CENTRAL DISTRICT DEVELOPMENT OPPORTUNITY 2605 & 2609 E Cherry St, Seattle, WA 98122 Exclusive Listing Agents TIM McKAY DAN CHHAN SAM WAYNE MATT KEMPER Senior Vice President Senior Vice President Senior Vice President Vice President +1 206 223 5586 +1 206 223 1265 +1 206 515 4498 +1 206 515 4495 [email protected] [email protected] [email protected] [email protected] Confidentiality & Disclaimer Colliers International has been retained as the exclusive listing broker for the xx Apartments in the city of Seattle, Washington. The Seller will consider offers on an all cash basis. Legal documents and reports summarized in this Offering Memorandum are not intended to be comprehensive statements of the terms or contents of such documents and reports. Although the Seller and Colliers International believe the information to be accurate, interested parties should conduct an independent investigation and reach conclusions without reliance on materials contained herein. The Seller reserves the right, for any or no reason, to withdraw the property from the market. The Seller has no obligation expressed or implied, to accept any offer. Further, the Seller has no obligation to sell the property unless and until the Seller executes and delivers a signed contract of sale on terms acceptable to the Seller, in its sole discretion. The material contained in this Offering Memorandum is confidential, under the terms and conditions of a Confidentiality Agreement, which has been executed by the recipient as Reviewer, and furnished solely for the purpose of considering the purchase of the property described herein and is not to be copied and/or used for any other purpose, or made available to any other person without the express written consent of Colliers International or the Seller. This Memorandum is delivered under the terms and conditions of a Confidentiality Agreement, which has been executed by the recipient as Reviewer. All terms and conditions of the Confidentiality Agreement apply to information contained herein, as appropriate. Offers should be delivered to the office of the Exclusive Listing Agents, Colliers International attention Tim McKay, Dan Chhan, Sam Wayne, and Matt Kemper. To facilitate analysis of offers, offerors are encouraged to provide information relative to funding sources, experience in owning and operating similar properties, familiarity with the market and any other information which is likely to favorably reflect on the offerors ability to close this proposed transaction in a timely manner. Inquiries and tours are to be directed to the Exclusive Listing Agents. Please do not contact the Property. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, express or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this documents and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2021. All rights reserved. THE OFFERING PRICING SUMMARY Located in the heart of Seattle’s bustling Central District the Pacific Northwest Multifamily Advisors are proud to present for sale 2605 East Cherry Street, a 7,682 square foot, midrise development site. In a feasibility study by Caron Architects, the highest and best use of the site is a five story, multi-family development with 44 units over 1,130 square Purchase Price $2,750,000 feet of commercial space. The project would total 19,540 square feet of rentable square footage, with an average unit size of 444 square feet. The subject property lies in an Price Per Unit $62,500 Urban Village, so no parking is required, but spacing permits for 48 bike stalls. Price Per Lot SF $358 The land resides in an excellent location on Cherry Street, roughly equidistant from major thoroughfares 23rd Avenue East and MLK Way. The Walk Score is an 88, where most errands can be accomplished on foot, and the bike score is a 98, a Biker’s Paradise. Four bus routes within three blocks of 2605 East Cherry Street offer one-bus access to anywhere in the city, including downtown Seattle, South Lake Union, Capitol Hill, the PROPERTY SUMMARY University District, and the King Station Transit HUB. Major developments are underway in the neighborhood, truly transforming the community. Five blocks south on South Jackson Street, Vulcan is completing a 532-unit 2605 & 2609 E Cherry St mixed-use community, including a new grocery store. Four blocks to the north on East Address Seattle, WA 98122 Union Street, a variety of developers have recently completed or are under construction on four complexes and over 1,000 units. East Cherry is not only in the path of progress, Parcel 121100-0035, 121100-0020 but in the heart of a rapidly improving area. Site Area 7,682 SF (0.17 acres) Zoning NC1-55 (M) Total NRSF 22,970 E CHERRY ST E CHERRY Apartment NRSF 19,540 Retail NRSF 3,430 Buildable Units 44 North Bike Stalls 48 26th AVE 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 3 EXCELLENT CENTRAL DISTRICT LOCATION, walkable to restaurants, bars, grocery, and parks 88 WALK SCORE, very walkable, where most errands can be accomplished on foot WALK TO DEVELOPING NEIGHBORHOODS on East Union and East Jackson FOUR BUS ROUTES within three blocks of the site provide easy access throughout Seattle ABILITY TO BUILD 44 UNITS of varying size and type, with an average of 444 square feet FLAT, RECTANGULAR, CORNER LOT, with the great visibility on a well-traveled thoroughfare 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 4 CENTRAL SOUTH LAKE BUSINESS UNION STADIUM DISTRICT DISTRICT SEATTLE UNIVERSITY GARFIELD PLAYFIELD 26th AVE E CHERRY ST CHERRY E 27th AVE North 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 5 SOUTH LAKE UNIVERSITY OF UNION CAPITOL HILL WASHINGTON North 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 6 CENTRAL DISTRICT DEVELOPMENTS 1419 24th Ave 2220 E Union St 107 Units 144 Units 2203 E Union St 2301 E Union St 92 Units 431 Units 701 23rd Ave 2518 E Cherry St 110 Units 36 Units 523 22nd Ave 28 Units 2401 S Jackson St 532 Units PLANNED 2524 S Jackson St UNDER 75 Units CONSTRUCTION 1801 S Jackson St North 160 Units EXISTING 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 7 SW EVERETT INDUSTRIAL CENTER 2036 EVERETT SR 526/EVERGREEN SR 99/AIRPORT RD MARINER WEST ALDERWOOD ASH WAY LYNWOOD 2023 2024 MOUNTLAKE TERRACE NE 185TH LINK LIGHT RAIL EXPANSION NE 145TH NE 130TH NORTHGATE 2021 ROOSEVELT 2035 BALLARD U DISTRICT 2041 INTERBAY SOUTH 2024 SMITH COVE UW KIRKLAND DOWNTOWN REDMOND SEATTLE CENTER 2023 SOUTH LAKE UNION SE REDMOND DENNY CAPITOL HILL REDMOND TECHNOLOGY CENTER OVERLAKE VILLAGE BEL-RED/130TH WESTLAKE SPRING DISTRICT/120TH WILBURTON UNIVERSITY STREET MIDTOWN BELLEVUE PIONEER SQUARE DOWNTOWN EAST MAIN INTERNATIONAL DISTRICT/CHINATOWN RICHARDS RD STADIUMS JUDKINS MERCER PARK ISLAND SOUTH 2030 ALASKA JUNCTION MOUNT BELLEVUE BAKER EASTGATE SODO COLUMBIA CITY AVALON DELRIDGE S GRAHAM ST BEACON HILL LAKEMONT OTHELLO 2041 RAINIER BEACH ISSAQUAH BOEING ACCESS RD TUKWILA/INTERNATIONAL BLVD SEATAC AIRPORT ANGLE LAKE 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 8 KENT/DES MOINES S 272ND STADIUM DISTRICT 2024 FEDERAL WAY STADIUM WAY/S 4TH SOUTH FEDERAL WAY MLK/3RD THEATER DISTRICT MLK/6TH 2039 COMMERCE ST MLK/S 11TH CONVENTION CENTER TACOMA EVERETT-SEATTLE-WEST SEATTLE UNION STATION COMMUNITY COLLEGE S 25TH REDMOND-SEATTLE-LYNNWOOD BALLARD-SEATTLE-TACOMA PEARL UNION TACOMA DOMEEAST TACOMAFIFE STEVENS HILLTOP SPRAGUE ISSAQUAH-BELLEVUE-SOUTH KIRKLAND MLK/S 19TH2022 2030 TACOMA DOME-TACOMA COMMUNITY COLLEGE TRANSIT ACCESS From Judkins Park Station MINUTES 5 10 15 20 25 30 35 40 45 50 INTERNATIONAL DISTRICT PIONEER SQUARE WESTLAKE STATION DOWNTOWN BELLEVUE UNIVERSITY OF WASHINGTON SPRING DISTRICT NORTHGATE STATION REDMOND TECH CENTER MOUNTLAKE TERRACE SEATAC AIRPORT 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 9 RETAIL AMENITIES Within a 10 Minute Walk GROCERY & 16 MARKETS BARS & 23 RESTAURANTS 13 ERRANDS 14 CAFÉS 11 ENTERTAINMENT 2 GYMS 16 SHOPS North TIM McKAY DAN CHHAN SAM WAYNE MATT KEMPER Senior Vice President Senior Vice President Senior Vice President Vice President +1 206 223 5586 +1 206 223 1265 +1 206 515 4498 +1 206 515 4495 [email protected] [email protected] [email protected] [email protected] 2605 & 2609 E CHERRY ST • COLLIERS INTERNATIONAL 12 .