OTHELLO STATION DEVELOPMENT SITE

\ OTHELLO STATION DEVELOPMENT SITE

OFFERING Paragon Real Estate Advisors is please to exclusively offer for sale the Othello Station Development Site. This property presents an investor with the opportunity to acquire a property that is primed for development in one of the fastest growing cities in the country. The property is located a stones throw from the Othello light rail station, providing a fast and reliable transportation connection to Downtown, SeaTac Airport, the University of Washington and more. A preliminary feasibility study concluded the highest and best use to be construction of a 50 to 90 unit mixed use building with ground floor commercial and a spacious rooftop deck. Don t miss out on this highly visible, transit oriented development opportunity. \ OTHELLO STATION DEVELOPMENT SITE NAME Othello Station Development Site ADDRESS 4009-4015 S Willow St, Seattle WA 98118 PARCEL NUMBERS TOTAL LOT SIZE ZONING 333300-2950 (5,304 Sq.Ft.) 333300-2952 (5,070 Sq.Ft.) 10,374 Square Feet NC3P-85 Urban Village PRICE $1,750,000 PRICE PER SQ.FT. $169 DEVELOPMENT POTENTIAL EXISTING USE 50-90 Unit Mixed Use Building 2 Single Family Residences

PROPERTY HIGHLIGHTS Flat rectangular lot Less than ½ mile (5 minute walk) to Othello Station light rail station Flexible high density zoning (NC3P-85) Build up to 85 feet Othello is a fast growing area Less than 20 minutes to Downtown Seattle via Link Light Rail Easy access to I-5 Nearby amenities including: Safeway, Starbucks, Chase Bank, Bank of America, UPS Store \ OTHELLO STATION DEVELOPMENT SITE

OTHELLO This South Seattle neighborhood is enjoying a resurgence in popularity. Its affordable houses and beautiful views are just a few of its draws. For over 100 years this area has been a landing place for immigrant and refugee communities, and an incubator of small, family-owned businesses, including farms, restaurants, and specialty shops. Alongside long-term residents, new arrivals from around the globe have created a vibrant, progressive community that is unique in its diversity, and ready to take hold of its own strong economic future. In 2009, Sound Transit opened a new light rail line running along Martin Luther King Jr. Way, including a station at Othello, bringing new development and a new wave of transit-driven community members, continuing a tradition of optimism for a bright, opportunity-filled future. The station is situated between the Rainier Beach and Columbia City stations on the Central Link line, which runs from Seattle Tacoma International Airport to Downtown Seattle and the University of Washington as part of the Link light rail system. The station consists of two at-grade side platforms between South Othello Street and South Myrtle Street in the median of Martin Luther King Jr. Way South. The station is approximately fifteen minutes from SeaTac/Airport station and 23 minutes from Westlake station in Downtown Seattle. In 2017, an average of 2,492 passengers boarded Link trains at Othello station on weekdays. The station is served by three bus routes operated by King County Metro that use bus stops adjacent to the station: Route 36, an electric trolleybus route,begins at the station and travels north through Beacon Hill and the International District to Downtown Seattle; Route 50 travels west from the station to Seward Park, Columbia City, SoDo and West Seattle; Route 106 provides local, frequent-stop service on Martin Luther King Jr. Way South as well as service to the International District, Renton and Skyway.

NEIGHBORHOOD DEVELOPMENT ACTIVITY 1 2 3 \ OTHELLO STATION DEVELOPMENT SITE 1 DYNASTY: Seven Story mixed use building containing 130 unit apartments with ground floor retail. Parking for 100 vehicles will be located below grade 2 MERCY OTHELLO PLAZA 108 affordable apartment homes with 1,2,and 3 bedroom floor plans, a large community center, courtyard and commercial space available on the ground floor. Project was completed in 2017. 3 BRIGHTON GREENHOUSE 44 row houses and town homes, with 12 reserved for market rate rental. 2-4 bedrooms, two car garages, some open space, and no retail. Urban Village: Othello Residential Urban Village 5 4 OTHELLO SQUARE Culturally competent, relevant, and welcoming place where community members in Southeast Seattle - and beyond - can access opportunities for higher education, good paying jobs, childcare and health services, affordable rental and ownership housing, and support to start and keep a business 4 6 5 ASSEMBLY118 A transit-oriented retail and residential project including 359 residential units, ground floor commercial space and 257 garage parking spaces. Project was completed in 2018. 6 STATION AT OTHELLO PARK 351 Market Rate Apartment Units 7 8 7 8 LIHI - 1 CUBIX OTHELLO Quality affordable rental housing for lower income residents. A modern take on micro-apartments. Larger than most, ultra efficient layouts don t sacrifice functionality for size. 92 Market rate units 9 LIHI - 2 Quality affordable rental housing for lower income residents. 9 http://www.helloothello.com/development-map/

WHY CHOOSE SEATTLE - KING COUNTY? A HIGHLY-SKILLED WORKFORCE The region s highly skilled and educated workforce provides a deep talent pool, with 47 percent of adults holding a bachelor s degree or higher. Top-tier talent is one of the key reasons out-of-state companies, such as Google, Facebook, Apple, Dropbox, Twitter, Alibaba, and SpaceX, are attracted to opening strategic locations in Seattle-King County. ESTABLISHED INDUSTRY CLUSTERS The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and mediumsized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle- King County region is known. CUTTING-EDGE RESEARCH The success of the clusters has contributed to innovation for emerging industry segments such as biomedical devices, interactive media, e-commerce, clean energy, and space exploration. Small and mediumsized businesses provide a vital contribution to the cluster ecosystem, and in turn benefit from the collaborative climate for which the Seattle- King County region is known. *Data Sources: Washington State Employment Security Department, 2015; Washington State Department of Revenue, 2015; Washington Military Alliance; Washington Aerospace Economic Impacts 2016 Update; US International Trade Administration, 2014.

POPULATION, EDUCATION AND INCOME King County contains estimated 872,411 households. This number is forecast to increase to more than 912,000 by the year 2021. The county currently has 18 cities with populations greater than 20,000. Seattle is one of the most educated cities in the United States. Over 57 percent of Seattle s adult residents have a Bachelor s degree or higher, nearly twice the national average. An educated city means an educated workforce a solid backbone for the innovative, knowledge-based industries that drive Seattle s economy. King County also boasts high educational attainment, with 47 percent of residents over 25 having received a Bachelor s degree or higher. Roughly 28 percent of King County residents are in professional business/ managerial positions. As a result, median household income in King County is well above the U.S. average. Cost of living is generally higher than the U.S. average, but it is in line with other metropolitan areas with similar income levels. TOP KING COUNTY EMPLOYERS FULLTIME EMPLOYEES IN WA The Boeing Co 81,919 Microsoft Corp. 43,031 University of Washington 30,200 Amazon.com Inc 24,700 Starbucks Corp 13,400 Swedish Health Services 11,239 City of Seattle 10,758 Costco Wholesale Corp 10,080 Nordstrom 9,264 Group Health Cooperative 8,982

MAJOR EMPLOYERS - CENTRAL BUSINESS DISTRICT

MAJOR EMPLOYERS - SOUTH LAKE UNION

DEVELOPMENT NOTES ADDRESS LOT SIZE 4009-4015 S Willow St, Seattle WA 5,304 + 5,070 = 10,374 Square Feet ZONE NC3P-85 Neighborhood Commercial 3 Pedestrian 85 Incentive (5.75) Base FAR STREET LEVEL DEVELOPMENT STANDARDS Urban Village: Othello Residential Urban Village Pedestrian Area P Airport Height Overlay: Horizontal Surface Light Rail: OT SE Seattle Reinvestment Area: Yes Parking Flexibility Area: Yes Othello Station Overlay District Blank segments of the street facing facade between 2-8 above the sidewalk may not exceed 20 in width Transparency, 60% of facade between 2-8 above sidewalk shall be transparent Non-residential use shall be an average of at least 30 and minimum depth of 15 from street level facade Non-residential uses shall have a 13 floor to floor height Canopy 60% of street frontage at principal pedestrian street Where residential uses are located at street-level street facing facade at least one street facing facade shall have a prominent pedestrian entry and floor of dwelling unit at street level shall be at least 4 above or 4 below sidewalk or set back 10 HEIGHT LIMIT FLOOR AREA RATIO SET BACKS PARKING BICYCLE PARKING \ Structure height 85 for NC3-85 Extra floor area may be allowed in addition to the max gross floor area allowed by the FAR limit when there is an incentive zoning Base FAR 5.75 For 85 height limit in station overlay district = 6 Allowed 6 x 10,374 Sq.Ft. = 62,244 Sq.Ft. None Required Multi-Family within overlay district - no parking required Parking waiver for non-residential uses in all commercial zones and in Pedestrian-designated zones No parking for first 1,500 square foot of each business. Multi-Family - 1 per 4 residential units or.75 per small efficiency units 50 Units/4 = 13 bike parking spaces Commercial Sale and Services 1 per 2,000 Sq.Ft. OTHELLO STATION DEVELOPMENT SITE

DEVELOPMENT POTENTIAL - OPTION A

DEVELOPMENT POTENTIAL - OPTION B

DEVELOPMENT POTENTIAL - OPTION C

RENDERINGS

RENDERINGS

RENT COMPARABLES 1 Assembly 118 4200 S Othello St Seattle, WA 9818 1 Bd/1 Bth 2 Bd/1 Bth 437-768 883-1,211 $1,463 - $2,402 $2,276 - $2,891 $3.13 - $3.45 $2.39 - $2.58 2 2016-359 Units Station at Othello Park 4219 S Othello St Seattle, WA 98118 2010-351 Units Studio 1 Bd/1 Bth 2 Bd/1 Bth 408-471 833 954-1,094 $1,376 - $1,425 $1,731 $2,198 - $2,575 $3.02 - $3.37 $2.07 $2.30 - $2.35 4 5 3 3 Greenhouse Apartments 3701 S Hudson St Seattle, WA 98118 1 Bd/1 Bth 528-650 $1,729 - $1,894 $2.91 - $3.27 2012-127 Units 4 CityLine Apartments 4740 32nd Ave S Seattle, WA 98118 2015-244 Units Studio 1 Bd/1 Bth 2 Bd/1 Bth 587-653 610-766 975-1,112 $1,625 - $1,986 $1,841 - $2,343 $2,579 - $2,985 $2.77 - $3.04 $3.02 - $3.06 $2.65 - $2.68 5 Angeline Apartments 4801 Rainier Ave S Seattle, WA 98118 Studio 1 Bd/1 Bth 559-604 688-777 $1,705 - $1,845 $2,100 - $2,200 $2.82 - $3.30 $2.70 - $3.20 2014-193 Units \ OTHELLO STATION DEVELOPMENT SITE 1 2

CONTACT 600 University St, Suite 2018 Seattle Washington 98101 206 623-8880 / info@paragonrea.com www.paragonrea.com