OFFERING MEMORANDUM th Avenue SW Seattle, WA 98126

Transcription

1 th Avenue SW Seattle, WA OFFERING MEMORANDUM

2 PROPERTY HIGHLIGHTS 38thandOregon.com Offering includes a 14,375 SF land parcel that allows for development of a possible 78 multi-family units at an average of 650 square feet per unit or a possible 110 hotel units at 420 square feet. Existing commercial structure offers high cash flow that could be utilized until such time that the site is developed or kept as a investment opportunity. Approximately 15 miles to SeaTac Airport and just 5 miles to downtown Seattle. Amazing location near shops, restaurants and recreation. Walk Score of 90! City Park across the street (offers excellent views and perfect for future development/view potential). Views include the Olympics facing East, and downtown Seattle city-scape facing High signage visibility for estimated 90,000 Fauntleroy commuters per day List Price: $4,500,000 Please visit the property website for more information, Site includes a full copy of the recently completed massing study by Clark Design Group, PLLC.

3 THE OPPORTUNITY Prime, prime location with this incredible investment/development opportunity in the heart of the thriving Alaska Junction of West Seattle. A very unique property that offers the option to keep current national tenants in place for a solid cash flow investment (7,500 SF building), and/or extensive future development possibilities with 14,375 SF of NC 365 zoning that would allow for approximately 80 residential units with excellent views. This is an amazing opportunity!

4 SITE West Seattle Bridge Trader Joes Restaurants & Shopping LA Fitness YMCA West Seattle Golf Course Jefferson Square

5 DEVELOPMENT HIGHLIGHTS Name: Address: 38 th & Oregon Site th Ave SW, Seattle, WA Neighborhood: West Seattle Alaska Junction Parcel Number: Site Square Feet: Lot Dimensions: Zoning: Height Limit: Unit Yield: Avg Unit Area: 14,375 SF 125 x115 NC Feet 78 Multi-Family Units 117 Hotel Units 650 SF - Avg Multi-Family 420 SF Avg Hotel

6 DEVELOPMENT OPPORTUNITY Multi-Family

7 DEVELOPMENT OPPORTUNITY Hotel

8 INVESTMENT HIGHLIGHTS Name: 38 th & Oregon Site Address: th Ave SW, Seattle, WA Neighborhood: West Seattle Alaska Junction Parcel Number: Building Square Feet: Lot Square Feet: Parking: Two Strong Tenants: NNN Leases: 7,500 SF 14,375 SF Separate parking designation for each tenant Service King Collision Repair: Current lease through 8/2018 with possible option (call Broker for details) Advanced Auto Parts Current lease through 8/18 with possible option (call Broker for details) $204,901 Gross Income $27,830 Expenses $177,071 Net Income Cap Rate: 4

9 SITE PHOTOS Exterior Front - SW Advance Auto Parts - Parking Exterior Rear - NE From Trader Joes - N Service King - Parking Visibility from Fauntleroy

10 Neighborhood & Walk Score Trader Joes Neighbor to the S City Park Across the street Walking distance to shops/restaurants

11 SEATTLE DEMOGRAPHICS Estimated Current Population 703,266 Percentage Change Since % Percentage Change Since % Average Household Income $86,975 Median Household Income $63,782 Average Household Net Worth $685,547

12 ECONOMIC DRIVERS