FOR SALE: $1,535,000 ALKI AVENUE REDEVELOPMENT OPPORTUNITY 2309 53RD AVE SW, SEATTLE, WA 98116 // ALKI BEACH NEIGHBORHOOD DOWNTOWN SEATTLE BALLARD MAGNOLIA QUEEN ANNE SUBJECT PROPERTY Scott Clements David Butler 1218 Third Avenue www.orioncp.com P// 206.445.7664 P// 206.445.7665 Suite 2200 P// 206.734.4100 [email protected] [email protected] Seattle, WA 98101 Established in 2010 TABLE OF CONTENTS // INVESTMENT SUMMARY PAGE// 3 // SITE OVERVIEW PAGE// 4 // PORTFOLIO OVERVIEW PAGE// 13 // MARKET OVERVIEW PAGE// 16 // DEMOGRAPHICS PAGE// 17 2 // 2309 53RD AVE SW THE OFFERING Orion Commercial Partners is excited to offer for sale the Bungalow’s located at 2309 53rd Ave SW, Seattle WA. This rare redevelopment opportunity is located right on Alki Ave SW and has a preliminary site plan for 5 new townhomes ranging from 1,550 Square feet to 1,700 square feet. This site has unobstructed views of Puget Sound, the Olympic Mountains, Elliott Bay, Seattle and most importantly is right across the street from Alki Beach. Zoned LR2 (M), this 6,817 Square Foot lot can also be purchased as part of a 6 property portfolio of neighboring properties (details in Portfolio section). Priced at just over $225/square foot this opportunity will not last long! INVESTMENT 2309 53RD AVE SW, Address SEATTLE, WA 98116 SUMMARY Offering Price $1,535,000 Proposed # of 5 Townhome Units Price/Unit $307,000 SF Range of New 1,500 SF - 1,700 SF Townhome Units Price/SF Building $381.00 Total Land Area 6,817 SF Price Per Square $225.17 Foot Land Zoning LR2 (M) Year Built 1951 Portfolio Price 21,081,000 3 // 2309 53RD AVE SW SITE 53RD AVE SW OVERVIEW 2309 53RD AVE SW ALKI AVE SW // 10,170 VPD LR2 (M) ZONING Areas characterized by multifamily housing types in existing small-scale multifamily housing types, which are similar in character to single family zones. Most appropriate outside of Growth Areas. STRATEGIC LOCATION This location is in one of Seattle’s most desired neighborhoods due to its incredible views, sandy beaches and quaint commercial core just to the west. There also convenient access to public Transit all along Alki Avenue SW. STRONG DEMOGRAPHICS Alki is one of King County’s most diverse neighborhoods with a population just below 27,000. The median age is 45 years old. There are over 7,000 people living within a 1-mile radius of the subject property and over 25,000,000 people within a 3-mile radius. The 2020 average household income, over a 1-mile radius, is roughly $130,000. 4 // 2309 53RD AVE SW SITE OVERVIEW PROPERTY PHOTOS 5 // 2309 53RD AVE SW SITE OVERVIEW ALKI BEACH AMENITIES MAP AMPERSAND CAFE ALKI ART STUDIO W. SEATTLE COASTAL BREWING CO -PEPPERDOCK HAMBURGER -EL CHUPACABRA CHRISTO’S -HOMEFRONT ICE CREAM -ALKI SURF SHOP 5 MINUTE WALK BLUE MOON BURGER SPUD FISH & CHIPS STATUE OF WHEEL FUN LIBERTY PLAZA DUKE’S CHOWDER RENTALS 1 MINUTE WALK HOUSE SUBJECT PROPERTY 6 // 2309 53RD AVE SW SITE OVERVIEW TOWNHOME SITE PLAN (2309 53RD AVE SW) 7 // 2309 53RD AVE SW SITE OVERVIEW AREA AERIAL ALKI THE Alki Cafe JUNCTION Alki Kayak Tours Azuma Sushi D Bakery Nouveau A Alki Point Lighthouse The Beer Junction Harbor Ave SW ELLIOTT BAY Alki Spud Chipotle Fish & Chips 1 ALKI BEACH Easy Street Records Ampersand Cafe Seacrest Park Elliott Bay Brewery Blue Moon Burgers Great Harvest Bread Alki Ave SW B Cactus Restaurant Husky’s Ice Cream 4 Christo’s Ma’ono Duke’s Chowder SUBJECT House Mashiko Sushi Bar PROPERTY ADMIRAL The Matador Jack Block El Chupacabra 2 Restaurant & Bar THE JUNCTION DISTRICT Park La Rustica 99 Pagliacci Pizza Alki Beach Park Marination Ma Kai SW Admiral Way QFC Pegasus Pizza B C HARBOR Safeway California Ave SW Ave California ISLAND Pepperdock 5 INDUSTRIAL Restaurant Shadowland Eatery 1 DISTRICT Salty’s on Alki E Starbucks A WEST Schmitz Seacrest Ferry Dock Talarico’s Pizzaria & Lounge Park Sunfish F Trader Joe's Top Pot Doughnuts West Five Lounge Wheel Fun Rentals & Restaurant G ALKI West Seattle Brewing West Seattle Bowl H Co. W.S. S 4th Ave Family YMCAAirport Way 2 I S Ave 1st ADMIRAL J DELRIDGE 3 DISTRICT G Chelan Cafe Me-Kwa-Mooks C Admiral Theater THE Delridge Park JUNCTION Admiral Bird Community Center SW Avalon Way Admiral Pub Delridge Deli Mart DUWAMISH WATERWAY West Marginal Way Bartell Drugs Home Depot Circa Restaurant H Ounces Taproom F Puget Park SW Alaska St Jack in the99 Box Skylark Cafe & Club Luna Park Cafe Subway D E 35th Ave SW Ave 35th Delridge Way Fauntleroy Way Fauntleroy West Seattle McDonald’s Sound Physical Golf Course Metropolitan Market Therapy 3 DELRIDGE Mioposto Pizzaria Uptown Espresso Mission Cantina Walgreens 5 Mudbay The Westy Prost! I West Seattle Camp Long Health Club DELRIDGE Safeway/Gas Westwood Village Shopping Center J Youngstown Flats 8 // 2309 53RD AVE SW ZONING INFORMATION LR2 DESCRIPTION LR2 (LOWRISE 2) ZONING Areas characterized by multifamily housing types in existing small-scale multifamily housing types, which are similar in character to single family zones. Most appropriate outside of Growth Areas. LR2 ZONES IN SEATTLE HOUSING TYPES Development standards apply according to the following housing types: rowhouses, townhouses or apartments. Housing Types: Cottage Housing Rowhouse Townhouse Apartments Development standards ap- ply according to the following housing types: cottage hous- ing, rowhouses, townhouses or apartments. See SMC 23.84.032 for complete housing type definitions. Urban Village Boundary Individual cottage house structures are arranged around a Rowhouses are attached side by side along common walls. Townhouses are attached along common walls. Townhouses Multifamily housing that is not cottage housing, rowhouses, or town- common open space. 950 SF is the maximum size allowed for ROWHOUSEEach rowhouse directly faces the street with no other principal occupyTOWNHOUSES the space from the ground to the roof. Units can not housesAPARTMENTS is considered apartments. Apartment units may be stacked. each cottage. housing units behind the rowhouses. Rowhouses occupy the be stacked. Principal townhouse units may be located behind Existing Lowrise 2 space from the ground to the roof. Units can not be stacked.* other townhouses units as seen from the street.* LR1 - Lowrise 1 Rowhouses are attached side by Townhouses are attached Multifamily housing that is not side along common walls. Each along common walls. cottage housing, rowhouses, The LR1 zone provides a transition Floor Area Ratio (FAR)** 1.1 1.0 or 1.2 0.9 or 1.1 1.0 between single family zoned areas rowhouse directly faces the Townhouses occupy the space or townhouses is considered Density Limit** and more intense multifamily and 1 unit / 1,600 SF lot area street1 unit / 1,600 with SF lot areano on other lots less than principal 3,000 SF 1 unit / 2,200from SF or 1the unit / 1,600 ground SF lot area to the roof. 1 unit / 2,000apartments. SF lot area (duplexes andApartment triplexes only) units may commercial areas. LR1 is most housingAll others: No unitsLimit behind the Units can not be stacked. be stacked. appropriate for areas outside of Building Height 18' + 7' for a roof with minimum 6:12 pitch rowhouses.30' + 5' for roof with minimumRowhouses 6:12 pitch occupy Principal30' + 5' for roof with townhouse minimum 6:12 pitch units 30' + 5' for roof with minimum 6:12 pitch Growth Areas***. A mix of hous- the space from the ground may be located behind other ing types similar in scale to single Building Setbacks Front: 7' Average, 5' minimum toFront: the 5' minimumroof. Units can not be townhousesFront: 7' Average, 5' minimum units as seen from Front: 5' minimum family homes such as cottages, Rear: 0' with Alley, 7' no Alley stacked.**Rear: 0' with Alley, 7' average, 5' minimum theRear: 7'street.** Average, 5' minimum Rear: 10' minimum with Alley, 15' minimum no Alley rowhouses and townnhouses are Side: 5' minimum Side: * Side: 5' if building is 40' or less in length, or 7' Average 5' min. Side: 5' if building is 40' or less in length, or 7' Average 5' min. encouraged. Building Width Limit 60' 60' 60' 45' Max. Facade Length Applies to all: 65% of lot depth for portions within 15' of a side lot line that is not a street or alley lot line, and 40' for a rowhouse unit located within 15' of a a lot line that abuts a lot in a single family zone. SDR Optional Optional Required for 3 or more units Optional * 0' where abutting another rowhouse, otherwise 3.5', except LR2 - Lowrise 2 when abutting a single-family zone, the setback is 5' The LR2 zone provides for a vari- Floor Area Ratio (FAR)** 1.1 1.1 or 1.3 1.0 or 1.2 1.1 or 1.3 ety of multifamily housing types in ** Accessory Dwelling Units (ADUs) are allowed and don't count against the density limit that applies existing multifamily neighborhoods Density Limit** 1 unit / 1,600 SF lot area toNo these Limit housing types. 1 unit / 1,600 SF lot area or No Limit 1 unit / 1,200 SF or No Limit and along arterial streets. LR2 is Building Height 18' + 7' for a roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch 30' + 5' for roof with minimum 6:12 pitch or most appropriate for areas within 30' + 4' for partially below grade floor Growth Areas***. A mix of small Building Setbacks Same as LR1 Same as LR1 Same as LR1 Same as LR1 scale to multifamily housing such as townhouses, rowhouses and Building Width Limit Not applilcable No Limit 90' 90' apartments are encouraged.