MAPLE LEAF DEVELOPMENT SITE

Transcription

1 GS MAPLE LEAF DEVELOPMENT SITE

2 LAKE WASHINGTON SEATTLE CBD CAPITOL HILL QUEEN ANNE SAND POINT UNIVERSITY OF WASHINGTON U DISTRICT WALLINGFORD WEDGEWOOD MAPLE LEAF DEVELOPMENT SITE FUTURE LIGHT RAIL STATION ROOSEVELT GREEN LAKE MAPLE LEAF NORTHGATE FUTURE LIGHT RAIL STATION

3 OFFERING Paragon Real Estate Advisors is pleased to announce for sale the Maple Leaf Development site, a 11,955 square foot rectangular lot zoned C1-40 in the desirable Maple Leaf neighborhood. The current zoning allows redevelopment for both townhomes and apartments. The property is currently being proposed for an Up-Zone to C1-55 by HALA (Housing Affordability and Livability Agenda). Current improvements include two single family homes and a duplex with in-place rental income. The current owners would like to be cashed out. Please contact listing broker for additional information. NAME Maple Leaf Development Site ADDRESS Lake City Way NE, Seattle WA PARCEL NUMBERS LOT SIZE (3,955 Square Feet) (4,000 Square Feet) (4,000 Square Feet) 11,955 Square Feet ZONING C1-40 PRICE $3,295,000 PRICE PER FOOT $ EXISTING USE DEVELOPMENT POTENTIAL Duplex and 2 Single Family Residences Townhouses or Mixed Use Project This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.

4 INVESTMENT HIGHLIGHTS 3 tax parcels totaling 11,955 square foot of C1-40 zoning Currently occupied by a duplex and 2 single family houses 1 block from I-5 Potential for townhouses or apartment units Very desirable Maple Leaf neighborhood Walking distance to Green Lake and Roosevelt neighborhoods Located along major bus lines 6 miles from downtown Seattle CBD Close to the future Roosevelt and Northgate light rail stations Alley access GS MAPLE LEAF DEVELOPMENT E E SITE

5 LOCATION HIGHLIGHTS Maple Leaf is a strong residential neighborhood for high quality multi-family, condominiums and single family homes. The local businesses include, neighborhood grills, cafés, specialty shops, pharmacy, a large ACE Hardware and the Perkins School a private K-5 Elementary. Additionally, Maple Leaf supports many neighborhood professional business like CPA s, Dentists, Doctors, Chiropractors and Attorneys. Frequent bus service allows residents to easily travel to employment centers located in South Lake Union, Downtown, the University of Washington, and Fremont. Nearby Northgate shopping mall offers many retail, entertainment and restaurant options. Sound Transit s Northgate Link Light Rail Extension, set to open in 2021, will have two Light Rail stations that are each located in this neighborhood. Sound Transit estimates that 23,000 riders will board from the Northgate and Roosevelt Light Rail Stations by 2030, allowing quick access to the University of Washington, Capitol Hill, Downtown Seattle, and the Sea-Tac International Airport. TO SEATTLE CBD 14 Minutes Located just north of the Seattle Central Business District Easy access to local transit options via Metro Transit and Link Light Rail Walk to restaurants, cafés, and shopping Easy access to the University of Washington Close to Greenlake - Seattle s most popular park DISTANCE TO 2 FUTURE LIGHT RAIL STATIONS 1.1 Miles

6 MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT

7 MAJOR EMPLOYERS - SOUTH LAKE UNION

8 PROJECT INFORMATION ADDRESS Lake City Way NE, Seattle WA PROJECT TYPE ZONING C1-40 OVERLAY Townhouses or mixed-use apartments with street retail None ADJACENT ZONES North: C1-40 South: C1-40 East: SF5000 West: C1-40 PARKING FLEXIBILITY Yes SITE AREA 11,955 Square Feet HEIGHT LIMIT 40-4 Bonus if first floor commercial is 13 FAR Residential Mixed USe MAXIMUM RESIDENTIAL AREA 35,865 Square Feet MAXIMUM BUILDING AREA RESIDENTIAL AMENITIES PARKING REQUIRED DESIGN REVIEW FUTURE ZONING (HMA) FUTURE MHA REQUIREMENTS 38,853 Square Feet (does not include below grade levels) 5% of total gross floor area in residential use required 1 stall per unit (50% reduction for frequent transit area) Required C1-55 (M) Performance Option: 6%$ affordable units required Payment Option: $14.07 per square foot

9 DEVELOPMENT POTENTIAL - TOWNHOUSES Development Analysis provided by:

10 DEVELOPMENT POTENTIAL - MIXED USE APARTMENTS Development Analysis provided by:

11 LAND SALES COMPARABLES Maple Leaf Development Site Lake City Way NE Seattle, WA Lot Size 11,955 Zoning C1-40 Sales Price $3,295,000 Price/Foot $276 Sales Date TBD 2 4 S 1 Lot Size 8,240 Zoning LR2 Sales Price $2,550,000 Price/Foot $309 Sales Date Lot Size 7,443 Zoning NC2P-40 Sales Price $1,800,000 Price/Foot $253 Sales Date Brooklyn Ave NE Seattle, WA Greenwood Ave N Seattle, WA Lot Size 8,000 Zoning NC2-40 Sales Price $2,352,000 Price/Foot $294 Sales Date Lot Size 4,000 Zoning NC2-40 Sales Price $965,000 Price/Foot $241 Sales Date Roosevelt Way NE Seattle, WA N 74th St Seattle, WA 98103

12 600 University St, Suite 2018 Seattle Washington / info@paragonrea.com This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information and bears all risk for inaccuracies.