, Fremont Brewing, and Hale’s Ale, as well as its unique The Green Lake Way Offering is cultural appeal and endless list of DOWNTOWN well situated on the northern edge things to do and see, including the SEATTLE of Fremont, near several major famous Fremont Troll, the Lenin LAKE technology employers, including Statue, the Burke-Gilman Trail, UNION Adobe Systems, Tableau/Salesforce, Green Lake, and Woodland Park Impinj, the Allen Institute for Zoo. Brain Science, Google, as well as numerous smaller tech companies. This offering is uniquely positioned OFFERING PROCESS In addition to technology, Fremont for an investor to continue operating is also home to several large the current hotel with immediate The Green Lake Way Offering is being apparel retailers, including Cutter cash flow, repurpose the building offered for sale for $2,950,000. The & Buck’s, Brooks Sports, and Evo. to a boutique hospitality use, or ownership will review and respond to Beyond its growing employment redevelop the site entirely within a offers as submitted while reservicing WALLINGFORD base, Fremont is also considered broad zone allowing for numerous the right to call for offers at a later as a must-see destination due to potential end uses. date. 4450 GREEN LAKE WAY N FREMONT GREEN LAKE WAY N 8 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 9 INVESTMENT HIGHLIGHTS CENTRAL LOCATION SURROUNDED BY SHOPS AND RESTAURANTS daily commuters right by the Green The Green Lake Way Offering is Lake Way Offering, the property located only minutes away from offers excellent visibility to any Seattle’s burgeoning Stone Way potential end use. Restaurant Row, with dozens of OPPORTUNITY ZONE restaurants and bars providing DENSELY POPULATED a variety of options. Further, The Green Lake Way Offering has NEIGHBORHOOD WITH Downtown Fremont, a several a strong financial history within its EXCELLENT DEMOGRAPHICS minute walk south, entails a high- current hotel use with gross revenue With approximately 1,400 residential end boutique shopping experience generally between $25,000 and units planned or under construction as well as a 7-days a week nightlife. $35,000 per month. A prospective within a 1 mile radius of the offering, buyer can immediately generate a as well as an additional 1,450 units significant amount of income based STRONG NEARBY EMPLOYMENT recently completed within the last on the current structure or undergo BASE 5 years, the surrounding area is cosmetic improvements to the Several large technology tenants quickly densifying bringing with property and generate additional have made Fremont their home it a well-educated, and well-paid value within a short time frame. base within the Puget Sound, residents. Over 30,000 people including Adobe Systems, Tableau live within a mile of the property and that growth is anticipated to EXCELLENT ACCESSIBILITY & – recently acquired by Salesforce, PUBLIC TRANSIT OPTIONS and Impinj. Further, Google has had continue at well above 6% per year. a significant presence in Fremont Fremont is known colloquially since 2005. Aside from technology, as the Center of the Universe. PANORAMIC VIEWS OF Washington state’s largest brewery, Locally, this name holds truth as the DOWNTOWN SEATTLE, MOUNT Fremont Brewing, is also located neighborhood is well positioned RAINIER, AND LAKE UNION minutes from the site, as is Brooks with the University of Washington The top two floors of the property Sports and Evo. several minutes to the east, Lake include rooms facing east with Union several minutes to the south, expansive views of Lake Union, and downtown approximately a few HIGH VISIBILITY OFF HEAVILY Mount Rainier, the Downtown miles beyond Lake Union. Within TRAFFICKED ARTERIAL Seattle skyline, and the Cascade this central location, several bus Aurora Avenue is often considered Mountain range. Well-situated at stops right at the offering provide Seattle’s second major north- the top of the Fremont Hill, these access within minutes to everywhere south freeway connecting much views are unobstructed and provide throughout the city in a matter of of the Northern Puget Sound with a beautiful view of the surrounding minutes. downtown Seattle. With over 47,000 area. 10 KIDDER MATHEWS OFFERING MEMORANDUM 4450 GREEN LAKE WAY N 4450 GREEN LAKE WAY N OFFERING MEMORANDUM KIDDER MATHEWS 11 02 PROPERTY OVERVIEW EXISTING STRUCTURE SITE OVERVIEW PROPERTY DETAILS PROPERTY FINANCIALS SEATTLE OPPORTUNITY OFFERING MEMORANDUM KIDDER MATHEWS 13 PROPERTY DETAILS 4450 Green Lake Way Property Address Ave N Gross Building SF 12,740 Stories 3 Room Count 24 + Office/Front Desk First Level: 11 Rooms Room Layout Second Level: 7 Rooms Third Level: 6 Rooms 8 Stalls Onsite Parking 6 Stalls via Parking Easement PROPERTY Construction Type Masonry / Wood Frame Year Built 1905 Heating Forced Air OVERVIEW Building Height 42’ desk room on the first floor with SITE DETAILS 11 additional rooms on that level. Total Land SF 4,838 SF EXISTING STRUCTURE Several exterior stairwells at the SITE OVERVIEW north and south ends of the building Zone NC3-55 (M) The Green Lake Way Offering provide access to the second and The Green Lake Way Offering is currently has a three-story hotel situated on a triangular lot consisting third floor with another 7 rooms Residential Urban Village Wallingford built on a triangular lot with external (2nd floor) and 6 rooms (top floor). of 4,838 SF within an NC3-55’ zone access to all 24 rooms. The majority Each room has a full bathroom and within the Wallingford Residential Lot Shape Triangular of rooms have incredible views to small kitchen set as well as a TV and Urban Village. The site is bounded the east and south, showcasing dining area. by Green Lake Way N to the west, N Property Boundaries Western Boundary: Lake Union, the Downtown Seattle Allen Pl to the south, and Winslow Green Lake Way Ave N skyline, as well as the University The existing structure presents an Pl N to the east. A cross walk from Southern Boundary: District and Cascade Mountain exciting opportunity to continue the site connects the property to N Allen Pl Range to the east and Mount Rainier operating within the hospitality use a prominent bus stop at 45th and to the south.