Offering Memorandum DELRIDGE DEVELOPMENT SITE 5217 Delridge Way SW 5225 Delridge Way SW, 2408 SW Brandon St Seattle, WA 98106 Exclusively offered by Paragon Real Estate Advisors DELRIDGE DEVELOPMENT SITE 1
Offering Summary The subject property consists of two single family residences and one duplex on three adjoining lots for a combined lot size of 18,085 square feet. The lot is zoned neighborhood commercial allowing for a variety of mixed uses such as a grocery store, a dental office, restaurants, apartments and student or senior housing. The site lies in the Delridge neighborhood providing easy access to the lively business district which consists of many boutique retail and service businesses. Residents are able to enjoy the redeveloping commercial sectors while living in a tight knit community. At the nearby Alaska Junction, residents will be able to utilize the new Whole Foods, QFC, and Office Depot. West Seattle is home to many of the city s best parks and recreational areas including Alki Beach, Lincoln Park, and Schmitz Park as well as an 18 hole Championship Par 72 golf course. The West Seattle Golf Course is one of only four Public Golf Courses in the city of Seattle. The current owner has provided a wealth in feasibility studies from a 38 unit apartment complex, 100 micro units, 115 student units, all the way to 64 Senior housing units. All feasibilities include for ground floor commercial and underground parking. The Delridge neighborhood is rapidly changing with a large number of construction projects both underway and permit ready. A developer can capitalize on a centrally located piece of land in a rapidly developing area. Name Address Lot Size Zoning Delridge Development Site 5217 Delridge Way SW 5225 Delridge Way SW 2408 SW Brandon St Seattle WA 98106 18,085 Square Feet NC2P-40 Price $2,700,000 Price Per Foot $149 Terms Cash Out or Seller Financing 2
Investment Highlights 1.5 miles to Morgan Junction 2 miles to Alaska Junction 4 miles to Alki 3 miles to Lincoln Park 5 miles to downtown Minutes to the West Seattle Golf Course 3
Investment Notes Permitted Uses A moderately-sized pedestrian oriented shopping area that provides a full range of retail sales and services to the surrounding neighborhood, such as medium sized grocery stores, drug stores, coffee shops, customer service offices, or medical/dental facilities. Building types are single purpose commercial structures, multistory mixed use and residential structures. Non-residential uses typically occupy the street front. 25,000 square feet is the maximum size for some commercial uses. P designations are applied to NC and zones along pedestrian oriented commercial streets. The P designation preserves and encourages an intensely pedestrian oriented, retail shopping district where non-auto modes of transportation, both to and within the district, are strongly favored. Street-level uses limited to pedestrian oriented non-residential uses that have the potential to animate the sidewalk environment, such as retail, entertainment, restaurants, and personal services. Drive-in or drive-thru businesses are prohibited. Parking quantity depends on land use and location. No minimum parking is required in Urban Centers, and portions of Urban Villages with frequent transit service within 1/4 mile. Setbacks Base Height Standards Base Height 40 4 additional per 23.47A.012.A.1.a 44 5 additional allowed for pitched roofs/parapets: 49 15 additional allowed for mech equipment: 59 16 additional allowed for stair/elevator: 60 General Requirements If new lots are proposed to be created, or if any type of development is proposed in residential or commercial zones, existing streets abutting the lot(s) are required to be improved in accordance with this Section 23.53.015 and Section 23.53.006, Pedestrian access and circulation. A setback from the lot line, or dedication of rightof-way, may be required to accommodate the improvements. One or more of the following types of improvements may be required under this Section 23.53.015: Pavement, Curb Installation, Drainage, Grading to future right of way, design of structures to accommodate future right of way and planting of street trees and other right of way. Front 0 Feet Side 0 Feet Rear 0 Feet 4
Neighborhood Map QUEEN ANNE FREMONT PUGET SOUND SEATTLE CBD ALKI HIWAWATHA COMMUNITY CENTER SODO PORT OF SEATTLE SCHMITZ PRESERVE PARK THE JUNCTION CALIFORNIA AVENUE SW WEST SEATTLE GOLF COURSE PUGET PARK DELRIDGE DEVELOPMENT SITE CAMP LONG MORGAN JUNCTION 5
West Seattle Highlights West Seattle is the number one neighborhood in the United States searched by Silicon Valley residents looking to relocate. West Seattle is a place of natural beauty, from the many parks and outdoor recreational spaces to the breathtaking panoramic views of the water and mountains. Immediately south of the property is Lincoln Park, a 135-acre waterfront park with walking and bike trails, a saltwater pool, picnic and play areas, and beach access. Just to the east is Solstice Park with six lighted outdoor tennis courts and a community pea patch. To the west is Lowman Beach Park with 300 of waterfront and a soon to be completed Roof Top Park. Here you can enjoy commanding views of Puget Sound, the Olympic Mountains, and Vashon and Blake Islands. For entertainment and services, the Morgan Junction retail area is blocks away. It features a locally owned Thriftway grocery store, Starbucks and Café Ladro coffee shops, Zeek s Pizza, Whisky West, Beverage Place and The Bridge Restaurant and Pub. These are all popular and fun places to shop, eat and socialize. 6
Neighborhood Amenities - West Seattle Food/Drink Shopping/Services Parks/Schools 1 Madison Middle School 2 Schmitz Park Elementary School 3 West Seattle High School 4 South Seattle College 5 Fairmount Park Elementary School 6 Alki Elementary School 7 West Seattle Golf Course 8 Puget Park 9 Me-Kwa Mooks Park 10 Junction Plaza Park 11 Bang Bai Thai Restaurant and Lounge 12 Bakery Nouveau 13 Elliot Bay Brewery and Pub 14 The Matador 15 Cafe Fiore 16 Blue Moon Burgers 17 Cactus Alki Beach 18 Pho Aroma 19 Luna Park Cafe 20 Chelan Cafe 21 LA Fitness 22 Trader Joe s 23 Safeway 24 Walgreens 25 Alki Lumber and Hardware 26 Bartell Drugs 17 16 6 9 2 1 26 15 3 10 22 14 13 21 12 23 11 5 19 25 7 24 18 20 8 4 7
Development Potential - Apartments MICRO APARTMENTS 100 Units 41,205 NRSF 3,663 Commercial Space 55,954 Gross SF Underground parking for 61 UNIT BREAKDOWN Studios - 27 1 Bed - 24 2 Bed - 21 Affordable - 28 Commercial - 2 8
Development Potential - Student Housing CONSTRUCTION TYPES AREAS Res. Multi-Floor 45,205 SF Utility/Misc 21,281 SF Commercial 3,529 SF Garage/WH 8,058 SF Total 78,073 SF 9
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 10
Major Employers - Central Business District 11
Major Employers - South Lake Union 12
Sale Comparables SUBJECT - DELRIDGE DEV SITE 5217, 5225 Delridge Way SW, 2408 SW Brandon St, Seattle WA Lot Size 18,085 Zoning NC2P-40 Sales Price $2,700,000 Price/Foot $149.29 1. 2621 SW NEVADA ST, SEATTLE WA Lot Size 5,100 SQFT Zoning LR1 Sales Price $700,000 Price/Foot $137 2. 4214 30TH AVE SW, SEATTLE WA 3. 5448 DELRIDGE WY SW, SEATTLE WA Lot Size Zoning 5,400 SQFT LR1 Sales Price $760,000 Price/Foot $140 Lot Size 9,600 SQFT Sales Price NC2P-40 Sales Price $1,250,000 Price/Foot $130.20 4. 6537 35TH AVE SW SEATTLE, WA Lot Size 6,039 SQFT Zoning NC2-40 Sales Price $1,200,000 Price/Foot $198 13
Sales Comparables Map Delridge Development Site 5217, 5225 Delridge Way SW, 2408 SW Brandon St, Seattle WA 2 1 1. 2621 SW Nevada St Seattle, WA 2. 4214 30th Ave SW, Seattle, WA 3. 5448 Delridge Wy SW, Seattle, WA DELRIDGE DEVELOPMENT SITE 4. 6537 35th Ave SW Seattle, WA 3 4 14
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 billion in sales and have closed nearly 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 20 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. 15