Offering Memorandum LAKE UNION VIEW DEVELOPMENT SITE Dexter Ave N Seattle WA. Exclusively offered by Paragon Real Estate Advisors

Transcription

1 Offering Memorandum LAKE UNION VIEW DEVELOPMENT SITE Dexter Ave N Seattle WA Exclusively offered by Paragon Real Estate Advisors 1

2 Offering Summary Paragon Real Estate Advisors is pleased to exclusively offer for sale the Lake Union View Development Site. This unique property offers the opportunity to redevelop two large parcels in the highly desirable Queen Anne/Westlake neighborhood. The wonderful location and site characteristics can be leveraged to develop luxury housing with incredible views of Lake Union as well as quick access to everything that makes Seattle spectacular. Name Lake Union View Development Site Address Dexter Ave N, Seattle WA Lot Size 13,056 Square Feet Lot Dimensions Approximately 95 X 137 Zoning LR3 - Frequent Transit Area Price $3,995,000 Price Per Lot Sq.Ft. $ Existing Improvements 1-3,000 Square Foot Triplex 1-2,400 Square Foot Triplex Proposed Development Luxury Townhomes/Rowhouses LAKE UNION VIEW DEV SITE 2

3 Neighborhood Map BALLARD GREENLAKE FREMONT LAKE UNION VIEW DEV SITE UNIVERSITY OF WASHINGTON QUEEN ANNE CAPITOL HILL SOUTH LAKE UNION ELLIOTT BAY BELLTOWN SEATTLE CBD 3

4 Investment Highlights Excellent Queen Anne Location with amazing Lake Union Views Corner lot with an alley LR3 zoning in Frequent Transit Area Opportunity to develop high-demand townhomes/rowhouses Existing Triplex is in good condition and generates income with potential to increase rents Across the street from Thomas C. Wales Park Convenient bike lanes and bus line located on Dexter Ave N 4 minute drive to SLU (1 mile) and 12 minute drive to Seattle CBD (2 miles) Quick access to Seattle s most popular neighborhoods and destinations 4

5 Aerial Photo 5

6 Location Highlights Queen Anne is consistently ranked as one of the city s hottest neighborhoods, most desirable places to live, most competitive real estate markets and most walkable/livable communities! Close to schools: Queen Anne Elementary School, Seattle Country Day School, John Hay Elementary School, St. Anne School, Mc Clure Middle School, Seattle Pacific University and more. Nearby Grocery Stores: Quality Food Center (QFC), Whole Foods, Trader Joe s, Metropolitan Market, Safeway, PCC, Ken s Market and Lyon s Grocery. Nearby Restaurants/Coffee Shops: Herkimer Coffee, Citizen, Canlis, How To Cook A Wolf, 5 Spot, Molly Moon s, Revel, Ballard Pizza Company, Laredos Grill, China Harbor, Hilltop Ale House, and many more! Just minutes from Seattle Center, the Museum of Pop Culture, Key Arena, MOHAI, and many other wonderful parks and recreational destinations. Less than 1 block from the 62 bus line stops offering quick public transportation to SLU and the CBD as well as north to destinations such as Fremont, Wallingford and Green Lake. 6

7 Existing Improvements Unit Number Type Size Current Rent Bd/1Bth 1,200 Sq.Ft. Owner Occupied Bd/1Bth 600 Sq.Ft. $1, Bd/1Bth 450 Sq.Ft $1, Bd/1Bth 1,610 Sq.Ft. $2, Bd/1Bth 834 Sq.Ft. $1, Bd/1Bth 556 Sq.Ft $950 Monthly Income Existing Use 2 Triplexes (6 Units Total) Year Built 1951/1948 Building Size 2,400/3,000 (5,400 Total Square Feet) Stories 1 + Daylight Basement Roof Pitched Composition Parking 1 Attached Garage Space 4 Detached Garage Spaces Construction Wood Frame with Brick Veneer Plumbing PEX (recently updated)/copper/galvanized Windows Double Pane Vinyl Heat System Electric in Wall Forced Air / Electric Baseboard Monthly Scheduled Rent $7,445 Other Income Proforma $257 Total Monthly Income $7,702 Operating Expenses Real Estate Taxes 2018 ($9,890/$10,538) $20,428 7

8 Existing Improvements 8

9 Development Highlights PROPERTY SUMMARY Address Dexter Ave N, Seattle WA Parcel Numbers and Lot Size 13,056 Sq.Ft. Lot Dimensions Approximately 95 x 137 Zoning LR3 - Frequent Transit Area Example DEVELOPMENT POTENTIAL Proposed Development Floor Area Ratio 1.4 Density Limit Building Height Potential Luxury Townhomes/Rowhouses 1 Unit/1,600 Sq.Ft. or No Limit Building Setbacks Front 5 Minimum Rear 7 Average, 5 Minimum Side 3.5 Minimum Parking Flexible Parking Area 50% Reduction in Minimum Parking

10 Views From Site - 35 Elevation LOOKING SE LOOKING E LOOKING E LOOKING NE 10

11 Utility Information SEWER AND DRAINAGE WATER From DSO Water & Sewer 11

12 Townhouse Sales Comparables B 5TH AVE N Seattle, WA Year Built 2018 Type 2 Bd/2 Bth Size 1,587 Sq.Ft. Sales Price $1,145,000 Price/Unit $ Sales Date TH AVE W UNIT B Seattle, WA Year Built 2017 Type Size 3 Bd/2.5 Bth 1,944 Sq.Ft. Sales Price $1,239,000 Price/Unit $ Sales Date TH AVE W UNIT C Seattle, WA Year Built 2017 Type Size 3 Bd/2.5 Bth 1,943 Sq.Ft. Sales Price $1,229,000 Price/Unit $ Sales Date TH AVE W Seattle, WA Year Built 2017 Type Size 3 Bd/3.5 Bth 1,985 Sq.Ft. Sales Price $1,249,000 Price/Unit $ Sales Date TH AVE W UNIT A Seattle, WA Year Built 2017 Type Size 3 Bd/2.5 Bth 1,944 Sq.Ft. Sales Price $1,295,000 Price/Unit $ Sales Date B 5TH AVE N Seattle, WA Year Built 2017 Type Size 2 Bd/2 Bth 1,622 Sq.Ft. Sales Price $1,232,000 Price/Unit $ Sales Date

13 Townhouse Sales Comparables Map Lake Union View Dev Site Dexter Ave N Seattle, WA B 5th Ave N Seattle, WA LAKE UNION VIEW DEV SITE th Ave W Unit B Seattle, WA th Ave W Unit C Seattle, WA th Ave W Seattle, WA th Ave W Unit A Seattle, WA B 5th Ave N Seattle, WA

14 Employment Greater Seattle excels at the industries of the future - the region is a center of innovation and features some of the world s top global brands. Our aerospace industry is one of the largest in the world, home to Boeing Commercial Airplanes and over 800 aerospace firms that employ 17% of all aerospace workers in the United States. Greater Seattle is also a leading center for information and communications technology, bolstered by industry pioneers such as Microsoft and Amazon. As a result, our region has emerged as a world leader in cloud computing and data visualization, and ranks 4th as a global startup hub ahead of New York and Boston. > > Adobe > > Alaska Airlines > > Amazon > > Apple > > AT&T Wireless > > Boeing > > Costco > > Expedia, Inc. > > Expeditors International > > F5 Networks > > Facebook > > Fred Hutchinson > > Gates Foundation > > Getty Images > > Google > > Microsoft > > Nintendo > > Nordstrom > > Paccar > > RealNetworks > > REI > > Russell Investments > > SpaceX > > Starbucks > > Symetra Financial > > Tableau Software > > T-Mobile > > Twitter > > Uber > > University of Washington > > Virginia Mason > > Weyerhaeuser > > Zillow > > Zulilly 14

15 Major Employers - Central Business District 15

16 Major Employers - South Lake Union 16

17 Paragon Real Estate Advisors ABOUT PARAGON Paragon Real Estate Advisors is the leading Seattle real estate investment firm for multifamily property sales in Washington State. We have accrued over $3.4 billion in sales and have closed over 1,700 successful real estate transactions. We are locally owned, client-focused and highly experienced. When it comes to apartments and investment real estate in the Puget Sound region, we are the smart choice to partner with. At Paragon, we build long-term partnerships that help our clients reach their long- and short-term real estate investment goals while maintaining maximum profitability for them. Our brokers have an in-depth knowledge of the Washington state real estate market, particularly in the greater Seattle area and the I-5 corridor, that comes from more than 23 years experience in the industry. Paragon s unique focus on sharing knowledge, teamwork and collaboration within the brokerage industry leverages our collective intellect for all our clients. Our brokers provide superior customer representation through our innovative and effective marketing campaigns, co-brokerage, skilled negotiations, and ongoing partnerships. The information found in this offering memorandum 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 the information and bears all risk for any inaccuracies. 17