SUN HILL MOTEL D E V E L O P M E N T S I T E
LAKE WASHINGTON CAPITOL HILL UNIVERSITY DISTRICT WALLINGFORD FREMONT GREEN LAKE BALLARD PHINNEY RIDGE SUN HILL MOTEL DEVELOPMENT SITE GREENWOOD
OFFERING Paragon Real Estate Advisors is pleased to present for exclusive sale the Sun Hill Motel Development Site, a 26 unit motel bordering the Greenwood and Greenlake neighborhoods. This is a rare opportunity for an investor to acquire a business producing great cash flow with tremendous land bank or redevelopment potential. The Sun Hill Motel rests on a large 18,870 rectangular lot currently zoned C1-40. HALA is proposing an up zone to NC3-75 with a FAR of 5.50. The increased density and height will allow an investor to capitalize and leverage this convenient and affordable location minutes from the burgeoning South Lake Union area. Proposed HALA upzone could allow up to 200 units. EMPLOYEES/TENANTS ARE UNAWARE OF SALE. PLEASE USE DISCRETION AND DO NOT ENTER ON TO PROPERTY OR CONTACT STAFF. NAME Sun Hill Motel Development Site ADDRESS 8517 Aurora Ave N, Seattle WA 98103 TOTAL UNITS 26 (1 Manager s Unit) BUILT 1938 SQUARE FEET 7,840 Total Net Rentable PRICE $3,200,000 PRICE PER ROOM $123,077 PRICE PER BLDG SF $408.16 PRICE PER LOT SF $169.58 MARKET GRM/CAP 3.80 / 9.17% LOT SIZE 18,870 Square Feet ZONING C1-40 (Proposed NC3-75 HALA rezone ) 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.
INVESTMENT HIGHLIGHTS Land bank with significant motel business income 200 +/- apartments under proposed HALA upzone Walk to Green Lake On RapidRide bus line to downtown Minutes to downtown and South Lake Union Flexibility build townhomes, multifamily or land bank 26 room motel with potential to operate as apartments Affordable efficient units High car count location Close to services and shopping Walk Score of 86 Minutes to Woodland Park Zoo Kitchenettes
LOCATION HIGHLIGHTS The Sun Hill Motel is located at 85th & Aurora Ave N just 10 blocks North of Green Lake and only minutes to downtown Seattle and South Lake Union. This location serves tenants as a convenient jumping point to Seattle s most popular and desired neighborhoods including Phinney Ridge, Ballard & Woodland Park. Centrally located boasting a walk score of 86 and directly on a RapidRide bus line with expanded service this Fall only leverages and enhances this location along Aurora Ave. The Seattle Central Business District and nearby South Lake Union provide over 300,000 jobs, and include employers such as F5 Networks, Amazon, Apple, and Washington State s Convention Center. Transportation to and from the downtown core is provided via Hwy 99 with rapid ride bus service. Recent investments by Amazon and King County will provide even faster service this Fall. WALK SCORE 86 TRANSIT SCORE 55 BIKE SCORE 70
KING COUNTY METRO - RAPIDRIDE E LINE Beginning in September 2018 King County Metro will offer more frequent and reliable bus service on some of its most popular routes beginning this fall thanks to significant investments by Amazon and the City of Seattle. The RapidRide E Line connects Shoreline, North Seattle, and downtown Seattle along Aurora Avenue and serves customers with diverse socio-economic backgrounds. Its ridership growth has been largely fueled by job growth in South Lake Union in recent years. Passengers on the RapidRide E Line Metro s highest-ridership route with more than 17,000 weekday riders will benefit from 14 additional trips each weekday. In addition to the RapidRide line, the 45 and 355 routes both have stops nearby on the corner of 85th and Aurora.
MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT
MAJOR EMPLOYERS - SOUTH LAKE UNION
DEVELOPMENT POTENTIAL ADDRESS 8517 Aurora Ave, Seattle WA 98103 PARCEL NUMBER 604640-0805 CURRENT ZONING C1-40 DRAFT HALA ZONING NC3-75 FAR 5.50 SITE AREA HEIGHT LIMIT DEVELOPMENT POTENTIAL MAXIMUM ABOVE GROUND 18,870 Square Feet 75 with HALA 100-200 Apartments with HALA depending on unit size 100,000+ Square Feet (not including parking)
RENDERING
BUILDING PHOTOS
UNIT PHOTOS
UNIT PHOTOS
ProForma Income and Expenses PRO FORMA PRO FORMA UNITS TYPE SIZE NIGHTLY RATE INCOME 26 Rooms 302 Sq.Ft. $95 $74,100 ANNUALIZED OPERATING DATA MARKET Scheduled Gross Income $889,200 Less Vacancy 25.0% $222,300 Gross Operating Income $666,900 Less Expenses $338,252 Net Operating Income $328,648 Annual Debt Service ($10,307/mo) $123,684 Cash Flow Before Tax 16.01% $204,965 Principal Reduction $28,327 Total Return Before Tax 18.23% $233,292 ANNUALIZED OPERATING EXPENSES PROFORMA Units 26 Price $3,200,000 Year Built 1938 Per Unit $123,077 Rentable Area 7,840 Per Bldg SF $408.16 Down Pmt $1,280,000 Per Lot SF $169.58 Loan Amount $1,920,000 Market GRM 3.60 Interest Rate 5.000% Market CAP 10.27% * ALL INCOME AND EXPENSE INFORMATION IS PROFORMA Real Estate Taxes 2018 $19,140 Insurance Proforma $3,612 Water,Sewer,Waste, Electric, Gas Proforma $45,500 Staff Proforma $200,000 Supplies Proforma $32,000 Licenses Proforma $1,500 Repairs Proforma $10,000 Online Booking Expense Proforma $15,000 Telephone, Internet, Cable Proforma $11,500 Total Expenses $338,252
600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / info@paragonrea.com www.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.